大丰实业(603081) - 2025 Q2 - 季度财报

Definitions Definitions of Common Terms This chapter defines key terms such as the Company, controlling shareholder, actual controller, and reporting period, ensuring accurate understanding of the report content - Company, This Company, Dafeng Industrial: Refers to Zhejiang Dafeng Industrial Co., Ltd[17] - Controlling Shareholder: Refers to Feng Hua[17] - Actual Controller: Refers to the concerted parties Feng Hua, Wang Xiaohong (LOUISA W FENG), Feng Jialong (GAVIN JL FENG), and Feng Jiamin (JAMIN JM FENG)[17] - Current Period/Reporting Period: Refers to January 1, 2025, to June 30, 2025[17] Company Profile and Key Financial Indicators Company Information This chapter discloses the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - Company Chinese Name: Zhejiang Dafeng Industrial Co., Ltd[14] - Legal Representative: Feng Hua[14] Contact Person and Information This chapter provides contact information for the company's board secretary, including name, address, phone, fax, and email - Board Secretary: Xie Wenjie[15] - Contact Number: 0574-62899078[15] - Email: stock@chinadafeng.com[15] Brief Introduction to Changes in Basic Information This chapter introduces the company's registered address, office address, and website, noting no historical changes during the reporting period - Company Registered Address: No. 737, Xinjian North Road, Yangming Science and Technology Industrial Park, Yuyao City[16] - Company Website: www.chinadafeng.com[16](index=16&type=chunk) Brief Introduction to Changes in Information Disclosure and Document Storage Locations This chapter specifies the company's chosen newspapers for information disclosure, the website for semi-annual reports, and the report storage location - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[18] - Website for Semi-Annual Report Publication: www.sse.com.cn[18](index=18&type=chunk) Brief Introduction to Company Shares This chapter outlines the company's A-share listing exchange, stock abbreviation, and code - Share Type: A-shares[19] - Stock Exchange: Shanghai Stock Exchange[19] - Stock Code: 603081[19] Company's Key Accounting Data and Financial Indicators During the reporting period, the company achieved significant growth in operating revenue and total profit, improved net cash flow from operating activities, and significantly increased earnings per share, reflecting positive changes in its operating status Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,003,864,688.83 CNY | 659,727,570.70 CNY | 52.16 | | Total Profit | 88,591,131.76 CNY | 54,230,451.59 CNY | 63.36 | | Net Profit Attributable to Shareholders of the Listed Company | 75,191,242.63 CNY | 47,950,310.04 CNY | 56.81 | | Net Cash Flow from Operating Activities | -8,885,616.94 CNY | -38,691,785.52 CNY | N/A | | Net Assets Attributable to Shareholders of the Listed Company (Period-End) | 3,238,384,499.48 CNY | 2,869,559,578.15 CNY (Prior Year-End) | 12.85 | | Total Assets (Period-End) | 7,798,504,210.54 CNY | 7,947,351,913.15 CNY (Prior Year-End) | -1.87 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.18 | 0.12 | 50.00 | | Diluted Earnings Per Share (CNY/share) | 0.18 | 0.13 | 38.46 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.16 | 0.10 | 60.00 | | Weighted Average Return on Net Assets (%) | 2.47 | 1.65 | Increased by 0.82 percentage points | - Operating revenue increased by 52.16%, primarily due to an increase in projects commenced[23] - Total profit increased by 63.36%, and net profit attributable to shareholders of the listed company increased by 56.81%, primarily due to expanded revenue scale and increased exchange gains during the reporting period[23] - Net cash flow from operating activities increased by CNY 30 million year-on-year, primarily due to the company strengthening project payment collection and improved collection status[23] Non-Recurring Gains and Losses Items and Amounts This chapter details the non-recurring gains and losses items and their amounts for the reporting period, totaling CNY 7,946,393.87, primarily including government grants and fair value changes in financial assets Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal gains and losses of non-current assets | -952,689.95 | | Government grants recognized in current profit or loss | 6,431,311.49 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal gains and losses | 4,253,358.22 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 500,000.00 | | Other non-operating income and expenses apart from the above | -781,322.60 | | Less: Income tax impact | 1,443,041.27 | | Minority interest impact (after tax) | 61,222.02 | | Total | 7,946,393.87 | Net Profit After Deducting Share-Based Payment Impact This chapter discloses the net profit after deducting share-based payment impact was CNY 75,234,594.13, a 56.58% year-on-year increase, providing a clearer profitability assessment Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 75,234,594.13 CNY | 48,047,850.90 CNY | 56.58 | Management Discussion and Analysis Company's Industry and Main Business Overview The company aims to be a global leader in cultural, sports, and tourism industry solutions, providing full-chain services from planning to operation, covering technology equipment, digital art, rail transit, and operation services, holding over 1,000 patents and leading 32 national and industry standards - Company Vision: Global leading provider of cultural, sports, and tourism industry solutions[30] - Core Businesses: Cultural, sports, and tourism technology equipment, digital art technology, rail transit equipment, and cultural, sports, and tourism operation services[30] - The company holds over 1,000 patents, including more than 250 invention patents, and has led the formulation of 32 national, industry, and group standards[30] Main Businesses The company primarily offers cultural, sports, and tourism innovation technology, including system integration and digital cultural creativity for various venues and scenic spots, and equipment integration for rail transit, alongside empowering services like venue operation and cultural tourism project planning - Cultural, Sports, and Tourism Innovation Technology: Provides system integration and overall solutions for grand theaters, cultural centers, radio and television centers, including stage machinery, lighting, audio, conference systems, intelligent systems, grandstands, seating, and acoustic decoration[30] - Sports Venues: Provides system integration and overall solutions for professional hardware, venue technology, sound and light intelligent control, and competition intelligence, fully participating in top domestic and international sports events and venue construction[31] - Digital Cultural Creativity: Provides digital cultural creative planning, products, services, and system solutions for cities, scenic spots, and cultural, commercial, and tourism complexes, having created over 100 cultural tourism performance projects[32] - Rail Transit Equipment: Provides product integration and overall solutions for high-speed trains, urban rail, intercity, and sightseeing trains, including interiors, masks, seats, equipment integration, process equipment, and smart services[32] - Cultural, Sports, and Tourism Empowering Services: Focuses on general cultural venues, providing business planning, solution design, and operation and maintenance services, specializing in overall operation solutions centered on repertoire content, performance brokerage, event curation, sports and arts education, and ticketing services[32] Business Model The company provides full-process solutions from project planning to operation management, offering customized services through hard technology and soft services to enhance competitiveness and achieve deep integration in cultural, sports, and tourism industries - The company provides full-process solutions including planning and design, creative conceptualization, product provision, implementation, maintenance services, and operation management[34] - Hard technology (product provision, implementation, maintenance services) provides technical support and innovation, while soft services (project planning, creative conceptualization, operation management) enhance market adaptability[34][35] Industry Overview The company operates in special equipment manufacturing, serving cultural, sports, tourism, and rail transit sectors, which benefited from policy support and technological innovation, especially in AIGC, VR/AR, cultural new infrastructure, sports venue REITs, smart scenic area transformation, and rail transit upgrades - The company operates in the special equipment manufacturing industry (C73) within manufacturing, primarily serving the cultural, sports, tourism, and rail transit sectors[36] - Cultural Industry: Technologies like AIGC and VR/AR boost creative capacity, with policies supporting "cultural new infrastructure" and "cultural technology integration funds"; the high-end cultural equipment sector is shifting from project-based to platform-based, standardized, and asset-based models[36] - Sports Industry: Policies introduce "one-time approval for events, national tours," and sports venues are included in consumer infrastructure REITs, shifting the industry from "construction dividends" to "operation dividends"[36] - Tourism Industry: The National Immigration Administration relaxed transit visa exemptions, and the State Council General Office supports "smart scenic area transformation and night tour performances," shifting tourism consumption from "destination economy" to "scene economy"[37] - Rail Transit Industry: The "Eight Verticals and Eight Horizontals" high-speed rail main corridors are largely completed, and rail transit upgrades are a key focus for ultra-long-term special national bonds; industry competition has upgraded from "delivery speed" to "scene definition capability"[37] Discussion and Analysis of Operating Performance In H1 2025, the company achieved CNY 1.004 billion in operating revenue, a 52.16% increase, and CNY 88.5911 million in total profit, a 63.36% increase, improving operating quality through internationalization, immersive IP development, digital cultural tourism certification, advanced manufacturing, smart rail transit, humanoid robot applications, and talent development - In H1 2025, the company achieved operating revenue of CNY 1.004 billion, a 52.16% year-on-year increase[38] - In H1 2025, the company achieved total profit of CNY 88.5911 million, a 63.36% year-on-year increase[38] Rooted in Domestic Market, Deepening International Strategy The company focuses on 'culture + sports + tourism,' strengthening venue construction and expanding from equipment export to creative planning and standard concept export, securing exclusive creative rights for the 2026 Aichi-Nagoya Asian Games and recognized as a National Key Cultural Export Enterprise - The company focuses on "culture + sports + tourism" as its core track, leveraging its strong foundation in traditional stage machinery manufacturing to continuously move towards higher value-added segments of the industrial chain[38] - The company secured exclusive creative rights for the opening and closing ceremonies and torch system of the 2026 Aichi-Nagoya Asian Games[39] - The company was awarded the title of National Key Cultural Export Enterprise, and its "Belt and Road" promotion project for intelligent performing arts equipment integration system was included in the list of National Key Cultural Export Projects[39] Immersive IP Matrix Enters "Self-Catalytic" Stage The company's proprietary night tour IP 'Jinxie' series launched 'Jinxie Dongli Lake,' and developed Qufu 'Luyuan Wonderful Night' and Qingdao Oriental Eden, demonstrating a multiplier effect with 'multiple projects, multiple cultural themes, and shared technology stacks,' leading to decreasing marginal costs - The proprietary night tour IP "Jinxie" series launched "Jinxie Dongli Lake," pioneering a "multi-perspective immersive" viewing experience[39] - Qufu "Luyuan Wonderful Night" integrates culture and tourism, empowering Confucius's hometown with technology, exporting a new paradigm for "breaking the circle" of traditional Chinese culture to the world[39] - Qingdao Oriental Eden officially opened, using water as a medium to present a unique immersive experience for visitors[39] Digital Cultural Tourism Benchmark Re-certified by Authority The company's 'Jinxie Gongsixi' was selected as a 'Hangzhou Digital Cultural Tourism Benchmark Case,' the company was appointed as Ningbo's 'Culture + Technology' industry consultant, and its subsidiary Dafeng Digital Art was honored as one of the 'First Batch of Hangzhou Digital Cultural Tourism Benchmark Enterprises,' demonstrating the company's comprehensive leadership in digital cultural tourism - The company's Song Rhyme immersive drama "Jinxie Gongsixi" was selected as a "Hangzhou Digital Cultural Tourism Benchmark Case"[39] - The company was appointed as Ningbo's "Culture + Technology" industry consultant[39] - Subsidiary Dafeng Digital Art was honored as one of the "First Batch of Hangzhou Digital Cultural Tourism Benchmark Enterprises"[39] Deepening High-End Manufacturing, Creating the "Second Growth Curve" for Smart Rail Transit Dafeng Cultural and Sports Creative and Equipment Manufacturing Industrial Park (Phase III) and the unmanned rail sightseeing vehicle system production project commenced, positioning it as a national leading smart rail transit manufacturing base, independently developing an intelligent train control platform, and securing two major unmanned sightseeing projects - Dafeng Cultural and Sports Creative and Equipment Manufacturing Industrial Park (Phase III) and the unmanned rail sightseeing vehicle system production project officially commenced, positioning it as a national leading smart rail transit manufacturing base[40] - Independently developed an intelligent train control platform, integrating autonomous driving and clean energy technologies to create zero-emission, high-safety, and customizable immersive transportation solutions[40] - Secured two major unmanned sightseeing projects: Qinglongshan Sky Capsule and Xi'an Silk Road Happy World "Mirage"[40] New Technologies Reshape the Value Curve of Cultural, Sports, and Tourism Scenarios The company signed strategic and equity cooperation agreements with Shanghai Zhiyuan Xinchuang Technology Co., Ltd., establishing a joint venture focused on 'humanoid robot + cultural, sports, and tourism,' promoting large-scale application of embodied AI technology in diverse scenarios to drive value upgrading in the cultural tourism industry - The company signed in-depth strategic cooperation and equity cooperation agreements with Shanghai Zhiyuan Xinchuang Technology Co., Ltd[40] - Established a joint venture focusing on the high-potential cross-sector of "humanoid robot + cultural, sports, and tourism"[40] - Committed to exploring the application of humanoid robots in cultural, entertainment, sports, tourism, and commercial scenarios, promoting the large-scale implementation of embodied AI technology in diverse settings[40][41] Cultural Renewal and "Fengrun Plan" Talent Project During the reporting period, the company completed enterprise culture iteration and talent system upgrade, and launched the '2025 Fengrun Plan' in cooperation with Zhejiang University Continuing Education College, fostering talent with composite capabilities and global vision through industry-academia-research integration to support strategic development - The company simultaneously completed enterprise culture iteration and talent system upgrade[41] - In April 2025, the company launched the "2025 Fengrun Plan" in cooperation with Zhejiang University Continuing Education College, focusing on enterprise talent reserves[41] Analysis of Core Competencies The company's core competencies include full-chain integration, talent team, technology R&D, integration, consolidation, efficient implementation, and smart operation with continuous service, collectively establishing its leading position in cultural, sports, and tourism technology equipment - Full-Chain Integration Advantage: Built a "planning-creativity-intelligent manufacturing-operation" full industrial chain layout, capable of providing complete industry solutions to clients[42] - Talent Team Advantage: Core team members have a reasonable professional structure and rich industry experience; the company highly values talent acquisition and development[42] - Technology R&D Advantage: Significant professional technical advantages in stage machinery and electrical control business, possessing the first National Enterprise Technology Center and National Industrial Design Center in the "performing arts equipment and services sector," with over 1,000 intellectual property rights accumulated[42] - Integration Advantage: Pioneered the theater equipment integration business model, possessing integration capabilities for specialized facilities and overall solutions such as stage machinery, lighting and audio-video, intelligent systems, seating and grandstands, and decorative curtain walls[43] - Consolidation Advantage: Strong financial strength, high brand reputation and recognition, abundant industry resources, and a global leader in integrating high-quality industry resources[44] - Efficient Implementation Advantage: Possesses the industry's largest delivery capability for products such as stage machinery, lighting and audio, and seating, as well as system integration, demonstrating efficient delivery capabilities in major urgent projects[44] - Smart Operation and Continuous Service Advantage: Independently developed a digital operation system, providing full-cycle services such as smart venue construction and digital operation and maintenance for cultural, sports, tourism, and commercial complexes[44] Key Operating Performance During the reporting period, operating revenue and costs significantly increased due to more projects, sales expenses grew due to higher employee compensation, and financial expenses decreased due to increased exchange gains. Net cash flow from operating activities improved, while net cash flow from financing activities significantly decreased due to convertible bond repayment. Asset and liability structures were adjusted, with overseas assets accounting for 2.33% of total assets Analysis of Main Business During the reporting period, operating revenue and costs increased by 52.16% and 68.86% respectively due to more projects. Sales expenses rose by 45.33% due to higher employee compensation, and financial expenses decreased by CNY 34 million due to increased exchange gains. Net cash flow from operating activities increased by CNY 30 million year-on-year, while net cash flow from financing activities decreased by 259.57% primarily due to convertible bond repayment Analysis of Major Accounting Item Changes | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,003,864,688.83 | 659,727,570.70 | 52.16 | Increase in projects commenced | | Operating Cost | 741,659,787.05 | 439,207,623.00 | 68.86 | Increase in projects commenced | | Selling Expenses | 86,744,851.37 | 59,689,622.67 | 45.33 | Increase in employee compensation expenses | | Financial Expenses | -73,435,438.06 | -39,473,460.07 | N/A | Increase in exchange gains | | Net Cash Flow from Operating Activities | -8,885,616.94 | -38,691,785.52 | N/A | Improved collection status (increased by CNY 30 million) | | Net Cash Flow from Financing Activities | -202,242,016.90 | 126,743,717.84 | -259.57 | Repayment of convertible bonds | | Impact of Exchange Rate Changes on Cash Equivalents | 19,637,903.49 | 1,683,304.60 | 1,066.63 | Changes in foreign currency exchange rates | Analysis of Assets and Liabilities At the end of the reporting period, trading financial assets decreased by 57.24%, notes receivable increased by 119.56%, prepayments increased by 116.46%, and construction in progress increased by 944.86% due to Ditang factory Phase III project investment. Short-term borrowings and non-current liabilities due within one year significantly decreased due to financing structure adjustments and convertible bond conversion/repayment. Overseas assets accounted for 2.33% of total assets Changes in Assets and Liabilities | Item Name | Current Period End (CNY) | Prior Year End (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 90,269,506.86 | 211,101,392.23 | -57.24 | Decrease in wealth management products | | Notes Receivable | 42,701,491.77 | 19,449,028.02 | 119.56 | Increase in commercial bills | | Prepayments | 130,585,039.34 | 60,326,268.45 | 116.46 | Increase in prepaid goods | | Construction in Progress | 2,824,590.46 | 270,330.84 | 944.86 | Investment in Ditang factory Phase III project | | Other Non-Current Assets | 188,455,993.08 | 808,833,854.99 | -76.70 | PPP projects transferred to operation | | Short-Term Borrowings | 19,823,597.22 | 137,168,100.27 | -85.55 | Adjustment of financing structure, increase in long-term borrowings | | Non-Current Liabilities Due Within One Year | 247,089,212.42 | 891,578,939.81 | -72.29 | Convertible bond conversion and repayment at maturity | - Overseas assets totaled CNY 181,436,928.90, accounting for 2.33% of total assets[48] Major Asset Restrictions as of Report End | Item | Book Value as of June 30, 2025 (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 35,695,496.61 | Margin deposits | | Monetary Funds | 26,559,221.28 | Frozen | | Accounts Receivable | 199,555,333.77 | Factoring, PPP project loan pledge | | Fixed Assets | 63,012,875.32 | Mortgage | | Intangible Assets | 81,960,243.17 | Mortgage | | Other Non-Current Assets Due Within One Year | 110,756,142.79 | Pledge | | Long-Term Receivables | 1,722,671,732.56 | Pledge | | Other Non-Current Assets | 57,415,624.42 | Pledge | | Total | 2,297,626,669.92 | | Analysis of Investment Status The company's overall equity investment is detailed in the financial report. This period, financial assets measured at fair value totaled CNY 150,399,486.30, including CNY 90,269,506.86 in trading financial assets, CNY 26,127,546.44 in notes receivable financing, and CNY 34,002,433.00 in other equity instrument investments Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change P&L for Current Period (CNY) | Impairment Provision for Current Period (CNY) | Purchases for Current Period (CNY) | Sales/Redemptions for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 211,101,392.23 | -847,140.51 | - | 1,542,647,311.58 | 1,662,632,056.44 | 90,269,506.86 | | Notes Receivable Financing | 51,920,633.97 | - | -898,034.16 | - | 26,691,121.69 | 26,127,546.44 | | Other Equity Instrument Investments | 27,502,433.00 | - | - | 6,500,000.00 | - | 34,002,433.00 | | Total | 290,524,459.20 | -847,140.51 | -898,034.16 | 1,549,147,311.58 | 1,689,323,178.13 | 150,399,486.30 | Analysis of Major Holding and Participating Companies During the reporting period, the company established 5 new subsidiaries and deregistered 2 subsidiaries. Major subsidiaries like Dafeng Decoration, Dafeng Sports, and Dafeng Digital Art all achieved profitability, with Russia Dafeng's net profit reaching CNY 29,545,645.54 - New subsidiaries established during the reporting period: Jingjiang Fengyu Cultural Arts Training Co., Ltd., Taixing Fengtai Cultural Development Co., Ltd., Tianjin Dongli Lake Dafeng Cultural Tourism Performing Arts Co., Ltd., Hangzhou Chaofeng Information Technology Co., Ltd., Zhejiang Guiji Fangzhou Robotics Co., Ltd[53] - Subsidiaries deregistered during the reporting period: Henan Dafeng Cultural Technology Development Co., Ltd., Hubei Dafeng Rail Transit Equipment Co., Ltd[55] Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dafeng Decoration | Subsidiary | Acoustic engineering, decoration | 100,000,000 | 910,972,536.80 | 208,316,875.01 | 86,585,629.76 | 23,879,223.67 | 20,563,425.34 | | Dafeng Sports | Subsidiary | Sports technology equipment | 25,000,000 | 372,123,917.39 | 234,842,444.86 | 91,964,950.47 | 2,519,337.74 | 2,726,329.80 | | Dafeng Rail Transit | Subsidiary | Rail transit equipment | 19,287,000 | 257,855,851.94 | 90,129,410.67 | 66,811,294.46 | -4,060,631.43 | -2,815,520.97 | | Dafeng Digital Art | Subsidiary | Digital art technology | 85,000,000 | 613,783,851.92 | 97,350,935.79 | 138,085,863.18 | 7,217,516.13 | 6,809,611.65 | | Dafeng Culture | Subsidiary | Theater operation, theater agency, event planning | 10,000,000 | 67,184,859.53 | 6,273,369.56 | 96,311,055.42 | 3,788,078.32 | 1,631,407.56 | | Xixi Digital Art | Subsidiary | Cultural tourism performing arts | 15,000,000 | 89,644,963.90 | -121,240,131.38 | 2,923,642.98 | -15,719,606.32 | -15,602,886.80 | | Russia Dafeng | Subsidiary | Cultural, sports, and tourism technology equipment | 10,000 RUB | 177,684,970.86 | 38,681,290.37 | 37,742,072.07 | 39,285,183.47 | 29,545,645.54 | Corporate Governance, Environment, and Society Changes in Company Directors and Senior Management During the reporting period, Mr. Zhang Jinlong resigned as financial controller due to personal career development, and Ms. Liu Yuxiu was appointed as deputy general manager - Mr. Zhang Jinlong resigned from his position as the company's financial controller due to personal career development plans[57] - Upon review by the company's Board Nomination Committee, the Board of Directors approved the appointment of Ms. Liu Yuxiu as the company's Deputy General Manager[57] Equity Incentive and Employee Stock Ownership Plans In June 2025, the company completed the securities registration for the repurchase and cancellation of 3,132,600 restricted shares from the 2021 Restricted Stock Incentive Plan, optimizing its equity structure - In June 2025, the company completed the securities registration for the repurchase and cancellation of 3,132,600 restricted shares at China Securities Depository and Clearing Corporation Limited Shanghai Branch[59] - The repurchase and cancellation involved restricted shares from the third vesting period of the initial grant and the second vesting period of the reserved grant under the 2021 Restricted Stock Incentive Plan, for which vesting conditions were not met[59] Poverty Alleviation and Rural Revitalization During the reporting period, the company, through the Dafeng Charity Foundation, implemented the 'Fengfu Plan - Rural Revitalization Jinyang Aid Agriculture' project in Jinyang County, Sichuan, established a 'Chuying Class' in Guizhou, and carried out 'Fairy Tales in Spring' and other public welfare activities, donating to rural schools in Xinjiang, Sichuan, and other regions, actively fulfilling its social responsibilities - During the reporting period, the company, through the Dafeng Charity Foundation, continued to strengthen targeted assistance through a "education for intelligence, public welfare safety net" linkage mechanism[61] - Implemented the "Fengfu Plan - Rural Revitalization Jinyang Aid Agriculture" project in Jinyang County, Sichuan, using a "economic cooperative management + villager participation" model to increase villagers' income[61] - Jointly established a "Chuying Class" with the Wangmo County United Front Work Department and County Experimental High School in Guizhou; and, leveraging the three public welfare brand activities "Fairy Tales in Spring," "Fengyuan Action," and "Love in Southern Xinjiang," donated to rural schools in Xinjiang, Sichuan, and other regions[61] Significant Matters Fulfillment of Commitments The company's actual controller, directors, and senior management strictly fulfilled their refinancing commitments, including not overstepping management, not encroaching on company interests, and restricting job-related consumption, to protect small and medium investors - The controlling shareholder and actual controller committed not to overstep their authority in interfering with the company's operations, not to infringe upon company interests, and are willing to bear corresponding legal responsibilities if the commitments are violated[63] - Directors and senior management committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, to restrict job-related consumption, and to link the compensation system with the implementation of the company's return compensation measures[63] - All commitments were strictly fulfilled during the reporting period[63] Violations, Penalties, and Rectification During the reporting period, Director Feng Yue received a rectification order from the Ningbo Regulatory Bureau of the China Securities Regulatory Commission for illegal share reductions. The company will strengthen training on relevant laws and regulations for major shareholders and directors, supervisors, and senior management, and urge them to standardize stock trading behavior to prevent similar incidents - On February 17, 2025, company director Feng Yue received a "Decision on Taking Rectification Measures Against Feng Yue" from the Ningbo Regulatory Bureau of the China Securities Regulatory Commission, and it was recorded in the securities and futures market integrity file[65] - The company will further strengthen training for shareholders holding over 5% and all directors, supervisors, and senior management on relevant laws and regulations, such as the Securities Law[65] - Actively communicate and further urge all directors, supervisors, and senior management to strengthen supervision over their own and their relatives' conduct, strictly regulating the buying and selling of company shares[65] Explanation of Integrity Status During the reporting period, the company, its controlling shareholder, and actual controller had no major litigation, arbitration, or criminal proceedings, nor any unfulfilled effective court judgments or significant overdue debts, maintaining a good integrity record - During the reporting period, the company, its controlling shareholder, and actual controller had no contingent matters involving major litigation, arbitration, or criminal proceedings[66] - There were no unfulfilled effective court judgments or significant overdue debts, indicating no adverse integrity status[66] Major Contracts and Their Fulfillment During the reporting period, the company's total external guarantees amounted to CNY 134,000,000.00, accounting for 4.09% of its net assets, with CNY 80,000,000.00 provided for guaranteed parties with an asset-liability ratio exceeding 70%, primarily for subsidiaries Company's Total Guarantee Amount | Indicator | Amount (CNY) | Percentage of Company's Net Assets (%) | | :--- | :--- | :--- | | Total guarantee balance for subsidiaries at period-end (B) | 134,000,000.00 | | | Total guarantees (A+B) | 134,000,000.00 | 4.09 | | Of which: Debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% (D) | 80,000,000.00 | | Explanation of Progress in Use of Raised Funds As of the end of the reporting period, the company had cumulatively invested CNY 491.01 million from its IPO (103.48% progress) and CNY 649.4793 million from convertible bond issuance (105.29% progress). The company completed the cancellation of special accounts for raised funds and transferred remaining funds to its own accounts, demonstrating effective management Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) (CNY 10,000) | Cumulative Investment of Raised Funds as of Report End (4) (CNY 10,000) | Cumulative Investment Progress of Raised Funds as of Report End (%) (6)=(4)/(1) | Amount Invested This Year (8) (CNY 10,000) | Total Raised Funds with Changed Use (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 47,451.55 | 49,101.01 | 103.48 | 1,800.00 | 38,669.70 | | Issuance of Convertible Bonds | 61,685.80 | 64,947.93 | 105.29 | 0 | 0 | | Total | 109,137.35 | 114,048.94 | | 1,800.00 | 38,669.70 | - As of the end of this reporting period, all balances in the company's special accounts for raised funds have been transferred out as required, and the cancellation procedures for the special accounts have been completed[73][80] - The company conducted cash management for idle raised funds, with an ending balance of CNY 0 for cash management[79] Share Changes and Shareholder Information [Changes in Share Capital](