因赛集团(300781) - 2025 Q2 - 季度财报

Section 1 Important Notes, Table of Contents, and Definitions Important Notes The board of directors and management guarantee the report's truthfulness and completeness, with no major operational risks or plans for cash dividends or bonus shares - The board of directors and management guarantee the report's authenticity, with all directors attending the review meeting[4] - The company currently has no significant risks affecting normal operations[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section outlines the report's eight main chapters, covering company operations, finance, governance, and significant matters - The report comprises eight main chapters, covering company operations, finance, governance, and significant matters[7] Definitions This section defines key terms, including company entities and industry concepts like AIGC and marketing technology, for accurate report understanding - Defines the company and its subsidiaries, such as Tianyukong, Ruicong Insight, and Yinghangtianxia[12] - Explains key industry terms such as AIGC (Artificial Intelligence Generated Content), Insight AI (the company's self-developed marketing AIGC large model), and Marketing Technology (MarTech)[12] Section 2 Company Profile and Key Financial Indicators Company Profile The company, listed on the Shenzhen Stock Exchange with stock code 300781, maintains consistent basic information and contact details with no changes during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Insight Group | | Stock Code | 300781 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Jianchao | | Board Secretary | Zhang Dalin | | Securities Affairs Representative | Feng Meijie | - Company's registered address, office address, website, and email address remained unchanged during the reporting period, with information disclosure and storage locations also unchanged, as detailed in the 2024 annual report[16][17][18][19] Key Accounting Data and Financial Indicators Operating revenue increased by 36.19% and net profit attributable to shareholders grew by 16.59%, but net cash flow from operating activities significantly decreased by 260.44% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 554,718,585.04 | 407,311,072.26 | 36.19% | | Net Profit Attributable to Shareholders | 23,230,606.43 | 19,924,554.32 | 16.59% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 22,068,331.68 | 18,416,356.06 | 19.83% | | Net Cash Flow from Operating Activities | -53,135,239.36 | 33,119,105.16 | -260.44% | | Basic Earnings Per Share (CNY/share) | 0.2112 | 0.1811 | 16.62% | | Diluted Earnings Per Share (CNY/share) | 0.2108 | 0.1811 | 16.40% | | Weighted Average Return on Net Assets | 3.60% | 2.86% | 0.74% | | Period-end Indicators | End of Current Period (CNY) | End of Prior Year (CNY) | Change Percentage | | Total Assets | 1,014,865,507.55 | 1,126,324,560.15 | -9.90% | | Net Assets Attributable to Shareholders | 656,822,698.07 | 633,182,837.50 | 3.73% | Accounting Data Differences Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[21][22] Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 1,162,274.75 for the period, primarily from government grants and wealth management product income, with no reclassification of items Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | -42,566.37 | Disposal of fixed assets | | Government grants recognized in current profit or loss | 818,343.08 | Social security subsidies, job stabilization subsidies, industry support subsidies | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 949,761.48 | Wealth management income | | Other non-operating income and expenses apart from the above | -68,454.44 | | | Other income/loss items meeting the definition of non-recurring gains and losses | 99,232.92 | Individual income tax handling fee refunds, etc | | Less: Income tax impact | 331,227.42 | | | Impact on minority interests (after tax) | 262,814.50 | | | Total | 1,162,274.75 | | - The company does not classify non-recurring gains and losses items as recurring gains and losses[26] Section 3 Management Discussion and Analysis Principal Businesses During the Reporting Period The company primarily offers marketing technology enablement and full-chain brand marketing intelligence services through an "Intelligence X Wisdom" model, covering strategic consulting, brand management, digital integrated marketing, and performance marketing - The company's business model is "Intelligence X Wisdom," providing marketing technology enablement and full-chain brand marketing intelligence services[28] - Principal businesses include strategic consulting, brand management, digital integrated marketing, and performance marketing[28] Strategic Consulting The strategic consulting business leverages deep insights to provide brand strategy, innovation, and business model design services, serving Fortune 500 and industry-leading brands - Strategic consulting business possesses advantages in humanistic insights, high per capita efficiency, strong professionalism, and high-value client stickiness[29] - Controlled subsidiary Ruicong Insight provides innovative business value consulting to Fortune 500 brands through cultural anthropology insights research[29] - Invested company Shizhan Consulting offers full-case consulting services from strategic positioning to marketing implementation[29] Brand Management Brand management is a core business, offering full-link services from planning to execution, with subsidiaries excelling in cross-media content marketing and creative awards - Brand management is the company's core principal business, providing full-link integrated services and long-term serving leading brands in automotive, gaming, and internet sectors[30] - Controlled subsidiary Tianyukong is a benchmark "creative hot shop" for cross-media content marketing, and invested company Yaozhineng has won multiple international advertising creative awards[30] - Invested company Huasai Lianzhong provides full-link public opinion management and AI-driven word-of-mouth/reputation marketing solutions[31] Digital Integrated Marketing The company provides digital media interactive marketing, DTC live e-commerce, and private domain operations, with a subsidiary being a leading Douyin MCN agency - Digital integrated marketing business covers digital media interactive content production, DTC live e-commerce, and private domain operations[33] - Controlled subsidiary Yinghangtianxia is one of Douyin's first MCN agencies, possessing approximately 3,000 square meters of filming and live streaming bases and a short video fan matrix exceeding 100 million followers[33] Performance Marketing The company offers one-stop performance marketing services across major domestic and international platforms, with subsidiaries specializing in specific client segments and advertising platforms - Provides one-stop performance marketing services across major domestic and international media platforms such as Douyin, Kuaishou, Xiaohongshu, Tencent, Google, Meta, and TikTok[34] - The company and its relevant subsidiaries have obtained multiple platform agency qualifications and were selected for three major lists, including the "Industry Pioneer List," in the Ocean Engine Star Map Agency Capability Rankings[34] - Controlled subsidiary Youyi Digital focuses on full-domain digital integrated marketing for major health and automotive clients, while Insight Henan centers on ByteDance series advertising business[34][35] Other Businesses The company provides integrated public relations and communication services, expanding into AIGC technology, IP operations, digital asset design, and short-form content customization - Provides integrated public relations communication planning and execution services, utilizing various methods for public opinion event and topic planning and dissemination[36] - Business scope has expanded to include AIGC technology services, IP operations, digital asset creative design and operations, and short-form content customization[36] Analysis of Core Competencies The company aims to be an international marketing technology and intelligence service group, building core "Intelligence × Wisdom" advantages in professional capabilities, digital intelligence technology, key talent, and client resources - The company's core competitiveness lies in its "Intelligence × Wisdom" business model, combining digital intelligence technology with brand intelligence services[37] Advantages in Brand Marketing Intelligence Professional Capabilities As a leading brand marketing service provider, the company excels in creativity, content, insights, and strategy, earning numerous industry qualifications and international awards - The company has been rated as a "China Class A Advertising Enterprise" and a "Standing Director Unit of China 4A Association," receiving over 500 international top professional awards[38] - Controlled subsidiary Tianyukong won "Golden Eye Award" Annual Creative Company, and invested company Yaozhineng ranked first on the Asia-Pacific creative list, also winning the world's highest advertising creative award for music[38] Advantages in Digital Intelligence Technology The company possesses "Insight AI" marketing AIGC large models with dual备案, "Zhimou AI" for influencer management, and an "AI Search Engine" for AI SEO/GEO - The company's self-developed marketing AIGC application large model "Insight AI" has passed generative AI service filing and video generation algorithm filing, achieving "large model + algorithm" dual filing[39][40] - Insight AI is a multi-modal vertical model for the marketing industry, featuring text-to-copywriting, text-to-image, text-to-audio, and intelligent video editing functions, with a multi-agent system (MAS) base platform planned for recent launch[39] - Controlled subsidiaries Yinghangtianxia and Youyi Digital jointly developed "Zhimou AI," the first cross-platform influencer placement management AI application in China, which has obtained official certification from both Douyin Star Map and Xiaohongshu Pugongying platforms[41][43] - Invested partner Xinsou Technology launched an "AI Search Engine" to empower AI SEO/GEO business, capable of automatically generating content sources preferred by new media platforms and large model applications based on demand[44] Key Talent Advantages The company has a robust talent system, including a 600-person marketing service team with award-winning creatives and an Insight AI project team with extensive AI development experience - The company has a marketing service talent team of approximately 600 people, with 18 individuals listed among "China's Top 100 Contemporary Creatives"[45] - The Insight AI project team members mostly come from large internet companies such as Huawei, Tencent, and Baidu, possessing rich experience in artificial intelligence model development[45] Client Resource Advantages The company serves industry leaders across various sectors and plans to expand its client base to SMEs and more industries through AI product commercialization - Long-term cooperative clients include industry-leading enterprises such as Tencent, Alibaba, Huawei, Walmart, and Starbucks[46] - Client industries focus on automotive, gaming, internet, fast-moving consumer goods, technology, and finance[46] - Future plans include covering a larger number of small and medium-sized clients and more industry clients through the commercialization of AI products[46] Analysis of Principal Business Operating revenue increased by 36.19% due to core business growth, while operating costs rose by 43.77%, and net cash flow from operating activities significantly decreased by 260.44% due to increased working capital for performance marketing Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change Percentage | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 554,718,585.04 | 407,311,072.26 | 36.19% | Primarily due to growth in principal business revenue | | Operating Cost | 443,265,961.56 | 308,317,109.17 | 43.77% | Primarily due to a synchronous increase in principal business costs with principal business revenue growth | | Selling Expenses | 51,885,612.04 | 47,316,580.45 | 9.66% | | | Administrative Expenses | 22,931,729.01 | 21,138,733.39 | 8.48% | | | Financial Expenses | 777,017.78 | 495,282.76 | 56.88% | | | Income Tax Expense | 1,802,509.14 | -50,852.96 | 3,644.55% | Primarily due to the reversal of deferred income tax assets in the prior period | | R&D Investment | 8,720,267.12 | 13,350,726.54 | -34.68% | | | Net Cash Flow from Operating Activities | -53,135,239.36 | 33,119,105.16 | -260.44% | Primarily due to increased working capital for new performance marketing business with leading internet clients | | Net Cash Flow from Investing Activities | 36,605,471.73 | -57,735,077.63 | 163.40% | Primarily due to increased redemption of wealth management products | | Net Cash Flow from Financing Activities | -9,655,696.34 | -19,869,381.42 | 51.40% | Primarily due to the company using bank credit to support business funding needs | | Net Increase in Cash and Cash Equivalents | -26,609,666.94 | -44,321,559.77 | 39.96% | | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Operating Revenue Change YoY | Operating Cost Change YoY | Gross Margin Change YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Brand Management | 128,231,844.60 | 69,171,246.31 | 46.06% | -15.55% | -21.21% | 3.87% | | Performance Marketing | 361,725,079.63 | 335,528,966.98 | 7.24% | 68.73% | 66.14% | 1.44% | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[49] Analysis of Non-Principal Business Non-principal business contributed 6.35% to total profit, primarily from investment income and fair value changes related to wealth management products, which is not sustainable Analysis of Non-Principal Business | Item | Amount (CNY) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,169,132.34 | 6.15% | Primarily wealth management product income | Not sustainable | | Fair Value Change Gains/Losses | 70,625.53 | 0.20% | Primarily wealth management product income | Not sustainable | | Asset Impairment | 0.00 | 0.00% | | Not sustainable | | Non-operating Income | 895.02 | 0.00% | | Not sustainable | | Non-operating Expenses | 64,408.81 | 0.18% | | Not sustainable | Analysis of Assets and Liabilities Total assets decreased by 9.90% at period-end, with a decline in monetary funds and an increase in accounts receivable, while short-term borrowings rose to support business development Significant Changes in Asset Composition (End of Current Period vs. End of Prior Year) | Item | Amount at End of Current Period (CNY) | Percentage of Total Assets | Amount at End of Prior Year (CNY) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 110,191,186.12 | 10.86% | 136,319,081.36 | 12.10% | -1.24% | Due to business growth occupying some funds | | Accounts Receivable | 345,567,118.23 | 34.05% | 364,253,699.64 | 32.34% | 1.71% | Due to expansion of company's revenue scale | | Short-term Borrowings | 49,966,790.34 | 4.92% | 42,785,373.67 | 3.80% | 1.12% | Due to using bank credit to support business development | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Amount Sold in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 109,391,537.22 | 70,625.53 | 36,627,629.60 | 72,834,533.15 | | Other Equity Instrument Investments | 41,947.50 | | | 41,947.50 | | Subtotal of Financial Assets | 109,433,484.72 | 70,625.53 | 36,627,629.60 | 72,876,480.65 | | Financial Liabilities | 0.00 | | | 0.00 | Asset Restrictions at End of Reporting Period | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 481,850.96 | | | Letter of Guarantee Deposits | 52,270.00 | 52,349.26 | | Total | 534,120.96 | 52,349.26 | Analysis of Investment Status Total investment decreased by 70.15% year-on-year, with 73.65% of proceeds from public offering utilized, and some funds reallocated to the "Marketing AIGC Large Model R&D and Application Project" Investment Amount During Reporting Period | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | 3,828,340.20 | 12,824,993.63 | -70.15% | Overall Utilization of Proceeds from Public Offering (Unit: CNY 10,000) | Offering Year | Total Proceeds from Offering | Net Proceeds from Offering | Total Proceeds Utilized to Date | Utilization Rate of Proceeds | | :--- | :--- | :--- | :--- | :--- | | 2019 | 34,936.74 | 30,520.21 | 22,478.94 | 73.65% | - As of June 30, 2025, the company had cumulatively utilized CNY 224.7894 million in proceeds from public offering, with a total balance of CNY 22.6019 million in dedicated accounts for proceeds from public offering at period-end[62] - Multiple fundraising projects have been completed, with remaining funds permanently supplementing working capital or allocated to the "Marketing AIGC Large Model R&D and Application Project"[65][68] - The company had instances where some proceeds from public offering expenditures were not closely related to the fundraising projects and where temporarily supplemented working capital was used for wealth management products, which have since been rectified[71] Overview of Wealth Management Products (Unit: CNY 10,000) | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions | Unmatured Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 3,811 | 1,380 | | Bank Wealth Management Products | Proceeds from Public Offering | 5,000 | 0 | | Brokerage Wealth Management Products | Own Funds | 2,500 | 2,500 | | Total | | 11,311 | 3,880 | - The company had no derivative investments or entrusted loans during the reporting period[73][74] Disposal of Material Assets and Equity The company did not dispose of any material assets or equity during the reporting period - The company did not dispose of material assets during the reporting period[75] - The company did not dispose of material equity during the reporting period[76] Analysis of Principal Controlled and Invested Companies Key subsidiaries like Shanghai Tianyukong, Shanghai Ruicong Insight, and Guangzhou Yinghangtianxia significantly contributed to revenue and net profit, while the company also underwent changes in its consolidation scope Principal Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Tianyukong Advertising Co., Ltd. | Subsidiary | Advertising planning; advertising design, agency; advertising publishing; advertising production | 15,681,895.00 | 197,032,082.43 | 116,380,515.42 | 115,984,682.59 | 11,013,919.89 | 9,386,362.45 | | Shanghai Ruicong Insight Information Technology Co., Ltd. | Subsidiary | Consulting services | 3,000,000.00 | 15,970,305.13 | 14,002,613.83 | 7,572,699.28 | 3,611,959.04 | 3,789,796.91 | | Guangzhou Yinghangtianxia Culture Communication Co., Ltd. | Subsidiary | Film and television production, public relations event planning and execution, brand communication consulting | 14,603,810.00 | 95,658,866.54 | 52,033,843.63 | 105,810,853.30 | 6,021,906.64 | 5,724,749.13 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal During Reporting Period | Impact on Overall Operations and Performance | | :--- | :--- | :--- | | Guangzhou Insight Digital Technology Co., Ltd. | Disposal | No material impact on the company's operations and performance during the reporting period | | Shanghai Zhijumeiju Digital Technology Co., Ltd. | Business Combination | No material impact on the company's operations and performance during the reporting period | | Ruicong Insight (Asia) Co., Ltd. | Business Combination | No material impact on the company's operations and performance during the reporting period | Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic fluctuations, technological upgrades, market competition, and talent loss, addressed by strategies focusing on technology, integrated marketing, overseas expansion, and content ecosystem development - The company faces major risks including macroeconomic fluctuations, technological upgrades and commercialization falling short of expectations, intensified industry competition, and talent loss[79][80][81][82] - Countermeasures include promoting technological iteration and upgrades (building an intelligent marketing technology platform), focusing on "brand-effect-sales integration" (expanding performance marketing, e-commerce marketing), strengthening overseas marketing service capabilities, and building a high-quality content ecosystem[83] Registration Form for Investor Relations Activities During the Reporting Period The company did not conduct any investor relations activities such as research visits, communications, or interviews during the reporting period - The company did not conduct any investor relations activities such as research visits, communications, or interviews during the reporting period[84] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[85] Implementation of "Quality and Return Dual Enhancement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[86] Section 4 Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[87] Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[88] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company canceled 1.455616 million stock options from its 2022 plan due to personnel changes and unfulfilled vesting conditions, with no other employee incentive measures implemented - The company canceled 1.455616 million stock options from its 2022 stock option incentive plan in April 2025[89] - The cancellation was due to changes in job positions or resignations of some incentive recipients and the non-achievement of exercise conditions for the second exercise period[89] - There were no employee stock ownership plans or other employee incentive measures implemented during the reporting period[90] Environmental Information Disclosure The listed company and its principal subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its principal subsidiaries are not included in the list of enterprises required to disclose environmental information by law[91] Social Responsibility The company prioritizes shareholder protection, ensures strict information disclosure, fosters a "co-creation and win-win" culture, actively engages in public welfare, and collaborates with universities to cultivate talent - The company strictly fulfills its information disclosure obligations, focuses on investor relations, and its cumulative cash dividends from 2021-2023 accounted for approximately 77% of the average annual net profit for those three years[91] - The company adheres to "Achieving with Integrity, Believing in Professionalism, Passionate Endeavor, Co-creation and Win-win" as its core values, establishing comprehensive symbiotic relationships among all stakeholders within its organizational system[92] - The company participates in multiple public welfare activities, including supporting rural youth sports health (e.g., "Hero Football Field," "Valorant Public Welfare Action 'Echo Plan'"), addressing graduate employment concerns (e.g., "This Moment"), modern emotional processing issues (e.g., "With Love, Nothing Cannot Be Digested"), and environmental ecological governance (e.g., "Picking Up Starlight 2.0," "Recycling Podium")[93][94][95][96][98][99][100] - The company established a joint postgraduate training base with South China University of Technology to cultivate interdisciplinary industry talents[101] Section 5 Significant Events Commitments The company reported no unfulfilled or overdue commitments from controlling shareholders, related parties, or the company itself at the end of the reporting period - The company reported no unfulfilled or overdue commitments from controlling shareholders, related parties, acquirers, or the company itself at the end of the reporting period[104] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties There were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company during the reporting period - There were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company during the reporting period[105] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[106] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[107] Board of Directors, Supervisory Board, and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period The company's board of directors, supervisory board, and audit committee provided no explanation regarding a "non-standard audit report" for the current period - The company reported no explanation from the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" for the current period[108] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year The company's board of directors provided no explanation regarding a "non-standard audit report" for the prior year - The company reported no explanation from the board of directors regarding a "non-standard audit report" for the prior year[108] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[108] Litigation Matters The company had no material litigation or arbitration during the reporting period, with minor ongoing cases not expected to have a significant impact - The company had no material litigation or arbitration matters during the reporting period[109] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Other litigation where the company is the plaintiff, not meeting the disclosure threshold for material litigation | 12 | No | Awaiting execution | The outcome is not expected to have a material impact on the company | | Other litigation where the company is the plaintiff, not meeting the disclosure threshold for material litigation | 334.97 | No | Awaiting court hearing | The outcome is not expected to have a material impact on the company | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[111] Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers There were no integrity issues concerning the company, its controlling shareholders, or actual controllers during the reporting period - There were no integrity issues concerning the company, its controlling shareholders, or actual controllers during the reporting period[112] Material Related Party Transactions The company reported no material related party transactions during the period, including those related to daily operations, asset/equity acquisitions, joint investments, or financial dealings - The company reported no related party transactions related to daily operations during the reporting period[112] - The company reported no related party transactions involving asset or equity acquisition/disposal during the reporting period[113] - The company reported no related party creditor-debtor relationships during the reporting period[115] - The company reported no other material related party transactions during the reporting period[118] Material Contracts and Their Performance The company primarily leased office spaces for daily operations and reported no material contracts, guarantees, or other significant agreements during the period - During the reporting period, the company primarily leased office spaces in Guangzhou, Shenzhen, Beijing, and Shanghai for daily operations[121] - The company reported no lease projects that generated profit or loss exceeding 10% of total profit during the reporting period[121] - The company reported no material guarantee situations during the reporting period[122] - The company reported no other material contracts during the reporting period[124] Explanation of Other Significant Matters The company is undergoing a material asset restructuring to acquire 80% equity in Zhizhe Brand, which is currently suspended pending regulatory opinions, aiming to enhance marketing capabilities and profitability - The company plans to acquire 80% equity in Zhizhe Brand, a well-known domestic public relations communication service provider, through share issuance and cash payment, constituting a material asset restructuring[125] - The transaction has been accepted by the Shenzhen Stock Exchange, but due to certain matters requiring opinions from competent authorities, the review has been suspended[126] - This transaction is beneficial for the company to improve its marketing chain, strengthen public relations communication capabilities, enhance brand management and digital integrated marketing business strength, and promote the continuous iteration and application of its marketing AIGC large model[127] Significant Matters of Company Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[128] Section 6 Share Changes and Shareholder Information Share Changes Restricted shares decreased by 975 while unrestricted shares increased by 975, with total share capital remaining unchanged, primarily due to changes in senior management's locked-up shares Share Change Status | Share Type | Quantity Before Change (shares) | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 28,865,607 | -975 | 28,864,632 | | Of which: Shares held by domestic natural persons | 28,865,607 | -975 | 28,864,632 | | II. Unrestricted Shares | 81,104,185 | 975 | 81,105,160 | | Of which: RMB ordinary shares | 81,104,185 | 975 | 81,105,160 | | III. Total Shares | 109,969,792 | 0 | 109,969,792 | - The change in shares was due to changes in the number of locked-up shares held by the company's senior management[132] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Cheng Wei | 4,633 | 975 | 0 | 3,658 | Senior management locked-up shares | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[134] Number of Shareholders and Shareholding Status At the end of the reporting period, there were 20,103 common shareholders, with key shareholders Wang Jianchao and Li Ming holding significant stakes and having disclosed related party relationships - At the end of the reporting period, the total number of common shareholders was 20,103[135] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Jianchao | Domestic Natural Person | 18.00% | 19,795,150 | 14,846,362 | 4,948,788 | | Li Ming | Domestic Natural Person | 16.99% | 18,686,150 | 14,014,612 | 4,671,538 | | Guangdong Insight Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 14.56% | 16,007,200 | 0 | 16,007,200 | | Guangdong Orange Alliance Investment Limited Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.93% | 5,416,830 | 0 | 5,416,830 | - Wang Jianchao and Li Ming are a married couple and have related party relationships or act in concert through Guangdong Insight Investment Co., Ltd., Guangdong Orange Alliance Investment Limited Partnership (Limited Partnership), and Zhuhai Xuri Investment Limited Partnership (Limited Partnership)[136] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[139] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[140] - The company's actual controller remained unchanged during the reporting period[141] Section 7 Bond-Related Matters Bond-Related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[144] Section 8 Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[146] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were CNY 1,014,865,507.55, a 9.90% decrease from the beginning of the period, with total liabilities at CNY 262,064,512.04 Key Data from Consolidated Balance Sheet | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,014,865,507.55 | 1,126,324,560.15 | | Total Current Assets | 649,893,955.50 | 772,157,252.53 | | Total Non-Current Assets | 364,971,552.05 | 354,167,307.62 | | Total Liabilities | 262,064,512.04 | 391,124,169.76 | | Total Owners' Equity | 752,800,995.51 | 735,200,390.39 | Parent Company Balance Sheet As of June 30, 2025, parent company total assets were CNY 856,768,116.83, showing growth from the beginning of the period, with total liabilities at CNY 201,598,210.21 Key Data from Parent Company Balance Sheet | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 856,768,116.83 | 819,489,747.94 | | Total Current Assets | 438,817,878.01 | 406,258,238.48 | | Total Non-Current Assets | 417,950,238.82 | 413,231,509.46 | | Total Liabilities | 201,598,210.21 | 197,718,966.20 | | Total Owners' Equity | 655,169,906.62 | 621,770,781.74 | Consolidated Income Statement Consolidated operating revenue for the period was CNY 554,718,585.04, up 36.19%, with net profit of CNY 33,476,505.65, and basic earnings per share of CNY 0.2112 Key Data from Consolidated Income Statement | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 554,718,585.04 | 407,311,072.26 | | Total Operating Costs | 523,062,386.06 | 385,193,255.33 | | Operating Profit | 35,342,528.58 | 26,847,381.60 | | Total Profit | 35,279,014.79 | 26,831,987.52 | | Net Profit | 33,476,505.65 | 26,882,840.48 | | Net Profit Attributable to Parent Company Shareholders | 23,230,606.43 | 19,924,554.32 | | Basic Earnings Per Share (CNY/share) | 0.2112 | 0.1811 | | Diluted Earnings Per Share (CNY/share) | 0.2108 | 0.1811 | Parent Company Income Statement Parent company operating revenue for the period was CNY 174,510,139.16, up 58.51%, with net profit of CNY 31,927,738.88, and basic earnings per share of CNY 0.2903 Key Data from Parent Company Income Statement | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 174,510,139.16 | 110,096,576.72 | | Operating Profit | 31,891,027.69 | 20,632,597.44 | | Total Profit | 31,885,099.52 | 20,644,870.48 | | Net Profit | 31,927,738.88 | 21,701,433.14 | | Basic Earnings Per Share (CNY/share) | 0.2903 | 0.1974 | | Diluted Earnings Per Share (CNY/share) | 0.2898 | 0.1974 | Consolidated Cash Flow Statement Net cash flow from operating activities was -CNY 53,135,239.36, a 260.44% year-on-year decrease, while net cash flow from investing activities significantly increased by 163.40% Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -53,135,239.36 | 33,119,105.16 | | Net Cash Flow from Investing Activities | 36,605,471.73 | -57,735,077.63 | | Net Cash Flow from Financing Activities | -9,655,696.34 | -19,869,381.42 | | Net Increase in Cash and Cash Equivalents | -26,609,666.94 | -44,321,559.77 | | Cash and Cash Equivalents at Period-End | 109,657,065.16 | 106,605,274.94 | Parent Company Cash Flow Statement Parent company net cash flow from operating activities was -CNY 32,715,069.87, with net cash flow from investing activities at CNY 24,124,955.29 and financing activities at CNY 9,782,763.37 Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -32,715,069.87 | 7,303,860.84 | | Net Cash Flow from Investing Activities | 24,124,955.29 | -17,164,384.08 | | Net Cash Flow from Financing Activities | 9,782,763.37 | -5,486,412.78 | | Net Increase in Cash and Cash Equivalents | 1,192,648.79 | -15,346,936.02 | | Cash and Cash Equivalents at Period-End | 33,083,795.97 | 24,988,403.62 | Consolidated Statement of Changes in Owners' Equity At period-end, total owners' equity attributable to the parent company was CNY 656,822,698.07, a 3.73% increase from the beginning of the period, driven by net profit Consolidated Changes in Owners' Equity | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 633,182,837.50 | 23,639,860.57 | 656,822,698.07 | | Minority Interests | 102,017,552.89 | -6,039,255.45 | 95,978,297.44 | | Total Owners' Equity | 735,200,390.39 | 17,600,605.12 | 752,800,995.51 | Parent Company Statement of Changes in Owners' Equity At period-end, parent company owners' equity totaled CNY 655,169,906.62, a 5.37% increase from the beginning of the period, primarily due to net profit and capital reserve additions Parent Company Changes in Owners' Equity | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 621,770,781.74 | 33,399,124.88 | 655,169,906.62 | | Share Capital | 109,969,792.00 | 0 | 109,969,792.00 | | Capital Reserve | 354,215,610.76 | 1,471,386.00 | 355,686,996.76 | | Retained Earnings | 129,747,643.19 | 31,927,738.88 | 161,675,382.07 | Company Basic Information Established in 2002 and listed in 2019, the Guangzhou-headquartered company primarily provides advertising and marketing services, with its financial statements approved on August 28, 2025 - The company was registered on September 9, 2002, listed on June 6, 2019, and is headquartered in Guangzhou[180] - Principal business involves advertising and marketing services, covering strategic consulting, brand management, digital integrated marketing, and performance marketing[181] - These financial statements were approved for issuance by the second meeting of the fourth board of directors on August 28, 2025[182] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, with no events or conditions raising significant doubt about the company's ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis[183] - There are no events or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[184] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial instruments, fixed assets, intangible assets, and revenue recognition, adhering to enterprise accounting standards - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[186] - The accounting year runs from January 1 to December 31 of the Gregorian calendar, with a short operating cycle, and 12 months are used as the standard for classifying assets and liabilities as current or non-current[187][188] - Detailed provisions are made for the classification, recognition, measurement, and derecognition conditions of financial assets and liabilities, as well as the method for accruing impairment provisions for financial instruments[201][202][217] - Revenue recognition principles are based on the fulfillment of performance obligations at a point in time or over a period, measured by the transaction price allocated to each distinct performance obligation[283][285] - R&D expenditures are divided into research and development phases, with development phase expenditures capitalized as intangible assets if specific conditions are met[260][265] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with some entities benefiting from high-tech enterprise or small-profit enterprise tax incentives Principal Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services, calculated as output tax minus input tax | 3%, 5%, 6%, 9% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 16.5%, 20%, 25% | | Property Tax | Based on original value of property less 30% at 1.2%; based on rental income at 12% | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Cultural Development Fund | Tax-inclusive price and extra-price fees for advertising services minus tax-inclusive advertising publishing fees paid to other advertising companies or publishers | 3% | - The company and Guangdong Creative Hot Shop Internet Technology Co., Ltd. enjoy corporate income tax incentives for high-tech enterprises, paying tax at a 15% rate[316] - Some small-profit enterprise subsidiaries enjoy corporate income tax incentives, where the portion of annual taxable income exceeding CNY 1 million but not exceeding CNY 3 million is subject to a 25% reduction in taxable income and taxed at a 20% rate[317] - Encouraged industry enterprises located in Hengqin New Area, Pingtan Comprehensive Experimental Zone, and Qianhai Shenzhen-Hong Kong Modern Service Cooperation Zone are subject to corporate income tax at a reduced rate of 15%[318] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including monetary funds, accounts receivable, fixed assets, and revenue, explaining changes, composition, and impairment provisions Monetary Funds | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 92,179.79 | 112,081.79 | | Bank Deposits | 109,439,452.37 | 136,117,248.31 | | Other Monetary Funds | 659,553.96 | 89,751.26 | | Total | 110,191,186.12 | 136,319,081.36 | | Of which: Total funds deposited overseas | 36,104,159.75 | 41,178,456.25 | Accounts Receivable by Aging | Aging | Ending Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 344,522,215.80 | 362,812,886.05 | | 1 to 2 years | 2,708,051.25 | 3,369,051.74 | | 2 to 3 years | 306,408.53 | 189,064.24 | | Over 3 years | 1,740,495.01 | 1,673,594.30 | | Total | 349,277,170.59 | 368,044,596.33 | Operating Revenue and Operating Cost | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 553,171,977.36 | 443,163,941.94 | 406,876,480.34 | 308,317,109.17 | | Other Businesses | 1,546,607.68 | 102,019.62 | 434,591.92 | 0.00 | | Total | 554,718,585.04 | 443,265,961.56 | 407,311,072.26 | 308,317,109.17 | - The revenue amount corresponding to contracts signed but not yet performed or fully performed at the end of the reporting period is CNY 37,536,673.44, of which CNY 30,931,956.45 is expected to be recognized as revenue in 2025[436] Research and Development Expenses Total R&D expenditure for the period was CNY 9,716,225.89, with CNY 6,191,742.91 capitalized for projects like virtual human model development and AIGC marketing platforms R&D Expenditure Status | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Personnel Costs | 7,807,701.21 | 9,390,539.08 | | Equipment Depreciation | 759,238.65 | 1,803,743.92 | | Outsourced R&D | 352,323.21 | 1,248,498.79 | | Other | 796,962.82 | 907,944.75 | | Total | 9,716,225.89 | 13,350,726.54 | | Of which: Expensed R&D Expenditure | 3,524,482.98 | 7,396,480.19 | | Capitalized R&D Expenditure | 6,191,742.91 | 5,954,246.35 | - R&D projects meeting capitalization conditions include virtual human model development, INSIGHT AIGC marketing platform system auxiliary development, e-commerce/advertising AIGC image system design and development, and video marketing script automation generation and editing system[485] Changes in Consolidation Scope The company acquired control of Shanghai Zhijumeiju Digital Technology and Ruicong Insight (Asia) through business combinations, while disposing of Guangzhou Insight Digital Technology - The company acquired control of Shanghai Zhijumeiju Digital Technology Co., Ltd. through a business combination[488] - The company disposed of Guangzhou Insight Digital Technology Co., Ltd., losing control over it[492] - The company's controlled subsidiary Ruicong Insight established a wholly-owned subsidiary, Ruicong Insight (Asia) Co., Ltd[494] Interests in Other Entities This section details the company's equity interests in various subsidiaries, joint ventures, and associates, with a change in ownership share for Insight (Shanghai) Brand Marketing Advertising Co., Ltd - The company owns multiple wholly-owned and controlled subsidiaries, such as Guangzhou Insight Consulting Co., Ltd., Shanghai Tianyukong Advertising Co., Ltd., and Guangzhou Yinghangtianxia Culture Communication Co., Ltd[495][496][497] Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Ending Balance) | Subsidiary Name | Current Assets (CNY) | Non-Current Assets (CNY) | Total Assets (CNY) | Current Liabilities (CNY) | Non-Current Liabilities (CNY) | Total Liabilities (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Tianyukong Advertising Co., Ltd. | 179,576,849.64 | 17,455,232.79 | 197,032,082.43 | 74,866,514.65 | 5,785,052.36 | 80,651,567.01 | | Guangzhou Yinghangtianxia Culture Communication Co., Ltd. | 86,102,447.70 | 9,556,418.84 | 95,658,866.54 | 43,454,668.41 | 170,354.50 | 43,625,022.91 | Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period Amount) | Subsidiary Name | Operating Revenue (CNY) | Net Profit (CNY) | Total Comprehensive Income (CNY) | Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Tianyukong Advertising Co., Ltd. | 115,984,682.59 | 9,386,362.45 | 9,386,362.45 | 9,044,242.11 | | Guangzhou Yinghangtianxia Culture Communication Co., Ltd. | 105,810,853.30 | 5,724,749.13 | 5,724,749.13 | -7,897,625.51 | - During the reporting period, the company's ownership share in Insight (Shanghai) Brand Marketing Advertising Co., Ltd. changed from 71% to 100%[503] Government Grants Total government grants recognized in current period profit or loss amounted to CNY 818,343.08, primarily comprising social security subsidies, enterprise support funds, and job retention allowances Government Grants Recognized in Current Period Profit or Loss | Accounting Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Social Security Subsidies | 278,503.26 | 211,354.48 | | Enterprise Support Funds | 485,000.00 | 54,752.35 | | Job Retention Subsidies | 35,880.04 | 6,000.00 | | Other | 3,900.00 | 20,000.00 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (currency, interest rate, price) through credit policies, cash flow monitoring, bank credit lines, and foreign currency/interest rate surveillance - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, price risk)[514] - The company manages these risks by formulating credit policies, continuously monitoring cash flow, obtaining bank credit lines, and monitoring foreign currency transactions and interest rate levels[514][515][516][517] - As of June 30, 2025, the company had CNY 190 million in bank credit lines from multiple domestic banks, of which CNY 56.5883 million had been utilized[516] Fair Value Disclosure Financial assets measured at fair value through profit or loss totaled CNY 72,834,533.15 at period-end, mainly wealth management products, with fair values determined using valuation techniques like the Black-Scholes option model Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Fair Value at Period-End (CNY) | | :--- | :--- | | 1. Financial assets measured at fair value through profit or loss | 72,834,533.15 | | Other | 72,834,533.15 | | I. Total Continuous Fair Value Measurement | 72,834,533.15 | - The fair value of held wealth management products is determined based on the principal plus the market value of expected returns as of the balance sheet date[521] - The book value of financial assets and liabilities not measured at fair value differs minimally from their fair value[523] Related Parties and Related Party Transactions The company's ultimate control rests with Wang Jianchao and Li Ming, with significant related party transactions involving acceptance of services and rental income, and key management personnel compensation totaling CNY 4,459,544.38 - The company's ultimate controlling parties are Wang Jianchao and Li Ming, who collectively control 49.55% of the company's shares[524] Purchases of Goods/Acceptance of Services Table | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Zhaoma Tianyukong Brand Marketing Consulting Co., Ltd. | Acceptance of services | 246,800.00 | 222,296.70 | | Shanghai Linke Universe Network Technology Co., Ltd. | Acceptance of services | 0.00 | 171,361.17 | | Shanghai Wen Yuda Marketing Planning Advertising Co., Ltd. | Acceptance of services | 3,843,828.28 | 1,442,870.10 | | Guangzhou Dulin Information Technology Co., Ltd. | Acceptance of services | 4,650.57 | | | Shanghai Shizhan Marketing Consulting Co., Ltd. | Acceptance of services | 902,970.29 | | Related Party Lease Situations as Lessor | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (CNY) | Lease Income Recognized in Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Guangdong Insight Investment Co., Ltd. | Office | 27,522.94 | 30,000.00 | | Huadai Jewelry (Guangdong) Co., Ltd. | Office | 97,905.56 | 148,200.00 | Key Management Personnel Compensation | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 4,459,544.38 | 4,26