平治信息(300571) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section presents crucial disclaimers, the report's structure, reference documents, and definitions of key terms. Important Notice The company's board, supervisory board, and senior management guarantee the semi-annual report's accuracy and completeness, and plan no cash dividends or bonus shares. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3] - Company Person in Charge Guo Qing, Chief Accountant Pan Aibin, and Head of Accounting Department Pan Aibin declare that the financial report in this semi-annual report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital[4] Table of Contents This section lists the report's structure, including eight main chapters such as company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports. Reference Documents This section lists the semi-annual report text, accounting statements, publicly disclosed documents, and other related materials as reference documents, specifying the company's board office as the storage location. - Reference documents include the semi-annual report text signed by the legal representative, signed and sealed accounting statements, originals of all publicly disclosed company documents and announcements, and other relevant materials[8][9][10][11] - The aforementioned reference documents are available at the company's Board of Directors Office[12] Definitions This section provides definitions for common terms used in the report, including company names, regulatory bodies, laws, reporting period, currency units, and communication and technology-related professional terms. - The reporting period refers to January 1, 2025, to June 30, 2025[13] - Communication operators refer to companies providing fixed-line, mobile, and internet access communication services, including China Mobile, China Telecom, and China Unicom[13] - New infrastructure primarily refers to new types of infrastructure represented by 5G, artificial intelligence, industrial internet, and the Internet of Things[13] Section II Company Profile and Key Financial Indicators This section presents the company's profile, contact details, and key financial performance indicators for the reporting period. I. Company Profile The company, Hangzhou Pingzhi Information Technology Co., Ltd., with stock code 300571, is listed on the Shenzhen Stock Exchange, and its legal representative is Guo Qing. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Pingzhi Information | | Stock Code | 300571 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Hangzhou Pingzhi Information Technology Co., Ltd. | | Legal Representative | Guo Qing | II. Contact Persons and Information The company's Board Secretary is Pan Aibin and Securities Affairs Representative is Dai Wenwen, both located at 101 Qinguo Street, Fuyang District, Hangzhou, Zhejiang, with consistent contact numbers and email. Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Pan Aibin | 101 Qinguo Street, Fuyang District, Hangzhou, Zhejiang Province | 0571-88939703 | 0571-88939705 | pingzhi@tiansign.com | | Securities Affairs Representative | Dai Wenwen | 101 Qinguo Street, Fuyang District, Hangzhou, Zhejiang Province | 0571-88939703 | 0571-88939705 | pingzhi@tiansign.com | III. Other Information The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report. - The company's registered address, office address, website, and email remained unchanged during the reporting period[18] - Information disclosure and storage locations remained unchanged during the reporting period[19] - The company's registration status remained unchanged during the reporting period[20] IV. Key Accounting Data and Financial Indicators This reporting period saw a 34.64% decrease in operating revenue, but a significant 331.48% increase in net profit attributable to shareholders and a 733.23% increase in non-recurring net profit, alongside an 18.16% rise in net operating cash flow and a 32.61% increase in total assets. Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 579,877,945.14 | 887,196,531.41 | -34.64% | | Net Profit Attributable to Shareholders of Listed Company | 13,097,754.78 | 3,035,539.67 | 331.48% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 19,461,395.80 | 2,335,667.29 | 733.23% | | Net Cash Flow from Operating Activities | 185,814,483.05 | 157,251,592.38 | 18.16% | | Basic Earnings Per Share (Yuan/share) | 0.09 | 0.02 | 350.00% | | Diluted Earnings Per Share (Yuan/share) | 0.09 | 0.02 | 350.00% | | Weighted Average Return on Net Assets | 0.90% | 0.19% | 0.71% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,715,334,270.23 | 3,555,781,214.00 | 32.61% | | Net Assets Attributable to Shareholders of Listed Company | 1,458,717,452.93 | 1,445,619,698.15 | 0.91% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards. - The company's financial reports for the reporting period show no differences in net profit and net assets between international accounting standards and Chinese accounting standards[22] - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[23] VI. Non-recurring Gains and Losses and Amounts Non-recurring gains and losses for this reporting period primarily include government subsidies, other non-operating income and expenses, and income tax impact, totaling -6,363,641.02 Yuan. Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to established standards, and having a continuous impact on the company's profit and loss) | 200,120.00 | | Other non-operating income and expenses apart from the above items | -6,818,817.42 | | Less: Income tax impact | -254,999.27 | | Impact on minority interests (after tax) | -57.13 | | Total | -6,363,641.02 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit and loss items[26] Section III Management Discussion and Analysis This section analyzes the company's main business, core competencies, financial performance, investments, and risk factors during the reporting period. I. Main Business Activities During the Reporting Period In the first half of 2025, the company actively transformed into a computing power service provider for the three major communication operators, while continuing to develop communication equipment and operator equity businesses, making significant progress in computing power, AI applications, and communication network construction. (I) Industry Overview During the Reporting Period In H1 2025, computing power became a core digital economy productivity, with China's intelligent computing power expected to reach 2781.9 EFLOPS by 2028, driven by increased investment from operators and cloud service providers, AI application breakthroughs, and expanding 5G and IoT user bases. - In the first half of 2025, computing power has become the core productivity of the digital economy, with China's intelligent computing power scale projected to reach 2781.9 EFLOPS by 2028, representing a compound annual growth rate of 46.2% from 2023-2028[28] - Communication operators and cloud service providers are increasing capital investment in computing power, with China Mobile planning to invest 37.3 billion Yuan in pre-training resources by 2025, and Alibaba investing 380 billion Yuan in cloud and AI hardware infrastructure over the next three years[29] - In the first half of 2025, the AI application field showed vigorous development, driven by technological breakthroughs, market demand, and policy support, with the State Council passing the "Opinions on Deeply Implementing the 'AI+' Action"[30] - As of the end of June, the total number of 5G base stations nationwide reached 4.549 million, a net increase of 298,000 from the end of last year; gigabit optical fiber access (FTTH/O) ports reached 1.193 billion, a net increase of 32.64 million from the end of last year[31] (II) Main Businesses Engaged in by the Company During the Reporting Period The company has transformed into a computing power service provider for the three major communication operators, focusing on computing power services and general server sales, alongside traditional communication equipment (smart terminals, 5G products) and operator equity businesses. - The company began its transformation into the computing power business in 2023 and has now become a computing power service provider for the three major communication operators[32] - The company's computing power business primarily includes two models: general server sales and computing power services, with computing power services being the main development direction[32] - The company's other communication business products mainly include communication equipment (smart terminal devices, 5G communication products) and operator equity businesses[33] (III) Company's Business Model During the Reporting Period The company adopts a "production-to-order" model, developing new products based on market demand and new technology trends, collaborating with universities and research institutions for innovation, and primarily selling directly to domestic communication operators through bidding. - The company relies on business development needs, combined with industry new technology trends, to continuously research and develop new products, and actively seeks technical cooperation with universities and research institutes[34] - The company implements a "production-to-order" production model, arranging production plans based on orders[35] - The company's sales model is primarily direct sales, with domestic communication operators as its main customers, acquiring orders through bidding[38] (IV) Company's Market Position The company is recognized by communication operators for its quality products, comprehensive marketing and service network, and technological advantages, being a top-tier supplier for smart home products and having shipped 5G base station antennas and small base stations on a large scale, with over 2.2 billion Yuan in computing power service orders. - The company's smart home business series products are among the first-tier suppliers for China Mobile and China Telecom[39] - The company's 5G base station antenna and 5G small base station products have been shipped on a large scale, with continuous expansion of its product lines[39] - As of the disclosure date of this report, the company has cumulatively signed over 2.2 billion Yuan in computing power business orders, with customer types mainly including communication operators and cloud service providers[39][41] (V) Analysis of Company's Main Business and Performance Drivers In H1 2025, the company achieved 580 million Yuan in operating revenue and 13.10 million Yuan in net profit attributable to shareholders, a 331.48% year-on-year increase, driven by rapid development of computing power business, continuous R&D innovation, active deployment of AI companion products, and establishment of urban low-altitude drone intelligent service systems. - From January to June 2025, the company achieved operating revenue of 580 million Yuan and net profit attributable to shareholders of 13.10 million Yuan, a 331.48% increase compared to the same period last year[40] - The rapid development of the computing power business, with cumulative signed orders exceeding 2.2 billion Yuan, contributes stable revenue to the company[41] - The company continues to increase R&D investment, constantly advancing product iteration in broadband network terminal equipment such as smart home gateways and smart set-top boxes, while its subsidiary Tianxin Electronics focuses on R&D of domestic general servers and industrial computer products[42] - The company is actively deploying AI companion products, having completed sample development, and signed a strategic cooperation agreement with China Mobile Zhejiang Huzhou Branch to jointly build an urban low-altitude drone intelligent service system[43][44] II. Analysis of Core Competencies The company's core competencies include deep cooperation with communication operators, a comprehensive qualification and certification system, continuous product and technology R&D innovation, a nationwide marketing and after-sales service network, and efficient supply chain and cost management capabilities. - The company with domestic communication operators established a deep, mutually beneficial cooperation model, being one of their qualified and main suppliers[47] - The company has obtained relevant qualifications and certifications required for communication equipment production and sales, including ISO9000 series, radio transmission equipment type approval certificates, network access licenses, and 3C certification[48][49] - The company adheres to a market-oriented and customer-centric approach, forming a rapid response and efficient R&D system, and has signed a strategic cooperation agreement with Zhipu AI to deploy embodied intelligent robots; as of the end of the reporting period, the company cumulatively holds 205 patents[50] - The company possesses a comprehensive marketing service network, with products and after-sales services covering 31 provinces and municipalities nationwide[51] - The company has a robust supply chain assurance management system, establishing long-term strategic cooperative relationships with suppliers to ensure priority material supply and price support[52] III. Analysis of Main Business This reporting period, the company's operating revenue decreased by 34.64% due to intense competition in broadband network terminal equipment manufacturing, yet R&D investment increased by 34.44%, net operating cash flow grew by 18.16%, and computing power business gross margin significantly improved by 27.68%. Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 579,877,945.14 | 887,196,531.41 | -34.64% | Intense market competition in broadband network terminal equipment manufacturing business, leading to decreased revenue | | Operating Cost | 503,184,057.89 | 808,248,813.03 | -37.74% | Decreased revenue, corresponding reduction in costs | | Selling Expenses | 6,575,797.35 | 13,473,825.43 | -51.20% | Decreased revenue from communication equipment manufacturing business, reduced salaries and marketing expenses | | Financial Expenses | 27,081,946.71 | 21,883,446.24 | 23.76% | Increased financing interest year-on-year | | Income Tax Expense | 11,368,701.13 | 2,149,958.38 | 428.79% | Increased deferred income tax expense | | R&D Investment | 19,121,614.23 | 14,222,962.62 | 34.44% | Increased depreciation of R&D equipment | | Net Cash Flow from Operating Activities | 185,814,483.05 | 157,251,592.38 | 18.16% | Recovered more receivables | | Net Cash Flow from Investing Activities | -1,008,161,521.07 | -385,820,540.49 | 161.30% | Increased investment in computing power business year-on-year | | Net Cash Flow from Financing Activities | 885,313,900.91 | 142,703,373.38 | 520.39% | Increased financing | | Net Increase in Cash and Cash Equivalents | 63,117,264.19 | -85,799,521.01 | 173.56% | Increased collection of receivables and increased financing | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Communication Equipment Manufacturing | 401,787,745.35 | 379,808,780.66 | 5.47% | -32.26% | -30.50% | -2.40% | | Operator Equity Business | 102,951,686.29 | 79,507,315.75 | 22.77% | -39.00% | -48.36% | 14.00% | | Computing Power Business | 75,138,513.50 | 43,867,961.48 | 41.62% | -40.01% | -59.30% | 27.68% | - The company's profit composition or sources of profit have not undergone significant changes during the reporting period[55] IV. Analysis of Non-Core Business During the reporting period, the company had no non-core business activities to analyze. V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets increased by 32.61% year-on-year, primarily due to increased investment in computing power projects, leading to significant growth in fixed assets and construction in progress, while accounts receivable and inventory decreased, and both short-term and long-term borrowings increased. Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 230,165,348.42 | 4.88% | 141,024,728.17 | 3.97% | 0.91% | | | Accounts Receivable | 1,252,872,213.64 | 26.57% | 1,411,269,402.06 | 39.69% | -13.12% | Recovery of accounts receivable and growth in company assets | | Inventories | 356,606,183.90 | 7.56% | 592,764,088.60 | 16.67% | -9.11% | Acceptance and transfer of some computing power projects | | Fixed Assets | 1,502,329,869.11 | 31.86% | 355,225,570.88 | 9.99% | 21.87% | Increased investment in company's computing power projects | | Construction in Progress | 250,000,353.55 | 5.30% | 313,025.82 | 0.01% | 5.29% | Increased investment in company's computing power projects | | Short-term Borrowings | 881,779,029.17 | 18.70% | 681,830,410.07 | 19.18% | -0.48% | Increased bank borrowings | | Long-term Borrowings | 405,749,191.97 | 8.60% | 248,600,000.00 | 6.99% | 1.61% | Increased bank borrowings | - The company had no significant overseas assets during the reporting period[60] Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Fair Value Change in Current Period (Yuan) | Cumulative Fair Value Change Included in Equity (Yuan) | Amount Purchased in Current Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 80,667,914.48 | 1,130,997.08 | | 3,000,000.00 | 83,667,914.48 | | Total | 80,667,914.48 | 1,130,997.08 | | 3,000,000.00 | 83,667,914.48 | - Details of restricted asset rights as of the end of the reporting period are provided in Section VIII, Item 7, Note 31[62] VI. Analysis of Investment Status During the reporting period, the company's investment amounted to 1,013,617,454.07 Yuan, a 168.81% year-on-year increase, primarily due to increased investment in computing power business, with no significant equity investments, non-equity investments, financial assets measured at fair value, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans. Year-on-Year Changes in Investment Amount | Indicator | Investment Amount in Current Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 1,013,617,454.07 | 377,082,390.00 | 168.81% | - The company had no significant equity investments, non-equity investments, financial assets measured at fair value, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[64][65][66][67] VII. Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales. - The company did not sell significant assets during the reporting period[68] - The company did not sell significant equity during the reporting period[69] VIII. Analysis of Major Holding and Participating Companies Shenzhen Zhaoneng Xuntong Technology Co., Ltd., a major subsidiary focusing on smart home business, reported a net profit of 30,093,163.29 Yuan; during the reporting period, the company transferred Pingzhi Ruiying Microelectronics Technology (Nanjing) Co., Ltd. and deregistered Beijing Nanying Beiqi Technology Co., Ltd., neither of which had a significant impact. Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Zhaoneng Xuntong Technology Co., Ltd. | Subsidiary | Smart Home Business | 458,200,000.00 | 1,997,260,828.43 | 741,379,134.37 | 522,642,517.10 | 40,153,164.77 | 30,093,163.29 | - During the reporting period, the company transferred Pingzhi Ruiying Microelectronics Technology (Nanjing) Co., Ltd. and deregistered Beijing Nanying Beiqi Technology Co., Ltd., neither of which had a significant impact on overall production, operations, or performance[70] IX. Information on Structured Entities Controlled by the Company During the reporting period, the company had no structured entities under its control. X. Risks Faced by the Company and Countermeasures The company faces risks including high customer concentration, bidding failures, product price fluctuations, rapid technological updates and talent loss, raw material price volatility, accounts receivable recovery, and product quality control, which it addresses through market expansion, product structure optimization, internal management, and R&D investment. - The company's computing power service business and communication business primarily serve domestic communication operators, posing a risk of high revenue concentration; the company will strengthen market expansion and actively develop new customers[71][72] - Communication operators' procurement mainly adopts bidding policies, exposing the company to risks of performance fluctuations due to unsuccessful bids or decreased bid success rates; the company will increase market and new customer development efforts, optimize product structure, and strengthen bidding management[73] - The company faces the risk of product price decreases or fluctuations; the company will mitigate risks by strengthening internal management, technological and product innovation, and improving supply chain procurement mechanisms[74] - The communication equipment manufacturing industry experiences rapid technological updates, posing risks of technological iteration and loss for the company; the company will continuously track the latest technologies, increase R&D investment, and attract core talent[75][76] - Prices of major raw materials for communication equipment and computing power service businesses fluctuate, exposing the company to raw material price volatility risks; the company will control risks through product and technology R&D and diversified procurement models[77] - The company's accounts receivable balance was substantial at the end of the reporting period, posing collection risks; the company will strengthen accounts receivable collection assessments to reduce collection risks[78] - The company faces product quality control risks; the company will strictly adhere to quality management system requirements in its production and operation activities and establish a full-process quality control system[79] XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company hosted three research activities, including online and on-site visits, primarily for institutional and individual investors, discussing computing power development plans, leasing models, humanoid robots, and 2024 operational performance and business progress. - On February 14, 2025, the company conducted an online exchange via a network platform, hosting 30 institutions including Penghua Fund and Zhongjia Fund, discussing future computing power development plans and other issues[80] - On February 20, 2025, the company conducted an on-site survey at the Xixi Century Center conference room, hosting institutions such as Guoyuan Securities and Bank of China Securities, discussing computing power leasing models, humanoid robots, and other issues[81] - On May 15, 2025, the company conducted an online exchange via the Value Online network platform, introducing its 2024 operating performance to all investors and discussing business progress and other issues[81] XII. 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[82] - The company has not disclosed a valuation enhancement plan[82] XIII. 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[82] Section IV Corporate Governance, Environment, and Society This section covers changes in governance, profit distribution, employee incentives, environmental disclosure, and social responsibility. I. Changes in Company Directors, Supervisors, and Senior Management During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including the departure of Chen Lianyong, Zhang Yinan, and He Xia due to term expiration, and the election or appointment of Jin Xiaogang, Wu Haiyan, Gao Peng, Yu Keman, Shi Jingjie, and Pan Aibin due to work transfers or elections. Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Lianyong | Independent Director | Term Expired | February 07, 2025 | Re-election | | Zhang Yinan | Independent Director | Term Expired | February 07, 2025 | Re-election | | He Xia | Supervisor | Term Expired | February 07, 2025 | Re-election | | Jin Xiaogang | Independent Director | Elected | February 07, 2025 | Re-election | | Yu Keman | Deputy General Manager | Appointed | February 07, 2025 | Work Transfer | | Shi Jingjie | Deputy General Manager | Appointed | February 07, 2025 | Work Transfer | | Wu Haiyan | Supervisor | Elected | February 07, 2025 | Re-election | | Pan Aibin | Director, Board Secretary, CFO | Elected | February 07, 2025 | Work Transfer | | Gao Peng | Supervisor | Elected | February 07, 2025 | Re-election | II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital for the semi-annual period. - The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital for the semi-annual period[84] III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation details to report. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[85] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information. - The listed company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information[86] V. Social Responsibility Adhering to the philosophy of a harmonious society and people-oriented principles, the company actively fulfills its corporate social responsibilities by creating wealth, prioritizing shareholder returns, fostering employee growth, and engaging in social welfare activities, while ensuring sound corporate governance and stable relationships with stakeholders. - The company adheres to the philosophy of a harmonious society and people-oriented principles, integrating social responsibility awareness throughout its business operations[86] - The company fully protects investors' rights and interests and creates good investment returns by improving its corporate governance structure and internal control system[86] - The company continuously improves its labor employment and welfare guarantee systems, respects and safeguards employee rights, and emphasizes talent training and development[86] - The company has established long-term stable strategic partnerships with suppliers and customers, protecting customer interests and building a good corporate image through technological R&D, product upgrades, and quality control[86] Section V Significant Matters This section details significant commitments, related party transactions, and other material events, confirming the absence of major issues in most areas. I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, the company had no commitments from its actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period. - During the reporting period, the company had no commitments from its actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[88] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company. - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company[89] III. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees. - The company had no irregular external guarantees during the reporting period[90] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited. - The company's semi-annual report was unaudited[91] V. Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period As the company's semi-annual report was unaudited, there is no explanation regarding a "non-standard audit report" from the accounting firm for this reporting period. VI. Board of Directors' Explanation of Matters Related to the "Non-Standard Audit Report" for the Previous Year As the company's semi-annual report was unaudited, there is no explanation regarding matters related to the "non-standard audit report" for the previous year. VII. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy and reorganization matters. - The company had no bankruptcy and reorganization matters during the reporting period[92] VIII. Litigation Matters This reporting period, the company had no significant litigation or arbitration matters, though other minor lawsuits exist, one dismissed with 87,000 Yuan involved and another pending with 2.714 million Yuan involved, neither having a significant impact on the company. - This reporting period, the company had no significant litigation or arbitration matters[93] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Provision for Estimated Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Litigation matters not reaching significance (as defendant) | 8.7 | No | Judgment rejected the opposing party's claim | This litigation matter has no significant impact on the company | | Litigation matters not reaching significance (as plaintiff) | 271.4 | No | Case filed, not yet heard | This litigation matter has no significant impact on the company | IX. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations. - The company had no penalties or rectification situations during the reporting period[95] X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled court judgments or large overdue debts. - During the reporting period, the company had no unfulfilled court judgments or large overdue debts[96] XI. Significant Related Party Transactions During the reporting period, the company had no related party transactions concerning daily operations, asset/equity acquisition/disposal, or joint external investments, but did have related party debt with actual controllers Guo Qing and Zhang Hui, with end-of-period balances of 226.7867 million Yuan and 91.9182 million Yuan, respectively, and no dealings with affiliated financial companies or other significant related party transactions. - During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments[96][97][98] Payables to Related Parties | Related Party | Relationship | Reason for Formation | Opening Balance (10,000 Yuan) | Amount Newly Added in Current Period (10,000 Yuan) | Amount Recovered in Current Period (10,000 Yuan) | Interest Rate | Interest in Current Period (10,000 Yuan) | Closing Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guo Qing | Actual Controller | Fund Borrowing | 24,153.48 | 8,995 | 10,795 | 3.10% | 325.19 | 22,678.67 | | Zhang Hui | Actual Controller | Fund Borrowing | 11,061.5 | 0 | 2,000 | 3.10% | 130.31 | 9,191.82 | - The company has no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and related parties[101][102] - The company had no other significant related party transactions during the reporting period[103] XII. Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing matters, but provided multiple significant guarantees for subsidiaries totaling 833.82 million Yuan, representing 57.16% of its net assets, including 200 million Yuan for entities with a debt-to-asset ratio exceeding 70% and 50.2776 million Yuan for the portion exceeding 50% of net assets. - The company had no entrustment, contracting, or leasing situations during the reporting period[104][105][106] Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 4,400 | Joint and Several Liability Guarantee | 2024.9.30 to 2027.9.30 | No | Yes | | Hangzhou Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 25,957 | Joint and Several Liability Guarantee | 2024.9.30 to 2028.9.27 | No | Yes | | Hangzhou Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 1,825 | Joint and Several Liability Guarantee | 2025.1.21 to 2028.9.27 | No | Yes | | Hangzhou Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 5,100 | Joint and Several Liability Guarantee | 2024.11.20-2028.11.20 | No | Yes | | Hangzhou Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 600 | Joint and Several Liability Guarantee | 2025.1.23 to 2027.1.17 | No | Yes | | Shenzhen Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 5,000 | Joint and Several Liability Guarantee | 2024.12.27 to 2025.12.22 | No | Yes | | Shenzhen Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 3,000 | Joint and Several Liability Guarantee | 2025.1.17 to 2026.1.17 | No | Yes | | Shenzhen Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 4,000 | Joint and Several Liability Guarantee | 2024.8.26 to 2025.8.21 | No | Yes | | Shenzhen Zhaoneng Xuntong Technology Co., Ltd. | 210,000 | 1,400 | Joint and Several Liability Guarantee | 2025.1.23 to 2027.1.17 | No | Yes | | Hangzhou Pingzhi Funeng Smart Technology Co., Ltd. | 210,000 | 4,000 | Joint and Several Liability Guarantee | 2025.3.12 to 2028.3.12 | No | Yes | | Hangzhou Pingzhi Zhida Technology Co., Ltd. | 210,000 | 5,300 | Joint and Several Liability Guarantee | 2025.3.25 to 2029.2.28 | No | Yes | | Liangya Huizhi (Kunming) Artificial Intelligence Technology Co., Ltd. | 210,000 | 14,700 | Joint and Several Liability Guarantee | 2025.3.31 to 2030.3.28 | No | Yes | | Shenzhen Zhaoneng Xuntong Technology Co., Ltd. | 250,000 | 3,000 | Joint and Several Liability Guarantee | 2025.5.23 to 2025.11.23 | No | Yes | Total Guarantee Amount | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total approved guarantee limit within the reporting period | 250,000 | | Total actual guarantee amount incurred within the reporting period | 33,825 | | Total approved guarantee limit at the end of the reporting period | 250,000 | | Total actual guarantee balance at the end of the reporting period | 83,382 | | Proportion of total actual guarantee amount to company's net assets | 57.16% | | Debt guarantee balance provided for guaranteed parties with asset-liability ratio exceeding 70% | 20,000 | | Amount of total guarantee exceeding 50% of net assets | 5,027.76 | | Total of the above three guarantee amounts | 25,207.76 | - The company had no significant contracts for daily operations or other significant contracts during the reporting period[112][113] XIII. Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation. - During the reporting period, the company had no other significant matters requiring explanation[114] XIV. Significant Matters of Company Subsidiaries During the reporting period, the company's subsidiaries had no significant matters. - During the reporting period, the company's subsidiaries had no other significant matters requiring explanation[115] Section VI Share Changes and Shareholder Information This section outlines share capital changes, shareholder structure, and changes in holdings of key personnel and controlling shareholders. I. Share Change Information During the reporting period, the company's restricted shares decreased by 8,426 shares, while unrestricted shares increased by 8,426 shares, with total share capital remaining unchanged, primarily due to the release of restricted shares for senior executives based on recalculated annual transferable quotas. Share Change Information | Item | Number Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 23,924,824 | 17.15% | -8,426 | 23,916,398 | 17.14% | | II. Unrestricted Shares | 115,603,470 | 82.85% | 8,426 | 115,611,896.00 | 82.86% | | III. Total Shares | 139,528,294 | 100.00% | 0 | 139,528,294 | 100.00% | - The reason for the share change is the recalculation of the annual transferable share quota for the company's directors, supervisors, and senior management based on their holdings as of December 31, 2024, with the remaining portion continuing to be locked as restricted shares for senior executives[119] 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 | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yin Xiaohua | 33,705 | 8,426 | 0 | 25,279 | Senior Executive Restricted Shares | August 7, 2025 | II. Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities. III. Number of Shareholders and Shareholding Structure As of the end of the reporting period, the company had 22,708 common shareholders; among the top ten shareholders, Guo Qing was the largest with 22.80% ownership, and Fujian Qizhi Xing Enterprise Management Partnership (Limited Partnership) held 12.28%, with Guo Qing and Fujian Qizhi Xing's actual controller Zhang Hui being spouses, and some of Guo Qing's shares pledged. - The total number of common shareholders at the end of the reporting period was 22,708[122] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guo Qing | Domestic Natural Person | 22.80% | 31,806,000 | 23,854,500 | 7,951,500 | Pledged | 9,770,000 | | Fujian Qizhi Xing Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 12.28% | 17,141,000 | 0 | 17,141,000 | Not Applicable | 0 | | Wang Jina | Domestic Natural Person | 3.24% | 4,522,334 | 0 | 4,522,334 | Not Applicable | 0 | | Xu Guoxin | Domestic Natural Person | 2.61% | 3,646,207 | 0 | 3,646,207 | Not Applicable | 0 | | Zhejiang Daily Digital Culture Group Co., Ltd. | State-Owned Legal Person | 0.76% | 1,061,193 | 0 | 1,061,193 | Not Applicable | 0 | | Nanjing Wangdian Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.74% | 1,035,196 | 0 | 1,035,196 | Not Applicable | 0 | | Xinhua Net Co., Ltd. | State-Owned Legal Person | 0.67% | 935,196 | 0 | 935,196 | Not Applicable | 0 | | Bank of China Co., Ltd. - Huaxia Industry Prosperity Mixed Securities Investment Fund | Other | 0.67% | 933,800 | 0 | 933,800 | Not Applicable | 0 | | Chen Haihua | Domestic Natural Person | 0.57% | 800,300 | 0 | 800,300 | Not Applicable | 0 | | Sun Yongqin | Domestic Natural Person | 0.37% | 514,773 | 0 | 514,773 | Not Applicable | 0 | - Guo Qing and Zhang Hui, the actual controller and executive partner of Fujian Qizhi Xing Enterprise Management Partnership (Limited Partnership), are spouses[123] IV. Changes in Shareholdings of 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, as detailed in the 2024 annual report. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[125] V. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller. - The company's controlling shareholder did not change during the reporting period[126] - The company's actual controller did not change during the reporting period[126] VI. Preferred Share Information During the reporting period, the company had no preferred shares. - The company had no preferred shares during the reporting period[127] Section VII Bond-Related Information This section confirms that the company had no bond-related information during the reporting period. Bond-Related Information During the reporting period, the company had no bond-related information. - The company had no bond-related information during the reporting period[129] Section VIII Financial Report This section presents the company's unaudited semi-annual consolidated and parent company financial statements, including key statements and detailed notes on accounting policies and financial items. I. Audit Report The company's semi-annual financial report was unaudited. - The company's semi-annual financial report was unaudited[131] II. Financial Statements This section provides 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, presenting the financial position and operating results at the end of the reporting period. 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 4,715,334,270.23 Yuan, a 32.61% increase from the beginning of the period, with total liabilities of 3,253,848,424.40 Yuan and total owners' equity of 1,461,485,845.83 Yuan. Consolidated Balance Sheet Key Data (End of Period Balance) | Item | End of Period Balance (Yuan) | | :--- | :--- | | Total Assets | 4,715,334,270.23 | | Total Current Assets | 2,360,548,156.79 | | Total Non-Current Assets | 2,354,786,113.44 | | Total Liabilities | 3,253,848,424.40 | | Total Current Liabilities | 1,971,190,952.67 | | Total Non-Current Liabilities | 1,282,657,471.73 | | Total Owners' Equity | 1,461,485,845.83 | | Total Owners' Equity Attributable to Parent Company | 1,458,717,452.93 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 4,086,123,701.60 Yuan, a 17.28% increase from the beginning of the period, with total liabilities of 2,576,092,595.48 Yuan and total owners' equity of 1,510,031,106.12 Yuan. Parent Company Balance Sheet Key Data (End of Period Balance) | Item | End of Period Balance (Yuan) | | :--- | :--- | | Total Assets | 4,086,123,701.60 | | Total Current Assets | 1,728,431,471.34 | | Total Non-Current Assets | 2,357,692,230.26 | | Total Liabilities | 2,576,092,595.48 | | Total Current Liabilities | 1,689,170,101.34 | | Total Non-Current Liabilities | 886,922,494.14 | | Total Owners' Equity | 1,510,031,106.12 | 3. Consolidated Income Statement For the first half of 2025, the company's consolidated total operating revenue was 579,877,945.14 Yuan, a 34.64% year-on-year decrease, while net profit was 13,140,226.88 Yuan, a 225.36% year-on-year increase, and net profit attributable to parent company shareholders was 13,097,754.78 Yuan, a 331.48% year-on-year increase. Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 579,877,945.14 | 887,196,531.41 | | Total Operating Costs | 586,475,859.97 | 893,875,735.65 | | Operating Profit | 31,327,625.43 | 6,662,286.49 | | Total Profit | 24,508,928.01 | 6,189,751.17 | | Net Profit | 13,140,226.88 | 4,039,792.79 | | Net Profit Attributable to Parent Company Shareholders | 13,097,754.78 | 3,035,539.67 | | Basic Earnings Per Share | 0.09 | 0.02 | | Diluted Earnings Per Share | 0.09 | 0.02 | 4. Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was 539,546,581.97 Yuan, a 42.76% year-on-year increase, and net profit was 27,330,809.66 Yuan, an 81.23% year-on-year increase. Parent Company Income Statement Key Data (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 539,546,581.97 | 377,895,090.77 | | Operating Costs | 505,622,983.59 | 322,544,227.84 | | Operating Profit | 37,664,453.20 | 16,331,840.32 | | Total Profit | 36,084,581.24 | 16,150,884.03 | | Net Profit | 27,330,809.66 | 15,080,915.76 | 5. Consolidated Cash Flow Statement For the first half of 2025, the company's net cash flow from operating activities was 185,814,483.05 Yuan, an 18.16% year-on-year increase, while net cash flow from investing activities showed a significant outflow of -1,008,161,521.07 Yuan, and net cash flow from financing activities showed a significant inflow of 885,313,900.91 Yuan, resulting in a net increase in cash and cash equivalents of 63,117,264.19 Yuan. Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 185,814,483.05 | 157,251,592.38 | | Net Cash Flow from Investing Activities | -1,008,161,521.07 | -385,820,540.49 | | Net Cash Flow from Financing Activities | 885,313,900.91 | 142,703,373.38 | | Net Increase in Cash and Cash Equivalents | 63,117,264.19 | -85,799,521.01 | | Cash and Cash Equivalents at End of Period | 184,194,632.21 | 183,075,175.28 | 6. Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities turned negative at -85,057,889.73 Yuan, net cash flow from investing activities showed a significant outflow of -687,701,878.76 Yuan, and net cash flow from financing activities showed a significant inflow of 817,322,005.68 Yuan, resulting in a net increase in cash and cash equivalents of 44,562,237.19 Yuan. Parent Company Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -85,057,889.73 | 976,648.29 | | Net Cash Flow from Investing Activities | -687,701,878.76 | -59,906,082.81 | | Net Cash Flow from Financing Activities | 817,322,005.68 | 31,371,490.64 | | Net Increase in Cash and Cash Equivalents | 44,562,237.19 | -27,557,943.88 | | Cash and Cash Equivalents at End of Period | 76,684,835.71 | 83,613,471.19 | 7. Consolidated Statement of Changes in Owners' Equity For the first half of 2025, the company's consolidated total owners' equity increased by 12,734,025.76 Yuan, with owners' equity attributable to the parent company increasing by 13,097,754.78 Yuan and minority interests decreasing by 363,729.02 Yuan. Consolidated Statement of Changes in Owners' Equity (H1 2025) | Item | Share Capital (Yuan) | Capital Reserve (Yuan) | Other Comprehensive Income (Yuan) | Surplus Reserve (Yuan) | Retained Earnings (Yuan) | Total Owners' Equity Attributable to Parent Company (Yuan) | Minority Interests (Yuan) | Total Owners' Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Opening Balance | 139,528,294.00 | 545,154,842.71 | 2,036,747.37 | 58,917,537.79 | 699,982,276.28 | 1,445,619,698.15 | 3,132,121.92 | 1,448,751,820.07 | | Change in Current Period | 0.00 | 0.00 | 0.00 | 0.00 | 13,097,754.78 | 13,097,754.78 | -363,729.02 | 12,734,025.76 | | Closing Balance | 139,528,294.00 | 545,154,842.71 | 2,036,747.37 | 58,917,537.79 | 713,080,031.06 | 1,458,717,452.93 | 2,768,392.90 | 1,461,485,845.83 | 8. Parent Company Statement of Changes in Owners' Equity For the first half of 2025, the parent company's total owners' equity increased by 27,330,809.66 Yuan, primarily due to an increase in retained earnings. Parent Company Statement of Changes in Owners' Equity (H1 2025) | Item | Share Capital (Yuan) | Capital Reserve (Yuan) | Other Comprehensive Income (Yuan) | Surplus Reserve (Yuan) | Retained Earnings (Yuan) | Total Owners' Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Opening Balance | 139,528,294.00 | 758,916,181.81 | -5,132,584.96 | 63,718,216.20 | 525,670,189.41 | 1,482,700,296.46 | | Change in Curr