群兴玩具(002575) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions The company's board, supervisory board, and senior management guarantee the accuracy of the semi-annual report and advise investors to note risks; no cash dividends, bonus shares, or capital increase from capital reserves planned for this period Important Notice Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[4] - Statements regarding future development in the report are forward-looking and do not constitute substantive commitments; investors should be aware of investment risks[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital[5] Table of Contents This section lists the overall structure of the report, including nine main chapters such as important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report's table of contents is clear, covering company operations, finance, governance, and significant matters[7] List of Reference Documents Reference documents include signed financial statements, originals of publicly disclosed documents and announcements, and the chairman's signed original semi-annual report, available at the company's securities department - Reference documents include signed and sealed financial statements, originals of publicly disclosed documents and announcements, and the chairman's signed original semi-annual report[9][10][11] - All reference documents are available at the company's securities department[12] Definitions This section defines key terms used in the report, including company names, relevant institutions, business entities, and the reporting period, ensuring consistency in understanding - The reporting period refers to January 1, 2025, to June 30, 2025[13] - Key business entities include Guangdong Qunxing Toys Co., Ltd., Shenzhen Xinghe Data Technology Co., Ltd., Shantou Tonglele Toys Co., Ltd., Suzhou Haojiujiu Industry Co., Ltd., and Hangzhou Turing Engine Technology Co., Ltd[13] Part II Company Profile and Key Financial Indicators This section provides an overview of the company, including its stock information, contact details, and a summary of key financial performance and position indicators for the reporting period 1. Company Profile The company's stock abbreviation is "Qunxing Toys", stock code 002575, listed on the Shenzhen Stock Exchange, with Zhang Jincheng as its legal representative - Company stock abbreviation: Qunxing Toys, stock code: 002575[15] - The company's stock is listed on the Shenzhen Stock Exchange[15] - The company's legal representative is Zhang Jincheng[15] 2. Contact Person and Information The company's Board Secretary is Chen Bin, located in Suzhou Industrial Park, Jiangsu Province, with phone/fax 0512-67242575 and email ir@qx002575.com - The Board Secretary is Chen Bin, with contact address at 16th Floor, Phase 3, International Science and Technology Park, 1355 Jinji Lake Avenue, Suzhou Industrial Park, Jiangsu Province[16] - Contact phone and fax are both 0512-67242575, and the email is ir@qx002575.com[16] 3. Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, document storage locations, or other relevant data, referring to the 2024 annual report for details - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17] - Information disclosure and document storage locations remained unchanged during the reporting period[18] 4. Key Accounting Data and Financial Indicators This period, the company's operating revenue increased by 38.40% to 175.53 million yuan, but net profit attributable to shareholders decreased by 158.63% to -17.06 million yuan, with basic EPS of -0.03 yuan/share; net cash flow from operating activities significantly improved to 38.91 million yuan, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 175,533,587.43 | 126,832,830.38 | 38.40% | | Net Profit Attributable to Shareholders of Listed Company | -17,061,684.85 | -6,596,957.63 | -158.63% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -19,217,034.60 | -10,775,987.16 | -78.33% | | Net Cash Flow from Operating Activities | 38,910,674.35 | -60,151,013.32 | 164.69% | | Basic Earnings Per Share (yuan/share) | -0.03 | -0.01 | -200.00% | | Diluted Earnings Per Share (yuan/share) | -0.03 | -0.01 | -200.00% | | Weighted Average Return on Net Assets | -2.08% | -0.81% | -1.27% | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End (yuan) | Period-End vs. Prior Year-End Change (%) | | Total Assets | 926,589,304.45 | 930,627,188.16 | -0.43% | | Net Assets Attributable to Shareholders of Listed Company | 827,329,490.06 | 833,592,705.87 | -0.75% | 5. Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[21] - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[22] 6. Non-Recurring Gains and Losses and Amounts This reporting period, total non-recurring gains and losses amounted to 2.16 million yuan, primarily from fair value changes of financial assets and debt restructuring gains/losses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 438,331.23 | | Debt restructuring gains/losses | 1,865,268.97 | | Other non-operating income and expenses apart from the above | -42,376.58 | | Less: Income tax impact | 82,284.46 | | Minority interest impact (after tax) | 23,589.41 | | Total | 2,155,349.75 | - 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 gains and losses[25] Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, asset and liability status, investment activities, and risk factors during the reporting period 1. Principal Businesses During the Reporting Period The company's main businesses include intelligent computing, liquor sales, and property leasing and management services; during the period, the company strategically focused on intelligent computing, becoming a computing power service provider for a major client, while liquor sales grew steadily and property services remained stable - The company's principal businesses are intelligent computing, liquor sales, and property leasing and management services[27] - Since 2024, the company has focused on expanding its intelligent computing business, becoming a computing power service provider for a major domestic client and generating operating revenue[27] - The liquor sales business has consolidated traditional channels and actively explored online sales models, building an omnichannel marketing system encompassing "offline channels + online e-commerce + live streaming platforms"[28] 2. Analysis of Core Competencies The company's core competencies include an experienced management team, a professional intelligent computing team with scarce computing resources, policy support from Hangzhou, advantages in liquor procurement and sales channels, and the prime location and quality management of its owned properties - The company's core management team possesses extensive experience in corporate governance and operations management, with a clear development strategy[29] - In the intelligent computing business, the company has an experienced intelligent computing team, substantial scarce and compliant high-performance computing power resources, and benefits from policy support as Hangzhou is a national artificial intelligence innovation application pilot zone[29] - In liquor sales, the company holds core advantages in both procurement and sales, maintaining stable cooperation with renowned suppliers and possessing a stable core customer base and market expansion capabilities[29] - Owned properties enjoy high recognition and superior geographical locations, maintaining stable occupancy rates, and are supported by a professional commercial operations management team and a comprehensive service system[30][31] 3. Analysis of Principal Business This period, the company's operating revenue increased by 38.40% due to intelligent computing and liquor sales, but net profit declined significantly due to a 53.51% increase in operating costs from intelligent computing initial investments and a 303.60% rise in selling expenses Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 175,533,587.43 | 126,832,830.38 | 38.40% | Primarily due to revenue from intelligent computing business and increased liquor sales revenue in this period | | Operating Cost | 178,654,480.84 | 116,382,128.66 | 53.51% | Primarily due to increased operating costs for intelligent computing business in this period | | Selling Expenses | 3,838,129.65 | 950,982.98 | 303.60% | Primarily due to increased selling expenses for intelligent computing business and increased employee compensation in this period | | Administrative Expenses | 17,488,734.29 | 19,444,971.91 | -10.06% | Primarily due to reduced restricted stock incentive expenses in this period | | Financial Expenses | 210,915.49 | -105,258.62 | 300.38% | Primarily due to increased interest expenses in this period | | Income Tax Expense | -5,746,693.99 | 253,813.40 | -2,364.14% | Primarily due to deferred income tax provision in this period | | Net Cash Flow from Operating Activities | 38,910,674.35 | -60,151,013.32 | 164.69% | Primarily due to increased net cash flow from goods sales in this period | | Net Cash Flow from Investing Activities | -46,822,698.89 | 50,339,294.19 | -193.01% | Primarily due to decreased cash recovered from investments in this period | | Net Cash Flow from Financing Activities | -421,580.91 | -641,443.93 | 34.28% | Primarily due to reduced rent payments in this period | | Net Increase in Cash and Cash Equivalents | -8,334,844.25 | -10,451,745.80 | 20.25% | Primarily due to increased net cash flow from operating activities in this period | | Investment Income | 2,109,122.19 | 4,551,460.41 | -53.66% | Primarily due to reduced wealth management income in this period | | Credit Impairment Loss | -68,359.76 | -1,276,000.40 | 94.64% | Primarily due to reduced bad debt provision for accounts receivable in this period | | Asset Impairment Loss | -526,407.82 | 0.00 | -100.00% | Primarily due to provision for impairment of liquor inventory in this period | - The company's net profit decreased during the reporting period, mainly due to high initial investment costs in the intelligent computing business and delayed sales[33] Operating Revenue Composition (by Industry) | Industry | Current Period Amount (yuan) | % of Operating Revenue | Prior Year Amount (yuan) | % of Operating Revenue | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Liquor Sales | 141,415,441.64 | 80.56% | 111,328,542.48 | 87.78% | 27.03% | | Intelligent Computing Business | 18,114,074.86 | 10.32% | 0.00 | 0.00% | 100.00% | | Owned Property Leasing and Property Management Services | 16,004,070.93 | 9.12% | 15,504,287.90 | 12.22% | 3.22% | Gross Profit Margin Changes by Business | Industry | Current Period Gross Profit Margin (%) | Prior Year Gross Profit Margin (%) | Gross Profit Margin Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Liquor Sales | 2.32% | 1.25% | 1.07% | | Intelligent Computing Business | -88.66% | 0.00% | -88.66% | | Owned Property Leasing and Property Management Services | 60.37% | 60.32% | 0.05% | 4. Analysis of Non-Principal Business Non-principal business saw a 53.66% decrease in investment income due to reduced wealth management returns, a positive shift in fair value change gains/losses from trading financial assets, and asset impairment losses mainly from liquor inventory write-downs Non-Principal Business Gains and Losses | Item | Amount (yuan) | % of Total Profit | Reason for Change | | :--- | :--- | :--- | :--- | | Investment Income | 2,109,122.19 | -8.75% | Primarily due to debt restructuring gains in this period | | Fair Value Change Gains/Losses | 194,478.01 | -0.81% | Primarily due to changes in fair value of trading financial assets | | Asset Impairment | -526,407.82 | 2.18% | Primarily due to provision for inventory impairment | | Non-Operating Income | 74.85 | 0.00% | Primarily due to receipt of income unrelated to principal business | | Non-Operating Expenses | 48,644.37 | -0.20% | Primarily due to payment of expenses unrelated to principal business | 5. Analysis of Assets and Liabilities At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased; asset structure showed reduced accounts receivable, significantly increased prepayments and deferred tax assets, and a large balance of trading financial assets, while short-term borrowings and lease liabilities remained stable Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | % of Total Assets | Prior Year-End Amount (yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 21,861,087.34 | 2.36% | 30,195,931.59 | 3.24% | -0.88% | No significant change | | Accounts Receivable | 32,426,189.80 | 3.50% | 55,281,344.68 | 5.94% | -2.44% | Primarily due to collection of accounts receivable in this period | | Inventories | 29,406,622.70 | 3.17% | 35,026,014.12 | 3.76% | -0.59% | No significant change | | Investment Properties | 340,270,153.00 | 36.72% | 340,270,153.00 | 36.56% | 0.16% | No significant change | | Fixed Assets | 29,736,338.84 | 3.21% | 32,680,346.60 | 3.51% | -0.30% | Primarily due to depreciation of fixed assets | | Right-of-Use Assets | 224,883,027.13 | 24.27% | 250,800,838.63 | 26.95% | -2.68% | Primarily due to depreciation of right-of-use assets | | Short-Term Borrowings | 10,000,000.00 | 1.08% | 10,000,000.00 | 1.07% | 0.01% | No significant change | | Lease Liabilities | 4,619,076.03 | 0.50% | 4,774,567.96 | 0.51% | -0.01% | No significant change | | Prepayments | 11,774,248.03 | 1.27% | 46,924.40 | 0.01% | 1.26% | Primarily due to prepayments for liquor purchases | | Deferred Income Tax Assets | 11,538,072.12 | 1.25% | 5,316,163.60 | 0.57% | 0.68% | Primarily due to increased deductible losses in this period | | Advances from Customers | 4,597,657.25 | 0.50% | 3,176,877.52 | 0.34% | 0.16% | Primarily due to increased prepaid property management fees in this period | | Trading Financial Assets | 57,244,478.01 | 6.18% | 0.00 | 0.00% | 6.18% | Primarily due to purchase of wealth management products in this period | - The company had no major overseas assets at the end of the reporting period[42] - The company had no asset rights restrictions at the end of the reporting period[42] 6. Analysis of Investment Status The company had no significant equity, non-equity, or derivative investments during the reporting period; securities investments, primarily domestic and overseas stocks, had a book value of 1.96 million yuan, and entrusted wealth management amounted to 66.51 million yuan, with 57.24 million yuan outstanding at period-end - The company had no significant equity investments or non-equity investments during the reporting period[43] Securities Investment Status | Security Type | Security Code | Security Name | Period-End Book Value (yuan) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 835801 | Bodaguangtong | 0.00 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 430178 | Baihong Software | 0.00 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 833476 | Diandong Technology | 1,197,924.51 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 430184 | Yuhuatang | 0.00 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 430093 | Zhangshangtong | 757,222.37 | Other Equity Instrument Investments | Own Funds | | Total | | | 1,955,146.88 | | | - The company had no derivative investments or use of raised funds during the reporting period[45][46] Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6,651.49 | 5,724.45 | 0 | 7. Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[47] - The company did not sell significant equity during the reporting period[48] 8. Analysis of Major Holding and Participating Companies Hangzhou Turing Engine Technology Co., Ltd., a major subsidiary, reported a net loss of -18.61 million yuan due to high initial intelligent computing business costs and delayed sales; Hangzhou Westin Property Management Co., Ltd., an associate, had a net loss of -3.90 million yuan Major Subsidiaries and Associate Companies | Company Name | Company Type | Principal Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Turing Engine Technology Co., Ltd. | Subsidiary | Intelligent Computing Business | 10,000.00 | 30,686.52 | 8,460.53 | 1,811.41 | -2,482.75 | -1,860.79 | | Hangzhou Westin Property Management Co., Ltd. | Associate Company | Property Management | 500.00 | 1,926.36 | 903.06 | 632.90 | -390.37 | -390.38 | - Hangzhou Turing Engine Technology Co., Ltd.'s net profit was negative, mainly due to high initial investment costs in the intelligent computing business but delayed sales[49] 9. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[50] 10. Risks Faced by the Company and Countermeasures The company faces business risks (economic conditions, market competition, industry changes), M&A risks, and talent risks; countermeasures include optimizing business models, exploring new markets, prudent M&A, and improving human resource management and incentive mechanisms - Business risks include changes in domestic and international economic conditions, market fluctuations, intensified competition in the baijiu industry, weak demand for property leasing, and market competition, technological, and policy risks in the intelligent computing business[51] - M&A risks may lead to acquisition setbacks due to asset characteristics, regulatory requirements, and other factors[52] - Talent risks primarily stem from fierce competition for high-caliber talent, where failure to keep pace with incentive mechanisms and the construction of a scientific and technological innovation environment will impact talent acquisition[52] - Countermeasures include continuously optimizing business models and product structures, actively exploring new sales regions, prudently expanding business, establishing and improving management and incentive mechanisms, and recruiting talent as needed[51][52] 11. Implementation of Market Value Management System and Valuation Enhancement Plan The company did not establish a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not established a market value management system[53] - The company has not disclosed a valuation enhancement plan[53] 12. Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[53] Part IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution plans, equity incentive implementation, environmental disclosures, and social responsibility initiatives during the reporting period 1. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management experienced no changes during the reporting period[55] 2. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the semi-annual period[56] 3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company completed the repurchase and cancellation of 26.22 million restricted shares from the 2019 and 2023 restricted stock incentive plans that had been granted but not yet unblocked, resulting in a reduction in the company's total share capital - The company terminated the 2019 restricted stock incentive plan, repurchasing and canceling 26.21 million restricted shares granted to 50 incentive recipients that had not yet been unblocked[57] - The company repurchased and canceled 10,000 restricted shares granted to 1 incentive recipient under the 2023 restricted stock incentive plan that had not yet been unblocked[58] - The repurchase and cancellation of a total of 26.22 million restricted shares was completed on May 22, 2025, reducing the company's total share capital from 642,720,000 shares to 616,500,000 shares[58] 4. Environmental Information Disclosure The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[59] 5. Social Responsibility The company adheres to sustainable development principles, actively fulfills its social responsibilities, including safeguarding shareholder interests, protecting employee rights, complying with environmental regulations, and supporting employee poverty alleviation and charitable education - The company strictly complies with national laws and regulations, focusing on safe production, product quality, environmental protection, and safeguarding the legitimate interests of employees and investors[60] - The company has established a sound corporate governance structure and internal control system to effectively protect the legitimate interests of shareholders, especially small and medium shareholders[60] - The company strictly adheres to labor laws and other relevant regulations, fully respects and protects employees' individual rights, and emphasizes talent training and development[61] - The company and its subsidiaries diligently implement environmental laws and regulations, with no penalties for violations during the reporting period[61] Part V Significant Matters This section covers various significant matters during the reporting period, including commitments, related party transactions, litigation, penalties, and other material events that could impact the company's operations or financial position 1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue as of the end of the reporting period[63] 2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[64] 3. 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[65] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[66] 5. Board of Directors' and Supervisory Board's Explanation on the "Non-Standard Audit Report" for the Current Period Not applicable, as the company's semi-annual report was not audited - Not applicable[67] 6. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year Not applicable - Not applicable[67] 7. Matters Related to Bankruptcy Reorganization The company had no matters related to bankruptcy reorganization during the reporting period - The company had no matters related to bankruptcy reorganization during the reporting period[67] 8. Litigation Matters The company had no significant litigation or arbitration matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[68] 9. 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[69] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller Not applicable - Not applicable[70] 11. Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[71] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[72] - The company had no related party creditor-debtor relationships during the reporting period[73] - The company had no other significant related party transactions during the reporting period[76] 12. Significant Contracts and Their Performance The company had no trusteeship or contracting arrangements during the reporting period; property leasing, particularly for Qunxing Industrial Park and Tonglele factory, significantly impacted company profit; entrusted wealth management amounted to 57.24 million yuan outstanding at period-end, with no significant guarantees or other major contracts - The company had no trusteeship or contracting arrangements during the reporting period[77][78] Leasing Projects Contributing Over 10% of the Company's Total Profit for the Reporting Period | Lessor Name | Lessee Name | Leased Asset Description | Leased Asset Amount (10,000 yuan) | Lease Start Date | Lease End Date | Lease Income (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Qunxing Toys Co., Ltd. | Shantou Chenghai Qunlong Plastic Products Co., Ltd. | Buildings 1, 2, 3 of Qunxing Industrial Park, North of Qingping Road, Linghai Industrial Zone, Chenghai District, Shantou City | 6,876.92 | June 01, 2023 | May 31, 2029 | 530.05 | | Shantou Tonglele Toys Co., Ltd. | Shantou Chenghai Qunlong Plastic Products Co., Ltd. | Tonglele Factory Building, East of Linghai Road, Linghai Industrial Park, Chenghai District, Shantou City | 1,817.76 | August 01, 2021 | July 31, 2026 | 173.31 | - The company had no significant guarantee situations during the reporting period[80] Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6,651.49 | 5,724.45 | 13. Explanation of Other Significant Matters The company is proceeding with the acquisition of no less than 51% equity in Hangzhou Tiankuan Technology Co., Ltd., expected to constitute a major asset restructuring; its grandchild company, Hangzhou Turing Engine Technology Co., Ltd., has signed a computing power service agreement; and the company completed the repurchase and cancellation of some restricted shares, reducing total share capital - The company plans to acquire no less than 51% equity in Hangzhou Tiankuan Technology Co., Ltd. via cash, which is expected to constitute a major asset restructuring and is currently in progress[83] - The company's grandchild company, Hangzhou Turing Engine Technology Co., Ltd., has signed a computing power service agreement[84] - The company has completed the repurchase and cancellation of some restricted shares, reducing its total share capital from 642,720,000 shares to 616,500,000 shares, and has completed the industrial and commercial change registration[84] 14. Significant Matters of Company Subsidiaries The company's grandchild company, Hangzhou Turing Engine Technology Co., Ltd., signed a computing power service agreement with a leading downstream client - The company's grandchild company, Hangzhou Turing Engine Technology Co., Ltd., signed a "Computing Power Service Agreement" with a leading downstream client[86] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors, supervisors, and senior management during the reporting period 1. Share Change Status During the reporting period, the company's total shares decreased by 26.22 million, from 642.72 million to 616.50 million, due to the repurchase and cancellation of restricted shares from the 2019 and 2023 incentive plans, leading to a reduction in restricted shares and an increase in the proportion of unrestricted shares Share Change Status | Share Type | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 51,601,000.00 | 8.03% | -26,220,000.00 | 25,381,000.00 | 4.12% | | II. Unrestricted Shares | 591,119,000.00 | 91.97% | 0.00 | 591,119,000.00 | 95.88% | | III. Total Shares | 642,720,000.00 | 100.00% | -26,220,000.00 | 616,500,000.00 | 100.00% | - The share change was primarily due to the repurchase and cancellation of some restricted shares from the 2019 and 2023 restricted stock incentive plans, totaling 26.22 million shares[90][91][92] - The repurchase and cancellation was completed on May 22, 2025, in compliance with relevant laws and regulations[92][95] 2. Securities Issuance and Listing The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[96] 3. Number of Shareholders and Shareholding Status At the end of the reporting period, the total number of common shareholders was 37,353; Shenzhen Xinghe Data Technology Co., Ltd. was the largest shareholder with 8.19% of shares, which are frozen and pledged; among the top ten shareholders, several natural person shareholders held significant proportions, some through credit securities accounts - The total number of common shareholders at the end of the reporting period was 37,353[97] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Xinghe Data Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 8.19% | 50,470,000 | 0 | 50,470,000 | Frozen 50,470,000, Pledged 49,000,000 | | Wu Yonghai | Domestic Natural Person | 3.18% | 19,635,392 | 0 | 19,635,392 | Not applicable 0 | | Zhang Jincheng | Domestic Natural Person | 2.77% | 17,094,000 | 12,820,500 | 4,273,500 | Not applicable 0 | | Wuhu Yubin Investment Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.43% | 15,000,000 | 0 | 15,000,000 | Not applicable 0 | | Cai Jue | Domestic Natural Person | 1.74% | 10,716,000 | 0 | 10,716,000 | Not applicable 0 | | Zheng Kaisong | Domestic Natural Person | 1.62% | 10,000,139 | 0 | 10,000,139 | Not applicable 0 | | Tu Wenbin | Domestic Natural Person | 1.33% | 8,196,700 | 0 | 8,196,700 | Not applicable 0 | | Tu Shien | Domestic Natural Person | 1.33% | 8,178,400 | 0 | 8,178,400 | Not applicable 0 | | Shi Yuqing | Domestic Natural Person | 1.22% | 7,500,000 | 0 | 7,500,000 | Not applicable 0 | | Chen Qin nuo | Domestic Natural Person | 1.16% | 7,128,737 | 0 | 7,128,737 | Not applicable 0 | - The company is unaware of any associated relationships or concerted actions among the aforementioned shareholders[98] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management Company directors, supervisors, and senior management had no changes in their shareholdings during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[100] 5. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[101] - The company's actual controller did not change during the reporting period[101] 6. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[102] Part VII Bond Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Bond Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[104] Part VIII Financial Report This section presents the company's comprehensive financial statements, including the audit report, balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on key items, accounting policies, and risk disclosures 1. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[106] 2. 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, comprehensively presenting the company's financial position, operating results, and cash flow - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[107][111][115][119][121][124][127][134] 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 926.59 million yuan, total liabilities 101.67 million yuan, and total owners' equity 824.92 million yuan; current assets saw a new 57.24 million yuan in trading financial assets and a significant increase in prepayments to 11.77 million yuan, while non-current assets included deferred tax assets increasing to 11.54 million yuan Consolidated Balance Sheet Key Data | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 926,589,304.45 | 930,627,188.16 | | Total Liabilities | 101,666,683.82 | 98,144,932.13 | | Total Owners' Equity | 824,922,620.63 | 832,482,256.03 | | Cash and Bank Balances | 21,861,087.34 | 30,195,931.59 | | Trading Financial Assets | 57,244,478.01 | 0.00 | | Accounts Receivable | 32,426,189.80 | 55,281,344.68 | | Prepayments | 11,774,248.03 | 46,924.40 | | Inventories | 29,406,622.70 | 35,026,014.12 | | Investment Properties | 340,270,153.00 | 340,270,153.00 | | Right-of-Use Assets | 224,883,027.13 | 250,800,838.63 | | Deferred Income Tax Assets | 11,538,072.12 | 5,316,163.60 | | Short-Term Borrowings | 10,000,000.00 | 10,000,000.00 | | Lease Liabilities | 4,619,076.03 | 4,774,567.96 | | Share Capital | 616,500,000.00 | 642,720,000.00 | | Capital Reserves | 248,084,801.94 | 307,134,293.20 | | Less: Treasury Stock | 71,455,060.00 | 168,458,660.00 | | Undistributed Profits | 79,752,179.09 | 96,813,863.94 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 971.05 million yuan, total liabilities 100.19 million yuan, and total owners' equity 870.86 million yuan; long-term equity investments increased to 143.15 million yuan, and other receivables remained a major asset component Parent Company Balance Sheet Key Data | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 971,050,509.18 | 954,898,516.98 | | Total Liabilities | 100,192,660.45 | 96,724,510.21 | | Total Owners' Equity | 870,857,848.73 | 858,174,006.77 | | Cash and Bank Balances | 9,668,739.18 | 7,526,382.08 | | Trading Financial Assets | 44,713,031.21 | 0.00 | | Other Receivables | 416,800,157.38 | 454,791,540.95 | | Long-Term Equity Investments | 143,154,617.87 | 132,789,879.62 | | Investment Properties | 251,993,784.00 | 251,993,784.00 | | Share Capital | 616,500,000.00 | 642,720,000.00 | | Capital Reserves | 247,906,499.06 | 306,955,990.32 | | Less: Treasury Stock | 71,455,060.00 | 168,458,660.00 | | Undistributed Profits | 124,148,978.60 | 122,264,844.48 | 3. Consolidated Income Statement 2025 semi-annual consolidated total operating revenue was 175.53 million yuan, up 38.40%; total operating costs were 201.30 million yuan, up 46.14%; net profit was -18.36 million yuan, with losses expanding year-on-year, and net profit attributable to parent company shareholders was -17.06 million yuan, with basic EPS of -0.03 yuan Consolidated Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 175,533,587.43 | 126,832,830.38 | | II. Total Operating Costs | 201,304,841.90 | 137,747,698.01 | | III. Operating Profit (Loss indicated by "—") | -24,056,228.91 | -7,982,008.94 | | IV. Total Profit (Total Loss indicated by "—") | -24,104,798.43 | -7,982,381.85 | | V. Net Profit (Net Loss indicated by "—") | -18,358,104.44 | -8,236,195.25 | | Net Profit Attributable to Parent Company Shareholders | -17,061,684.85 | -6,596,957.63 | | Minority Interest Income/Loss | -1,296,419.59 | -1,639,237.62 | | VI. Net Other Comprehensive Income After Tax | -935,639.70 | -1,606,973.16 | | VII. Total Comprehensive Income | -19,293,744.14 | -9,843,168.41 | | Total Comprehensive Income Attributable to Parent Company Owners | -17,997,324.55 | -8,203,930.79 | | Basic Earnings Per Share | -0.03 | -0.01 | | Diluted Earnings Per Share | -0.03 | -0.01 | 4. Parent Company Income Statement 2025 semi-annual parent company operating revenue was 5.30 million yuan, flat year-on-year; net profit was 1.88 million yuan, down 65.47% year-on-year; and total profit was 2.12 million yuan, down 61.21% year-on-year Parent Company Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 5,300,468.58 | 5,300,468.58 | | II. Operating Profit (Loss indicated by "—") | 2,163,978.14 | 5,456,215.50 | | III. Total Profit (Total Loss indicated by "—") | 2,116,105.33 | 5,456,215.16 | | IV. Net Profit (Net Loss indicated by "—") | 1,884,134.12 | 5,456,215.16 | | V. Net Other Comprehensive Income After Tax | -934,400.90 | -1,608,390.42 | | VI. Total Comprehensive Income | 949,733.22 | 3,847,824.74 | 5. Consolidated Cash Flow Statement 2025 semi-annual net cash flow from operating activities was 38.91 million yuan, turning positive with a significant 164.69% year-on-year increase; net cash flow from investing activities was -46.82 million yuan, a 193.01% year-on-year decrease; and net increase in cash and cash equivalents was -8.33 million yuan Consolidated Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 38,910,674.35 | -60,151,013.32 | | Net Cash Flow from Investing Activities | -46,822,698.89 | 50,339,294.19 | | Net Cash Flow from Financing Activities | -421,580.91 | -641,443.93 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -1,238.80 | 1,417.26 | | Net Increase in Cash and Cash Equivalents | -8,334,844.25 | -10,451,745.80 | | Cash and Cash Equivalents at Period-End | 21,861,087.34 | 11,521,340.17 | 6. Parent Company Cash Flow Statement 2025 semi-annual parent company net cash flow from operating activities was 6.28 million yuan, up 251.04% year-on-year; net cash flow from investing activities was -139.42 million yuan, down 128.36% year-on-year; and net cash flow from financing activities was 135.28 million yuan, up 138.60% year-on-year Parent Company Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,277,607.36 | 1,788,879.78 | | Net Cash Flow from Investing Activities | -139,419,707.42 | -61,065,671.01 | | Net Cash Flow from Financing Activities | 135,284,457.16 | 56,700,000.00 | | Net Increase in Cash and Cash Equivalents | 2,142,357.10 | -2,576,791.23 | | Cash and Cash Equivalents at Period-End | 9,668,739.18 | 380,654.13 | 7. Consolidated Statement of Changes in Owners' Equity 2025 semi-annual consolidated total owners' equity decreased to 824.92 million yuan, primarily due to a 26.22 million yuan reduction in share capital from restricted stock repurchases and cancellations, a 59.05 million yuan decrease in capital reserves, and a 97.00 million yuan decrease in treasury stock, alongside net losses Consolidated Statement of Changes in Owners' Equity | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Share Capital | 642,720,000.00 | -26,220,000.00 | 616,500,000.00 | | Capital Reserves | 307,134,293.20 | -59,049,491.26 | 248,084,801.94 | | Less: Treasury Stock | 168,458,660.00 | -97,003,600.00 | 71,455,060.00 | | Other Comprehensive Income | -79,205,371.28 | -935,639.70 | -80,141,010.98 | | Undistributed Profits | 96,813,863.94 | -17,061,684.85 | 79,752,179.09 | | Total Owners' Equity Attributable to Parent Company | 833,592,705.87 | -6,263,215.81 | 827,329,490.06 | | Minority Interests | -1,110,449.84 | -1,296,419.59 | -2,406,869.43 | | Total Owners' Equity | 832,482,256.03 | -7,559,635.40 | 824,922,620.63 | 8. Parent Company Statement of Changes in Owners' Equity 2025 semi-annual parent company total owners' equity increased to 870.86 million yuan; share capital decreased by 26.22 million yuan, capital reserves decreased by 59.05 million yuan, treasury stock decreased by 97.00 million yuan, and undistributed profits increased by 1.88 million yuan Parent Company Statement of Changes in Owners' Equity | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Share Capital | 642,720,000.00 | -26,220,000.00 | 616,500,000.00 | | Capital Reserves | 306,955,990.32 | -59,049,491.26 | 247,906,499.06 | | Less: Treasury Stock | 168,458,660.00 | -97,003,600.00 | 71,455,060.00 | | Other Comprehensive Income | -79,896,748.04 | -934,400.90 | -80,831,148.94 | | Undistributed Profits | 122,264,844.48 | 1,884,134.12 | 124,148,978.60 | | Total Owners' Equity | 858,174,006.77 | 12,683,841.96 | 870,857,848.73 | 3. Company Basic Information The company, formerly "Chenghai Yunda Metrology Instrument Factory," was listed on April 22, 2011; its current registered capital is 616.50 million yuan, with Zhang Jincheng as legal representative, and its main businesses during the reporting period were intelligent computing, liquor sales, and property leasing and management services - The company, formerly "Chenghai Yunda Metrology Instrument Factory," was established on September 2, 1996, and first publicly issued shares and listed on April 22, 2011[140][141] - The company's current registered capital is 616.50 million yuan, and its legal representative is Zhang Jincheng[141] - During the reporting period, the company's principal businesses were intelligent computing, liquor sales, and property leasing and management services[142] 4. Basis of Financial Statement Preparation The Group's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant CSRC regulations, using the accrual basis of accounting, and measured at historical cost except for specific financial instruments and investment properties - The Group's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the China Securities Regulatory Commission's "Rules for the Preparation of Information Disclosure by Companies Issuing Public Securities No. 15 - General Provisions for Financial Reports," based on actual transactions and events[144] - The Group's accounting is based on the accrual method, and except for certain financial instruments and investment properties, all items are measured at historical cost[144] - The Group reasonably expects to maintain its going concern ability within the next 12 months[145] 5. Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates used in financial statement preparation, covering business combinations, financial instruments, revenue recognition, asset impairment, and share-based payments, also explaining materiality criteria and changes in accounting estimates - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the financial position, operating results, and cash flows[147] - The Group's accounting year is the calendar year, with 12 months as one operating cycle, and the bookkeeping currency is RMB[148][149][150] - Materiality criteria include accounts receivable for which bad debt provisions are individually recognized, construction in progress, and non-wholly owned subsidiaries[151] - Detailed accounting methods for business combinations under common control and non-common control are explained[152][153][155][156][157] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[172] - Revenue recognition principle is to recognize revenue when performance obligations are fulfilled and the customer obtains control of the related goods or services[243] - There were no significant changes in accounting policies or significant changes in accounting estimates during the current reporting period[268] 6. Taxation This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, and property tax, with some subsidiaries benefiting from small and micro-profit enterprise income tax preferential policies Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income is calculated at rates of 1%, 3%, 5%, 6%, 13% for output tax, and VAT is calculated based on the difference after deducting input tax allowed for the current period | 1%, 3%, 5%, 6%, 13% | | Urban Maintenance and Construction Tax | Calculated at 7% of the actual turnover tax paid | 7% | | Property Tax | For properties leased externally, property tax is based on property leasing income at a rate of 12%; for self-used properties, property tax is based on 70% of the original value of the property at a rate of 1.2% | 12%, 1.2% | Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Guangdong Qunxing Toys Co., Ltd. | 25% | | Suzhou Haojiujiu Industry Co., Ltd. | 25% | | Anhui Haojiu Haojiu Industry Co., Ltd. | 20% | | Ningbo Haojiujiu Digital Service Co., Ltd. | 20% | | Shantou Tonglele Toys Co., Ltd. | 25% | | Hangzhou Yadehui Property Management Co., Ltd. | 20% | | Hangzhou Westin Property Management Co., Ltd. | 20% | | Suzhou Daxin Chip Technology Co., Ltd. | 25% | | Suzhou Yisheng Wanwu Electronic Technology Co., Ltd. | 25% | | Hangzhou Turing Engine Technology Co., Ltd. | 25% | | Hangzhou Jingguan Tianxia Technology Co., Ltd. | 20% | | Hangzhou Turing Zhilian Technology Co., Ltd. | 20% | | Beijing Yicai Data Technology Co., Ltd. | 20% | | Qiaotoubao Technology Innovation Service Group Co., Ltd. | 16.5% | - Some subsidiaries enjoy preferential corporate income tax policies for small and micro-profit enterprises in 2025, where the portion of annual taxable income not exceeding 3 million yuan is reduced by 25% and taxed at a rate of 20%[275][276] 7. Notes to Consolidated Financial Statement Items This section provides detailed notes on major items in the consolidated financial statements, including cash and bank balances, trading financial assets, accounts receivable, other receivables, inventories, fixed assets, intangible assets, deferred tax assets/liabilities, operating revenue and costs, and various expenses, disclosing their period-end and period-beginning balances and changes Cash and Bank Balances | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 25,333.93 | 46,733.93 | | Bank Deposits | 21,716,810.05 | 30,136,896.41 | | Other Cash and Bank Balances | 118,943.36 | 12,301.25 | | Total | 21,861,087.34 | 30,195,931.59 | | Of which: Total Funds Deposited Overseas | 227,381.57 | 228,433.49 | Trading Financial Assets | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Financial Assets Designated at Fair Value Through Profit or Loss | 57,244,478.01 | 0.00 | | Of which: Debt Instrument Investments | 57,244,478.01 | 0.00 | | Total | 57,244,478.01 | 0.00 | Accounts Receivable by Age | Age | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 32,630,077.43 | 54,993,191.07 | | 1 to 2 years | 283,062.40 | 2,764,436.90 | | 2 to 3 years | 699,535.20 | 1,813,455.20 | | Over 3 years | 1,650,400.00 | 435,680.00 | | Total | 35,263,075.03 | 60,006,763.17 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 175,533,587.43 | 178,654,480.84 | 126,832,830.38 | 116,382,128.66 | | Total | 175,533,587.43 | 178,654,480.84 | 126,832,830.38 | 116,382,128.66 | Administrative Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 2,201,226.23 | 1,622,771.62 | | Intermediary Consulting Fees | 1,284,813.62 | 1,101,686.58 | | Depreciation and Amortization | 1,470,780.07 | 739,595.11 | | Business Entertainment Expenses | 527,336.02 | 372,963.53 | | Restricted Stock Incentive Expenses | 11,734,108.74 | 15,050,000.00 | | Total | 17,488,734.29 | 19,444,971.91 | Selling Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 1,202,396.76 | 553,820.41 | | Intermediary Consulting Fees | 760,330.19 | 0.00 | | Advertising and Promotion Expenses | 382,552.91 | 0.00 | | Business Entertainment Expenses | 722,640.62 | 150,701.17 | | Storage Fees | 241,175.20 | 109,405.80 | | Total | 3,838,129.65 | 950,982.98 | 8. Changes in Consolidation Scope The company had no changes in its consolidation scope due to other reasons, such as the establishment or liquidation of subsidiaries, during the reporting period - The company had no other reasons for changes in the consolidation scope during the reporting period[401] 9. Interests in Other Entities This section discloses the company's interests in subsidiaries, including their registered capital, operating locations, business nature, and shareholding percentages; Hangzhou Westin Property Management Co., Ltd. is a significant non-wholly owned subsidiary with a 30% minority interest Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (yuan) | Principal Place of Business | Business Nature | Direct Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Haojiujiu Industry Co., Ltd. | 10,000,000.00 | Suzhou | Commodity Circulation | 100.00% | Acquisition | | Shantou Tonglele Toys Co., Ltd. | 500,000.00 | Shantou | Commodity Circulation and Leasing | 100.00% | Acquisition | | Hangzhou Turing Engine Technology Co., Ltd. | 100,000,000.00 | Hangzhou | Information Processing and Storage Support Services | 100.00% | Investment Establishment | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Period-End Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | | Hangzhou Westin Property Management Co., Ltd. | 30.00% | -1,171,136.84 | -2,840,316.84 | 10. Risks Related to Financial Instruments The company faces market risks (exchange rate, interest rate, other price risks), credit risk, and liquidity risk; it monitors exchange rate fluctuations but currently takes no hedging measures, has low interest rate risk due to limited borrowings, and manages credit and liquidity risks by assessing client creditworthiness and monitoring cash flows - The company's objective in risk management is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on operating performance[405] - Market risks include exchange rate risk (primarily related to the US dollar, with no hedging measures currently taken), interest rate risk (low risk due to limited borrowings), and other price risks (changes in securities market prices)[406][407][408][409] - Credit risk primarily arises from financial assets and financial guarantees, controlled by depositing funds in banks with high credit ratings, assessing client creditworthiness, and regularly monitoring credit records[410][411] - Liquidity ri