实达集团(600734) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This section defines key terms and entities used in the report, including the company name "Star Group", controlling shareholder "Fujian Big Data Group", and names of several subsidiaries and affiliates, ensuring clear understanding of the report content - "Star Group", "Company", "The Company", "Listed Company", "Star Stock Company" all refer to Fujian Star Group Co., Ltd[12] - "Fujian Big Data Group", "Big Data Group" refer to Fujian Big Data Group Co., Ltd[12] - The report also defines multiple subsidiaries and affiliates, such as Fujian Shusheng, Jinxi Qiyuan, Zhongke Rongtong, Beijing Shuzhi Research Institute, etc[12] Section II Company Profile and Key Financial Indicators I. Company Information This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Fujian Star Group Co., Ltd., and its Chinese abbreviation is Star Group[14] - The company's legal representative is Zhu Xiangdong[14] II. Contact Person and Contact Information This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - The Board Secretary is Dai Xiaoyan, and the Securities Affairs Representative is Chen Xiafei[15] - The company's contact address is Building D6, Big Data Technology Park, No. 43 Duwu, Jingxi Town, Minhou County, Fuzhou City[15] III. Brief Introduction to Changes in Basic Information This section introduces the historical changes in the company's registered address and provides the company's office address, postal code, website, and email address - The company's registered address changed from Building C, Zone A, Science and Technology Industrial Park, Fuzhou Economic and Technological Development Zone to 16th Floor, Building 1, No. 8 Zhihui Road, Wenwusha Town, Changle District, Fuzhou City, Fujian Province on December 16, 2024[16] - The company's office address is Building D6, Big Data Technology Park, No. 43 Duwu, Jingxi Town, Minhou County, Fuzhou City, Fujian Province[16] IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location where reports are kept - The newspapers selected by the company for information disclosure include China Securities Journal, Securities Daily, Shanghai Securities News, and Securities Times[17] - The website address for publishing semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) V. Company Stock Profile This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with the stock abbreviation Star Group and stock code 600734[18] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current reporting period (Jan-Jun 2025) compared to the same period last year, showing a significant increase in operating revenue, but a shift from profit to loss for total profit and net profit attributable to shareholders, with a narrowed loss in net cash flow from operating activities Key Accounting Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 105,941,146.64 CNY | 33,328,709.73 CNY | 217.87 | | Total Profit | -57,242,676.24 CNY | 46,425,494.62 CNY | -223.30 | | Net Profit Attributable to Listed Company Shareholders | -55,508,655.90 CNY | 51,326,472.43 CNY | -208.15 | | Net Cash Flow from Operating Activities | -31,980,272.69 CNY | -61,967,117.86 CNY | 48.39 | | Net Assets Attributable to Listed Company Shareholders (End of Period) | 342,407,380.05 CNY | 397,916,031.06 CNY | -13.95 | | Total Assets (End of Period) | 1,089,859,208.13 CNY | 1,082,768,698.26 CNY | 0.65 | Key Financial Indicators (Jan-Jun 2025 vs. Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.0255 | 0.0236 | -208.05 | | Diluted Earnings Per Share (CNY/share) | -0.0255 | 0.0236 | -208.05 | | Basic EPS After Non-Recurring Gains and Losses (CNY/share) | -0.0237 | -0.0125 | -89.60 | | Weighted Average ROE (%) | -14.9958 | 12.2812 | 减少27.28个百分点 | | Weighted Average ROE After Non-Recurring Gains and Losses (%) | -13.9693 | -6.5039 | 减少7.47个百分点 | IX. Non-Recurring Gains and Losses Items and Amounts This section lists the specific amounts of non-recurring gains and losses items during the reporting period, totaling CNY -3,799,732.10, primarily including disposal gains/losses of non-current assets and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal gains/losses of non-current assets, including reversal of impairment provisions | -1,524,862.29 | | Government grants recognized in profit or loss | 100,000.00 | | Other non-operating income and expenses apart from the above | -2,342,235.08 | | Less: Income tax impact | 32,634.63 | | Impact on minority interests (after tax) | 0.10 | | Total | -3,799,732.10 | Section III Management Discussion and Analysis I. Description of the Company's Industry and Main Business Operations During the Reporting Period The company operates in the software development sector of information technology services, focusing on the big data industry, including system integration, operation, and software products in digital government, smart education, intelligent computing power, and data flow. The company adheres to a "computing power + data + education + AI" integrated strategy, aiming to provide comprehensive digital transformation solutions - The company's industry is software development (I651) within information technology services (I65), and software and information technology services (I65) as classified by the China Securities Regulatory Commission[24] - The company focuses on the big data industry, with main businesses covering system integration, operation, and software products in digital government, smart education, intelligent computing power, and data flow[24] - The company's strategic positioning is "computing power + data + education + AI" as a four-in-one approach, aiming to seize industry restructuring opportunities and strengthen advantages in technology R&D, scenario implementation, and ecological collaboration[24] (I) Company's Main Business and Product Overview The company's main businesses include intelligent computing power, smart education, cross-border data flow, and digital government. In intelligent computing, it actively deploys AI large model computing power, implementing smart computing center projects; smart education builds a multi-level education system, exploring "AI+education" applications; cross-border data flow provides compliant hosting and secure platforms; and digital government offers lake-warehouse integrated data platforms and unified payment platforms - Intelligent computing power business: closely follows AI large model computing power demands, develops computing power scheduling platforms and enterprise-level container cloud platforms, and implements the second phase of the Kerong Cloud Smart Computing Center Phase I project and expansion project, and the Gulou Smart Computing Center Phase II construction and operation project[25] - Smart education business: builds a multi-level education system covering basic education, higher education, vocational education, and employment guidance services, implements the Fujian Provincial Smart Education Platform project, and explores "AI+education" application scenarios[25][26] - Cross-border data flow business: develops a cross-border data flow service platform, providing compliant hosting, secure platform, and compliance platform functions, which has been implemented and is operating in Pingtan[27][28] - Digital government business: independently develops "Lake-Warehouse Integrated Data Platform" and "Unified Payment Platform", providing data management, analysis, and payment settlement services for governments and enterprises[28][29] (II) Main Business Models The company's business model covers four aspects: profitability, sales, research and development, and procurement. The profitability model primarily generates revenue through system development, construction, maintenance fees, and project operations; the sales model is diversified, including government procurement, enterprise and public institution bidding, direct sales, and agency sales; the R&D model adopts a multi-level system, progressing through planning, design, R&D, and acceptance stages; and the procurement model follows the "Procurement Management Measures," selecting optimal suppliers through various methods - Profitability model: mainly includes system development, construction, and maintenance fees (providing customized solutions) and project operations (providing intelligent computing power, smart education, cross-border data, and other services)[30] - Sales model: includes government procurement projects, public bidding by enterprises and public institutions, direct sales (including agency sales), as well as agent recruitment and sales sharing models, and joint investment and construction models[30][31] - R&D model: builds a multi-level R&D system, with the entire product R&D process divided into four stages: planning, design, product R&D, and acceptance[31] - Procurement model: follows the "Procurement Management Measures", adopting various methods such as bidding and non-bidding procurement, selecting optimal suppliers based on supply capacity, quality, price, after-sales service, and other factors[32] II. Discussion and Analysis of Operations During the reporting period, the company's operating revenue increased by 217.87% to CNY 106 million, primarily due to the growth of its big data business. However, net profit attributable to owners of the parent company incurred a loss of CNY 55.5087 million, a year-on-year decrease of 208.15%, mainly due to increased project costs and a significant reduction in the high investment income from the disposal of long-term equity investments in the same period last year. The company continues to focus on its main business, enhance R&D capabilities, deepen brand building, and construct a comprehensive industrial cooperation ecosystem 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (CNY 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 10,600 | 217.87 | | Net Profit Attributable to Parent Company Owners | -5,550.87 | -208.15 | | Net Profit Attributable to Parent Company Owners After Non-Recurring Gains and Losses | -5,170.89 | -90.24 | - Main reasons for performance loss: first, increased costs for some undertaken projects; second, investment income of CNY 80.6957 million from the disposal of long-term equity investments in the same period last year, with a significant year-on-year decrease in investment income this period[34] - Big data business achieved operating revenue of CNY 104.2555 million, accounting for 98.41%[34] (I) Actively Promoting Business Development, Focusing on Core Responsibilities The company continues to deepen its strategic layout in intelligent computing power, successfully participating in the Keramay Kerong Cloud Smart Computing Center (Phase I) expansion project and introducing high-performance inference servers. In data flow, it deepens cooperation with Pingtan Comprehensive Experimental Zone to promote the implementation of cross-border data compliance services. In smart education, it undertakes the "Fujian Smart Education Platform Project" and implements the "Gulou District Home-School Co-education Smart Cloud Platform," assisting in digital transformation of education - Intelligent computing power: actively participates in the construction of the Keramay Kerong Cloud Smart Computing Center (Phase I) expansion project, introducing higher-performance inference servers for the first time, enhancing the smart computing center's inference capabilities for high-concurrency, low-latency scenarios, and supporting medical large model applications[35] - Data flow: continues to deepen cooperation with Pingtan Comprehensive Experimental Zone, steadily operates the cross-border data flow service hub platform, building a "secure, controllable, convenient, efficient, and ecologically prosperous" cross-border data service ecosystem, achieving service closure and revenue growth[36] - Smart education: undertakes the Ministry of Education's first batch of provincial pilot projects "Fujian Smart Education Platform Project", implements the "Gulou District Home-School Co-education Smart Cloud Platform", and holds a special training session on "AI Empowerment, Leading Innovation and Transformation in Education and Teaching"[37] (II) Enhancing Technology R&D Capabilities, Accelerating Enterprise Innovation During the reporting period, the company's total R&D investment reached CNY 10.2611 million, continuously strengthening product R&D and technological innovation. As of the end of the reporting period, the company owned 68 valid invention patents, utility model patents, and design patents, as well as 134 software copyright certificates, with 1 new patent added in 2025 - Total R&D investment was CNY 10.2611 million, continuously promoting technological innovation[38] - As of the end of the reporting period, the company owned 68 valid invention patents, utility model patents, and design patents, 134 software copyright certificates, with 1 new patent added in 2025[38] (III) Deepening Brand Building and Implementation of Innovation Achievements The company continuously strengthens the influence of benchmark cases, such as the "Gulou District Home-School Co-education Smart Cloud Platform" being recognized as an excellent case and showcased at the Digital China Summit, regularly enhances value communication, leads the establishment of the Fujian Provincial Computing Power Ecosystem Alliance, and actively strives for enterprise qualifications and honors, enhancing brand image and market competitiveness - The "Gulou District Home-School Co-education Smart Cloud Platform" was recognized as an excellent case in Fujian Province's "AI+Basic Education" and showcased at the 8th Digital China Summit, demonstrating innovative solutions for AI-empowered education[38][39] - Led the establishment of the Fujian Provincial Computing Power Ecosystem Alliance, which was officially formed during the 8th Digital China Construction Summit[39] - Successfully selected as a leading software enterprise in Fuzhou City for 2025 and one of the first batch of data enterprises in Fujian Province, and obtained the IDC/ISP value-added telecommunications business license[39] (IV) Building a Comprehensive Industrial Cooperation Ecosystem The company continuously expands its strategic cooperation network, promotes regional ecological layout, co-builds a "cloud + computing power + AI + education" integrated ecosystem with Fuzhou Electronic Information Group and Guangxi Nanning Wuxiang New Area, and signs a cooperation agreement with Alibaba Cloud. Simultaneously, it strengthens in-depth discussions with institutions such as the National Information Center and Pengcheng Laboratory, focusing on computing platform construction and operation, and the development of the "AI+education" industry - Promotes regional ecological layout, co-builds a "cloud + computing power + AI + education" integrated ecosystem with Fuzhou Electronic Information Group and Guangxi Nanning Wuxiang New Area, driving the implementation of AI education projects in Nanning and radiating to the ASEAN market[39] - Signed a cooperation agreement with Alibaba Cloud, deeply integrating cutting-edge technologies such as cloud computing and artificial intelligence with the company's application scenarios in intelligent computing power, cross-border data, and smart education[39] - Strengthens exchanges with institutions such as the National Information Center, Pengcheng Laboratory, and Institute of Computing Technology, Chinese Academy of Sciences, and organized a seminar on the development of the "AI+education" industry[40] (V) Deepening Training to Promote Learning and Improvement, Improving Incentive and Assessment Mechanisms The company continuously deepens its "talent-driven development" strategy, enhancing employee capabilities through the "Star Lecture Hall" training system, and improving the performance appraisal mechanism, cascading company strategic goals and operating performance targets, linking appraisal results with employee performance wages and salary adjustments, to ensure the achievement of annual operating goals - Continuously deepens the "talent-driven development" strategy, through the "Star Lecture Hall" training system, organizing multiple special training sessions on topics such as artificial intelligence, smart education, intellectual property, safety production, and compliance management for listed companies[40] - Improves the performance appraisal mechanism, cascading company strategic goals and operating performance targets, conducting departmental and employee appraisals using quantitative + qualitative multi-dimensional methods[40] - Appraisal results are effectively linked with employee performance wages, job levels, or salary adjustments, aiming to build a high-quality, high-performance talent team[40] III. Analysis of Core Competencies During the Reporting Period The company's core competitiveness lies in its policy resource advantages, enterprise brand advantages, product technology advantages, and cooperative operation advantages. The company actively responds to national digital strategies, possesses over 30 years of brand heritage, has a comprehensive product ecosystem service system and multiple patented technologies, and achieves light-asset operation and rapid replication by integrating industry ecosystems and industry-university-research resources - Policy resource advantages: actively responds to national policies such as Digital China and Digital Government, participates in the compilation of the "Fujian Provincial Digital Government Reform and Construction Overall Plan", and jointly releases the "White Paper on Data Element Application in University Digital Transformation"[41][42] - Enterprise brand advantages: established in 1988, it is China's first listed IT enterprise, with over 30 years of brand heritage, focusing on digital government, intelligent computing power, smart education, and data flow businesses with the support of Fujian Big Data Group, accumulating extensive customer resources[42] - Product technology advantages: committed to providing top-level planning and design, standardized products, data operation, and integration services, owning 68 valid invention patents, utility model patents, and design patents, 134 software copyright certificates, including multiple AI-related national patents[42][43] - Cooperative operation advantages: integrates high-quality industry ecosystems, leading enterprises, and research institutions as partners, promoting product R&D, project cooperation, and data operation, adopting a light-asset operation model to achieve rapid replication and economies of scale[43] IV. Major Operating Conditions During the Reporting Period This section details the company's financial statement item changes, asset and liability status, investment situation, and operating performance of major controlled and investee companies during the reporting period. Operating revenue and costs significantly increased due to the growth of the big data business, but investment income substantially decreased due to the disposal of a subsidiary in the previous period, leading to losses in total profit and net profit. The company's total assets slightly increased, net assets decreased, inventory and accounts payable significantly increased, and there are large amounts of restricted assets (I) Analysis of Main Business The analysis of the company's main business shows that both operating revenue and operating costs significantly increased during the reporting period, primarily due to the increase in big data business. Total profit and net profit attributable to shareholders of the listed company shifted from profit to loss, mainly affected by a substantial decrease in investment income from the disposal of a subsidiary in the same period last year. Net cash flow from operating activities narrowed its loss, while net cash flow from investing activities significantly decreased due to the receipt of equity transfer payments from the disposal of a subsidiary in the previous period Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 105,941,146.64 | 33,328,709.73 | 217.87 | 主要系本期大数据业务增加所致 | | Operating Costs | 103,016,125.42 | 13,258,498.53 | 676.98 | 主要系本期大数据业务增加所致 | | Total Profit | -57,242,676.24 | 46,425,494.62 | -223.30 | (未明确说明，但由盈转亏) | | Net Profit Attributable to Listed Company Shareholders | -55,508,655.90 | 51,326,472.43 | -208.15 | (未明确说明，但由盈转亏) | | Investment Income | -1,022,216.40 | 81,198,521.64 | -101.26 | 主要系上期处置子公司所致 | | Net Cash Flow from Operating Activities | -31,980,272.69 | -61,967,117.86 | 48.39 | 主要系本期日常经营支出减少 | | Net Cash Flow from Investing Activities | 3,768,952.73 | 112,614,982.98 | -96.65 | 主要系上期处置子公司，收到股权转让款所致 | (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets slightly increased, while net assets attributable to shareholders of the listed company decreased. The asset and liability structure changed significantly, with inventory increasing by 2,321.82% due to project costs not yet recognized, and accounts payable increasing by 35.70% due to increased project payables. Simultaneously, right-of-use assets, long-term deferred expenses, non-current liabilities due within one year, and lease liabilities significantly decreased due to the termination of property leases Changes in Assets and Liabilities (End of Period vs. End of Previous Year) | Item Name | Current Period End (CNY) | Prior Year End (CNY) | Change (%) | Description | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 22,234,742.34 | 33,792,118.47 | -34.20 | 主要系本期项目结转成本 | | Other Receivables | 12,014,603.15 | 9,074,594.15 | 32.40 | 主要系本期其他往来款增加 | | Inventory | 31,710,942.16 | 1,309,384.82 | 2,321.82 | 主要系本期正在执行中的项目成本尚未结转 | | Right-of-Use Assets | 12,275,495.71 | 24,737,506.91 | -50.38 | 主要系本期房屋租赁终止 | | Long-Term Deferred Expenses | 8,109.14 | 3,278,698.35 | -99.75 | 主要系本期房屋租赁终止，装修款一次性摊销 | | Accounts Payable | 162,332,618.25 | 119,624,067.03 | 35.70 | 主要系本期项目应付款增加 | | Non-Current Liabilities Due Within One Year | 6,251,852.79 | 11,246,735.58 | -44.41 | 主要系本期房屋租赁终止 | | Lease Liabilities | 8,307,135.86 | 15,019,547.35 | -44.69 | 主要系本期房屋租赁终止 | | Provisions | 3,013,669.32 | 2,033,770.18 | 48.18 | 主要系本期未决诉讼逾期损失增加 | | Deferred Income Tax Liabilities | 31,159.90 | 165,544.07 | -81.18 | 主要系本期房屋租赁终止 | Major Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,755,026.82 | 3,755,026.82 | Frozen | Judicial freeze, margin | | Accounts Receivable | 28,994,983.99 | 1,932,878.82 | Pledged | Pledged for borrowings | | Non-Current Assets Due Within One Year | 116,895,540.10 | 109,777,654.21 | Pledged | Pledged for borrowings | | Long-Term Receivables | 52,356,265.16 | 50,823,424.59 | Pledged | Pledged for borrowings | | Total | 202,001,816.07 | 166,288,984.44 | | | (IV) Analysis of Investment Status During the reporting period, the company did not make any external equity investments, primarily involving the paid-in registered capital of its wholly-owned subsidiary, Pingtan Star Data Technology Co., Ltd., with CNY 1.5 million paid in this period, and a cumulative paid-in capital of CNY 2 million - The company did not involve external equity investments during the reporting period[53] - Wholly-owned subsidiary Pingtan Star Data Technology Co., Ltd. has a registered capital of CNY 10 million, with CNY 1.5 million paid-in capital during the reporting period, and a cumulative paid-in capital of CNY 2 million[53] (VI) Analysis of Major Controlled and Investee Companies This section lists the financial data of the company's major controlled subsidiaries, Zhongke Rongtong IoT Technology Wuxi Co., Ltd. and Beijing Star Smart Technology Research Institute Co., Ltd. Zhongke Rongtong IoT Technology Wuxi Co., Ltd. has total assets of CNY 478 million and a net loss of CNY 6.0964 million; Beijing Star Smart Technology Research Institute Co., Ltd. has total assets of CNY 5.2572 million and a net loss of CNY 9.2661 million Financial Performance of Major Controlled and Investee Companies (Jan-Jun 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongke Rongtong IoT Technology Wuxi Co., Ltd. | Subsidiary | IoT anti-intrusion products and services | 10,000 | 478,172,015.19 | -118,312,956.69 | 62,768,544.76 | -6,726,958.22 | -6,096,369.97 | | Beijing Star Smart Technology Research Institute Co., Ltd. | Subsidiary | Big data business and industry consulting services | 5,000 | 5,257,187.09 | 2,751,161.58 | 988,898.82 | -9,397,889.06 | -9,266,095.97 | V. Other Disclosure Matters The company faces risks from market competition, industry policies, and core personnel turnover. To address these, it plans to leverage policy advantages and shareholder resources, develop competitive standardized products, strengthen communication with the government, and improve human resource and incentive mechanisms to retain core talent - Market competition risk: intense competition in the big data market may lead to product price declines and compressed profit margins[56] - Industry policy risk: strengthened data security and privacy protection regulations, tightened computing power policies, and export controls on high-end chips may lead to increased operating costs and supply chain disruptions[56] - Core personnel turnover risk: intense competition for talent in the industry; insufficient incentive mechanisms may lead to the loss of core personnel[57] - Countermeasures: leverage policy advantages and shareholder resources, develop competitive products, strengthen communication with the government, and improve human resource and incentive mechanisms[56][57] Section IV Corporate Governance, Environment, and Society I. Changes in Company Directors and Senior Management During the reporting period, there were changes in the company's board of directors and senior management. Independent director Cai Jinliang resigned due to the expiration of his term, and Tong Jianxuan was elected as an independent director. Vice President and Director Zhang Kai and Zheng Long resigned due to personal reasons - Independent director Cai Jinliang resigned from all positions on January 2, 2025, due to the expiration of his six-year term[60] - Mr. Tong Jianxuan was elected as an independent director of the company's Tenth Board of Directors on January 2, 2025[60] - Mr. Zhang Kai resigned as Vice President on January 17, 2025, due to personal reasons[60] - Mr. Zheng Long resigned as Vice President on May 15, 2025, due to personal reasons[60] II. Profit Distribution or Capital Reserve Conversion Plan During the reporting period, the company had no plans for profit distribution or capital reserve conversion to share capital - No profit distribution or capital reserve conversion to share capital occurred during the reporting period[61] Section V Significant Matters I. Fulfillment of Commitments The company's controlling shareholder Fujian Shusheng and indirect controlling shareholder Big Data Group both committed to resolving horizontal competition issues, with Big Data Group pledging to inject quality assets (now changed to Shuchan Mingshang) into Star Group. Fujian Shusheng also committed not to reduce its shares transferred from capital reserve conversion within 36 months from the registration date. All commitments are being strictly and timely fulfilled - Big Data Group committed to injecting quality assets into Star Group, with the injected assets changed from Xingyun Big Data to Shuchan Mingshang[65][67] - Both Big Data Group and Fujian Shusheng committed to avoiding business activities that constitute horizontal competition with the listed company and its subsidiaries[65][66] - Controlling shareholder Fujian Shusheng committed not to reduce any of the Star Group shares transferred from capital reserve conversion within 36 months from the registration date through any means[66] - All commitments were timely and strictly fulfilled during the reporting period[65][66][67] VII. Major Litigation and Arbitration Matters The company is involved in multiple major litigation and arbitration matters, including a contract dispute with Xinggang (Tianjin) Commercial Factoring Co., Ltd. (arbitration ruled Zhongke Rongtong to pay), a lease contract dispute with Fujian Star Computer Equipment Co., Ltd. (judgment executed), and several cases of securities misrepresentation lawsuits filed by investors (awaiting judgment after trial). Additionally, subsidiaries are involved in multiple contract disputes - Xinggang (Tianjin) Commercial Factoring Co., Ltd. and Zhongke Rongtong were involved in a contract dispute, with the Shenzhen International Arbitration Court ruling Zhongke Rongtong to pay contract price and interest of CNY 84.1558 million[69] - Fujian Star Computer Equipment Co., Ltd. and Star Group were involved in a lease contract dispute, with the Supreme People's Court accepting the case for review, Fuzhou Intermediate People's Court ruling Star Group to pay, and the appeal being rejected by Fujian Provincial High People's Court, upholding the original judgment, which has been executed[71] - Investors such as Zhou Rulin and Wang Shufeng filed securities misrepresentation lawsuits due to false statements in Star Group's 2018 and 2019 annual reports, which have been heard and are awaiting court judgment[71][72] - Subsidiary Bole Zhongke Rongtong is involved in contract disputes with Xinjiang Jiadian Electronic Technology Co., Ltd. and Urumqi Zhongzhu Huaan Engineering Equipment Installation Co., Ltd., both of which have been mediated and partially executed[72] - Subsidiary Zhongke Rongtong is involved in a contract dispute with Xuzhou Daoyuan Loongson Electronic Technology Co., Ltd., with a judgment ordering Zhongke Rongtong to pay, but it has not been executed[72] X. Major Related Party Transactions The company engaged in ordinary related party transactions during the reporting period, including property leases and routine sales and purchases, and is planning to acquire equity in Shuchan Mingshang, a subsidiary of its indirect controlling shareholder, through cash, to fulfill asset injection commitments, which is not expected to constitute a major asset reorganization - Ordinary related party transactions: In 2023, the company and its controlled subsidiaries are expected to engage in property lease related party transactions with Fujian Shusheng and its affiliates, with total rent not exceeding CNY 15 million (tax inclusive), and CNY 1.6686 million (tax inclusive) actually incurred during the reporting period[73] - Ordinary related party transactions: In 2025, the company engaged in ordinary related party sales and purchase transactions with its controlling shareholder and its affiliates, with a limit not exceeding CNY 500 million (tax inclusive), and CNY 43.0990 million (tax inclusive) actually incurred during the reporting period[73] - Related party transactions involving asset or equity acquisition/disposal: The company is planning to acquire equity in Shuchan Mingshang, held by a subsidiary of Big Data Group, through cash, to fulfill the commitment regarding the change of indirect controlling shareholder[75] - This acquisition is not expected to constitute a major asset reorganization as stipulated in Article 12 of the "Measures for the Administration of Major Asset Reorganizations of Listed Companies", and various tasks are currently being actively promoted[75] Section VI Share Changes and Shareholder Information I. Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[79] II. Shareholder Information As of the end of the reporting period, the total number of common shareholders was 107,001. This section details the shareholding of the top ten shareholders, with Fujian Shusheng Investment Partnership (Limited Partnership) being the controlling shareholder, holding 25.11% of the shares - As of the end of the reporting period, the total number of common shareholders was 107,001[80] Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name (Full Name) | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Fujian Shusheng Investment Partnership (Limited Partnership) | 544,575,590 | 25.11 | State-owned Legal Person | | Zheng Liuying | 58,697,300 | 2.71 | Domestic Natural Person | | Fujian Jinxi Qiyuan Equity Investment Partnership (Limited Partnership) | 41,614,600 | 1.92 | State-owned Legal Person | | Liu Langying | 27,404,200 | 1.26 | Domestic Natural Person | | Li Shirong | 20,462,295 | 0.94 | Domestic Natural Person | | Zhou Meirong | 18,546,400 | 0.86 | Domestic Natural Person | | Cheng Jinxia | 15,000,000 | 0.69 | Domestic Natural Person | | Huang Langfeng | 13,253,100 | 0.61 | Domestic Natural Person | | Shenzhen Fuhua Private Securities Fund Management Co., Ltd. - Fuhua Private Quantitative Hedge Fund No. 14 | 12,516,200 | 0.58 | Domestic Non-State-owned Legal Person | | Shenzhen Fuhua Private Securities Fund Management Co., Ltd. - Fuhua Guanyu Quantitative Fund No. 2 Private Securities Investment Fund | 10,357,300 | 0.48 | Domestic Non-State-owned Legal Person | - Fujian Shusheng Investment Partnership (Limited Partnership) and Fujian Jinxi Qiyuan Equity Investment Partnership (Limited Partnership) are parties acting in concert[83] Section VII Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[86] II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[86] Section VIII Financial Report I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[88] 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, comprehensively presenting the company's financial position, operating results, and cash flow situation Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 1,089,859,208.13 | | Total Liabilities | 746,990,326.16 | | Total Owners' Equity | 342,868,881.97 | Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 105,941,146.64 | | Total Profit | -57,242,676.24 | | Net Profit | -56,266,368.63 | | Net Profit Attributable to Parent Company Shareholders | -55,508,655.90 | Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -31,980,272.69 | | Net Cash Flow from Investing Activities | 3,768,952.73 | | Net Cash Flow from Financing Activities | 7,604,760.02 | | Net Increase in Cash and Cash Equivalents | -20,606,559.90 | [III. Company Basic Information](index=52&type=section&id=%E4%B8%89%E3%80%81%E5%85