文投控股(600715) - 2025 Q2 - 季度财报

Important Notice Board of Directors and Management Statement The Board of Directors and senior management affirm the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility, with all directors attending and the report being unaudited - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility[3] - All company directors attended the Board of Directors meeting, and this semi-annual report is unaudited[4][5] - Company head Xu Jian, chief accountant Cao Leina, and head of accounting department Li Jingyuan declare the financial report is true, accurate, and complete[5] Profit Distribution Plan The company's profit distribution or capital reserve capitalization plan is not applicable for this reporting period - The profit distribution plan or capital reserve capitalization plan is not applicable for this reporting period[6] Forward-Looking Statements Risk Disclaimer Forward-looking statements in this report, including future plans, do not constitute a substantive commitment to investors, who should be aware of associated risks - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, who are advised to note the associated risks[6] Non-Operating Fund Occupation and External Guarantees During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures - No non-operating fund occupation by controlling shareholders or other related parties existed[7] - No external guarantees were provided in violation of prescribed decision-making procedures[8] Board Report Truthfulness Assurance The company confirms that no more than half of its directors are unable to assure the truthfulness, accuracy, and completeness of the semi-annual report - No more than half of the directors are unable to guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report[9] Significant Risk Warning This report details potential risks in "Section III Management Discussion and Analysis, V. Other Disclosures (I) Potential Risks," urging investor attention - This report has detailed potential risks, which can be found in "Section III Management Discussion and Analysis, V. Other Disclosures (I) Potential Risks"[7] Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including company name, controlling shareholder, related parties, and reporting period, to ensure accurate understanding - Company, the Company, Wentou Holdings, Listed Company refer to Wentou Holdings Co., Ltd[16] - Shouwenke Group, Controlling Shareholder refer to Capital Culture and Technology Group Co., Ltd[16] - Reporting Period refers to January 1, 2025, to June 30, 2025[16] Section II Company Profile and Key Financial Indicators Company Basic Information This section discloses the company's basic information, including its Chinese name, abbreviation, foreign name, acronym, and legal representative - The company's Chinese name is Wentou Holdings Co., Ltd., abbreviated as Wentou Holdings, with Xu Jian as its legal representative[13] Contact Information This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Gao Haitao, the Securities Affairs Representative is Wang Xi, and their contact address is Building 413, Hongshan Jiayuan, Chaoyang District, Beijing[14] Changes in Basic Information The company's registered address changed in January 2024 from No. 22 Baisong Road, Sujiatun District, Shenyang City, Liaoning Province, to Room D401, 4th Floor, Block D, Dongjin International Center, East of Yaowahu Bridge, East Fourth Ring Road, Chaoyang District, Beijing - The company's registered address changed in January 2024 from No. 22 Baisong Road, Sujiatun District, Shenyang City, Liaoning Province, to Room D401, 4th Floor, Block D, Dongjin International Center, East of Yaowahu Bridge, East Fourth Ring Road, Chaoyang District, Beijing[15] Information Disclosure and Document Custody Location The company's designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, and Securities Times, with the semi-annual report available on www.sse.com.cn and at the company's Board of Directors Office - The company's information disclosure newspapers are China Securities Journal, Shanghai Securities News, and Securities Times, and its website is www.sse.com.cn[18](index=18&type=chunk) - The semi-annual report is available at the company's Board of Directors Office[18] Company Stock Overview The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Wentou Holdings and stock code 600715 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Wentou Holdings and stock code 600715[19] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 17.05% year-on-year, but net profit attributable to shareholders turned profitable at 4.5277 million yuan, and net cash flow from operating activities increased by 127.84% 2025 First Half Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 178.01 million yuan | 214.59 million yuan | -17.05 | | Total Profit | 3.69 million yuan | -193.53 million yuan | Not applicable | | Net Profit Attributable to Listed Company Shareholders | 4.53 million yuan | -191.57 million yuan | Not applicable | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Gains/Losses | -0.72 million yuan | -119.54 million yuan | Not applicable | | Net Cash Flow from Operating Activities | 57.93 million yuan | 25.42 million yuan | 127.84 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 1,121.96 million yuan | 1,115.93 million yuan | 0.54 | | Total Assets (Period-End) | 1,644.82 million yuan | 1,780.16 million yuan | -7.60 | 2025 First Half Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0012 | -0.10 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.0012 | -0.10 | Not applicable | | Basic Earnings Per Share After Non-Recurring Gains/Losses (yuan/share) | -0.0002 | -0.06 | Not applicable | | Weighted Average Return on Net Assets (%) | 0.40 | Not applicable | Not applicable | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | -0.06 | Not applicable | Not applicable | - In the first half of 2025, the company achieved operating revenue of 178 million yuan, a decrease from the prior period; net profit attributable to shareholders was 4.5277 million yuan, significantly reducing losses and turning profitable; net cash flow from operating activities reached 57.9265 million yuan, a 127.84% year-on-year increase[23] Non-Recurring Gains and Losses The company's total non-recurring gains and losses for the first half of 2025 amounted to 5.2498 million yuan, primarily comprising non-current asset disposal gains/losses, government grants, gains/losses from entrusted investments, and other non-operating income/expenses 2025 First Half Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 1.99 million yuan | | Government grants recognized in profit or loss | 2.55 million yuan | | Gains or losses from entrusted investments or asset management | 66,318.11 yuan | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,636.48 yuan | | Gains or losses from debt restructuring | -3.44 million yuan | | Other non-operating income and expenses apart from the above | 4.12 million yuan | | Impact on minority interests (after tax) | -48,131.15 yuan | | Total | 5.25 million yuan | Section III Management Discussion and Analysis Industry and Main Business Overview The company's main business covers film and gaming, with the film market recovering unevenly in H1 2025, and the gaming market achieving record revenue and user growth, supported by favorable policies - The company's primary industries are film and gaming, with main businesses including cinema and circuit operation management, and game product research and development and operation[30] - In the first half of 2025, China's total film box office reached 29.23 billion yuan, a 23.0% year-on-year increase, with 641 million cinema-goers, up 16.9%, though market recovery showed uneven performance[31] - In the first half of 2025, the domestic gaming market's actual sales revenue was 168 billion yuan, a 14.08% year-on-year increase; the gaming user base reached 679 million, up 0.72%, both hitting historical highs[35] Industry and Main Business The company's main business focuses on film and gaming, specifically including cinema and circuit operation management, and game product research and development and operation - During the reporting period, the company's primary industries were film and gaming, with main businesses including cinema and circuit operation management, and game product research and development and operation[30] Operating Model Cinema operations generate revenue through film screenings, merchandise sales, advertising, and diversified business models, while gaming operations primarily earn revenue through game operation revenue sharing via self-operation, authorized operation, and co-operation models - Cinema operation and management business generates revenue through box office sharing, merchandise sales, advertising sales, and diversified business operations[30] - Game R&D and operation business primarily generates revenue through game operation revenue sharing via three models: self-operation, authorized operation, and co-operation[30][31] Industry Development and Policies The film industry saw significant box office recovery in H1 2025, albeit unevenly, with high concentration in top films and steady cinema growth, while the gaming industry achieved record market and user scales, driven by strong performance in self-developed, mobile, console, and mini-program games, all supported by national and local policies - In the first half of 2025, China's mainland film box office totaled 29.23 billion yuan, a 23.0% year-on-year increase, with 641 million cinema-goers, up 16.9%[31] - There are 13,000 cinemas nationwide, with 79,400 screens, 9,978 special effects halls, and special effects hall box office revenue of 7.26 billion yuan, a 58.6% year-on-year increase[32] - In the first half of 2025, the domestic gaming market's actual sales revenue was 168 billion yuan, a 14.08% year-on-year increase; the gaming user base reached 679 million, up 0.72%[35] - Actual sales revenue of self-developed games in the domestic market was 140.452 billion yuan, a 19.29% year-on-year increase; overseas market actual sales revenue was 9.501 billion USD, up 11.07%[35] - Mini-program game market actual sales revenue was 23.276 billion yuan, a 40.2% year-on-year increase[36] - National policies support the high-quality development of the film industry, including deepening cultural system reforms, copyright protection, and virtual reality film development[33] - At the local level, Beijing and other provinces/cities introduced policies such as public benefit film viewing and performing arts development support, encouraging film consumption and multi-format integration[34] - National policies include gaming and esports as key areas for boosting consumption, support overseas expansion of games, and strengthen intellectual property protection for core technologies like AI and game engines[37] - At the local level, Beijing introduced an action plan for technology-empowered cultural innovation and development, supporting the high-quality development of the gaming and esports industry[38] Operating Performance Analysis In H1 2025, the company achieved 178 million yuan in revenue and 4.5277 million yuan in net profit, turning profitable year-on-year by enhancing cinema and gaming operations, including "Cinema+" innovations and new game development - In the first half of 2025, the company achieved cumulative operating revenue of 178 million yuan and net profit attributable to listed company shareholders of 4.5277 million yuan, turning losses into profits year-on-year[39] - Cinema operations, through a "one store, one policy" strategy and "Cinema+" innovation model, achieved reduced comprehensive operating costs, increased non-box office revenue proportion, and overall turned losses into profits year-on-year[39][42] - The gaming business deeply focuses on refined operation of existing games while fully accelerating new game R&D and incubation, positioning mini-program games as a key development direction for 2025[42][45] Cinema and Circuit Operation Management Business The company's cinema business achieved reduced comprehensive operating costs and increased non-box office revenue, turning profitable overall, by deepening its "one store, one policy" strategy, innovating marketing, and expanding "Cinema+" business models; Yaolai Cinema Wukesong store retained its title as the national single-store box office champion - The company's cinemas adhere to a development philosophy of "specialized operations, refined management, and flexible mechanisms," deepening the "one store, one policy" strategy, optimizing screening schedules, and innovating marketing approaches[39] - Actively expanding "Cinema+" business models, including "Cinema+Plush Toys," "Cinema+VR" virtual reality theaters, and "Cinema+Pan-entertainment Equipment Self-operation," to build comprehensive cinema entertainment spaces[41] - As of the end of the reporting period, the company operated 23 cinemas, with 248,900 cinema-goers, cumulative box office revenue of 102.3216 million yuan, non-box office revenue of 14.4145 million yuan, and Yaolai Cinema Wukesong store retained its title as the national single-store box office champion[42] Game R&D and Operation Business The company's gaming business refined operations for existing games "Siege of Three Kingdoms" and "Siege of the World" while accelerating new game development, especially mini-program games; during the reporting period, "Siege of Three Kingdoms" generated 51.53 million yuan in global gross revenue, and "Siege of the World" generated 264 million yuan globally, also launching in Vietnam - The company deeply focuses on refined operation of existing games, enhancing their vitality through strengthened channel operations, accelerated updates, and activity planning[43] 2025 First Half Internet Game Business Data | Item | Jan-Jun 2024 | Jan-Jun 2025 | Growth Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 68.2634 million yuan | 51.4807 million yuan | -24.59% | | Operating Costs | 7.9489 million yuan | 11.3688 million yuan | 43.02% | | Promotion and Marketing Expenses | 85,800 yuan | 74,800 yuan | -12.82% | 2025 First Half Key Game Product Business Data | Game Name | Total Registered Users (10,000 accounts) | Active Users (10,000 accounts) | Paying Users (10,000 accounts) | Recharge Revenue (million yuan) | ARPU (yuan/account) | | :--- | :--- | :--- | :--- | :--- | :--- | | Siege of Three Kingdoms | 2,831.78 | 481.49 | 5.13 | 51.5311 | 10.7 | | Siege of the World | 1,280.26 | 1,069.48 | 7.76 | 263.9358 | 24.68 | - The company has designated mini-program games as a key development direction for 2025, with new products like "Time Adventurer" and "Fantasy Journey Team" already approved[45] Innovative Business Expansion The company actively explores innovative businesses such as short dramas, event activities, cultural performances, and exhibition services, having co-hosted the KOD 2025 Global Street Dance Competition Finals with Beijing Youth Daily Media and participated in establishing the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund to expand business growth points and industrial layout - The company has conducted special investigations into various business formats, including short dramas, event activities, cultural performances, and exhibition services[48] - Co-hosted the KOD 2025 Global Street Dance Competition Finals with Beijing Youth Daily Media Co., Ltd., exploring a new integrated development model of "event IP + urban cultural tourism"[48] - Participated in establishing the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund Center (Limited Partnership), focusing on industrial investment and incubation in cutting-edge cultural technology fields[48] Core Competitiveness Analysis The company's core competitiveness lies in its cinema business's strong brand effect and integrated operational capabilities, the gaming business's superior R&D and data-driven refined operational ecosystem, and the robust resource integration and business incubation capabilities derived from its controlling shareholder's background - The company's Yaolai Cinemas have operated for 15 years, establishing a prominent industry brand effect, with Yaolai Cinema Wukesong store retaining its title as the national single-store box office champion[50] - The company's cinema integrated operational capabilities have significantly improved, enhancing efficiency and non-box office revenue through a "one store, one policy" management strategy, deepened scenario operations, and a dual-channel marketing matrix[51] - The gaming business's core R&D team possesses strong independent R&D capabilities, successfully launching products like "Siege of Three Kingdoms" and "Siege of the World," and building a full-chain talent system covering R&D, publishing, and operations[52] - The company has established a data-driven refined operational ecosystem, guiding R&D iterations and operational activities through player behavior data, forming a "R&D-Operation-Data Feedback" closed loop[52] - Leveraging the industrial resource advantages of its controlling shareholder, Shouwenke Group, the company possesses strong resource integration and business incubation capabilities, continuously exploring new models for cultural technology industry development[53][54] Key Operating Performance Operating revenue decreased by 17.05% due to fewer cinemas and game lifecycle impacts, while operating, administrative, and financial expenses significantly declined, with financial expenses down 99.52% due to debt restructuring; net cash flow from operating activities increased by 127.84%, and the company plans to invest in a cultural technology private equity fund 2025 First Half Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 178.01 million yuan | 214.59 million yuan | -17.05 | | Operating Costs | 118.36 million yuan | 160.87 million yuan | -26.42 | | Selling Expenses | 424,881.88 yuan | 6.31 million yuan | -93.26 | | Administrative Expenses | 31.72 million yuan | 52.67 million yuan | -39.76 | | Financial Expenses | 372,702.06 yuan | 78.22 million yuan | -99.52 | | R&D Expenses | 20.19 million yuan | 22.71 million yuan | -11.09 | | Net Cash Flow from Operating Activities | 57.93 million yuan | 25.42 million yuan | 127.84 | | Net Cash Flow from Investing Activities | -7.14 million yuan | 39.50 million yuan | -118.07 | | Net Cash Flow from Financing Activities | -68.35 million yuan | -28.88 million yuan | Not applicable | - Operating revenue decreased primarily due to a reduction in cinema outlets and the impact of existing game product lifecycles on the gaming business[56] - Financial expenses decreased by 99.52%, mainly due to the company's completing judicial restructuring at the end of 2024, resolving large interest-bearing debts, which led to a reduction in debt scale and significantly lower interest expenses[57] - Net cash flow from operating activities increased by 127.84%, primarily due to the company receiving partial liquidation distribution funds from a bankrupt subsidiary[57] - The company plans to co-initiate the establishment of the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund Center (Limited Partnership) with Beijing State-owned Capital Operation and Management Center and others, with the company as a limited partner committing 40 million yuan in capital contribution[62][63] Main Business Analysis In the first half of 2025, the company's operating revenue decreased by 17.05% year-on-year, primarily due to fewer cinema outlets and the impact of existing game product lifecycles; operating costs, administrative expenses, and financial expenses all significantly declined, with financial expenses dropping 99.52% due to judicial restructuring resolving large interest-bearing debts, and net cash flow from operating activities increased by 127.84% - The decrease in operating revenue was primarily due to the cinema business divesting and closing some inefficient cinemas through restructuring, reducing the number of operating outlets, and the gaming business being affected by the lifecycle of existing products[56] - Financial expenses significantly decreased by 99.52%, mainly because the company completed judicial restructuring at the end of 2024, resolving large interest-bearing debts, which led to a reduction in debt scale and significantly lower interest expenses[57] Assets and Liabilities Analysis At the end of the reporting period, the company's other receivables decreased by 22.58% due to the recovery of some debt repayment funds from Beiwentou Nanjing's bankruptcy liquidation; employee compensation payable decreased by 30.50% due to annual performance payments; other payables decreased by 38.79% due to payments for outstanding debts under the restructuring plan; overseas assets accounted for 0.00% of total assets, and restricted assets totaled 50.1324 million yuan, including administrator restructuring account funds and litigation-frozen funds Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Proportion of Total Assets at Period End (%) | Prior Year End Amount (yuan) | Proportion of Total Assets at Prior Year End (%) | Change Rate from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Receivables | 161.70 million yuan | 9.83 | 208.86 million yuan | 11.73 | -22.58 | Primarily due to the recovery of some debt repayment funds from Beiwentou Nanjing's bankruptcy liquidation | | Employee Compensation Payable | 8.45 million yuan | 0.51 | 12.16 million yuan | 0.68 | -30.50 | Primarily due to the company's payment of 2024 annual performance bonuses in 2025 | | Other Payables | 77.70 million yuan | 4.72 | 126.95 million yuan | 7.13 | -38.79 | Primarily due to the payment of some outstanding debts according to the restructuring plan | - Overseas assets at period-end were 748.88 yuan, accounting for 0.00% of total assets[60] - As of the end of the reporting period, 50.1324 million yuan in cash and cash equivalents were restricted, primarily due to administrator restructuring account funds, accrued deposit interest, and litigation-frozen funds[61] Investment Status Analysis During the reporting period, the company made no new major equity investments, focusing instead on post-investment management and divestment of existing projects; the company plans to participate in establishing the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund, committing 40 million yuan to promote business transformation and industrial synergy; at period-end, trading financial assets were 9.6569 million yuan and other equity instrument investments were 13.488 million yuan - During the reporting period, the company primarily focused on post-investment management and divestment of existing projects, with no new major investment activities undertaken[62] - The company plans to co-initiate the establishment of the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund Center (Limited Partnership) with Beijing State-owned Capital Operation and Management Center and others, with the company as a limited partner committing 40 million yuan in capital contribution[62][63] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Cumulative Fair Value Change in Equity (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Other Changes (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | | | | | (I) Trading Financial Assets | | | | | | | | | 1. Financial assets measured at fair value with changes recognized in profit or loss | 0 | 137,874.36 | 0 | 9.51898 million yuan | 0 | 0 | 9.6569 million yuan | | (III) Other Equity Instrument Investments | 11.988 million yuan | 0 | 1.5 million yuan | 0 | 0 | 0 | 13.488 million yuan | | Total assets continuously measured at fair value | 11.988 million yuan | 137,874.36 | 1.5 million yuan | 9.51898 million yuan | 0 | 0 | 23.1449 million yuan | Analysis of Major Holding and Participating Companies This section presents the basic financial data for the company's major holding subsidiaries, Hongshu Media, Hongshu Technology, and Dowan Network; Hongshu Media primarily engages in cinema and circuit operation management, while Hongshu Technology and Dowan Network focus on game R&D and operation Financial Data of Major Holding Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hongshu Media | Subsidiary | Cinema and circuit operation management | 10 | 4.8981 billion yuan | -1.0571 billion yuan | 126.53 million yuan | 5.9377 million yuan | 11.53 million yuan | | Hongshu Technology | Subsidiary | Game R&D and operation | 10 | 624.48 million yuan | 18.51 million yuan | 40.19 million yuan | 10.10 million yuan | 9.9998 million yuan | | Dowan Network | Subsidiary | Game R&D and operation | 1000 | 1.194 billion yuan | 266.80 million yuan | 11.29 million yuan | -95,845.20 yuan | -292,702.45 yuan | Other Disclosures The company faces multiple risks, including uncertainty in upstream film supply for its cinema business, declining traditional viewing demand, and underperforming innovative business models; gaming risks include industry policy changes, new technological disruptions, and new product R&D challenges - The cinema business faces risks of upstream film supply uncertainty, with increasing box office share for top films, fewer mid-tier films, and a decrease in overall registered film numbers[68] - Risk of declining traditional cinema consumption demand; if the national film box office market recovery falls short of expectations, it will directly impact the company's cinema business revenue[68] - Risk of innovative business models underperforming; despite the company actively exploring "Cinema+" models, related innovative business formats still carry the risk of not meeting expectations[69] - The gaming business faces risks from changing industry policies, as continuous strengthening of regulatory efforts may create uncertainties for existing business operations[69] - Risk of new technological changes; if the company fails to quickly adapt to new technological changes like artificial intelligence, it may face risks of player loss and market share contraction[69] - Risk of new product R&D; new game product development has long cycles and high investment, posing marketability risks due to changing market demand and difficulty in accurately gauging player preferences[70] Section IV Corporate Governance, Environment and Society Changes in Directors and Senior Management On March 12, 2025, new directors and supervisors were elected, including Xu Jian as Chairman; the Supervisory Board was abolished on June 24, 2025, with its functions transferred to the Board's Audit Committee Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Xu Jian | Director, Chairman | Election | | He Fei | Director | Election | | Li Yue | Director | Election | | Bai Liming | Chairman of Supervisory Board, Shareholder Supervisor | Election | | Cheng Hao | Shareholder Supervisor | Election | | Liu Wu | Chairman | Departure | | Shen Rui | Director | Departure | | Cai Min | Director | Departure | | Gao Haitao | Director | Departure | | Xiang Xinyao | Chairman of Supervisory Board, Shareholder Supervisor | Departure | | Meng Lingfei | Shareholder Supervisor | Departure | | Bai Liming | Chairman of Supervisory Board, Shareholder Supervisor | Departure | | Cheng Hao | Shareholder Supervisor | Departure | | Wang Xi | Employee Supervisor | Departure | | Li Xiang | Employee Supervisor | Departure | | Yan Jin | Employee Supervisor | Departure | - On March 12, 2025, the company elected Xu Jian as Director and Chairman of the Eleventh Board of Directors;