中科微至(688211) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This chapter provides definitions of common terms used in the report, including company names, subsidiaries, related parties, major customers (such as ZTO, SF Express, JD.com), and key technical terms (such as WCS, WMS) - "Company/Wayzim" refers to Wayzim Technology Co., Ltd[10] - Major subsidiaries include Anhui Wayzim, Guangdong Wayzim, Wayzim R&D, and several overseas subsidiaries such as Wayzim Singapore, Wayzim Malaysia, and Wayzim Russia, indicating the company's international presence[10] - Major customers include express logistics giants such as ZTO, SF Express, China Post, JD.com, and STO Express[10] - Key technical terms like WCS (Warehouse Control System) and WMS (Warehouse Management System) are defined, indicating the company's business involves intelligent logistics software and hardware integration[10][11] Section II Company Profile and Key Financial Indicators I. Company Basic Information This section introduces the basic information of Wayzim Technology Co., Ltd., including its Chinese name, abbreviation, foreign name, legal representative, registered and office address, website, and email address - The company's Chinese name is Wayzim Technology Co., Ltd., abbreviated as Wayzim, with Li Gongyan as the legal representative[13] - The company's registered and office address is at No. 979 Antai Third Road, Xishan District, Wuxi City, and its website is www.wayzim.com[13](index=13&type=chunk) II. Contact Persons and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor inquiries and communication - The Board Secretary is Du Ping, and the Securities Affairs Representative is Zhang Die, both located at No. 979 Antai Third Road, Xishan District, Wuxi City, with telephone and fax numbers both 0510-82201088[14] III. Information Disclosure and Location for Document Access Changes This section details the company's information disclosure channels and the location for accessing its semi-annual report - The company's designated information disclosure newspaper is "Shanghai Securities News" (www.cnstock.com), and the website for publishing the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) - The company's semi-annual report is available at the company's Board of Directors Office[15] IV. Company Stock/Depositary Receipt Summary This section provides information on the company's stock listing exchange and code - The company's stock type is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Wayzim and stock code 688211[16] VI. Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a decline in both operating revenue and net profit, and a significant decrease in net cash flow from operating activities Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | ¥1,002,045,231.13 | ¥1,343,281,586.35 | -25.40 | | Total Profit | -¥52,631,181.11 | -¥3,065,412.93 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -¥62,480,844.36 | ¥4,527,486.62 | Not Applicable | | Net Cash Flow from Operating Activities | ¥56,816,594.98 | ¥153,356,316.33 | -62.95 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | ¥3,492,883,361.04 | ¥3,544,312,382.74 | -1.45 | | Total Assets (Period-end) | ¥6,449,111,122.95 | ¥6,191,104,639.26 | 4.17 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.49 | 0.04 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | -0.49 | 0.04 | Not Applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.67 | -0.25 | Not Applicable | | Weighted Average Return on Net Assets (%) | -1.78 | 0.12 | Not Applicable | | R&D Investment as % of Operating Revenue (%) | 6.36 | 6.02 | Increased by 0.34 percentage points | - Operating revenue decreased by 25.40% year-on-year, primarily due to fewer project acceptances in the first half of the year, although outstanding orders increased by 31.81% year-on-year[19] - Net profit attributable to shareholders of the listed company decreased by ¥67.01 million year-on-year, mainly due to a 2.36% decrease in gross profit margin (intensified market competition and pricing strategy adjustments), a 5.17% increase in period expense ratio (salary and compensation growth of ¥21.51 million), and a ¥25.54 million increase in credit impairment losses (due to increased aging of accounts receivable)[20] - Net cash flow from operating activities decreased by ¥96.54 million year-on-year, primarily due to increased cash paid for goods purchased and services received as a result of increased outstanding orders, and higher taxes paid[21] VIII. Non-Recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling ¥22.51 million Non-Recurring Gains and Losses Items and Amounts (First Half of 2025) | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -4,910.20 | | Government grants recognized in current profit or loss | 14,746,466.77 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 17,689,021.02 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 6,595.02 | | Other non-operating income and expenses apart from the above | -4,820,143.84 | | Less: Income tax impact | 5,106,230.32 | | Total | 22,510,798.45 | Section III Management Discussion and Analysis I. Description of the Company's Industry and Main Business Operations During the Reporting Period This section details Wayzim Technology's main business, products, services, operating model, industry development, and company position during the reporting period, focusing on intelligent logistics equipment solutions (I) Main Business, Products, or Services Wayzim Technology primarily provides integrated intelligent logistics equipment solutions for express delivery, e-commerce, new energy, airports, biopharmaceuticals, and manufacturing, including sorting, warehousing, and handling systems, along with core components - The company provides integrated intelligent logistics equipment solutions for conveying, sorting, warehousing, and handling, and offers core intelligent manufacturing components such as electric rollers, industrial-grade vision recognition, and volume measurement[26] - Intelligent sorting solutions include cross-belt sorters (sorting accuracy ≥99.99%), narrow-belt sorters, linear sorters, wheel sorters, and single-piece separation systems (maximum separation efficiency 10,000 pcs/h), achieving fully automated parcel sorting[29][30][31] - Intelligent warehousing solutions achieve intelligent warehousing operations management through AMR, stacker cranes, shuttle cars, and other equipment, supported by software such as WMS, WCS, and 3DMS digital twin systems[35][36] - Core component products include electric rollers (annual production capacity of 30,000-50,000 units) and machine vision products (8K line scan industrial cameras, 3D laser profilers, RGB-D intelligent stereo cameras), widely used in recognition, positioning, and measurement applications[37][38][39] - The automated baggage handling system provides airports with full-process solutions for baggage check-in, security screening, conveying, sorting, and retrieval, with the ICS system achieving a conveying speed of up to 10 m/s and a baggage-to-passenger binding rate of 100%[41] (II) Main Operating Model The company's operating model remains unchanged, featuring independent R&D, procurement, production, and sales systems, primarily direct sales, build-to-order production, and centralized R&D by its subsidiary - The sales model is primarily direct sales, supplemented by distribution, with direct sales targeting domestic logistics groups, cross-border e-commerce, and other industry warehousing integration projects, and distribution covering regional network franchisees[42][43] - The production model is "build-to-order" customized production, including software and hardware collaborative design, component production (core raw materials and customized parts like sorting trolleys, electric rollers, and cameras are independently developed and designed by the company), and on-site installation and debugging[44][45] - The procurement model is "procure-to-order," with main raw materials including swing wheels, parcel feeders, and servo motors, and procurement framework agreements signed with major suppliers, along with drawing confirmation for customized parts[46] - The R&D model is coordinated by the wholly-owned subsidiary Wayzim R&D, which has intelligent system laboratories and robot technology R&D centers, determining R&D directions based on development strategies and customer needs, and conducting phased evaluations and acceptance[47][48] (III) Industry Overview The intelligent logistics equipment industry is transitioning from automation to intelligence, characterized by high technical barriers, where Wayzim Technology holds a leading position in China with comprehensive full-chain innovation capabilities - The intelligent logistics equipment industry belongs to the "high-end equipment manufacturing industry" and is transitioning from the automation era to the intelligence era, characterized by high technical barriers, requiring manufacturers to possess both core software and hardware capabilities and manufacturing and delivery expertise[49][50][51] - The company is in the first tier of intelligent logistics equipment market solution providers for express and freight in China, and is one of the largest integrators of intelligent logistics equipment for express and freight in China[52] - The company is one of the few domestic enterprises capable of providing full-chain technological innovation for intelligent logistics conveying and sorting equipment, from core software and hardware to system integration, and is the only domestic enterprise simultaneously possessing qualifications for cross-belt and ICS baggage handling system integration[52] - Industry competition is fierce, with a prominent "head effect," and the focus of competition is shifting from single-machine equipment to integrated capabilities combining hardware and software, and the construction of industry ecosystems[53] II. Discussion and Analysis of Operations During the reporting period, the company faced increased industry competition and profitability pressure, but maintained competitiveness through its "one body, two wings" strategy, full-stack technology, AI integration, and flexible customization, with a significant increase in outstanding orders - The company's operating revenue was ¥1.002 billion, a year-on-year decrease of 25.40%[54] - As of the end of June 2025, the company's outstanding order contract value totaled approximately ¥3.551 billion, a year-on-year increase of 31.81%[54] - The company deepened cooperation with domestic e-commerce leaders such as ZTO, SF Express, and JD.com, and expanded intelligent warehousing customers including Xiaomi, Lishen, and JA Solar[55] - The company actively expanded overseas markets, establishing sales centers and after-sales service agencies in Southeast Asia, the Americas, and Europe, and collaborating with overseas customers such as J&T, Russian Post, Lazada, and Shopee[55] - The company continuously enhanced its independent production capabilities, purchasing over 450 sets of advanced equipment at its Nanling production base to increase the self-production ratio of core components and deepen intelligent manufacturing and digital transformation[56] III. Analysis of Core Competencies During the Reporting Period This section details Wayzim Technology's core competencies, including strong relationships with leading customers, comprehensive product advantages, a highly skilled talent team, robust R&D capabilities, and growing global operational reach (I) Analysis of Core Competencies Wayzim Technology's core competencies include stable relationships with leading customers, comprehensive intelligent logistics system solutions and core component product advantages, a high-caliber talent team, robust full-stack independent R&D capabilities, and increasing global operational capacity - The company maintains close cooperation with mainstream express logistics and e-commerce enterprises such as ZTO, SF Express, and JD.com, with outstanding order contract value of approximately ¥3.551 billion as of the end of June 2025, a year-on-year increase of 31.81%[58] - The company provides integrated intelligent logistics system solutions for conveying, sorting, and warehousing, and independently researches, develops, and produces core components such as cameras, sorting trolleys, dynamic weighing systems, and electric rollers, making it one of the few domestic companies with full-chain integrated capabilities[59] - The company has 1,617 employees, with 13.61% holding master's degrees or above, and R&D personnel accounting for 28.94%, and has established an "Intelligent Logistics Equipment and Robotics Industry Research Institute"[60] - The company independently develops core technologies such as image-based barcode recognition, visual position detection, and sorting control system software, possessing full-stack technological autonomy, deep integration of AI with hardware, and flexible customization capabilities[61] - The company actively expands its overseas market presence, having established sales centers and after-sales service agencies in multiple regions including Southeast Asia, the Americas, and Europe, and collaborates with renowned overseas customers such as J&T and Russian Post[62] (III) Core Technologies and R&D Progress Wayzim Technology's core technologies span industrial IoT, intelligent logistics equipment, advanced recognition algorithms, and 3D measurement, with 25 new patents and significant progress in ongoing R&D projects during the reporting period - The company's core technologies remain unchanged, covering 15 core technologies derived from independent R&D, including high-performance general-purpose edge computing for industrial IoT, key single-machine technologies supporting integrated smart logistics, and high-precision barcode/QR code recognition algorithms based on high-resolution images[63][65][66][67][68][69][70] - During the reporting period, the company added 25 new patents, including 3 invention patents, 19 utility model patents, 2 design patents, and 1 software copyright, accumulating a total of 271 patents and 38 software copyrights[77] R&D Investment (January-June 2025 vs. Prior Year Period) | Indicator | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 63,766,659.58 | 80,879,208.60 | -21.16 | | Total R&D Investment | 63,766,659.58 | 80,879,208.60 | -21.16 | | Total R&D Investment as % of Operating Revenue (%) | 6.36 | 6.02 | Increased by 0.34 percentage points | - Ongoing R&D projects include the R&D and industrialization of integrated information intelligent sorting systems for the logistics and express delivery industry, cross-platform R&D of high-level control software for the express logistics industry, and R&D of integrated sensing, storage, and computing optoelectronic fusion chip technology, with several projects having completed R&D finalization and entered mass delivery or operation[82][83][84][85][86] R&D Personnel (January-June 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (people) | 468 | 514 | | R&D Personnel as % of Total Company Personnel (%) | 28.94 | 30.20 | | Total R&D Personnel Compensation (¥10,000) | 4,764.85 | 5,180.29 | | Average R&D Personnel Compensation (¥10,000) | 10.18 | 10.08 | | % with Master's Degree or Above (%) | 27.35 | - | | % Under 30 Years Old (excluding 30) (%) | 55.34 | - | IV. Risk Factors This section comprehensively outlines the company's various risks, including significant performance decline or loss, intensified market competition, R&D setbacks, key personnel loss, market demand fluctuations, customer concentration, raw material issues, seasonality, tax policy changes, high receivables and inventory, declining gross margins, exchange rate fluctuations, industry-specific risks, and other macro-environmental and project-related risks (I) Risk of Significant Performance Decline or Loss The company's gross profit margin is susceptible to market demand, selling prices, and production costs, and adverse changes in macroeconomics, market competition, or raw material prices could lead to a significant performance decline or loss - The company's main business gross profit margin was 20.13% in the first half of 2024 and 18.94% in the first half of 2025, indicating a risk of decline[91] (II) Core Competitiveness Risks The company faces risks from intensified market competition, R&D progress falling short of expectations, and the potential loss of core technical personnel, which could negatively impact its market position and operating performance - The intelligent logistics equipment market faces intensified competition; if the company cannot maintain its advantages in R&D, technological innovation, and quality control, its market position and share may decline[92] - Intelligent logistics sorting system technology has broad applications and high customization requirements; if new technologies and products cannot continuously meet customer needs or R&D fails, it will adversely affect the company's competitiveness and operating performance[93] - The industry faces fierce competition for professional technical personnel; if the company cannot continuously attract, cultivate, and incentivize core technical talent, it will face risks of talent loss and shortage[94] (III) Operating Risks The company faces operating risks from market demand fluctuations, intensified competition, customer concentration, raw material supply and price volatility, and seasonal operating performance, all of which can introduce uncertainty - Market demand primarily depends on the fixed asset investment scale and growth rate of downstream applications such as e-commerce and express logistics; macroeconomic changes may lead to a decline in downstream customer business scale or reduced procurement demand[95] - In 2023, 2024, and the first half of 2025, the company's sales revenue to its top five customers accounted for 68.97%, 70.21%, and 67.44% of its operating revenue, respectively, indicating high customer concentration[96] - Shortages or price fluctuations of major raw materials may affect the company's delivery cycles and production costs[97] - The company's revenue and sales collections are subject to seasonal fluctuations, with equipment acceptance mostly concentrated in the second half of the year[97] (IV) Financial Risks The company faces financial risks including changes in tax incentives, high accounts receivable and inventory balances with associated impairment risks, declining gross margins, and exchange rate fluctuations from international operations - The company enjoys a 15% corporate income tax preferential policy for high-tech enterprises; if it cannot continue to obtain this or if policies change, it will adversely affect performance[98] Accounts Receivable Book Balance as % of Operating Revenue | Year | Accounts Receivable Book Balance (¥10,000) | % of Operating Revenue (%) | | :--- | :--- | :--- | | End of 2023 | 72,251.28 | 36.91 | | End of 2024 | 57,598.58 | 23.28 | | End of June 2025 | 67,403.09 | 67.27 | Inventory Book Value as % of Total Assets | Year | Inventory Book Value (¥10,000) | % of Total Assets (%) | | :--- | :--- | :--- | | End of 2023 | 213,099.10 | 31.81 | | End of 2024 | 170,239.27 | 20.57 | | End of June 2025 | 168,399.88 | 26.11 | - The company's main business gross profit margin was 20.13% in the first half of 2024 and 18.94% in the first half of 2025, indicating a risk of decline[101] - As the proportion of overseas sales revenue increases, the company faces the risk of exchange losses due to fluctuations in the RMB exchange rate[102] (V) Industry Risks The logistics equipment industry's market demand is tied to fixed asset investment in e-commerce and express logistics, and macroeconomic shifts could reduce customer investment, negatively impacting the company's operations - Market demand in the logistics equipment industry primarily depends on the scale and growth rate of fixed asset investment in downstream applications such as e-commerce and express logistics[103] - Macroeconomic changes, economic slowdowns, or cyclical fluctuations may lead to a decrease in downstream customer business scale or reduced fixed asset investment, thereby adversely affecting the company's operations[103] (VI) Macro-Environmental Risks Global economic slowdowns and intensified geopolitical conflicts, such as the Russia-Ukraine conflict, could adversely affect the intelligent logistics equipment industry and the company's overseas market demand and performance - A global economic slowdown may adversely affect the intelligent logistics equipment industry, indirectly impacting the company's performance[104] - Changes in the global geopolitical landscape and regional conflicts (such as the Russia-Ukraine conflict) may lead to fluctuations in overseas markets, affecting the company's overseas market demand and performance[104] (VII) Other Risks The company's fundraising projects, including the "Intelligent Equipment Manufacturing Center," "Intelligent Equipment and AI R&D Center," and "Market Sales and Product Service Base," are progressing slower than anticipated, potentially affecting the efficiency of invested capital - The fundraising projects "Intelligent Equipment Manufacturing Center Project," "Intelligent Equipment and Artificial Intelligence R&D Center Project," and "Market Sales and Product Service Base Construction Project" are progressing slowly[105] - The construction of fundraising projects is affected by macro-environmental factors, upstream and downstream industry environments, and the company's operating conditions, which may lead to slower-than-expected implementation progress and failure of invested funds to generate anticipated benefits[105] V. Main Operating Performance During the Reporting Period During the reporting period, the company's total operating revenue decreased by 25.40%, with significant changes in revenue, costs, and various expenses, while cash flows from operating activities decreased and asset/liability structures shifted - During the reporting period, the company achieved total operating revenue of ¥1.002 billion, a year-on-year decrease of 25.40%[106] (I) Analysis of Main Business This period's main business analysis shows a decrease in operating revenue and cost due to fewer project acceptances, an increase in sales and administrative expenses from incentive optimization and salary growth, a decrease in R&D expenses from efficiency improvements, and a decrease in financial expenses due to increased net exchange gains Financial Statement Related Item Changes (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,002,045,231.13 | 1,343,281,586.35 | -25.40 | | Operating Cost | 807,455,615.28 | 1,050,678,939.71 | -23.15 | | Selling Expenses | 68,153,373.66 | 60,474,111.43 | 12.70 | | Administrative Expenses | 84,145,146.75 | 70,070,182.87 | 20.09 | | Financial Expenses | -4,650,620.78 | 2,542,868.77 | Not Applicable | | R&D Expenses | 63,766,659.58 | 80,879,208.60 | -21.16 | | Net Cash Flow from Operating Activities | 56,816,594.98 | 153,356,316.33 | -62.95 | | Net Cash Flow from Investing Activities | 175,638,632.36 | 67,506,300.17 | 160.18 | | Net Cash Flow from Financing Activities | -3,491,767.62 | -44,447,719.96 | 92.14 | - Operating revenue and operating cost decreased by 25.4% and 23.15% year-on-year, respectively, mainly due to fewer project acceptances in the first half of the year[108] - Selling expenses and administrative expenses increased by 12.7% and 20.09%, respectively, mainly due to the company optimizing its incentive mechanism and a year-on-year increase in salaries and compensation[108] - R&D expenses decreased by 21.16%, mainly due to the company optimizing and improving testing efficiency, reducing R&D testing materials and test line setup costs[108] - Net cash flow from operating activities decreased by ¥96.54 million year-on-year, primarily due to increased cash paid for goods purchased and services received as a result of increased outstanding orders, and higher taxes paid[109] - Net cash flow from investing activities increased by ¥108.13 million year-on-year, mainly due to a decrease in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets[109] - Net cash flow from financing activities increased by ¥40.96 million year-on-year, mainly due to a decrease in other cash paid related to financing activities[109] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were ¥6.45 billion and total liabilities were ¥2.96 billion, with significant increases in monetary funds, prepayments, other receivables, fixed assets, notes payable, contract liabilities, and taxes payable, while construction in progress substantially decreased due to fixed asset transfers Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | % of Total Assets at Current Period-end (%) | Prior Year-end Amount (Yuan) | % of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 711,553,290.35 | 11.03 | 474,828,723.13 | 7.67 | 49.85 | | Prepayments | 242,985,620.05 | 3.77 | 124,241,978.10 | 2.01 | 95.57 | | Other Receivables | 47,060,944.16 | 0.73 | 19,502,820.90 | 0.32 | 141.30 | | Fixed Assets | 1,230,584,046.44 | 19.08 | 682,982,278.50 | 11.03 | 80.18 | | Construction in Progress | 9,023,544.98 | 0.14 | 567,721,126.09 | 9.17 | -98.41 | | Notes Payable | 66,483,008.02 | 1.03 | 14,698,032.02 | 0.24 | 352.33 | | Contract Liabilities | 1,399,773,358.61 | 21.70 | 1,040,361,965.04 | 16.80 | 34.55 | | Taxes Payable | 76,819,037.59 | 1.19 | 25,521,653.59 | 0.41 | 201.00 | - Monetary funds increased by 49.85%, mainly due to the recovery of wealth management products in the current reporting period[112] - Fixed assets increased by 80.18%, and construction in progress decreased by 98.41%, mainly due to the transfer of buildings to fixed assets in the current reporting period[112] - Contract liabilities increased by 34.55%, mainly due to an increase in customer contract prepayments received in the current reporting period[112] - Overseas assets amounted to ¥173.41 million, accounting for 2.69% of total assets[113] Major Asset Restriction Status (Period-end) | Item | Year-end Balance (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Other Monetary Funds | 25,537,848.00 | Margin Deposit | (IV) Analysis of Investment Status During the reporting period, the company's total equity investment decreased by 37.05% to ¥31.48 million, primarily for expanding overseas markets through new or increased capital in subsidiaries via Wayzim Singapore, with financial assets measured at fair value totaling ¥1.08 billion External Equity Investment (January-June 2025 vs. Prior Year Period) | Indicator | Investment Amount in Current Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total External Equity Investment | 31,477,364.20 | 50,000,000 | -37.05% | - The company actively expanded overseas markets by increasing capital in Wayzim USA, Wayzim UK, Wayzim Thailand, and Wayzim Korea through Wayzim Singapore, and establishing new subsidiaries Wayzim Japan and Wayzim Indonesia[117] Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (Yuan) | | :--- | :--- | | Trading Financial Assets (Wealth Management Products) | 901,640,099.34 | | Receivables Financing | 1,352,596.88 | | Other Equity Instrument Investments | 167,827,676.77 | | Other Non-Current Financial Assets | 4,542,297.06 | | Total | 1,075,362,670.05 | (VI) Analysis of Major Holding and Participating Companies This section lists the financial performance of the company's major holding subsidiaries, highlighting Anhui Wayzim as the primary production base with high assets and revenue but negative profit, and the establishment of new subsidiaries in Japan and Indonesia with minimal impact on overall operations Major Subsidiary Financial Data (Unit: ¥10,000, January-June 2025) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Wayzim | Subsidiary | Main production base | 1,000 | 123,192.73 | 16,827.71 | 28,910.98 | -1,230.07 | -1,469.25 | | Guangdong Wayzim | Subsidiary | South China regional sales and after-sales service center | 5,000 | 6,830.14 | 5,446.24 | 2,224.50 | 524.61 | 391.62 | | Wayzim R&D | Subsidiary | Artificial intelligence technology R&D center | 10,000 | 31,626.94 | 13,376.74 | 3,105.90 | 1,058.21 | 793.04 | | Intelligent Sensing | Subsidiary | R&D and manufacturing of industrial sensors | 10,000 | 45,476.41 | 8,719.93 | 4.42 | -665.11 | -665.11 | | Wayzim Singapore | Subsidiary | Southeast Asia market sales and after-sales service center | US$8.75 million | 11,835.88 | 10,474.70 | 422.41 | 88.59 | 73.53 | | Zhejiang Equipment | Subsidiary | Business support, some domestic trade | 5,000 | 16,006.65 | -71.90 | 7,779.61 | -149.43 | -141.97 | - During the reporting period, the company established two new wholly-owned subsidiaries, Wayzim Technology Japan Co., Ltd. (Japan) and PT WAYZIM TECHNOLOGY INDO (Indonesia), both currently in their construction phase, with minimal impact on overall production, operations, and performance[124] Section IV Corporate Governance, Environment, and Society I. Changes in Company Directors, Senior Management, and Core Technical Personnel During the reporting period, there was a change in the company's independent directors, with Mr. Xu Yan resigning for personal reasons and Mr. Du Shushuai being elected as the new independent director - Mr. Xu Yan resigned from his position as an independent director of the second board of directors due to personal reasons, effective June 20, 2025[128] - On June 20, 2025, the company elected Mr. Du Shushuai as an independent director of the second board of directors[128] II. Profit Distribution or Capital Reserve Conversion Plan The company will not implement any profit distribution or capital reserve conversion to share capital for this semi-annual period - The company's profit distribution plan or capital reserve conversion to share capital plan for this reporting period is "none"[128] III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company implemented its 2024 restricted stock incentive plan, including granting reserved restricted shares, canceling unvested shares, and vesting the first tranche of initial grants, while also advancing its first and second employee stock ownership plans - The company granted reserved restricted shares to incentive recipients of the 2024 restricted stock incentive plan and canceled some previously granted but unvested 2024 restricted shares[129] - The first vesting period of the initial grant under the 2024 restricted stock incentive plan met the vesting conditions, and the announcement of vesting results and share listing has been completed[129] - The first phase of the employee stock ownership plan has reached its second unlocking period, and the management committee has approved relevant arrangements[131] - The second phase of the employee stock ownership plan has completed the allocation of reserved shares, granting 18,300 shares of reserved quota to 1 participant, and completed the share transfer at a price of ¥17.00/share[132][133] Section V Significant Matters I. Fulfillment of Commitments This section details the timely and strict fulfillment of all commitments made by the company, its actual controller, shareholders, and related parties regarding share lock-ups, holding and reduction intentions, share repurchases, diluted EPS compensation, profit distribution, non-compete clauses, related party transactions, and social insurance/housing fund contributions - The share lock-up commitments of the company's actual controller Li Gongyan, and shareholders Wayzim Yuanchuang and Qunchuang Zhongda, were all fulfilled timely and strictly[135][137] - The company and its actual controller Li Gongyan's commitments regarding share repurchase for fraudulent issuance and listing were all fulfilled timely and strictly[142][143] - The commitments made by the company, its actual controller Li Gongyan, and all directors and senior management regarding measures to compensate for diluted immediate returns were all fulfilled timely and strictly[145][146] - The company's commitments regarding profit distribution policy and disciplinary measures for fulfilling public commitments were all fulfilled timely and strictly[146][147] - Actual controller Li Gongyan's commitments regarding avoiding horizontal competition, reducing related party transactions, and social insurance and housing provident fund contributions were all fulfilled timely and strictly[151][152][153] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company and its actual controller maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts[155] XII. Explanation of Progress in the Use of Raised Funds This section details the overall use of the company's raised funds, the progress of specific investment projects, and the cash management of idle funds, showing an overall investment progress of 84.34% for IPO funds and 99.29% for over-raised funds, with some projects experiencing slower progress (I) Overall Use of Raised Funds As of the end of the reporting period, the company's initial public offering (IPO) raised funds had a cumulative investment of ¥2.32 billion, representing 84.34% of the total, while over-raised funds had a cumulative investment of ¥1.40 billion, representing 99.29% of the total Overall Use of Raised Funds (As of the End of the Reporting Period) | Source of Raised Funds | Total Raised Funds (Yuan) | Total Investment Committed in Prospectus (Yuan) | Total Over-Raised Funds (Yuan) | Cumulative Investment of Raised Funds as of Period-end (Yuan) | Cumulative Investment Progress of Raised Funds (%) | Cumulative Investment Progress of Over-Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 2,976,600,000.00 | 1,339,429,072.00 | 1,409,128,589.34 | 2,318,267,351.06 | 84.34 | 99.29 | (II) Details of Raised Fund Investment Projects The company's raised fund investment projects include intelligent equipment manufacturing, a digital workshop, an R&D center, and a market sales base, with some projects experiencing slower progress due to macroeconomic factors and market competition, while the R&D center project is progressing well Details of Raised Fund Investment Projects (As of the End of the Reporting Period) | Project Name | Committed Investment Amount in Prospectus/Offering Document (Yuan) | Cumulative Investment of Raised Funds as of Period-end (Yuan) | Cumulative Investment Progress (%) | Scheduled Date of Usability | | :--- | :--- | :--- | :--- | :--- | | Intelligent Equipment Manufacturing Center Project | 292,521,749.00 | 73,306,266.33 | 25.06 | 2025/10/26 | | Nanling Manufacturing Base Digital Workshop Construction Project | 180,288,098.00 | 103,475,845.16 | 57.39 | 2023/10/26 | | Intelligent Equipment and Artificial Intelligence R&D Center Project | 225,938,725.00 | 124,305,662.44 | 55.02 | 2025/10/26 | | Market Sales and Product Service Base Construction Project | 140,680,500.00 | 35,303,558.13 | 25.09 | 2025/10/26 | | Supplement Working Capital | 500,000,000.00 | 500,000,000.00 | 100 | Not Applicable | | Permanent Supplement to Working Capital | 1,219,330,448.18 | 1,219,330,448.18 | 100 | Not Applicable | | Repurchase of Shares | 179,798,141.16 | 179,798,141.16 | 100 | Not Applicable | - The Intelligent Equipment Manufacturing Center Project and the Market Sales and Product Service Base Construction Project are progressing slowly, mainly due to macroeconomic fluctuations and intensified market competition; the company will evaluate feasibility and may make adjustments[163][164] - The Intelligent Equipment and Artificial Intelligence R&D Center Project has completed the R&D and mass sales of core components such as visual camera products and rollers, and has optimized and upgraded major products[163] (IV) Other Uses of Raised Funds During the Reporting Period During the reporting period, the company managed idle raised funds through cash management, with an ending balance of ¥385.50 million, which remained within the board-approved authorization limit of ¥600 million Idle Raised Funds Cash Management (As of the End of the Reporting Period) | Board Approval Date | Effective Approved Amount for Cash Management of Raised Funds (¥10,000) | Cash Management Balance at Period-end (¥10,000) | Was the Maximum Balance During the Period Exceeded the Authorized Amount | | :--- | :--- | :--- | :--- | | 2024.11.15 | 60,000 | 38,550 | No | Section VI Share Changes and Shareholder Information I. Share Capital Changes During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by 66.60 million shares, with a corresponding increase in unrestricted tradable shares, primarily due to the listing of initial public offering restricted shares Share Change Table (Unit: Shares) | Share Category | Quantity Before This Change | % Before This Change (%) | Increase/Decrease in This Change (+,-) | Quantity After This Change | % After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 66,600,000 | 50.60 | -66,600,000 | 0 | 0 | | II. Unrestricted Tradable Shares | 65,008,698 | 49.40 | 66,600,000 | 131,608,698 | 100 | | III. Total Shares | 131,608,698 | 100 | 0 | 131,608,698 | 100 | - On April 28, 2025, 66.60 million shares of the company's initial public offering restricted shares were listed for trading, involving 3 shareholders: Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership), Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership), and Li Gongyan[172] - According to regulations, if the company's stock closing price falls below its initial public offering price, the company's actual controller Li Gongyan and his concerted parties are prohibited from reducing their shareholdings through centralized bidding or block trading[173] Restricted Share Changes (Unit: Shares) | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released During Period | Restricted Shares at End of Period | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership) | 2,700 | 2,700 | 0 | Non-public offering restricted shares | April 28, 2025 | | Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership) | 1,980 | 1,980 | 0 | Non-public offering restricted shares | April 28, 2025 | | Li Gongyan | 1,980 | 1,980 | 0 | Non-public offering restricted shares | April 28, 2025 | II. Shareholder Information As of the end of the reporting period, the company had 11,139 common shareholders. This section lists the shareholding of the top ten shareholders and top ten unrestricted shareholders, with Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership), Li Gongyan, and Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership) as the top three shareholders, and Li Gongyan serving as the executive partner for the latter two - As of the end of the reporting period, the total number of common shareholders was 11,139[175] Top Ten Shareholders' Shareholding (As of the End of the Reporting Period, Unit: Shares) | Shareholder Name | Shares Held at Period-end | % (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | | Wuxi Wayzim Yuanchuang Investment Enterprise (Limited Partnership) | 27,000,000 | 20.52 | 0 | 0 | | Li Gongyan | 19,800,000 | 15.04 | 0 | 0 | | Wuxi Qunchuang Zhongda Investment Partnership (Limited Partnership) | 19,800,000 | 15.04 | 0 | 0 | | Beijing CAS Wayzim Investment Management Co., Ltd. | 13,500,000 | 10.26 | 0 | 0 | | Yao Yajuan | 5,400,000 | 4.10 | 0 | 0 | - Li Gongyan is the executive partner of Qunchuang Zhongda and Wayzim Yuanchuang, indicating an associated relationship or concerted action[179] 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 II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[6] 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 its financial position, operating results, and cash flow Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were ¥6.45 billion, total liabilities were ¥2.96 billion, and total owners' equity attributable to the parent company was ¥3.49 billion Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 6,449,111,122.95 | 6,191,104,639.26 | | Total Liabilities | 2,956,227,988.71 | 2,646,792,472.59 | | Total Owners' Equity Attributable to Parent Company | 3,492,883,361.04 | 3,544,312,382.74 | Consolidated Income Statement For January-June 2025, the company's consolidated total operating revenue was ¥1.00 billion, with negative operating profit and total profit, and a net loss of ¥62.48 million, with net loss attributable to parent company shareholders also at ¥62.48 million Consolidated Income Statement Key Data (January-June 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,002,045,231.13 | 1,343,281,586.35 | | Operating Profit | -47,811,037.27 | -3,103,567.59 | | Total Profit | -52,631,181.11 | -3,065,412.93 | | Net Profit | -62,480,855.09 | 4,527,477.19 | | Net Profit Attributable to Parent Company Shareholders | -62,480,844.36 | 4,527,486.62 | | Basic Earnings Per Share (Yuan/share) | -0.49 | 0.04 | Consolidated Cash Flow Statement For January-June 2025, the company's net cash flow from operating activities was ¥56.82 million, net cash flow from investing activities was ¥175.64 million, and net cash flow from financing activities was -¥3.49 million Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 56,816,594.98 | 153,356,316.33 | | Net Cash Flow from Investing Activities | 175,638,632.36 | 67,506,300.17 | | Net Cash Flow from Financing Activities | -3,491,767.62 | -44,447,719.96 | | Net Increase in Cash and Cash Equivalents | 237,140,579.92 | 175,846,544.88 | | Cash and Cash Equivalents at Period-end | 686,015,442.35 | 585,800,480.06 | III. Company Basic Information Wayzim Technology Co., Ltd., headquartered in Wuxi, Jiangsu, with Li Gongyan as its ultimate controlling party, primarily engages in the R&D, production, and sales of industrial automation equipment, robots, software, and electronic products, alongside IoT technology and logistics information system development - Wayzim Technology Co., Ltd. is headquartered in Wuxi, Jiangsu Province, with Li Gongyan as the ultimate controlling party[210] - The company's main businesses include the R&D, production, and sales of industrial automation equipment, industrial robots, system software, computer software, and electronic products, as well as IoT technology, sales of logistics automation equipment, and development of logistics information systems[210] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, confirming no significant doubts about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[211] - As of the end of the reporting period, there are no matters or circumstances within 12 months that raise significant doubts about the Group's ability to continue as a going concern[212] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for items such as bad debt provisions for receivables, inventory measurement, fixed asset depreciation, intangible asset amortization, R&D expense capitalization, and revenue recognition, all in accordance with enterprise accounting standards - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, its normal operating cycle is typically less than 12 months, and its functional currency is RMB[215][216][217] - The company classifies financial assets as those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[226] - The company performs impairment accounting for notes receivable, accounts receivable, receivables financing, and contract assets based on expected credit losses[233] - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, primarily including revenue from sales of goods, provision of labor services, and technical services[268][269][270] - The company recognizes various expenses incurred with a benefit period of more than one year as long-term deferred expenses and amortizes them evenly over their benefit period[261] VI. Taxation This section discloses the company's main tax categories and rates, including VAT, surcharges, urban maintenance and construction tax, and corporate income tax, highlighting the 15% high-tech enterprise tax incentive for the company and its subsidiary, and small and micro enterprise tax benefits for other subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input tax credits, the difference is VAT payable | 13%/9%/6% | | Corporate Income Tax | Levied on taxable income | 8.25%-30% | - The company and its wholly-owned subsidiary Wayzim Guanwei obtained high-tech enterprise certificates in December 2024, enjoying a 15% corporate income tax preferential rate from 2024 to 2027[285] - The company's subsidiaries Zhitong Intelligent, Anhui Zhongwei, Anhui Power, Jiangsu Power, and Zhejiang Equipment qualified for small and micro enterprise corporate income tax preferential policies in 2025[286] - From January 1, 2025, to June 30, 2025, the company qualified for the advanced manufacturing enterprise VAT additional deduction policy, enjoying an additional 5% deduction of input tax from VAT payable[286] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, explaining significant changes in assets, liabilities, owners' equity, and profit and loss, including increases in monetary funds, prepayments, other receivables, fixed assets, notes payable, contract liabilities, and taxes payable, and a substantial decrease in construction in progress Monetary Funds Composition (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Bank Deposits | 685,976,910.72 | | Other Monetary Funds | 25,576,379.63 | | Total | 711,553,290.35 | | Of which: Funds Deposited Overseas | 143,872,646.25 | Accounts Receivable Aging Structure (Period-end) | Aging | Period-end Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 510,634,399.36 | | 1 to 2 years | 124,548,976.80 | | 2 to 3 years | 15,740,800.16 | | Over 3 years | 23,106,721.21 | | Subtotal | 674,030,897.53 | | Less: Bad Debt Provision | 96,053,801.27 | | Total | 577,977,096.26 | Inventory Classification (Period-end) | Item | Book Balance (Yuan) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 448,802,797.80 | 115,394,788.35 | 333,408,009.45 | | Work in Progress | 1,496,573,016.50 | 145,982,232.27 | 1,350,590,784.23 | | Total | 1,945,375,814.30 | 261,377,020.62 | 1,683,998,793.68 | Operating Revenue and Operating Cost (January-June 2025) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 934,792,492.41 | 757,734,279.74 | | Other Business | 67,252,738.72 | 49,721,335.54 | | Total | 1,002,045,231.13 | 807,455,615.28 | Income Tax Expense (January-June 2025) | Item | Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Current Income Tax Expense | 2,466,862.00 | | Deferred Income Tax Expense | 3,846,733.70 | | Adjustment for Final Settlement Difference | 3,536,078.28 | | Total | 9,849,673.98 | VIII. R&D Expenses This section details the company's R&D expenses for the reporting period, totaling ¥63.77 million, all expensed, with employee compensation being the largest component and a significant reduction in material consumption R&D Expenses by Nature of Expense (January-June 2025 vs. Prior Year Period) | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 47,648,473.07 | 51,802,898.30 | | Share-Based Payments | 5,936,699.96 | 6,542,414.59 | | Material Consumption | 4,952,991.77 | 14,529,505.54 | | Entrusted R&D Fees | 374,686.27 | 1,522,132.77 | | Total | 63,766,659.58 | 80,879,208.60 | | Of which: Expensed R&D Investment | 63,766,659.58 | 80,879,208.60 | - Total R&D expenses for the current period amounted to ¥63.77 million, a year-on-year decrease of 21.16%, all of which were expensed R&D expenditures[79][449] - Material consumption decreased by ¥9.58 million year-on-year, mainly due to the company optimizing and improving testing efficiency, leading to a year-on-year reduction in R&D testing materials and test line setup costs[108][449] IX. Changes in Consolidation Scope During the reporting period, the company's consolidation scope changed with the establishment of two new wholly-owned subsidiaries: Wayzim Japan and Wayzim Indonesia - In the current period, two new wholly-owned subsidiaries, Wayzim Japan and Wayzim Indonesia, were established and included in the scope of consolidation[487] X. Interests in Other Entities This section outlines the company's enterprise group structure, including its wholly-owned and controlled subsidiaries across various businesses like sales, R&D, and specialized equipment manufacturing, with a global presence Enterprise Group Composition (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Wayzim | Guangdong | ¥50 million | Sales Services | 100 | | Wayzim R&D | Jiangsu | ¥100 million | Research and Experimental Development | 100 | | Anhui Wayzim | Anhui | ¥10 million | Research and Experimental Development | 100 | | Wayzim Singapore | Singapore | US$8.75 million | Research and Experimental Development | 100 | | Jiangsu Power | Jiangsu | ¥10 million | Research and Experimental Development | 51 | | Wayzim Japan | Japan | ¥20 million JPY | Research and Experimental Development | Indirect 100 | | Wayzim Indonesia | Indonesia | ¥10.1 billion IDR | Research and Experimental Development | Indirect 100 | XI. Government Grants This section discloses the company's government grant liabilities and amounts recognized in profit or loss for the reporting period, totaling ¥17.07 million from both asset-related and income-related grants Liability Items Involving Government Grants (As of the End of the Reporting Period) | Financial Statement Item | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 127,132,827.59 | 1,700,000.00 | 2,328,397.44 | 126,504,430.15 | Asset-related | | Deferred Income | 5,518,011.76 | 9,000,000.00 | 9,766,647.64 | 4,751,364.12 | Income-related | | Other Payables | 22,444,700.00 | - | - | 23,444,700.00 | Asset-related | | Other Payables | 103,316,527.38 | - | 2,295,317.62 | 110,021,209.76 | Income-related | | Total | 258,412,066.73 | 10,700,000.00 | 14,390,362.70 | 264,721,704.03 | / | Government Grants Recognized in Current Profit or Loss (January-June 2025 vs. Prior Year Period) | Type | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related | 2,328,397.44 | 2,021,090.45 | | Income-related | 14,746,466.77 | 17,690,499.46 | | Total | 17,074,864.21 | 19,711,589.91 | XII. Risks Related to Financial Instruments This section discusses the company's exposure to credit, liquidity, interest rate, and exchange rate risks, and its management strategies, including sensitivity analyses for interest rate and exchange rate fluctuations on shareholder equity and net profit/loss - The company faces credit risk, liquidity risk, interest rate risk, and exchange rate risk[495][498] - Credit risk primarily arises from monetary funds, accounts receivable, and contract assets, with accounts receivable and contract assets from the top five customers accounting for 21% of the total[496][497] - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs and securing standby facilities from financial institutions[498][499] - Interest rate sensitivity analysis shows that a 100 basis point increase/decrease in interest rates would result in an increase/decrease of ¥10.46 million in the Group's shareholder equity and net loss[504] - A 10% appreciation of the RMB exchange rate would lead to an increase/decrease in the Group's shareholder equity and net profit, for example, a change in the USD exchange rate would impact ¥1.28 million[510][512] Financial Asset Transfer Status (As of the End of the Reporting Period) | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (Yuan) | Derecognition Status | Basis for Derecognition Judgment | | :--- | :--- | :--- | :--- | :--- | | Endorsement | Bank acceptance bills accepted by general com