烟台亚通精工机械股份有限公司2025 年半年度报告 公司代码：603190 公司简称：亚通精工 烟台亚通精工机械股份有限公司 2025 年半年度报告 1 / 164 烟台亚通精工机械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人焦召明、主管会计工作负责人任典进及会计机构负责人（会计主管人员）曲丽 丽声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每10股派发现金红利0.6元（含税）。截至董事会审议利润分配预案日，公 司总股本12,000万股，以此计算合计拟派发现金红利720万元（含税），占公司2025年半年度归属 于上市公司股东净利润的比例为13.65%。剩余未分配利润滚存至下期，本次利润分配不送红股也 不以资本公积金转增股本。 如在本预案披露之日起至实施权益分派股权登记日期间，公司总股本发生变动 ...

广电计量检测集团股份有限公司 2025 年半年度报告 2025 年 8 月 29 日 广电计量检测集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人杨文峰、主管会计工作负责人习星平及会计机构负责人(会计 主管人员)李丽婷声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本年度报告涉及公司未来发展战略和经营计划等前瞻性陈述，不构成公 司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。敬请广大投资者注意投资风险， 理性投资。 公司未来发展战略和经营计划的实现可能面对的风险包括"公司公信力、 品牌和声誉受不利事件影响的风险""政策和行业标准变动风险""市场竞 争加剧的风险""骨干员工流失的风险""业务规模迅速扩大导致的管理风 险"和"资产减值风险"，详细内容见本年度报告"第三节 管理层讨论与分 析"的"十、公司面临的 ...

厦门厦工机械股份有限公司2025 年半年度报告 公司代码：600815 公司简称：厦工股份 厦门厦工机械股份有限公司 2025 年半年度报告 1 / 183 厦门厦工机械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人金中权、主管会计工作负责人黄小芳及会计机构负责人（会计主管人员）黄志 欣声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来战略、计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This report confirms the truthfulness and completeness of the semi-annual report by the board and senior management, highlights major risks and forward-looking statement uncertainties, and declares no profit distribution or irregular financial activities - The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume individual and joint legal liabilities[3](index=3&type=chunk) - The company has thoroughly detailed various operational risks in this report; please refer to "Risk Factors" in Section III "Management Discussion and Analysis"[3](index=3&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report are subject to uncertainties and do not constitute a substantive commitment to investors[5](index=5&type=chunk) - There is no profit distribution plan or capital reserve to share capital increase plan approved by the board of directors for this reporting period[5](index=5&type=chunk) - There is no non-operating occupation of funds by controlling shareholders or other related parties[6](index=6&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including company names, subsidiaries, information security technical terms like privacy protection and zero trust, and abbreviations for laws and organizations, ensuring clear understanding - “Issuer/Xinan Century/Company/The Company” refers to Beijing Xinan Century Technology Co., Ltd[11](index=11&type=chunk) - Lists multiple subsidiary names, including Wuhan Xinan Luojia Technology Co., Ltd., Shenzhen Xinan Century Technology Co., Ltd., Shanghai Xinxuan Information Technology Co., Ltd., Chengdu Xinan Century Technology Co., Ltd., and Beijing Huayao Technology Co., Ltd[11](index=11&type=chunk) - Defines core business domain terms such as information security, identity security, communication security, data security, mobile security, cloud security, and platform security[11](index=11&type=chunk) - Introduces emerging technology concepts like post-quantum cryptography (new generation of cryptographic algorithms resistant to quantum computer attacks), zero trust (a security framework of "never trust, always verify"), and privacy-preserving computation (a collection of technologies for data analysis while protecting data from disclosure)[12](index=12&type=chunk) - The reporting period refers to January-June 2025[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, disclosure channels, and stock overview, presenting key accounting data and financial indicators for H1 2025, showing a **6.70% revenue increase** and a net profit of **RMB 10.37 million** for shareholders - The company's Chinese name is Beijing Xinan Century Technology Co., Ltd., stock abbreviation Xinan Century, stock code **688201**, listed on the STAR Market of the Shanghai Stock Exchange[15](index=15&type=chunk)[18](index=18&type=chunk) - Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | **RMB 198.10 million** | RMB 185.65 million | **6.70** | | Total Profit | **RMB 11.12 million** | -RMB 41.94 million | - | | Net Profit Attributable to Shareholders of Listed Company | **RMB 10.37 million** | -RMB 33.47 million | - | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | **RMB 7.45 million** | -RMB 34.61 million | - | | Net Cash Flow from Operating Activities | **-RMB 18.67 million** | -RMB 69.77 million | - | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | **RMB 1,295.98 million** | RMB 1,284.51 million | **0.89** | | Total Assets (Period-end) | **RMB 1,503.13 million** | RMB 1,514.70 million | **-0.76** | | Basic Earnings Per Share (RMB/share) | **0.0327** | -0.1559 | - | | Diluted Earnings Per Share (RMB/share) | **0.0327** | -0.1559 | - | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | **0.0235** | -0.1613 | - | | Weighted Average Return on Net Assets (%) | **0.80** | -2.46 | - | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | **0.58** | -2.54 | - | | R&D Investment as % of Operating Revenue | **37.55** | 48.38 | Decrease of **10.83 percentage points** | - Total non-recurring gains and losses amounted to **RMB 2.92 million**, primarily comprising government grants of **RMB 2.81 million** and fair value changes in financial assets of **RMB 0.52 million**[21](index=21&type=chunk)[22](index=22&type=chunk) - Net profit after deducting share-based payment impact was **RMB 13.07 million**, compared to **-RMB 26.75 million** in the prior year period[24](index=24&type=chunk) [Section III Management Discussion and Analysis](index=11&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section details the company's industry, main business, operating model, market position, operating results, and core competitiveness, showing a **6.70% revenue increase**, a return to profitability, and continued R&D investment in new products and strategic initiatives [I. Description of Industry and Main Business During the Reporting Period](index=11&type=section&id=I.%20Description%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section describes the company's industry, software and information technology services, specifically the commercial cryptography sub-sector, including policy drivers, technological advancements, and market growth, detailing its four core business categories: cryptographic security, network security, data governance, and classified security, along with maintenance services for proprietary products [(I) Industry Development Overview](index=11&type=section&id=(I)%20Industry%20Development%20Overview) This section outlines the development of the commercial cryptography sub-sector within the software and information technology services industry, emphasizing national policy improvements, the emergence of new technologies like zero trust and post-quantum cryptography, and increased market demand driven by digitalization, all contributing to healthy industry growth - The company operates in the “I65 Software and Information Technology Services Industry,” specifically the commercial cryptography sub-sector of the cybersecurity industry[27](index=27&type=chunk) - National regulations such as the Cybersecurity Law, Data Security Law, and Commercial Cryptography Management Regulations provide top-level design and clear compliance guidance for the cybersecurity market, especially commercial cryptography[27](index=27&type=chunk) - The development of new technologies like zero trust, privacy-preserving computation, data security, and post-quantum cryptography drives security technology innovation, moving the cybersecurity industry into a dynamic active defense phase[27](index=27&type=chunk) - According to IDC forecasts, China's cybersecurity market size is expected to grow from **USD 11 billion** in 2023 to **USD 17.1 billion** in 2028, with a five-year compound annual growth rate of **9.2%**[28](index=28&type=chunk) - Information and data security software is projected to be the largest sub-market in security software, with a five-year compound annual growth rate of **15.5%**[28](index=28&type=chunk) - Government, financial services, and telecommunications remain the top three sectors for cybersecurity spending, with **26.0%**, **17.3%**, and **14.0%** of spending in 2024, respectively[29](index=29&type=chunk) [(II) Main Business and Products](index=12&type=section&id=(II)%20Main%20Business%20and%20Products) This section details the company's core business, centered on cryptographic technology, offering four main product categories: cryptographic security, network security, data governance, and classified security, along with related services. Cryptographic security products include digital certificate authentication and privacy-preserving computation platforms; network security products provide application security gateways; data governance products cover data security posture awareness and data de-identification; and classified security products offer cross-network isolation and terminal security control solutions - The company focuses on cryptographic technology, supported by network security technology, to address information security issues such as identity security, data security, and communication security[30](index=30&type=chunk) - The company's products are categorized into cryptographic security, network security, data governance, and classified security, also providing maintenance services for its proprietary products[31](index=31&type=chunk) - Cryptographic security products include NetCert Digital Certificate Authentication System, NetAuth Unified Identity Authentication Management System, NetPEC Privacy-Preserving Computation Platform, and CCypher-HSM Cloud Server Cryptographic Module, all certified for commercial cryptography and adapted to domestic innovation environments[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Network security products offer NSAE Application Security Gateway, APV Application Delivery System, AG Secure Access Gateway, and ASF Dynamic Application Protection System, aiming to create secure and high-performance dedicated communication spaces[35](index=35&type=chunk)[36](index=36&type=chunk) - The Dsec Data Governance product series utilizes sensitive data identification and protocol parsing technologies to achieve data classification and grading, access control, risk identification, data de-identification, data encryption, and data auditing, including DSecDSA Data Security Posture Awareness Platform and DSecDMS-SDM Static Data De-identification System[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Classified security products provide full lifecycle management for classified media, including "Keyun" CD Security Isolation and Unidirectional Information Import System, "Keyun" Network Security Isolation and Information Exchange System, "Keyun" Centralized Control System, and "Keyun" Data Archiving Blu-ray Array[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) [(III) Main Operating Models](index=23&type=section&id=(III)%20Main%20Operating%20Models) This section describes the company's operating models for information security product R&D, production, sales, and services, including a "frontier technology-driven + business demand-driven" dual-line innovation R&D model, an independent supply chain for hardware, strict quality control in soft-hard integrated machine production, a "vertical industry depth, horizontal regional expansion" matrix sales approach, and professional teams providing standardized and premium security services - The company's main business involves the R&D, production, and sales of information security products, offering security products and solutions, and proprietary product services[46](index=46&type=chunk) - The R&D model adheres to a "frontier technology-driven innovation + business demand-driven innovation" dual-line mechanism, following CMMI L5, TSM, and ISO 9001 standards for full product lifecycle management[47](index=47&type=chunk) - The procurement model primarily involves various hardware equipment and accessories for soft-hard integrated machine products, establishing an independent and complete supply chain system, with procurement plans mainly inventory-alert driven, supplemented by order-driven approaches[48](index=48&type=chunk) - The production model involves installing proprietary software onto hardware devices, implementing full-process quality management, and strictly controlling processes with digital systems to ensure product quality[49](index=49&type=chunk) - The marketing model adopts a "vertical industry depth, horizontal regional expansion" matrix sales approach, establishing a nationwide marketing network[50](index=50&type=chunk) - The solution and delivery model provides standardized and premium security services through product solution centers and service delivery centers established in Beijing headquarters and major regions nationwide[51](index=51&type=chunk)[52](index=52&type=chunk) [(IV) Market Position](index=24&type=section&id=(IV)%20Market%20Position) This section highlights the company's significant market position as a leading security product and solution provider in finance, government, enterprise, and military sectors, recognized for its strong R&D capabilities, deep industry solutions, and overall strength, including CMMI-Level5 certification, numerous patents, and participation in national standard setting - The company is a leading security product and solution provider, serving important sectors such as finance, government, enterprises, and military[53](index=53&type=chunk) - The company has obtained CMMI-Level5 certification, the highest level for software maturity models, and "TSM Trusted R&D Operations Security Capability Maturity Assessment—Enhanced Level"[53](index=53&type=chunk) - During the reporting period, the company obtained **14 software copyrights** and **4 invention patents**, accumulating **341 software copyrights** and **221 patent authorizations** (including **213 invention patents**)[53](index=53&type=chunk) - Company Product Categories in Industry Landscape Maps | Industry Landscape Map | Company Product Categories | Publisher | | :--- | :--- | :--- | | "Digital Security Escort Technology Capability Landscape Map (Third Edition)" | **15 major categories, 79 sub-categories** | China Academy of Information and Communications Technology | | "2025 Financial Quantum Security Migration and Collaborative Ecosystem Landscape Map" | **9 major categories** | Gold Card Institute | | "2025 Cybersecurity Industry Map" | **6 major categories, 26 sub-fields** | Hacking Research Institute | | "China Cybersecurity Industry Landscape Map (12th Edition)" | **7 major fields, 13 sub-fields** | Anquanniu | - The company received the Anquanniu "2025 Data Circulation Security Technology Application Guide" Excellent Case Award for its "Financial Holding Group Data Security Circulation and Joint Application Solution" and the Hacking Research Institute's "2025 China Cybersecurity Financial Industry Excellent Solution" Award for its "Privacy-Preserving Computation Solution"[53](index=53&type=chunk) - The company was selected among the **2025 China Data Security Top 50** and **2025 New Quality China Digital Security Top 100** by Data Security Consulting, also earning the title of "Leader in Comprehensive Fields"[54](index=54&type=chunk) - The company leads or participates in the development of **33 national and industry technical standards** and contributed to the compilation of "Security Control Technologies and Applications in Low-Altitude Intelligent Network Environments (2025 Edition)," "Post-Quantum Cryptography Security Capability Building Technical Guide (2025 Edition)," and "2025 Data Circulation Security Technology Application Guide"[55](index=55&type=chunk) [II. Discussion and Analysis of Operating Performance](index=25&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company achieved **RMB 198.10 million** in operating revenue, a **6.70% year-on-year increase**, and successfully returned to profitability by deepening traditional advantageous industries and expanding into emerging sectors, while continuously focusing on cryptographic and network security research, launching two new products, and actively promoting domestic innovation and post-quantum cryptography R&D - In H1 2025, the company achieved operating revenue of **RMB 198.10 million**, a **6.70% year-on-year increase**[56](index=56&type=chunk) - Net profit attributable to owners of the parent company was **RMB 10.37 million**, and net profit attributable to the parent company after deducting non-recurring gains and losses was **RMB 7.45 million**, achieving a turnaround from loss to profit[56](index=56&type=chunk) - H1 2025 Revenue by Industry | Industry | Revenue (million RMB) | YoY Growth (%) | Main Reasons | | :--- | :--- | :--- | :--- | | Government Sector | **70.19** | **22.23** | Increased demand from military, medical, and aviation sectors | | Enterprise Sector | **47.58** | **3.72** | Increased procurement demand from information technology software and business services clients | | Financial Sector | **80.33** | **-2.46** | Procurement recovered somewhat, with a significant reduction in decline | - During the reporting period, the company launched two new products: Dynamic Application Protection System (ASF-Dynamic Protection) and Cryptographic Application Supervision Platform (CASP)[57](index=57&type=chunk) - Nearly **25 domestic innovation products** passed industry product certifications during the reporting period, with company products adapted to various domestic operating systems and database software[57](index=57&type=chunk) - The company led or participated in the compilation of **3 national standards**, including "Information Security Technology Zero Trust Reference Architecture," and **30 industry standards**, including "Blockchain Consensus Mechanism Little Elephant Technical Specification"[58](index=58&type=chunk) - The company actively promotes research, migration, and industry implementation of post-quantum cryptographic algorithms, with multiple core products supporting post-quantum cryptographic algorithms, and is deeply involved in the compilation of the "Post-Quantum Cryptography Security Capability Building Technical Guide (2025 Edition)"[58](index=58&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=26&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) This section analyzes the company's six core competencies: R&D foresight, product development, solution and delivery, customer resources, talent, and management, which collectively strengthen its leading position in the information security industry through continuous innovation, a robust R&D system, a nationwide service network, a high-quality customer base, experienced talent, and a scientific management system [(I) Core Competitiveness Analysis](index=26&type=section&id=(I)%20Core%20Competitiveness%20Analysis) This section outlines the company's six core competencies in information security, including R&D foresight centered on the Information Security Research Institute, product development driven by a dual-line innovation mechanism, a nationwide solution and delivery network, high-quality customer resources in finance and government, an experienced talent team, and a scientific and efficient management system, all supporting the company's high-quality development - The company adheres to the development strategy of "technology as the foundation, innovation as the path to growth," with the Information Security Research Institute as the core, continuously conducting multi-faceted fundamental, forward-looking, and innovative research in cybersecurity technology[59](index=59&type=chunk) - The company maintains a dual-line innovation mechanism of "frontier technology-driven innovation" and "business demand-driven innovation," continuously launching new products and solutions[59](index=59&type=chunk) - The company has established marketing and service organizations in **seven major regions and twenty-seven provinces and cities nationwide**, forming a comprehensive service network that provides professional standardized security services[59](index=59&type=chunk) - The company has long cultivated the information security industry, accumulating a large number of high-quality customer resources in finance, government, operators, and military sectors, forming long-term, stable cooperative relationships[61](index=61&type=chunk) - Over **50%** of the company's R&D and technical personnel have **over 10 years of industry experience**, enabling them to develop products that meet technological development requirements and address customer pain points[61](index=61&type=chunk) - By learning from advanced international and domestic management system concepts, the company has established a scientific management system, demonstrating advantages in efficient operation and standardized management[61](index=61&type=chunk) [(II) Events Seriously Affecting Core Competitiveness, Impact Analysis, and Countermeasures During the Reporting Period](index=27&type=section&id=(II)%20Events%20Seriously%20Affecting%20Core%20Competitiveness%2C%20Impact%20Analysis%2C%20and%20Countermeasures%20During%20the%20Reporting%20Period) No events occurred during the reporting period that seriously affected the company's core competitiveness - No events occurred during the reporting period that seriously affected the company's core competitiveness[62](index=62&type=chunk) [(III) Core Technologies and R&D Progress](index=27&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's advanced core technologies in the cryptography industry, including **22 independently developed technologies** such as network key secure derivation and collaborative signature, AI-based user behavior analysis, and post-quantum cryptography application. During the reporting period, the company increased R&D investment, obtained multiple invention patents and software copyrights, capitalized eligible R&D projects, and disclosed ongoing project progress and objectives - The company possesses relatively strong technological and R&D advantages in the cryptography industry, with **22 independently developed core technologies**, including network key secure derivation and collaborative signature technology, AI-based user behavior analysis and authentication technology, post-quantum cryptography application technology, and classified media identification and classification technology[62](index=62&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - During the reporting period, the company applied for **10 invention patents** and obtained **3 invention patents**; applied for **9 software copyrights** and obtained **14 software copyrights**[66](index=66&type=chunk) - Intellectual Property List During the Reporting Period | | New Applications This Period (units) | New Acquisitions This Period (units) | Cumulative Applications (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | **10** | **3** | **307** | **213** | | Utility Model Patents | **0** | **-5** | **8** | **2** | | Design Patents | **0** | **-7** | **14** | **6** | | Software Copyrights | **9** | **14** | **345** | **341** | | Others | **2** | **-4** | **155** | **90** | | Total | **21** | **1** | **829** | **652** | - R&D Investment Overview | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | **40,532,167.14** | 89,820,537.32 | **-54.87** | | Capitalized R&D Investment | **33,854,361.56** | 0 | **100.00** | | Total R&D Investment | **74,386,528.70** | 89,820,537.32 | **-17.18** | | R&D Investment as % of Operating Revenue | **37.55** | 48.38 | Decrease of **10.83 percentage points** | | Capitalization Ratio of R&D Investment (%) | **45.51** | 0 | Increase of **45.51 percentage points** | - During this reporting period, eligible R&D projects were capitalized, which is reasonable as these projects underwent thorough evaluation, possess sufficient technical and financial resources, and are expected to complete product development and achieve stable sales in the future[68](index=68&type=chunk) - Ongoing R&D Projects (Partial) | No. | Project Name | Estimated Total Investment (million RMB) | Amount Invested This Period (million RMB) | Progress or Interim Results | Target Objectives | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Commercial Cryptography Product Upgrade Project | **40.00** | **6.14** | Completed iteration of some cryptographic product versions, adapted to domestic operating systems, databases, and middleware in the new national testing list | Enhance robustness and security of existing cryptographic products, optimize functions and performance, and adapt to more cryptographic application scenarios | | 2 | Data Security Technology Research and Development Project | **24.00** | **3.91** | Completed risk analysis for data in circulation protection and reduction of data leakage, completed research on integrated data security technologies and privacy-preserving computation technologies | Achieve data security protection in more scenarios, expand and upgrade existing data security products, and adapt and improve performance on domestic platforms | | 3 | Network Security Product Intelligent Upgrade Project | **150.00** | **24.35** | Updated CPU scheduling algorithms for network security products, achieved precise traffic identification and efficient offloading, researched high-speed forwarding frameworks | Enhance the intelligence of existing network security products and the efficiency and flexibility of their architecture, improve overall throughput and other performance indicators under domestic innovation platforms | | 4 | Post-Quantum Cryptography Algorithm Product Development Project | **45.00** | **6.88** | Completed iteration of foreign algorithm implementation and product application versions, currently conducting verification and performance improvement based on domestic post-quantum algorithms | Develop post-quantum domestic algorithm cryptographic products and an agile scheduling management platform for post-quantum migration | | 5 | Emerging Field Key Management System Application Integration Development Project | **36.00** | **5.51** | Provides specialized, platform-based, and service-oriented cryptographic management services for emerging industries such as connected vehicles and drones | Achieve new key management system upgrades, dynamic identification, flexible deployment methods, and support for multiple business scenarios | | 6 | Cloud Tenant Cryptographic Security Protection Product Development | **40.00** | **5.72** | Currently completed development and iteration of some products for security protection technologies under domestic cloud computing technology stacks | Combine existing cloud cryptographic service platforms and cryptographic application mirror products with virtualization, microservices, cloud-native, and other technologies to enhance elastic scalability, tenant isolation, and service capabilities | | 7 | Keyun Security Isolation and Unidirectional Information Import System | **25.00** | **2.40** | Completed 10 Gigabit equipment performance enhancement, adopted PF_RING architecture, achieving innovative design of ring buffer + zero-copy + custom driver | Completed development of desktop unidirectional devices, enriched cross-network application scenarios, and obtained national secrecy bureau product certification | | 8 | Keyun Centralized Printing System | **25.00** | **3.02** | Completed the National Secrecy Bureau's "Unveiling and Leading" project, including competitive development of self-service recycling cabinets and enhanced CD burning, with the recycling cabinet ranking first in function and performance evaluation | Completed development of classified marking, self-supervision platform, and other products, passed secrecy bureau product certification, and expanded solution coverage in classified fields | | 9 | Keyun Data Archiving System | **12.00** | **1.05** | Completed integration with different file systems and business systems, forming solutions in hospitals and banks; completed compliance checks for archived data | Utilize large model capabilities to enhance analysis and utilization of archived data, creating value from long-term stored data | - R&D Personnel Overview | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | **434** | 448 | | R&D Personnel as % of Total Company Personnel | **46.17** | 46.80 | | Total R&D Personnel Compensation (million RMB) | **60.41** | 71.98 | | Average R&D Personnel Compensation (million RMB) | **0.1392** | 0.1607 | | **Education Level** | | | | PhD | **2** | | | Master's | **49** | | | Bachelor's | **332** | | | Junior College and Below | **51** | | | **Age Structure** | | | | Under 30 years old | **225** | | | 30-40 years old (excluding 40) | **162** | | | 40-50 years old (excluding 50) | **43** | | | 50-60 years old (excluding 60) | **4** | | | 60 years old and above | **0** | | [IV. Risk Factors](index=34&type=section&id=IV.%20Risk%20Factors) This section identifies four main categories of risks faced by the company: core competitiveness risks (product iteration, talent loss), operational risks (poor management, decision errors), financial risks (cash flow, goodwill impairment), and industry risks (external environment changes), emphasizing potential impacts from macroeconomic shifts - Core competitiveness risks include the risk of product iteration failing to adapt to market development needs and the risk of core technical personnel loss and technology leakage[76](index=76&type=chunk)[77](index=77&type=chunk) - Operational risks primarily stem from imperfect company management structure, internal controls, organizational models, or decision-making errors, which could adversely affect operations and sustained profitability[78](index=78&type=chunk) - Financial risks include the seasonal characteristics of sales revenue and collections, which may increase working capital turnover pressure, and the potential for goodwill impairment if future operations do not meet expectations after acquisitions[79](index=79&type=chunk) - Industry risks refer to significant changes in external factors such as the global information security landscape, national policies, and new technology development directions, which could lead to the information security industry's development falling short of expectations[80](index=80&type=chunk) - Macroeconomic environment risks include changes in international political and economic situations or national tax or support policies that could impact the company's development[81](index=81&type=chunk) [V. Key Operating Performance During the Reporting Period](index=35&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section summarizes the company's key operating results for the reporting period, including a **6.70% increase in operating revenue** and a return to profitability, analyzing changes in financial statement items such as increased operating costs, decreased selling and administrative expenses due to structural optimization, and a significant reduction in R&D expenses due to capitalization, along with an analysis of asset and liability changes - The company achieved operating revenue of **RMB 198.10 million**, a **6.70% year-on-year increase**; net profit attributable to shareholders of the listed company was **RMB 10.37 million**, a **130.97% year-on-year increase**, achieving a turnaround from loss to profit[82](index=82&type=chunk) - Financial Statement Item Change Analysis | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | **198,096,780.19** | 185,653,960.67 | **6.70** | Increased demand for security products from government and enterprises | | Operating Cost | **64,701,028.30** | 53,753,290.61 | **20.37** | Operating revenue growth, slight decrease in gross margin for military sector | | Selling Expenses | **52,516,395.88** | 56,637,880.53 | **-7.28** | Structural optimization completed in 2024, reduction in employee numbers | | Administrative Expenses | **25,387,657.92** | 32,742,609.15 | **-22.46** | Structural optimization completed in 2024, reduction in employee numbers | | R&D Expenses | **40,532,167.14** | 89,820,537.32 | **-54.87** | Reduction in R&D employee numbers; some R&D projects met capitalization conditions | | Net Cash Flow from Operating Activities | **-18,669,628.93** | -69,774,970.98 | - | Slight year-on-year increase in sales collections, decrease in procurement expenditures, year-on-year decrease in employee compensation | | Net Cash Flow from Investing Activities | **-28,556,231.42** | -7,329,313.05 | - | Due to capitalization expenditures for R&D expenses in this period | | Net Cash Flow from Financing Activities | **-2,645,594.29** | -12,427,338.91 | - | Company repurchased shares in the prior year period, no such expenditure this year | - Asset and Liability Status Change Analysis | Item Name | Period-end Amount (RMB) | Prior Year-end Amount (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | **68,239,199.91** | 117,867,081.52 | **-42.10** | Seasonal sales collections led to higher monetary funds at prior year-end | | Notes Receivable | **4,798,291.60** | 7,053,022.70 | **-31.97** | Bills received at prior year-end were accepted in this reporting period | | Development Expenditures | **33,854,361.56** | 0 | **100.00** | R&D expenses began to be capitalized in this reporting period | | Employee Compensation Payable | **33,627,036.49** | 47,874,337.84 | **-29.76** | Structural adjustment completed in 2024, reduction in employee numbers | | Taxes Payable | **15,107,209.26** | 26,450,086.20 | **-42.88** | Accrued but unpaid VAT and income tax at current period-end were less than at prior year-end | - As of the end of the reporting period, the company's main restricted assets included other monetary funds of **RMB 1,894,114.47** (performance bond), bank deposits of **RMB 1,003,200.00** (litigation freeze), and bank deposits of **RMB 1,926,672.52** (during information change period), totaling **RMB 4,823,986.99**[89](index=89&type=chunk) - Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss This Period (RMB) | Purchases This Period (RMB) | Sales/Redemptions This Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Others | **38,394,827.59** | **282,535.64** | **61,000,000.00** | **59,894,380.17** | **39,782,983.06** | | Total | **38,394,827.59** | **282,535.64** | **61,000,000.00** | **59,894,380.17** | **39,782,983.06** | - Key Holding and Invested Companies (Partial) | Company Name | Company Type | Main Business | Registered Capital (million RMB) | Operating Revenue (million RMB) | Net Profit (million RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuhan Xinan Luojia Technology Co., Ltd. | Subsidiary | Cryptographic product R&D, sales in Central China | **30.00** | **15.78** | **-1.08** | | Shenzhen Xinan Century Technology Co., Ltd. | Subsidiary | Sales, technical support in South China | **10.00** | **9.97** | **-0.96** | | Shanghai Xinxuan Information Technology Co., Ltd. | Subsidiary | Sales, technical support in East China | **10.00** | **15.33** | **-1.44** | | Chengdu Xinan Century Technology Co., Ltd. | Subsidiary | Sales, technical support in Southwest China | **10.00** | **6.55** | **-0.90** | | Beijing Huayao Technology Co., Ltd. | Subsidiary | Network security product R&D, business expansion | **40.76** | **22.78** | **0.00** | | Xi'an Haoxin Technology Co., Ltd. | Subsidiary | Platform product R&D, sales in Northwest China | **10.00** | **2.37** | **-4.84** | | Beijing Pushidai Technology Co., Ltd. | Subsidiary | Classified security product R&D and production, military sales | **13.30** | **54.44** | **8.76** | - During the reporting period, Shenyang Xinan Century Technology Co., Ltd. was newly established, and Chongqing Xinan Century Technology Co., Ltd. was deregistered, both without significant impact[93](index=93&type=chunk) [VI. Other Disclosures](index=40&type=section&id=VI.%20Other%20Disclosures) No other significant matters were disclosed in this section - No other disclosure matters[93](index=93&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=41&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section primarily discloses corporate governance information, including changes in directors, senior management, and core technical personnel, as well as semi-annual profit distribution or capital reserve to share capital increase plans. During the reporting period, the company had no profit distribution or capital increase plans, nor any progress on equity incentives, employee stock ownership plans, or other employee incentive measures - Changes in the company's directors, senior management, and core technical personnel: None[95](index=95&type=chunk) - Semi-annual proposed profit distribution plan, capital reserve to share capital increase plan: No, the number of bonus shares, dividends, and capital increase shares per 10 shares is **0**[95](index=95&type=chunk) - Relevant equity incentive matters have been disclosed in temporary announcements, with no subsequent progress or changes in implementation[96](index=96&type=chunk) - The company is not included in the list of enterprises required to disclose environmental information by law[96](index=96&type=chunk) - No specific details on consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work[96](index=96&type=chunk) [Section V Significant Matters](index=42&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of various commitments by the company and its related parties during or continuing into the reporting period, including those related to major asset restructuring, initial public offering, refinancing, and equity incentives, also explaining the overall progress of raised funds utilization. During the reporting period, all company commitments were strictly fulfilled, with an overall raised funds investment progress of **100.57%** - All commitments made by the company's actual controllers, shareholders, related parties, acquirers, and the company itself, during or continuing into the reporting period, were strictly fulfilled[98](index=98&type=chunk) - Commitment types include: ensuring information truthfulness, administrative penalties/litigation/arbitration and integrity status, legal establishment and valid existence with subject qualifications, measures to fill immediate returns, guaranteeing the truthfulness, accuracy, and completeness of report content, maintaining the independence of the listed company, avoiding horizontal competition, resolving related party transactions, share lock-up, performance compensation guarantee measures, clear asset ownership, regulating non-operating fund occupation, amending Pushidai Technology's articles of association, not being a private equity fund, valid existence and subject qualifications, unpaid capital contributions, bearing losses from leased property defects, paid-in capital contribution obligations, stabilizing share price, share repurchase due to fraudulent issuance, measures to fill diluted immediate returns, subscription intentions and reductions for convertible bonds issued to unspecified objects, not affecting or interfering with review and registration procedures, not providing loans to incentive recipients, equity incentive recipients guaranteeing information truthfulness, voluntary lock-up, etc[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - No non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[150](index=150&type=chunk) - No irregular guarantees during the reporting period[150](index=150&type=chunk) - Overall Use of Raised Funds | Source of Raised Funds | Date of Receipt | Total Raised Funds (million RMB) | Net Raised Funds (million RMB) | Cumulative Investment of Raised Funds as of Period-end (million RMB) | Overall Investment Progress of Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | April 15, 2021 | **623.49** | **561.76** | **564.98** | **100.57** | - Detailed Use of Raised Investment Projects | Project Name | Planned Investment of Raised Funds (million RMB) | Cumulative Investment of Raised Funds as of Period-end (million RMB) | Investment Progress (%) | Benefits Achieved This Year (million RMB) | | :--- | :--- | :--- | :--- | :--- | | Information Security Product Upgrade Project | **240.27** | **241.12** | **100.35** | **18.23** | | Next-Generation Security Product R&D Project | **99.85** | **103.41** | **103.57** | **3.45** | | Technology R&D Project for Emerging Fields | **103.29** | **101.57** | **98.34** | **0** | | Integrated Operations Service Center Construction Project | **118.36** | **118.88** | **100.44** | **0** | | Total | **561.76** | **564.98** | / | **21.68** | - The feasibility of raised fund investment projects has not undergone significant changes[157](index=157&type=chunk) - No changes or terminations of raised investment projects, no temporary use of idle raised funds to supplement working capital, and no cash management of idle raised funds during the reporting period[158](index=158&type=chunk) - No significant litigation or arbitration matters during the reporting period[150](index=150&type=chunk) [Section VI Share Changes and Shareholder Information](index=70&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section discloses the company's share capital changes and shareholder information during the reporting period, with no changes in total ordinary shares or capital structure. As of the end of the reporting period, the company had **14,576 ordinary shareholders**, with Li Wei, Wang Yixin, and Ding Chun acting in concert, holding a combined **41.70%** of shares among the top ten shareholders - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[160](index=160&type=chunk) - As of the end of the reporting period, the total number of ordinary shareholders was **14,576**[161](index=161&type=chunk) - Top Ten Shareholders' Shareholdings as of Period-end | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Li Wei | **75,857,933** | **23.92** | Domestic Natural Person | | Wang Yixin | **28,203,590** | **8.89** | Domestic Natural Person | | Ding Chun | **28,203,590** | **8.89** | Domestic Natural Person | | Ningbo Hengshishun'an Enterprise Management Partnership (Limited Partnership) | **15,829,214** | **4.99** | Other | | Mao Handong | **10,704,864** | **3.38** | Domestic Natural Person | | Caitong Innovation Investment Co., Ltd. | **4,553,330** | **1.44** | State-owned Legal Person | | Miao Jiajia | **3,142,941** | **0.99** | Domestic Natural Person | | Bank of China Co., Ltd. - Huashang Selected Return Mixed Securities Investment Fund | **2,289,295** | **0.72** | Other | | Beijing Xinan Century Technology Co., Ltd. Repurchase Special Securities Account | **2,195,000** | **0.69** | Other | | Ningbo Tongshun Information Technology Consulting Partnership (Limited Partnership) | **1,669,411** | **0.53** | Other | - Li Wei, Ding Chun, and Wang Yixin are parties acting in concert[165](index=165&type=chunk) - Top Ten Shareholders with Restricted Shares and Restriction Conditions | No. | Shareholder with Restricted Shares Name | Number of Restricted Shares Held (shares) | Tradable Date | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Mao Handong | **10,704,864** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | | 2 | Miao Jiajia | **3,142,941** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | | 3 | Beijing Pushizongheng Enterprise Management Consulting Partnership (Limited Partnership) | **420,680** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | | 4 | Beijing Pushiren Enterprise Management Consulting Partnership (Limited Partnership) | **354,578** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | - Director and core technical personnel Zhang Qingyong held **117,616 restricted shares** at period-end, and core technical personnel Hu Jin held **95,712 restricted shares** at period-end[169](index=169&type=chunk) [Section VII Bond-Related Information](index=74&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[172](index=172&type=chunk) - The company has no convertible corporate bonds[172](index=172&type=chunk) [Section VIII Financial Report](index=75&type=section&id=Section%20VIII%20Financial%20Report) This section contains the company's unaudited financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements, along with detailed notes to the financial statements. During the reporting period, the company maintained a stable financial position, significantly improved operating cash flow, and saw R&D capitalization impact its asset structure [I. Audit Report](index=75&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=75&type=section&id=II.%20Financial%20Statements) 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 H1 2025, showing a return to profitability but continued cash flow pressure, with R&D capitalization impacting asset structure - Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | **1,503,132,459.55** | | Total Liabilities | **179,351,274.55** | | Total Equity Attributable to Owners of the Parent Company | **1,295,976,405.72** | - Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | **198,096,780.19** | | Total Profit | **11,116,636.60** | | Net Profit Attributable to Owners of the Parent Company | **10,367,719.94** | | Basic Earnings Per Share (RMB/share) | **0.0327** | - Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | **-18,669,628.93** | | Net Cash Flow from Investing Activities | **-28,556,231.42** | | Net Cash Flow from Financing Activities | **-2,645,594.29** | | Net Increase in Cash and Cash Equivalents | **-49,872,976.97** | - Key Parent Company Income Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Operating Revenue | **121,636,960.56** | | Net Profit | **16,623,329.82** | [III. Company Overview](index=96&type=section&id=III.%20Company%20Overview) This section outlines Beijing Xinan Century Technology Co., Ltd.'s establishment, share capital changes, and main operations, detailing its evolution since 2001 through multiple capital increases and acquisitions to a registered capital of **RMB 317.15 million**, focusing on developing and selling information security products and solutions to address identity, transmission, and data security issues in network environments - Beijing Xinan Century Technology Co., Ltd. was registered and established on August 31, 2001, at the Haidian Branch of the Beijing Administration for Industry and Commerce[207](index=207&type=chunk) - On March 23, 2021, the company's registered capital changed to **RMB 93,127,756.00** following its initial public offering[207](index=207&type=chunk) - On May 10, 2023, the company acquired **80.00%** equity of Beijing Pushidai Technology Co., Ltd. by issuing **6,675,978 shares**, changing its registered capital to **RMB 144,505,056.00**[209](index=209&type=chunk) - After multiple capital reserve to share capital increases and equity incentive capital injections, the company's registered capital changed to **RMB 317,153,816.00** on May 16, 2024[211](index=211&type=chunk) - The company's main business activities involve the development and sales of application security products, services, and solutions centered on information security, aiming to resolve identity security, transmission security, and data security issues in network environments[211](index=211&type=chunk) [IV. Basis of Financial Statement Preparation](index=97&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, and an assessment of its ability to continue as a going concern for the next 12 months found no issues, thus deeming the going concern basis reasonable - The company's financial statements are prepared on a going concern basis[212](index=212&type=chunk) - The company assessed its ability to continue as a going concern for the 12 months from the end of the reporting period, finding no matters affecting its going concern ability, thus deeming the preparation of financial statements on a going concern basis reasonable[213](index=213&type=chunk) [V. Significant Accounting Policies and Estimates](index=97&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and various significant accounting policies and estimates, including business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[215](index=215&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a normal operating cycle of one year[216](index=216&type=chunk)[217](index=217&type=chunk) - Materiality criteria: Significant individually impaired receivables are those with a single amount greater than **RMB 5 million**; significant associates or joint ventures are those where the carrying amount of long-term equity investments reaches **1%** or more of total consolidated assets, or equity method investment income accounts for **5%** or more of consolidated net profit[219](index=219&type=chunk)[220](index=220&type=chunk) - Financial assets are measured at fair value upon initial recognition, with subsequent measurement depending on their classification: at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[265](index=265&type=chunk) - Inventories are accounted for using the first-in, first-out method for issuance, specific identification method for materials purchased for specific projects, and specific identification method for finished goods issuance; a full impairment provision is made for raw materials and finished goods with an inventory age of **3 years or more** (inclusive)[311](index=311&type=chunk)[319](index=319&type=chunk) - Development stage expenditures can only be recognized as intangible assets if they simultaneously meet conditions such as technical feasibility, intention to use or sell, ability to generate economic benefits, availability of sufficient technical/financial resources, and reliable measurement of expenditures[347](index=347&type=chunk) - Revenue recognition: Revenue is recognized when the customer obtains control of the related goods, distinguishing between product sales revenue (recognized upon customer receipt for products not requiring installation/debugging, or upon acceptance for those that do) and technical service revenue (consulting services recognized upon acceptance, system operation and maintenance services recognized based on performance progress, and software development services recognized upon acceptance report)[379](index=379&type=chunk)[385](index=385&type=chunk)[386](index=386&type=chunk)[387](index=387&type=chunk) - Government grants: Asset-related grants are recognized as deferred income and amortized into profit or loss over the useful life of the related asset; income-related grants are directly recognized in profit or loss or as deferred income and amortized into profit or loss over periods[396](index=396&type=chunk)[397](index=397&type=chunk) - Lease accounting treatment: As a lessee, simplified treatment is applied to short-term leases and leases of low-value assets, while other leases recognize right-of-use assets and lease liabilities; as a lessor, leases that substantially transfer all risks and rewards of ownership of the leased asset are classified as finance leases, and all others as operating leases[416](index=416&type=chunk)[422](index=422&type=chunk) [VI. Taxation](index=138&type=section&id=VI.%20Taxation) This section discloses the company's and its subsidiaries' main tax types and rates, including VAT, corporate income tax, and property tax, detailing tax incentives such as VAT immediate refund for software products and preferential corporate income tax rates for high-tech enterprises or small low-profit enterprises - Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Amount | **1%**, **3%**, **6%**, **9%**, **13%** | | Corporate Income Tax | Taxable Income | **15%** | | Property Tax | Taxable Residual Value of Property | **1.2%** | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | **5%**, **7%** | | Education Surcharge | Actual Paid Turnover Tax Amount | **3%** | | Local Education Surcharge | Actual Paid Turnover Tax Amount | **2%** | - Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Wuhan Xinan Luojia Technology Co., Ltd. | **20** | | Shenzhen Xinan Century Technology Co., Ltd. | **20** | | Shanghai Xinxuan Information Technology Co., Ltd. | **20** | | Chengdu Xinan Century Technology Co., Ltd. | **20** | | Xi'an Haoxin Technology Co., Ltd. | **20** | | Beijing Xinan Hengtai Technology Co., Ltd. | **20** | | Zhengzhou Haoxin Technology Co., Ltd. | **20** | | Pushidai (Nanjing) Intelligent Technology Co., Ltd. | **12.5** | | Changsha Pushidai Xinan Technology Co., Ltd. | **20** | - The company and its subsidiaries Wuhan Xinan, Shanghai Xinxuan, Shenzhen Xinan, Chengdu Xinan, Huayao Technology, Pushidai Technology, and Nanjing Pushidai enjoy the VAT immediate refund policy for software products where the actual tax burden exceeds **3%**[428](index=428&type=chunk) - The company, Huayao Technology, and Pushidai Technology are recognized as high-tech enterprises, applying a **15%** corporate income tax rate during the reporting period[429](index=429&type=chunk) - Wuhan Xinan, Shenzhen Xinan, Shanghai Xinxuan, Chengdu Xinan, Xi'an Haoxin, Xinan Hengtai, Zhengzhou Haoxin, Changsha Pushidai, and Shenyang Xinan meet the criteria for small low-profit enterprises, enjoying a corporate income tax rate of **20%** reduced by **25%**, resulting in an actual preferential tax rate of **5%**[430](index=430&type=chunk)[431](index=431&type=chunk) - Nanjing Pushidai simultaneously qualifies for preferential corporate income tax treatment as a software production enterprise and an integrated circuit production enterprise, allowing it to choose the policy of collecting corporate income tax at **25%** of the statutory rate, reduced by half[430](index=430&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=140&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, including assets, liabilities, equity, revenue, and expenses, with period-end and beginning balances, current period changes, and explanations, focusing on monetary funds, notes and accounts receivable, inventories, fixed assets, intangible assets, goodwill, employee compensation payable, taxes payable, contract liabilities, deferred income tax assets/liabilities, operating revenue and costs, R&D expenses, other income, investment income, credit impairment losses, and asset impairment losses - Monetary Funds | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | **8,943.69** | 9,043.69 | | Bank Deposits | **66,257,486.79** | 115,436,451.82 | | Other Monetary Funds | **1,972,769.43** | 2,421,586.01 | | Total | **68,239,199.91** | 117,867,081.52 | - Monetary funds at period-end decreased by **42.10%** compared to the beginning of the period, primarily due to seasonal sales collections resulting in higher monetary funds at the prior year-end[87](index=87&type=chunk)[140](index=140&type=chunk) - Trading Financial Assets | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value Through Profit or Loss | **39,782,983.06** | 38,394,827.59 | | Including: Bank Wealth Management Products - Investment Cost | **39,305,620.00** | 38,200,000.17 | | Bank Wealth Management Products - Fair Value Change Gain/Loss | **477,363.06** | 194,827.42 | | Total | **39,782,983.06** | 38,394,827.59 | - Notes Receivable by Category | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | **1,026,948.77** | 3,343,891.05 | | Commercial Acceptance Bills | **3,771,342.83** | 3,709,131.65 | | Total | **4,798,291.60** | 7,053,022.70 | - Notes receivable at period-end decreased by **31.97%** compared to the beginning of the period, primarily because bills received at the prior year-end were accepted in this reporting period[87](index=87&type=chunk)[141](index=141&type=chunk) - Accounts Receivable by Age | Age | Period-end Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | **295,358,740.31** | 269,080,173.79 | | 1 to 2 years | **87,307,355.83** | 88,482,574.98 | | 2 to 3 years | **69,280,328.24** | 68,684,713.01 | | 3 to 4 years | **21,524,362.61** | 25,877,075.90 | | 4 to 5 years | **6,423,015.88** | 5,856,898.81 | | Over 5 years | **15,655,315.77** | 15,516,058.44 | | Total | **495,549,118.64** | 473,497,494.93 | - Inventory Classification | Item | Period-end Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | **17,621,713.12** | 22,294,496.08 | | Work in Progress | **1,449,853.04** | 867,604.63 | | Finished Goods | **62,409,857.95** | 65,107,178.22 | | Goods in Transit | **27,607,067.22** | 23,710,802.02 | | Project Costs | **6,497,929.61** | 3,282,198.20 | | Consigned Processing Materials | **2,167,999.64** | 1,167,895.09 | | Total | **117,754,420.58** | 116,430,174.24 | - Fixed Assets | Item | Period-end Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | **414,277,118.93** | 420,480,512.48 | | Machinery and Equipment | **80,603.45** | 85,344.83 | | Production Equipment | **97,566.40** | 103,539.85 | | Transportation Vehicles | **349,325.01** | 367,873.23 | | Electronic Equipment | **31,280,241.00** | 37,667,146.28 | | Office Furniture | **946,959.68** | 1,133,582.32 | | Total | **447,031,814.47** | 459,837,998.99 | - The book value of the company's Xisanqi Science and Technology Park T2 office building is **RMB 370,824,649.46**, for which property certificates have not yet been processed, with relevant departments currently reviewing the application[163](index=163&type=chunk) - Goodwill Original Book Value | Name of Investee or Goodwill-Generating Event | Beginning Balance (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | | Huayao Technology | **58,606,813.53** | 58,606,813.53 | | Xinan Luojia | **23,207,615.06** | 23,207,615.06 | | Shenzhou Rongxin (NetAuth Business-Related Asset Group) | **1,197,058.06** | 1,197,058.06 | | Pushidai Technology | **189,873,906.55** | 189,873,906.55 | | Total | **272,885,393.20** | 272,885,393.20 | - Employee Compensation Payable | Item | Beginning Balance (RMB) | Increase This Period (RMB) | Decrease This Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | **44,860,728.26** | 113,380,359.29 | 126,421,142.92 | **31,819,944.63** | | II. Post-employment Benefits - Defined Contribution Plans | **1,796,615.03** | 14,941,117.88 | 14,977,915.05 | **1,759,817.86** | | III. Termination Benefits | **1,216,994.55** | 852,504.00 | 2,022,224.55 | **47,274.00** | | Total | **47,874,337.84** | 129,173,981.17 | 143,421,282.52 | **33,627,036.49** | - Employee compensation payable at period-end decreased by **29.76%** compared to the beginning of the period, primarily due to structural adjustments completed in 2024 and a reduction in employee numbers[87](index=87&type=chunk)[172](index=172&type=chunk) - Taxes Payable | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Value-Added Tax | **2,281,415.07** | 6,174,871.12 | | Corporate Income Tax | **0** | 6,316,663.74 | | Individual Income Tax | **126,748.60** | 462,007.31 | | Urban Maintenance and Construction Tax | **406,644.79** | 853,342.82 | | Education Surcharge | **299,845.75** | 640,532.60 | | Stamp Duty | **48,529.98** | 61,381.39 | | Deed Tax | **11,885,951.73** | 11,885,951.73 | | Property Tax | **33,653.70** | 30,915.85 | | Urban Land Use Tax | **2,749.70** | 2,749.70 | | Disability Security Fund | **21,669.94** | 21,669.94 | | Total | **15,107,209.26** | 26,450,086.20 | - Taxes payable at period-end decreased by **42.88%** compared to the beginning of the period, primarily because accrued but unpaid VAT and income tax at the current period-end were less than at the prior year-end[87](index=87&type=chunk)[173](index=173&type=chunk) - Operating Revenue and Operating Costs | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | **197,612,226.05** | **64,567,858.08** |

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