[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, a comprehensive report index, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and senior management guarantee the semi-annual report's accuracy, with no plans for cash dividends or bonus shares - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's nine main chapters and their starting page numbers, providing quick navigation for investors [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, business types, and financial units, ensuring clear understanding [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's fundamental information and presents key financial performance indicators for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic information about Wanda Film, including stock details, company names, and legal representative, confirming its listing on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Wanda Film | | Stock Code | 002739 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Wanda Film Holding Co., Ltd. | | Company's Legal Representative | Chen Xi | [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's board secretaries, including address, phone, and email, for investor communication Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wang Huiwu, Peng Tao | CN02 Building, Laijin Cultural and Creative Industrial Park, No. 1 Balizhuang East Road, Chaoyang District, Beijing | 010-65055989 | wandafilm-ir@wanda.com.cn | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section confirms no changes in the company's registered address, office address, website, email, or information disclosure locations during the reporting period - Company's registered address, office address, company website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 7.57%, net profit attributable to shareholders surged by 372.55%, and operating cash flow grew by 203.10%, indicating significant improvements in profitability and cash generation Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 6,689,145,169.24 | 6,218,370,043.59 | 7.57% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 535,816,224.68 | 113,389,302.05 | 372.55% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) (yuan) | 480,262,228.35 | 86,479,320.35 | 455.35% | | Net Cash Flow from Operating Activities (yuan) | 1,627,588,440.05 | 536,985,094.53 | 203.10% | | Basic Earnings Per Share (yuan/share) | 0.2532 | 0.0520 | 386.92% | | Diluted Earnings Per Share (yuan/share) | 0.2532 | 0.0520 | 386.92% | | Weighted Average Return on Net Assets | 7.44% | 1.41% | 6.03% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Total Assets (yuan) | 23,232,902,086.37 | 23,354,235,028.92 | -0.52% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 7,507,328,806.37 | 6,894,727,550.24 | 8.89% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between international accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses amounted to **55.55 million yuan**, primarily from disposal of non-current assets, government grants, and fair value changes Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 17,935,017.14 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed at fixed standards, and having a continuous impact on company profit or loss) | 36,864,941.27 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 9,018,603.53 | | Other non-operating income and expenses apart from the above | -7,207,777.44 | | Less: Income tax impact | 879,648.81 | | Impact on minority interests (after tax) | 177,139.36 | | **Total** | **55,553,996.33** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operations, industry landscape, core competencies, and strategic initiatives during the reporting period [Principal Businesses During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core businesses include cinema film exhibition, merchandise sales, advertising, film and TV series investment/production/distribution, and game publishing, forming a diversified entertainment industry - The company is a leading cinema investor and operator in China, with box office, attendance, and market share ranking first domestically for sixteen consecutive years[26](index=26&type=chunk) - Merchandise sales primarily include food and beverages (popcorn, drinks, snacks) and derivatives (movie merchandise, trendy toys, co-branded IP products, self-developed products)[26](index=26&type=chunk) - The company's business also encompasses cinema advertising (screen and venue advertising), investment, production, and distribution of film and television series, as well as game publishing (web games and mobile online games)[26](index=26&type=chunk) [Industry Overview During the Reporting Period](index=9&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In H1 2025, national box office grew by **22.9%** to **29.23 billion yuan**, driven by domestic films, though Q2 saw a **34.7%** decline; premium formats like IMAX performed strongly, and the IP trend toy market expanded rapidly - In H1 2025, the national box office totaled **29.23 billion yuan** (including service fees), a **22.9%** year-on-year increase, ranking third in the same period of film history; attendance reached **640 million**, up **16.9%** year-on-year[27](index=27&type=chunk) - Domestic films dominated the first half of the year, accounting for **91.2%** of the box office, with nine domestic films in the TOP10 box office rankings[27](index=27&type=chunk) - Box office performance varied significantly across months in H1 2025, with February's single-month box office reaching **16.09 billion yuan**, accounting for **55.1%** of the total, while the second quarter's box office was only **4.82 billion yuan**, a **34.7%** year-on-year decrease[28](index=28&type=chunk) - Special effects screens generated a cumulative box office of **7.26 billion yuan**, a **58.6%** increase from the prior year, contributing **24.8%** to the total market; IMAX box office reached **1.57 billion yuan**, up **102.1%** year-on-year[31](index=31&type=chunk) - In H1 2025, approximately **13,000** cinemas were in operation nationwide, a **2.6%** year-on-year increase; **555** new cinemas opened, up **9.3%** year-on-year[32](index=32&type=chunk) - The retail market for trendy toys in mainland China is projected to reach **110.1 billion yuan** by 2026, with a compound annual growth rate of **24%**[33](index=33&type=chunk) [Company's Key Operations During the Reporting Period](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, the company achieved **6.69 billion yuan** in operating revenue, up **7.57%**, and net profit attributable to shareholders of **536 million yuan**, up **372.55%**, driven by its "1+2+5" strategic blueprint - The company upgraded its "Super Entertainment Space" strategy to a "1+2+5" strategic blueprint, aiming to reduce reliance on box office revenue and reshape its growth logic and expand growth space[35](index=35&type=chunk) - During the reporting period, the company achieved operating revenue of **6.69 billion yuan**, a **7.57%** year-on-year increase; net profit attributable to listed company shareholders was **536 million yuan**, a **372.55%** year-on-year increase[35](index=35&type=chunk) [Cinema Business](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E9%99%A2%E7%BA%BF%E4%B8%9A%E5%8A%A1) The company's cinema business saw domestic box office grow by **19.2%** with a **14.4%** market share, enhanced by new consumption scenarios, a five-star cinema system, and optimized non-ticket sales, while overseas Hoyts cinema chain achieved **144.1 million AUD** in box office, turning profitable - The company's domestic direct-operated cinemas achieved a box office of **4.21 billion yuan** (including service fees), a **19.2%** year-on-year increase; attendance reached **82.39 million**, up **9.6%** year-on-year; cumulative market share was **14.4%**[36](index=36&type=chunk) - Among the national TOP100 cinemas by box office, the company accounted for **51** seats, and among the TOP500, it accounted for **246** seats[36](index=36&type=chunk) - The company's IMAX format advantage was prominent, with single-screen output increasing by **111%** year-on-year, and its box office market share reaching **58%**, an increase of **3.3** percentage points year-on-year[39](index=39&type=chunk) - The company deepened its cooperation with IMAX Corporation, adding **27** IMAX laser systems[39](index=39&type=chunk) - The company's merchandise gross margin increased by **10** percentage points, and it launched new self-developed brands "TimiSnack" and "H2O TALKS"[41](index=41&type=chunk) - Overseas Australian cinema chain Hoyts maintained stable operations, achieving box office revenue of **144.1 million AUD**, a **9.9%** year-on-year increase; attendance reached **8.1 million**, up **10.2%** year-on-year, with operating performance turning profitable year-on-year[42](index=42&type=chunk) [Film and TV Series Business](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%BD%B1%E8%A7%86%E5%89%A7%E9%9B%86%E4%B8%9A%E5%8A%A1) The company upgraded its content strategy, with "Detective Chinatown 1900" achieving **3.61 billion yuan** box office and "Nanjing Photo Studio" reaching **2.76 billion yuan**, while multiple TV series are in production or scheduling, and the "Jing Tan Hao" brand fosters talent development - The company's invested and produced film "Detective Chinatown 1900" achieved a box office of **3.61 billion yuan**, securing the second position in the first half of the year's box office rankings[45](index=45&type=chunk) - As of August 25, "Nanjing Photo Studio" had achieved a box office of **2.76 billion yuan**, expected to become the 2025 summer box office champion[45](index=45&type=chunk) - The company launched the new "Jing Tan Hao" brand, which, through the "Yue Mu Plan" and "Jing Tan Plan," aims to discover and cultivate talent for the Chinese film industry[47](index=47&type=chunk) [Strategic Investment Business](index=14&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%88%98%E7%95%A5%E6%8A%95%E8%B5%84%E4%B8%9A%E5%8A%A1) The company made strategic equity investments in "Good Luck Coconut" (health coconut water) and "52TOYS" (IP toys) for ecosystem synergy, while also launching new self-developed brands like "TimiSnack" and "H2O TALKS" to enter new consumption markets - The company strategically invested in the healthy coconut water brand "Good Luck Coconut," which is expected to open **300** stores this year, with online delivery channels accounting for over **50%** of its revenue in the first half[48](index=48&type=chunk) - The company strategically invested in the IP toy brand "52TOYS," which has opened **175** cooperative franchise stores and has submitted an IPO application to the main board of the Hong Kong Stock Exchange[49](index=49&type=chunk) - The company incubated new self-developed emotional snack brand "TimiSnack" and beverage brand "H2O TALKS," planning to gradually expand beyond cinemas and fully deploy across online and offline channels in the future[50](index=50&type=chunk) [Trend Toy Business](index=15&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%BD%AE%E7%8E%A9%E4%B8%9A%E5%8A%A1) Subsidiary Yingshiguang is transforming into a trend entertainment company, building a "content+consumption+tech" system around IP incubation, AI interaction, and omni-channel retail, successfully launching three trend toy brands and two original IPs, with plans for a digital rights platform - Subsidiary Yingshiguang is building a "content+consumption+technology" business system, gradually transforming into a trend entertainment company[51](index=51&type=chunk) - Yingshiguang successfully incubated three trend toy brand lines ("Plush Color World," "Cute Heart Story," "Habitat Realm") and two original IPs ("MOMO&FRIENDS," "Vexel")[53](index=53&type=chunk)[54](index=54&type=chunk) - Yingshiguang also plans to launch Rtime Link, a digital rights platform specifically for trendy toys, to enable copyright tracking and collection number retrieval for limited edition trendy toys[54](index=54&type=chunk) [Game Business](index=16&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%B8%B8%E6%88%8F%E4%B8%9A%E5%8A%A1) In H1 2025, the domestic game market grew by **14.1%** to **168 billion yuan**; subsidiary Huai Interactive focuses on cross-border IP and global expansion, operating existing projects and advancing new ones, with "Transformers: New Era" obtaining a license for Q4 launch - In H1 2025, the domestic game market's total revenue reached **168 billion yuan**, a **14.1%** year-on-year increase, with **812** licenses issued cumulatively, up **18%** year-on-year[55](index=55&type=chunk) - Subsidiary Huai Interactive is advancing its work with a business strategy of "cross-border shaping of super IPs and entering the global market"[56](index=56&type=chunk) - The incubating project "Transformers: New Era" obtained its license on June 23, and is currently undergoing testing and debugging as planned, with a phased launch expected in overseas and domestic markets in Q4[56](index=56&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include efficient full-产业链 business synergy, strong cinema chain operations, advanced film exhibition technology, leading film/TV investment/production/distribution, and innovative product R&D with digital intelligence - The company has newly laid out five major business segments: cinema chain, film and TV series, strategic investment, trendy toys, and games, building a complete industry chain from content creation to terminal consumption to maximize value across the entire chain[59](index=59&type=chunk) - The company owns over **700** direct-operated cinemas, covering **350** cities nationwide, and its box office market share has ranked first nationally for **16** consecutive years[60](index=60&type=chunk) - The company possesses over **50%** of domestic IMAX screens and ranks first nationally in the number of special effects cinemas, maintaining leading positions in projection technology and quality both domestically and internationally[61](index=61&type=chunk) - The company has invested in and produced excellent works such as "Mojin: The Lost Legend" and the "Detective Chinatown" series, demonstrating industry-leading film distribution capabilities and rich experience in TV series operations[62](index=62&type=chunk)[63](index=63&type=chunk) - The company's online membership platform builds a comprehensive entertainment ecosystem centered on "Film+," and it has developed an industry-leading intelligent operation and management platform, enhancing decision-making and operational efficiency through AI intelligent agent technology[64](index=64&type=chunk) [Analysis of Principal Business](index=18&type=section&id=%E4%BA%94%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **7.57%**, driven by **14.78%** growth in viewing revenue, **6.07%** in merchandise/catering, and **44.84%** in film/TV production/distribution; advertising and game publishing revenue decreased, domestic revenue grew **11.17%**, while international revenue slightly declined, and the company adjusted its principal business data to consolidate film and TV series production/distribution Key Financial Data YoY Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6,689,145,169.24 | 6,218,370,043.59 | 7.57% | | | Selling Expenses | 258,135,098.04 | 367,016,174.07 | -29.67% | (1) Reduced game-related advertising and promotion expenses in H1; (2) Decreased cinema marketing expenses | | R&D Expenses | 28,152,396.14 | 15,360,149.00 | 83.28% | Increased R&D investment in current period | | Net Cash Flow from Operating Activities | 1,627,588,440.05 | 536,985,094.53 | 203.10% | Increased cash collection from viewing and merchandise sales YoY | | Long-term Equity Investment | 116,197,550.93 | 45,245,142.10 | 156.82% | New investment in 52TOYS in current period | | Development Expenditures | 20,951,310.28 | 4,966,981.81 | 321.81% | Internal software R&D expenditures did not meet capitalization criteria | Operating Revenue Breakdown | Item | Current Reporting Period Amount (yuan) | Share of Operating Revenue (%) | Prior Year Period Amount (yuan) | Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Viewing Revenue | 4,177,240,256.32 | 62.45% | 3,639,364,297.71 | 58.53% | 14.78% | | Merchandise and Catering Sales Revenue | 862,837,170.79 | 12.90% | 813,496,712.55 | 13.08% | 6.07% | | Advertising Revenue | 502,911,765.18 | 7.52% | 587,608,878.20 | 9.45% | -14.41% | | Film and TV Series Production, Distribution, and Related Business Revenue | 322,343,331.58 | 4.82% | 222,553,600.02 | 3.58% | 44.84% | | Game Publishing and Related Business Revenue | 185,255,562.74 | 2.77% | 331,083,633.47 | 5.32% | -44.05% | | Domestic Revenue | 5,101,264,041.00 | 76.26% | 4,588,898,083.49 | 73.80% | 11.17% | | International Revenue | 1,587,881,128.24 | 23.74% | 1,629,471,960.10 | 26.20% | -2.55% | - In the current period, the company integrated its film and TV series resources and internal business structure, merging the two reporting segments of film production, distribution, and related businesses and TV series production, distribution, and related businesses into a single film and TV series business reporting segment[71](index=71&type=chunk) [Analysis of Non-Principal Business](index=20&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal businesses include investment income, fair value changes, asset impairment, non-operating income/expenses, credit impairment losses, other income, and asset disposal gains; investment income and fair value changes are from wealth management products, while credit impairment and film special fund refunds are sustainable Non-Principal Business Analysis | Item | Amount (yuan) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,352,464.82 | 0.74% | Primarily income from wealth management products | No | | Gains or Losses from Fair Value Changes | 3,254,726.30 | 0.55% | Gains from fair value changes of wealth management products held at period-end | No | | Asset Impairment | -11,992,211.14 | -2.03% | Provision for inventory depreciation | No | | Non-operating Income | 3,821,973.69 | 0.65% | | No | | Non-operating Expenses | 19,724,165.08 | 3.34% | Primarily losses from disposal of non-current assets | No | | Credit Impairment Losses | 11,965,418.24 | 2.02% | Primarily provision for bad debts of accounts receivable and other receivables | Yes | | Other Income | 37,588,877.88 | 6.36% | Primarily refunds of film special funds obtained | Yes | | Gains from Asset Disposal | 27,102,293.59 | 4.59% | Primarily gains from disposal of right-of-use assets | No | [Analysis of Assets and Liabilities](index=20&type=section&id=%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly decreased, while net assets attributable to shareholders increased by **8.89%**; significant changes occurred in cash, accounts receivable, right-of-use assets, short-term borrowings, long-term borrowings, and lease liabilities; overseas asset Hoyts contributed positively, and fair value financial assets totaled **1.21 billion yuan** Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | Share of Total Assets (%) | Prior Year-End Amount (yuan) | Share of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 3,035,106,538.40 | 13.06% | 3,623,419,937.74 | 15.52% | -2.46% | | Accounts Receivable | 1,068,853,014.95 | 4.60% | 1,309,724,004.12 | 5.61% | -1.01% | | Long-term Equity Investment | 116,197,550.93 | 0.50% | 45,245,142.10 | 0.19% | 0.31% | | Right-of-Use Assets | 5,319,175,762.89 | 22.90% | 5,627,819,834.45 | 24.10% | -1.20% | | Short-term Borrowings | 2,349,036,917.29 | 10.11% | 2,473,120,716.91 | 10.59% | -0.48% | | Lease Liabilities | 6,360,439,237.32 | 27.38% | 6,617,306,410.08 | 28.33% | -0.95% | Major Overseas Assets | Specific Content of Asset | Asset Scale (billion yuan) | Location | Profit Status (million yuan) | Share of Overseas Assets in Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Hoyts Company | 8.61 | Australia | 9.31 | 37.05% | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (yuan) | | :--- | :--- | | Trading Financial Assets | 1,073,254,726.30 | | Other Equity Instrument Investments | 132,606,518.00 | | **Subtotal Financial Assets** | **1,205,861,244.30** | [Analysis of Investment Status](index=22&type=section&id=%E5%85%AB%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment for the period was **89.71 million yuan**, primarily equity investments; the company acquired and invested in Beijing Lezitancheng Culture Development Co., Ltd. (IP toy brand), holding **4%** equity, and securities investments include Bona Film Group, with a book value of **100 million yuan** - Total investment for the reporting period was **89.71 million yuan**[82](index=82&type=chunk) Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Principal Business | Investment Method | Investment Amount (million yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Beijing Lezitancheng Culture Development Co., Ltd. | IP toy product design, development, production, sales | Acquisition and Capital Increase | 82.29 | 4.00% | Securities Investment Status | Security Abbreviation | Period-Beginning Book Value (yuan) | Period-End Book Value (yuan) | | :--- | :--- | :--- | | Bona Film Group | 126,387,022.05 | 100,191,518.00 | [Significant Asset and Equity Disposals](index=23&type=section&id=%E4%B9%9D%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not sell significant assets during the reporting period[89](index=89&type=chunk) - The company did not sell significant equity during the reporting period[90](index=90&type=chunk) [Analysis of Major Holding and Participating Companies](index=23&type=section&id=%E5%8D%81%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries Hoyts and Wanda Pictures operated steadily; Hoyts had total assets of **8.61 billion yuan** and net profit of **9.31 million yuan**; Wanda Pictures had total assets of **5.18 billion yuan** and net profit of **29.42 million yuan**; three new subsidiaries were established, and one was deregistered Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hoyts Company | 860,719.93 | 239,329.47 | 146,815.38 | 1,618.35 | 931.41 | | Wanda Pictures | 517,894.89 | 299,664.94 | 26,615.83 | 3,509.39 | 2,941.83 | - During the reporting period, three new subsidiaries were established: Tianjin H2O TALKS Beverage Co., Ltd., Tianjin TimiSnack Food Co., Ltd., and HUDONG GAMES PTE.LTD[91](index=91&type=chunk)[92](index=92&type=chunk) - Shenzhen Huaxia Longsheng Film Co., Ltd. was deregistered during the reporting period[92](index=92&type=chunk) [Structured Entities Controlled by the Company](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[93](index=93&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from insufficient quality film supply, lower-than-expected film investment returns, intensified market competition, improper cinema site selection, regulatory changes, and public safety; countermeasures include strategic diversification, refined operations, content strengthening, optimized site selection, and policy monitoring - The company faces the risk of insufficient quality film supply, which it addresses by promoting a diversified layout through its "1+2+5" strategy, expanding non-ticket businesses and cinema functions, and investing in and incubating its own IP matrix[93](index=93&type=chunk) - The company faces the risk of lower-than-expected film investment returns, which it mitigates through precise project evaluation, focusing on头部IPs, controlling single-project investment scale, co-producing to diversify risk, and optimizing promotion and distribution strategies while developing derivative businesses[94](index=94&type=chunk) - The company faces the risk of intensified market competition, which it addresses by strengthening regional advantages, implementing flat organizational reforms, refining cinema management, building a five-star cinema system, producing high-quality film and television series, and enhancing promotion and distribution efforts[96](index=96&type=chunk) - The company faces regulatory risks and will closely monitor policy adjustments, strengthen policy interpretation and understanding, and strictly adhere to content review systems to ensure smooth film releases and broadcasts[99](index=99&type=chunk) - The company faces public safety risks and has established safety production systems such as "Safety Emergency Plans" and "Cinema System Safety Management Regulations" to continuously improve safety management levels[100](index=100&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved and implemented a "Market Value Management System" on December 27, 2024, to enhance investment value and shareholder returns, but did not disclose a valuation enhancement plan - The company approved the "Proposal on Formulating the Company's Market Value Management System" on December 27, 2024[101](index=101&type=chunk) - The company did not disclose a valuation enhancement plan[101](index=101&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=26&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[101](index=101&type=chunk) [Corporate Governance, Environment, and Society](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance structure, environmental practices, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management did not change during the reporting period[102](index=102&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion for the Reporting Period](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for the semi-annual period[103](index=103&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[104](index=104&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) [Social Responsibility](index=27&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) In H1, the company actively fulfilled social responsibilities, launching the "Dream Cinema" charity project with over **100** screenings benefiting **12,400** people, conducting **700+** regular public screenings, promoting Chinese culture, fostering new talent, and enhancing service quality - The company, in collaboration with the China Film Foundation, launched the "Dream Cinema" public welfare project, which has held over **100** public screenings in more than **50** cities nationwide, benefiting over **12,400** people, including rural students, children from welfare institutions, and students from special schools[106](index=106&type=chunk) - In H1 2025, the company's cinemas across the country organized over **700** public welfare screenings, meeting the spiritual and cultural needs of various groups[107](index=107&type=chunk) - The company's produced and distributed works, such as "Detective Chinatown 1900" and "Liaozhai: Lanruo Temple," are dedicated to telling Chinese stories and promoting Chinese film culture[109](index=109&type=chunk) - The company contributes to discovering and cultivating talent for the Chinese film industry through its "Yue Mu Plan" and "Jing Tan Plan"[109](index=109&type=chunk) - The company launched the "Spring Standard, Summer New" service quality upgrade initiative and a regular inspection mechanism, with Wanda Cinemas nationwide completing an average of **30** self-inspections and rectifications to enhance the audience's viewing experience[110](index=110&type=chunk) [Significant Matters](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant events, including commitments, litigation, related party transactions, and other material developments affecting the company [Fulfillment of Commitments](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) Commitments regarding performance compensation and share lock-up by Xinxiang Rongzhi, Lin Ning, and Wanda Investment for asset acquisition were fully fulfilled; negotiations are ongoing for Yin Xiangjin's performance and share lock-up commitments - During the reporting period, the company's performance compensation obligations for issuing shares to acquire assets were fully fulfilled, and related share lock-up commitments were completed, with Xinxiang Rongzhi's relevant shares now listed for trading[113](index=113&type=chunk) - According to the arbitration award from the China International Economic and Trade Arbitration Commission, Xinxiang Rongzhi was required to compensate **67,590,102** shares, which the company repurchased at a total price of **1 yuan** and cancelled on January 13, 2025[113](index=113&type=chunk) - For Yin Xiangjin's commitments regarding performance achievement and share lock-up, both parties are currently negotiating performance compensation matters[114](index=114&type=chunk) [Non-Operating Funds Occupied](index=31&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[115](index=115&type=chunk) [Irregular External Guarantees](index=31&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[116](index=116&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[117](index=117&type=chunk) [Board of Directors' and Supervisory Board's Explanations on Non-Standard Audit Reports](index=31&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[118](index=118&type=chunk) [Board of Directors' Explanations on Non-Standard Audit Reports from the Previous Year](index=31&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[118](index=118&type=chunk) [Bankruptcy and Reorganization Matters](index=31&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[118](index=118&type=chunk) [Litigation Matters](index=31&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in multiple lawsuits; performance compensation arbitration with Wanda Investment, Xinxiang Rongzhi, and Lin Ning is settled, a lease dispute with Qingdao Ruiheng is ongoing (**224.14 million yuan**), and a lawsuit with Migu Xinkong resulted in a second-instance judgment requiring the company to pay **23.64 million yuan** - The arbitration concerning disputes over the "Profit Forecast Compensation Agreement" and its supplementary agreements with Wanda Investment, Xinxiang Rongzhi, and Lin Ning has been finally adjudicated, and Xinxiang Rongzhi's compensation of **67,590,102** shares was repurchased and cancelled on January 13, 2025[121](index=121&type=chunk) - The lease contract dispute with Qingdao Ruiheng Film Technology Co., Ltd. involves an amount of **224.14 million yuan** and is currently under trial, with no judgment yet rendered[121](index=121&type=chunk) - The lawsuit dispute with Migu Xinkong Culture Technology (Xiamen) Co., Ltd. has been decided in the second instance, requiring the company to pay a total of approximately **23.64 million yuan** in goods and liquidated damages, which was executed on August 5, 2025[121](index=121&type=chunk) - The company, as plaintiff, is involved in a cinema lease agreement dispute with Guiyang Hongyi Real Estate Development Co., Ltd., with an amount of **70.65 million yuan**, which is still under trial[122](index=122&type=chunk) [Penalties and Rectifications](index=33&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[123](index=123&type=chunk) [Integrity Status of the Company, Controlling Shareholder, and Actual Controller](index=33&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[124](index=124&type=chunk) [Significant Related Party Transactions](index=33&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in daily related party transactions with Ruyi Film, Wanda Group companies, Wuzhou Distribution, and Lezitancheng, including procurement, sales, and film investments, based on market pricing; the company also co-invested in Beijing Lezitancheng Related Party Transactions Related to Daily Operations (Current Reporting Period) | Related Party | Related Party Transaction Type | Related Party Transaction Content | Amount (million yuan) | | :--- | :--- | :--- | :--- | | Ruyi Film | Acceptance of Services/Procurement of Goods | Purchase of investment shares and acceptance of promotion and distribution services | 1.97 | | Ruyi Film | Provision of Services/Sale of Goods | Transfer of investment shares and provision of promotion and distribution services | 73.20 | | Ruyi Film | Film Investment | Payment and payable share of box office revenue | 174.95 | | Wanda Group Related Companies | Acceptance of Services | Acceptance of venue leasing services | 185.18 | | Wanda Group Related Companies | Acceptance of Services | Acceptance of property management services | 118.78 | | Lezitancheng | Procurement of Goods | Procurement of derivative products | 1.85 | | **Total** | | | **609.35** | - The company's wholly-owned subsidiary, Beijing Yingshiguang E-commerce Co., Ltd., co-invested in Beijing Lezitancheng Culture Development Co., Ltd. with related party Shanghai Ruyi Star Enterprise Management Co., Ltd., with Yingshiguang holding **4%** of its equity[127](index=127&type=chunk) - Transactions between the company and Wanda Group related enterprises ceased to constitute related party transactions from April 16, 2025[125](index=125&type=chunk) [Significant Contracts and Their Fulfillment](index=35&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's main operating premises and some projection equipment are leased, with agreements being fulfilled; guarantees for subsidiaries totaled **157.70 million yuan**; wealth management products amounted to **1.93 billion yuan** in transactions, with **1.07 billion yuan** outstanding and no overdue amounts - The operating premises of the company's direct-operated cinemas and the company's headquarters office premises are all leased, with lease agreements ranging from **10-20** years, and are currently being fulfilled normally[134](index=134&type=chunk) - Some of the company's projection equipment is leased, and all lease agreements, except for the MX4D equipment lease agreement, are being fulfilled normally[135](index=135&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Entity Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Fulfilled | | :--- | :--- | :--- | :--- | | Wanda Film (Horgos) Co., Ltd. | 300 | 24 | No | | Wanda Film (Horgos) Co., Ltd. | 300 | 6 | No | | Dalian Wanda International Cinema Co., Ltd. | | 9.95 | No | | **Total Actual Guarantee Balance for Subsidiaries at Period-End** | **1,800** | **157.70** | | Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Transaction Amount (billion yuan) | Outstanding Balance (billion yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 1.93 | 1.07 | 0 | [Explanation of Other Significant Matters](index=38&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The performance compensation for asset acquisition was completed, with **67,590,102** shares from Xinxiang Rongzhi repurchased and cancelled, reducing the company's total share capital; related restricted shares were listed for trading - Performance commitment party Xinxiang Rongzhi was required to compensate the company **67,590,102** shares, which were repurchased and cancelled on January 13, 2025[143](index=143&type=chunk) - The company's total share capital changed from **2,179,368,810** shares to **2,111,778,708** shares, with a corresponding reduction in registered capital[143](index=143&type=chunk) - Given that performance commitment party Xinxiang Rongzhi's performance compensation obligations were fully fulfilled, its **45,084,337** restricted shares were listed for trading on March 5, 2025[143](index=143&type=chunk) [Significant Matters of Company Subsidiaries](index=38&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[145](index=145&type=chunk) [Share Changes and Shareholder Information](index=39&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, shareholder structure, and the holdings of directors, supervisors, and senior management [Share Change Status](index=39&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total shares decreased by **67,590,102** due to performance compensation share repurchase and cancellation, resulting in **2,111,778,708** shares; restricted shares decreased by **45,153,524**, and unrestricted shares decreased by **22,436,578**; some restricted shares were listed, and executive lock-up shares decreased Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change (%) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 71,477,615 | 3.28% | -45,153,524 | 26,324,091 | 1.25% | | II. Unrestricted Shares | 2,107,891,195 | 96.72% | -22,436,578 | 2,085,454,617 | 98.75% | | **III. Total Shares** | **2,179,368,810** | **100.00%** | **-67,590,102** | **2,111,778,708** | **100.00%** | - The main reason for the share change was the repurchase and cancellation of **67,590,102** shares for performance compensation[148](index=148&type=chunk) - Shareholder Xinxiang Rongzhi's **45,084,337** restricted shares were listed for trading on March 5, 2025[150](index=150&type=chunk) - Shares held by resigned senior executives became fully transferable after six months from their original director term end date (June 18, 2025), reducing executive lock-up shares by **69,187**[151](index=151&type=chunk) [Securities Issuance and Listing](index=41&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no derivative investments during the reporting period[87](index=87&type=chunk) - The company had no use of raised funds during the reporting period[88](index=88&type=chunk) [Shareholder Numbers and Shareholding](index=41&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, there were **92,730** common shareholders; among the top ten shareholders, Beijing Wanda Investment Co., Ltd. held **20.64%**, Lu Lili held **8.52%**, and Hangzhou Zhenxi Investment Management Co., Ltd. held **6.39%**; shares of Beijing Wanda Investment Co., Ltd. and Xinxiang Rongzhi Xingye Management Consulting Center (Limited Partnership) were pledged - As of the end of the reporting period, the total number of common shareholders was **92,730**[155](index=155&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Wanda Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 20.64% | 435,873,762 | Pledged | 222,295,619 | | Lu Lili | Domestic Natural Person | 8.52% | 180,000,000 | Not Applicable | | | Hangzhou Zhenxi Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.39% | 135,000,000 | Not Applicable | | | Xinxiang Rongzhi Xingye Management Consulting Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.33% | 91,493,868 | Pledged | 43,500,000 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[157](index=157&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[158](index=158&type=chunk) - The company's actual controller did not change during the reporting period[159](index=159&type=chunk) [Preferred Share Information](index=43&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[160](index=160&type=chunk) [Bond-Related Information](index=44&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[162](index=162&type=chunk) [Financial Report](index=45&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=45&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[164](index=164&type=chunk) [Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively displaying its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=45&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **23.23 billion yuan**, with current assets at **7.97 billion yuan** and non-current assets at **15.26 billion yuan**; total liabilities were **15.60 billion yuan**, and total owners' equity was **7.63 billion yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 23,232,902,086.37 | | Total Current Assets | 7,968,227,649.11 | | Total Non-Current Assets | 15,264,674,437.26 | | Total Liabilities | 15,604,860,579.24 | | Total Owners' Equity | 7,628,041,507.13 | [Parent Company Balance Sheet](index=48&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were **18.65 billion yuan**, with current assets at **8.59 billion yuan** and non-current assets at **10.05 billion yuan**; total liabilities were **4.62 billion yuan**, and total owners' equity was **14.03 billion yuan** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 18,648,952,674.86 | | Total Current Assets | 8,593,673,181.18 | | Total Non-Current Assets | 10,055,279,493.68 | | Total Liabilities | 4,618,439,686.04 | | Total Owners' Equity | 14,030,512,988.82 | [Consolidated Income Statement](index=50&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, total operating revenue was **6.69 billion yuan**, up **7.57%**; net profit was **539 million yuan**, with net profit attributable to parent company shareholders at **536 million yuan**, up **372.55%**; basic EPS was **0.2532 yuan** Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 6,689,145,169.24 | 6,218,370,043.59 | | Net Profit | 538,974,923.17 | 116,900,346.66 | | Net Profit Attributable to Parent Company Shareholders | 535,816,224.68 | 113,389,302.05 | | Basic Earnings Per Share (yuan/share) | 0.2532 | 0.0520 | [Parent Company Income Statement](index=52&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, parent company operating revenue was **723 million yuan**, with net profit of **45.88 million yuan**, a decrease from the prior year Parent Company Income Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 723,062,394.88 | 580,128,203.26 | | Net Profit | 45,874,956.75 | 81,925,737.29 | [Consolidated Cash Flow Statement](index=53&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flow from operating activities was **1.63 billion yuan**, up **203.10%**; net cash outflow from investing activities was **1.36 billion yuan**, and from financing activities was **876 million yuan**; net increase in cash and cash equivalents was **-601 million yuan** Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,627,588,440.05 | 536,985,094.53 | | Net Cash Flow from Investing Activities | -1,362,115,907.61 | -248,802,368.24 | | Net Cash Flow from Financing Activities | -875,911,778.79 | -548,907,447.05 | | Net Increase in Cash and Cash Equivalents | -600,723,076.36 | -265,755,441.47 | [Parent Company Cash Flow Statement](index=55&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flow from operating activities was **101 million yuan**; net cash outflow from investing activities was **1.08 billion yuan**, and net cash inflow from financing activities was **491 million yuan**; net increase in cash and cash equivalents was **-493 million yuan** Parent Company Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 100,711,565.76 | 158,766,874.57 | | Net Cash Flow from Investing Activities | -1,084,425,384.78 | 18,905,569.87 | | Net Cash Flow from Financing Activities | 490,624,513.87 | -603,652,866.00 | | Net Increase in Cash and Cash Equivalents | -493,089,305.15 | -425,980,421.56 | [Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For H1 2025, consolidated owners' equity increased by **615 million yuan**, primarily due to **536 million yuan** in net profit attributable to parent company owners and **76.79 million yuan** in other comprehensive income; share capital decreased by **67.59 million yuan** due to share repurchase - Consolidated owners' equity totaled **7.63 billion yuan** at period-end, up **615.35 million yuan** from the period-beginning balance of **7.01 billion yuan**[186](index=186&type=chunk) - Total comprehensive income attributable to parent company owners was **612.60 million yuan**[186](index=186&type=chunk) - Share capital decreased by **67.59 million yuan**, while capital reserve increased by **67.59 million yuan**[186](index=186&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For H1 2025, parent company owners' equity increased by **26.23 million yuan**; share capital decreased by **67.59 million yuan** due to share repurchase, with a corresponding increase in capital reserve - Parent company owners' equity totaled **14.03 billion yuan** at period-end, up **26.23 million yuan** from the period-beginning balance of **14.00 billion yuan**[196](index=196&type=chunk) - Share capital decreased by **67.59 million yuan**, while capital reserve increased by **67.59 million yuan**[196](index=196&type=chunk) [Company Basic Information](index=63&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Wanda Film was established on January 20, 2005, listed on the Shenzhen Stock Exchange on January 22, 2015, and renamed on May 9, 2017; as of June 30, 2025, its registered capital was **2.11 billion yuan**, primarily engaged in film exhibition, film/TV investment, and advertising - Wanda Film Holding Co., Ltd. was established in Beijing on January 20, 2005, and listed on the Shenzhen Stock Exchange on January 22, 2015[200](index=200&type=chunk) - As of June 30, 2025, the company's registered capital was **2.11 billion yuan**[200](index=200&type=chunk) - The company and its subsidiaries primarily engage in film exhibition, film and television series investment, and advertising agency businesses[201](index=201&type=chunk) [Basis of Financial Statement Preparation](index=63&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, in accordance with the Ministry of Finance's Accounting Standards for Business Enterprises and significant accounting policies/estimates; the company's going concern ability for the next 12 months is not in question - The company's financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and other relevant regulations, based on actual transactions and events[203](index=203&type=chunk) - The company's ability to continue as a going concern for **12** months from the end of the reporting period has no significant issues[204](index=204&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=63&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash/cash equivalents, foreign currency, financial instruments, expected credit losses, inventories, contract assets/liabilities, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term asset impairment, long-term deferred expenses, employee benefits, provisions, revenue recognition, contract costs, government grants, deferred tax assets/liabilities, leases, and film/game revenue estimates - The financial statements prepared by the company comply with the requirements of the "Accounting Standards for Business Enterprises" and truly and completely reflect the company's financial position as of June 30, 2025, and its operating results and cash flows for January-June 2025[206](index=206&type=chunk) - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use Australian dollars, US dollars, and other currencies as their functional currencies[209](index=209&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[222](index=222&type=chunk) - For accounts receivable (regardless of whether they contain a significant financing component) and lease receivables, the company adopts a simplified approach, always measuring loss provisions at the expected credit losses over the entire lifetime[231](index=231&type=chunk) - Film box office revenue is recognized when the film is completed, obtains a "Film Public Release Permit," and is screened in cinemas, based on the actual box office statistics confirmed by both parties and the corresponding revenue-sharing method[273](index=273&type=chunk) - TV series sales revenue is recognized when the TV series is acquired or completed and obtains a distribution license, a broadcast license contract has been signed with the buyer, the broadcast tape or other carrier has been transferred to the buyer as agreed in the contract, the buyer can control the use of the TV series, and the right to receive payment has been obtained[274](index=274&type=chunk) [Taxation](index=85&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, education surcharges, corporate income tax, cultural construction fees, and film special funds; it benefits from VAT exemptions for film distribution, **15%** corporate income tax for Western Development and high-tech enterprises, and tax exemptions/reductions in special economic zones Major Taxes and Rates | Tax Type | Specific Ta

北京天智航医疗科技股份有限公司2025 年半年度报告 公司代码：688277 公司简称：天智航 北京天智航医疗科技股份有限公司 2025 年半年度报告 1 / 186 北京天智航医疗科技股份有限公司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、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 第三节"管理层讨论与分析"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张送根、主管会计工作负责人齐敏及会计机构负责人（会计主管人员）齐敏声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 是 ...

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Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, with all directors attending the review meeting - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the structured directory of the report, listing chapter titles and their corresponding starting page numbers [Definitions](index=5&type=section&id=Definitions) This section provides definitions for key terms, company entities, legal frameworks, regulatory bodies, and major clients used within the report Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including its stock ticker "Ailedar," stock code "300696," and listing on the Shenzhen Stock Exchange - Stock Abbreviation: Ailedar, Stock Code: **300696**, Listed Exchange: Shenzhen Stock Exchange[15](index=15&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure, and registration status remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue significantly increased by 65.82%, and net profit attributable to shareholders turned profitable, growing by 158.64% Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 227,958,211.99 | 137,473,936.44 | 65.82% | | Net Profit Attributable to Shareholders of Listed Company | 10,313,992.42 | -17,587,240.09 | 158.64% | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | 93.84% | | Basic Earnings Per Share | 0.04 | -0.06 | 166.67% | | Total Assets (Period-end) | 2,123,434,822.27 | 2,090,873,326.37 | 1.56% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,852,491,485.38 | 1,834,958,082.81 | 0.96% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company's financial reports show no differences in net profit and net assets under domestic and overseas accounting standards[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's non-recurring gains and losses totaled CNY 1,584,272.34, primarily comprising disposal gains/losses on non-current assets, government grants, and fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 1,508,221.83 | | Government Grants Recognized in Current Profit/Loss | 553,300.00 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities and Disposal Gains/Losses | 4,626,913.23 | | Other Non-Operating Income and Expenses Apart from the Above | -12,463.34 | | Other Income/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | -5,091,699.38 | | **Total** | **1,584,272.34** | Management Discussion and Analysis [Principal Businesses Engaged in by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company specializes in precision manufacturing of aerospace components and design/development of aircraft fuel system products, forming an integrated "precision machining-special processes-assembly-product R&D" system [Company's Principal Businesses and Products](index=9&type=section&id=(I)%20Company%27s%20Principal%20Businesses%20and%20Products) The company's core business encompasses CNC precision machining, special process treatment, component assembly, and design R&D, serving military, domestic, and international aerospace sectors - The company's main business involves CNC precision machining, special process treatment, and assembly of aerospace components, along with the R&D and manufacturing of aircraft fuel system products[27](index=27&type=chunk) - Products include multi-spectrum military aircraft (fighters, transport aircraft, UAVs, trainers, etc.), multi-category civil aircraft (C909, C919, C929, A320, B737, etc.), and large structural components for aerospace missiles[29](index=29&type=chunk) - Design and R&D business focuses on aircraft fuel system products, with projects like a certain helicopter's "belly-mounted external fuel tank" entering the qualification phase and small-batch trial production[34](index=34&type=chunk) [Company's Business Model](index=10&type=section&id=(II)%20Company%27s%20Business%20Model) The company employs a direct sales model with centralized procurement, customized production, and high-level executive leadership, supported by technical departments to meet diverse customer needs - The procurement model is coordinated by the Production Support Department, covering raw materials, production consumables, finished components, and outsourced collaboration services[36](index=36&type=chunk)[40](index=40&type=chunk) - The production model is order-customized, including processing with supplied materials and production with self-purchased materials, covering single-process, multi-process, and full-process businesses[41](index=41&type=chunk) - The sales model is direct sales, led by the Marketing Department, with strategic guidance from the executive team and professional support from design R&D and technical process departments[41](index=41&type=chunk) [Key Performance Drivers](index=11&type=section&id=(III)%20Key%20Performance%20Drivers) National industrial policies, defense modernization, global aviation market recovery, and the C919 project are key drivers for the company's performance, leading to increased military and civil orders - National industrial policies provide solid policy support and broad development space for the aerospace industry[42](index=42&type=chunk) - Major customer orders in military aviation equipment are steadily issued, with military product business growing year-on-year[44](index=44&type=chunk) - In civil aviation, orders for C919, direct business with Safran International (France), and international subcontracting business increased year-on-year[44](index=44&type=chunk) [Industry Position](index=12&type=section&id=(IV)%20Industry%20Position) The company has transformed into an integrated aerospace manufacturer with "CNC precision machining, special process treatment, component assembly, and finished product R&D" capabilities, achieving industry-leading product yield rates - The company has successfully transformed from a "single CNC precision machining process" to "full-process capability for aerospace components"[45](index=45&type=chunk) - Product yield rates consistently remain at industry-leading levels, successfully establishing the "Ailedar" brand image[45](index=45&type=chunk) - The company has become a core supplier to numerous clients, establishing strategic collaborative relationships with several key customers and receiving "Excellent Supplier" and other honors for many consecutive years[45](index=45&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its integrated "CNC precision machining-special process treatment-component assembly-finished product R&D" capabilities, leading in complex part processes and new material exploration - The company has built an integrated full-process manufacturing capability system encompassing "CNC precision machining-special process treatment-component assembly-finished product R&D and design"[46](index=46&type=chunk) - The company is a leader in CNC precision machining for critical load-bearing, complex curved, and irregularly deep-cavity structural components, as well as multi-variety small-batch parts, actively exploring emerging fields like high-difficulty complex aerospace 3D printing precision machining[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has established a multi-department joint R&D and innovation mechanism involving R&D, technology, production, and quality, holding a cumulative total of **103 patents** across the company and its subsidiaries[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has established AS9100 and weapon equipment quality management systems, continuously optimizing lean management processes through digital and information management systems to enhance production efficiency and resource utilization[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The company has established deep strategic collaborative relationships with numerous domestic and international clients, including multiple military aircraft prime contractors under AVIC, civil aircraft sub-contractors, research institutes, aero-engine manufacturers, COMAC, and Safran (France)[54](index=54&type=chunk) [Analysis of Principal Business](index=14&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's principal business revenue and costs both significantly increased, with operating revenue growing by 65.82% primarily due to increased orders Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 227,958,211.99 | 137,473,936.44 | 65.82% | Primarily due to increased orders in the current period | | Operating Cost | 166,270,866.79 | 136,075,056.93 | 22.19% | Primarily due to increased orders in the current period, leading to increased costs | | Selling Expenses | 2,827,842.98 | 1,679,447.58 | 68.38% | Primarily due to business expansion, increased personnel compensation, transportation, and travel expenses in the current period | | Administrative Expenses | 21,774,544.00 | 9,884,483.91 | 120.29% | Primarily due to equity incentive implementation and increased share-based payments in the current period | | Financial Expenses | -1,724,754.64 | -6,741,465.60 | 74.42% | Primarily due to decreased interest income in the current period | | Income Tax Expense | -2,561,700.12 | 459,338.21 | -657.69% | Primarily due to increased bad debt provision adjustment for deferred income tax and profit offsetting losses in the current period | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | 93.84% | Primarily due to increased sales collections in the current period | - Aircraft component business operating revenue was **CNY 225,936,393.90**, a **64.48% year-on-year increase**, with a gross profit margin of **26.62%**, up **25.66%** year-on-year[58](index=58&type=chunk) [Analysis of Non-Principal Business](index=15&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business activities significantly impacted the company's total profit during the reporting period, with negative investment income and credit impairment losses, but positive fair value changes Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | Percentage of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -5,091,699.38 | -80.55% | Primarily due to recognition of investment partnership income | No | | Gains/Losses from Fair Value Changes | 4,626,913.23 | 73.19% | Primarily due to fair value changes from held wealth management products | No | | Asset Impairment | -1,706,042.47 | -26.99% | Primarily due to provision for inventory impairment | No | | Other Income | 3,260,482.37 | 51.58% | Primarily due to government grants received and amortized | No | | Credit Impairment Losses | -15,320,475.48 | -242.36% | Primarily due to provision for bad debts on accounts receivable | No | | Gains on Disposal of Assets | 1,508,221.83 | 23.86% | Primarily due to gains on disposal of right-of-use assets | No | [Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both increased, with notable changes in cash, receivables, inventory, and contract liabilities Significant Changes in Asset Composition | Item | End of Current Period (CNY) | Percentage of Total Assets | End of Prior Year (CNY) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 475,139,496.42 | 22.38% | 389,564,164.84 | 18.63% | 3.75% | | Accounts Receivable | 385,868,146.99 | 18.17% | 335,447,372.00 | 16.04% | 2.13% | | Inventories | 195,745,887.29 | 9.22% | 188,925,426.08 | 9.04% | 0.18% | | Financial Assets Held for Trading | 402,711,619.14 | 18.97% | 500,464,867.09 | 23.94% | -4.97% | | Contract Liabilities | 18,643,559.64 | 0.88% | 9,212,101.91 | 0.44% | 0.44% | | Taxes Payable | 5,027,633.83 | 0.24% | 80,638.04 | 0.00% | 0.24% | - The company's financial assets measured at fair value totaled **CNY 402,711,619.14** at period-end, primarily comprising financial assets held for trading (wealth management products)[64](index=64&type=chunk) - The book value of restricted fixed assets at period-end was **CNY 2,254,443.85**, primarily used as counter-guarantees for entrusted loans[65](index=65&type=chunk) [Analysis of Investment Status](index=17&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment decreased by 28.09% year-on-year, and the "Aerospace Component Intelligent Manufacturing Center" project, funded by raised capital, has been extended to December 31, 2025 - Investment during the reporting period totaled **CNY 302,422,606.85**, a **28.09% decrease** compared to the prior year[68](index=68&type=chunk) - Accumulated use of raised funds reached **CNY 358.982 million**, with an actual balance of **CNY 13.1516 million** in the special account, and an additional **CNY 150 million** allocated for cash management[70](index=70&type=chunk) - The completion date for the "Aerospace Component Intelligent Manufacturing Center" project, funded by raised capital, has been extended to **December 31, 2025**, although the main construction was completed in October 2023[74](index=74&type=chunk)[75](index=75&type=chunk) [Significant Asset and Equity Disposals](index=21&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposal transactions during the reporting period - The company did not dispose of significant assets during the reporting period[80](index=80&type=chunk) - The company did not dispose of significant equity during the reporting period[81](index=81&type=chunk) [Analysis of Major Holding and Invested Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Invested%20Companies) The company has no significant holding or invested company information requiring disclosure during the reporting period - The company has no significant holding or invested company information requiring disclosure during the reporting period[81](index=81&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[82](index=82&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company identified ten key risks, including policy adjustments, customer concentration, and operational fluctuations, outlining specific strategies to mitigate each - The company faces risks from industry policy adjustments, with countermeasures including actively monitoring policy dynamics, optimizing business structure, and accelerating transformation and upgrading[82](index=82&type=chunk) - The company faces risks from high customer concentration, with countermeasures including strengthening comprehensive capabilities, increasing market development efforts, and optimizing customer structure[83](index=83&type=chunk)[84](index=84&type=chunk) - The company faces risks of operating performance fluctuations, with countermeasures including maintaining close communication with customers and strengthening multi-regional and multi-business market development efforts[85](index=85&type=chunk) - The company faces risks in accounts receivable collection, with countermeasures including strengthening customer credit rating management and establishing a joint collection mechanism between the finance and marketing departments[86](index=86&type=chunk) - The company faces risks that raised capital investment projects may not meet expectations, with countermeasures including closely monitoring market changes, strengthening project management and supervision, and timely adjusting projects[92](index=92&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=23&type=section&id=XI.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) On April 25, 2025, the company participated in the 2024 annual online performance briefing via the Shenzhen Stock Exchange's "Interactive Easy" platform - On **April 25, 2025**, the company participated in the **2024 annual online performance briefing** via the Shenzhen Stock Exchange's "Interactive Easy" platform "Cloud Interview" section[94](index=94&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[96](index=96&type=chunk) - The company has not disclosed a valuation enhancement plan[96](index=96&type=chunk) ["Quality and Return Dual Enhancement" Action Plan Implementation](index=24&type=section&id=XIII.%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[96](index=96&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[97](index=97&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[98](index=98&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On May 16, 2025, the company granted 2.814 million restricted shares to 220 incentive recipients at CNY 9.25 per share, targeting middle management and core personnel - On **May 16, 2025**, the company initially granted **2.814 million** Class II restricted shares to **220 incentive recipients** at a grant price of **CNY 9.25 per share**[103](index=103&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) [Social Responsibility](index=26&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities in corporate governance, stakeholder protection, environmental conservation, and employee welfare, aiming for sustainable development - The company strictly adheres to laws, regulations, and its Articles of Association, actively promoting internal control system construction and continuously improving its corporate governance structure[106](index=106&type=chunk) - The company highly values shareholder returns, formulating and implementing reasonable profit distribution plans while considering sustainable development[107](index=107&type=chunk) - The company has obtained international and domestic aviation quality management system certifications such as AS9100B, AS9100C, and AS9100D, and successfully passed Nadcap certification audits for special processes like heat treatment, surface treatment, and non-destructive testing[108](index=108&type=chunk) - The company actively responds to the national call for "dual carbon" goals, fully implementing the new development concept of "innovation, coordination, green, openness, and sharing," and actively engaging in energy saving, emission reduction, and lean production activities[109](index=109&type=chunk) - The company adheres to a people-oriented talent philosophy, focusing on employee safety, labor protection, physical and mental health, and talent development[110](index=110&type=chunk) Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company that were overdue and unfulfilled - The company had no overdue unfulfilled commitments from relevant parties during the reporting period[112](index=112&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=28&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[113](index=113&type=chunk) [Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[114](index=114&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[115](index=115&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=28&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) Not applicable [Explanations by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year](index=28&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) Not applicable [Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[116](index=116&type=chunk) [Litigation Matters](index=28&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[117](index=117&type=chunk) [Penalties and Rectification Status](index=29&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[118](index=118&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controllers) Not applicable [Significant Related Party Transactions](index=29&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company did not engage in significant related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, or related party debt/credit - The company had no related party transactions related to daily operations during the reporting period[119](index=119&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[120](index=120&type=chunk) - The company had no related party debt or credit transactions during the reporting period[122](index=122&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[123](index=123&type=chunk)[124](index=124&type=chunk) [Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, major guarantees, or other major contracts during the reporting period, though a subsidiary's leased plant area was reduced [Entrustment, Contracting, and Leasing Matters](index=30&type=section&id=1.%20Entrustment%2C%20Contracting%2C%20and%20Leasing%20Matters) The company had no entrustment or contracting situations, but its wholly-owned subsidiary Tang'an Aviation reduced its leased property area from 19,055 sqm to 11,269.58 sqm - The company had no entrustment situations during the reporting period[126](index=126&type=chunk) - The company had no contracting situations during the reporting period[127](index=127&type=chunk) - Wholly-owned subsidiary Tang'an Aviation's leased property area changed from **19,055 square meters** to **11,269.58 square meters**[128](index=128&type=chunk) [Significant Guarantees](index=30&type=section&id=2.%20Significant%20Guarantees) The company had no significant guarantees during the reporting period - The company had no significant guarantees during the reporting period[129](index=129&type=chunk) [Major Contracts in Ordinary Course of Business](index=30&type=section&id=3.%20Major%20Contracts%20in%20Ordinary%20Course%20of%20Business) No specific information on major contracts in the ordinary course of business was disclosed [Other Significant Contracts](index=30&type=section&id=4.%20Other%20Significant%20Contracts) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[132](index=132&type=chunk) [Explanation of Other Significant Matters](index=30&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[134](index=134&type=chunk) [Significant Matters of Company Subsidiaries](index=31&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[135](index=135&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=32&type=section&id=I.%20Share%20Change%20Status) During the reporting period, restricted shares decreased by 97,181,266, while unrestricted shares increased by the same amount, mainly due to director and senior management share transfers and release from restrictions Share Change Status | Share Type | Number Before Change (Shares) | Increase/Decrease in This Change (Shares) | Number After Change (Shares) | Percentage Before Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 124,447,608 | -97,181,266 | 27,266,342 | 42.45% | 9.30% | | Unrestricted Shares | 168,705,375 | 97,181,266 | 265,886,641 | 57.55% | 90.70% | | Total Shares | 293,152,983 | 0 | 293,152,983 | 100.00% | 100.00% | - The main reasons for share changes were the calculation of legally transferable share quotas for directors and senior management according to regulatory requirements, and the release of all shares held by previous directors, supervisors, and senior management due to the expiration of their terms and completion of six months[139](index=139&type=chunk) - During the reporting period, restricted shares held by executives such as Ran Guangwen, Ding Hongtao, and Fan Qingxin were released from restrictions[141](index=141&type=chunk)[142](index=142&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[143](index=143&type=chunk) [Number of Shareholders and Shareholding Status](index=35&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was 31,724. The actual controllers, Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, collectively held 42.11% of the total share capital - Total number of common shareholders at period-end: **31,724** accounts[145](index=145&type=chunk) - The company's actual controllers are four natural person shareholders: Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, who have signed a concerted action agreement and collectively directly hold **42.11%** of the company's total share capital[151](index=151&type=chunk)[657](index=657&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ran Guangwen | Domestic Natural Person | 12.18% | 35,715,521 | 0 | 35,715,521 | | Ding Hongtao | Domestic Natural Person | 12.00% | 35,176,175 | 0 | 35,176,175 | | Xie Peng | Domestic Natural Person | 9.00% | 26,381,862 | 26,381,862 | 0 | | Fan Qingxin | Domestic Natural Person | 8.93% | 26,172,681 | 0 | 26,172,681 | | Sichuan Zhiliming Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.98% | 17,518,181 | 0 | 17,518,181 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Chairman Xie Peng reduced his shareholding by 8,793,954 shares, Vice Chairman Yang Youxin resigned, and other directors, supervisors, and senior management had no significant changes Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Number of Shares Held at Beginning of Period (Shares) | Number of Shares Reduced in Current Period (Shares) | Number of Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xie Peng | Chairman | Current | 35,175,816 | 8,793,954 | 26,381,862 | | Yang Youxin | Vice Chairman | Resigned | 148,077 | 148,077 | 0 | [Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[149](index=149&type=chunk) - The company's actual controller did not change during the reporting period[150](index=150&type=chunk) [Preferred Share Information](index=39&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[151](index=151&type=chunk) Bond-Related Information [Bond-Related Information](index=40&type=section&id=Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[153](index=153&type=chunk) Financial Report [Audit Report](index=41&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[155](index=155&type=chunk) [Financial Statements](index=41&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 [Consolidated Balance Sheet](index=41&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were CNY 2.123 billion, with current assets accounting for approximately 70.56%, total liabilities of CNY 254 million, and total owners' equity of CNY 1.869 billion Key Data from Consolidated Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,123,434,822.27 | 2,090,873,326.37 | | Total Current Assets | 1,498,344,028.33 | 1,437,262,524.00 | | Total Liabilities | 254,251,908.36 | 237,792,967.29 | | Total Owners' Equity | 1,869,182,913.91 | 1,853,080,359.08 | [Parent Company Balance Sheet](index=43&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 2.105 billion, with current assets accounting for approximately 70.82%, total liabilities of CNY 233 million, and total owners' equity of CNY 1.871 billion Key Data from Parent Company Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,104,683,789.56 | 2,055,683,147.77 | | Total Current Assets | 1,490,403,609.70 | 1,431,397,766.46 | | Total Liabilities | 233,492,229.86 | 204,615,658.24 | | Total Owners' Equity | 1,871,191,559.70 | 1,851,067,489.53 | [Consolidated Income Statement](index=45&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company achieved total operating revenue of CNY 228 million, a 65.82% year-on-year increase, with net profit attributable to parent company shareholders of CNY 10.314 million, turning profitable Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 227,958,211.99 | 137,473,936.44 | | Total Operating Cost | 208,901,704.19 | 160,479,259.33 | | Total Profit | 6,321,444.56 | -17,127,901.88 | | Net Profit | 8,883,144.68 | -17,587,240.09 | | Net Profit Attributable to Parent Company Shareholders | 10,313,992.42 | -17,587,240.09 | | Basic Earnings Per Share | 0.04 | -0.06 | [Parent Company Income Statement](index=47&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company achieved operating revenue of CNY 226 million and net profit of CNY 12.9047 million, representing significant growth compared to the prior year Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 225,936,393.90 | 137,473,936.44 | | Operating Cost | 162,718,116.37 | 134,880,695.29 | | Total Profit | 10,650,287.70 | -15,043,192.43 | | Net Profit | 12,904,660.02 | -15,502,530.64 | | Basic Earnings Per Share | 0.04 | -0.05 | [Consolidated Cash Flow Statement](index=49&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was -CNY 1.9615 million, a significant improvement; net cash flow from investing activities was CNY 89.9576 million, mainly due to reduced investment in wealth management and equipment purchases Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | | Net Cash Flow from Investing Activities | 89,957,554.33 | -16,046,092.94 | | Net Cash Flow from Financing Activities | -2,420,772.00 | -31,234,699.41 | | Net Increase in Cash and Cash Equivalents | 85,575,331.58 | -79,145,034.16 | [Parent Company Cash Flow Statement](index=50&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was CNY 1.7598 million, from investing activities was CNY 82.9051 million, and from financing activities was CNY 6.3901 million Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,759,798.73 | -31,565,733.71 | | Net Cash Flow from Investing Activities | 82,905,059.00 | -16,046,092.94 | | Net Cash Flow from Financing Activities | 6,390,145.00 | -31,525,409.41 | | Net Increase in Cash and Cash Equivalents | 91,055,002.73 | -79,137,236.06 | [Consolidated Statement of Changes in Owners' Equity](index=51&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, consolidated owners' equity increased by CNY 16.1025 million, primarily due to increased net profit attributable to parent company shareholders and share-based payments recognized in capital reserves - Total owners' equity attributable to the parent company at period-end was **CNY 1,852,491,485.38**, an increase of **CNY 17,533,402.57** from the beginning of the period[179](index=179&type=chunk) - Total comprehensive income for the current period was **CNY 10,313,992.42**[179](index=179&type=chunk) - Share-based payments recognized in owners' equity amounted to **CNY 6,743,540.92**[179](index=179&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=55&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) During the reporting period, parent company owners' equity increased by CNY 20.124 million, mainly due to increased net profit and share-based payments recognized in capital reserves - Total parent company owners' equity at period-end was **CNY 1,871,191,559.70**, an increase of **CNY 20,124,070.17** from the beginning of the period[186](index=186&type=chunk) - Total comprehensive income for the current period was **CNY 12,904,660.02**[185](index=185&type=chunk) - Share-based payments recognized in owners' equity amounted to **CNY 6,743,540.92**[185](index=185&type=chunk) [Company Basic Information](index=59&type=section&id=III.%20Company%20Basic%20Information) Established on March 1, 2004, the company's main business is aerospace equipment manufacturing, including precision manufacturing of military and civil aircraft components and R&D of aircraft fuel system products - The company was established on **March 1, 2004**, primarily engaged in aerospace equipment manufacturing[189](index=189&type=chunk) - It primarily engages in precision manufacturing of military and civil aircraft components, aero-engine parts, and large aerospace structural components, as well as design and R&D of aircraft fuel system products[189](index=189&type=chunk) [Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations, presented on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as the disclosure requirements of the China Securities Regulatory Commission's "Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public No. 15—General Provisions on Financial Reports" (Revised 2023)[190](index=190&type=chunk) - The Group assessed its ability to continue as a going concern for 12 months from **June 30, 2025**, finding no significant doubts, and thus the financial statements are presented on a going concern basis[191](index=191&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, and revenue recognition, including expected credit losses and depreciation - The specific accounting policies and estimates formulated by the Group based on its actual production and operation characteristics include bad debt provisions for receivables, inventory impairment provisions, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement[192](index=192&type=chunk) - The Group's financial assets are classified at initial recognition, based on the Group's business model for managing financial assets and the contractual cash flow characteristics of the financial assets, as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss[207](index=207&type=chunk) - For accounts receivable, notes receivable, and other receivables arising from daily operating activities such as sales of goods and provision of services that do not contain significant financing components, the Group applies a simplified measurement approach, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[217](index=217&type=chunk) - The Group recognizes revenue when it satisfies a performance obligation in a contract by transferring control of a promised good or service to a customer[266](index=266&type=chunk) [Taxation](index=79&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, benefiting from various preferential policies such as VAT deductions, high-tech enterprise income tax, and R&D expense super deduction Major Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%、25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company benefits from a **5% additional VAT deduction** policy for advanced manufacturing[289](index=289&type=chunk) - As a high-tech enterprise, the company enjoys a **15% preferential corporate income tax rate**[290](index=290&type=chunk) - The company's main business falls under the encouraged industries in the "Catalogue of Encouraged Industries in the Western Region," enjoying a **15% preferential corporate income tax rate**[291](index=291&type=chunk) - The company's research and development expenses incurred in **2025** are eligible for a **100% super deduction** before corporate income tax[292](index=292&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various consolidated financial statement items, explaining their period-end and period-beginning balances, as well as changes and reasons for those changes - Cash and cash equivalents balance at period-end was **CNY 475,139,496.42**, an increase from the beginning of the period[295](index=295&type=chunk) - Financial assets held for trading balance at period-end was **CNY 402,711,619.14**, primarily consisting of wealth management products[296](index=296&type=chunk) - Accounts receivable book value at period-end was **CNY 385,868,146.99**, with a bad debt provision of **CNY 39,007,000.53**[311](index=311&type=chunk) - Inventory book balance at period-end was **CNY 205,755,723.55**, with an inventory impairment provision of **CNY 10,009,836.26**[374](index=374&type=chunk) - Administrative expenses increased by **120.29%** in the current period compared to the prior period, primarily due to increased share-based payments from equity incentive implementation[543](index=543&type=chunk) - Credit impairment losses increased by **941.03%** in the current period compared to the prior period, primarily due to increased provision for bad debts on accounts receivable[556](index=556&type=chunk) [Research and Development Expenses](index=136&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company's total R&D expenses for the reporting period were CNY 17,655,718.45, all expensed, primarily for personnel salaries, depreciation, and materials - Total R&D expenses for the current period were **CNY 17,655,718.45**[598](index=598&type=chunk) - All R&D expenses were expensed, with no capitalized R&D expenses[598](index=598&type=chunk) - Major components of R&D expenses: R&D personnel salaries of **CNY 6,708,052.37**, R&D depreciation of **CNY 2,666,597.94**, and R&D materials of **CNY 6,684,145.35**[598](index=598&type=chunk) [Changes in Consolidation Scope](index=136&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or subsidiary disposals - The company had no non-same-control business combinations during the reporting period[603](index=603&type=chunk) - The company had no same-control business combinations during the reporting period[606](index=606&type=chunk) - The company had no reverse acquisitions during the reporting period[610](index=610&type=chunk) - The company had no subsidiary disposals during the reporting period[610](index=610&type=chunk) [Interests in Other Entities](index=140&type=section&id=X.%20Interests%20in%20Other%20Entities) The company owns three subsidiaries: Tang'an Aviation, Xirui Fangxiao and Xinrui Fangxiao, with a total book value of CNY 57,991,326.60 for investments in joint ventures - The company owns three subsidiaries: Chengdu Tang'an Aviation Manufacturing Co., Ltd. (wholly-owned), Chengdu Xirui Fangxiao Technology Co., Ltd. (**52% shareholding**), and Chengdu Xinrui Fangxiao Technology Co., Ltd. (Xirui Fangxiao holds **52%**)[611](index=611&type=chunk) - The total book value of investments in joint ventures was **CNY 57,991,326.60**[627](index=627&type=chunk) - Net profit of joint ventures was **-CNY 5,091,699.38**[627](index=627&type=chunk) [Government Grants](index=146&type=section&id=XI.%20Government%20Grants) During the reporting period, the company received new government grants of CNY 10 million, recognized CNY 1,309,595.24 as other income, with a period-end deferred income balance of CNY 30,167,287.36, primarily asset-related - New government grants received in the current period amounted to **CNY 10,000,000.00**[631](index=631&type=chunk) - The amount transferred to other income in the current period was **CNY 1,309,595.24**[631](index=631&type=chunk) - Deferred income balance at period-end was **CNY 30,167,287.36**, related to assets[631](index=631&type=chunk) [Risks Related to Financial Instruments](index=146&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market, credit, and liquidity risks, managed through monitoring interest rates, credit approvals, and ensuring fund liquidity; as of June 2025, it had no foreign currency exposure and low liquidity risk - The Group faces various financial instrument risks in its daily activities, primarily including market risks (such as exchange rate risk, interest rate risk, and commodity price risk), credit risk, and liquidity risk[633](index=633&type=chunk) - As of **June 30, 2025**, the Group had no foreign currency balances in assets or liabilities, and exchange rate risks from sales and purchasing activities did not impact its operating performance[635](index=635&type=chunk) - As of the end of **June 2025**, the Group's interest-bearing liabilities consisted of fixed-rate loan contracts denominated in RMB, with a loan balance of **CNY 15 million**[636](index=636&type=chunk) - Among the Group's accounts receivable and contract assets, the top five amounts totaled **CNY 404,182,451.34**, accounting for **95.13%** of the company's total accounts receivable and contract assets, indicating credit concentration risk[639](index=639&type=chunk) - As of year-end, the Group had a low asset-liability ratio, with bank deposits and short-term wealth management product balances significantly exceeding total liabilities, indicating ample working capital and low liquidity risk[642](index=642&type=chunk) [Disclosure of Fair Value](index=149&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At period-end, the company's total assets measured at fair value were CNY 402,711,619.14, primarily financial assets held for trading (wealth management products), measured at Level 3 fair value - Total assets continuously measured at fair value at period-end amounted to **CNY 402,711,619.14**[649](index=649&type=chunk) - Primarily financial assets held for trading (wealth management products), measured at Level 3 fair value[649](index=649&type=chunk)[652](index=652&type=chunk) [Related Parties and Related Party Transactions](index=150&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's actual controllers are four natural person shareholders collectively holding 42.11% of total shares. No significant related party transactions occurred during the reporting period - The company's actual controllers are four natural person shareholders: Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, who have signed a concerted action agreement and collectively directly hold **42.11%** of the company's total share capital[151](index=151&type=chunk)[657](index=657&type=chunk) - The company had no related party transactions involving the purchase and sale of goods or the provision and acceptance of services during the reporting period[661](index=661&type=chunk) - The company had no related party guarantees during the reporting period[667](index=667&type=chunk) - Total compensation for key management personnel was **CNY 3,486,250.98**[672](index=672&type=chunk) [Share-Based Payments](index=154&type=section&id=XV.%20Share-Based%20Payments) On May 16, 2025, the company granted 2.814 million restricted shares to 220 incentive recipients at CNY 9.25 per share, recognizing CNY 6,743,540.92 in equity-settled share-based payment expenses - On **May 16, 2025**, the company initially granted **2.814 million** Class II restricted shares to **220 incentive recipients** at a grant price of **CNY 9.25 per share**[154](index=154&type=chunk)[679](index=679&type=chunk) - Equity-settled share-based payment expenses of **CNY 6,743,540.92** were recognized in the current period[682](index=682&type=chunk) [Commitments and Contingencies](index=155&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the Group had no significant commitments or contingencies requiring disclosure - As of **June 30, 2025**, the Group had no significant commitments requiring disclosure[682](index=682&type=chunk) - As of **June 30, 2025**, the Group had no significant contingencies requiring disclosure[683](index=683&type=chunk) [Events After the Balance Sheet Date](index=156&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company had no significant non-adjusting events after the reporting period - The company had no significant non-adjusting events after the reporting period[686](index=686&type=chunk) [Other Significant Matters](index=156&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations - The company had no prior period accounting error corrections[687](index=687&type=chunk) - The company had no debt restructurings[689](index=689&type=chunk) - The company had no asset exchanges[689](index=689&type=chunk) - The company had no annuity plans[690](index=690&type=chunk) - The company had no discontinued operations[691](index=691&type=chunk) - The Group's consolidated financial statements include the company and three subsidiaries: Tang'an Aviation, Xirui Fangxiao, and Xinrui Fangxiao, which are in early development stages and do not require segment information disclosure[694](index=694&type=chunk) [Notes to Parent Company Financial Statement Items](index=158&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - Parent company accounts receivable book balance at period-end was **CNY 423,517,807.99**, with a bad debt provision of **CNY 38,926,095.05**[699](index=699&type=chunk) - Parent company other receivables balance at period-end was **CNY 3,092,063.91**, primarily including intercompany balances with related parties within the consolidation scope[705](index=705&type=chunk)[722](index=722&type=chunk) - Parent company long-term equity investments balance at period-end was **CNY 89,706,526.60**, including investments in subsidiaries and associates/joint ventures[737](index=737&type=chunk) - Parent company operating revenue was **CNY 225,936,393.90**, and operating cost was **CNY 162,718,116.37**[744](index=744&type=chunk) - Parent company investment income was **-CNY 5,091,699.38**, primarily from long-term equity investments accounted for using the equity method[750](index=750&type=chunk) [Supplementary Information](index=168&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share - Total non-recurring gains and losses amounted to **CNY 1,584,272.34**[752](index=752&type=chunk) - The weighted average return on net assets attributable to common shareholders was **0.56%**, with basic earnings per share of **CNY 0.04 per share**[754](index=754&type=chunk)

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