公司负责人李海周、主管会计工作负责人左梅及会计机构负责人(会计主 管人员)左梅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及公司未来计划等前瞻性的陈述，能否实现取决于市场状况 变化等多种因素，存在不确定性，并不代表公司对未来年度的盈利预测，也 不构成公司对投资者的实质承诺，投资者及相关人士应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。本公司请投资者认真阅 读本报告，谨慎投资。 深圳市兆威机电股份有限公司 2025 年半年度报告全文 深圳市兆威机电股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 深圳市兆威机电股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's accuracy, with a proposed interim cash dividend of 1.5 yuan per 10 shares to all shareholders - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal liabilities[4](index=4&type=chunk) - Company head Chen Zhijie, chief accountant Tang Li, and head of accounting department Wei Zifan declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **1.5 CNY (including tax) per 10 shares** to all shareholders, based on the current total share capital of **144,711,000 shares**, with no bonus shares or capital reserve conversions[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the 2025 semi-annual report's detailed structure, presenting nine main chapters and their starting page numbers - The report's table of contents clearly lists nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and abbreviations used in the report, ensuring consistent understanding of company names, technical systems, and product categories - The report defines 'the Company' and 'Zhenbang Intelligent' as Shenzhen Zhenbang Intelligent Technology Co, Ltd[10](index=10&type=chunk) - 'MES' refers to Manufacturing Execution System, 'SRM' to Supplier Relationship Management system, 'WMS' to Warehouse Management System, 'PLM' to Product Lifecycle Management, and 'AI' to Artificial Intelligence[10](index=10&type=chunk) - 'Energy storage products/systems' refer to systems that store and release recyclable electrical energy using electrochemical batteries as storage carriers, including batteries, BMS, and PCS[10](index=10&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Shenzhen Zhenbang Intelligent Technology Co, Ltd (stock code: 003028) is listed on the Shenzhen Stock Exchange, with no changes to its contact information during the period - The company's stock abbreviation is 'Zhenbang Intelligent', stock code '003028', listed on the Shenzhen Stock Exchange[12](index=12&type=chunk) - The company's legal representative is Chen Zhijie[12](index=12&type=chunk) - During the reporting period, the company's registered address, office address, website, and email address remained unchanged[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue slightly decreased by 1.64%, net profit attributable to shareholders fell by 41.41%, while operating cash flow significantly grew by 841.80% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | End of Current Reporting Period (CNY) | End of Previous Year (CNY) | Change from Previous Year-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 647,879,460.36 | 658,699,883.60 | -1.64% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | 52,977,463.81 | 90,416,332.40 | -41.41% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 53,098,821.98 | 84,926,463.04 | -37.48% | - | - | - | | Net Cash Flow from Operating Activities | 44,919,916.64 | -6,055,564.96 | 841.80% | - | - | - | | Basic Earnings Per Share (CNY/share) | 0.45 | 0.81 | -44.44% | - | - | - | | Diluted Earnings Per Share (CNY/share) | 0.45 | 0.81 | -44.44% | - | - | - | | Weighted Average Return on Net Assets | 2.99% | 5.52% | -2.53% | - | - | - | | Total Assets | - | - | - | 2,601,192,457.76 | 2,503,674,217.56 | 3.90% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 1,757,459,014.79 | 1,752,189,686.34 | 0.30% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for the period were **-121,358.17 CNY**, mainly from asset disposal, government grants, and fair value changes Non-Recurring Gains and Losses for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -4,239.54 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 53,855.16 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedging activities related to the company's normal business operations | 95,470.84 | | Other non-operating income and expenses apart from the above items | -265,119.96 | | Less: Income tax impact | 1,324.67 | | Total | -121,358.17 | - The company had no other profit or loss items meeting the definition of non-recurring gains and losses, nor did it classify non-recurring items as recurring during the reporting period[22](index=22&type=chunk) Part III Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company specializes in intelligent controllers and new energy, offering integrated solutions across smart home appliances, automotive electronics, robotics, and power tools, holding a leading position in home appliance variable frequency control - The company primarily engages in intelligent controller and new energy businesses, providing integrated hardware, software, and system solutions[24](index=24&type=chunk) - Products are widely applied in smart home appliances, automotive electronics, robotics, power tools, and new energy sectors[24](index=24&type=chunk) - The company holds a leading position in the home appliance variable frequency control sub-market and continuously leads industry innovation in power tools, smart living appliances, and cleaning robots[29](index=29&type=chunk) [Main Businesses](index=9&type=section&id=Main%20Businesses) Core businesses span intelligent appliance, automotive electronic, robotics, and power tool controllers, alongside new energy solutions like micro-inverters and home energy storage systems - Intelligent appliance controllers are a core business, covering large appliances like refrigerators and air conditioners, and innovative lifestyle appliances such as coffee makers and hair dryers, emphasizing intelligence, energy efficiency, miniaturization, and modularity[24](index=24&type=chunk) - New energy business is the company's second growth curve, with diversified product offerings including micro-inverters, home energy storage systems, portable energy storage, and energy storage power cabinets as complete products, along with core components like BMS and MPPT[26](index=26&type=chunk) Main Product Categories and Applications | Product Category | Product Application | | :--- | :--- | | Intelligent Appliance Controllers | Variable frequency refrigerators, variable frequency freezers, variable frequency air conditioners, coffee machines, air fryers, food processors, e-cigarettes, and other innovative home appliances | | Automotive Electronic Controllers | Car refrigerators, car air conditioners, car inverters, car seat heating and ventilation controllers and drivers | | Robotics and Innovative Smart Products | Cleaning robots, lawn mowing robots, underwater robots, and other controller products, as well as optical module readers, temperature probes, and IoT development tools as complete products | | Power Tools | Brushless hammer drills, miniature automotive tools, pruning shears, snow blowers, lawn mowers, generators, chainsaws, multi-functional tools, etc | | New Energy | Micro-inverters, home energy storage, portable energy storage, energy storage power cabinets, battery packs, and other complete products, as well as BMS, MPPT, DC main control boards, lithium battery pack components | | Others | Intelligent cloud testing platform, machine vision inspection equipment, intelligent inspection equipment, industrial serial servers, and other new products | [Company's Industry Position](index=10&type=section&id=Company%27s%20Industry%20Position) The company is a leading intelligent controller enterprise, dominating the home appliance variable frequency control market and driving innovation in power tools and robotics, backed by strong R&D and smart manufacturing - The company is one of the earliest domestic enterprises engaged in independent R&D and manufacturing of home appliance controllers for refrigerators and air conditioners, and a pioneer in the automotive electronics sector[29](index=29&type=chunk) - The company has developed integrated solution capabilities centered on intelligent controllers, covering smart hardware, software, and system control, holding a leading position in the home appliance variable frequency control sub-market[29](index=29&type=chunk) - The company has been awarded titles such as 'National High-tech Enterprise' and 'Guangdong Province Specialized, Refined, Unique, and New SME', and has passed 'Smart Manufacturing Capability Maturity Level 3' certification[30](index=30&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) Core competencies include diverse products, technological innovation, smart manufacturing, global presence, diversified clients, and strong shareholder returns, driven by a 'smart control + new energy' strategy - The company has established a 'smart control + new energy' dual-wheel driven industrial structure, forming a full-产业链 competitive advantage from core components to system integration[31](index=31&type=chunk) - The company has mastered a series of core technologies in motor control, digital power, IoT platforms, BMS, inverters, and energy storage systems, and has built eight major technology platforms[33](index=33&type=chunk) - The company actively implements a 'globalization strategy', with Shenzhen headquarters as the R&D innovation center and Vietnam production base as the manufacturing hub, building a global production network system[36](index=36&type=chunk) [Rich Product Portfolio, Wide Application Areas](index=10&type=section&id=Rich%20Product%20Portfolio%2C%20Wide%20Application%20Areas) Leveraging a 'smart control + new energy' strategy, the company offers full-产业链 solutions from components to systems, targeting high-growth sectors like robotics and new energy automotive electronics - The company has established a 'smart control + new energy' dual-wheel driven industrial structure, forming a full-产业链 competitive advantage from core components to system integration[31](index=31&type=chunk) - In intelligent control, the company provides high-reliability, high-performance intelligent control solutions for numerous global renowned home appliance brands, and actively targets high-growth areas such as robotics, high-end power tools, and new energy automotive electronics[31](index=31&type=chunk) - In the new energy sector, the company has established a complete product system covering key components to complete systems, capable of providing customers with one-stop solutions from hardware design to software collaboration[32](index=32&type=chunk) [Technological Innovation, Continuous Increase in R&D Investment](index=10&type=section&id=Technological%20Innovation%2C%20Continuous%20Increase%20in%20R%26D%20Investment) Adhering to a 'technology-driven market' strategy, the company invests heavily in R&D, mastering core technologies across eight platforms in motor control, digital power, and energy storage, earning innovation awards - The company has mastered a series of core technologies in motor control, digital power, IoT platforms, BMS, inverters, and energy storage systems, and has built eight major technology platforms[33](index=33&type=chunk) - Three independently developed technologies, including 'High-Performance Energy Storage System Micro-Grid Inverter' and 'Refrigerator Control Platform Technology Based on HarmonyOS IoT', won the 23rd Shenzhen Enterprise Innovation Record[34](index=34&type=chunk) - The company was honored as an 'Independent Innovation Benchmark Enterprise' and received Midea Group's 'Technology Innovation Bronze Award' for its 'Refrigerator Compressor Zero-Power Starter Product'[34](index=34&type=chunk) [Smart Manufacturing Upgrade and Digital Empowerment: Building an Efficient Production System](index=11&type=section&id=Smart%20Manufacturing%20Upgrade%20and%20Digital%20Empowerment%3A%20Building%20an%20Efficient%20Production%20System) Emphasizing 'reliable design, reliable manufacturing', the company utilizes advanced automation and dual production bases for flexible, rapid delivery, integrating digital systems for intelligent 'cloud testing' and achieving 'Smart Manufacturing Capability Maturity Level 3' certification - The company introduces internationally advanced automated production lines, automatic testing technologies and equipment, combined with a global layout of Shenzhen and Vietnam dual production bases, to achieve flexible production and rapid delivery[35](index=35&type=chunk) - Through a digital collaboration platform, the company integrates MES, WMS, and SAP systems, leveraging IoT, database, and virtual instrument technologies to establish an intelligent 'cloud testing' system for real-time monitoring and automated management of test data[35](index=35&type=chunk) - The company strictly implements international standards such as ISO9001, ISO14001, ISO45001, and IATF16949, building a full lifecycle quality control system and achieving 'Smart Manufacturing Capability Maturity Level 3' certification[35](index=35&type=chunk) [Accelerating Overseas Expansion, Enhancing International Market Competitiveness](index=11&type=section&id=Accelerating%20Overseas%20Expansion%2C%20Enhancing%20International%20Market%20Competitiveness) Implementing a 'globalization strategy' with dual R&D and manufacturing bases, the company shortens delivery, mitigates risks, and enhances supply chain resilience, planning to expand localized services and high-value sectors - The company establishes its Shenzhen headquarters as the R&D innovation center and the Vietnam production base as the manufacturing hub, building a global production network system[36](index=36&type=chunk) - Through dual-base collaboration, the company significantly shortens delivery cycles for European and American markets, rapidly responds to customer needs, diversifies geopolitical risks, and enhances supply chain resilience[36](index=36&type=chunk) - In the future, the company will deepen its overseas localization service capabilities and continue to expand into high-value-added areas such as new energy and intelligent appliance controllers, further strengthening its global competitiveness[36](index=36&type=chunk) [Diversified Customer Structure + Benchmark Customers](index=11&type=section&id=Diversified%20Customer%20Structure%20%2B%20Benchmark%20Customers) The company maintains a diversified, high-quality customer base, serving global leaders to diversify risk, set industry benchmarks, and accelerate market penetration, earning multiple 'Excellent Supplier' awards - The company has built a diversified, high-quality customer system, providing core products and technical services to globally renowned enterprises, forming a sustainable development model of 'large customers stabilizing the base, new customers expanding growth'[37](index=37&type=chunk) - Collaboration with leading customers helps set industry benchmarks, rapidly penetrate other markets in the industry, and provides a foundation for the company's breakthroughs in emerging fields[37](index=37&type=chunk) - The company has received multiple awards from partners, including 'Excellent Supplier Award', 'Innovation Supplier Award', 'Quality Partner Award', and 'Excellent Quality Award'[37](index=37&type=chunk) [Emphasis on Shareholder Investment Returns](index=11&type=section&id=Emphasis%20on%20Shareholder%20Investment%20Returns) The company maintains a stable shareholder return mechanism with consistent dividends, including a 2024 distribution of 3 bonus shares and 4.5 CNY cash per 10 shares, and a proposed 1.5 CNY cash dividend for mid-2025 - The company has established a stable and sustainable shareholder return mechanism, fully demonstrating its robust operational strength and ample cash flow through continuous and predictable dividend arrangements[38](index=38&type=chunk) - In 2024, the company implemented a dividend of **3 bonus shares and a cash dividend of 4.5 CNY per 10 shares**; for mid-2025, it plans to further distribute a cash dividend of **1.5 CNY per 10 shares**[38](index=38&type=chunk) - This mechanism balances the needs for sustainable enterprise development, effectively safeguards shareholder interests, enhances shareholder investment returns, and strengthens investor recognition[38](index=38&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) H1 2025 saw a 1.64% revenue decline and 41.41% net profit drop, with gross margin down 6.75% due to geopolitical and pricing pressures, though Q2 revenue grew 20.32% driven by new energy and power tools - During the reporting period, the company achieved operating revenue of **647.88 million CNY**, a slight year-on-year decrease of **1.64%**; net profit was **52.98 million CNY**, a year-on-year decrease of **41.41%**[40](index=40&type=chunk) - Comprehensive gross profit margin decreased by **6.75%**, mainly due to intensified industry competition, changes in product structure and customer demand leading to pressure on product sales prices[40](index=40&type=chunk) H1 2025 Revenue and Growth by Business Segment | Business Segment | Operating Revenue (Million CNY) | Year-on-Year Growth | | :--- | :--- | :--- | | New Energy Business | 71.34 | 287.57% | | Power Tool Business | 167.42 | 68.50% | | Intelligent Appliance Controller Business | 295.36 | -20.78% | | Automotive Electronic Controller Business | 20.93 | -42.01% | | Robotics and Innovative Smart Products Business | 78.86 | -34.21% | - Vietnam company achieved sales revenue of **222 million CNY** in the first half, a year-on-year increase of **66.43%**, laying a solid foundation for future overseas market expansion[40](index=40&type=chunk) H1 2025 Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 647,879,460.36 | 658,699,883.60 | -1.64% | - | | Operating Cost | 530,291,341.64 | 494,712,597.43 | 7.19% | - | | Selling Expenses | 13,665,100.61 | 12,231,137.63 | 11.72% | - | | Administrative Expenses | 17,404,598.16 | 15,889,384.53 | 9.54% | - | | Financial Expenses | -11,052,665.66 | -13,809,791.53 | 19.97% | - | | Income Tax Expense | 672,588.60 | 8,204,997.26 | -91.80% | Mainly due to changes in taxable income | | R&D Investment | 44,694,570.40 | 46,281,669.71 | -3.43% | - | | Net Cash Flow from Operating Activities | 44,919,916.64 | -6,055,564.96 | 841.80% | Mainly due to increased sales collections | | Net Cash Flow from Investing Activities | -123,495,194.02 | 24,691,360.51 | -600.16% | Mainly due to purchase of bank wealth management products | | Net Cash Flow from Financing Activities | 90,172,923.00 | 6,347,601.62 | 1,320.58% | Mainly due to increased short-term borrowings and cash dividends in the current period | | Net Increase in Cash and Cash Equivalents | 11,076,895.02 | 28,292,289.04 | -60.85% | Mainly due to the combined impact of operating, investing, and financing activities | H1 2025 Operating Revenue Composition (by Region) | Region | Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Domestic Sales | 291,785,010.91 | 45.04% | -22.83% | | International Sales | 356,094,449.45 | 54.96% | 26.91% | [Non-Core Business Analysis](index=14&type=section&id=Non-Core%20Business%20Analysis) The company had no non-core businesses during the reporting period, therefore no analysis was performed [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets grew 3.90% and net assets attributable to shareholders grew 0.30%, with significant increases in construction in progress and short-term borrowings, while some funds were judicially frozen - At the end of the reporting period, the company's total assets were **2,601.19 million CNY**, an increase of **3.90%** from the end of the previous year[17](index=17&type=chunk) - At the end of the reporting period, net assets attributable to shareholders of the listed company were **1,757.46 million CNY**, an increase of **0.30%** from the end of the previous year[17](index=17&type=chunk) - Zhenbang Intelligent Technology (Vietnam) Co, Ltd had total assets of **337 million CNY** and net profit of **23.54 million CNY**, accounting for **19.17%** of the company's net assets[51](index=51&type=chunk) - Other monetary funds include **8,735,188.90 CNY** judicially frozen due to litigation[54](index=54&type=chunk) [Significant Changes in Asset Composition](index=14&type=section&id=Significant%20Changes%20in%20Asset%20Composition) The asset and liability structure saw changes, with accounts receivable down 2.14%, inventories up 1.42%, construction in progress up 1.05%, and short-term borrowings up 5.05% H1 2025 Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Previous Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,112,406,463.72 | 42.77% | 1,092,594,379.80 | 43.64% | -0.87% | No significant change | | Accounts Receivable | 332,647,875.44 | 12.79% | 373,914,966.72 | 14.93% | -2.14% | Mainly due to collection of customer payments | | Inventories | 263,998,670.26 | 10.15% | 218,598,821.11 | 8.73% | 1.42% | Mainly due to strategic stocking in response to market demand changes | | Construction in Progress | 475,071,534.20 | 18.26% | 430,900,727.71 | 17.21% | 1.05% | Mainly due to increased investment in Zhenwei Science Park project | | Right-of-Use Assets | 45,268,341.78 | 1.74% | 32,457,600.81 | 1.30% | 0.44% | Mainly due to increased factory leases in Vietnam | | Short-term Borrowings | 154,782,055.26 | 5.95% | 22,496,126.16 | 0.90% | 5.05% | Mainly due to increased short-term bank credit borrowings | | Contract Liabilities | 24,708,500.47 | 0.95% | 16,211,493.02 | 0.65% | 0.30% | Mainly due to increased advance receipts for goods | | Financial Assets Held for Trading | 73,010,695.53 | 2.81% | 46,385,509.54 | 1.85% | 0.96% | Mainly due to purchase of wealth management products | | Share Capital | 144,708,620.00 | 5.56% | 111,779,154.00 | 4.46% | 1.10% | Mainly due to bonus share distribution in the reporting period | [Major Overseas Assets](index=15&type=section&id=Major%20Overseas%20Assets) Zhenbang Intelligent Technology (Vietnam) Co, Ltd, a wholly-owned grandchild company, is a major overseas asset with **337 million CNY** in total assets and good profitability Major Overseas Assets | Specific Content of Asset | Reason for Formation | Asset Scale (CNY) | Location | Operating Model | Control Measures to Ensure Asset Safety | Profitability (CNY) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wholly-owned grandchild company - Zhenbang Intelligent Technology (Vietnam) Co, Ltd and its assets | Investment establishment | 336,906,572.12 | Ho Chi Minh City, Vietnam | R&D, production, sales | Financial supervision, internal and external audit | 23,541,637.19 | 19.17% | - Zhenbang Vietnam Co, Ltd has no significant impairment risks[51](index=51&type=chunk) [Assets and Liabilities Measured at Fair Value](index=16&type=section&id=Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At period-end, financial assets measured at fair value totaled **107 million CNY**, comprising trading financial assets (**73.01 million CNY**), other equity investments (**4.71 million CNY**), and notes receivable financing (**28.97 million CNY**) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading (excluding derivative financial assets) | 46,385,509.54 | 10,695.53 | 123,000,000.00 | 96,385,509.54 | 73,010,695.53 | | Other equity instrument investments | 4,705,406.58 | - | - | - | 4,705,406.58 | | Notes receivable financing | 35,403,190.06 | - | - | - | 28,973,156.31 | | Total of the above | 86,494,106.18 | 10,695.53 | 123,000,000.00 | 96,385,509.54 | 106,689,258.42 | | Financial liabilities | 0.00 | - | - | - | 0.00 | - The measurement attributes of the company's major assets did not undergo significant changes during the reporting period[53](index=53&type=chunk) [Asset Restrictions at the End of the Reporting Period](index=16&type=section&id=Asset%20Restrictions%20at%20the%20End%20of%20the%20Reporting%20Period) At period-end, **8,735,188.90 CNY** of monetary funds were restricted due to judicial freezing from litigation - Other monetary funds: **8,735,188.90 CNY** judicially frozen due to litigation[54](index=54&type=chunk) [Investment Analysis](index=16&type=section&id=Investment%20Analysis) Investment activities focused on non-equity and raised funds; Zhenwei Science Park project reached 95% completion but was delayed to June 2026, while some raised fund projects underperformed - Zhenwei Science Park project had a cumulative actual investment of **474.43 million CNY**, with project progress at **95.00%**[58](index=58&type=chunk) - The 'High-end Intelligent Controller R&D and Production Base Project (Phase I)' expected operational date was postponed to **June 30, 2026**[67](index=67&type=chunk)[70](index=70&type=chunk) - The 'Inverter and High-Efficiency Intelligent Energy Storage System Project' did not meet expected returns, mainly due to intensified industry competition, extended overseas market expansion cycles, fluctuations in key raw material prices, and policy standard upgrades[67](index=67&type=chunk)[70](index=70&type=chunk) Overall Use of Raised Funds | Total Raised Funds (Million CNY) | Net Raised Funds (Million CNY) | Cumulative Amount of Raised Funds Used (Million CNY) | Proportion of Cumulative Raised Funds Used to Total Raised Funds | Total Unused Raised Funds (Million CNY) | | :--- | :--- | :--- | :--- | :--- | | 59,595 | 56,018.62 | 58,512.32 | 104.45% | 513.16 | [Overall Situation](index=16&type=section&id=Overall%20Situation) This section outlines the company's investment activities, including non-equity investments and raised fund utilization, providing a foundation for detailed analysis [Significant Equity Investments Acquired During the Reporting Period](index=17&type=section&id=Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - The company had no securities investments during the reporting period[59](index=59&type=chunk) [Significant Non-Equity Investments in Progress During the Reporting Period](index=17&type=section&id=Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The Zhenwei Science Park project, a significant non-equity investment, saw **44.20 million CNY** invested this period, with cumulative actual investment reaching **474 million CNY** and **95.00%** completion Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it a Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Reporting Period (CNY) | Cumulative Actual Investment Amount as of End of Reporting Period (CNY) | Source of Funds | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhenwei Science Park Project | Self-built | Yes | Intelligent Controller | 44,204,014.22 | 474,433,083.42 | Raised Funds and Own Funds | 95.00% | [Financial Asset Investments](index=17&type=section&id=Financial%20Asset%20Investments) The company had no securities investments or derivative investments for hedging or speculative purposes during the reporting period - The company had no securities investments during the reporting period[59](index=59&type=chunk) - The company had no derivative investments for hedging purposes during the reporting period[60](index=60&type=chunk) - The company had no derivative investments for speculative purposes during the reporting period[62](index=62&type=chunk) [Use of Raised Funds](index=18&type=section&id=Use%20of%20Raised%20Funds) IPO net proceeds were **560 million CNY**, with **585 million CNY** cumulatively invested (104.45% utilization); **5.13 million CNY** remain unused, while some projects, including the 'High-end Intelligent Controller R&D and Production Base Project (Phase I)', were delayed or underperformed Overall Use of Raised Funds | Total Raised Funds (Million CNY) | Net Raised Funds (Million CNY) | Total Raised Funds Used in Current Period (Million CNY) | Cumulative Amount of Raised Funds Used (Million CNY) | Proportion of Cumulative Raised Funds Used to Total Raised Funds | Total Unused Raised Funds (Million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | 59,595 | 56,018.62 | 0 | 58,512.32 | 104.45% | 513.16 | - The 'High-end Intelligent Controller R&D and Production Base Project (Phase I)' was delayed because its implementation site, 'Zhenwei Science Park' in Shenzhen's Guangming District, is in the final stages of construction, awaiting completion acceptance and equipment installation/debugging; the board postponed the expected operational date to **June 30, 2026**, to ensure project effectiveness and resource allocation[67](index=67&type=chunk) - The 'Inverter and High-Efficiency Intelligent Energy Storage System Project' underperformed due to intensified industry competition, extended overseas market expansion cycles, fluctuations in key raw material prices, and policy standard upgrades[67](index=67&type=chunk) [Changes in Raised Fund Projects](index=20&type=section&id=Changes%20in%20Raised%20Fund%20Projects) The company reclassified and adjusted several raised fund projects, including the 'Intelligent Control Component Capacity Expansion' to 'High-end Intelligent Controller R&D Base (Phase I)' and 'Zero-Power Start Protector' to 'Inverter and Energy Storage System', approved by the board and shareholders Changes in Raised Fund Projects | Name of Changed Project | Corresponding Original Committed Project | Total Raised Funds Planned for Changed Project (Million CNY) | Actual Investment Amount in Current Reporting Period (Million CNY) | Cumulative Actual Investment Amount as of Period-End (Million CNY) | Date Project Reaches Expected Operational Status | Whether Expected Benefits Achieved | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-end Intelligent Controller R&D and Production Base Project (Phase I) | Intelligent Control Component Capacity Expansion and Product Upgrade Project | 41,298.97 | 411.39 | 43,415.82 | 2026年06月30日 | Not Applicable | | Inverter and High-Efficiency Intelligent Energy Storage System Project | Zero-Power Start Protector Construction Project | 2,000 | 0 | 2,006.27 | 2023年12月31日 | No | | R&D Center Construction Project | R&D Center Construction Project | 5,017.82 | 0 | 5,044.4 | 2024年04月30日 | Not Applicable | - Reason for change: A prudent decision made to improve the efficiency of raised fund utilization, considering the company's actual situation, internal strategy, and future development trends, with the original raised fund investment project content changed while the total committed investment remains unchanged[70](index=70&type=chunk) - Decision procedure: The 'Proposal on Changing the Implementation Content and Location of Certain Raised Fund Investment Projects' was approved by the company's 18th (Interim) Meeting of the Second Board of Directors, 17th (Interim) Meeting of the Second Supervisory Board, and the First Interim Shareholders' Meeting in 2022, changing the implementation content and location of some raised investment projects[70](index=70&type=chunk) [Significant Asset and Equity Sales](index=21&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[71](index=71&type=chunk) - The company did not sell significant equity during the reporting period[72](index=72&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The main holding subsidiary is GENBYTE TECHNOLOGY (VIETNAM) COMPANY LIMITED, with two new wholly-owned subsidiaries, Shenzhen Zhenwei Yunlian Technology Co, Ltd and HOMEWOOD CONTROL PTE.LTD, established during the period Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | GENBYTE TECHNOLOGY(VIETNAM)COMPANY LIMITED | Subsidiary | R&D, production, sales, import and export of electronic control products | 1 Million USD | 336,906,572.12 | 47,829,094.77 | 222,125,704.82 | 23,656,330.52 | 23,541,637.19 | - During the reporting period, the company established new wholly-owned subsidiaries Shenzhen Zhenwei Yunlian Technology Co, Ltd and HOMEWOOD CONTROL PTE.LTD, which had no significant impact on the current period's performance[74](index=74&type=chunk) [Structured Entities Controlled by the Company](index=22&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[75](index=75&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, geopolitical, technological, cost, and exchange rate risks, planning to mitigate them through strategic partnerships, R&D, market expansion, global production optimization, cost control, and foreign exchange management - The company faces macroeconomic and geopolitical risks, such as global macroeconomic fluctuations, escalating tariff policies, and geopolitical risks that could lead to slower market demand and increased supply chain costs[75](index=75&type=chunk) - The company faces risks of technological iteration and product updates; failure to accurately grasp industry technology trends or strategic errors in key product development could lead to outdated product performance and decreased market competitiveness[76](index=76&type=chunk) - The company faces risks of rising costs and declining gross profit margins, including increasing raw material and labor costs, intense market competition, and rising expenses due to business expansion[77](index=77&type=chunk)[78](index=78&type=chunk) - The company faces exchange rate risk, as export sales and import purchases are settled in non-RMB currencies, and exchange rate fluctuations may impact operating performance[79](index=79&type=chunk) - Countermeasures include deepening cooperation with key customers and suppliers, developing new products, exploring emerging markets, optimizing global production layout, negotiating cost-sharing with customers, increasing R&D investment, implementing comprehensive cost control, focusing on high-margin niche markets, introducing lean production concepts, and strengthening foreign exchange risk management[75](index=75&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[80](index=80&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[80](index=80&type=chunk) [Implementation of 'Quality and Return Dual Improvement' Action Plan](index=23&type=section&id=Implementation%20of%20%27Quality%20and%20Return%20Dual%20Improvement%27%20Action%20Plan) The company did not disclose an announcement regarding the 'Quality and Return Dual Improvement' action plan during the reporting period - The company did not disclose an announcement regarding the 'Quality and Return Dual Improvement' action plan during the reporting period[80](index=80&type=chunk) Part IV Corporate Governance, Environment and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[81](index=81&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=23&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The board approved a 2025 semi-annual profit distribution plan of **1.5 CNY cash dividend per 10 shares** (totaling **21.71 million CNY**) based on **144,711,000 shares**, pending shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (CNY) (including tax) | 1.5 | | Share Capital Base for Distribution Plan (shares) | 144,711,000 | | Cash Dividend Amount (CNY) (including tax) | 21,706,650.00 | | Total Cash Dividend (including other methods) (CNY) | 21,706,650.00 | | Distributable Profit (CNY) | 710,822,551.98 | | Proportion of Total Cash Dividend (including other methods) to Total Profit Distribution | 100% | - The estimated cash dividend distribution is **21.71 million CNY**, with the actual amount subject to final distribution. If the company's total share capital changes due to stock option exercise, share repurchases, or cancellation of restricted shares before the distribution plan is implemented, the company will make corresponding adjustments based on the principle of an unchanged distribution ratio[83](index=83&type=chunk) - This profit distribution plan is subject to approval by the company's shareholders' meeting[83](index=83&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=24&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented an equity incentive plan, repurchasing and canceling **514,000 restricted shares** from ineligible employees and adjusting unexercised stock options to **62,160** - The company repurchased and canceled **4,500 restricted shares** held by 2 incentive recipients under the '2021 Restricted Stock and Stock Option Incentive Plan' who no longer qualified due to resignation[84](index=84&type=chunk) - The company repurchased and canceled **509,500 restricted shares** held by 11 incentive recipients who no longer qualified due to resignation and 170 incentive recipients whose restricted shares had not yet been lifted under the '2024 Restricted Stock Incentive Plan'[84](index=84&type=chunk) - The company has completed the repurchase and cancellation of **514,000 restricted shares**[85](index=85&type=chunk) - The company adjusted the number of unexercised stock options from **47,816** to **62,160**[85](index=85&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are listed as enterprises required to disclose environmental information, indicating regulatory oversight and compliance with disclosure obligations - The listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[86](index=86&type=chunk) [Social Responsibility](index=25&type=section&id=Social%20Responsibility) Adhering to 'Green Technology, Smart Living', the company actively fulfills social responsibility by enhancing governance, protecting shareholder and employee rights, promoting green innovation, supporting rural revitalization, and achieving a Wind ESG A-rating - The company strictly adheres to laws and regulations such as the 'Company Law', 'Securities Law', and 'Guidelines for Corporate Governance of Listed Companies', continuously improving its governance structure and internal control mechanisms, ensuring the standardized operation of shareholder meetings, and implementing separate vote counting for small and medium investors[89](index=89&type=chunk) - On May 29, 2025, the company implemented the 2024 annual profit distribution plan, distributing a cash dividend of **4.5 CNY per 10 shares (including tax)** and **3 bonus shares (including tax)** to all shareholders; additionally, the company plans to launch an interim dividend plan, distributing a cash dividend of **1.5 CNY per 10 shares (including tax)**[89](index=89&type=chunk) - The company regards employees as a core driving force for development, strictly adheres to labor laws and regulations, fully safeguards employees' legitimate rights and interests, focuses on occupational health and safety, and motivates employees through diversified incentive mechanisms such as equity incentives and performance bonuses[91](index=91&type=chunk) - The company integrates green technology into its development strategy, strictly enforces national environmental protection regulations, promotes green and low-carbon production, focuses on energy-saving technology applications in smart home appliances and smart homes, and strategically positions itself in the inverter and energy storage industries[92](index=92&type=chunk) - The company actively responds to the 'dual carbon' goals, building a 'smart controller + new energy' dual-wheel driven model, integrating ESG concepts into its governance structure, establishing a three-tier ESG management framework, and achieving a Wind ESG A-rating certification[94](index=94&type=chunk) Part V Significant Matters [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=26&type=section&id=Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - During the reporting period, there were no commitments fulfilled or overdue by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself[96](index=96&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=26&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) There was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company during the reporting period - There was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company during the reporting period[97](index=97&type=chunk) [Illegal External Guarantees](index=26&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[99](index=99&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) The board and supervisory board provided no explanation for a 'non-standard audit report' as the semi-annual report was unaudited [Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Previous Year](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) The board of directors provided no explanation regarding the 'non-standard audit report' for the previous year [Bankruptcy and Reorganization Matters](index=26&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[100](index=100&type=chunk) [Litigation Matters](index=26&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters in the current reporting period[101](index=101&type=chunk) [Penalties and Rectification](index=27&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[102](index=102&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Specific integrity information for the company, its controlling shareholder, and actual controller was not disclosed [Significant Related Party Transactions](index=27&type=section&id=Significant%20Related%20Party%20Transactions) The company had no related party transactions concerning daily operations, asset/equity acquisition/disposal, joint external investments, or related party debt, nor financial dealings with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[103](index=103&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[104](index=104&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[106](index=106&type=chunk) - There were no deposits, loans, credit, or other financial businesses between the company and affiliated finance companies or related parties[107](index=107&type=chunk) [Significant Contracts and Their Performance](index=28&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship, contracting, or significant guarantees; total lease fees were **13.13 million CNY**, entrusted wealth management was **73 million CNY**, and the **302 million CNY** Zhenwei Science Park construction contract was ongoing - The company had no trusteeship situations during the reporting period[110](index=110&type=chunk) - The company had no contracting situations during the reporting period[111](index=111&type=chunk) - In H1 2025, the company's total lease fees were **9.14 million CNY (including tax)** from lease contracts and supplementary agreements with Shenzhen Huahong Xintong Technology Co, Ltd, Shenzhen Hongfa Investment Group Co, Ltd, Shenzhen Guangming District Housing and Construction Bureau, etc, and **3.98 million CNY (including tax)** from lease contracts and supplementary agreements with CÔNG TY TNHH ĐẦU TƯ NHÀ XƯỞNG LẬP THÀNH[112](index=112&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Transactions (Million CNY) | Outstanding Balance (Million CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 7,300 | 7,300 | - The company's general construction contract for Zhenwei Science Park with Shanghai Baoye Group Co, Ltd, with a contract amount of **301.99 million CNY**, was still in progress at the end of the reporting period[116](index=116&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company completed its 2024 equity distribution (**50.09 million CNY** cash, **33.39 million** bonus shares), delayed a key R&D project to June 2026, changed its registered address/business scope, and proposed a **1.50 CNY cash dividend per 10 shares** for H1 2025 - On May 29, 2025, the company completed its 2024 annual equity distribution, distributing a total cash dividend of **50.09 million CNY

中复神鹰碳纤维股份有限公司2025 年半年度报告 公司代码：688295 公司简称：中复神鹰 中复神鹰碳纤维股份有限公司 2025 年半年度报告 2025 年 8 月 1 / 208 中复神鹰碳纤维股份有限公司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"之"四、风险因素"。 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、公司负责人张健、主管会计工作负责人王暖及会计机构负责人（会计主管人员）冯素超声明： 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 本报告所涉及的未来计划、发展战略等前瞻性描述，或会根据市场环境相应调整，该计划不 构成公司对投资者的实质 ...

永安期货股份有限公司2025 年半年度报告 公司代码：600927 公司简称：永安期货 永安期货股份有限公司 2025 年半年度报告 三、 本半年度报告未经审计。 四、 公司负责人黄志明、主管会计工作负责人黄峥嵘及会计机构负责人（会计主管人员）朱金 娟声明：保证半年度报告中财务报告的真实、准确、完整。 1 / 158 永安期货股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度利润分配拟采用现金分红方式，以实施权益分派股权登记日登记的总股本为基 数，向全体股东每10股派发现金红利0.20元（含税）。截至2025年6月30日，公司总股本为 1,455,555,556股，以此计算共派发现金红利29,111,111.12元，占公司2025年半年度合并报表归属于 母公司股东的净利润比例为17.11%。 六、 前瞻性陈述的风险声明 √适用 □不适用 ...

Section 1: Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's management guarantees the report's accuracy and confirms no dividend distribution plan for the period - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, confirming no false records, misleading statements, or major omissions, and assume individual and joint legal liability[3](index=3&type=chunk) - Company head Yang Miao, chief accounting officer Xie Jia, and head of the accounting department Zhong Yan declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans **no cash dividends, no bonus shares, and no capitalization of public reserve funds**[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents is clearly structured into eight main sections covering key corporate and financial information Report Directory | Section | Title | Page Number | | :--- | :--- | :--- | | Section 1 | Important Notes, Table of Contents, and Definitions | 1 | | Section 2 | Company Profile and Key Financial Indicators | 6 | | Section 3 | Management Discussion and Analysis | 9 | | Section 4 | Corporate Governance, Environment, and Society | 24 | | Section 5 | Important Matters | 26 | | Section 6 | Share Capital Changes and Shareholder Information | 33 | | Section 7 | Bond-related Matters | 37 | | Section 8 | Financial Report | 38 | [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) All legally required documents, including the signed semi-annual report and financial statements, are available for inspection at the Board of Directors' office - Documents available for inspection include the semi-annual report text signed by the legal representative, financial statements signed and sealed by relevant personnel, originals of all company documents and announcements disclosed during the reporting period, and other related materials[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The location for inspecting the above documents is the Board of Directors' office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used throughout the report, including company names, regulatory bodies, and reporting periods Key Definitions | Term | Refers to | Definition | | :--- | :--- | :--- | | The Company, Chuanwang Media | Refers to | Sichuan Newsnet Media (Group) Co,Ltd | | Chuanwang Limited | Refers to | Sichuan Newsnet Co, Ltd, the predecessor of the Company | | CSRC | Refers to | China Securities Regulatory Commission | | SZSE | Refers to | Shenzhen Stock Exchange | | Sichuan Provincial Party Committee Propaganda Department | Refers to | Propaganda Department of the Sichuan Provincial Committee of the Communist Party of China | | Reporting Period, Current Period | Refers to | January 1, 2025 to June 30, 2025 | | Same Period Last Year | Refers to | January 1, 2024 to June 30, 2024 | | End of the Reporting Period | Refers to | June 30, 2025 | Section 2: Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, Chuanwang Media (stock code 300987), is listed on the Shenzhen Stock Exchange with Yang Miao as its legal representative Company Basic Information | Stock Abbreviation | Chuanwang Media | Stock Code | 300987 | | :--- | :--- | :--- | :--- | | Stock Exchange | Shenzhen Stock Exchange | | | | Chinese Name | 四川新闻网传媒（集团）股份有限公司 | | | | Chinese Abbreviation (if any) | 川网传媒 | | | | English Name (if any) | Sichuan Newsnet Media (Group) Co,Ltd | | | | Legal Representative | Yang Miao | | | [II. Contacts](index=6&type=section&id=II.%20Contacts) The Board Secretary is Xie Jia and the Securities Affairs Representative is Lin Ping, both located at the Sichuan News Building in Chengdu Company Contacts | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Xie Jia | Lin Ping | | Address | 19th Floor, Sichuan News Building, 196 Yuxin Road, Jinniu District, Chengdu | 19th Floor, Sichuan News Building, 196 Yuxin Road, Jinniu District, Chengdu | | Phone | 028-62616168 | 028-62616168 | | Fax | 028-85327857 | 028-85327857 | | Email | ir@newssc.org | ir@newssc.org | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's registration details, addresses, or information disclosure channels during the reporting period - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[19](index=19&type=chunk) - The stock exchange website and media for disclosing the semi-annual report, as well as the location for report inspection, remained unchanged during the reporting period, with details available in the 2024 annual report[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period, with details available in the 2024 annual report[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew 29.09% to RMB 135.21 million, while net profit attributable to shareholders declined 52.00% to RMB 2.74 million, though operating cash flow improved significantly Key Accounting Data and Financial Indicators (Consolidated) | Indicator | Current Period (RMB) | Prior-Year Period (RMB) | Change vs Prior-Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 135,209,867.66 | 104,742,605.57 | 29.09% | | Net Profit Attributable to Shareholders | 2,738,405.84 | 5,705,130.15 | -52.00% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 2,548,996.90 | 5,266,814.55 | -51.60% | | Net Cash Flow from Operating Activities | 34,677,011.53 | -13,195,240.86 | 362.80% | | Basic Earnings Per Share (RMB/Share) | 0.02 | 0.03 | -33.33% | | Diluted Earnings Per Share (RMB/Share) | 0.02 | 0.03 | -33.33% | | Weighted Average Return on Equity | 0.34% | 0.71% | -0.37% | | **End of Current Period** | **End of Prior Year** | **Change vs End of Prior Year** | | Total Assets | 1,124,736,089.77 | 1,183,890,342.17 | -5.00% | | Net Assets Attributable to Shareholders | 808,306,929.62 | 805,218,523.78 | 0.38% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There are no discrepancies between financial reports prepared under Chinese accounting standards and those under international or foreign accounting standards - The company has no discrepancies in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards for the reporting period[23](index=23&type=chunk) - The company has no discrepancies in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards for the reporting period[24](index=24&type=chunk) [VI. Non-recurring Gains and Losses](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses) Non-recurring gains and losses totaled RMB 189,408.94, primarily from asset disposals and government grants Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Notes | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets (including write-offs of asset impairment provisions) | 51,135.36 | | | Government Grants Included in Current Profit/Loss (excluding those closely related to normal business operations, compliant with national policies, and having a continuous impact) | 145,511.93 | | | Other Non-operating Income and Expenses | -7,198.18 | | | Less: Income Tax Impact | 53.03 | | | Minority Interest Impact (After Tax) | -12.86 | | | Total | 189,408.94 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) - The company has not classified any non-recurring items listed in "Explanatory Announcement No 1 on Information Disclosure for Companies Offering Securities to the Public - Non-recurring Gains and Losses" as recurring items[27](index=27&type=chunk) Section 3: Management Discussion and Analysis [I. Principal Business Activities](index=9&type=section&id=I.%20Principal%20Business%20Activities) The company operates as a leading new media enterprise, with core businesses in integrated marketing, mobile information services, and interactive television - Chuanwang Media is a leading mainstream new media enterprise in China, supported by internet and mobile communication technologies, and operates platforms such as Sichuan Newsnet, the provincial government's new media, and Sichuan Mobile News[29](index=29&type=chunk) - The company owns a portfolio of new media platforms including Sichuan Newsnet, China West Network, Sichuan Fabu, Sichuan Mobile News, Mala Community, and Kele Film, forming a comprehensive "web, app, social, screen" communication matrix[29](index=29&type=chunk) - During the reporting period, the company's overall operations were stable, with all business segments running normally, notable achievements in news reporting, and continuous improvement in governance[29](index=29&type=chunk) [(I) New Media Integrated Marketing](index=9&type=section&id=(I)%20New%20Media%20Integrated%20Marketing) The company provides comprehensive online and offline promotional services to a wide range of clients, primarily government departments and state-owned enterprises in Sichuan - The company's new media integrated marketing business leverages platforms like Sichuan Newsnet and Mala Community, combined with PC, mobile, and outdoor media channels, to offer clients comprehensive promotional services[30](index=30&type=chunk) - Service types include promotional campaigns, online public opinion services, advertising agency operations, and technical services, catering to major enterprises, public institutions, and government departments in Sichuan[30](index=30&type=chunk) - The company secured the advertising resource operation project for the Chengdu rail transit network, gaining rights to operate media advertising resources across 17 metro lines[31](index=31&type=chunk) [(II) Mobile Information Services](index=9&type=section&id=(II)%20Mobile%20Information%20Services) This service delivers news and information to subscribers via mobile news reports, generating revenue from fees and value-added services - Mobile information services primarily involve providing news and information to subscribers through mobile news reports in exchange for service fees[31](index=31&type=chunk) - Service types include mobile news dissemination and value-added services such as advertising, mobile technology support, and content security auditing[31](index=31&type=chunk) - The company's main mobile news products are "Sichuan Mobile News" and "Government and Party Affairs Mobile News"[31](index=31&type=chunk) [(III) Interactive Television Business](index=9&type=section&id=(III)%20Interactive%20Television%20Business) The company acts as a content and service provider for IPTV platforms, generating revenue through content provision and operational management - The interactive television business involves the company providing content and services to IPTV platforms[32](index=32&type=chunk) - The company is responsible for the content provision and operational management of its branded zones and the interactive TV platform, generating revenue through settlement with the platform[32](index=32&type=chunk) [Disclosure Requirements for Internet Marketing and Data Services](index=10&type=section&id=Disclosure%20Requirements%20for%20Internet%20Marketing%20and%20Data%20Services) Internet marketing revenue reached RMB 53.76 million, a 12.39% year-on-year increase, accounting for 39.76% of total operating revenue Overall Internet Marketing Revenue | Indicator | Current Period Amount (RMB) | % of Operating Revenue | Prior-Year Period Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Internet Marketing Revenue | 53,757,432.62 | 39.76% | 47,830,282.89 | 45.66% | 12.39% | - The company's internet marketing business generates revenue by providing comprehensive promotional services to clients through its diverse new media platforms and channels[36](index=36&type=chunk) - The company's clients are primarily government departments, public institutions, and state-owned enterprises, with a large and diverse customer base[36](index=36&type=chunk) [Key Internet Media and Operating Data](index=10&type=section&id=Key%20Internet%20Media%20and%20Operating%20Data) The company's media platforms, including Sichuan Mobile News and Mala Community, maintained extensive user reach and high engagement levels during the period Sichuan Mobile News Operating Data for H1 2025 | Indicator | Data | | :--- | :--- | | Average Monthly Paying Users (in ten thousands) | 214 | | User Coverage of Mobile News Products (in ten thousands) | 6,465 | | User Coverage of Mobile Operating Platforms (in ten thousands) | 7,584 | | Average Monthly Articles Published | 6,280 | | Average Monthly Interactive Participation (in ten thousands) | 2.32 | | Average Monthly Interactive Clicks (in ten thousands) | 1,810 | Sichuan Fabu Website and App Operating Data for H1 2025 | Indicator | Data | | :--- | :--- | | Registered App Users at Period-End (in ten thousands) | 64.2 | | Weibo Followers at Period-End (in ten thousands) | 657.1 | | WeChat Followers at Period-End (in ten thousands) | 110 | | App Readership (in ten thousands) | 2,197 | | Weibo Readership (in ten thousands) | 18,326 | | WeChat Readership | 742 | Mala Community Operating Data for H1 2025 | Indicator | Data | | :--- | :--- | | Page Views (PV) (in ten thousands) | 9,235 | | Unique Visitors (UV) (in ten thousands) | 5,435 | | Average Monthly Active Users (in ten thousands) | 436 | | Visitor Geographic Distribution (Sichuan Province) | 68.18% | | Average Visit Duration (seconds) | 195.00 | | User Stickiness | 48.33% | | Registered Users at Period-End (in ten thousands) | 800 | | Weibo Followers at Period-End (in ten thousands) | 132.2 | | App Readership (in ten thousands) | 7,619 | | Weibo Readership (in ten thousands) | 5,000 | [II. Core Competitiveness Analysis](index=12&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its operational licenses, strong brand presence in Sichuan, large user base, and established relationships with government clients - The company holds several high-barrier-to-entry licenses, including for internet news information services and internet publishing, and is qualified for internet news gathering, editing, and distribution[46](index=46&type=chunk) - The company's Sichuan Newsnet is the official portal website of Sichuan Province, and Sichuan Fabu is the sole provincial-level government release platform recognized by the Cyberspace Administration of China, ranking first in comprehensive influence among provincial government new media nationwide[47](index=47&type=chunk) - The company possesses a large base of high-quality, high-stickiness users, maintains long-term strategic partnerships with government entities across Sichuan, and its mobile information services cover over **70 million users** in the province[48](index=48&type=chunk) - As a key cultural media group and mainstream media outlet in Sichuan, the company has a first-mover advantage in serving various levels of party and government organs and industry departments within the province[50](index=50&type=chunk) - With multiple new media platforms, a broad client base, and extensive information channels, the company has a significant advantage in gathering and mining news and information from all cities and prefectures within Sichuan[51](index=51&type=chunk) [III. Analysis of Main Business Operations](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Revenue grew 29.09% to RMB 135.21 million, driven by new metro media operations, but net profit fell 52% to RMB 2.74 million due to increased R&D and operational costs - During the reporting period, the company achieved operating revenue of **RMB 135.21 million**, a year-on-year increase of **29.09%**, while net profit attributable to shareholders was **RMB 2.74 million**, a decrease of **52%**; basic earnings per share were RMB 0.02, down 33.33%[52](index=52&type=chunk) - The revenue growth was primarily due to stable growth in the main business and the addition of a new metro media operation business after securing the Chengdu rail transit advertising rights in July 2024[52](index=52&type=chunk) - The profit decline was mainly caused by: 1) increased R&D expenses and investment in new projects like "Chuanwang Cloud"; 2) the new business being in its initial operational phase; 3) increased amortization of renovation costs and depreciation of assets after relocating to a new office[52](index=52&type=chunk) [Year-on-Year Changes in Key Financial Data](index=13&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) Operating revenue increased by 29.09%, but a 42.56% rise in operating costs and a 100% increase in R&D investment pressured profitability, while operating cash flow improved significantly Key Financial Data YoY Changes | Indicator | Current Period (RMB) | Prior-Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 135,209,867.66 | 104,742,605.57 | 29.09% | | | Operating Costs | 99,806,344.84 | 70,008,391.79 | 42.56% | Mainly due to increased media resource procurement costs | | Selling Expenses | 12,411,014.99 | 10,665,174.97 | 16.37% | | | Administrative Expenses | 20,235,388.14 | 22,545,820.89 | -10.25% | | | Finance Costs | -1,052,119.35 | -5,898,018.16 | 82.16% | Mainly due to increased financing costs for metro media resource leasing | | Income Tax Expense | -526,833.79 | 1,420,013.91 | -137.10% | Mainly due to a decrease in current income tax payable | | R&D Investment | 844,892.58 | 0.00 | 100.00% | Mainly due to increased R&D investment in the current period | | Net Cash Flow from Operating Activities | 34,677,011.53 | -13,195,240.86 | 362.80% | Mainly due to revenue growth and increased cash receipts from sales | | Net Cash Flow from Investing Activities | 14,915,408.83 | -54,138,499.54 | 127.55% | Mainly due to the maturity and recovery of large-denomination certificates of deposit purchased in the prior period | | Net Cash Flow from Financing Activities | -39,167,270.15 | -34,325,914.04 | -14.10% | | | Net Increase in Cash and Cash Equivalents | 10,425,150.21 | -101,659,654.44 | 110.25% | Primarily due to the combined effects of operating, investing, and financing cash flows | [Products or Services Accounting for Over 10%](index=14&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25) New media integrated marketing revenue grew 82.98%, while mobile information services revenue declined 11.26% Products or Services Accounting for Over 10% | Product or Service | Operating Revenue (RMB) | Operating Costs (RMB) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | New Media Integrated Marketing | 79,966,096.41 | 64,939,461.64 | 18.79% | 82.98% | 87.53% | -1.97% | | Mobile Information Services | 44,887,839.67 | 26,273,578.86 | 41.47% | -11.26% | -6.28% | -3.11% | | Interactive TV and Others | 10,355,931.58 | 8,593,304.34 | 17.02% | -0.98% | 16.99% | -12.75% | [IV. Analysis of Non-Core Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business activities had a minor impact on profits, with asset impairment provisions being the most significant non-sustainable item Analysis of Non-Core Business | Item | Amount (RMB) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,003.76 | 0.09% | Primarily investment income recognized under the equity method | Yes | | Asset Impairment | 410,468.28 | 17.69% | Primarily impairment provisions for accounts receivable, other receivables, and contract assets per company policy | No | | Non-operating Income | 2,675.54 | 0.12% | | No | | Non-operating Expenses | 16,437.48 | 0.71% | | No | [V. Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 5.00% to RMB 1.12 billion, with right-of-use assets and lease liabilities showing a slight decline as a percentage of total assets Major Changes in Asset Composition | Item | End of Current Period (RMB) | % of Total Assets | End of Prior Year (RMB) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 497,303,490.72 | 44.22% | 487,921,340.51 | 41.21% | 3.01% | | Accounts Receivable | 75,741,147.23 | 6.73% | 85,139,789.41 | 7.19% | -0.46% | | Contract Assets | 2,903,062.15 | 0.26% | 3,192,878.43 | 0.27% | -0.01% | | Right-of-use Assets | 193,444,075.88 | 17.20% | 226,889,841.73 | 19.16% | -1.96% | | Contract Liabilities | 27,429,032.97 | 2.44% | 45,546,164.58 | 3.85% | -1.41% | | Lease Liabilities | 125,728,090.64 | 11.18% | 154,516,545.41 | 13.05% | -1.87% | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (RMB) | Cumulative Fair Value Changes in Equity (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 49,577,701.32 | 9,577,701.32 | 49,577,701.32 | | Subtotal of Financial Assets | 49,577,701.32 | 9,577,701.32 | 49,577,701.32 | | Total | 49,577,701.32 | 9,577,701.32 | 49,577,701.32 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | - Cash and cash equivalents at the end of the period include a performance bond deposit of **RMB 43,500.00**[64](index=64&type=chunk) [VI. Investment Analysis](index=16&type=section&id=VI.%20Investment%20Analysis) Total investment was RMB 49.58 million, primarily in a closed-end fund, while some fundraising projects were terminated or postponed Investment Amount in the Reporting Period | Investment in Current Period (RMB) | Investment in Prior-Year Period (RMB) | Change | | :--- | :--- | :--- | | 49,577,701.32 | 52,153,609.93 | -4.94% | Financial Assets Measured at Fair Value | Asset Class | Initial Investment Cost (RMB) | Cumulative Fair Value Changes in Equity (RMB) | Closing Amount (RMB) | Funding Source | | :--- | :--- | :--- | :--- | :--- | | Fund | 40,000,000.00 | 9,577,701.32 | 49,577,701.32 | Own Funds | | Total | 40,000,000.00 | 9,577,701.32 | 49,577,701.32 | -- | - On March 31, 2025, and May 9, 2025, the company's Board of Directors, Supervisory Committee, and Annual General Meeting approved the termination of the "National Mobile News Joint Operation Platform Project" and "Integrated Media Intelligent Interaction Platform Project," and postponed the "'Chuanwang Cloud' Intelligent Technology Platform Project" after re-evaluation[72](index=72&type=chunk) - As of June 30, 2025, the company had used **RMB 8.32 million** of raised funds, with a special account balance of **RMB 55.89 million** (including interest and investment income), and had invested **RMB 110 million** in large-denomination certificates of deposit and **RMB 20 million** in time deposits[72](index=72&type=chunk) Entrusted Wealth Management | Type | Funding Source | Amount Entrusted (RMB 10k) | Outstanding Balance (RMB 10k) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 5,000 | 4,000 | | Bank Wealth Management Products | Raised Funds | 13,000 | 11,000 | | Total | | 18,000 | 15,000 | [VII. Major Asset and Equity Sales](index=21&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) The company did not engage in any major sales of assets or equity during the reporting period - The company did not sell any major assets during the reporting period[83](index=83&type=chunk) - The company did not sell any major equity during the reporting period[84](index=84&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries operate in internet services and advertising, with varying contributions to net profit Major Subsidiaries and Participating Companies with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Mala Community Network Media Co, Ltd | Subsidiary | Internet and Related Services | 20,000,000.00 | 36,246,434.69 | 27,826,501.00 | 9,251,813.46 | 638,674.11 | 601,431.86 | | Sichuan Xinmei Hulian Culture Communication Co, Ltd | Subsidiary | Internet and Related Services | 10,000,000.00 | 10,521,819.01 | 5,683,864.75 | 4,007,871.28 | -860,215.61 | -861,379.13 | | Sichuan Xinwang Public Network Information Management Co, Ltd | Subsidiary | Internet and Related Services | 10,000,000.00 | 22,244,210.90 | 22,135,499.06 | 0.00 | 339,818.22 | 322,243.11 | | Chengdu Wangtai Culture Media Co, Ltd | Subsidiary | Advertising Agency | 30,000,000.00 | 54,162,152.73 | 25,777,687.12 | 40,298,662.43 | -2,651,449.28 | -2,060,811.63 | | Sichuan Fabu Network Media Co, Ltd | Subsidiary | Internet and Related Services | 10,000,000.00 | 17,032,159.03 | 12,587,340.72 | 5,127,528.76 | 676,828.59 | 503,861.05 | - There is no information on significant holding or participating companies that requires disclosure during the reporting period[86](index=86&type=chunk) [IX. Structured Entities Controlled by the Company](index=22&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[87](index=87&type=chunk) [X. Risks and Countermeasures](index=22&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks related to government procurement, policy changes, regional concentration, and bad debt, which it addresses through various strategic measures - The company faces uncertainty from potential changes in government procurement service amounts and will mitigate this by improving service quality, monitoring policy trends, and strengthening process management[87](index=87&type=chunk) - The company's mobile information and interactive TV businesses are highly dependent on telecom operators for promotion, and policy changes could have an adverse impact; the company will continuously track policies and adjust its business strategies accordingly[89](index=89&type=chunk) - The company's main business revenue and customer base are concentrated in Sichuan Province, posing a risk of regional and customer concentration; the company will enhance synergy between its new media and mobile businesses and expand its national presence[90](index=90&type=chunk) - There is a risk of bad debt from uncollectible accounts and notes receivable; the company will manage this by assessing bad debt risk, managing customers by credit rating, and strengthening collection efforts[91](index=91&type=chunk) - Fundraising investment projects face risks from long construction cycles, large capital investment, and market changes; the company will manage these by considering market factors, strengthening talent and systems, and advancing project implementation[92](index=92&type=chunk) [XI. Record of Investor Relations Activities](index=24&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company participated in an online 2024 annual results presentation on June 20, 2025, via the "p5w.net" investor relations platform Record of Investor Relations Activities | Date | Location | Method | Counterparty Type | Counterparty | Main Topics Discussed & Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | June 20, 2025 | p5w.net "Investor Relations Interactive Platform" | Online Platform | Other | Investors participating in the 2024 annual results presentation via the p5w.net platform (https://ir.p5w.net) | 2024 Annual Results Presentation | www.cninfo.com.cn | [XII. 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 established a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[94](index=94&type=chunk) - The company has not disclosed a valuation enhancement plan[94](index=94&type=chunk) [XIII. Implementation of the "Dual Improvement of Quality and Return" Action Plan](index=24&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Improvement%20of%20Quality%20and%20Return%22%20Action%20Plan) The company has not disclosed an action plan for the "Dual Improvement of Quality and Return" initiative - The company has not disclosed an announcement regarding the "Dual Improvement of Quality and Return" action plan[94](index=94&type=chunk) Section 4: Corporate Governance, Environment, and Society [I. 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 to the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[95](index=95&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize its capital reserve for the semi-annual period - The company plans no cash dividends, no bonus shares, and no capitalization of public reserve funds for the semi-annual period[96](index=96&type=chunk) [III. 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) 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[97](index=97&type=chunk) [IV. Environmental Information Disclosure](index=24&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not designated as enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[98](index=98&type=chunk) [V. Social Responsibility](index=25&type=section&id=V.%20Social%20Responsibility) The company fulfilled its social responsibilities by publishing over 53,000 articles on major topics, achieving a total online readership of 1.97 billion - In the first half of 2025, Chuanwang Media actively fulfilled its responsibilities as a party-affiliated media and state-owned enterprise, prioritizing social benefits and advancing media integration[99](index=99&type=chunk) - The company utilized various media formats, including text, video, AI, and AIGC, to cover major events such as the national and provincial "Two Sessions" and the fifth anniversary of the Chengdu-Chongqing economic circle strategy[99](index=99&type=chunk) - The company published over **53,000 articles**, achieving a total online readership of **1.97 billion**; Sichuan Mobile News sent **4.9 billion** news messages and short videos, significantly enhancing the influence and credibility of mainstream media[99](index=99&type=chunk) Section 5: Important Matters [I. Commitments Fulfilled or Overdue by Relevant Parties](index=26&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) There were no commitments fulfilled or overdue by the company's actual controller, shareholders, or other related parties during the reporting period - The company reports no commitments that were fulfilled during the reporting period or were overdue as of the end of the reporting period by the actual controller, shareholders, related parties, acquirers, or the company itself[101](index=101&type=chunk) [II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=26&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational occupation of the company's funds by its controlling shareholder or other related parties during the reporting period - The company reports no instances of non-operational fund occupation by its controlling shareholder or other related parties during the reporting period[102](index=102&type=chunk) [III. Irregular External Guarantees](index=26&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[103](index=103&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=26&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[104](index=104&type=chunk) [V. Explanation on "Non-standard Audit Report" by the Board, Supervisory Committee, and Audit Committee](index=26&type=section&id=V.%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20by%20the%20Board%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee) This section is not applicable as there was no "non-standard audit report" for the current period - Not applicable[105](index=105&type=chunk) [VI. Board's Explanation on Prior Year's "Non-standard Audit Report"](index=26&type=section&id=VI.%20Board's%20Explanation%20on%20Prior%20Year's%20%22Non-standard%20Audit%20Report%22) This section is not applicable as there was no "non-standard audit report" for the prior year - Not applicable[105](index=105&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=26&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[105](index=105&type=chunk) [VIII. Litigation Matters](index=26&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration but was involved in other minor lawsuits with a total amount of RMB 0.61 million - The company had no major litigation or arbitration matters during the reporting period[106](index=106&type=chunk) Summary of Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (RMB 10k) | Provision for Liabilities | | :--- | :--- | :--- | | Summary of other litigation matters | 61 | No | [IX. Penalties and Rectifications](index=27&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectification orders during the reporting period - The company was not subject to any penalties or rectification orders during the reporting period[108](index=108&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period - There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period[109](index=109&type=chunk) [XI. Major Related-Party Transactions](index=27&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in routine related-party transactions, primarily involving sales to entities under its actual controller and procurement from subsidiaries of its controlling shareholder Related-Party Transactions in Daily Operations (Sales of Goods or Services) | Related Party | Relationship | Transaction Type | Transaction Content | Amount (RMB 10k) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Propaganda Department of Sichuan Provincial Party Committee | Actual Controller | Sales of goods or services | Comprehensive government and enterprise services | 278.44 | 3.48% | | Lecturer Group of Sichuan Provincial Party Committee | Public institution held by the actual controller | Sales of goods or services | Comprehensive government and enterprise services | 232.08 | 2.90% | | Sichuan Provincial Cultural Industry Development Promotion Center | Public institution held by the actual controller | Sales of goods or services | Comprehensive government and enterprise services | 17.16 | 0.21% | | Sichuan Xinwang Bank Co, Ltd | Company where a senior executive's immediate family member is a director | Sales of goods or services | Promotion and planning services | 3.77 | 0.05% | | Sichuan Cultural Big Data Co, Ltd | Subsidiary of the controlling shareholder | Sales of goods or services | Promotion services | 1.89 | 0.02% | | Chengdu Wukong Culture Media Co, Ltd | Subsidiary of the controlling shareholder | Sales of goods or services | Advertising and project promotion services | 38.12 | 0.48% | Related-Party Transactions in Daily Operations (Procurement of Goods or Services) | Related Party | Relationship | Transaction Type | Transaction Content | Amount (RMB 10k) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Xinmei Property Management Co, Ltd | Wholly-owned subsidiary of the controlling shareholder | Procurement of goods or services | Property management and other services | 79.52 | 603.4% | | Chengdu Bus Media Co, Ltd | Company where a senior executive served as an executive in the past 12 months | Procurement of goods or services | Media procurement | 28.31 | 0.93% | | Sichuan Rongyuan Real Estate Co, Ltd | Wholly-owned subsidiary of the controlling shareholder | Procurement of goods or services | Leasing and catering services | 447.75 | 83.87% | | Sichuan Cultural Big Data Co, Ltd | Subsidiary of the controlling shareholder | Procurement of goods or services | Technical services | 0 | 0.00% | - The company did not engage in related-party transactions involving asset or equity acquisitions/sales, joint external investments, related-party debt, dealings with related financial companies, or other major related-party transactions during the reporting period[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) [XII. Major Contracts and Their Performance](index=30&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has significant leasing contracts for office space and advertising rights, and a major operating contract with Migu Music, while no major guarantees were made - During the reporting period, the company's main leased assets included: (1) office space at Sichuan News Building; (2) advertising rights for the Chengdu rail transit network; and (3) bus stop advertising rights for its subsidiary Wangtai Media, with some leases having a significant impact on profit[121](index=121&type=chunk) Leases with an Impact of 10% or More on Total Profit | Lessor | Lessee | Leased Asset | Amount Involved (RMB 10k) | Lease Income/Loss (RMB 10k) | Impact on Company | | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Rongyuan Real Estate Co, Ltd | Sichuan Newsnet Media (Group) Co, Ltd | Floors 14-19, Sichuan News Building, Chengdu | 708.27 | -337.32 | This lease decreased the company's total profit by RMB 3.37 million | | Chengdu Rail Transit Resource Management Co, Ltd | Sichuan Newsnet Media (Group) Co, Ltd | Chengdu Rail Transit Advertising Project (Phase 2) - Section 1 | 9,398.18 | -1,667.27 | This lease helps expand business and increase revenue | | Chengdu Rail Transit Resource Management Co, Ltd | Sichuan Newsnet Media (Group) Co, Ltd | Chengdu Rail Transit Advertising Project (Phase 2) - Section 2 | 9,013.45 | -1,599.15 | This lease helps expand business and increase revenue | | Chengdu Tianfu Investment Industrial Co, Ltd | Chengdu Wangtai Culture Media Co, Ltd | Sichuan Tianfu New Area Bus Stop Advertising Resources | 144.7 | -99.4 | This lease decreased the company's total profit by RMB 0.99 million | Major Operating Contracts | Company Party | Counterparty | Total Contract Amount (RMB 10k) | Performance Progress | Revenue Recognized This Period (RMB 10k) | Cumulative Revenue Recognized (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chuanwang Media | Migu Music Co, Ltd | 3,511.00 | 98.04% | 56.58 | 3,247.18 | - The company had no major guarantees during the reporting period[124](index=124&type=chunk) - The company had no other major contracts during the reporting period[127](index=127&type=chunk) [XIII. Explanation of Other Major Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) The company completed its 2024 annual equity distribution on July 8, 2025, with details disclosed on Cninfo - The company's Board of Directors, Supervisory Committee, and 2024 Annual General Meeting approved the 2024 annual profit distribution plan, which was implemented on July 8, 2025[128](index=128&type=chunk) [XIV. Major Matters Concerning Company Subsidiaries](index=31&type=section&id=XIV.%20Major%20Matters%20Concerning%20Company%20Subsidiaries) The company increased the capital of its wholly-owned subsidiary, Sichuan Mala Community Network Media Co, Ltd, by RMB 10 million to enhance its competitiveness - On March 31, 2025, the Board of Directors approved a **RMB 10 million** capital increase for the wholly-owned subsidiary Mala Community through a cash injection[129](index=129&type=chunk) - After the capital increase, Mala Community's registered capital is **RMB 20 million**, and it remains a wholly-owned subsidiary; the relevant business registration changes were completed in April 2025[129](index=129&type=chunk)[130](index=130&type=chunk) Section 6: Share Capital Changes and Shareholder Information [I. Share Capital Changes](index=33&type=section&id=I.%20Share%20Capital%20Changes) The company's total number of shares and share capital structure remained unchanged during the reporting period Share Capital Changes | | Pre-Change Quantity | Pre-Change Ratio | Change (+, -) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | | | | | | | II. Unrestricted Shares | 173,368,000 | 100.00% | | 173,368,000 | 100.00% | | 1. RMB Ordinary Shares | 173,368,000 | 100.00% | | 173,368,000 | 100.00% | | III. Total Shares | 173,368,000 | 100.00% | | 173,368,000 | 100.00% | - The reasons for share changes, approvals, transfers, share repurchase progress, and implementation of share repurchases via centralized bidding are not applicable[132](index=132&type=chunk)[133](index=133&type=chunk) - Changes in restricted shares are not applicable[133](index=133&type=chunk) [II. Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any new securities during the reporting period - Not applicable[133](index=133&type=chunk) [III. Number of Shareholders and Shareholding Status](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the period-end, the company had 22,907 ordinary shareholders, with the controlling shareholder holding a 44.99% stake - The total number of ordinary shareholders at the end of the reporting period was **22,907**[134](index=134&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Unrestricted Shares Held | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan New Media Group Co, Ltd | State-owned Legal Entity | 44.99% | 78,000,000.00 | 78,000,000.00 | N/A | 0.00 | | Guoguang Global Media Holdings Co, Ltd | State-owned Legal Entity | 3.67% | 6,370,000.00 | 6,370,000.00 | Pledged | 6,370,000.00 | | | | | | | Frozen | 6,370,000.00 | | China Youth Publishing Group Co, Ltd | State-owned Legal Entity | 3.22% | 5,590,000.00 | 5,590,000.00 | N/A | 0.00 | | China Youth Magazine | State-owned Legal Entity | 1.42% | 2,470,000.00 | 2,470,000.00 | N/A | 0.00 | | Emei Film Group Co, Ltd | State-owned Legal Entity | 1.40% | 2,424,080.00 | 2,424,080.00 | N/A | 0.00 | | Li Zhongliang | Domestic Individual | 0.38% | 660,000.00 | 660,000.00 | N/A | 0.00 | | CICC-ABC-CICC Fengzhong No 36 Employee Participation in GEM Strategic Placement Collective Asset Management Plan | Other | 0.24% | 423,825.00 | 423,825.00 | N/A | 0.00 | | Sun Xiaoqiang | Domestic Individual | 0.22% | 388,000.00 | 388,000.00 | N/A | 0.00 | | Chen Hong | Domestic Individual | 0.17% | 300,000.00 | 300,000.00 | N/A | 0.00 | | Hu Jianguo | Domestic Individual | 0.16% | 278,100.00 | 278,100.00 | N/A | 0.00 | - The controlling shareholder, Sichuan New Media Group Co, Ltd, has no related-party relationship with the other shareholders listed above and is not a party acting in concert; China Youth Publishing Group Co, Ltd and China Youth Magazine have the same legal representative and are related parties[135](index=135&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[137](index=137&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) 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[138](index=138&type=chunk) - The company's actual controller did not change during the reporting period[138](index=138&type=chunk) [VI. Information on Preferred Shares](index=36&type=section&id=VI.%20Information%20on%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[139](index=139&type=chunk) Section 7: Bond-related Matters The company has no bond-related matters to report for this period - Not applicable[141](index=141&type=chunk) Section 8: Financial Report [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[143](index=143&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the first half of 2025 [1. Consolidated Balance Sheet](index=38&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets were RMB 1.12 billion, with total liabilities of RMB 315 million and total equity of RMB 810 million Key Data from Consolidated Balance Sheet | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 497,303,490.72 | 487,921,340.51 | | Accounts Receivable | 75,741,147.23 | 85,139,789.41 | | Total Current Assets | 661,264,414.13 | 641,665,831.36 | | Long-term Equity Investments | 3,743,371.99 | 3,741,368.23 | | Right-of-use Assets | 193,444,075.88 | 226,889,841.73 | | Total Assets | 1,124,736,089.77 | 1,183,890,342.17 | | Contract Liabilities | 27,429,032.97 | 45,546,164.58 | | Lease Liabilities | 125,728,090.64 | 154,516,545.41 | | Total Liabilities | 315,002,609.41 | 377,354,396.52 | | Total Equity Attributable to Parent Company | 808,306,929.62 | 805,218,523.78 | | Total Equity | 809,733,480.36 | 806,535,945.65 | [2. Parent Company Balance Sheet](index=41&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were RMB 1.10 billion, with total liabilities of RMB 301 million and total equity of RMB 796 million Key Data from Parent Company Balance Sheet | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 403,137,447.34 | 399,186,540.90 | | Accounts Receivable | 72,879,506.40 | 77,255,921.22 | | Total Current Assets | 560,998,997.24 | 542,155,460.10 | | Long-term Equity Investments | 87,461,649.95 | 77,459,646.19 | | Right-of-use Assets | 190,576,734.57 | 222,449,112.32 | | Total Assets | 1,096,722,917.15 | 1,145,844,346.04 | | Contract Liabilities | 20,633,952.68 | 36,866,274.56 | | Lease Liabilities | 125,728,090.64 | 153,823,415.08 | | Total Liabilities | 301,045,600.85 | 354,835,413.49 | | Total Equity | 795,677,316.30 | 791,008,932.55 | [3. Consolidated Income Statement](index=43&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, consolidated total operating revenue was RMB 135.21 million, a 29.09% increase, while net profit attributable to the parent company fell 52.00% to RMB 2.74 million Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 135,209,867.66 | 104,742,605.57 | | II. Total Operating Costs | 133,582,449.99 | 98,079,641.70 | | Of which: Cost of Revenue | 99,806,344.84 | 70,008,391.79 | | Selling Expenses | 12,411,014.99 | 10,665,174.97 | | Administrative Expenses | 20,235,388.14 | 22,545,820.89 | | R&D Expenses | 844,892.58 | 0.00 | | Finance Costs | -1,052,119.35 | -5,898,018.16 | | III. Operating Profit | 2,334,462.86 | 7,175,688.07 | | IV. Total Profit | 2,320,700.92 | 7,171,331.39 | | Less: Income Tax Expense | -526,833.79 | 1,420,013.91 | | V. Net Profit | 2,847,534.71 | 5,751,317.48 | | Net Profit Attributable to Parent Company | 2,738,405.84 | 5,705,130.15 | | Minority Interest Income | 109,128.87 | 46,187.33 | | VIII. Earnings Per Share: Basic EPS | 0.02 | 0.03 | | VIII. Earnings Per Share: Diluted EPS | 0.02 | 0.03 | [4. Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was RMB 115.02 million, a 28.39% increase, while net profit decreased by 44.01% to RMB 4.32 million Key Data from Parent Company Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Operating Revenue | 115,018,353.40 | 89,583,794.81 | | Less: Cost of Revenue | 86,847,853.43 | 58,794,695.81 | | Selling Expenses | 6,872,647.34 | 5,898,544.10 | | Administrative Expenses | 16,607,063.48 | 19,870,746.37 | | R&D Expenses | 149,836.14 | 0.00 | | Finance Costs | -270,444.94 | -5,094,521.52 | | II. Operating Profit | 4,322,224.86 | 9,068,979.94 | | III. Total Profit | 4,318,383.75 | 9,074,641.45 | | Less: Income Tax Expense | 0.00 | 1,361,196.22 | | IV. Net Profit | 4,318,383.75 | 7,713,445.23 | [5. Consolidated Cash Flow Statement](index=46&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities for H1 2025 was RMB 34.68 million, a significant improvement from the negative RMB 13.20 million in the prior-year period Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 34,677,011.53 | -13,195,240.86 | | Net Cash Flow from Investing Activities | 14,915,408.83 | -54,138,499.54 | | Net Cash Flow from Financing Activities | -39,167,270.15 | -34,325,914.04 | | Net Increase in Cash and Cash Equivalents | 10,425,150.21 | -101,659,654.44 | | Cash and Cash Equivalents at End of Period | 497,259,990.72 | 433,669,983.41 | [6. Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) The parent company's net cash flow from operating activities for H1 2025 was RMB 37.25 million, a substantial improvement from the negative RMB 7.14 million in the prior-year period Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 37,249,611.09 | -7,137,388.15 | | Net Cash Flow from Investing Activities | 5,258,139.40 | -52,297,955.82 | | Net Cash Flow from Financing Activities | -37,513,844.05 | -33,221,374.04 | | Net Increase in Cash and Cash Equivalents | 4,993,906.44 | -92,656,718.01 | | Cash and Cash Equivalents at End of Period | 403,097,947.34 | 351,301,890.22 | [7. Consolidated Statement of Changes in Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total consolidated equity increased by RMB 3.20 million in H1 2025, driven by net profit and a capital contribution Consolidated Statement of Changes in Equity | Item | Share Capital (RMB) | Capital Reserve (RMB) | Surplus Reserve (RMB) | Retained Earnings (RMB) | Total Equity Attributable to Parent (RMB) | Minority Interest (RMB) | Total Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Opening Balance | 173,368,000.00 | 217,637,343.20 | 54,954,325.75 | 359,258,854.83 | 805,218,523.78 | 1,317,421.87 | 806,535,945.65 | | III. Change in Current Period | 0.00 | 350,000.00 | 0.00 | 2,738,405.84 | 3,088,405.84 | 109,128.87 | 3,197,534.71 | | IV. Closing Balance | 173,368,000.00 | 217,987,343.20 | 54,954,325.75 | 361,997,260.67 | 808,306,929.62 | 1,426,550.74 | 809,733,480.36 | [8. Parent Company Statement of Changes in Equity](index=52&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) The parent company's total equity increased by RMB 4.67 million in H1 2025, primarily due to net profit and a capital contribution Parent Company Statement of Changes in Equity | Item | Share Capital (RMB) | Capital Reserve (RMB) | Surplus Reserve (RMB) | Retained Earnings (RMB) | Total Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Opening Balance | 173,368,000.00 | 220,698,739.92 | 54,954,325.75 | 341,987,866.88 | 791,008,932.55 | | III. Change in Current Period | 0.00 | 350,000.00 | 0.00 | 4,318,383.75 | 4,668,383.75 | | IV. Closing Balance | 173,368,000.00 | 221,048,739.92 | 54,954,325.75 | 346,306,250.63 | 795,677,316.30 | [III. Company's Basic Information](index=55&type=section&id=III.%20Company's%20Basic%20Information) Sichuan Newsnet Media (Group) Co, Ltd is an internet services company with a registered capital of RMB 173.37 million, listed on the SZSE in May 2021 - Company Name: Sichuan Newsnet Media (Group) Co, Ltd; Registered Capital: **RMB 173.37 million**; Legal Representative: Yang Miao[172](index=172&type=chunk) - The company belongs to the Internet and Related Services (I64) industry, with a business scope including value-added telecommunications, advertising, project investment, information management, and technology services[174](index=174&type=chunk) - The company includes 7 subsidiaries, such as Sichuan Mala Community Network Media Co, Ltd, in its consolidated financial statements for the reporting period[175](index=175&type=chunk) [IV. Basis of Preparation of Financial Statements](index=56&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, with no material uncertainties affecting the company's ability to continue operations - The company's financial statements are prepared on a going concern basis[176](index=176&type=chunk) - The company has no events or conditions that cast significant doubt on its ability to continue as a going concern for the next 12 months from the end of the reporting period[177](index=177&type=chunk) [V. Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements adhere to corporate accounting standards, using RMB as the functional currency and detailing policies for key areas like revenue recognition and asset valuation - The financial statements prepared by the company comply with the requirements of corporate accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flows[179](index=179&type=chunk) - The company has formulated specific accounting policies and estimates for transactions or events such as financial instrument impairment, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition based on its operational characteristics[178](index=178&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually assessed bad debt provision for accounts receivable | Single amount exceeding 0.3% of total assets | | Significant construction in progress projects | Single project investment exceeding 0.3% of total assets | | Significant subsidiaries, non-wholly-owned subsidiaries | Total assets/revenue/profit exceeding 10% of the group's total assets/revenue/profit | [VI. Taxes](index=70&type=section&id=VI.%20Taxes) The company is subject to various taxes, including VAT and corporate income tax, and benefits from several preferential tax policies such as exemptions for cultural enterprises Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue and taxable service income, net of deductible input tax | 0%, 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 0%, 20% | | Property Tax | 1.2% of the residual value (original value less 30%) for self-owned property; 12% of rental income for leased property | 1.2%, 12% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 1%, 2% | - The company continues to enjoy an exemption from corporate income tax in 2025, and its revenue from party newspapers and periodicals continues to be exempt from VAT[248](index=248&type=chunk) - Some subsidiaries benefit from the small and micro-enterprise income tax incentive, with taxable income calculated at a reduced rate of 25% and taxed at 20%[248](index=248&type=chunk) - The subsidiary Chengdu Wangtai Culture Media Co, Ltd benefits from the Western Development preferential policy, with corporate income tax levied at a reduced rate of **15%**[249](index=249&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=70&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed breakdowns of items in the consolidated financial statements, including revenue by business type and a reconciliation of net profit to operating cash flow Breakdown of Operating Revenue and Costs | Contract Classification | Operating Revenue (RMB) | Operating Costs (RMB) | | :--- | :--- | :--- | | **Business Type** | **133,201,304.36** | **97,736,589.38** | | New Media Integrated Marketing | 79,966,096.41 | 64,939,461.64 | | Mobile Information Services | 44,887,839.67 | 26,273,578.86 | | Other Main Business | 8,347,368.28 | 6,523,548.88 | | **By Timing of Revenue Recognition** | **133,201,304.36** | **97,736,589.38** | | Revenue recognized at a point in time | 61,707,536.04 | 35,942,154.89 | | Revenue recognized over time | 71,493,768.32 | 61,794,434.49 | - As of the end of the reporting period, the revenue corresponding to performance obligations from signed but unfulfilled or partially fulfilled contracts amounted to **RMB 79.05 million**, of which RMB 55.31 million is expected to be recognized in 2025, RMB 19.80 million in 2026, and RMB 3.94 million in 2027[367](index=367&type=chunk) Supplementary Cash Flow Information: Reconciliation of Net Profit to Operating Cash Flow | Supplementary Information | Current Period (RMB) | Prior-Year Period (RMB) | | :--- | :--- | :--- | | Net Profit | 2,847,534.71 | 5,751,317.48 | | Add: Provision for Asset Impairment | -410,468.28 | 151,273.31 | | Depreciation of Fixed Assets | 3,104,715.57 | 2,294,840.57 | | Depreciation of Right-of-use Assets | 33,445,765.85 | 4,352,556.60 | | Amortization of Intangible Assets | 3,718,619.64 | 3,506,924.70 | | Amortization of Long-term Deferred Expenses | 1,811,224.08 | 437,021.02 | | Net Cash Flow from Operating Activities | 34,677,011.53 | -13,195,240.86 | [VIII. R&D Expenditures](index=95&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure for the period was RMB 844,892.58, all of which was expensed and primarily consisted of direct labor costs R&D Expenditure Details | Item | Current Period (RMB) | Prior-Year Period (RMB) | | :--- | :--- | :--- | | Direct Labor Costs | 818,801.51 | 0.00 | | Rent and Depreciation | 509.89 | 0.00 | | Travel Expenses | 13,443.07 | 0.00 | | Other | 12,138.11 | 0.00 | | Total | 844,892.58 | 0.00 | | Of which: Expensed R&D | 844,892.58 | 0.00 | [IX. Equity in Other Entities](index=95&type=section&id=IX.%20Equity%20in%20Other%20Entities) The company has seven subsidiaries and holds equity in an associate, from which it recognized an investment income of RMB 2,003.76 Composition of the Enterprise Group (Subsidiaries) | Subsidiary Name | Main Place of Business | Registered Office | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Mala Community Network Media Co, Ltd | Chengdu | Chengdu | Internet and Related Services | 100.00% | Newly established | | Sichuan Xinmei Hulian Culture Communication Co, Ltd | Chengdu | Chengdu | Internet and Related Services | 100.00% | Business combination under common control | | Sichuan Xinwang Public Network Information Management Co, Ltd | Chengdu | Chengdu | Internet and Related Services | 100.00% | Business combination not under common control | | Bazhong City Network Culture Media Co, Ltd | Bazhong | Bazhong | Internet and Related Services | 51.00% | Newly established | | Chengdu Wangtai Culture Media Co, Ltd | Chengdu | Chengdu | Advertising Agency | 100.00% | Newly established | | Sichuan Fabu Network Media Co, Ltd | Chengdu | Chengdu | Internet and Related Services | 100.00% | Newly established | | Sichuan Linghang Xinmei Culture Technology Co, Ltd | Chengdu | Chengdu | Internet and Related Services | 100.00% | Newly established | Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Profit/Loss Attributable to Minority Shareholders (RMB) | Minority Equity Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Bazhong City Network Culture Media Co, Ltd | 49.00% | 109,128.87 | 1,426,550.74 | Summari

[Section 1 Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors guarantees the truthfulness, accuracy, and completeness of this semi-annual report and plans no profit distribution for the period - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report, and the company's responsible persons affirm the same for the financial statements[3](index=3&type=chunk) - Investors are advised of risks associated with forward-looking statements, market competition, operational management, and talent shortages[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters and their starting page numbers - The report comprises eight main chapters, covering important notices, company profile, management discussion, corporate governance, significant events, share changes, bonds, and the financial report[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including the company, its core business platforms, and major subsidiaries - The report defines "the Company/Company/Listed Company" as Guizhou Longmaster Information & Technology Co, Ltd, and clarifies core businesses like "39 Internet Hospital" and related subsidiaries[13](index=13&type=chunk) - The reporting period is defined as **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides basic information about the company, including its stock ticker, listing exchange, and legal representative - The company's stock ticker is "Longmaster," stock code "300288," listed on the Shenzhen Stock Exchange, with Wang Wei as the legal representative[15](index=15&type=chunk) [II. Contacts and Contact Methods](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Methods) This section provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Wang Chun, and the Securities Affairs Representative is Xiao Yueyue, with their contact address in Guiyang National High-tech Industrial Development Zone[16](index=16&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) This section states that the company's registration details and contact information remained unchanged during the reporting period - The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period, consistent with the 2024 annual report[17](index=17&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue and net profit declined year-over-year, while operating cash flow increased Key Accounting Data and Financial Indicators Comparison | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 151,889,892.43 | 184,085,715.45 | -17.49% | | Net Profit Attributable to Shareholders | 14,435,502.74 | 24,045,547.67 | -39.97% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 13,860,690.71 | 23,489,379.06 | -40.99% | | Net Cash Flow from Operating Activities | 14,659,181.55 | 12,051,430.25 | 21.64% | | Basic Earnings Per Share (Yuan/Share) | 0.04 | 0.07 | -42.86% | | Diluted Earnings Per Share (Yuan/Share) | 0.04 | 0.07 | -42.86% | | Weighted Average Return on Equity | 1.33% | 1.49% | -0.16% | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 1,320,814,988.03 | 1,326,100,361.07 | -0.40% | | Net Assets Attributable to Shareholders | 1,089,217,963.64 | 1,079,851,580.83 | 0.87% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) The company reports no discrepancies in net profit or net assets between Chinese and international/foreign accounting standards - There are no differences in net profit or net assets between financial reports prepared under international accounting standards and Chinese accounting standards[22](index=22&type=chunk) - There are no differences in net profit or net assets between financial reports prepared under foreign accounting standards and Chinese accounting standards[23](index=23&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section details non-recurring profit and loss items, totaling 574,812.03 Yuan, primarily from government grants and asset disposals Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 23,176.91 | Loss on retirement of fixed assets | | Government Grants Recognized in Current Profit/Loss | 1,614,770.21 | Primarily prior-period grants recognized in the current period and current-period grants recognized | | Other Non-operating Income and Expenses | -736,024.01 | Primarily settlement compensation expenses from the Sixth Hospital | | Less: Income Tax Impact | 239,598.67 | | | Minority Interest Impact (After Tax) | 87,512.41 | | | **Total** | **574,812.03** | | - The company has no other items that meet the definition of non-recurring profit and loss, nor has it reclassified any non-recurring items as recurring[26](index=26&type=chunk)[27](index=27&type=chunk) [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Principal Business Activities During the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company focused on its "Internet + Healthcare" strategy, but revenue and profit declined due to reduced demand in key segments - The company adheres to the "Internet healthcare is essentially healthcare" philosophy, focusing on "Internet + Healthcare" and promoting its AI product, "39AI Doctor"[29](index=29&type=chunk) - During the reporting period, revenue from the two main businesses, medical information services and mobile resale, decreased due to adverse factors like declining market demand[29](index=29&type=chunk) Key Financial Performance for H1 2025 | Indicator | Amount (10k Yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 15,188.99 | -17.49% | | Net Profit Attributable to Shareholders | 1,443.55 | -39.97% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 1,386.07 | -40.99% | [(I) Medical Services + Internet Medical Services Business Segment](index=10&type=section&id=(I)%20Medical%20Services%20%2B%20Internet%20Medical%20Services%20Business%20Segment) This segment integrates physical and online healthcare services, with a focus on promoting the "39AI Doctor" artificial intelligence product - The company has built an online-offline integrated healthcare system, with Guiyang Sixth Hospital providing physical services and "39 Internet Hospital" offering remote medical care[33](index=33&type=chunk)[37](index=37&type=chunk) - The medical AI product **"39AI Doctor"** has been fully implemented in outpatient and inpatient departments and is being promoted to B2B and B2C users[36](index=36&type=chunk)[42](index=42&type=chunk)[45](index=45&type=chunk) - Qisheng Information (39.net) faced a sharp decline in traditional advertising due to market shifts and is exploring new business models[41](index=41&type=chunk) - "39AI Doctor" has been upgraded to a large medical model with slow-thinking capabilities and won the "Best Treatment Plan Award" at the AI Human-Machine Competition of the China Brain Science Conference[45](index=45&type=chunk) Key Subsidiary Performance in the Medical Services + Internet Medical Services Segment | Subsidiary | Business Type | H1 2025 Revenue (10k Yuan) | YoY Change | H1 2025 Net Profit/Loss (10k Yuan) | YoY Change in Net Profit/Loss | | :--- | :--- | :--- | :--- | :--- | :--- | | Guiyang Sixth Hospital | Physical Hospital | 10,177.94 | -1.27% | Loss 645.35 | Loss narrowed by 43.88 | | 39 Internet Medical | Internet Medical Platform | 457.36 | -51.28% | Loss 150.22 | Relatively stable | | Qisheng Information (39.net) | Internet Medical Info Service | 3,152.54 | -13.73% | Profit 856.06 | Down 42.17% | | Pharmaceutical E-commerce | Pharma Distribution | 116,815.45 | +4.62% | Profit 3,324.99 | Relatively stable | [(II) Telecommunications and Value-Added Services Business Segment](index=16&type=section&id=(II)%20Telecommunications%20and%20Value-Added%20Services%20Business%20Segment) This segment's mobile resale business saw a significant decline, while the IPTV business achieved a turnaround to profitability - The company holds a tri-network virtual operator license to provide mobile communication resale services[48](index=48&type=chunk) - Value-added telecom services include the IPTV smart home healthcare platform and the "Telephone Matchmaking" service, with the latter experiencing a gradual decline[51](index=51&type=chunk) - The mobile resale business suffered a sharp decline in revenue and net profit due to market conditions and stricter industry regulations[49](index=49&type=chunk)[50](index=50&type=chunk) - Facing sluggish growth in paid IPTV users, Longmaster Video is exploring innovative models by enriching content and integrating "39AI Doctor"[53](index=53&type=chunk) Key Subsidiary Performance in the Telecom and Value-Added Services Segment | Subsidiary | Business Type | H1 2025 Revenue (10k Yuan) | YoY Change | H1 2025 Net Profit (10k Yuan) | YoY Change in Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Longmaster Communication | Mobile Resale | 1,379.91 | -63.41% | 387.81 | -64.01% | | Longmaster Video | Value-Added Telecom (IPTV) | 408.83 | -7.52% | 130.72 | Turnaround to profit | [II. Core Competitiveness Analysis](index=19&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its deep understanding of healthcare, policy support, professional teams, and technological advantages in AI and internet medical services - The company adheres to the "Internet healthcare is essentially healthcare" principle, with over a decade of experience and a strategic focus on medical AI[54](index=54&type=chunk) - National policies supporting "Internet + Healthcare" and "AI+" create a favorable environment for the company's business development[55](index=55&type=chunk) - The company possesses a physical medical institution, Guiyang Sixth Hospital, and collaborates with renowned medical experts, accumulating vast healthcare data resources[56](index=56&type=chunk) - The company holds **180 authorized patents** as of June 2025, and its self-developed "39AI General Practitioner" is the first large medical model in China to pass generative AI service registration[57](index=57&type=chunk) - In pharmaceutical distribution, the company has established a deep, wide-coverage, and high-quality marketing network within Guizhou province[60](index=60&type=chunk) - In value-added telecom services, the company has comprehensive management systems, core technology reserves, a tri-network mobile resale license, and professional teams[61](index=61&type=chunk) [III. Main Business Analysis](index=21&type=section&id=III.%20Main%20Business%20Analysis) The company's main business faced challenges, with revenue and net profit declining, while financial expenses decreased significantly due to higher interest income YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 151,889,892.43 | 184,085,715.45 | -17.49% | | | Operating Costs | 101,859,058.10 | 115,974,005.60 | -12.17% | | | Financial Expenses | -2,071,367.95 | -955,153.04 | -116.86% | Primarily due to an increase in interest income | | Income Tax Expense | 1,542,549.03 | 3,560,905.08 | -56.68% | Primarily due to a decrease in total profit | | R&D Investment | 13,306,346.24 | 18,892,342.47 | -29.57% | Optimization of R&D personnel structure led to savings in employee compensation | | Net Cash Flow from Operating Activities | 14,659,181.55 | 12,051,430.25 | 21.64% | | | Net Cash Flow from Investing Activities | -1,014,113.21 | -6,468,761.91 | 84.32% | Primarily due to receiving dividends from the pharmaceutical e-commerce business | | Net Cash Flow from Financing Activities | -7,502,174.37 | -27,600,716.66 | 72.82% | Primarily due to the repayment of a bank loan by the Sixth Hospital in the prior period | | Net Increase in Cash and Cash Equivalents | 6,142,893.97 | -22,018,048.32 | 127.90% | Primarily due to receiving dividends and the prior period's loan repayment by the Sixth Hospital | Performance of Products/Services Accounting for Over 10% of Revenue | Product/Service | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IPTV & Telephone Matchmaking | 2,804,454.34 | 201,672.57 | 92.81% | -44.62% | -65.47% | 4.34% | | Mobile Resale | 13,799,114.89 | 7,682,420.66 | 44.33% | -63.41% | -61.31% | -3.02% | | Medical Information Services | 31,100,197.73 | 7,933,244.45 | 74.49% | -13.10% | 123.49% | -15.59% | | Medical Services | 99,715,532.17 | 85,354,645.89 | 14.40% | -1.71% | -6.13% | 4.03% | | Medical AI Consulting Services | 211,002.58 | 9,715.09 | 95.40% | - | - | - | [IV. Non-core Business Analysis](index=23&type=section&id=IV.%20Non-core%20Business%20Analysis) Investment income from equity-method investees was the largest contributor to profit, though these non-core activities are not sustainable Non-core Business Analysis | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 10,247,083.41 | 68.28% | Investment income from equity-method investees | Not sustainable | | Asset Impairment | 18,714.19 | 0.12% | Provision for inventory write-down | Not sustainable | | Non-operating Income | 34,294.85 | 0.23% | | Not sustainable | | Non-operating Expenses | 747,141.95 | 4.98% | Primarily settlement compensation expenses from the Sixth Hospital | Not sustainable | | Credit Impairment | 82,789.03 | 0.55% | Provision for bad debts on receivables | Not sustainable | | Other Income | 1,614,770.21 | 10.76% | Primarily prior-period government grants recognized in the current period | Not sustainable | [V. Analysis of Assets and Liabilities](index=23&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets and net assets remained stable, with no significant changes in major asset or liability items Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in % | Note on Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 290,412,473.90 | 21.99% | 283,539,885.31 | 21.38% | 0.61% | No significant change | | Accounts Receivable | 38,596,155.18 | 2.92% | 43,776,250.63 | 3.30% | -0.38% | No significant change | | Long-term Equity Investments | 428,406,995.59 | 32.44% | 425,019,912.18 | 32.05% | 0.39% | No significant change | | Fixed Assets | 424,601,642.71 | 32.15% | 428,388,483.84 | 32.30% | -0.15% | No significant change | | Total Assets | 1,320,814,988.03 | | 1,326,100,361.07 | | -0.40% | | | Net Assets Attributable to Shareholders | 1,089,217,963.64 | | 1,079,851,580.83 | | 0.87% | | - At the end of the reporting period, **restricted cash and cash equivalents amounted to 777,089.64 Yuan**, comprising performance bonds and judicially frozen funds[72](index=72&type=chunk) [VI. Investment Status Analysis](index=24&type=section&id=VI.%20Investment%20Status%20Analysis) The company had no significant equity investments, non-equity investments, or other major investment activities during the period - The company had no significant equity investments, non-equity investments, financial assets measured at fair value, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [VII. Sale of Major Assets and Equity](index=25&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[78](index=78&type=chunk)[79](index=79&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=26&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company has decided to liquidate its subsidiary Guizhou Laya due to long-term losses and a complete halt in production - Due to long-term losses and a complete halt in production of its smart wearable business, the company has decided to cease further investment in and plans to liquidate its holding subsidiary, Guizhou Laya[80](index=80&type=chunk) Performance of Major Holding and Participating Companies (H1 2025) | Company Name | Type | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Qisheng Information Technology Co, Ltd | Subsidiary | Medical Information Services | 31,525,383.20 | 8,560,641.08 | | Guiyang Sixth Hospital Co, Ltd | Subsidiary | Medical Services | 101,779,387.40 | -6,453,516.26 | | Guizhou Laya Technology Co, Ltd | Subsidiary | Medical Device R&D/Sales | 545,773.28 | -104,235.80 | | Guiyang Longmaster Communication Technology Co, Ltd | Subsidiary | Communication Services | 13,799,114.89 | 3,878,084.36 | | Guiyang Longmaster Video Technology Co, Ltd | Subsidiary | Telecom & Value-Added Services | 4,088,257.66 | 1,307,226.35 | | Guiyang Pharmaceutical E-commerce Service Co, Ltd | Associate | Pharmaceutical Distribution | 1,168,154,457.90 | 33,249,853.76 | | Guiyang 39 Internet Medical Co, Ltd | Associate | Internet Medical Platform | 4,573,555.08 | -1,502,174.88 | [IX. Structured Entities Controlled by the Company](index=27&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) [X. Risks and Countermeasures](index=27&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from market competition, policy changes, and operational challenges, which it addresses through strategic focus and management optimization - The company faces **intensified market competition**, which it counters by strengthening medical AI R&D, enhancing synergy between internet medical services and AI products, and maintaining stable cash flow from telecom businesses[82](index=82&type=chunk) - Challenges in achieving large-scale profitability in internet healthcare are being addressed by strengthening inter-segment collaboration, expanding the "39AI Doctor" project, and controlling costs[83](index=83&type=chunk) - To mitigate uncertainty from **industrial policy changes**, the company closely monitors policy trends to ensure its "AI + Healthcare" and "Healthcare + Internet Medical" businesses remain aligned with national policies[84](index=84&type=chunk)[85](index=85&type=chunk) - **Operational risks from business expansion** are managed by segmenting business units, improving management systems, strengthening internal controls, and optimizing organizational structure[86](index=86&type=chunk) - The risk of **talent shortages** in the competitive AI field is addressed through systematic talent development, continuous R&D investment, and providing an innovative platform[87](index=87&type=chunk) [XI. Record of Investor Relations Activities](index=28&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company held an online performance briefing in May 2025 to communicate its business status and plans to investors - On May 12, 2025, the company held its 2024 annual results online briefing via Panorama to update investors on its Q1 performance and business development plans[88](index=88&type=chunk) [XII. Market Value Management and Valuation Enhancement Plans](index=29&type=section&id=XII.%20Market%20Value%20Management%20and%20Valuation%20Enhancement%20Plans) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk) [XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=29&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an action plan for "Dual Improvement in Quality and Returns" - The company did not disclose a "Dual Improvement in Quality and Returns" action plan announcement during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk) [Section 4 Corporate Governance, Environmental, and Social](index=30&type=section&id=Section%204%20Corporate%20Governance%2C%20Environmental%2C%20and%20Social) [I. Changes in Directors, Supervisors, and Senior Management](index=30&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; details can be found in the 2024 annual report[94](index=94&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserves](index=30&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves) The company does not plan to distribute profits or capitalize capital reserves for the semi-annual period - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[95](index=95&type=chunk) [III. Implementation of Equity Incentive Plans or Other Employee Incentives](index=30&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%20or%20Other%20Employee%20Incentives) The company had no equity incentive plans or other employee incentive measures in place during the period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[96](index=96&type=chunk) [IV. Environmental Information Disclosure](index=30&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not designated as enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) [V. Social Responsibility](index=30&type=section&id=V.%20Social%20Responsibility) The company fulfills its social responsibility by advancing "Internet + Healthcare" and AI to provide accessible and high-quality medical services - The company is committed to combining "Big Data" and "Big Health" to meet the public's healthcare needs[97](index=97&type=chunk) - The company actively engages in targeted medical assistance, using "Internet + Healthcare" and big data to improve medical access in remote areas[97](index=97&type=chunk) - The company empowers primary healthcare institutions with its medical AI product "39AI Doctor" as part of its corporate social responsibility[97](index=97&type=chunk) [Section 5 Important Matters](index=31&type=section&id=Section%205%20Important%20Matters) [I. Commitments by Controlling Shareholders and Other Related Parties](index=31&type=section&id=I.%20Commitments%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There were no fulfilled or overdue commitments from the company's controlling shareholders or other related parties during the period - There were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue during the reporting period[99](index=99&type=chunk) [II. Non-operational Use of Funds by Controlling Shareholders](index=31&type=section&id=II.%20Non-operational%20Use%20of%20Funds%20by%20Controlling%20Shareholders) There was no non-operational use of the company's funds by controlling shareholders or other related parties - There were no instances of non-operational use of the listed company's funds by controlling shareholders or other related parties during the reporting period[100](index=100&type=chunk) [III. Irregular External Guarantees](index=31&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[101](index=101&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=31&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual report has not been audited - The company's semi-annual report has not been audited[102](index=102&type=chunk) [V. Explanation of "Non-standard Audit Report" for the Current Period](index=31&type=section&id=V.%20Explanation%20of%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section is not applicable as there was no "non-standard audit report" for the current period - There is no explanation from the Board of Directors, Supervisory Committee, or Audit Committee regarding a "non-standard audit report" for the current period[103](index=103&type=chunk) [VI. Explanation of "Non-standard Audit Report" for the Previous Year](index=31&type=section&id=VI.%20Explanation%20of%20%22Non-standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section is not applicable as there was no "non-standard audit report" for the previous year - There is no explanation from the Board of Directors regarding a "non-standard audit report" for the previous year[103](index=103&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=32&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company was not involved in any bankruptcy or reorganization matters during the period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[104](index=104&type=chunk) [VIII. Litigation Matters](index=32&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation but was involved in several minor lawsuits as both plaintiff and defendant - The company had no major litigation or arbitration matters during the reporting period[105](index=105&type=chunk) Summary of Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Other lawsuits as plaintiff (not meeting major litigation standards) | 8.6 | No | Accepted by court, hearing pending | Unresolved | Not adjudicated | | Other lawsuits as defendant (not meeting major litigation standards) | 174.7 | Yes, provision of 472.4k Yuan | Accepted by court, hearing pending | Unresolved | Not adjudicated | [IX. Penalties and Rectifications](index=32&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the period - The company was not subject to any penalties or rectifications during the reporting period[107](index=107&type=chunk) [X. Integrity Status of the Company and Its Controlling Shareholders](index=32&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholders) There were no integrity issues concerning the company or its controlling shareholders - There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period[108](index=108&type=chunk) [XI. Major Related-Party Transactions](index=33&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in routine related-party transactions involving procurement of goods, services, and joint investments Related-Party Transactions for Purchase of Goods/Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Approved Credit Limit (Yuan) | Exceeded Limit | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Kangxin Pharmaceutical Co, Ltd | Pharmaceuticals & Medical Devices | 25,461,270.37 | 100,000,000.00 | No | 27,905,393.34 | | Guiyang 39 Internet Medical Co, Ltd | Website Maintenance & Labor | 36,278.00 | 20,000,000.00 | No | 9,000.00 | Related-Party Transactions for Sale of Goods/Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Guiyang 39 Internet Medical Co, Ltd | Other Services | 434,525.00 | 40,920.00 | Joint Investment Related-Party Transactions | Co-investor | Relationship | Investee Company | Main Business of Investee | Registered Capital of Investee | Net Profit of Investee (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Wei | Actual Controller | Guiyang 39 Internet Medical Co, Ltd | Internet Medical Services | 11.5151 million Yuan | -150.22 | | Guiyang Longmaster Medical Investment | Same Actual Controller | Guiyang 39 Internet Medical Co, Ltd | Internet Medical Services | 11.5151 million Yuan | -150.22 | - The company had no related-party transactions involving the acquisition or sale of assets or equity, no related-party debt, and no dealings with related financial companies[110](index=110&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) [XII. Major Contracts and Their Performance](index=35&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has several ongoing property lease agreements and provides guarantees for its subsidiary, Guiyang Sixth Hospital - The company has multiple property lease contracts, including a terminated lease and a new lease signed in Beijing[118](index=118&type=chunk)[119](index=119&type=chunk) - The company generated **625,600 Yuan in rental income** from leasing out idle office space[119](index=119&type=chunk) - At the end of the reporting period, the total outstanding guarantee balance for subsidiaries was **19.9 million Yuan**, representing **1.83% of the company's net assets**[122](index=122&type=chunk)[123](index=123&type=chunk) - The company had no custody, contracting, or other major contracts during the reporting period[116](index=116&type=chunk)[117](index=117&type=chunk)[124](index=124&type=chunk) Guarantees Provided to Subsidiaries | Guaranteed Party | Guarantee Limit (10k Yuan) | Actual Guarantee Amount (10k Yuan) | Start Date | End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Guiyang Sixth Hospital Co, Ltd | 10,000 | 2,500 | 2022-07-26 | 2025-07-13 | Yes | | Guiyang Sixth Hospital Co, Ltd | 10,000 | 1,990 | 2025-07-07 | 2028-07-06 | No | [XIII. Other Significant Matters](index=37&type=section&id=XIII.%20Other%20Significant%20Matters) There were no other significant matters to be disclosed for the reporting period - The company has no other significant matters to disclose for the reporting period[125](index=125&type=chunk) [XIV. Significant Matters of Subsidiaries](index=37&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) Subsidiary Qisheng Information was re-certified as a high-tech enterprise, while the liquidation of Guizhou Laya is underway - The wholly-owned subsidiary Qisheng Information was re-certified as a high-tech enterprise, qualifying for a **15% corporate income tax rate** from 2024 to 2026[126](index=126&type=chunk) - The liquidation and deregistration process for the holding subsidiary Guizhou Laya has been initiated, which is not expected to adversely affect the company's overall business or financial status[126](index=126&type=chunk)[127](index=127&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=39&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [I. Changes in Share Capital](index=39&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital and share structure remained unchanged during the reporting period - The company's total number of shares, as well as the quantity and proportion of restricted and unrestricted shares, remained unchanged during the reporting period[130](index=130&type=chunk) - There were no changes in share capital due to new issuance, approvals, transfers, share buybacks, or other factors affecting financial indicators[130](index=130&type=chunk)[131](index=131&type=chunk) Share Capital Structure (Unit: Shares) | Item | Pre-Change Quantity | Pre-Change Ratio | Change (+, -) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 81,372,011 | 24.08% | 0 | 81,372,011 | 24.08% | | II. Unrestricted Shares | 256,569,391 | 75.92% | 0 | 256,569,391 | 75.92% | | III. Total Shares | 337,941,402 | 100.00% | 0 | 337,941,402 | 100.00% | [II. Securities Issuance and Listing](index=40&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any new securities during the reporting period - The company did not issue or list any new securities during the reporting period[131](index=131&type=chunk) [III. Number of Shareholders and Shareholdings](index=41&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) At the end of the period, the company had 42,638 common shareholders, with the actual controller Wang Wei holding a 31.60% stake Total Number of Common Shareholders at Period-End | Indicator | Quantity | | :--- | :--- | | Total common shareholders at period-end | 42,638 | Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Shares Held (Shares) | Change During Period (Shares) | Restricted Shares (Shares) | Unrestricted Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Wei | Domestic Individual | 31.60% | 106,806,315 | -1,689,700 | 81,372,011 | 25,434,304 | | Liu Ling | Domestic Individual | 2.66% | 9,000,000 | 0 | 0 | 9,000,000 | | Guiyang Longmaster Investment | Domestic Non-SOE | 1.95% | 6,595,940 | -1,689,700 | 0 | 6,595,940 | | Xuanyuan Private Equity | Other | 1.28% | 4,320,100 | 0 | 0 | 4,320,100 | | Hong Kong Securities Clearing Co Ltd | Foreign Legal Entity | 0.57% | 1,913,740 | -216,476 | 0 | 1,913,740 | - The corporate shareholder Guiyang Longmaster Investment is controlled by the company's controlling shareholder and actual controller, Wang Wei, and they are parties acting in concert[133](index=133&type=chunk)[134](index=134&type=chunk) - Shareholders Tang Dong and Yuan Tonghe hold some of their shares through margin trading and securities lending accounts[134](index=134&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=43&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Chairman and General Manager Wang Wei reduced his shareholding, while other executives' holdings remained unchanged Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Opening Balance (Shares) | Shares Reduced (Shares) | Closing Balance (Shares) | | :--- | :--- | :--- | :--- | :--- | | Wang Wei | Chairman, General Manager | 108,496,015 | 1,689,700 | 106,806,315 | [V. Changes in Controlling Shareholder or Actual Controller](index=43&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes to the company's controlling shareholder or actual controller during the period - The company's controlling shareholder did not change during the reporting period[137](index=137&type=chunk) - The company's actual controller did not change during the reporting period[138](index=138&type=chunk) [VI. Preferred Shares](index=44&type=section&id=VI.%20Preferred%20Shares) The company does not have any preferred shares - The company did not have any preferred shares during the reporting period[139](index=139&type=chunk) [Section 7 Bond-related Matters](index=45&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=45&type=section&id=Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[141](index=141&type=chunk) [Section 8 Financial Report](index=46&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=46&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report has not been audited[143](index=143&type=chunk) [II. Financial Statements](index=46&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the semi-annual period of 2025 - The financial statements include the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[144](index=144&type=chunk)[149](index=149&type=chunk)[154](index=154&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk)[174](index=174&type=chunk) [1. Consolidated Balance Sheet](index=46&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets were 1.32 billion Yuan, with total liabilities of 218.38 million Yuan [2. Parent Company Balance Sheet](index=49&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 1.24 billion Yuan, with total liabilities of 44.37 million Yuan [3. Consolidated Income Statement](index=52&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was 151.89 million Yuan, with a net profit of 13.47 million Yuan [4. Parent Company Income Statement](index=54&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was 7.40 million Yuan, with a net profit of 12.19 million Yuan [5. Consolidated Cash Flow Statement](index=55&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash flow from operating activities was 14.66 million Yuan [6. Parent Company Cash Flow Statement](index=57&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was -9.03 million Yuan [7. Consolidated Statement of Changes in Equity](index=58&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the company's total consolidated equity was 1.10 billion Yuan [8. Parent Company Statement of Changes in Equity](index=63&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the parent company's total equity was 1.20 billion Yuan [III. Company Basic Information](index=68&type=section&id=III.%20Company%20Basic%20Information) Guizhou Longmaster Information & Technology Co, Ltd was established in 2010 and operates in the computer application services industry - Guizhou Longmaster Information & Technology Co, Ltd was established through a corporate restructuring on November 1, 2010, with Wang Wei as the legal representative and actual controller[182](index=182&type=chunk)[184](index=184&type=chunk) - The company's registered capital is **337.941402 million Yuan**[184](index=184&type=chunk) - The company operates in the computer application services industry and consolidates 7 subsidiaries, with no change in the scope of consolidation from the previous period[184](index=184&type=chunk) [IV. Basis of Preparation for Financial Statements](index=69&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant CSRC disclosure rules[185](index=185&type=chunk)[186](index=186&type=chunk) - These financial statements have been prepared on a going concern basis, as no significant doubts about the company's ability to continue as a going concern were identified for the next 12 months[187](index=187&type=chunk) [V. Significant Accounting Policies and Estimates](index=70&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, which remained unchanged during the period - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, providing a true and fair view of the company's financial position and performance[189](index=189&type=chunk) - The company uses a 12-month operating cycle for classifying assets and liabilities and uses the Renminbi (RMB) as its functional currency[191](index=191&type=chunk)[192](index=192&type=chunk) - Revenue from primary sources such as value-added telecom services and medical services is recognized when control of the related goods or services is transferred to the customer[297](index=297&type=chunk)[298](index=298&type=chunk) - There were **no significant changes in accounting policies or estimates** during the reporting period[323](index=323&type=chunk) [VI. Taxation](index=117&type=section&id=VI.%20Taxation) The company and several subsidiaries are certified as high-tech enterprises, qualifying for a reduced 15% corporate income tax rate Main Taxes and Rates | Tax Type | Tax Base | Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, taxable service income | 1%, 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | | Cultural Undertaking Development Fee | Advertising revenue | 3% | Entities with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Guangzhou Qisheng Information Technology Co, Ltd | 15% | | Guiyang Longmaster Communication Technology Co, Ltd | 15% | | Guiyang Sixth Hospital Co, Ltd | 25% | | Guangzhou Zhiben Information Technology Co, Ltd | 25% | | Guizhou Laya Technology Co, Ltd | 25% | | Guiyang Longmaster Video Technology Co, Ltd | 25% | | Tianjin Yinxun Shidai Technology Co, Ltd | 25% | - The company, Guangzhou Qisheng, and Guiyang Longmaster Communication are certified high-tech enterprises and are subject to a **15% corporate income tax rate** in 2025[324](index=324&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=118&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, reflecting the company's financial position and performance Cash and Cash Equivalents | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 7,879.68 | 6,695.18 | | Bank Deposits | 289,953,182.68 | 282,729,277.92 | | Other Monetary Funds | 451,411.54 | 803,912.21 | | **Total** | **290,412,473.90** | **283,539,885.31** | Accounts Receivable | Aging | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 36,975,069.65 | 42,448,900.50 | | 1 to 2 years | 1,376,371.98 | 1,683,656.14 | | 2 to 3 years | 1,018,843.27 | 271,444.79 | | Over 3 years | 1,816,305.97 | 2,074,763.06 | | **Total** | **41,186,590.87** | **46,478,764.49** | Operating Revenue and Costs | Item | Current Period Revenue (Yuan) | Current Period Costs (Yuan) | Prior Period Revenue (Yuan) | Prior Period Costs (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 147,908,865.66 | 101,641,310.71 | 180,972,614.18 | 115,639,562.32 | | Other Business | 3,981,026.77 | 217,747.39 | 3,113,101.27 | 334,443.28 | | **Total** | **151,889,892.43** | **101,859,058.10** | **184,085,715.45** | **115,974,005.60** | Financial Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Interest Expense | 754,119.20 | 887,983.20 | | Less: Interest Income | -2,934,602.29 | -2,009,052.82 | | Service Fees | 109,115.14 | 165,916.58 | | **Total** | **-2,071,367.95** | **-955,153.04** | Investment Income | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Long-term equity investment income under equity method | 10,247,083.41 | 10,727,927.78 | | **Total** | **10,247,083.41** | **10,727,927.78** | [VIII. R&D Expenditures](index=152&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure for the period was 13.31 million Yuan, a decrease of 29.57% year-over-year, with all expenses being expensed R&D Expenditure Breakdown | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 11,324,672.36 | 16,710,504.85 | | Rental Fees | 708,463.72 | 781,365.46 | | Depreciation | 360,539.07 | 264,901.69 | | Intellectual Property Fees | 149,504.16 | 142,002.83 | | Others | 736,465.10 | 958,545.10 | | **Total** | **13,306,346.24** | **18,892,342.47** | - All R&D expenditures in the current period were expensed, with no capitalized R&D expenditures[493](index=493&type=chunk) [IX. Changes in the Scope of Consolidation](index=153&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) There were no changes in the company's scope of consolidation during the period - There were no changes in the company's scope of consolidation during the current period[494](index=494&type=chunk) [X. Interests in Other Entities](index=153&type=section&id=X.%20Interests%20in%20Other%20Entities) The company has seven subsidiaries and two significant associate companies Composition of the Corporate Group (Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Qisheng Information Technology Co, Ltd | 10,638,300.00 | Internet and Related Services | 100.00% | Business Combination | | Guiyang Sixth Hospital Co, Ltd | 205,882,353.00 | Medical | 66.00% | Business Combination | | Guiyang Longmaster Communication Technology Co, Ltd | 10,000,000.00 | Communication Services | 75.00% | Establishment | | Guizhou Laya Technology Co, Ltd | 11,360,000.00 | Medical Device R&D/Sales | 85.00% | Business Combination | | Guiyang Longmaster Video Technology Co, Ltd | 10,000,000.00 | Value-Added Telecom Services | 79.30% | Establishment | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Current Period P/L Attributable to Minority (Yuan) | Dividends Declared to Minority (Yuan) | Closing Minority Equity Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Guiyang Sixth Hospital Co, Ltd | 34.00% | -2,194,195.53 | 0.00 | -10,750,708.67 | | Guiyang Longmaster Communication Technology Co, Ltd | 25.00% | 969,521.09 | 1,950,000.00 | 25,333,855.48 | Significant Associate Companies | Associate Company Name | Business Nature | Shareholding (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | | Guiyang Pharmaceutical E-commerce Service Co, Ltd | Pharmaceutical Services | 34.30% | Equity Method | | Guiyang 39 Internet Medical Co, Ltd | Medical | 22.11% | Equity Method | [XI. Government Grants](index=156&type=section&id=XI.%20Government%20Grants) The company recognized 1.53 million Yuan in government grants in the current period's profit and loss Liabilities Related to Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized in Non-op Income (Yuan) | Recognized in Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Revenue | 700,000.00 | 0.00 | 0.00 | 0.00 | 700,000.00 | Asset-related | | Deferred Revenue | 4,700,000.00 | 0.00 | 0.00 | 1,500,000.00 | 3,200,000.00 | Income-related | Government Grants Recognized in Current Profit/Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 1,534,554.46 | 704,155.17 | [XII. Risks Related to Financial Instruments](index=157&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages financial risks, including credit, liquidity, and market risks, through established policies and continuous monitoring - The company's main financial instruments include cash, equity investments, debt investments, borrowings, receivables, and payables, exposing it to credit, liquidity, and market risks[510](index=510&type=chunk) - The company mitigates **credit risk** by transacting only with creditworthy counterparties, continuously monitoring exposures, and maintaining adequate provisions for expected credit losses[511](index=511&type=chunk)[512](index=512&type=chunk) - **Liquidity risk** is managed by monitoring short-term and long-term funding needs, maintaining sufficient cash reserves, and securing adequate credit facilities from financial institutions[514](index=514&type=chunk) - The company's **interest rate risk** arises mainly from bank borrowings; management actively adjusts its strategy based on market conditions to mitigate both cash flow and fair value interest rate risks[515](index=515&type=chunk) [XIII. Related Parties and Transactions](index=160&type=section&id=XIII.%20Related%20Parties%20and%20Transactions) The company's ultimate controlling party is Wang Wei, and it engages in routine transactions with its subsidiaries and associate companies - The company's ultimate controlling party is the individual Wang Wei[517](index=517&type=chunk)[518](index=518&type=chunk) - Details of the company's subsidiaries and significant associates are provided in Note X[519](index=519&type=chunk)[520](index=520&type=chunk) Purchase of Goods/Services (Related-Party Transaction) | Related Party | Transaction Content | Current Period Amount (Yuan) | Approved Credit Limit (Yuan) | Exceeded Limit | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Kangxin Pharmaceutical | Pharmaceuticals & Medical Devices | 25,461,270.37 | 100,000,000.00 | No | 27,905,393.34 | | Guiyang 39 Internet Medical | Website Maintenance & Labor | 36,278.00 | 20,000,000.00 | No | 9,000.00 | Sale of Goods/Services (Related-Party Transaction) | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Guiyang 39 Internet Medical | Other Services | 434,525.00 | 40,920.00 | Company as Lessor (Related-Party Lease) | Lessee Name | Leased Asset Type | Current Period Lease Income (Yuan) | Prior Period Lease Income | | :--- | :--- | :--- | :--- | | Guizhou Kangxin Pharmacy Chain | Property | 14,285.71 | 0.00 | Company as Guarantor (Related-Party Guarantee) | Guaranteed Party | Guarantee Amount (Yuan) | Start Date | End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Guiyang Sixth Hospital | 25,000,000.00 | 2022-07-14 | 2025-07-13 | No | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Compensation for Directors, Supervisors, and Senior Management | 2,022,956.00 | 2,492,411.46 | Receivables from Related Parties | Item Name | Related Party | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Guiyang 39 Internet Medical Co | 10,862.00 | 70,862.00 | Payables to Related Parties | Item Name | Related Party | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Payable | Guiyang 39 Internet Medical Co | 2,246,098.63 | 3,137,098.63 | | Accounts Payable | Guizhou Kangxin Pharmaceutical Co, Ltd | 75,645,837.76 | 78,752,322.77 | | Other Payables | Guiyang 39 Internet Medical Co | 2,698.97 | 2,698.97 | | Contract Liabilities | Guiyang 39 Internet Medical Co | 140,625.00 | 34,734.13 | [XIV. Commitments and Contingencies](index=162&type=section&id=XIV.%20Commitments%20and%20Contingencies) The company has no significant commitments or contingencies to disclose for the reporting period - The company has no significant contingencies to disclose[534](index=534&type=chunk)[535](index=535&type=chunk)[537](index=537&type=chunk) [XV. Subsequent Events](index=163&type=section&id=XV.%20Subsequent%20Events) The company has no significant subsequent events to disclose - The company has no other significant undisclosed subsequent events[538](index=538&type=chunk) [XVI. Other Important Matters](index=163&type=section&id=XVI.%20Other%20Important%20Matters) This section provides financial information for the discontinued operation, Guizhou Laya, and segment reporting by business unit - The company reports by segments including value-added telecom, medical information services, medical, and others, managing each business unit's operations independently[542](index=542&type=chunk) Discontinued Operation (Guizhou Laya Technology Co, Ltd) | Item | Revenue (Yuan) | Expenses (Yuan) | Profit Before Tax (Yuan) | Income Tax Expense (Yuan) | Net Profit (Yuan) | Net Profit Attributable to Parent (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Laya Technology Co, Ltd | 545,773.28 | 669,437.28 | -104,578.22 | -342.42 | -104,235.80 | -88,600.43 | Segment Financial Information (Operating Revenue) | Item | Value-Added Telecom (Yuan) | Medical Info Services (Yuan) | Medical (Yuan) | Other (Yuan) | Inter-segment Elim. (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 25,284,054.17 | 31,525,383.20 | 101,779,387.40 | 545,773.28 | 7,244,705.62 | 151,889,892.43 | [XVII. Notes to Parent Company Financial Statement Items](index=165&type=section&id=XVII.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key items in the parent company's financial statements Parent Company Accounts Receivable | Aging | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 3,024,527.64 | 3,820,675.93 | | 1 to 2 years | 29,178.10 | 611,250.56 | | 2 to 3 years | 187,044.24 | 0.00 | | **Total** | **3,240,749.98** | **4,431,926.49** | Parent Company Other Receivables | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Interest Receivable | 42,283,539.48 | 46,235,548.05 | | Dividends Receivable | 60,000,000.00 | 60,000,000.00 | | Other Receivables | 23,459,577.53 | 23,104,607.53 | | **Total** | **125,743,117.01** | **129,340,155.58** | Parent Company Operating Revenue and Costs | Item | Current Period Revenue (Yuan) | Current Period Costs (Yuan) | Prior Period Revenue (Yuan) | Prior Period Costs (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 6,393,696.02 | 5,091,464.82 | 12,268,172.80 | 9,379,399.67 | | Other Business | 1,002,985.60 | 0.00 | 1,460,226.31 | 0.00 | | **Total** | **7,396,681.62** | **5,091,464.82** | **13,728,399.11** | **9,379,399.67** | Parent Company Investment Income | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Long-term equity investment income under cost method | 5,850,000.00 | 31,425,000.00 | | Long-term equity investment income under equity method | 10,247,083.41 | 10,727,927.78 | | Fee for use of funds | 4,403,403.75 | 4,290,775.63 | | **Total** | **20,500,487.16** | **46,443,703.41** | [XVIII. Supplementary Information](index=176&type=section&id=XVIII.%20Supplementary%20Information) This section provides details on non-recurring profit and loss items and return on equity metrics Details of Current Non-recurring Profit and Loss | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 23,176.91 | Loss on retirement of fixed assets | | Government Grants Recognized in Current Profit/Loss | 1,614,770.21 | Primarily prior-period grants recognized in the current period and current-period grants recognized | | Other Non-operating Income and Expenses | -736,024.01 | Primarily settlement compensation expenses from the Sixth Hospital | | Less: Income Tax Impact | 239,598.67 | | | Minority Interest Impact (After Tax) | 87,512.41 | | | **Total** | **574,812.03** | -- | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average ROE | Basic EPS (Yuan/Share) | Diluted EPS (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 1.33% | 0.04 | 0.04 | | Net profit attributable to common shareholders (excl non-recurring items) | 1.28% | 0.04 | 0.04 | - The company has no other items that meet the definition of non-recurring profit and loss, nor has it reclassified any non-recurring items as recurring[595](index=595&type=chunk)[596](index=596&type=chunk) - The company has no differences in accounting data under domestic and foreign accounting standards[597](index=597&type=chunk)[598](index=598&type=chunk)

[Section I 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 crucial notices regarding report accuracy, financial statements, and defines key terms used throughout the document [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and management guarantee report accuracy, financial statements are affirmed, and a 2025 semi-annual cash dividend of 0.5 yuan per 10 shares is proposed - Company's board, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, bearing individual and joint legal responsibility[3](index=3&type=chunk) - Company head Luo Jun, chief accountant Chen Ju, and accounting department head Huang Xiping declare the financial report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution Base | 422.702739 million shares | | Cash Dividend per 10 Shares | 0.5 yuan (tax incl.) | | Bonus Shares | 0 shares (tax incl.) | | Capital Reserve to Share Capital | No conversion | [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This chapter defines key terms like company names, regulatory bodies, automotive market segments (aftermarket, OEM), product types, and manufacturing models - Defines names of entities like the Company, CSRC, and SZSE[11](index=11&type=chunk) - Explains concepts of automotive aftermarket (after-sales service) and automotive pre-market (OEM parts)[11](index=11&type=chunk) - Clarifies business models such as ODM (Original Design Manufacturer), OBM (Original Brand Manufacturer), and OES (Original Equipment Supplier)[11](index=11&type=chunk) - Reporting period is January 1, 2025 to June 30, 2025; prior period is January 1, 2024 to June 30, 2024[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&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 basic information, contact details, and presents its key financial performance and asset-liability status for the reporting period [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Guangdong Dongjian Automotive Technology Co., Ltd. (Stock Code: 300978) is listed on SZSE, with Luo Jun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Dongjian Technology | | Stock Code | 300978 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Guangdong Dongjian Automotive Technology Co., Ltd. | | Legal Representative | Luo Jun | [Contact Persons and Information](index=7&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) The company's Board Secretary is Gu Ling and Securities Affairs Representative is Wang Manting, sharing contact details including address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gu Ling | B333 Lecong Avenue West, Lecong Town, Shunde District, Foshan City | 0757-2808 2476 | 0757-2808 2243 | touziguanxi@dongjiancorp.com | | Securities Affairs Representative | Wang Manting | B333 Lecong Avenue West, Lecong Town, Shunde District, Foshan City | 0757-2808 2476 | 0757-2808 2243 | touziguanxi@dongjiancorp.com | [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact information, information disclosure, or registration status during the reporting period - No changes in company's registered address, office address, website, or email during the reporting period[16](index=16&type=chunk) - No changes in information disclosure and storage locations during the reporting period[17](index=17&type=chunk) - No changes in company's registration status during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&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) In H1 2025, revenue decreased **7.03%** to **985 million yuan**, net profit fell **6.70%** to **83.86 million yuan**, and total assets slightly declined 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 984,821,055.40 | 1,059,292,015.01 | -7.03% | | Net Profit Attributable to Listed Company Shareholders | 83,859,936.72 | 89,885,295.74 | -6.70% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 79,606,101.52 | 91,465,948.60 | -12.97% | | Net Cash Flow from Operating Activities | 96,089,894.76 | 105,460,151.51 | -8.89% | | Basic Earnings Per Share (yuan/share) | 0.1984 | 0.2126 | -6.68% | | Diluted Earnings Per Share (yuan/share) | 0.1984 | 0.2126 | -6.68% | | Weighted Average Return on Net Assets | 4.98% | 5.46% | -0.48% | | Indicator | Current Period-end (yuan) | Prior Year-end (yuan) | Period-end vs. Prior Year-end Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,719,357,461.29 | 2,768,172,090.61 | -1.76% | | Net Assets Attributable to Listed Company Shareholders | 1,619,926,554.52 | 1,662,131,672.85 | -2.54% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&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 and Chinese accounting standards - No differences in net profit and net assets between international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - No differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&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) Non-recurring gains and losses totaled **4.2538 million yuan** in H1 2025, mainly from government subsidies and wealth management income 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | -148,577.10 | Net loss from disposal of fixed assets, etc | | Government grants recognized in current profit or loss | 2,985,982.54 | | | Fair value changes and disposal gains/losses of financial assets/liabilities held by non-financial enterprises (excluding effective hedging) | 39,356.71 | | | Gains/losses from entrusted investments or asset management | 3,903,670.36 | Investment income from wealth management and other trading financial assets | | Reversal of impairment provisions for individually tested receivables | 291,639.19 | | | Other non-operating income and expenses | -1,256,558.43 | Scrapping losses of fixed assets, construction in progress, etc., public welfare donations, early termination of lease deposit losses | | Less: Income tax impact | 1,446,713.51 | | | Minority interest impact (after tax) | 114,964.56 | | | Total | 4,253,835.20 | | [Section III Management Discussion and Analysis](index=10&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 analyzes the company's main business, core competencies, operating performance, financial status, investments, and risks [Company's Main Business Activities During the Reporting Period](index=10&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 specializes in automotive customization, safety, health, and convenience products for both aftermarket and OEM, with strong brands and partnerships [(I) Industry Overview](index=10&type=section&id=(%E4%B8%80)%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) China's auto market grew significantly in H1 2025, especially NEVs, with a booming off-road modification market and stable overseas demand - In H1 2025, China's automotive sales reached **15.653 million units**, a **11.4% YoY growth**[26](index=26&type=chunk) - New energy vehicle sales were **6.937 million units**, a **40.3% YoY growth**, accounting for **44.3% of total new car sales**[26](index=26&type=chunk) - As of June 2025, national automotive ownership reached **359 million units**, with new energy vehicle ownership at **36.89 million units**[26](index=26&type=chunk) - China's automotive modification market exceeded **120 billion yuan in 2024**, projected to surpass **200 billion yuan in 2025**[28](index=28&type=chunk) - The US automotive modification market consumption is projected to reach **$53.17 billion in 2025**[29](index=29&type=chunk) [(II) Market Position Overview](index=10&type=section&id=(%E4%BA%8C)%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D%E6%A6%82%E5%86%B5) Dongjian Technology holds a significant market position in both automotive aftermarket modification and OEM pre-installation, leveraging strong brands and strategic partnerships - The company has established two mature business systems: automotive modification and OEM pre-installation[30](index=30&type=chunk) - In the automotive aftermarket, it owns "Steelcraft" (North American quality modification) and "WINBO" (domestic style modification) brands[30](index=30&type=chunk)[31](index=31&type=chunk) - In the automotive OEM market, it maintains long-term stable cooperation with leading independent brands like Great Wall, Chery, GAC, and BYD[31](index=31&type=chunk) - The company possesses integrated capabilities in official automotive custom modification, especially in off-road vehicle modification design[31](index=31&type=chunk) [(III) Introduction to Company's Main Business](index=11&type=section&id=(%E4%B8%89)%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E7%AE%80%E4%BB%8B) Dongjian Technology designs, develops, produces, and sells automotive customization products for various vehicle types, serving both aftermarket and OEM channels - The company primarily engages in industrial design, R&D, production, and sales of side step, front/rear protection, smart cockpit control, roof rack, and other vehicle system products[32](index=32&type=chunk) - Products are applied in automotive aftermarket modification and OEM pre-installation, compatible with various traditional/NEV models like SUVs, sedans, MPVs, off-road vehicles, and pickups[32](index=32&type=chunk) - Production model is primarily self-production, combined with make-to-order (international clients) and safety stock (domestic clients)[36](index=36&type=chunk) - Overseas sales are all direct sales (ODM and OBM); domestic sales include direct sales, distribution, and consignment (4S stores, dealers, OEMs)[37](index=37&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Dongjian Technology's core strengths include integrated customization capabilities, continuous innovation, efficient development, independent testing, agile manufacturing, multi-brand strategy, extensive sales channels, and a stable, incentivized team [(I) Rich Integrated Capabilities in Automotive Custom Modification](index=14&type=section&id=(%E4%B8%80)%E4%B8%B0%E5%AF%8C%E7%9A%84%E6%B1%BD%E8%BD%A6%E5%AE%9A%E5%88%B6%E6%94%B9%E8%A3%85%E4%B8%80%E4%BD%93%E5%8C%96%E8%83%BD%E5%8A%9B) With over 20 years in automotive modification, the company has developed comprehensive industrial design, R&D, production, and sales capabilities - The company has over **20 years** of integrated capabilities in automotive modification and exterior structural parts[38](index=38&type=chunk) - Strong capabilities in pickup, off-road vehicle, and SUV modification needs and product realization, capable of rapidly introducing international market experience[38](index=38&type=chunk) [(II) Continuous Product Innovation Advantage](index=14&type=section&id=(%E4%BA%8C)%E6%8C%81%E7%BB%AD%E7%9A%84%E4%BA%A7%E5%93%81%E5%88%9B%E6%96%B0%E4%BC%98%E5%8A%BF) The company boasts a high-caliber R&D team and global R&D centers, securing **42 new patents** in the reporting period, advancing into electric off-road modification - The company possesses a high-level R&D team covering mechanical manufacturing, molds, manufacturing processes, materials science, industrial design, electronics, electrical, and electronic control software development[39](index=39&type=chunk) - During the reporting period, the company obtained **42 new domestic and international patent authorizations**, including **23 domestic invention patents** and **1 international invention patent**[40](index=40&type=chunk) - The company actively advances into the emerging field of electric off-road modification products, continuously accumulating patented technologies[40](index=40&type=chunk) [(III) Efficient Development Capability Matching Market Demand](index=14&type=section&id=(%E4%B8%89)%E5%8C%B9%E9%85%8D%E5%B8%82%E5%9C%BA%E9%9C%80%E6%B1%82%E7%9A%84%E9%AB%98%E6%95%88%E5%BC%80%E5%8F%91%E8%83%BD%E5%8A%9B) The company employs an international synchronized R&D system and IPD model to accelerate new product development and ensure timely market launch - The company established an international synchronized R&D system, achieving a "relay-style" product development model through domestic and international R&D center collaboration, accelerating new product development[41](index=41&type=chunk) - The company applies the IPD (Integrated Product Development) model, efficiently managing R&D projects and rapidly responding to customer needs, supported by information systems, tooling/fixture design, and in-house testing facilities[42](index=42&type=chunk) [(IV) Advantage of Independent Testing Capabilities](index=14&type=section&id=(%E5%9B%9B)%E8%87%AA%E4%B8%BB%E5%AE%9E%E9%AA%8C%E8%83%BD%E5%8A%9B%E4%BC%98%E5%8A%BF) The company operates three CNAS-certified experimental centers equipped for over a hundred tests, ensuring product quality and reducing development costs - The company established three core experimental centers: Headquarters Experimental Center, Dongjian Smart Experimental Center, and Weijie Automotive Laboratory[43](index=43&type=chunk) - The company can independently conduct over **100 test items**, covering product and raw material performance tests[43](index=43&type=chunk) - The company's Headquarters Experimental Center and Dongjian Smart Experimental Center both obtained **CNAS laboratory accreditation** and recognition from multiple OEMs[43](index=43&type=chunk) [(V) Agile Flexible Manufacturing Operating System](index=14&type=section&id=(%E4%BA%94)%E6%95%8F%E6

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