兴源环境科技股份有限公司 2025 年半年度报告全文 兴源环境科技股份有限公司 2025 年半年度报告 二零二五年八月 1 兴源环境科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人邬永本、主管会计工作负责人董志霞及会计机构负责人(会计 主管人员)杨怀玉声明：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。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分阐述了公司经营中可能存在的风险及应对措施，敬请投资者 关注相关内容。 备查文件目录 一、载有公司法定代表人邬永本先生、主管会计工作负责人董志霞女士、会计主管人员杨怀玉先生签名并盖章的财务报 告文本。 二、报告期内在中国证监会指定网站上公开披露过的所有公司文件的正本及公告的原稿。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | . | 4 | . | | --- | --- | ...

2025年 半年度报告 WESTERN 西部证券股份有限公司 WESTERN SECURITIES CO .• LTD . 股票代码：002673 公告编号：2025-059 西部证券股份有限公司 2025 年半年度报告全文 2025 年半年度报告 l －圈圈『 ._I 匕、 2025-059 2025 年 8 月 西部证券股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证本报告所载资料不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法 律责任。 本报告经公司第六届董事会第二十一次会议审议通过，公司全体董事出席会议并进行表 决，没有董事声明对本报告内容的真实性、准确性和完整性无法保证或存在异议。 公司负责人徐朝晖女士、主管会计工作负责人张永军先生及会计机构负责人（会计主管 人员）杨健先生声明：保证半年度报告中财务报告的真实、准确、完整。 公司半年度财务报告未经会计师事务所审计。 公司经第六届董事会第二十一次会议审议通过的 2025 年半年度利润分配预案为：以实施 权益分派股权登记日登记的总股本扣 ...

慕思健康睡眠股份有限公司 2025 年半年度报告全文 慕思健康睡眠股份有限公司 公司已在本报告"第三节管理层讨论与分析"中"十、公司面临的风险和 应对措施"中，对可能面临的风险进行了描述，敬请投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 2025 年半年度权益分 派实施时股权登记日的总股本扣除公司回购专户上的股份后的股本为基数， 向全体股东每 10 股派发现金红利 4.5 元（含税），送红股 0 股（含税），不 以公积金转增股本。 2 1 【披露时间】 2025 年半年度报告 慕思健康睡眠股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王炳坤、主管会计工作负责人邓永辉及会计机构负责人(会计 主管人员)邓永辉声明：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。 | | | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- ...

1 江苏裕兴薄膜科技股份有限公司 2025 年半年度报告全文 江苏裕兴薄膜科技股份有限公司 2025 年半年度报告全文 江苏裕兴薄膜科技股份有限公司 2025 年半年度报告 2025 年 8 月 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人朱益明、主管会计工作负责人王长勇及会计机构负责人(会计 主管人员)王长勇声明：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。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺，投资者及相关人士均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。 请投资者认真阅读本半年度报告全文，并特别注意公司可能存在的市场竞 争加剧的风险、聚酯薄膜产能无法有效消化的风险、新品开发不达预期的风 险、原材料价格波动的风险、应收账款余额较高导致的坏账风险、新项目建 设进度及项目效益不达预期的风险，敬请广大投资者注意投资风险。详见本 半年度报告"第三节 管理层讨论与分 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides important notices, lists reference documents, and defines key terms used throughout the report [Important Notice](index=2&type=section&id=重要提示) The company's board, supervisory board, and senior management guarantee the semi-annual report's accuracy, clarifying that forward-looking statements are not commitments, and no half-year dividends or capital reserve conversions are planned - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Forward-looking statements regarding future plans and development strategies in the report do not constitute substantive commitments to investors[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[3](index=3&type=chunk) [Reference Documents](index=4&type=section&id=备查文件目录) This section lists the company's 2025 semi-annual report original text, signed financial statements, and all publicly disclosed company documents and announcements on the CSRC-designated website for review - Reference documents include the original text of the 2025 semi-annual report signed by the chairman[7](index=7&type=chunk) - Reference documents include financial statements bearing the signatures of the company's head, the person in charge of accounting, and the head of the accounting department[7](index=7&type=chunk) - Reference documents include the originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[7](index=7&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used in the report, clarifying "the Company" as Guangxi Xinxunda Technology Group Co., Ltd., "Reporting Period" as January 1 to June 30, 2025, and listing abbreviations for major subsidiaries and related entities - "The Company" refers to Guangxi Xinxunda Technology Group Co., Ltd[8](index=8&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[8](index=8&type=chunk) - Definitions are provided for major subsidiaries and related entities, including Shengxun Cloud Commerce, Lifeng Chuanda, and Guangyu Mining[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=一、公司简介) The company's Chinese name is Guangxi Xinxunda Technology Group Co., Ltd., with stock abbreviation "Xinxunda" and stock code 300518, listed on the Shenzhen Stock Exchange, and its legal representative is Wu Chenghua - The company's stock abbreviation is "Xinxunda", and its stock code is 300518[11](index=11&type=chunk) - The company is listed on the Shenzhen Stock Exchange[11](index=11&type=chunk) - The company's legal representative is Wu Chenghua[11](index=11&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=二、联系人和联系方式) This section provides detailed contact information for the company's Board Secretary Wang Fabin and Securities Affairs Representative Xu Huizhu, including address, phone, fax, and email - The Board Secretary is Wang Fabin, and the Securities Affairs Representative is Xu Huizhu[12](index=12&type=chunk) - The contact address is 2501, Grand China International Exchange Plaza, Fuhua 1st Road, Futian Community, Futian Street, Futian District, Shenzhen[12](index=12&type=chunk) - The contact number is 0755-82731691, and the email address is sxd@gamexun.com[12](index=12&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration changes, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[13](index=13&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[14](index=14&type=chunk) - The company's registration status remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) During the reporting period, the company's operating revenue increased by 42.35% year-on-year, net loss attributable to shareholders significantly narrowed by 83.24%, and net cash flow from operating activities loss narrowed by 69.21%, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,653,095.24 | 60,871,631.40 | 42.35% | | Net Profit Attributable to Shareholders of Listed Company | -13,570,780.68 | -80,962,355.89 | 83.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -22,581,322.38 | -51,142,763.11 | 55.85% | | Net Cash Flow from Operating Activities | -24,272,540.03 | -78,837,069.71 | 69.21% | | Basic Earnings Per Share (yuan/share) | -0.07 | -0.41 | 82.93% | | Diluted Earnings Per Share (yuan/share) | -0.07 | -0.41 | 82.93% | | Weighted Average Return on Net Assets | -1.76% | -7.51% | 5.75% | | **Indicator** | **End of Current Reporting Period (yuan)** | **End of Prior Year (yuan)** | **Change from End of Prior Year** | | Total Assets | 1,014,167,159.84 | 1,074,500,328.28 | -5.61% | | Net Assets Attributable to Shareholders of Listed Company | 765,942,086.71 | 779,447,192.92 | -1.73% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards compared to Chinese Accounting Standards[18](index=18&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards compared to Chinese Accounting Standards[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) During the reporting period, the company's total non-recurring gains and losses amounted to 9.0105 million yuan, primarily from disposal gains/losses of non-current assets, government subsidies, fair value changes, and entrusted investment gains/losses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 2,070,729.88 | | Government subsidies included in current profit and loss | 595,600.87 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 7,427,972.66 | | Gains/losses from entrusted investments or asset management | 588,497.80 | | Reversal of impairment provisions for individually tested receivables | 1,200,000.00 | | Other non-operating income and expenses apart from the above | -1,013,920.42 | | Less: Income tax impact | 1,858,019.49 | | Impact on minority interests (after tax) | 319.60 | | Total | 9,010,541.70 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[22](index=22&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's main businesses, key performance drivers, financial status, investment activities, and risk management strategies during the reporting period [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products; during the reporting period, the lithium new energy sector underwent deep market adjustments with surging energy storage demand and falling lithium carbonate prices, while the live e-commerce industry continued to grow but at a slower pace, highlighting F2C models and AI applications amid stricter regulations [Lithium New Energy Industry](index=9&type=section&id=(一)%20锂电新能源行业) In the first half of 2025, the global lithium resource market saw a supply of over 1.2 million tons LCE, a 28% year-on-year increase, with energy storage installations surging by 65% and contributing 60% of the lithium demand growth, while battery-grade lithium carbonate spot prices fell by 32.11% - In the first half of 2025, global lithium resource supply exceeded **1.2 million tons LCE**, a year-on-year increase of **28%**[24](index=24&type=chunk) - Energy storage installations surged by **65%** year-on-year, contributing **60%** of the increase in lithium demand and becoming the core driver of lithium demand growth[24](index=24&type=chunk) Battery-Grade Lithium Carbonate Spot Average Price Change | Indicator | H1 2025 (10,000 yuan/ton) | Prior Year Period (10,000 yuan/ton) | Decline | | :--- | :--- | :--- | :--- | | Battery-Grade Lithium Carbonate Spot Average Price | 7.04 | 10.37 | 32.11% | [Live E-commerce Industry](index=9&type=section&id=(二)%20直播电商行业) In the first half of 2025, China's live e-commerce industry reached a scale of 2.8 trillion US dollars, growing by 18.6% year-on-year, with a slowdown in growth, while F2C models and generative AI applications (58% penetration rate) drove efficiency and experience optimization, alongside stricter regulations leading to the closure of over 12,000 non-compliant stores and a 67% year-on-year decrease in streamer violation rates - In the first half of 2025, China's live e-commerce industry's overall scale climbed to **2.8 trillion US dollars**, achieving an **18.6%** growth compared to the same period last year[29](index=29&type=chunk) - The penetration rate of generative AI applications in live streaming scenarios has steadily increased to a high of **58%**, with unmanned broadcasting control costs decreasing by as much as **39%**[30](index=30&type=chunk) - Regulatory authorities, through the "3•15" special rectification action, closed over **12,000** non-compliant stores, and the streamer violation rate decreased by **67%** year-on-year[30](index=30&type=chunk) [Main Businesses and Operating Models of the Company During the Reporting Period](index=10&type=section&id=二、报告期内公司从事的主要业务及经营模式) The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products; live e-commerce primarily focuses on casual snack sales, handling merchant recruitment and operations, while direct e-commerce sales involve self-operated private label casual foods, and mineral products business includes lithium ore sales and other mineral product trade, with bulk trade business concluded in 2024 - The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products[31](index=31&type=chunk) - Live e-commerce business primarily focuses on live streaming sales of casual snacks, undertaking merchant recruitment and live streaming operations[31](index=31&type=chunk) - The company has concluded its existing bulk trade business and "back-to-back settlement" business, and will no longer engage in other bulk trade activities[33](index=33&type=chunk) [Key Performance Drivers](index=11&type=section&id=三、主要业绩驱动因素) The company's performance growth is primarily driven by the development of the live e-commerce industry, policy support for the new energy sector, and increasing market demand, alongside internal factors such as focusing on core business development, strengthening private brand building, and accelerating business expansion through lithium mine acquisitions and investments in new energy industry companies - The live e-commerce industry is developing rapidly, becoming a main force in online consumption, and evolving towards digitalization, intelligence, and specialization[34](index=34&type=chunk) - The new energy industry is experiencing rapid development globally under "dual carbon" goals and policy support, driving the growth of lithium battery demand[34](index=34&type=chunk) - The company focuses on its main business, intensifies the development and promotion of its private label casual food brand "Xiancaotang", and efficiently enters the new energy industry to accelerate its new energy business layout[34](index=34&type=chunk) [Company E-commerce Business Operating Revenue](index=11&type=section&id=四、公司电子商务业务营业收入情况) During the reporting period, the company's total e-commerce business revenue reached 86.4918 million yuan, a year-on-year increase of 67.72%, with Douyin self-operated revenue growing by 370.14%, Kuaishou self-operated revenue by 13.32%, and other platform self-operated revenue by 1129.94%, while live streaming service revenue generally decreased E-commerce Business Operating Revenue | Platform Category | Sales Model | Current Reporting Period Revenue (yuan) | Prior Year Period Revenue (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Douyin | Self-operated | 18,583,417.78 | 3,952,771.51 | 370.14% | | Douyin | Live Streaming Service | 441,974.12 | 913,840.26 | -51.64% | | Kuaishou | Self-operated | 48,558,060.69 | 42,851,775.31 | 13.32% | | Kuaishou | Live Streaming Service | 8,908.37 | 2,220,850.09 | -99.60% | | Other Platforms/Channels | Self-operated | 18,878,572.60 | 1,534,924.04 | 1129.94% | | Other Platforms/Channels | Live Streaming Service | 20,856.02 | 93,888.25 | -77.79% | | Total | | 86,491,789.58 | 51,568,049.46 | 67.72% | [Company E-commerce Business Operating Performance](index=11&type=section&id=五、公司电子商务业务经营情况) During the reporting period, the company's e-commerce business focused on casual snacks, with self-operated direct sales transactions totaling 91.0164 million yuan, live streaming service transactions 2.2708 million yuan, a combined transaction amount of 93.2872 million yuan, 937,835 total orders, and an average consumption per order of 99.47 yuan E-commerce Business Operating Performance | Core Category | Sales Model | Reporting Period Transaction Amount (yuan) | Total Order Quantity (units) | Average Consumption Per Order (yuan) | | :--- | :--- | :--- | :--- | :--- | | Food, Casual Snacks | Self-operated Direct Sales | 91,016,444.93 | 914,590 | 99.52 | | Food, Casual Snacks | Live Streaming Service | 2,270,775.38 | 23,245 | 97.69 | | Total | | 93,287,220.31 | 937,835 | 99.47 | - The company is unable to obtain data on per capita consumption frequency, and the reporting period's transaction amount includes amounts for goods shipped but not yet confirmed by the buyer[36](index=36&type=chunk) [E-commerce Business Revenue Recognition and Cost Accrual Methods](index=11&type=section&id=六、电子商务业务营业收入确认及成本结转方法) This section details the revenue recognition and cost accrual methods for internet live streaming sales and internet direct sales businesses; live streaming sales revenue is recognized upon completion of merchant recruitment services or confirmation of receipt, with costs primarily being labor and operating expenses, while direct sales revenue is recognized upon buyer's confirmation of receipt, with costs including procurement prices and operating expenses - Internet live streaming sales revenue from merchant recruitment services or marketing services is recognized upon completion of the merchant's entrusted live streaming, short video marketing, and promotion services[36](index=36&type=chunk) - Live streaming sales costs primarily include labor costs for the live streaming recruitment and operations team, outsourced agency services, and office space rental, which are accrued monthly[37](index=37&type=chunk) - Internet direct sales revenue from product sales is recognized based on the transaction amount when the buyer confirms receipt on the e-commerce platform and the company receives settlement funds from the platform[37](index=37&type=chunk) [E-commerce Business Risk Factors and Information Security Safeguards](index=12&type=section&id=七、公司电子商务业务风险因素及信息安全等保障措施) The e-commerce industry faces risks such as intense market competition, rapid innovation, product quality defects, non-compliant advertising, and disputes, with the company's operations highly dependent on third-party platforms and information systems; the company mitigates these risks through improved information system management, selection of reputable platforms, and increased technological investment to ensure information security and consumer rights - The e-commerce industry is characterized by intense market competition, rapid innovation, and frequent changes, and also faces public opinion and legal risks due to brand product quality defects and non-compliant advertising[37](index=37&type=chunk) - The company's main business operations rely on the network infrastructure and information systems of third-party platforms[37](index=37&type=chunk) - The company has established comprehensive information system management, operational procedures, and risk control systems, collaborates with reputable and large-scale third-party platforms, and plans to increase investment in its technology team and information systems[37](index=37&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=二、核心竞争力分析) The company's core competencies include strong business development capabilities to enter the live e-commerce sector and diversify business modules, a positive corporate image as a high-tech enterprise, extensive live streaming resources with a professional operations team, continuous investment in supply chain and new product development, and lithium mineral resource development and production advantages through acquisitions and investments in the new energy industry - The company leverages its keen insight and robust business development capabilities to enter the live e-commerce sector, expanding into self-operated brand e-commerce direct sales and related live streaming businesses[38](index=38&type=chunk) - The company has been repeatedly recognized as a "Shenzhen High-tech Enterprise" and a "National High-tech Enterprise," maintaining a strong corporate image[38](index=38&type=chunk) - The company, through the acquisition of 100% equity in Yurui Technology, indirectly holds equity in Guangyu Mining, thereby possessing mining rights for Caijia Lithium Mine and Nanyangshan Lithium Mine, which have high development and utilization value[41](index=41&type=chunk) [Main Business Analysis](index=13&type=section&id=三、主营业务分析) During the reporting period, the company's operating revenue increased by 42.35% year-on-year, primarily due to increased e-commerce direct sales revenue, while the net loss attributable to shareholders significantly narrowed by 83.24%, and the gross profit margin for e-commerce direct sales business was 18.30%, an increase of 0.89% Major Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 86,653,095.24 | 60,871,631.40 | 42.35% | Primarily due to increased revenue from the company's e-commerce direct sales business | | Operating Cost | 72,277,829.32 | 51,275,240.72 | 40.96% | Primarily due to increased e-commerce direct sales revenue, leading to higher product costs | | Net Profit Attributable to Shareholders of Listed Company | -13,570,780.68 | -80,962,355.89 | 83.24% | | | Net Cash Flow from Operating Activities | -24,272,540.03 | -78,837,069.71 | 69.21% | Primarily due to business structure adjustments, leading to a decrease in cash paid for goods and services, and cash paid to and on behalf of employees | Products or Services Accounting for Over 10% of Revenue | Product or Service Segment | Operating Revenue | Operating Cost | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-commerce Direct Sales Business | 86,020,051.03 | 70,281,149.40 | 18.30% | 77.97% | 76.05% | 0.89% | [Non-Core Business Analysis](index=14&type=section&id=四、非主营业务分析) During the reporting period, the company's non-core business contribution to total profit primarily stemmed from fair value changes (38.58%), with investment income being negative (-8.61%), while non-operating income and expenses had smaller proportions, and these non-core businesses are not sustainable Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -1,974,093.02 | 8.61% | No | | Gains/Losses from Changes in Fair Value | 8,845,269.39 | 38.58% | No | | Non-Operating Income | 94,992.29 | 0.41% | No | | Non-Operating Expenses | 1,108,912.71 | 4.84% | No | [Analysis of Assets and Liabilities](index=14&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets were 1.014 billion yuan, a 5.61% decrease from the end of the previous year; monetary funds significantly increased by 10.64% due to increased net cash inflows from investing and operating activities; construction in progress increased by 1.41% due to the Caijia Lithium Mine beneficiation plant project, while long-term equity investments and contract liabilities decreased Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 153,403,931.17 | 15.13% | 48,203,087.86 | 4.49% | 10.64% | Primarily due to increased net cash inflows from investing and operating activities | | Accounts Receivable | 1,547,810.36 | 0.15% | 6,605,392.07 | 0.61% | -0.46% | Primarily due to a decrease in accounts receivable from e-commerce direct sales business during the reporting period | | Long-Term Equity Investments | 21,712,931.23 | 2.14% | 43,317,859.67 | 4.03% | -1.89% | Primarily due to the remaining investment in Tianyi Hongda being reclassified as other receivables after its sale | | Construction in Progress | 101,851,271.60 | 10.04% | 92,731,301.54 | 8.63% | 1.41% | Primarily due to the progress of the Caijia Lithium Mine beneficiation plant construction project, leading to increased investment | | Contract Liabilities | 42,289.10 | 0.00% | 1,192,641.67 | 0.11% | -0.11% | Primarily due to a decrease in advance payments from customers for e-commerce live streaming business | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased During Current Period (yuan) | Amount Sold During Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 94,763,268.46 | -4,300,512.05 | 0.00 | 5,615,384.61 | 84,847,371.80 | | Other Non-Current Financial Assets | 23,000,000.00 | 0.00 | 30,250,000.00 | 0.00 | 53,250,000.00 | | Total Above | 117,763,268.46 | -4,300,512.05 | 30,250,000.00 | 5,615,384.61 | 138,097,371.80 | - As of the end of the reporting period, the company's monetary funds of **274,500 yuan** were restricted, held in a third-party supervised guarantee account[54](index=54&type=chunk) [Investment Status Analysis](index=16&type=section&id=六、投资状况分析) During the reporting period, the company's investment amounted to 489.8179 million yuan, a year-on-year increase of 491.52%; major non-equity investments included the Caijia Lithium Mine beneficiation plant and mining engineering projects, with completion progress rates of 87.84% and 21.25% respectively; financial assets measured at fair value had an ending balance of 138.0974 million yuan, comprising 84.8474 million yuan in stock investments and 53.25 million yuan in fund investments Reporting Period Investment Amount | Indicator | Current Reporting Period Investment Amount (yuan) | Prior Year Period Investment Amount (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 489,817,900.05 | 82,807,129.50 | 491.52% | Progress of Major Non-Equity Investment Projects | Project Name | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (yuan) | Project Progress | | :--- | :--- | :--- | :--- | | Caijia Lithium Mine Beneficiation Plant Construction (300,000 tons/year heavy-floatation combined beneficiation) | 8,090,048.78 | 92,904,378.11 | 87.84% | | Caijia Lithium Mine Mining Engineering Project | 1,029,921.28 | 9,286,228.37 | 21.25% | Financial Assets Measured at Fair Value | Asset Category | Ending Balance (yuan) | | :--- | :--- | | Stocks | 84,847,371.80 | | Funds | 53,250,000.00 | | Total | 138,097,371.80 | - The company had no use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [Major Asset and Equity Sales](index=18&type=section&id=七、重大资产和股权出售) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[64](index=64&type=chunk) - The company did not sell any major equity during the reporting period[65](index=65&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=八、主要控股参股公司分析) During the reporting period, the company's major subsidiaries included Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. (e-commerce), Shenzhen Lifeng Chuanda Investment Co., Ltd. (leasing), and Lushi Yurui Technology Co., Ltd. (lithium ore and products sales); the company newly established Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd., and sold Shenzhen Lifeng Chuanda Investment Co., Ltd Financial Performance of Major Subsidiaries | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. | 209,497,444.19 | 202,167,767.06 | 85,907,628.08 | -6,395,923.44 | | Shenzhen Lifeng Chuanda Investment Co., Ltd. | | | 631,452.69 | -1,965,601.86 | | Lushi Yurui Technology Co., Ltd. | 588,612,251.17 | 352,212,116.15 | 0.00 | -5,046,030.23 | - During the reporting period, the newly established subsidiaries Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd. had no significant impact on overall production, operations, and performance[68](index=68&type=chunk) - The sale of Shenzhen Lifeng Chuanda Investment Co., Ltd. during the reporting period had no significant impact on overall production, operations, and performance[68](index=68&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[69](index=69&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=十、公司面临的风险和应对措施) The company faces risks such as loss of key personnel, internet industry policies, intellectual property, live advertising content violations, product quality disputes, new energy business management, raw material price fluctuations, and new energy market; the company has implemented measures like competitive compensation, policy research, intellectual property review, quality supervision, and steady development of dual main businesses to control and mitigate these risks - The company faces the risk of **loss of key personnel**, addressed by offering competitive compensation and incentive mechanisms to attract outstanding industry talent[69](index=69&type=chunk) - The company faces **internet industry policy risks**, which it manages by consulting professional institutions, conducting in-depth research, and actively cooperating with regulatory requirements in its business operations[69](index=69&type=chunk) - The company faces **new energy business management risks**, and will steadily develop its live e-commerce business while pursuing the new energy industry as a second growth point, forming a dual-driven business structure[73](index=73&type=chunk) - The company faces **raw material price fluctuation risks**, and will continuously monitor price trends, maintain reasonable inventory, enhance management and technological innovation, and strengthen strategic cooperation with suppliers[74](index=74&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) During the reporting period, on May 13, 2025, the company engaged with investors via an online platform, providing written responses to questions regarding 2024 annual performance, industry outlook, profit growth drivers, future plans, distinctions in live e-commerce business, progress of Sanmenxia lithium mine construction, and the impact of selling Lifeng Chuanda - The reception time was May 13, 2025, and the method was online communication via a network platform[75](index=75&type=chunk) - Key topics discussed included 2024 annual performance, industry development prospects, the company's future profit growth drivers and plans, distinctions in live e-commerce business, and the progress of the Sanmenxia lithium mine construction[75](index=75&type=chunk) - The company did not provide any other materials to investors[75](index=75&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) The company has not disclosed its market value management system and valuation enhancement plan - The company has not formulated a market value management system[76](index=76&type=chunk) - The company has not disclosed a valuation enhancement plan[77](index=77&type=chunk) ["Quality and Return Dual Improvement" Action Plan Implementation Status](index=22&type=section&id=十三、%22质量回报双提升%22行动方案贯彻落实情况) The company has not disclosed its "Quality and Return Dual Improvement" action plan announcement - The company has not disclosed its "Quality and Return Dual Improvement" action plan announcement[77](index=77&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=第四节%20公司治理、环境和社会) This section outlines the company's governance structure, changes in key personnel, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[79](index=79&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=23&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[80](index=80&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[81](index=81&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=四、环境信息披露情况) Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) [Social Responsibility Status](index=23&type=section&id=五、社会责任情况) Since its establishment, the company has actively fulfilled its corporate social responsibilities, including establishing sound internal management systems, standardizing shareholder meeting operations, timely and accurate information disclosure, valuing investor returns, caring for employees, paying taxes according to law, and supporting local economic development, striving for a win-win situation for both corporate and social benefits - The company actively fulfills its corporate social responsibilities by establishing and improving internal management and control systems to promote standardized operations[82](index=82&type=chunk) - The company standardizes the convening, holding, and voting procedures of shareholder meetings to ensure shareholders' right to know, participate, and vote[82](index=82&type=chunk) - The company adheres to a people-oriented talent philosophy, respects and protects employees' individual rights, and enhances employee work efficiency and skill levels through training[82](index=82&type=chunk) [Significant Matters](index=24&type=section&id=第五节%20重要事项) This section details significant events, including commitments by controlling shareholders and related parties, related party transactions, litigation, and other material disclosures [Commitments Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=24&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, the company's actual controller, shareholders, and other committed parties duly fulfilled all commitments, including avoiding horizontal competition, reducing related party transactions, maintaining company independence, and share reduction commitments, with no overdue unfulfilled matters - Jiajie Chengxiang and Wu Chenghua committed that the detailed equity change report contains no false records, misleading statements, or major omissions, and they bear legal responsibility for its truthfulness, accuracy, and completeness[84](index=84&type=chunk) - Jiajie Chengxiang and Wu Chenghua committed to avoid horizontal competition and not engage in businesses or activities identical, similar, or close to the listed company's existing businesses[84](index=84&type=chunk) - Jiajie Chengxiang and Wu Chenghua committed to maintain the listed company's independence, including personnel, assets, finance, business, and organizational independence[86](index=86&type=chunk)[88](index=88&type=chunk) - All commitments are being fulfilled normally, with no overdue unfulfilled situations[96](index=96&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company](index=31&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the company - During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company[97](index=97&type=chunk) [Irregular External Guarantees](index=31&type=section&id=三、违规对外担保情况) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[99](index=99&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=31&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期%22非标准审计报告%22的说明) The company had no "non-standard audit report" for the current reporting period - The company had no "non-standard audit report" for the current reporting period[100](index=100&type=chunk) [Explanation by the Board of Directors Regarding the "Non-Standard Audit Report" for the Previous Year](index=31&type=section&id=六、董事会对上年度%22非标准审计报告%22相关情况的说明) The board of directors respects the accounting firm's independent judgment on the 2024 qualified opinion audit report and has taken multiple measures to actively eliminate the impact of the qualified opinion matters, including improving fund payment systems, strengthening investment project screening, enhancing internal audit supervision, concluding bulk trade businesses, and initiating lawsuits and applying for compulsory enforcement against relevant parties - The board of directors respects the qualified opinion audit report issued by Lixin Zhonglian and has actively taken effective measures to eliminate related matters[100](index=100&type=chunk) - The supervisory board agreed with the board of directors' special explanation regarding the matters in the 2024 qualified opinion audit report and requested the board and management to eliminate adverse effects as soon as possible[101](index=101&type=chunk) - The company has taken measures including improving fund payment systems, strengthening investment project screening, enhancing internal audit supervision, concluding bulk trade businesses, and initiating lawsuits against parties involved in relevant advance payments[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [Matters Related to Bankruptcy and Reorganization](index=32&type=section&id=七、破产重整相关事项) During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[105](index=105&type=chunk) [Litigation Matters](index=32&type=section&id=八、诉讼事项) During the reporting period, the company had no significant litigation or arbitration matters; other litigation matters include contract disputes with Shanghai Yuanyuan Mining Co., Ltd., Shandong Yulong Gold Co., Ltd., Hainan Huaxi Supply Chain Management Co., Ltd., and Shanxi Huahong Technology Co., Ltd., with some cases having received first-instance judgments and applied for compulsory enforcement, while others are still under second-instance review - The company had no significant litigation or arbitration matters during the current reporting period[106](index=106&type=chunk) Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (million yuan) | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | The Company as Plaintiff (vs. Shanghai Yuanyuan) | 27.0041 | First instance concluded | Corresponding asset impairment provisions have been made, second instance under review | | The Company as Plaintiff (vs. Hainan Huaxi) | 46.9524 | Judgment rendered | Corresponding asset impairment provisions have been made, enforcement in progress | | The Company as Plaintiff (vs. Shanxi Huahong) | 12.105 | First instance judgment rendered | Corresponding asset impairment provisions have been made, company's claims supported | [Penalties and Rectification Status](index=33&type=section&id=九、处罚及整改情况) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[107](index=107&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, the company, its controlling shareholder, and actual controller did not have any unfulfilled commitments - The company had no unfulfilled commitments during the reporting period[108](index=108&type=chunk) [Significant Related Party Transactions](index=33&type=section&id=十一、重大关联交易) During the reporting period, the company engaged in related party transactions including purchase and sale of goods, acceptance of services, and intercompany borrowings, with 2.1551 million yuan paid to Guangzhou Wanhui Supply Chain Co., Ltd. for warehousing and logistics fees, and 560,900 yuan to Hainan Maikesi Network Technology Co., Ltd. for e-commerce promotion services; the company had no significant related party transactions involving asset or equity acquisition/disposal, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[109](index=109&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[110](index=110&type=chunk) - The company had no related party creditor/debtor relationships during the reporting period[111](index=111&type=chunk) - The company and its affiliated financial companies, or financial companies controlled by the company, had no deposits, loans, credit lines, or other financial business with related parties[112](index=112&type=chunk)[113](index=113&type=chunk) - The company had no other significant related party transactions during the reporting period[114](index=114&type=chunk) [Significant Contracts and Their Performance](index=34&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company's main operating leases were for office space and employee dormitories, with rental expenses of 1.0475 million yuan; the company had no entrustment, contracting, significant guarantees, or other significant contracts - The company had no entrustment situations during the reporting period[115](index=115&type=chunk) - The company had no contracting situations during the reporting period[116](index=116&type=chunk) - During the current reporting period, the company's operating leases were for office space and employee dormitories, with rental expenses of **1,047,537.69 yuan**[117](index=117&type=chunk) - The company had no significant guarantee situations during the reporting period[118](index=118&type=chunk) - The company had no other significant contracts during the reporting period[119](index=119&type=chunk) [Explanation of Other Significant Matters](index=34&type=section&id=十三、其他重大事项的说明) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[120](index=120&type=chunk) [Significant Matters of Company Subsidiaries](index=34&type=section&id=十四、公司子公司重大事项) During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters during the reporting period[121](index=121&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in holdings by directors, supervisors, and senior management [Share Change Status](index=35&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged at 199,411,576 shares; restricted shares decreased by 5,950 shares, while unrestricted shares increased by 5,950 shares, primarily due to changes in locked-up shares of resigned senior executives Share Change Status | Category | Number of Shares Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 23,800 | 0.01% | -5,950 | 17,850 | 0.01% | | II. Unrestricted Shares | 199,387,776 | 99.99% | 5,950 | 199,393,726 | 99.99% | | III. Total Shares | 199,411,576 | 100.00% | 0 | 199,411,576 | 100.00% | - The reason for the share change was **17,850** locked-up shares of a resigned senior executive[124](index=124&type=chunk) Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Yangang | 23,800 | 5,950 | 17,850 | Shares held by a resigned senior executive are locked up according to senior executive lock-up requirements during their original term | [Securities Issuance and Listing Status](index=36&type=section&id=二、证券发行与上市情况) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[126](index=126&type=chunk) [Company Shareholder Number and Shareholding Status](index=36&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the total number of common shareholders was 15,480; among the top ten shareholders, Hainan Junhua New Energy Technology Partnership (Limited Partnership) held 12.33% as the largest shareholder, and Jiaxing Jiajie Chengxiang New Energy Investment Co., Ltd. held 6.22%, with all its shares pledged and frozen; the company's actual controller, Mr. Wu Chenghua, controls Hainan Junhua and Jiajie Chengxiang, forming a concerted action relationship - At the end of the reporting period, the total number of common shareholders was **15,480**[127](index=127&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Junhua New Energy Technology Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 12.33% | 24,587,447 | 0 | 24,587,447 | Not applicable | | Minmetals International Trust Co., Ltd. - Minmetals Trust - Quality Foresight Equity Investment Single Fund Trust No. 2 | Other | 10.39% | 20,712,082 | 0 | 20,712,082 | Not applicable | | Jiaxing Jiajie Chengxiang New Energy Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.22% | 12,404,837 | 0 | 12,404,837 | Pledged 12,404,837 shares, Frozen 12,404,837 shares | - Hainan Junhua is an entity controlled by Mr. Wu Chenghua, the company's actual controller, and Jiajie Chengxiang and Hainan Junhua have signed a "Concerted Action Agreement," forming a concerted action relationship[129](index=129&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[132](index=132&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=五、控股股东或实际控制人变更情况) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[133](index=133&type=chunk) - The company's actual controller did not change during the reporting period[133](index=133&type=chunk) [Information on Preferred Shares](index=38&type=section&id=六、优先股相关情况) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[134](index=134&type=chunk) [Bond-Related Information](index=39&type=section&id=第七节%20债券相关情况) This section confirms that the company had no bond-related activities during the reporting period [Bond-Related Information](index=39&type=section&id=债券相关情况) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[136](index=136&type=chunk) [Financial Report](index=40&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies, taxes, and other significant financial details [Audit Report](index=40&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[138](index=138&type=chunk) [Financial Statements](index=40&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position at the end of the reporting period and the operating results, cash flows, and changes in owners' equity during the reporting period - 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 owners' equity, and parent company statement of changes in owners' equity[139](index=139&type=chunk)[143](index=143&type=chunk)[148](index=148&type=chunk)[154](index=154&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk)[166](index=166&type=chunk)[174](index=174&type=chunk) [Company Basic Information](index=59&type=section&id=三、公司基本情况) Guangxi Xinxunda Technology Group Co., Ltd. was established on December 28, 2006, listed in 2016, with a registered capital of 199,411,576 yuan; its name and registered address were changed in October 2023; its main businesses include game operations, internet live streaming, internet direct sales, and lithium mineral product production and trade; the financial report approval date is August 27, 2025 - The company was first publicly listed on June 15, 2016, with its registered capital changed to **93,340,000.00 shares**[180](index=180&type=chunk) - In June 2023, the company's registered capital changed to **199,411,576 shares**, and its share capital changed to **199,411,576 yuan**[182](index=182&type=chunk) - In October 2023, the company's name changed from "Shenzhen Shengxunda Technology Co., Ltd." to "Guangxi Xinxunda Technology Group Co., Ltd.", and its registered address changed to Nanning Area, China (Guangxi) Pilot Free Trade Zone[182](index=182&type=chunk) - The company's main operating activities include game operations, internet live streaming business, internet direct sales business, and lithium mineral product production and trade[183](index=183&type=chunk) - The financial report was approved for issuance on August 27, 2025[183](index=183&type=chunk) [Basis of Financial Statement Preparation](index=59&type=section&id=四、财务报表的编制基础) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, to truly and completely reflect the company's financial position, operating results, and cash flows - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[184](index=184&type=chunk) - These financial statements are prepared on a going concern basis[185](index=185&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=60&type=section&id=五、重要会计政策及会计估计) This section details the company's specific accounting policies and estimates for financial instruments, inventories, fixed assets, and revenue, including classification, recognition, measurement, and impairment of financial instruments, inventory valuation and impairment provisions, fixed asset depreciation, and revenue recognition methods, ensuring compliance and accuracy in financial statement preparation - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows[187](index=187&type=chunk) - The company's financial assets are classified at initial recognition as financial assets measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[203](index=203&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods or services[269](index=269&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[211](index=211&type=chunk) [Taxes](index=83&type=section&id=六、税项) This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, corporate income tax, education surcharge, local education surcharge, and property tax; some subsidiaries enjoy tax incentives such as small and micro-profit enterprises and encouraged industries in Hainan Free Trade Port, applying lower corporate income tax rates Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 0%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 1%, 5%, 7% | | Corporate Income Tax | 3%, 5%, 8.25%, 15%, 16.5%, 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | - Subsidiaries Shenzhen Shengxun Network Technology Co., Ltd. and Hainan Shengjie Huatao Industrial Co., Ltd. are subject to a reduced corporate income tax rate of **5%**[299](index=299&type=chunk) - Subsidiaries Guangxi Yuanheng Huajing Technology Co., Ltd., Guangxi Xinxunda New Energy Technology Co., Ltd., and Guangxi Xinxunda Smart Computing Technology Co., Ltd. are subject to a corporate income tax rate of **3%**[299](index=299&type=chunk) - Sub-subsidiary Hainan Shengxun Cloud Commerce Network Technology Co., Ltd. is subject to a reduced corporate income tax rate of **15%**[300](index=300&type=chunk) [Notes to Consolidated Financial Statement Items](index=84&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including ending balances, beginning balances, current period changes, and reasons for changes, offering detailed information on the company's financial position and operating results Monetary Funds | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 23,703.29 | 2,309.47 | | Bank Deposits | 91,096,011.67 | 45,890,641.61 | | Other Monetary Funds | 62,284,216.21 | 2,310,136.78 | | Total | 153,403,931.17 | 48,203,087.86 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 86,653,095.24 | 70,708,247.64 | 54,756,095.65 | 42,184,375.08 | | Other Business | 0.00 | 1,569,581.68 | 6,115,535.75 | 9,090,865.64 | | Total | 86,653,095.24 | 72,277,829.32 | 60,871,631.40 | 51,275,240.72 | Major Items of Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 86,653,095.24 | 60,871,631.40 | | Total Operating Cost | 116,781,420.42 | 95,424,257.75 | | Operating Profit | -21,915,641.03 | -99,689,212.79 | | Net Profit | -14,789,218.04 | -89,807,378.32 | | Net Profit Attributable to Parent Company Shareholders | -13,570,780.68 | -80,962,355.89 | [Research and Development Expenses](index=116&type=section&id=八、研发支出) During the reporting period, the company incurred no research and development expenses; in the prior year period, R&D expenses totaled 306,884.77 yuan, comprising 22,485.39 yuan in expensed R&D and 284,399.38 yuan in capitalized R&D Research and Development Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Research and Development Expenses | 0.00 | 306,884.77 | | Of which: Expensed R&D Expenses | 0.00 | 22,485.39 | | Capitalized R&D Expenses | 0.00 | 284,399.38 | [Changes in Consolidation Scope](index=117&type=section&id=九、合并范围的变更) During the reporting period, the company disposed of Shenzhen Lifeng Chuanda Investment Co., Ltd. and newly established Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd., resulting in changes to the consolidation scope Disposal of Subsidiaries | Subsidiary Name | Disposal Price at Loss of Control (yuan) | Disposal Proportion at Loss of Control | Disposal Method at Loss of Control | Date of Loss of Control | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Lifeng Chuanda Investment Co., Ltd. | 190,000,000.00 | 100.00% | Cash Sale | March 31, 2025 | - Newly established subsidiaries Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd. and Guangxi Xinxunda Smart Computing Technology Co., Ltd[498](index=498&type=chunk) [Interests in Other Entities](index=118&type=section&id=十、在其他主体中的权益) This section discloses the company's interests in subsidiaries, joint ventures, and associates; the company has 13 subsidiaries, with Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. and Lushi Yurui Technology Co., Ltd. being major ones; the company accounts for associates like Zhonglian Changxiang (Shenzhen) Network Technology Co., Ltd. using the equity method, but as Zhonglian Changxiang's financial data is not timely available, the company uses its March 31, 2025 data - The company owns **13 subsidiaries**, including Shenzhen Shengxun Network Technology Co., Ltd., Shenzhen Shengxun Cloud Commerce Technology Co., Ltd., and Lushi Yurui Technology Co., Ltd[499](index=499&type=chunk) - The company accounts for associates such as Zhonglian Changxiang (Shenzhen) Network Technology Co., Ltd. using the equity method[500](index=500&type=chunk) - The company did not obtain Zhonglian Changxiang's financial statements as of June 30, 2025, and therefore used its financial data as of March 31, 2025, as the financial data for June 30, 2025[502](index=502&type=chunk)[503](index=503&type=chunk) [Government Grants](index=120&type=section&id=十一、政府补助) During the reporting period, the company received government grants of 108,900 yuan related to daily operations, recognized in other income; at period-end, the balance of government grants in deferred income was 3.7920 million yuan, related to assets - At the end of the reporting period, the company had no government grants recognized based on receivable amounts[506](index=506&type=chunk) Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,900,851.66 | 108,860.94 | 3,791,990.72 | Related to Assets | Government Grants Included in Current Profit and Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 108,860.94 | 608,860.94 | [Risks Related to Financial Instruments](index=121&type=section&id=十二、与金融工具相关的风险) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and other price risks) in its operations; the company manages these risks through diversified investments, cash flow monitoring, customer credit assessment, and fixed-rate borrowings to mitigate potential financial losses - The company faces **credit risk**, primarily arising from monetary funds, notes receivable, and accounts receivable, among other financial assets[511](index=511&type=chunk) - The company faces **liquidity risk**, managed by monitoring cash balances, readily marketable securities, and future cash flow forecasts to ensure sufficient funds[512](index=512&type=chunk) - The company faces **market risk**, including interest rate risk (the company's bank borrowings are all at fixed rates, so there is no interest rate risk) and other price risks (primarily arising from various equity instrument investments)[513](index=513&type=chunk)[514](index=514&type=chunk) [Fair Value Disclosure](index=122&type=section&id=十三、公允价值的披露) This section discloses the fair value of assets and liabilities measured at fair value at

利亚德光电股份有限公司 2025 年半年度报告全文 利亚德光电股份有限公司 2025 年半年度报告 2025-045 2025 年 8 月 1 利亚德光电股份有限公司 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。 公司负责人李军、主管会计工作负责人张晓雪及会计机构负责人(会计主 管人员)张晓雪声明：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。 本报告中所涉及未来计划、发展战略等前瞻性陈述的，不构成公司对投资 者的实质承诺，投资者及相关人士应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异。 公司需遵守《深圳证券交易所上市公司自律监管指引第 4 号——创业板 行业信息披露》中的"LED 产业链相关业务"的披露要求： 公司在经营中可能存在的风险因素主要包括技术迭代的风险、产能过剩与 价格竞争、全球经营及管理风险、全球经营及管理风险、汇率波动风险，具 体内容详见"第三节 管理层讨论与分析"之"十、 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, with no planned profit distribution for the period - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report's content[3](index=3&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[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the structure of the semi-annual report, including key chapters such as company profile, management discussion, corporate governance, and financial statements [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the documents available for inspection, including the semi-annual report signed by the Chairman and financial statements signed by key personnel - The 2025 semi-annual report text signed by Chairman Mr. Meng Nan[8](index=8&type=chunk) - Financial report text signed and sealed by the company's legal representative Mr. Meng Nan, person in charge of accounting Mr. Yuan Hui, and head of the accounting department Mr. Yuan Hui[8](index=8&type=chunk) - Originals of all company documents and announcements publicly disclosed on the CSRC's designated websites during the reporting period[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms and abbreviations used in the report, covering the reporting period, company name, and key technologies like VR, AR, AI, and AIGC - The reporting period refers to January 1, 2025, to June 30, 2025[9](index=9&type=chunk) - VR refers to Virtual Reality[9](index=9&type=chunk) - AI refers to Artificial Intelligence[9](index=9&type=chunk) Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, with stock code 300081 and named Hifun Media, is listed on the Shenzhen Stock Exchange with Meng Nan as its legal representative - Stock Abbreviation: Hifun Media, Stock Code: 300081[11](index=11&type=chunk) - Stock Exchange Listing: Shenzhen Stock Exchange[11](index=11&type=chunk) - Company's Legal Representative: Meng Nan[11](index=11&type=chunk) [II. Contacts and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Gong Zeru and the Securities Affairs Representative is Li Wenchao, both located in Beijing - Board Secretary: Gong Zeru, Securities Affairs Representative: Li Wenchao[12](index=12&type=chunk) - Contact Address: 101, 1st Floor, Building 3, No. 2 Cangjingguan Hutong, Dongcheng District, Beijing[12](index=12&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, the company's registered address, office address, website, email, and information disclosure locations remained unchanged - The company's registered address, office address, postal code, website, and email address did not change during the reporting period[13](index=13&type=chunk) - Information disclosure and document repository locations remained unchanged during the reporting period[14](index=14&type=chunk) - The company's registration details remained unchanged during the reporting period[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue increased by 12.26% year-on-year, but net profit and operating cash flow declined, alongside a reduction in total and net assets Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Year Period | Change YoY | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 184,736,007.61 | 164,563,004.59 | 12.26% | | Net Profit Attributable to Shareholders (Yuan) | -96,027,674.76 | -78,487,556.73 | -22.35% | | Net Cash Flow from Operating Activities (Yuan) | -61,632,624.80 | -46,713,899.27 | -31.94% | | Basic Earnings Per Share (Yuan/Share) | -0.1588 | -0.1298 | -22.34% | | Total Assets (Yuan) | 1,804,832,832.62 | 1,833,938,795.20 | -1.59% | | Net Assets Attributable to Shareholders (Yuan) | 1,115,268,008.87 | 1,204,230,352.18 | -7.39% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese accounting standards and international or foreign accounting standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards[18](index=18&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[19](index=19&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 1,140,361.71 Yuan, primarily from asset disposals, government grants, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 485,803.16 | Mainly gains/losses from the disposal of fixed assets and equity | | Government Grants Recognized in Current Profit or Loss | 363,983.58 | Mainly various government subsidies received | | Other Non-operating Income and Expenses | 277,533.03 | Mainly litigation losses, labor compensation, asset retirement losses, and late fees | | Other Items Meeting the Definition of Non-recurring Gains and Losses | 25,775.24 | Mainly direct tax exemptions | | Less: Income Tax Impact | 711.82 | | | Minority Interest Impact (After Tax) | 12,021.48 | | | **Total** | **1,140,361.71** | | Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's revenue grew 12.26% driven by internet video services, but net profit fell 22.64% due to gross margin adjustments in certain business segments - The company continues to advance its digital creative industry development strategy driven by "Artistic Creativity + Visual Technology"[31](index=31&type=chunk) - The business scope mainly includes digital creative product applications and services, internet video application products and services, and computing power system integration and technical services[31](index=31&type=chunk) - Revenue from the internet video application products and services business grew, driving an overall increase in the company's sales revenue year-on-year[51](index=51&type=chunk) [(I) Industry Development](index=9&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The digital creative industry received strong policy support in 2025, accelerating VR/XR/AI industrialization and driving significant growth in intelligent video and computing markets - In 2025, a series of domestic policies were introduced to promote the development of Virtual Reality (VR), Extended Reality (XR), and Artificial Intelligence (AI) technologies[25](index=25&type=chunk) - According to industry forecasts, the compound annual growth rate of the intelligent video application market size will **exceed 20%** from 2025 to 2028[27](index=27&type=chunk) - The global intelligent computing market is expected to **exceed $500 billion** in 2025, with a compound annual growth rate (CAGR) of over 30%[28](index=28&type=chunk) [(II) Company's Principal Business Activities](index=11&type=section&id=(%E4%BA%8C)%20%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) Hifun Media focuses on digital cultural creativity and content production, with business segments in digital creative products, internet video applications, and computing system integration - Hifun Media is a company primarily engaged in digital cultural creativity, content production, and technical services[31](index=31&type=chunk) - The company continues to advance its digital creative industry development strategy driven by "Artistic Creativity + Visual Technology"[31](index=31&type=chunk) - During the reporting period, the business scope mainly included digital creative product applications and services, internet video application products and services, and computing power system integration and technical services[31](index=31&type=chunk) [(III) Main Products and Their Uses](index=11&type=section&id=(%E4%B8%89)%20%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company's products include LBE entertainment, VR/CG content, AI platforms, internet video solutions, and AICC system integration and computing services - The company's digital creative product applications and services mainly include LBE urban new entertainment business, VR/CG content production and application, and AI family fun platform application product business[32](index=32&type=chunk) - In VR entertainment, the company's self-developed fantasy Roguelite action VR gesture interaction game "Drakheir" has accumulated **approximately 44,000 purchases and downloads**[35](index=35&type=chunk) - The end products of the company's internet video application products and services business mainly include small monitoring equipment for the home customer market, medium-sized monitoring equipment for enterprise-level customers, and large heavy-duty monitoring equipment for vertical industry customers[39](index=39&type=chunk) - The company's computing power system integration and technical services mainly include the construction of AI computing center hardware infrastructure and software platforms, as well as computing power operation services[41](index=41&type=chunk) [(IV) Business Model](index=14&type=section&id=(%E5%9B%9B)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company offers full-chain LBE services, monetizes VR/CG content, sells AI platform products, and provides internet video and computing solutions through various models - The company's LBE projects are mainly positioned in the new cultural tourism, new cultural entertainment, and new commercial fields, providing one-stop services across the entire industry chain with diverse profit models[45](index=45&type=chunk) - The production process for VR and CG content involves creating original narrative ideas or reaching licensing agreements with original IP rights holders to form commercially distributable film, educational content, or interactive game works[46](index=46&type=chunk) - Anhui Saida's internet video application product and service business model is mainly divided into terminal procurement for operators, system integration for the government, and cooperative operation with operators[49](index=49&type=chunk) - The company's computing power system integration and technical services provide integrated hardware and software AICC solutions and computing power operation services to local governments, state-owned enterprises, and listed companies[50](index=50&type=chunk) [(V) Key Performance Drivers](index=16&type=section&id=(%E4%BA%94)%20%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Revenue grew 12.26% to 184.74 million Yuan driven by internet video services, but net profit after non-recurring items fell 22.64% due to margin adjustments - During the reporting period, the company achieved **operating revenue of 184.736 million Yuan**, a year-on-year increase of 12.26%[51](index=51&type=chunk) - Net profit attributable to shareholders after deducting non-recurring gains and losses was **-97.168 million Yuan**, a year-on-year decrease of 22.64%[51](index=51&type=chunk) - Revenue from the internet video application products and services business grew, driving an overall increase in the company's sales revenue year-on-year[51](index=51&type=chunk) - The year-on-year decrease in net profit attributable to shareholders after deducting non-recurring gains and losses was mainly affected by **phased adjustments in the gross profit margins of some business segments**[51](index=51&type-chunk) [II. Core Competitiveness Analysis](index=17&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) The company's core strengths lie in its R&D capabilities, extensive IP portfolio, high-quality VR/XR content production, and strategic partnerships - The company has always insisted on continuous R&D innovation as the core driving force for development and has a strong technological advantage in the digital creative industry[53](index=53&type=chunk) - As of the end of the reporting period, the company held **90 invention patents**, 7 utility model patents, 8 design patents, 432 computer software copyrights, and 293 works[54](index=54&type=chunk) - The company has formed strategic partnerships with several well-known enterprises in the film and television creation, visual effects, and virtual reality fields, such as Weta Workshop, Pukeko Pictures, and The Virtual Reality Company (VRC)[60](index=60&type=chunk) - The company's IP is divided into four major categories: children's, film and television, VR film and game, and VR book[62](index=62&type=chunk) [III. Main Business Analysis](index=20&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue grew 12.26%, but a 31.50% rise in operating costs squeezed profitability, with internet video services becoming the main revenue driver despite falling margins Changes in Key Financial Data Year-on-Year | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 184,736,007.61 | 164,563,004.59 | 12.26% | | | Operating Costs | 172,463,612.62 | 131,149,762.01 | 31.50% | Costs increased with revenue; cost growth outpaced revenue growth due to intensified competition | | Selling Expenses | 46,800,953.13 | 49,272,961.44 | -5.02% | | | Administrative Expenses | 32,155,835.33 | 40,723,842.62 | -21.04% | | | R&D Investment | 31,134,365.31 | 39,314,086.15 | -20.81% | | | Net Cash Flow from Operating Activities | -61,632,624.80 | -46,713,899.27 | -31.94% | Mainly due to a decrease in cash received from sales of goods and services compared to the prior year period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue | Operating Costs | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Digital Creative Product Application & Services | 8,998,836.45 | 7,014,117.36 | 22.06% | -67.29% | -69.32% | 5.14% | | Internet Video Application Product & Services | 172,756,328.71 | 161,066,282.29 | 6.77% | 27.36% | 49.18% | -13.63% | | Computing System Integration & Technical Services | 2,492,202.31 | 4,061,377.21 | -62.96% | 143.59% | | -162.96% | [IV. Non-Core Business Analysis](index=21&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities impacted total profit, with investment income of 1.15 million Yuan, credit impairment loss of -10.05 million Yuan, and asset impairment loss of -0.68 million Yuan Non-Core Business Analysis | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,152,985.43 | -1.10% | Mainly investment income from associates and gains on equity disposal | No | | Asset Impairment | -679,697.70 | 0.65% | Mainly inventory impairment loss | No | | Credit Impairment | -10,046,909.84 | 9.58% | Mainly impairment loss on receivables | No | [V. Analysis of Assets and Liabilities](index=21&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets decreased by 1.59% and 7.39% respectively, with significant changes in fixed assets and long-term payables due to project cost capitalization Significant Changes in Asset Composition | Item | Closing Balance (Yuan) | % of Total Assets | Opening Balance (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 84,974,948.96 | 4.71% | 147,582,477.30 | 8.05% | -3.34% | Mainly due to debt repayment during the reporting period | | Inventories | 407,058,611.24 | 22.55% | 586,873,142.89 | 32.00% | -9.45% | Mainly due to the transfer of Pingtan project contract costs to fixed assets | | Fixed Assets | 278,356,502.63 | 15.42% | 56,870,587.65 | 3.10% | 12.32% | Mainly due to the transfer of Pingtan project contract costs to fixed assets | | Short-term Borrowings | 52,024,126.92 | 2.88% | 96,223,832.44 | 5.25% | -2.37% | Mainly due to the repayment of matured short-term borrowings | | Contract Liabilities | 102,033,079.67 | 5.65% | 283,595,101.91 | 15.46% | -9.81% | Mainly due to a decrease in advances received from customers | | Long-term Payables | 362,524,462.97 | 20.09% | | 0.00% | 20.09% | Mainly due to the recognition of long-term payables for annual payments for the Pingtan project | Major Overseas Assets | Asset Description | Asset Size (Yuan) | Location | Operating Model | Income (Yuan) | % of Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | The Virtual Reality Company (VRC) | 22,959,397.13 | USA | VR and CG content production | -43,519.13 | 2.06% | | Pukeko Pictures Limited Partnership | 9,092,496.15 | New Zealand | Children's cultural and artistic works creation, theme venue design | -967,093.90 | 0.82% | - As of the end of the reporting period, the company's **total restricted assets amounted to 46,698,968.03 Yuan**, mainly comprising frozen funds, security deposits, and fixed assets pledged for short-term borrowings[76](index=76&type=chunk) [VI. Investment Analysis](index=24&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment was zero, down 100% YoY, while several fundraising projects underperformed or were terminated, and one project's completion was delayed to late 2025 - The investment amount for the reporting period was **0.00 Yuan**, compared to 1,000,000.00 Yuan in the same period last year, a change of -100.00%[77](index=77&type=chunk) - As of the end of the reporting period, a cumulative total of **675.1408 million Yuan** of raised funds had been used[82](index=82&type=chunk) - The "VR Venue Operation Center Project" was **terminated** due to lower-than-expected economic benefits and market changes[85](index=85&type=chunk) - The "AI Computing Center Platform Construction and Operation Project" and the "VR Digital Asset Production Project" **failed to achieve their promised returns**[85](index=85&type=chunk) - The scheduled completion date for the "Digital Immersive Application Scene Content Development Project" has been **postponed to December 31, 2025**[88](index=88&type=chunk) [VII. Major Asset and Equity Sales](index=29&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[92](index=92&type=chunk) - The company did not sell any major equity during the reporting period[93](index=93&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=29&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Anhui Saida Technology was a standout performer with 173 million Yuan in revenue, while the company sold one subsidiary and deregistered another during the period Major Subsidiaries and Investees with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (10k Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oriental Dreamworks VR Tech Co., Ltd. | Subsidiary | Technology development, software development, etc. | 10,000 | 44,657,936.09 | -4,385,053.23 | 740,724.71 | -8,549,434.62 | -8,577,588.42 | | Oriental Dreamworks Cultural Industry Investment Co., Ltd. | Subsidiary | Project investment, film & TV production | 7,800 | 324,361,868.02 | 141,224,167.93 | 19,006,399.47 | 3,610,397.30 | 3,880,040.58 | | Beijing Huakai Film Production Co., Ltd. | Subsidiary | Film production | 1,250 | 60,697,524.45 | 56,392,048.13 | 2,267,232.89 | 3,880,040.58 | 3,880,040.58 | | Anhui Saida Technology Co., Ltd. | Subsidiary | IoT technology R&D, software development | 5,000 | 423,510,990.18 | 159,895,910.58 | 172,756,328.71 | 21,305,487.68 | 21,102,537.58 | | Sichuan Hifun AI Technology Co., Ltd. | Subsidiary | Technical services, AI system integration | 10,000 | 127,608,767.41 | -19,741,548.22 | 1,408,680.09 | -4,596,554.47 | -4,307,784.56 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal | Impact on Overall Production, Operation, and Performance | | :--- | :--- | :--- | | Guangzhou Hifun Future Digital Technology Co., Ltd. | Sale | Impacted net profit attributable to parent by 263,002.99 Yuan | | Dongfang Xinwei Zhisuan (Beijing) Technology Co., Ltd. | Deregistration | 0 | [IX. Structured Entities Controlled by the Company](index=33&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[99](index=99&type=chunk) [X. Company's Risks and Countermeasures](index=33&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from economic conditions, competition, technology iteration, and potential impairments, which it addresses through strategic R&D and operational enhancements - The company faces **macroeconomic risks** and will monitor domestic and international economic changes while continuously strengthening its core competitiveness and market advantages[98](index=98&type=chunk) - The company faces **market competition risks** and will closely follow market demand, increase R&D investment, maintain core competitive advantages, and actively expand its customer base[99](index=99&type=chunk) - The company faces risks such as **rapid technological iteration and volatile market demand** in the digital creative product application and service industry, and will optimize its talent management and incentive systems while monitoring cutting-edge technologies[100](index=100&type=chunk)[101](index=101&type=chunk) - As of June 30, 2025, the company's **goodwill amounted to 152.7372 million Yuan**, posing a risk of impairment; the company will enhance integration and synergy with acquired enterprises to improve operational and profitability levels[104](index=104&type=chunk)[105](index=105&type=chunk) - As of the end of the reporting period, the company's **inventory balance was 407.0586 million Yuan**, accounting for 22.55% of total assets, posing a risk of large inventory amounts; the company will adjust procurement and sales plans to accelerate inventory turnover[107](index=107&type=chunk)[108](index=108&type=chunk) [XI. Record of Investor Relations Activities](index=36&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company held an online performance briefing on May 13, 2025, to communicate with investors about its operating results - On May 13, 2025, the company conducted an online communication session via the V-Next platform, engaging with investors on topics including the company's operating performance[109](index=109&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=36&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[110](index=110&type=chunk) - The company has not disclosed a valuation enhancement plan[110](index=110&type=chunk) [XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=36&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[110](index=110&type=chunk) Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Non-employee supervisor Bao Mingya retired and left his position on May 23, 2025 Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Bao Mingya | Non-employee Supervisor | Departure | May 23, 2025 | Retirement | [II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[113](index=113&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) Portions of the 2023 and 2024 restricted stock incentive plans were forfeited due to employee departures and failure to meet performance targets - In the 2023 restricted stock incentive plan, a total of **8.8 million restricted shares were forfeited** due to employee departures and failure to meet company-level performance targets[114](index=114&type=chunk) - In the 2024 restricted stock incentive plan, **8 million restricted shares were forfeited** because the company-level performance targets for the first vesting period of the initial grant were not met[115](index=115&type=chunk) [IV. Environmental Information Disclosure](index=39&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its main subsidiaries are not included in the list of 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[117](index=117&type=chunk) [V. Social Responsibility](index=39&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) Hifun Media actively fulfills its social responsibilities by improving governance, protecting shareholder rights, supporting employee growth, and using technology for public welfare initiatives - Hifun Media has always regarded "Digital Creativity, Better Life" as the foundation for the development of the company and its various undertakings, actively assuming various social responsibilities and obligations[117](index=117&type=chunk) - The company places high importance on the realization of employee value, continuously optimizing employee growth paths and talent mechanisms to create smooth multi-level career channels[118](index=118&type=chunk) - The company continues to strengthen the leading role of its Party branch, exploring active and innovative new models of Party building to promote the deep integration of Party building and business operations[118](index=118&type=chunk) - Hifun Media has internalized "Technology for Good, Hifun Builds Love" as a fundamental principle driving high-quality development, focusing on the physical and mental health needs of special groups such as children in distress, those with autism, and the intellectually disabled[121](index=121&type=chunk) Significant Matters [I. Commitments Fulfilled or Overdue by Relevant Parties](index=41&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) There were no commitments fulfilled or overdue by the company's controlling shareholders, related parties, or the company itself during the reporting period - The company reports no commitments fulfilled during the reporting period or overdue as of the end of the reporting period by its actual controller, shareholders, related parties, acquirers, or the company itself[126](index=126&type=chunk) [II. Non-operational Use of Company Funds by Controlling Shareholders and Other Related Parties](index=41&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) No non-operational occupation of the company's funds by controlling shareholders or other related parties occurred during the reporting period - The company reports no non-operational occupation of its funds by the controlling shareholder or other related parties during the reporting period[127](index=127&type=chunk) [III. Irregular External Guarantees](index=41&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[128](index=128&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=41&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[129](index=129&type=chunk) [V. Explanation from the Board, Supervisory Committee, and Audit Committee on "Non-standard Audit Report" for the Current Period](index=41&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) This item is not applicable as the semi-annual report was not audited [VI. Board's Explanation on "Non-standard Audit Report" from the Previous Year](index=41&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This item is not applicable as there was no non-standard audit report in the previous year [VII. Bankruptcy and Reorganization Matters](index=41&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[130](index=130&type=chunk) [VIII. Litigation Matters](index=41&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation but was involved in several other legal disputes, most of which have been resolved through mediation, settlement, or are under enforcement - The company had **no major litigation or arbitration matters** during this reporting period[131](index=131&type=chunk) Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (10k Yuan) | Litigation (Arbitration) Progress | Judgment and Impact | | :--- | :--- | :--- | :--- | | Hifun Children (Guangzhou) arbitration vs. Sino-British Network Technology Co., Ltd. contract dispute | 2,597.44 | Award rendered | Arbitration award supports the plaintiff; no significant impact on company operations | | Beijing Zhongke Pangu Technology vs. Beijing Shuixin Visual Technology contract dispute | 1,120 | Enforcement in progress | Mediated; Beijing Shuixin Visual Technology to pay 11.2 million Yuan contract fee and damages by April 20, 2024 | | Hifun Media vs. Zhongke Beiying (Beijing) Technology Media, et al. contract dispute | 1,200 | Mediated, 0.8 million Yuan repaid | Defendants to return 12 million Yuan capital increase prepayment in installments | | Deyang City Smart Heart Information Technology vs. Sichuan Hifun AI Technology, et al. sales contract dispute | 7,359.21 | Enforcement suspended | Parties reached a settlement; case closed by court mediation | | Shanghai Tianshu Zhixin Semiconductor vs. Sichuan Hifun AI Technology, et al. sales contract dispute | 3,318.21 | Mediated | Court-mediated settlement reached; asset preservation measures against Hifun and subsidiaries lifted | [IX. Penalties and Rectifications](index=43&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications occurred during the reporting period - No penalties or rectifications occurred during the reporting period[134](index=134&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=43&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company maintains a good integrity status, while its controlling shareholder is actively negotiating debt restructuring for matured pledged financing - During the reporting period, the company's integrity status was good, with no unfulfilled court judgments or significant overdue debts[135](index=135&type=chunk) - The controlling shareholder and actual controller's integrity status was good, but they failed to repay matured pledged financing loans; all parties are actively negotiating settlement and debt restructuring[135](index=135&type=chunk) [XI. Major Related-Party Transactions](index=44&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions related to daily operations, asset sales, joint investments, or financial services occurred during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[136](index=136&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[137](index=137&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[139](index=139&type=chunk) - There were no deposits, loans, credit lines, or other financial services between the company and related financial companies or between the company's controlled financial companies and related parties[140](index=140&type=chunk)[141](index=141&type=chunk) [XII. Major Contracts and Their Performance](index=44&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has no custody or lease matters, with total guarantees at 3.81% of net assets, while two major operating contracts are progressing as planned - The company had no custody, contracting, or leasing arrangements during the reporting period[143](index=143&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk) Company Guarantee Summary | Indicator | Amount (10k Yuan) | | :--- | :--- | | Approved External Guarantee Limit at Period-End (A3) | 2,000 | | Actual External Guarantee Balance at Period-End (A4) | 2,000 | | Approved Guarantee Limit for Subsidiaries at Period-End (B3) | 30,000 | | Actual Guarantees Provided to Subsidiaries during Period (B2) | 81.7 | | Actual Guarantee Balance for Subsidiaries at Period-End (B4) | 2,252.7 | | Ratio of Total Actual Guarantees (A4+B4+C4) to Company's Net Assets | 3.81% | | Guarantees for Shareholders, Actual Controllers, and their Affiliates (D) | 2,252.7 | Major Ordinary Course Contracts | Contracting Company | Counterparty | Total Contract Amount (10k Yuan) | Contract Progress | Cumulative Recognized Sales Revenue (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | | Oriental Dreamworks Cultural Industry Investment Co., Ltd. | Aotou (Hengqin) Health Tourism Co., Ltd., et al. | 32,560.06 | 89% | 26,442.38 | | Hifun Media Co., Ltd. | Pingtan Comprehensive Experimental Zone Xingchen Shuzhi Technology Co., Ltd. | 40,626.45 | Construction phase completed | | [XIII. Other Significant Matters](index=48&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company concluded several fundraising projects, reallocating surplus funds to working capital, and extended the completion date of another project to late 2025 - On February 21, 2025, the company concluded several fundraising investment projects and used the surplus funds to permanently supplement working capital[153](index=153&type=chunk) - On March 28, 2025, the scheduled completion date for the "Digital Immersive Application Scene Content Development Project" was **postponed to December 31, 2025**[154](index=154&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=49&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[155](index=155&type=chunk) Share Capital Changes and Shareholder Information [I. Share Capital Changes](index=50&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share count remained unchanged at 604,795,417 shares, with no changes in the number of restricted or unrestricted shares Share Capital Changes | | Pre-Change Quantity | Pre-Change Ratio | Change (+, -) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 91,575 | 0.02% | 0 | 91,575 | 0.02% | | II. Unrestricted Shares | 604,703,842 | 99.98% | 0 | 604,703,842 | 99.98% | | III. Total Shares | 604,795,417 | 100.00% | 0 | 604,795,417 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Start of Period | Shares Released from Restriction | Shares Added to Restriction | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Xiaobo | 91,575 | 0 | 0 | 91,575 | Executive Lock-up Shares | [II. Securities Issuance and Listing](index=51&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities were issued or listed during the reporting period - No securities were issued or listed during the reporting period[160](index=160&type=chunk) [III. Number of Shareholders and Shareholding Status](index=51&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 55,369 common shareholders at period-end, with Meng Xianmin as the largest shareholder holding 10.51%, most of which is pledged - Total number of common shareholders at the end of the reporting period: **55,369**[161](index=161&type=chunk) Shareholding of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Meng Xianmin | Domestic Individual | 10.51% | 63,544,821 | Pledged | 59,955,000 | | Pei Jun | Domestic Individual | 1.90% | 11,510,810 | N/A | 0 | | Guotong Trust Co., Ltd. | State-owned Legal Entity | 1.88% | 11,399,290 | N/A | 0 | - There are **no related-party relationships or concerted actions** among the shareholders listed above[162](index=162&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=53&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and 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[164](index=164&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=53&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[165](index=165&type=chunk) - The company's actual controller did not change during the reporting period[166](index=166&type=chunk) [VI. Preferred Stock Information](index=55&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[167](index=167&type=chunk) Bond-related Matters The company had no bond-related matters during the reporting period[169](index=169&type=chunk) Financial Report [I. Audit Report](index=57&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[171](index=171&type=chunk) [II. Financial Statements](index=57&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the semi-annual period, reflecting the company's financial position, performance, and cash flows - The consolidated balance sheet shows **total assets of 1,804,832,832.62 Yuan** and total liabilities of 929,589,003.30 Yuan at the period-end[175](index=175&type=chunk) - The consolidated income statement shows a **net loss of -103,947,390.57 Yuan** for the period, with a net loss attributable to parent company shareholders of -96,027,674.76 Yuan[183](index=183&type=chunk) - The consolidated cash flow statement shows **net cash outflow from operating activities of -61,632,624.80 Yuan** and net cash outflow from investing activities of -154,128,750.41 Yuan[189](index=189&type=chunk) [III. Company Basic Information](index=74&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Hifun Media, established in 2001 and listed in 2010, operates in digital creative services, internet video applications, and computing system integration - Hifun Media Co., Ltd. was established on November 3, 2001, and was listed on the Shenzhen Stock Exchange on April 26, 2010[206](index=206&type=chunk) - As of June 30, 2025, the company's total issued share capital is **604,795,417 shares**, with a registered capital of 604,795,417.00 Yuan[207](index=207&type=chunk) - The company's business scope primarily covers digital creative product applications and services, internet video application products and services, and computing system integration and technical services[207](index=207&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 27, 2025[208](index=208&type=chunk) [IV. Basis of Preparation for Financial Statements](index=75&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with the Ministry of Finance's Enterprise Accounting Standards and CSRC regulations - These financial statements are prepared on a going concern basis, in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the regulations of the China Securities Regulatory Commission[209](index=209&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[210](index=210&type=chunk) [V. Significant Accounting Policies and Estimates](index=75&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details key accounting policies for consolidation, financial instruments, revenue recognition, and other areas, with no significant changes during the period - The financial statements prepared by the company comply with the requirements of the Enterprise Accounting Standards, and truly and completely reflect the company's financial position as of June 30, 2025, and its operating results and cash flows for the 2025 semi-annual period[212](index=212&type=chunk) Importance Standard Determination Method and Basis | Item | Importance Standard | | :--- | :--- | | Significant individual provision for bad debts on receivables | Amount ≥ 1.00 million Yuan | | Significant non-wholly-owned subsidiary | Impact of a single company's net profit on the group's net profit reaches 5% or more | - The company classifies financial assets into those measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, based on the business model for managing the assets and their contractual cash flow characteristics[243](index=243&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, provided that the contract with the customer meets specific criteria[345](index=345&type=chunk) - The company had **no significant changes in accounting policies or estimates** during the reporting period[369](index=369&type=chunk) [VI. Taxes](index=115&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to VAT (3%-13%) and corporate income tax (8.25%-25%), with several entities enjoying a preferential 15% rate as high-tech enterprises Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, taxable labor services, and taxable services | 3%, 6%, 9%, 13% | | Corporate Income Tax | Taxable income | 8.25%, 16.5%, 15%, 20%, 25% | Tax Incentives | Taxpayer Name | Tax Incentive Policy and Basis | | :--- | :--- | | Hifun Media Co., Ltd. | Certified as a High-Tech Enterprise, valid until December 31, 2027 | | Oriental Dreamworks VR Tech Co., Ltd. | Certified as a High-Tech Enterprise, valid until December 2, 2027 | | Anhui Saida Technology Co., Ltd. | Certified as a High-Tech Enterprise, valid until November 28, 2027 | [VII. Notes to Consolidated Financial Statement Items](index=116&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed disclosures on key balance sheet and income statement items, including cash, receivables, inventory, fixed assets, goodwill, and liabilities - **Cash and cash equivalents** at period-end were 84.97 million Yuan, of which 46.59 million Yuan was restricted[373](index=373&type=chunk) - **Accounts receivable** had a carrying amount of 147.10 million Yuan, after a bad debt provision of 143.19 million Yuan[392](index=392&type=chunk) - **Inventories** had a carrying amount of 407.06 million Yuan, after a write-down provision of 327.58 million Yuan[456](index=456&type=chunk) - **Fixed assets** had a carrying amount of 278.36 million Yuan, with an increase of 231.36 million Yuan during the period[501](index=501&type=chunk)[502](index=502&type=chunk) - **Goodwill** had an original cost of 452.78 million Yuan and an accumulated impairment provision of 300.04 million Yuan[526](index=526&type=chunk)[528](index=528&type=chunk) - **Short-term borrowings** at period-end were 52.02 million Yuan, a significant decrease from 96.22 million Yuan at the beginning of the period[545](index=545&type=chunk) - **Contract liabilities** at period-end were 102.03 million Yuan, a significant decrease from 283.60 million Yuan at the beginning of the period[567](index=567&type=chunk) - **Operating revenue** for the period was 184.74 million Yuan, and operating costs were 172.46 million Yuan[610](index=610&type=chunk) [VIII. R&D Expenses](index=172&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was 31.13 million Yuan, with 5.60 million Yuan capitalized for projects including intelligent computing and digital governance platforms R&D Expenses | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 15,078,598.62 | 19,336,827.33 | | Depreciation and Amortization | 14,574,867.26 | 15,287,641.26 | | Outsourced R&D Expenses | 876,134.32 | 3,511,103.80 | | Share-based Payments | 331,250.00 | 238,504.28 | | Rental Fees | 128,663.82 | 575,433.90 | | Other Expenses | 144,851.29 | 364,575.58 | | **Total** | **31,134,365.31** | **39,314,086.15** | | Of which: Expensed R&D | 25,531,121.70 | 26,531,714.63 | | Capitalized R&D | 5,603,243.61 | 12,782,371.52 | - Significant capitalized R&D projects include the Intelligent Computing Platform System, Smart Planting Production Management Platform, Rural Comprehensive Governance Digital Intelligence Platform, and Zhisuan Hongtu[661](index=661&type=chunk)[663](index=663&type=chunk) [IX. Changes in the Scope of Consolidation](index=173&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company lost control of two subsidiaries during the period through a sale and a deregistration, resulting in a disposal gain of 515,692.14 Yuan - The company lost control of subsidiaries through transactions or other events during the period[674](index=674&type=chunk) Disposal of Subsidiaries | Subsidiary Name | Disposal Price (Yuan) | Disposal Ratio | Disposal Method | Date of Losing Control | Difference between Disposal Price and Share of Net Assets (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Hifun Future Digital Technology Co., Ltd. | 0.00 | 100.00% | Sale | April 2, 2025 | 515,692.14 | | Dongfang Xinwei Zhisuan (Beijing) Technology Co., Ltd. | 0.00 | 100.00% | Deregistration | June 4, 2025 | 0.00 | [X. Interests in Other Entities](index=177&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's interests in its subsidiaries, joint ventures, and associates, including significant non-wholly-owned subsidiaries and key associate companies - The company's interests in subsidiaries include Oriental Dreamworks Cultural Industry Investment Co., Ltd., Beijing Huakai Film Production Co., Ltd., Anhui Saida Technology Co., Ltd., etc[676](index=676&type=chunk)[677](index=677&type=chunk)[678](index=678&type=chunk)[679](index=679&type=chunk)[680](index=680&type=chunk) - The company exercises control over certain entities with less than 50% voting rights, such as Hifun Sanpin (Jiangsu) Education Technology Development Co., Ltd., through board representation[680](index=680&type=chunk)[681](index=681&type=chunk) Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Beijing Hifun Rainbow Technology Co., Ltd. | 49.00% | -6,843,687.50 | -134,136,573.93 | | Hifun Children (Guangzhou) Cultural Industry Development Co., Ltd. | 49.00% | -813,138.55 | -97,485,534.07 | | Oriental Dreamworks (Beijing) Architectural Design Co., Ltd. | 15.00% | -31,913.17 | -6,196,926.30 | - The company holds a **17.57% voting right** in the associate The Virtual Reality Company and exercises significant influence by appointing a director[689](index=689&type=chunk) [XI. Government Grants](index=186&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized government grants totaling 363,983.58 Yuan, primarily from tax rebates and high-tech enterprise awards, recorded in other income and non-operating income Government Grants Recognized in Current Profit or Loss | Account | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Other Income | 321,054.26 | 178,885.00 | | Non-operating Income | 42,929.32 | 21,353.01 | - Sources of other income include individual income tax handling fee refunds, stable employment subsidies, high-tech enterprise re-certification awards, and investment loan support bonuses[621](index=621&type=chunk) [XII. Risks Related to Financial Instruments](index=187&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company primarily faces credit and liquidity risks, which are managed through credit policies, continuous monitoring, and maintaining sufficient cash and credit facilities - The company's main financial instruments include cash, receivables, payables, and borrowings, exposing it primarily to **credit risk and liquidity risk**[700](index=700&type=chunk)[701](index=701&type=chunk) - **Credit risk** is managed by establishing appropriate credit policies, continuously monitoring credit exposure, and assessing customer creditworthiness[702](index=702&type=chunk) - **Liquidity risk** is managed by the treasury department through continuous monitoring of short-term and long-term funding needs based on cash flow forecasts to ensure sufficient cash reserves are maintained[705](index=705&type=chunk) Financial Liabilities and Off-Balance Sheet Guarantees by Remaining Contractual Maturity | Item | On Demand (Yuan) | Within 1 Year (Yuan) | 1-2 Years (Yuan) | Over 2 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | | 52,024,126.92 | | | 52,024,126.92 | | Non-current Liabilities Due within One Year | | 13,670,689.06 | | | 13,670,689.06 | | Long-term Borrowings | | | 4,135,428.56 | 1,643,000.00 | 5,778,428.56 | | Accounts Payable | 329,631,082.84 | | | | 329,631,082.84 | | Other Payables | 17,988,014.46 | | | | 17,988,014.46 | | **Total** | **347,619,097.30** | **65,694,815.98** | **4,135,428.56** | **1,643,000.00** | **419,092,341.84** | [XIII. Fair Value Disclosure](index=189&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Assets and liabilities measured at fair value totaled 256.13 million Yuan, primarily comprising financial assets valued using Level 3 inputs Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value (Yuan) | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets (Equity Investments) | | 15,250,000.00 | 61,072,979.81 | 76,322,979.81 | | (III) Other Equity Instrument Investments | | 62,000,000.00 | 117,807,417.03 | 179,807,417.03 | | **Total Assets Continuously Measured at Fair Value** | | **77,250,000.00** | **178,880,396.84** | **256,130,396.84** | - For equity investments where the operating environment and financial condition have not changed significantly, the company uses the acquisition cost as the best estimate of fair value; for those with significant changes, a third-party valuation is obtained[712](index=712&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value approximate their fair values[713](index=713&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=190&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is Meng Xianmin, and transactions with related parties included sales, services, leases, and guarantees, with key management compensation at 2.32 million Yuan - The ultimate controlling party of the company is **Meng Xianmin**[714](index=714&type=chunk) - Other related parties include associates (such as The Virtual Reality Company, Pukeko Pictures Limited Partnership) and entities where the company's directors, supervisors, or senior executives hold positions[715](index=715&type=chunk)[716](index=716&type=chunk) Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Beijing Yuanshu Intelligent Technology Co., Ltd. | Technical service fee | 2,830.19 | | | Beijing Yuanshu Intelligent Technology Co., Ltd. | Production fee | | 3,485,000.00 | | Beijing Yuanshu Intelligent Technology Co., Ltd. | Design fee | | 2,415,094.35 | | Xingfan Xingqi (Chengdu) Technology Co., Ltd. | Information technology service | 126,698.12 | 1,023,113.21 | - The company acted as a guarantor for Anhui Saida Technology Co., Ltd. and Hifun Children (Guangzhou) Cultural Industry Development Co., Ltd., and was guaranteed by Meng Xianmin, Meng Nan, and Anhui Saida Technology Co., Ltd[726](index=726&type=chunk)[727](index=727&type=chunk) - **Key management personnel compensation** for the current period was 2,318,646.16 Yuan, compared to 1,778,952.08 Yuan in the prior period[731](index=731&type=chunk) [XV. Share-based Payments](index=195&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The first tranche of the 2024 restricted stock plan was forfeited, while 5.3 million Yuan in share-based payment expenses were recognized for the second tranche - In the 2024 restricted stock incentive plan, the first vesting period's performance targets for the initial grant were not met, and the corresponding shares were **forfeited**[738](index=738&type=chunk) - For the second vesting period, **share-based payment expenses of 5,300,000.00 Yuan** were recognized in the current reporting period[738](index=738&type=chunk) Share-based Payment Expenses for the Current Period | Grantee Category | Equity-settled Share-based Payment Expense (Yuan) | | :--- | :--- | | Management Personnel | 1,888,125.00 | | Sales Personnel | 3,080,625.00 | | R&D Personnel | 331,250.00 | | **Total** | **5,300,000.00** | [XVI. Commitments and Contingencies](index=196&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has a 40 million Yuan investment commitment pending and is involved in a sales contract dispute with an unresolved outcome - The company has committed to a **40.00 million Yuan capital increase** in Beijing Future Computing Cloud Technology Co., Ltd., but the closing conditions had not been met as of June 30, 2025[742](index=742&type=chunk) - Subsidiary Anhui Saida Technology is involved in a sales contract dispute with Shenzhen Kanhu Jia Technology over after-sales payments and obsolete inventory, totaling over 3.7 million Yuan plus interest[743](index=743&type=chunk) - The company has no significant contingencies to disclose[744](index=744&type=chunk) [XVII. Subsequent Events](index=197&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) No significant non-adjusting events, profit distributions, sales returns, or other subsequent events occurred after the balance sheet date - The company had no significant non-adjusting events during the reporting period[746](index=746&type=chunk) - The company had no profit distribution plans during the reporting period[747](index=747&type=chunk) - The company had no sales returns during the reporting period[747](index=747&type=chunk) [XVIII. Other Significant Matters](index=198&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company had no prior period error corrections, debt restructurings, or discontinued operations, and defines its operating segments based on its internal organizational structure - The company had no prior period accounting error corrections during the reporting period[752](index=752&type=chunk) - The company had no debt restructuring, asset swaps, annuity plans, or discontinued operations during the reporting period[750](index=750&type=chunk)[751](index=751&type=chunk)[753](index=753&type=chunk) - The company determines its operating segments based on its internal organizational structure, management requirements, and internal reporting system, with each segment providing different products and services[754](index=754&type=chunk)[755](index=755&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=200&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the parent company's financial statements, including significant receivables from related parties and long-term equity investments in subsidiaries and associates - The parent company's **accounts receivable** had a carrying amount of 177.98 million Yuan, after a bad debt provision of 5.61 million Yuan[763](index=763&type=chunk) - The parent company's **other receivables** had a carrying amount of 1,043.69 million Yuan, after a bad debt provision of 21.33 million Yuan[794](index=794&type=chunk) - The parent company's **long-ter

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长白山旅游股份有限公司2025 年半年度报告摘要 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 公司代码：603099 公司简称：长白山 1.2 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、 长白山旅游股份有限公司 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。 2025 年半年度报告摘要 长白山旅游股份有限公司2025 年半年度报告摘要 第一节 重要提示 | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | --- | --- | --- | | 姓名 | 段国岩 | 韩望 | | 电话 | 0433-5310177 | 0433-5310177 | | 办公地址 | 吉林省长白山保护开发区 | 吉林省长白山保护开发区 | | 电子信箱 | changbaishan@vip.126.com | changbaishan@vip.126.com | 2.2 主要财务数据 单位：元 币种：人民币 1.3 公司全体 ...