爱慕股份有限公司2025 年半年度报告 公司代码：603511 公司简称：爱慕股份 爱慕股份有限公司 2025 年半年度报告 1 / 201 爱慕股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张荣明、主管会计工作负责人吕晓娣及会计机构负责人（会计主管人员）吕晓 娣声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，投资 者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、 ...

有友食品股份有限公司2025 年半年度报告 公司代码：603697 公司简称：有友食品 有友食品股份有限公司 2025 年半年度报告 1 / 163 有友食品股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人鹿有忠、主管会计工作负责人崔海彬及会计机构负责人（会计主管人员）彭宇 翔声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年利润分配预案为：拟以实施利润分配方案时股权登记日的总股本为基数，向全体 股东每10股派发现金红利2.3元（含税）。 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 ...

江苏灿勤科技股份有限公司2025 年半年度报告 公司代码：688182 公司简称：灿勤科技 江苏灿勤科技股份有限公司 2025 年半年度报告 1 / 176 江苏灿勤科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述公司面临的风险，敬请查阅本报告"第三节 管理层讨论与分析""四、 风险因素"相关内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人朱田中、主管会计工作负责人朱田中及会计机构负责人（会计主管人员）任浩 平声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略、经营计划等前瞻性陈述，不构成公司对投资者的 实质承诺，请投资者注意投资风险 ...

公司代码：603223 公司简称：恒通股份 恒通物流股份有限公司 2025 年半年度报告 恒通物流股份有限公司 2025 年半年度报告 1 / 225 恒通物流股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人隋永峰、主管会计工作负责人姜舒文 及会计机构负责人（会计主管人员）姜舒 文声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每10股派发现金红利0.45元（含税）。按截至2025年6月30日公司总股本 714,187,046股，扣除回购股份8,364,853股后，总股本705,822,193股，以此计算合计拟派发现金红 利31,761,998.69元（含税）。 根据《上市公司股份回购规则》规定，回购账户中的股票不享受利润分配权，有权享受本次 现金红利分配的股份数以公司2025年半年 ...

天津七一二通信广播股份有限公司 2025 年半年度报告 公司代码：603712 公司简称：七一二 天津七一二通信广播股份有限公司 2025 年半年度报告 1 / 181 天津七一二通信广播股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人庞辉、主管会计工作负责人孙杨及会计机构负责人（会计主管人员） 孙杨声明：保证半年度报告中财务报告的真实、准确、完整。 十一、 其他 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大风险提示 公司在本报告中已描述相关经营风险，详情请查阅本报告第三节管理层讨论与 分析。 2 / ...

华域汽车系统股份有限公司2025 年半年度报告 公司代码：600741 公司简称：华域汽车 重要提示 六、前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 华域汽车系统股份有限公司 2025 年半年度报告 1 / 145 华域汽车系统股份有限公司2025 年半年度报告 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细描述存在的风险因素，敬请查阅第三节"管理层讨论与分析"中关于公司可 能面对的风险因素部分的内容。 十一、其他 □适用 √不适用 2 / 145 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司董事长王晓秋、总经理徐平及财务总监毛维俭声明：保证半年度 ...

迈赫机器人自动化股份有限公司 2025 年半年度报告 2025 年 8 月 本报告中如涉及未来的计划、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 险意识，并且应当理解计划、预测与承诺之间的差异。 迈赫机器人自动化股份有限公司 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。 公司负责人张开旭、主管会计工作负责人刘海燕及会计机构负责人(会计 主管人员)宋淑慧声明：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"之十"公司面临的风险和应 对措施"部分，详细描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。 公司计划半年度不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | | 1 | | --- | --- | --- | --- | | 第二节 | 公司简介和主 ...

浙江普莱得电器股份有限公司 2025 年半年度报告全文 浙江普莱得电器股份有限公司 2025 年半年度报告 2025-025 2025 年 8 月 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人杨伟明、主管会计工作负责人郑小娟及会计机构负责人(会计 主管人员)郑小娟声明：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、业绩预测等方面的前瞻性陈述内容，均 不构成本公司对投资者的实质承诺，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。 公司在生产经营过程中可能面临的风险因素的具体内容，请参见本报告 "第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"。 1 公司计划不派发现金红利，不送红股，不以公积金转增股本。 浙江普莱得电器股份有限公司 2025 年半年度报告全文 2 | | | | 第二节 | 公司简介和主要财务指标 | 6 | | -- ...

四会富仕电子科技股份有限公司 四会富仕电子科技股份有限公司 2025 年半年度报告全文 | 证券代码：300852 | 证券简称：四会富仕 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123217 | 债券简称：富仕转债 | | 2025 年半年度报告 2025 年 8 月 1 四会富仕电子科技股份有限公司 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。 公司负责人刘天明、主管会计工作负责人谭丹及会计机构负责人(会计主 管人员)谭丹声明：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"之"十、公司面临的风险和应 对措施"中描述了公司经营中可能存在的风险及应对措施，敬请投资者注意 并仔细阅读该章节全部内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 四会富仕电子科技股份有限公司 2025 年半年度报告全文 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[5](index=5&type=chunk) - Forward-looking statements regarding future operating plans and targets in this report do not constitute profit forecasts or substantive commitments and are subject to uncertainties[5](index=5&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution Base (shares) | 202,958,847 | | Cash Dividend per 10 Shares (tax inclusive) | 0.07 yuan | | Bonus Shares (shares) | 0 | | Capital Reserve Conversion to Share Capital | No | [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear table of contents, divided into eight sections, offers a comprehensive index to important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report is divided into eight sections, featuring a clear structure for easy investor access[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company name, reporting period, key partner banks, electronic payment, mobile payment, BMP system, POS terminals, cloud computing/services, and digital marketing, ensuring clear understanding for readers - The reporting period is from **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - Key partner banks include Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank of China[14](index=14&type=chunk) - The BMP system's primary function is to connect merchant MIS systems with banking business systems, enabling bank card and QR code payment acceptance[14](index=14&type=chunk) - Digital marketing primarily involves promoting products and services through digital technologies to achieve specific marketing objectives[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company, including its basic information, contact details, and key financial performance metrics for the reporting period [1. 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) Fujian Chuangshi Technology Co, Ltd (stock code: 300941) is listed on the Shenzhen Stock Exchange, with Lin Lan as its legal representative - The company's stock abbreviation is Chuangshi Technology, stock code: **300941**, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Lin Lan[16](index=16&type=chunk) [2. Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Peng Hongyi and Securities Affairs Representative is Lin Chen, both located at Room 1707, Rongqiao Center, No 100 Jiangbin West Avenue, Taijiang District, Fuzhou, with consistent phone/fax numbers and email zhengquanban@echase.cn - Board Secretary: Peng Hongyi, Securities Affairs Representative: Lin Chen[17](index=17&type=chunk) - Contact address: Room 1707, Rongqiao Center, No 100 Jiangbin West Avenue, Taijiang District, Fuzhou[17](index=17&type=chunk) - Email: zhengquanban@echase.cn[17](index=17&type=chunk) [3. 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, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status, with details available in the 2024 annual report - The company's contact information remained unchanged during the reporting period, details can be found in the 2024 annual report[18](index=18&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period, details can be found in the 2024 annual report[19](index=19&type=chunk) - The company's registration status remained unchanged during the reporting period, details can be found in the 2024 annual report[20](index=20&type=chunk) [4. 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) In the first half of 2025, the company's operating revenue decreased by **7.08%** to **86.67 million yuan**, and net profit attributable to shareholders significantly dropped by **66.59%** to **6.38 million yuan**, with operating cash flow turning negative at **-132.32 million yuan** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,672,398.77 | 93,280,338.83 | -7.08% | | Net Profit Attributable to Shareholders of Listed Company | 6,384,054.35 | 19,107,959.14 | -66.59% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 6,185,856.68 | 17,799,050.55 | -65.25% | | Net Cash Flow from Operating Activities | -132,317,083.05 | -69,545,032.23 | -90.26% | | Basic Earnings Per Share (yuan/share) | 0.03 | 0.09 | -66.67% | | Diluted Earnings Per Share (yuan/share) | 0.03 | 0.09 | -66.67% | | Weighted Average Return on Net Assets | 0.50% | 1.50% | -1.00% | | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,339,681,171.82 | 1,393,939,333.22 | -3.89% | | Net Assets Attributable to Shareholders of Listed Company | 1,267,984,281.44 | 1,287,089,545.91 | -1.48% | [5. Differences in Accounting Data under Domestic and Overseas 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) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) [6. 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) During the reporting period, the company's total non-recurring gains and losses amounted to **198,197.67 yuan**, primarily comprising government grants, fair value changes and disposal gains/losses of financial assets and liabilities, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government grants included in current profit and loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a sustained impact on company profit and loss) | 108,128.11 | | | Gains and losses from changes in fair value of financial assets and financial liabilities, and disposal gains and losses of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 217,147.20 | | | Other non-operating income and expenses apart from the above items | -59,687.70 | | | Less: Income tax impact | 66,527.13 | | | Impact on minority interests (after tax) | 862.81 | | | Total | 198,197.67 | | Items Classified as Recurring Gains and Losses | Item | Amount (yuan) | Reason | | :--- | :--- | :--- | | Tax refunds | 792,896.77 | Value-added tax refunds for software products are collected and immediately refunded, closely related to main business and compliant with national policies | | Interest income from large-denomination certificates of deposit | 15,915,128.27 | Interest generated from time deposits of raised funds before use, not classified as non-recurring gains and losses | [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive analysis of the company's business operations, financial performance, core competencies, and risk factors during the reporting period [1. Company's Main 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 has transitioned from an electronic payment IT solution provider to an industry digitalization solution provider, offering electronic payment, industry-specific applications, and digital marketing products and services [(I) Overview of Main Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%BF%B0) The company has evolved into an industry digitalization solution provider, offering electronic payment, industry-specific applications, and digital marketing products and services to merchants and banks, driven by software and cloud platforms - The company is gradually upgrading from an electronic payment IT solution provider to an industry digitalization solution provider[28](index=28&type=chunk) - The company, driven by software and cloud platforms and utilizing terminal devices, aggregates various payment channels to provide merchants with unified payment and reconciliation solutions[28](index=28&type=chunk) - The company offers payment solutions for nearly **30 industries**, including supermarkets, hospitals, elderly care, scenic spots, hotels, transportation, tobacco, petroleum and petrochemical, and non-tax fiscal services[28](index=28&type=chunk) [(II) Main Products and Services](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%92%8C%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) The company's product portfolio includes merchant-side payment solutions (industry-specific and SME payment), bank-side products and services (network control, card issuance equipment), and digital marketing services, with digital marketing focusing on integrated, data-driven solutions for precise customer acquisition - The company's products are categorized into merchant-side payment solutions, bank-side products and services, and digital marketing business[30](index=30&type=chunk) - Merchant-side payment solutions include industry payment solutions (personalized, high technical difficulty) and SME payment solutions (standardized, platform-based)[33](index=33&type=chunk) - Digital marketing business centers on a one-stop digital marketing solution, integrating resources from banks, operators, merchants, and top internet traffic to achieve precise targeting and customer growth[34](index=34&type=chunk) [(III) Main Business Model](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company primarily operates through a "merchant-bank-company" tripartite cooperation model, where banks are the payers and merchants are the users, leveraging bank channels for business expansion, and a "company-merchant" model for direct sales to large enterprises or e-commerce clients - The company's main business is providing electronic payment solutions for merchants, where the users of most products and services are not the payers[35](index=35&type=chunk) - In the "merchant-bank-company" model, the bank is the payer, the merchant is the user, and the company leverages bank channels to rapidly expand its merchant base[35](index=35&type=chunk) - In the "company-merchant" model, the company directly sells products and services to large merchants (e.g., state-owned enterprises, government agencies) or e-commerce clients[37](index=37&type=chunk) [(IV) Operating Performance During the Reporting Period](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue decreased by **7.08%**, net profit by **66.59%**, and operating cash flow significantly dropped by **90.26%**, primarily due to a **49.81%** decline in merchant-side payment solutions, partially offset by a **70.27%** growth in digital marketing, which, however, has a lower gross margin 2025 Semi-Annual Operating Performance | Indicator | Amount (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 8,667.24 | -7.08% | | Net Profit Attributable to Shareholders of Listed Company | 638.41 | -66.59% | | Net Cash Flow from Operating Activities | -13,231.71 | -90.26% | - Merchant-side payment solution revenue decreased by **49.81%**, mainly due to slower growth in new merchants and a decline in unit prices[39](index=39&type=chunk) - Digital marketing business grew rapidly, with revenue reaching **45.76 million yuan**, a **70.27%** year-on-year increase, becoming one of the company's dual growth engines, though its gross margin is lower than merchant-side payment solutions, leading to a decline in overall profit[39](index=39&type=chunk) - In the second half of the year, the company will continue to drive innovation, leveraging electronic payment and digital marketing as dual engines, expanding into key industries such as elderly care, scenic spots, and medical services, and integrating AI technology[40](index=40&type=chunk)[41](index=41&type=chunk) [1. Position in the Industry Chain](index=12&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E4%BA%A7%E4%B8%9A%E9%93%BE%E4%BD%8D%E7%BD%AE) The company's payment business operates within the merchant acquiring industry chain as an IT service provider, procuring software and hardware upstream and offering services to acquiring institutions and merchants downstream, while its digital marketing business connects internet media with enterprise clients - The company's payment business is positioned within the merchant acquiring industry chain, serving as a payment IT service provider offering software, hardware, and services to acquiring institutions and merchants[44](index=44&type=chunk) - The digital marketing industry chain comprises clients, marketing service providers, internet media, and internet users, with the company acting as a marketing service provider[46](index=46&type=chunk) [2. Industry Development Trends](index=13&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E8%B6%8B%E5%8A%BF) The payment industry is stable with massive bank card and electronic payment volumes, mobile payment continues to grow, merchant acquiring is evolving into comprehensive digital services, digital RMB pilots are expanding, the silver economy is booming, and the digital marketing market is expanding with new technologies like big data and AI driving innovation - In Q2 2025, national bank card transactions totaled **146.66 billion**, amounting to **226.70 trillion yuan**, while mobile electronic payment transactions reached **58.39 billion**, totaling **136.06 trillion yuan**[48](index=48&type=chunk) - Merchant acquiring business has evolved from a single payment service to a comprehensive digital service encompassing membership management, marketing, credit, data, finance, and security[51](index=51&type=chunk) - The digital RMB pilot program has expanded to **26 pilot areas** across **17 provinces and cities**, with transaction scale continuously growing[52](index=52&type=chunk) - The silver economy is projected to reach **51 trillion yuan** by 2035, accounting for **25.5% of GDP**, and further grow to **119.51 trillion yuan** by 2050, representing **29.88% of GDP**[55](index=55&type=chunk) - China's internet marketing market size is expected to reach **776.5 billion yuan** in 2024, a **15.04%** year-on-year increase[57](index=57&type=chunk) [2. Analysis of Core Competencies](index=16&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 competencies stem from over **20 years** of experience in electronic payment IT, continuous technological innovation, extensive service network, rich customer resources, a unique "merchant-bank-company" business model, and an efficient "networked, flat, borderless" divisional management and incentive system - The company has over **20 years** of deep experience in the electronic payment IT sector, accumulating rich industry expertise and stable cooperative relationships[59](index=59&type=chunk) - The company possesses core technologies such as multi-modal payment processing, financial-grade data security processing, and intelligent unified reconciliation and error handling, and has established multiple cloud-architecture business platforms like the Cloud BMP platform[60](index=60&type=chunk) - The company maintains long-standing cooperative relationships with several major domestic banks and has established stable service relationships with over **3,000 large merchants** and **millions of small and medium-sized merchants**[62](index=62&type=chunk)[64](index=64&type=chunk) - The company adopts a "networked, flat, borderless" divisional system, implementing an internal enterprise-based operational management and assessment model to enhance organizational efficiency[67](index=67&type=chunk) [3. Analysis of Main Business](index=17&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) During the reporting period, the company's operating revenue decreased by **7.08%**, while operating costs increased by **19.43%**, leading to a decline in profit, with digital marketing revenue growing by **70.27%** but having a lower gross margin 2025 Semi-Annual Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 86,672,398.77 | 93,280,338.83 | -7.08% | | | Operating Cost | 56,822,178.43 | 47,577,358.95 | 19.43% | | | Financial Expenses | 47,027.34 | -28,847.67 | 263.02% | Increase in interest expenses and exchange gains/losses | | Income Tax Expense | 1,867,081.91 | 873,111.14 | 113.84% | Increase in deferred income tax expense | | Net Cash Flow from Operating Activities | -132,317,083.05 | -69,545,032.23 | -90.26% | Increased capital tied up by digital marketing business, settlement not yet completed | | Net Cash Flow from Investing Activities | 224,564,419.94 | 79,950,272.69 | 180.88% | Maturity of some large-denomination certificates of deposit | | Net Cash Flow from Financing Activities | -27,348,402.69 | -40,364,648.46 | 32.25% | Repurchase of company shares in prior year, none in current period | | Net Increase in Cash and Cash Equivalents | 64,888,895.93 | -29,949,505.75 | 316.66% | Comprehensive change in net cash flows from operating, investing, and financing activities | | Other Income | 901,053.54 | 2,771,752.98 | -67.49% | Decrease in government grants | 2025 Semi-Annual Operating Revenue, Cost, and Gross Margin by Product or Service | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Merchant-side Services | 13,146,798.43 | 6,357,299.49 | 51.64% | -39.68% | -18.23% | -12.68% | | Merchant-side Hardware | 12,649,746.25 | 8,800,781.50 | 30.43% | -54.61% | -46.03% | -11.05% | | Digital Marketing | 45,761,326.79 | 36,737,342.67 | 19.72% | 70.27% | 80.90% | -4.72% | 2025 Semi-Annual Operating Revenue, Cost, and Gross Margin by Customer Industry | Customer Industry | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Industry | 36,321,243.08 | 20,536,489.90 | 43.46% | -46.48% | -26.03% | -15.64% | | Other Industries | 50,351,155.69 | 36,285,688.54 | 27.93% | 98.14% | 83.12% | 5.91% | - Labor costs increased by **39.23%** compared to the prior year, mainly due to an increase in company employees following the acquisition of Shanghai Sulian Information Technology Co, Ltd[75](index=75&type=chunk) [4. Analysis of Non-Core Business](index=19&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) During the reporting period, the company had no non-core business analysis content [5. Analysis of Assets and Liabilities](index=19&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) At the end of the reporting period, the company's total assets decreased by **3.89%**, and net assets attributable to shareholders decreased by **1.48%**, with significant changes in the composition of current assets due to the maturity of large-denomination certificates of deposit 2025 Semi-Annual Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 182,017,035.80 | 13.59% | 118,164,191.69 | 8.48% | 5.11% | | | Accounts Receivable | 82,947,264.10 | 6.19% | 56,134,590.04 | 4.03% | 2.16% | | | Inventories | 113,881,931.26 | 8.50% | 30,618,061.19 | 2.20% | 6.30% | | | Other Current Assets | 592,995,253.98 | 44.26% | 1,070,364,147.71 | 76.79% | -32.53% | Due to maturity of some large-denomination certificates of deposit | 2025 Semi-Annual Financial Assets and Liabilities Measured at Fair Value | Item | Beginning Balance | Amount Purchased in Current Period | Amount Sold in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 2,100.04 | 50,503.00 | 23,563.04 | 29,059.30 | | Other Equity Instrument Investments | 413.66 | | | 413.66 | | Total | 2,513.70 | 50,503.00 | 23,563.04 | 29,472.96 | - As of the end of the reporting period, the company had no assets sealed, seized, frozen, mortgaged, or pledged, except for **2,177,678.74 yuan** in restricted funds for guarantees, letters of guarantee, and working capital[80](index=80&type=chunk) [6. Analysis of Investment Status](index=20&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) During the reporting period, the company's investment increased by **1.98%** to **546.77 million yuan**, with financial assets measured at fair value totaling **290.59 million yuan** at period-end, primarily comprising large-denomination certificates of deposit funded by both自有资金 and募集资金 2025 Semi-Annual Investment Amount | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 546,768,742.05 | 536,150,958.90 | 1.98% | 2025 Semi-Annual Financial Assets Measured at Fair Value | Asset Category | Ending Balance (yuan) | Source of Funds | | :--- | :--- | :--- | | Other (Own Funds) | 122,592,991.81 | Own Funds | | Other (Raised Funds) | 168,000,000.00 | Raised Funds | | Total | 290,592,991.81 | | - The company received net raised funds of **666.61 million yuan** in 2021, with **22.52 million yuan** used for investment projects during the reporting period, and a cumulative use of **516.31 million yuan**, representing an overall utilization rate of **77.45%**[86](index=86&type=chunk)[87](index=87&type=chunk) - Excess raised funds of **222.27 million yuan** have been fully used to permanently supplement working capital[90](index=90&type=chunk) 2025 Semi-Annual Entrusted Wealth Management Overview | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unmatured Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 18,800 | 16,800 | | Bank Wealth Management Products | Own Funds | 60,000 | 60,000 | | Bank Wealth Management Products | Own Funds | 2,240 | 2,240 | | Total | | 81,040 | 79,040 | [7. Major Asset and Equity Disposals](index=24&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) During the reporting period, the company did not engage in any major asset or equity disposal matters - The company did not dispose of any major assets during the reporting period[95](index=95&type=chunk) - The company did not dispose of any major equity during the reporting period[96](index=96&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=24&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) During the reporting period, the company had no important holding or participating company information to disclose - The company had no important holding or participating company information to disclose during the reporting period[96](index=96&type=chunk) [9. Structured Entities Controlled by the Company](index=25&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) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[97](index=97&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=25&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 customer concentration risk, particularly in its agricultural banking business, where orders have decreased due to a former executive's alleged bribery case, but it is actively mitigating this by expanding digital marketing, which now accounts for **52.80%** of revenue and grew by **70.27%** - The company faces negative impacts and reduced orders in its agricultural banking business due to a former executive's alleged bribery case[97](index=97&type=chunk) - Digital marketing business grew rapidly, with revenue reaching **45.76 million yuan**, a **70.27%** year-on-year increase, and its proportion of operating revenue increased from **28.81%** in the prior year to **52.80%**, becoming one of the company's dual business engines[97](index=97&type=chunk)[98](index=98&type=chunk) - The company's proactive countermeasures include intensifying business promotion, expanding into new industries (elderly care, scenic spots, medical services), developing industry payment solutions, enhancing merchant technical stickiness, and accelerating multi-industry deployment of digital marketing business[98](index=98&type=chunk) [11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=25&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) During the reporting period, the company did not host any research, communication, or interview activities - The company did not host any research, communication, or interview activities during the reporting period[99](index=99&type=chunk) [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&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 nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[100](index=100&type=chunk) - The company has not disclosed a valuation enhancement plan[100](index=100&type=chunk) [13. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=25&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan[100](index=100&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [1. Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including new appointments, resignations due to personal reasons or term expiration, and departures related to the revision of the Articles of Association 2025 Semi-Annual Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wang Qi | Director | Elected | January 24, 2025 | By-election of director | | Zhang Gengsheng | General Manager | Resigned | April 23, 2025 | Personal reasons | | Lin Lan | General Manager | Appointed | April 23, 2025 | Appointment | | Xiong Hui | Independent Director | Term Expired | May 16, 2025 | Independent director's six-year term expired | | Cao Yang | Independent Director | Elected | May 16, 2025 | By-election of independent director | | Zhang Gengsheng | Director, Chairman | Resigned | May 16, 2025 | Personal reasons | | Lin Lan | Chairman | Elected | May 16, 2025 | By-election | | Wang Qi | Deputy General Manager | Resigned | May 16, 2025 | Job transfer | | Cong Denggao | Director | Elected | June 03, 2025 | By-election of director | | Yang Liuchu | Chairman of Supervisory Board | Resigned | June 27, 2025 | Revision of Articles of Association no longer establishes a Supervisory Board | | Zhang Yuejun | Supervisor | Resigned | June 27, 2025 | Revision of Articles of Association no longer establishes a Supervisory Board | | Wang Qingqing | Employee Supervisor | Resigned | June 27, 2025 | Revision of Articles of Association no longer establishes a Supervisory Board | [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=26&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 board approved a 2025 interim profit distribution plan to distribute a cash dividend of **0.07 yuan** (tax inclusive) per **10 shares** to all shareholders, totaling **1,420,711.93 yuan**, based on **202,958,847 shares**, with no bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 0.07 | | Share Capital Base for Distribution (shares) | 202,958,847 | | Total Cash Dividend (yuan) (tax inclusive) | 1,420,711.93 | | Proportion of Total Cash Dividend (including other methods) to Total Profit Distribution | 100.00% | | Distributable Profit (yuan) | 286,498,152.85 | - This profit distribution plan does not require submission to the general meeting of shareholders, as the 2024 annual general meeting authorized the board of directors to formulate specific interim dividend plans[105](index=105&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&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) 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[106](index=106&type=chunk) [4. Environmental Information Disclosure](index=27&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[107](index=107&type=chunk) [5. Social Responsibility](index=27&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company adheres to legal and regulatory compliance, enhances governance, operates ethically, ensures timely and accurate information disclosure, prioritizes investor returns with a stable dividend policy, and actively fulfills social responsibilities by protecting employee rights, offering competitive compensation, improving working conditions, and promoting ethical conduct - The company strictly adheres to the requirements of laws and regulations such as the Company Law and Securities Law, improving its corporate governance structure, operating in a standardized manner, and ensuring timely, accurate, truthful, and complete information disclosure[107](index=107&type=chunk) - The company prioritizes reasonable returns for investors and has formulated a relatively stable dividend policy[107](index=107&type=chunk) - The company legally protects employees' legitimate rights and interests, provides competitive compensation and benefits, improves working and living conditions, and ensures health and safety[107](index=107&type=chunk) - The company operates compliantly, pays taxes according to law, and emphasizes legal and professional ethics education for employees, requiring them not to illegally use or disclose third-party information[107](index=107&type=chunk) [Section V Significant Matters](index=28&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant matters including commitments, related party transactions, external guarantees, accounting firm appointments, litigation, penalties, and other important disclosures [1. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&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) During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself - The company reported no commitments that were fulfilled or overdue and unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[109](index=109&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=28&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) During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[110](index=110&type=chunk) [3. Irregular External Guarantees](index=28&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) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[111](index=111&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=28&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 report was not audited - The company's semi-annual report was not audited[112](index=112&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation on the "Non-Standard Audit Report" for the Current Period](index=28&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 company's semi-annual report was not audited [6. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=28&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 the company's semi-annual report was not audited [7. Bankruptcy Reorganization Matters](index=28&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) During the reporting period, the company had no bankruptcy reorganization matters - The company had no bankruptcy reorganization matters during the reporting period[113](index=113&type=chunk) [8. Litigation Matters](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters, nor any other litigation matters - The company had no significant litigation or arbitration matters during the reporting period[114](index=114&type=chunk) [9. Penalties and Rectification](index=29&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) During the reporting period, the company had no penalties or rectification matters - The company had no penalties or rectification matters during the reporting period[115](index=115&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&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) During the reporting period, the company, its controlling shareholder, and actual controller had no disclosures related to their integrity status [11. Significant Related Party Transactions](index=29&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) During the reporting period, the company did not engage in any significant related party transactions, including those related to daily operations, asset/equity acquisitions or disposals, joint external investments, or related party debt/credit transactions - The company had no related party transactions related to daily operations during the reporting period[116](index=116&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[117](index=117&type=chunk) - The company had no related party debt or credit transactions during the reporting period[119](index=119&type=chunk) [12. Significant Contracts and Their Performance](index=30&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) During the reporting period, the company had no trusteeship or contracting arrangements, but incurred **2.47 million yuan** in office rental expenses, and no significant guarantees or other major contracts were disclosed - The company had no trusteeship arrangements during the reporting period[123](index=123&type=chunk) - The company and its subsidiaries/offices lease their R&D and office premises, incurring a total of **2.47 million yuan** in rental expenses during the reporting period[125](index=125&type=chunk) - The company had no significant guarantees during the reporting period[127](index=127&type=chunk) [13. Explanation of Other Significant Matters](index=30&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) 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[132](index=132&type=chunk) [14. Significant Matters of Company Subsidiaries](index=31&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) During the reporting period, the company had no significant matters of subsidiaries to disclose - The company had no significant matters of subsidiaries to disclose during the reporting period[133](index=133&type=chunk) [Section VI Share Changes and Shareholder Information](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, securities issuance, shareholder structure, and shareholdings of directors, supervisors, and senior management [1. Share Capital Changes](index=32&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) During the reporting period, the company's restricted shares increased by **12,616,479 shares**, rising from **41.93%** to **48.09%** of total shares, with a corresponding decrease in unrestricted shares, primarily due to changes in senior management lock-up shares 2025 Semi-Annual Share Capital Changes | Share Type | Quantity Before Change (shares) | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion Before Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 85,845,422 | 12,616,479 | 98,461,901 | 41.93% | 48.09% | | II. Unrestricted Shares | 118,904,578 | -12,616,479 | 106,288,099 | 58.07% | 51.91% | | III. Total Shares | 204,750,000 | 0 | 204,750,000 | 100.00% | 100.00% | 2025 Semi-Annual Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period | Increase in Restricted Shares in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhang Gengsheng | 52,471,687 | 17,490,563 | 69,962,250 | Senior management lock-up shares, fully restricted for six months after resignation | | Huang Zhongheng | 12,716,035 | 0 | 9,537,026 | Senior management lock-up shares, 25% of total shares released annually | | Peng Hongyi | 6,948,825 | 0 | 5,448,825 | Current director, senior management, 25% of total shares released annually during tenure | | Cong Denggao | 2,370,055 | 0 | 2,175,055 | Current director, 25% of total shares released annually during tenure | | Yang Liuchu | 310,856 | 0 | 310,781 | Resigned supervisor, 25% of total shares released annually during tenure | [2. Securities Issuance and Listing](index=34&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) 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[140](index=140&type=chunk) [3. Number of Shareholders and Shareholding Structure](index=34&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) At the end of the reporting period, the company had **29,926** common shareholders, with Zhang Gengsheng as the largest shareholder holding **34.17%**, and Shanghai Mojia Investment Management Center (Limited Partnership) holding **6.40%** - Total number of common shareholders at the end of the reporting period: **29,926** households[140](index=140&type=chunk) 2025 Semi-Annual Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shareholding at End of Reporting Period | Restricted Shares Held | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Gengsheng | Domestic Natural Person | 34.17% | 69,962,250.00 | 69,962,250.00 | 0 | | Shanghai Mojia Investment Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.40% | 13,108,875.00 | 0.00 | 13,108,875.00 | | Huang Zhongheng | Domestic Natural Person | 6.21% | 12,716,035.00 | 9,537,026.00 | 3,179,009 | | Peng Hongyi | Domestic Natural Person | 3.55% | 7,265,100.00 | 5,448,825.00 | 1,816,275 | | Lin Lan | Domestic Natural Person | 2.14% | 4,387,500.00 | 3,290,625.00 | 1,096,875 | | Wang Qi | Domestic Natural Person | 1.93% | 3,944,627.00 | 2,958,470.00 | 986,157 | | Cong Denggao | Domestic Natural Person | 1.42% | 2,900,074.00 | 2,175,055.00 | 725,019 | | Guo Shangbin | Domestic Natural Person | 1.35% | 2,770,000.00 | 0.00 | 2,770,000.00 | | Tian Wei | Domestic Natural Person | 1.27% | 2,595,824.00 | 1,946,868.00 | 648,956 | | Wu Zhenlin | Domestic Natural Person | 0.76% | 1,551,875.00 | 1,163,906.00 | 387,969 | - Zhang Gengsheng and Lin Lan are a married couple, and Shanghai Mojia Investment Management Center (Limited Partnership) is a partnership where Zhang Gengsheng holds **99%** and Lin Lan holds **1%**[140](index=140&type=chunk) - The company's dedicated share repurchase account currently holds **1,791,153 shares**, ranking tenth among all company shareholders[141](index=141&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&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) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, with details available in the 2024 annual report[142](index=142&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=36&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) 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[143](index=143&type=chunk) - The company's actual controller did not change during the reporting period[143](index=143&type=chunk) [6. Preferred Share Information](index=37&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) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[144](index=144&type=chunk) [Section VII Bond-Related Information](index=38&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides information regarding the company's bond-related activities [Bond-Related Information](index=38&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[146](index=146&type=chunk) [Section VIII Financial Report](index=39&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items [1. Audit Report](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[148](index=148&type=chunk) [2. Financial Statements](index=39&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's 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, operating results, and cash flows during the reporting period [1. Consolidated Balance Sheet](index=39&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **1.34 billion yuan**, with a high proportion of current assets, while other current assets significantly decreased due to the maturity of large-denomination certificates of deposit 2025 June 30 Consolidated Balance Sheet Key Data | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,339,681,171.82 | 1,393,939,333.22 | | Cash and Bank Balances | 182,017,035.80 | 118,164,191.69 | | Trading Financial Assets | 290,592,991.81 | 21,000,388.33 | | Accounts Receivable | 82,947,264.10 | 56,134,590.04 | | Inventories | 113,881,931.26 | 30,618,061.19 | | Other Current Assets | 592,995,253.98 | 1,070,364,147.71 | | Total Liabilities | 71,910,800.03 | 106,807,084.50 | | Total Owners' Equity | 1,267,770,371.79 | 1,287,132,248.72 | [2. Parent Company Balance Sheet](index=41&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **1.26 billion yuan**, with current assets totaling **1.21 billion yuan**, and trading financial assets at **240.59 million yuan** at period-end, while long-term equity investments decreased 2025 June 30 Parent Company Balance Sheet Key Data | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,257,397,201.29 | 1,239,358,111.13 | | Cash and Bank Balances | 156,031,908.31 | 82,252,413.19 | | Trading Financial Assets | 240,592,991.81 | 0 | | Long-Term Equity Investments | 33,573,969.00 | 45,593,969.00 | | Total Liabilities | 176,980,235.82 | 146,838,850.69 | | Other Payables | 114,406,274.61 | 65,933,139.77 | | Total Owners' Equity | 1,080,416,965.47 | 1,092,519,260.44 | [3. Consolidated Income Statement](index=43&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company's consolidated total operating revenue was **86.67 million yuan**, a **7.08%** year-on-year decrease, while total operating costs increased by **7.13%** to **99.77 million yuan**, resulting in a **65.02%** decline in net profit to **6.75 million yuan** 2025 Semi-Annual Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 86,672,398.77 | 93,280,338.83 | | Total Operating Cost | 99,765,567.56 | 93,122,470.25 | | Operating Profit | 8,673,312.52 | 20,140,402.62 | | Total Profit | 8,613,624.82 | 20,160,311.98 | | Net Profit | 6,746,542.91 | 19,287,200.84 | | Net Profit Attributable to Parent Company Shareholders | 6,384,054.35 | 19,107,959.14 | | Basic Earnings Per Share (yuan/share) | 0.03 | 0.09 | | Diluted Earnings Per Share (yuan/share) | 0.03 | 0.09 | [4. Parent Company Income Statement](index=45&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the parent company's operating revenue increased by **23.09%** to **71.69 million yuan**, and net profit increased by **70.04%** to **17.25 million yuan**, driven by significantly higher investment income and reduced R&D and selling expenses 2025 Semi-Annual Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 71,694,936.75 | 58,250,690.45 | | Operating Cost | 56,958,986.50 | 40,152,090.18 | | Selling Expenses | 5,433,585.88 | 6,588,213.08 | | Research and Development Expenses | 11,976,203.22 | 13,758,910.72 | | Investment Income | 20,825,353.99 | 16,677,790.93 | | Net Profit | 17,252,766.67 | 10,151,830.42 | [5. Consolidated Cash Flow Statement](index=47&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the company's net cash flow from operating activities was **-132.32 million yuan**, a significant **90.26%** year-on-year decrease, while net cash flow from investing activities increased by **180.88%** to **224.56 million yuan** due to increased investment recoveries 2025 Semi-Annual Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -132,317,083.05 | -69,545,032.23 | | Net Cash Flow from Investing Activities | 224,564,419.94 | 79,950,272.69 | | Net Cash Flow from Financing Activities | -27,348,402.69 | -40,364,648.46 | | Net Increase in Cash and Cash Equivalents | 64,888,895.93 | -29,949,505.75 | - Total cash outflow from operating activities was **262.93 million yuan**, mainly due to a significant increase in cash paid for goods and services[165](index=165&type=chunk) - Total cash inflow from investing activities was **773.24 million yuan**, primarily due to a significant increase in cash received from investment recoveries[166](index=166&type=chunk) [6. Parent Company Cash Flow Statement](index=48&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the parent company's net cash flow from operating activities was **-63.46 million yuan**, a **95.12%** year-on-year decrease, while net cash flow from investing activities increased by **160.38%** to **164.11 million yuan** 2025 Semi-Annual Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -63,462,318.15 | -32,521,696.22 | | Net Cash Flow from Investing Activities | 164,106,146.58 | 63,026,024.51 | | Net Cash Flow from Financing Activities | -25,834,108.31 | -40,053,583.04 | | Net Increase in Cash and Cash Equivalents | 74,809,720.12 | -9,549,254.75 | [7. Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the company's consolidated owners' equity totaled **1.27 billion yuan**, a slight decrease from the beginning of the period, with net profit increasing by **6.38 million yuan** but profit distribution reducing retained earnings by **25.49 million yuan** 2025 Semi-Annual Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,287,089,545.91 | -19,105,264.47 | 1,267,984,281.44 | | Minority Interests | 42,702.81 | -256,612.46 | -213,909.65 | | Total Owners' Equity | 1,287,132,248.72 | -19,361,876.93 | 1,267,770,371.79 | | Net Profit Attributable to Parent Company Owners | | 6,384,054.35 | | | Appropriation of Surplus Reserve | | -1,725,276.67 | | | Distribution to Owners (or Shareholders) | | -25,489,318.82 | | [8. Parent Company Statement of Changes in Owners' Equity](index=53&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the parent company's total owners' equity was **1.08 billion yuan**, a slight decrease from the beginning of the period, with net profit increasing by **17.25 million yuan** but profit distribution reducing retained earnings by **24.36 million yuan** 2025 Semi-Annual Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,092,519,260.44 | -12,102,294.97 | 1,080,416,965.47 | | Net Profit | | 17,252,766.67 | | | Appropriation of Surplus Reserve | | -1,725,276.67 | | | Distribution to Owners (or Shareholders) | | -24,355,061.64 | | [3. Company Overview](index=57&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) Fujian Chuangshi Technology Co, Ltd, established on August 18, 1995, with a registered capital of **204.75 million yuan**, operates in the software and information technology services industry, with Mr Zhang Gengsheng and Ms Lin Lan as its actual controllers - The company was established on **August 18, 1995**, with a registered capital of **204.75 million yuan**[184](index=184&type=chunk) - The company belongs to the software and information technology services industry[185](index=185&type=chunk) - Its main business activities include software development, information technology consulting services, information system integration services, and data processing and storage support services[185](index=185&type=chunk) - The company's actual controllers are Mr Zhang Gengsheng and his spouse, Ms Lin Lan[186](index=186&type=chunk) [4. Basis of Financial Statement Preparation](index=57&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) 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 - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the relevant provisions of the China Securities Regulatory Commission's "Information Disclosure Guidelines for Companies Issuing Securities No 15 - General Provisions for Financial Reports"[188](index=188&type=chunk) - These financial statements are prepared on a going concern basis[189](index=189&type=chunk) - The company possesses the ability to continue as a going concern for at least **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[190](index=190&type=chunk) [5. Significant Accounting Policies and Estimates](index=58&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, including its adherence to accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combination accounting, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, contract assets, inventories, long-term investments, fixed assets, intangible assets, impairment, revenue recognition, government grants, deferred taxes, and leases - The company adheres to the requirements of the Accounting Standards for Business Enterprises, truthfully and completely reflecting its financial position, operating results, and cash flows[191](index=191&type=chunk) - The company uses RMB as its functional currency, and its operating cycle is **12 months**[193](index=193&type=chunk)[194](index=194&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[214](index=214&type=chunk) - The company recognizes revenue when it satisfies its performance obligations in the contract, i.e., when the customer obtains control of the related goods or services[313](index=313&type=chunk) [6. Taxation](index=85&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (**13%**, **6%**), urban maintenance and construction tax (**5%**, **7%**), corporate income tax (**15%**, **16.5%**, **25%**, **5%**), education surcharge (**3%**), and local education surcharge (**2%**), with some subsidiaries enjoying high-tech or small-profit enterprise income tax incentives and VAT refunds for software products Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 6% | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | 15%, 16.5%, 25%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Beijing Digital Chuangshi Technology Co, Ltd enjoys a **15%** corporate income tax rate as a high-tech enterprise[351](index=351&type=chunk) - Guangzhou Zhijing Hongyue Information Technology Co, Ltd, Shanghai Huyu Chuangsi Information Technology Co, Ltd, and other subsidiaries qualify as small and micro enterprises, enjoying preferential income tax policies[351](index=351&type=chunk) - The company and its subsidiaries sell self-developed software products, which are subject to a **13%** VAT rate, with immediate refunds for the porti