公司代码：688087 公司简称：英科再生 英科再生资源股份有限公司 2025 年半年度报告 1 / 207 英科再生资源股份有限公司2025 年半年度报告 英科再生资源股份有限公司2025 年半年度报告 跨山越海,奔赴热爱 2025 年上半年，对诸多外贸型企业而言，4 月初突如其来、不确定性的关税政 策，实质意义上成为考验一家企业是否具备短期应变能力与长期可持续发展能力兼备 的试金石。当此篇半年度报告披露之际，我们愿将分享的主题定为 "跨山越海，奔 赴热爱"。英科进一步快速实现跨山（东）越海（外），提升东南亚产能释放，以更 加从容的姿态、更加创新的思维、更加务实的行动，参与到我们所属行业的全球供应 链、产业链重塑的版图中来。 一、"中国+东南亚制造"进程提速 2025年上半年，公司外销收入占比已从2024年度的83.27%进一步提升至88.80%， 服务全球超 130 个国家，其中，美国市场占比保持稳定。很重要的一点，得益于我们 早在 2019 年开始布局的越南清化基地投建。越南清化一期占地 6 公顷，自 2024 年后 始终处于满产满销状态；二期占地 8 公顷， 2025 年初完成厂房基建后，管理层便前 ...

[Item I. Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section guarantees the truthfulness, accuracy, and completeness of the semi-annual report by the company's board and management, while also highlighting potential risks related to natural gas exploration, industry policies, contract rights, and goodwill [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - The company highlighted risks such as natural gas exploration and development, natural gas industry policy, contract rights, and high goodwill balances[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear table of contents covers eight main chapters, including company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports - The report contains eight main chapters, covering company operations, finance, governance, and significant matters[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include the semi-annual report signed by the legal representative, signed and sealed financial statements, originals of all publicly disclosed company documents and announcements during the reporting period, and other relevant materials - Reference documents include the semi-annual report signed by the legal representative, signed and sealed financial statements, and originals of publicly disclosed company documents and announcements[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms appearing in the report, including company name, major subsidiaries, cooperation contracts, relevant laws and regulations, and reporting period, to ensure accurate understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year period refers to January 1, 2024, to June 30, 2024[9](index=9&type=chunk) - Company, the Company, and Shuhua Gas all refer to Shuhua Gas Technology (Shanghai) Co., Ltd[9](index=9&type=chunk) - Zhonghai Wobang refers to Beijing Zhonghai Wobang Energy Investment Co., Ltd., one of the main operating entities for the company's natural gas business[9](index=9&type=chunk) [Item II. Company Profile and Key Financial Indicators](index=6&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section details Shuhua Gas Technology (Shanghai) Co., Ltd.'s basic information and discloses key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in operating revenue and net profit [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shuhua Gas Technology (Shanghai) Co., Ltd.'s stock abbreviation is Shuhua Gas, stock code is 300483, listed on the Shenzhen Stock Exchange, and its legal representative is Wang Zhihong - Company stock abbreviation: Shuhua Gas, stock code: **300483**, listed on: Shenzhen Stock Exchange[11](index=11&type=chunk) - Company legal representative: Wang Zhihong[11](index=11&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Zhang Qian, and Securities Affairs Representative is Wang Zhulin, both located at Room 1204, Building 3, No. 58 Yaoyuan Road, Pudong New Area, Shanghai, with provided phone, fax, and email - Board Secretary: Zhang Qian, Securities Affairs Representative: Wang Zhulin[12](index=12&type=chunk) - Contact address: Room 1204, Building 3, No. 58 Yaoyuan Road, Pudong New Area, Shanghai[12](index=12&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) 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) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 117.20% to 1.338 billion yuan, and net profit attributable to shareholders turned profitable at 8.368 million yuan 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,338,246,570.99 | 616,146,572.19 | 117.20% | | Net Profit Attributable to Shareholders of Listed Company | 8,368,183.12 | -64,116,312.94 | 113.05% | | Net Cash Flow from Operating Activities | 799,535,318.85 | 116,191,751.94 | 588.12% | | Basic Earnings Per Share (yuan/share) | 0.031 | -0.239 | 112.97% | | Total Assets (Period-end) | 8,626,200,991.54 | 8,364,635,841.80 | 3.13% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,062,041,987.36 | 1,987,847,906.99 | 3.73% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports prepared under international accounting standards and Chinese accounting standards during the reporting period[17](index=17&type=chunk) - The company reported no differences in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese accounting standards during the reporting period[18](index=18&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to 2.313 million yuan, primarily including disposal gains/losses on non-current assets, government subsidies, fair value changes and disposal gains/losses of financial assets and liabilities 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | 135,056.50 | | Government subsidies recognized in current profit or loss | 936,103.29 | | Gains/losses from changes in fair value of financial assets and liabilities, and disposal gains/losses of financial assets and liabilities | 4,168,227.19 | | Other non-operating income and expenses apart from the above | -173,827.73 | | Less: Income tax impact | 1,603,071.76 | | Impact on minority interests (after tax) | 1,149,464.77 | | **Total** | **2,313,022.72** | - The company had no other items meeting the definition of non-recurring gains and losses, nor did it classify any non-recurring items as recurring gains and losses[21](index=21&type=chunk) [Item III. Management Discussion and Analysis](index=9&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) This section comprehensively reviews the company's operating performance for the first half of 2025, covering main businesses, industry developments, core competencies, operating results, and key work progress [I. Company's Main Businesses During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily engages in natural gas business, encompassing exploration, development, production, transportation, compression, and sales, with production reaching a new historical high in the first half of 2025 - The company's main business is natural gas exploration, development, production, transportation, compression, and sales, primarily operated by Zhonghai Wobang, Yonghe Weirun, Zhejiang Wojing, and Shanxi Wojin[23](index=23&type=chunk)[24](index=24&type=chunk) - In the first half of 2025, national industrial natural gas output reached **130.8 billion cubic meters**, a year-on-year increase of **5.8%**, setting a new historical high for the same period[23](index=23&type=chunk) - The company's main product is natural gas, transported via pipeline systems to cities along the route in Shanxi Province or large direct users, or uploaded to the "West-to-East Gas Pipeline" national trunk line[27](index=27&type=chunk) - The company, through a Production Sharing Contract (PSC), obtained the 30-year natural gas exploration, development, and production operating rights for the **1,524 square kilometers** Shilou West block[28](index=28&type=chunk) [(I) Industry Development of the Company](index=9&type=section&id=(I)Industry%20Development%20of%20the%20Company) 2025 marks the final year of the "14th Five-Year Plan," with the natural gas industry deepening its commitment to energy security, increasing reserves and production, and advancing the construction of a production, supply, storage, and sales system - In the first half of 2025, national industrial natural gas output reached **130.8 billion cubic meters**, setting a new historical high for the same period, with a year-on-year increase of **5.8%**[23](index=23&type=chunk) - The "Energy Law of the People's Republic of China" came into effect on January 1, 2025, providing a legal foundation for energy development and security[23](index=23&type=chunk) [(II) Company's Main Businesses, Products, and Their Uses](index=9&type=section&id=(II)Company%27s%20Main%20Businesses%2C%20Products%2C%20and%20Their%20Uses) The company's main business is natural gas, including exploration, development, production, transportation, compression, and sales, serving diverse downstream applications - The company's main business is natural gas exploration, development, production, transportation, compression, and sales[24](index=24&type=chunk) - The company's main product is natural gas, transported via pipeline systems to cities along the route in Shanxi Province or large direct users, or uploaded to the "West-to-East Gas Pipeline" national trunk line[27](index=27&type=chunk) - Downstream customers use natural gas primarily for urban residential use, industrial production and chemical use, transportation, and natural gas power generation, among other applications[27](index=27&type=chunk) [(III) Company's Main Business Model](index=10&type=section&id=(III)Company%27s%20Main%20Business%20Model) The company's main business models include natural gas extraction and sales through a Production Sharing Contract, natural gas sales by purchasing from adjacent blocks, and natural gas transportation and compression services - The company's controlled subsidiary, Zhonghai Wobang, operates natural gas exploration, development, production, and sales through a Production Sharing Contract (PSC contract) as the operator of the cooperation block[28](index=28&type=chunk) - Zhonghai Wobang signed a "Cooperation Contract" with CNPC Coal, obtaining 30 years of natural gas exploration, development, and production operating rights for the **1,524 square kilometers** Shilou West block[28](index=28&type=chunk) - The company, through its sales subsidiaries, purchases natural gas from adjacent CNPC blocks for sales and utilizes Yonghe Weirun's Yongxi connection line to provide natural gas transportation and compression services[31](index=31&type=chunk)[32](index=32&type=chunk) [(IV) Exploration and Development of Shilou West Block](index=11&type=section&id=(IV)Exploration%20and%20Development%20of%20Shilou%20West%20Block) As of the end of the reporting period, the Shilou West block has filed tight gas geological reserves of 127.6 billion cubic meters and coalbed methane proven geological reserves of 88.741 billion cubic meters Shilou West Block Natural Gas (Tight Gas) Reserve Status (as of the end of the reporting period) | Item | Overlapping Gas-bearing Area (square kilometers) | Geological Reserves (billion cubic meters) | Technically Recoverable Reserves (billion cubic meters) | Economically Recoverable Reserves (billion cubic meters) | | :--- | :--- | :--- | :--- | :--- | | Yonghe 18 Well Area | 114 | 157 | 77 | 46 | | Yonghe 30 Well Area | 346 | 484 | 231 | 186 | | Yonghe 45 Well Area | 468 | 635 | 302 | 211 | | **Total** | **928** | **1,276** | **610** | **443** | Shilou West Block Natural Gas (Coalbed Methane) Reserve Status (as of the disclosure date) | Item | Overlapping Gas-bearing Area (square kilometers) | Geological Reserves (billion cubic meters) | Technically Recoverable Reserves (billion cubic meters) | Economically Recoverable Reserves (billion cubic meters) | | :--- | :--- | :--- | :--- | :--- | | Yonghe 45-34 Well Area | 230.50 | 681.90 | 340.95 | 264.96 | | Yonghe 45-34 Well Area West | 69.60 | 205.51 | 102.75 | 77.46 | | **Total** | **300.10** | **887.41** | **443.70** | **342.42** | [II. Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in abundant reserves, accumulated unconventional natural gas exploration and development technology, and strong market channels through its sales subsidiaries and pipeline network - The company possesses abundant natural gas reserves, with economically recoverable tight gas reserves of **44.3 billion cubic meters** and economically recoverable coalbed methane reserves of **34.242 billion cubic meters**[37](index=37&type=chunk) - The company has been deeply involved in natural gas extraction for many years, accumulating rich experience in unconventional natural gas exploration and development, and established a New Energy Research Institute to continuously explore new technologies[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's controlled subsidiary, Zhonghai Wobang, was recognized as a "High-tech Enterprise" and obtained multiple intellectual property certifications and honors[41](index=41&type=chunk) - The company leverages Shanxi Province's complete natural gas industry chain and its own sales subsidiaries to continuously expand downstream sales markets and enhance natural gas sales bargaining power[42](index=42&type=chunk) - Through the acquisition of **51%** equity in Yonghe Weirun, the company further expanded its downstream natural gas sales business and enhanced the upload capacity of the Yongxi connection line[43](index=43&type=chunk) [(I) Reserve Advantage](index=11&type=section&id=(I)Reserve%20Advantage) Zhonghai Wobang, as the core of the company's natural gas business, relies on the natural gas reserves of its cooperation blocks for its development, with significant tight gas and coalbed methane reserves - The Shilou West block has tight gas geological reserves of **127.6 billion cubic meters**, technically recoverable reserves of **61 billion cubic meters**, and economically recoverable reserves of **44.3 billion cubic meters**[37](index=37&type=chunk) - The Shilou West block has accumulated proven coalbed methane geological reserves of **88.741 billion cubic meters**, technically recoverable reserves of **44.370 billion cubic meters**, and economically recoverable reserves of **34.242 billion cubic meters**[37](index=37&type=chunk) - The company continues to conduct outward exploration for coalbed methane to further increase proven reserves in new areas[37](index=37&type=chunk) [(II) Technological Advantage](index=12&type=section&id=(II)Technological%20Advantage) The company has accumulated rich experience in unconventional natural gas exploration and development, possessing a professional technical team and continuously investing in R&D and technological innovation - The company has accumulated rich experience in unconventional natural gas exploration and development, with technical personnel averaging over **10 years** of experience[38](index=38&type=chunk) - The company established a New Energy Research Institute to focus on natural gas exploration and development technology research, and its subsidiary Zhonghai Wobang established a High-tech Science and Technology Committee[39](index=39&type=chunk) - Zhonghai Wobang was recognized as a "High-tech Enterprise" and obtained "Zhongguancun High-tech Enterprise Certificate" and "Intellectual Property Management System Certification," as well as national patent-intensive product registration and recognition[41](index=41&type=chunk) - As of the end of June 2025, the company's natural gas business had obtained **146 authorized patents** and applied for **17 software copyrights**[41](index=41&type=chunk) [(III) Market and Industry Chain Advantage](index=13&type=section&id=(III)Market%20and%20Industry%20Chain%20Advantage) Shanxi Province boasts a complete natural gas industry chain and the advantage of national trunk pipelines passing through, with the Shilou West block's export pipeline connected to provincial trunk lines and the national pipeline network - The Shilou West block's export pipeline is connected to the provincial trunk line Linlin Line and the national pipeline network West-to-East Gas Pipeline I for sales to domestic downstream markets[42](index=42&type=chunk) - The company expands downstream sales markets by establishing Shanxi Wojin Gas Sales Co., Ltd., Zhejiang Wojing Energy Co., Ltd., and jointly forming Shanxi Hengjing Energy Co., Ltd[42](index=42&type=chunk) - In February 2024, the company completed the acquisition of **51%** equity in Yonghe Weirun, enhancing its natural gas compression, pipeline transportation, and sales capabilities, and expanding its business footprint[43](index=43&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) In the first half of 2025, the company's main business performed strongly, with operating revenue increasing by 117% and net profit attributable to the parent company turning profitable, supported by a significant increase in natural gas production and sales 2025 Semi-Annual Overview of Operating Results | Indicator | Current Reporting Period | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | **1.338 billion yuan** | **117%** | | Net Profit | **34.6101 million yuan** | Increased by **108.4922 million yuan** | | Net Profit Attributable to Shareholders of Listed Company | **8.3682 million yuan** | Increased by **72.4845 million yuan** (turned profitable) | | Net Cash Flow from Operating Activities | **800 million yuan** | **588%** | - In the first half of 2025, the company's natural gas production was **423 million cubic meters**, a **116%** increase year-on-year; natural gas sales volume was **639 million cubic meters**, a **109%** increase year-on-year[47](index=47&type=chunk) - The "Report on New Proven Reserves of Coalbed Methane in the Permian Lower Taiyuan Formation No. 8 Coal Seam in the Western Area of Yonghe 45-34 Well Block, Daji Coalbed Methane Field, Linfen" passed review and filing, adding **20.551 billion cubic meters** of proven geological reserves[48](index=48&type=chunk) - The company prepared the "Development Plan for the YH45-34 Well Block Production Capacity Construction Project in Shilou West Block, Daji Coalbed Methane Field, Linfen Coalbed Methane Company," with an overall design capacity of **1.3 billion cubic meters/year**[49](index=49&type=chunk) - The company's subsidiary Yonghe Weirun achieved natural gas pipeline transportation volume of approximately **468 million cubic meters**, a year-on-year increase of **85%**[53](index=53&type=chunk) - The first vesting period of the company's 2024 Restricted Stock Incentive Plan has been completed, and the 2025 Restricted Stock Incentive Plan was approved in the first half of 2025[54](index=54&type=chunk)[55](index=55&type=chunk) [(I) Overview of Operating Results](index=14&type=section&id=(I)Overview%20of%20Operating%20Results) In the first half of 2025, driven by a significant increase in natural gas production and sales, the company achieved operating revenue of 1.338 billion yuan, a 117% year-on-year increase - In the first half of 2025, the company achieved operating revenue of **1.338 billion yuan**, a year-on-year increase of **117%**[45](index=45&type=chunk) - Net profit attributable to shareholders of the listed company reached **8.3682 million yuan**, a year-on-year increase of **72.4845 million yuan**, achieving a turnaround from loss to profit year-on-year[45](index=45&type=chunk) - Net cash flow from operating activities reached **800 million yuan**, a year-on-year increase of **588%**[45](index=45&type=chunk) [(II) Review of Key Work in H1 2025](index=14&type=section&id=(II)Review%20of%20Key%20Work%20in%20H1%202025) The company efficiently advanced production and construction in the Shilou West block, with natural gas production and sales both significantly increasing, and continuously submitted new proven deep coalbed methane reserves - In the first half of 2025, the company's natural gas production was **423 million cubic meters**, a **116%** increase compared to the prior year period; natural gas sales volume was **639 million cubic meters**, a **109%** increase compared to the prior year period[47](index=47&type=chunk) - In the first half of the year, **31 deep coalbed methane horizontal wells** were completed in the Shilou West block, and **11 wells** were put into production[47](index=47&type=chunk) - The "Report on New Proven Reserves of Coalbed Methane in the Permian Lower Taiyuan Formation No. 8 Coal Seam in the Western Area of Yonghe 45-34 Well Block, Daji Coalbed Methane Field, Linfen" passed review and filing, adding **20.551 billion cubic meters** of proven geological reserves[48](index=48&type=chunk) - The company's geological engineering team established a set of development technical policies and strategies adapted to the tight gas and coalbed methane in the Shilou West block[51](index=51&type=chunk) - The company continued to advance power grid construction and water pipeline construction projects, achieving electric drilling and fracturing operations and water supply to all platforms[52](index=52&type=chunk) - The company's subsidiary Yonghe Weirun achieved natural gas pipeline transportation volume of approximately **468 million cubic meters**, a year-on-year increase of **85%**[53](index=53&type=chunk) - The first vesting period of the company's 2024 Restricted Stock Incentive Plan has been completed, greatly enhancing employee motivation[54](index=54&type=chunk)[55](index=55&type=chunk) [Year-on-Year Changes in Key Financial Data](index=16&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) During the reporting period, the company's operating revenue increased by 117.20% primarily due to increased production and sales, with operating costs increasing by 101.42% correspondingly Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,338,246,570.99 | 616,146,572.19 | 117.20% | Mainly due to increased production in Shilou West and external gas sources | | Operating Costs | 1,156,359,816.86 | 574,092,176.98 | 101.42% | Mainly due to increased costs corresponding to increased production and sales | | Selling Expenses | 2,462,261.47 | 974,139.47 | 152.76% | Mainly due to increased expenses corresponding to increased sales business scale | | Income Tax Expense | 21,531,139.86 | 1,158,496.59 | 1,758.54% | Mainly due to increased total profit and corresponding increased income tax expense in the reporting period | | R&D Investment | 767,842.27 | 1,136,546.90 | -32.44% | Mainly due to decreased expensed R&D investment in the reporting period | | Net Cash Flow from Operating Activities | 799,535,318.85 | 116,191,751.94 | 588.12% | Mainly due to increased net inflow from operating activities corresponding to increased production and sales in the reporting period | | Net Cash Flow from Investing Activities | 232,988,985.22 | -837,172,954.48 | 127.83% | Mainly due to purchase and redemption of wealth management investments shifting from net outflow in the prior period to net inflow in the current period | | Net Cash Flow from Financing Activities | -174,123,574.99 | 246,585,147.73 | -170.61% | Mainly due to obtaining and repaying borrowings shifting from net inflow in the prior period to net outflow in the current period | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[57](index=57&type=chunk) [Products or Services Accounting for Over 10%](index=16&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25) Natural gas business is the company's main product or service accounting for over 10%, with operating revenue reaching 1.338 billion yuan in the reporting period, a 117.19% year-on-year increase Key Financial Data for Natural Gas Business | Indicator | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Costs | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Natural Gas Business | 1,338,197,769.22 | 1,156,359,816.86 | 13.59% | 117.19% | 101.42% | 6.76% | [IV. Analysis of Non-Core Business](index=17&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) During the reporting period, the company's non-core businesses primarily included investment income, fair value change gains/losses, and asset impairment, with investment income being sustainable Analysis of Non-Core Business | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 5,919,514.85 | 10.54% | Mainly wealth management income of **5.7633 million yuan** | Yes | | Fair Value Change Gains/Losses | -1,595,033.36 | -2.84% | - | No | | Asset Impairment | -4,219,008.88 | -7.51% | Mainly reversal of accounts receivable impairment at the end of the reporting period | No | [V. Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both the company's total assets and net assets attributable to shareholders increased, with monetary funds significantly rising and trading financial assets decreasing 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 | 1,789,614,656.13 | 20.75% | 694,104,786.90 | 8.30% | 12.45% | Mainly due to net cash inflow from operating activities and maturity of wealth management products at the end of the reporting period | | Accounts Receivable | 79,282,988.30 | 0.92% | 156,079,202.93 | 1.87% | -0.95% | - | | Construction in Progress | 1,107,014,108.67 | 12.83% | 948,482,223.17 | 11.34% | 1.49% | - | | Short-term Borrowings | 109,933,962.75 | 1.27% | 225,210,541.45 | 2.69% | -1.42% | - | | Long-term Borrowings | 834,180,000.00 | 9.67% | 1,163,700,000.00 | 13.91% | -4.24% | - | | Trading Financial Assets | 110,269,347.22 | 1.28% | 937,706,784.58 | 11.21% | -9.93% | - | Financial Assets Measured at Fair Value | Item | Amount at Beginning of Period (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Amount at End of Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 937,706,784.58 | -2,437,437.36 | 3,742,000,000.00 | 4,567,000,000.00 | 110,269,347.22 | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[67](index=67&type=chunk) [1. Significant Changes in Asset Composition](index=17&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's monetary funds increased by 12.45% compared to the end of the previous year, mainly due to net cash inflow from operating activities and maturity of wealth management products 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 | 1,789,614,656.13 | 20.75% | 694,104,786.90 | 8.30% | 12.45% | Mainly due to net cash inflow from operating activities and maturity of wealth management products at the end of the reporting period | | Accounts Receivable | 79,282,988.30 | 0.92% | 156,079,202.93 | 1.87% | -0.95% | - | | Construction in Progress | 1,107,014,108.67 | 12.83% | 948,482,223.17 | 11.34% | 1.49% | - | | Short-term Borrowings | 109,933,962.75 | 1.27% | 225,210,541.45 | 2.69% | -1.42% | - | | Long-term Borrowings | 834,180,000.00 | 9.67% | 1,163,700,000.00 | 13.91% | -4.24% | - | | Trading Financial Assets | 110,269,347.22 | 1.28% | 937,706,784.58 | 11.21% | -9.93% | - | [3. Assets and Liabilities Measured at Fair Value](index=18&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value primarily consisted of trading financial assets, with an ending balance of 110 million yuan, a significant decrease from 938 million yuan at the beginning of the period Financial Assets Measured at Fair Value | Item | Amount at Beginning of Period (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Amount at End of Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 937,706,784.58 | -2,437,437.36 | 3,742,000,000.00 | 4,567,000,000.00 | 110,269,347.22 | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[67](index=67&type=chunk) [4. Asset Restrictions as of the End of the Reporting Period](index=18&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, details of the company's asset restrictions are provided in Section VIII Financial Report / VII. Notes to Consolidated Financial Statements / 19. Assets with Restricted Ownership or Use Rights - As of the end of the reporting period, details of asset restrictions are provided in Section VIII Financial Report / VII. Notes to Consolidated Financial Statements / 19. Assets with Restricted Ownership or Use Rights[67](index=67&type=chunk) [VI. Analysis of Investment Status](index=18&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company did not undertake significant equity or non-equity investments, with raised funds primarily used for the "Shilou West Block Natural Gas Phased Development Project" and supplementing working capital - The company's net proceeds from issuing convertible corporate bonds to unspecified investors amounted to **1,357.0313 million yuan**[70](index=70&type=chunk) - The raised funds investment project "Shilou West Block Natural Gas Phased Development Project" has completed project construction and been closed[72](index=72&type=chunk) - As of the end of the reporting period, cumulative raised funds invested totaled **747.7032 million yuan**, with the remaining **673.9486 million yuan** (including interest income) primarily used for cash management[73](index=73&type=chunk) Raised Funds Commitment Project Status | Financing Project Name | Committed Investment Amount of Raised Funds (million yuan) | Cumulative Investment Amount at Period-End (million yuan) | Investment Progress at Period-End | | :--- | :--- | :--- | :--- | | Shilou West Block Natural Gas Phased Development Project | 96,564.8 | 33,320.67 | 35.24% | | Supplement Working Capital | 41,384.91 | 41,449.65 | 100.16% | | **Total** | **137,949.71** | **74,770.32** | **--** | - The company plans to temporarily use no more than **400 million yuan** of temporarily idle raised funds to supplement working capital for operating activities related to the company's main business[75](index=75&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Entrusted Wealth Management Amount (million yuan) | Outstanding Balance (million yuan) | | :--- | :--- | :--- | | Brokerage Wealth Management Products | 18,000 | 0 | | Bank Wealth Management Products | 131,000 | 11,000 | | **Total** | **149,000** | **11,000** | - The company had no derivative investments or entrusted loans during the reporting period[79](index=79&type=chunk)[80](index=80&type=chunk) [1. Overall Situation](index=18&type=section&id=1.%20Overall%20Situation) During the reporting period, the company did not undertake significant equity or non-equity investments - The company had no significant equity investments during the reporting period[68](index=68&type=chunk) - The company had no significant ongoing non-equity investments during the reporting period[69](index=69&type=chunk) [5. Use of Raised Funds](index=19&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's net proceeds from issuing convertible corporate bonds to unspecified investors amounted to 1,357.0313 million yuan, with the "Shilou West Block Natural Gas Phased Development Project" completed and closed - The company's actual net proceeds from issuing convertible corporate bonds to unspecified investors amounted to **1,357.0313 million yuan**[70](index=70&type=chunk) - The raised funds investment project "Shilou West Block Natural Gas Phased Development Project" has completed project construction and been closed[72](index=72&type=chunk) Raised Funds Commitment Project Status | Financing Project Name | Committed Investment Amount of Raised Funds (million yuan) | Cumulative Investment Amount at Period-End (million yuan) | Investment Progress at Period-End | | :--- | :--- | :--- | :--- | | Shilou West Block Natural Gas Phased Development Project | 96,564.8 | 33,320.67 | 35.24% | | Supplement Working Capital | 41,384.91 | 41,449.65 | 100.16% | | **Total** | **137,949.71** | **74,770.32** | **--** | - As of June 30, 2025, the company had unused raised funds of **673.9486 million yuan**, of which **50 million yuan** was used for cash management[75](index=75&type=chunk) - The company plans to temporarily use no more than **400 million yuan** of temporarily idle raised funds to supplement working capital for operating activities related to the company's main business[75](index=75&type=chunk) [6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=21&type=section&id=6.%20Entrusted%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) During the reporting period, the company's entrusted wealth management transactions totaled 1,490 million yuan, with an outstanding balance of 110 million yuan at period-end, primarily consisting of bank wealth management products Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Entrusted Wealth Management Amount (million yuan) | Outstanding Balance (million yuan) | | :--- | :--- | :--- | | Brokerage Wealth Management Products | 18,000 | 0 | | Bank Wealth Management Products | 131,000 | 11,000 | | **Total** | **149,000** | **11,000** | - The company had no derivative investments or entrusted loans during the reporting period[79](index=79&type=chunk)[80](index=80&type=chunk) [VII. Significant Asset and Equity Sales](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets or equity - The company did not sell significant assets during the reporting period[81](index=81&type=chunk) - The company did not sell significant equity during the reporting period[82](index=82&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=22&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) During the reporting period, the performance of the company's major controlled subsidiaries, Beijing Zhonghai Wobang Energy Investment Co., Ltd. and Yonghe County Weirun Gas Co., Ltd., grew significantly Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | Subsidiary | Oil and natural gas technology development, technology transfer | 55,555.56 | 815,047.97 | 404,470.81 | 86,966.60 | 3,065.45 | 2,586.22 | | Zhejiang Wojing Energy Co., Ltd. | Subsidiary | Natural gas sales | 5,000.00 | 9,516.64 | 9,168.87 | 41,873.30 | 333.18 | 262.32 | | Yonghe County Weirun Gas Co., Ltd. | Subsidiary | Natural gas sales, pipeline transportation services | 18,000.00 | 30,541.87 | 26,908.13 | 39,882.57 | 4,824.01 | 3,847.75 | - Zhonghai Wobang achieved operating revenue of **869.666 million yuan**, a year-on-year increase of **95.05%**, and net profit of **25.8622 million yuan**, turning profitable year-on-year[84](index=84&type=chunk) - Yonghe Weirun achieved operating revenue of **398.8257 million yuan**, a year-on-year increase of **188.51%**, and net profit of **38.4775 million yuan**, a year-on-year increase of **148.73%**[84](index=84&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces natural gas reserve uncertainty, exploration and development risks, industry policy changes, price policy adjustments, subsidy policy uncertainty, and impairment risks from high balances of contract rights and goodwill - The company faces natural gas reserve uncertainty, exploration risks, and development risks, which may lead to discrepancies between actual extraction volumes and proven reserves or investments not discovering resources[85](index=85&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk) - The company faces risks of changes in natural gas industry policies, price policies, and subsidy policies, which may impact its operations[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - The company's intangible assets (contract rights) balance is **1,588.0131 million yuan**, and goodwill amounts to **236 million yuan**, posing impairment risks if operating performance falls short of expectations[93](index=93&type=chunk) - The company will continuously increase research investment, deepen geological understanding, innovate development technologies, and optimize and dynamically adjust technical solutions to address exploration and development risks[88](index=88&type=chunk) [(I) Natural Gas Exploration and Development Risks](index=23&type=section&id=(I)Natural%20Gas%20Exploration%20and%20Development%20Risks) The company faces natural gas reserve uncertainty, where actual reserves and extraction volumes may differ from disclosed data, and exploration work carries the risk of investment not discovering resources and being unrecoverable - The calculation and compilation of natural gas reserve data may be affected by various uncontrollable factors, leading to potential inconsistencies between actual reserves and disclosed data[85](index=85&type=chunk) - Natural gas exploration work carries the risk that investments may not discover resources and cannot be recovered within the contract period[86](index=86&type=chunk) - The development of natural gas resources in the Shilou West block involves inherent industry risks such as complex geological conditions, limited geological understanding, and adaptability of development processes[88](index=88&type=chunk) - The company will continuously increase research investment, deepen geological understanding of the Shilou West block, innovate development technologies, and optimize and dynamically adjust technical solutions to improve development success rates and reduce costs[88](index=88&type=chunk) [(II) Natural Gas Industry Policy Risks](index=24&type=section&id=(II)Natural%20Gas%20Industry%20Policy%20Risks) China's natural gas industry benefits from national industrial policy support, but future policy adjustments may impact industry development, and the refinement of pricing mechanisms may bring uncertainty - National natural gas industry policies may be adjusted in the future, impacting the development of China's natural gas industry[89](index=89&type=chunk) - China's natural gas prices are undergoing market-oriented reform, with sales prices and pipeline transportation prices still influenced by policies to some extent[90](index=90&type=chunk) - The implementation period for special funds for clean energy development is 2025-2029, and there is uncertainty regarding whether relevant national policies will change or be extended after expiration[92](index=92&type=chunk) [(III) Risks of High Balances in Contract Rights and Goodwill](index=25&type=section&id=(III)Risks%20of%20High%20Balances%20in%20Contract%20Rights%20and%20Goodwill) As of June 30, 2025, the company's intangible assets (contract rights) balance was 1,588.0131 million yuan, and goodwill amounted to 236 million yuan, posing impairment risks if future operating performance falls short of expectations - As of June 30, 2025, the company's intangible assets (contract rights) balance was **1,588.0131 million yuan**, posing impairment risk[93](index=93&type=chunk) - The company acquired control of Yonghe Weirun in early 2024, recognizing goodwill of **236 million yuan** attributable to the listed company, which carries impairment risk[93](index=93&type=chunk) [XI. Registration Form for Research, Communication, Interview Activities During the Reporting Period](index=25&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted on-site research by institutions such as Xuan Yuan Investment and Sheng Shi Zhi Ji Investment and conducted an online investor exchange via the Panorama Network platform, primarily discussing the company's operating situation - On April 28-29, 2025, the company hosted on-site research by institutions such as Xuan Yuan Investment and Sheng Shi Zhi Ji Investment[94](index=94&type=chunk) - On May 13, 2025, the company conducted an online exchange via the Panorama Network "Investor Relations Interactive Platform"[94](index=94&type=chunk) - The main content of the research and exchanges was the company's operating situation[94](index=94&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company formulated and disclosed its "Market Value Management System" in April 2025 but has not yet disclosed a valuation enhancement plan - The company formulated the "Market Value Management System" in April 2025 and disclosed it on the Juchao Information Network on April 25, 2025[96](index=96&type=chunk) - The company has not yet disclosed a valuation enhancement plan[96](index=96&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=26&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company has not yet disclosed its "Quality and Return Dual Enhancement" action plan announcement - The company has not yet disclosed its "Quality and Return Dual Enhancement" action plan announcement[97](index=97&type=chunk) [Item IV. Corporate Governance, Environment, and Society](index=27&type=section&id=Item%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, profit distribution plans, and the implementation progress of equity incentive plans during the reporting period [I. Changes in Company Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, supervisors Jiang Lei, Zhi Qingcui, and Li Xiaoqin resigned on July 17, 2025, due to contract termination, to align with the transitional arrangements for the implementation of new "Company Law" supporting rules Changes in Company Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Jiang Lei | Supervisor | Resignation | July 17, 2025 | Contract termination | | Zhi Qingcui | Supervisor | Resignation | July 17, 2025 | Contract termination | | Li Xiaoqin | Supervisor | Resignation | July 17, 2025 | Contract termination | - The changes are an adaptive adjustment to the company's governance framework based on the transitional arrangements for the implementation of new "Company Law" supporting rules[99](index=99&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[100](index=100&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The conditions for the first vesting period of the company's 2024 Restricted Stock Incentive Plan were met, and vesting for 68 incentive recipients was completed in June 2025 - The conditions for the first vesting period of the company's 2024 Restricted Stock Incentive Plan were met, and vesting for **68 eligible incentive recipients** was completed on June 20, 2025[106](index=106&type=chunk) - The company completed the initial grant of its 2025 Restricted Stock Incentive Plan, granting a total of **1.426 million restricted shares** to **15 incentive recipients** at a grant price of **4.69 yuan/share**[109](index=109&type=chunk) - During the reporting period, the company had no employee stock ownership plans or other employee incentive measures[110](index=110&type=chunk) [V. Social Responsibility](index=30&type=section&id=V.%20Social%20Responsibility) In the first half of 2025, the company operated legally and compliantly, actively fulfilling its social responsibilities, focusing on improving governance, standardizing operations, and safeguarding shareholder rights - The company focuses on improving governance, continuously refining its governance structure, standardizing company operations, and safeguarding the legitimate rights and interests of all shareholders[111](index=111&type=chunk) - The company strictly adheres to legal and regulatory requirements, promptly, accurately, and completely fulfills its information disclosure obligations, and communicates with investors through various channels[111](index=111&type=chunk) - The company places high importance on quality, occupational health and safety, and environmental protection management, establishing and certifying a comprehensive QHSE management system[112](index=112&type=chunk) - The company promotes local employment through industrial development, continuously increasing the local employee ratio, and actively participates in rural revitalization efforts, conducting aid-to-farmers and aid-to-disabled activities[113](index=113&type=chunk) [Item V. Significant Events](index=31&type=section&id=Item%20V.%20Significant%20Events) This section details significant events during the reporting period, including the fulfillment of asset restructuring commitments, non-operating fund occupation by controlling shareholders and related parties (none), illegal external guarantees (none), appointment of accounting firms (semi-annual report unaudited), major lawsuits and arbitrations (none), related party transactions (none), significant guarantees (guarantees for subsidiaries), and other major matters [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=31&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, all parties to the commitments made during asset restructuring (Tibet Jiaze Venture Capital Co., Ltd., Tibet Kejian Enterprise Management Co., Ltd., Cao Longxiang) fulfilled their respective commitments on time, with no violations found - As of January 6, 2025, Tibet Jiaze Venture Capital Co., Ltd., Tibet Kejian Enterprise Management Co., Ltd., Cao Longxiang, and other obligors have all complied with the commitments made during asset restructuring, with no violations found[116](index=116&type=chunk)[117](index=117&type=chunk) - Commitments include not seeking actual control of Woshi Shares, ensuring share reductions comply with relevant laws and regulations, and not transferring shares to specific parties via block trades or agreed transfers[116](index=116&type=chunk)[117](index=117&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=32&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the listed company[118](index=118&type=chunk) [III. Illegal External Guarantees](index=32&type=section&id=III.%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[119](index=119&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[120](index=120&type=chunk) [VII. Bankruptcy Reorganization Related Matters](index=33&type=section&id=VII.%20Bankruptcy%20Reorganization%20Related%20Matters) During the reporting period, the company did not experience any bankruptcy reorganization related matters - The company did not experience any bankruptcy reorganization related matters during the reporting period[121](index=121&type=chunk) [VIII. Litigation Matters](index=33&type=section&id=VIII.%20Litigation%20Matters) During this reporting period, the company had no significant litigation or arbitration matters - During this reporting period, the company had no significant litigation or arbitration matters[122](index=122&type=chunk) [XI. Significant Related Party Transactions](index=33&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor transactions - The company had no related party transactions related to daily operations during the reporting period[123](index=123&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[124](index=124&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[126](index=126&type=chunk) [XII. Significant Contracts and Their Performance](index=34&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, but provided significant guarantees for its subsidiaries, with an actual outstanding guarantee balance of 1,280 million yuan at period-end - The company had no entrustment, contracting, or leasing situations during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [2. Significant Guarantees](index=34&type=section&id=2.%20Significant%20Guarantees) The company's external guarantees and those of its subsidiaries primarily consist of guarantees for subsidiaries, with a total actual outstanding guarantee balance of 1,280 million yuan at period-end Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 60,000 | 60,000 | Pledge, Joint and Several Liability Guarantee | 4 years | No | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 60,000 | 60,000 | Pledge, Joint and Several Liability Guarantee | 4 years | No | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 18,000 | 13,388.68 | Joint and Several Liability Guarantee | 1 year | Yes | | Beijing Zhonghai Wobang Energy Investment Co., Ltd. | 15,000 | 8,000 | Joint and Several Liability Guarantee | 1 year | No | | Shanxi Wojin Gas Sales Co., Ltd. | 10,000 | 10,000 | Joint and Several Liability Guarantee | 1 year | Yes | | **Total Actual Guarantee Balance for Subsidiaries at Period-End** | **--** | **128,000** | **--** | **--** | **--** | - The total actual guarantee amount accounts for **62.07%** of the company's net assets[134](index=134&type=chunk) [XIII. Explanation of Other Significant Matters](index=36&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, shareholders holding over 5% cumulatively reduced their holdings, the convertible bond conversion price was corrected downwards, and the new proven coalbed methane reserve report for the Shilou West block passed review and filing - Shareholders Tibet Kejian and its concerted party Jiaze Venture Capital, holding over **5%** of shares, cumulatively reduced their company shares, bringing their combined shareholding down to **5%**[139](index=139&type=chunk) - The conversion price of "Shuhua Convertible Bond" was proposed by the board and approved by the general meeting of shareholders, corrected downwards to **12.15 yuan/share**, with the corrected conversion price effective from May 7, 2025[143](index=143&type=chunk) - The new proven coalbed methane reserve report for the Shilou West block passed review and filing, adding **20.551 billion cubic meters** of proven geological reserves, **10.275 billion cubic meters** of technically recoverable reserves, and **7.746 billion cubic meters** of economically recoverable reserves[146](index=146&type=chunk) - The company revised its "Articles of Association" to adapt its corporate governance framework[145](index=145&type=chunk) [Item VI. Share Changes and Shareholder Information](index=39&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share changes during the reporting period, primarily an increase in share count due to convertible bond conversions, and lists shareholder information [I. Share Change Information](index=39&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total shares increased by 3,166,829 shares due to "Shuhua Convertible Bond" conversions, bringing the total share capital to 271,721,538 shares Share Change Information | Item | Quantity Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,377,000 | 3.49% | -9,257,000 | 120,000 | 0.04% | | II. Unrestricted Shares | 259,177,709 | 96.51% | 12,423,829 | 271,601,538 | 99.96% | | III. Total Shares | 268,554,709 | 100.00% | 3,166,829 | 271,721,538 | 100.00% | - In the first quarter of 2025, "Shuhua Convertible Bond" decreased by **132 units**, with **670 shares** converted[150](index=150&type=chunk) - In the second quarter of 2025, "Shuhua Convertible Bond" decreased by **384,712 units**, with **3,166,159 shares** converted[151](index=151&type=chunk) - After conversion, the company's share capital increased to **271,721,538 shares**. In the first half of 2025, the company's basic earnings per share were **0.031 yuan**, diluted earnings per share were **0.031 yuan**, and net assets per share attributable to ordinary shareholders were **7.59 yuan**[151](index=151&type=chunk) [2. Changes in Restricted Shares](index=40&type=section&id=2.%20Changes%20in%20Restricted%20Shares) During the reporting period, 9,377,000 restricted shares held by Wu Junliang were released from restriction, resulting in zero restricted shares at period-end Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Junliang | 9,377,000 | 9,377,000 | 0 | 0 | High-level executive lock-up shares (resignation for over half a year and original term expired for over half a year, shares no longer restricted) | | Li Chunnan | 0 | 0 | 24,000 | 24,000 | High-level executive lock-up shares (75% of total holdings locked annually) | | Gao Shangfang | 0 | 0 | 96,000 | 96,000 | High-level executive lock-up shares (75% of total holdings locked annually) | | **Total** | **9,377,000** | **9,377,000** | **120,000** | **120,000** | **--** | [III. Shareholder Numbers and Shareholding Information](index=41&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding%20Information) At the end of the reporting period, the total number of ordinary shareholders was 27,840, with Ganzhou Haide Investment Partnership (Limited Partnership) as the largest shareholder - At the end of the reporting period, the total number of ordinary shareholders was **27,840**[156](index=156&type=chunk) Shareholding of Shareholders Holding Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ganzhou Haide Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.02% | 27,216,000 | 27,216,000 | Pledged | 23,000,000 | | Liu Jinli | Domestic Natural Person | 6.32% | 17,183,968 | 17,183,968 | Pledged | 17,183,968 | | Tibet Jiaze Venture Capital Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.15% | 13,997,101 | 13,997,101 | Not Applicable | 0 | | Shi Xiumei | Domestic Natural Person | 3.68% | 9,997,349 | 9,997,349 | Not Applicable | 0 | | Wu Hailin | Domestic Natural Person | 3.45% | 9,384,700 | 9,384,700 | Pledged | 9,384,700 | | Wu Junliang | Domestic Natural Person | 3.45% | 9,377,000 | 9,377,000 | Pledged | 5,344,250 | - Ganzhou Haide Investment Partnership (Limited Partnership), Mr. Wu Hailin, Mr. Wu Haijiang, Mr. Wu Junliang, Mr. Wu Rude, and Ms. Wu Junmei are concerted parties[156](index=156&type=chunk) - Tibet Jiaze Venture Capital Co., Ltd. and Tibet Kejian Enterprise Management Co., Ltd. waived their voting rights for shares obtained in the asset acquisition through share issuance, which was approved by the China Securities Regulatory Commission on December 12, 2019, during their shareholding period[156](index=156&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the total shareholdings of the company's directors, supervisors, and senior management increased, with Gao Shangfang and Li Chunnan increasing their holdings and other executives granted restricted shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | Restricted Shares Granted at Beginning of Period (shares) | Restricted Shares Granted in Current Period (shares) | Restricted Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gao Shangfang | Director, Deputy General Manager | Current | 0 | 128,000 | 0 | 128,000 | 400,000 | 0 | 400,000 | | Li Chunnan | Chief Financial Officer | Current | 0 | 32,000 | 0 | 32,000 | 100,000 | 114,000 | 214,000 | | Wang Zhihong | Chairman, General Manager | Current | 0 | 0 | 0 | 0 | 0 | 282,000 | 282,000 | | Zhang Qian | Board Secretary, Deputy General Manager | Current | 0 | 0 | 0 | 0 | 0 | 210,000 | 210,000 | | Luo Chuanrong | Director | Current | 0 | 0 | 0 | 0 | 0 | 210,000 | 210,000 | | **Total** | **--** | **--** | **0** | **160,000** | **0** | **160,000** | **500,000** | **816,000** | **1,316,000** | [V. Changes in Controlling Shareholder or Actual Controller](index=43&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) 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[160](index=160&type=chunk) - The company's actual controller did not change during the reporting period[160](index=160&type=chunk) [Item VII. Bond-Related Information](index=44&type=section&id=Item%20VII.%20Bond-Related%20Information) This section details the issuance, guarantors, holders, changes, cumulative conversion, conversion price adjustments, and credit rating of the company's convertible corporate bonds ("Shuhua Convertible Bond") [IV. Convertible Corporate Bonds](index=44&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company issued 1,379.4971 million yuan in convertible bonds on November 1, 2021, named "Shuhua Convertible Bond" with code 123128, with its conversion price adjusted downwards to 12.15 yuan/share on May 7, 2025 - The company is

安徽鑫铂铝业股份有限公司 2025 年半年度报告全文 安徽鑫铂铝业股份有限公司 2025 年半年度报告 2025-080 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。 公司负责人唐开健、主管会计工作负责人李长江及会计机构负责人(会计 主管人员)张坤喜声明：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"中详细描述了公司经营中可能存在的风险，敬请投资者关注相关 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。 2 【2025 年 8 月】 1 安徽鑫铂铝业股份有限公司 2025 年半年度报告全文 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 34 | | 第五节 | 重 ...

康达新材料（集团）股份有限公司 2025 年半年度报告全文 康达新材料（集团）股份有限公司 2025 年半年度报告 2025 年 8 月 1 康达新材料（集团）股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人王建祥、主管会计工作负责人宋兆庆及会计机构负责人(会计 主管人员)张国强声明：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。 公司在本报告第三节"管理层讨论与分析"中公司面临的风险和应对措施 部分描述了公司未来经营中可能面临的风险，敬请广大投资者及相关人士关 注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | . | 4 | | --- | --- | --- | | . | | | | 第 ...

东莞金太阳研磨股份有限公司 2025 年半年度报告全文 东莞金太阳研磨股份有限公司 2025 年半年度报告 2025-083 2025 年 8 月 1 东莞金太阳研磨股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人杨璐、主管会计工作负责人丁福林及会计机构负责人(会计主 管人员)丁琼英声明：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计划、业绩预测等前瞻性陈述，均不构成公司对 投资者及相关人士的实质承诺。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。敬请广大投资者谨慎决 策，注意投资风险。 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"部分详细描述了公司可能面临的风险及应对措施，敬请投资者注 意阅读相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | ...

苏州工业园区和顺电气股份有限公司 2025 年半年度报告全文 苏州工业园区和顺电气股份有限公司 2025 年半年度报告 2025-021 2025 年 8 月 1 苏州工业园区和顺电气股份有限公司 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。 公司负责人王东、主管会计工作负责人王凯及会计机构负责人(会计主管 人员)孙彬彬声明：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。 本报告中如有涉及对未来发展和经营计划等前瞻性陈述的，不构成公司 对投资者的实质承诺，能否实现取决于市场状况变化等多种因素，存在不确 定性，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，详细披露了公司经营中可能存在的风险，敬请投资者关注 相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | 目 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity [Important Notes](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 report's accuracy, with no cash dividends or share transfers planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's nine main chapters, covering company operations, finance, governance, and significant matters - The report comprises nine main chapters, covering various aspects of company operations, finance, governance, and significant matters[6](index=6&type=chunk) [List of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include the signed semi-annual report, financial statements, and all publicly disclosed company files, available at the capital securities management department - Reference documents include the semi-annual report signed by the legal representative and financial statements[8](index=8&type=chunk)[9](index=9&type=chunk) - All publicly disclosed company documents and original announcements are also available as reference documents[10](index=10&type=chunk) - Reference documents are kept at the company's capital securities management department[11](index=11&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 abbreviations, controlling shareholders, and key subsidiaries, for clear understanding Major Definitions | Term | Definition | | :--- | :--- | | Company, This Company, Potevio Technology | CETC Potevio Co., Ltd. | | CETC, Group Company, Group | China Electronics Technology Group Corporation | | CETC Network Communication | CETC Network Communication Group Co., Ltd. | | PCB | Printed Circuit Board | [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's basic information and presents its key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) CETC Potevio Co., Ltd. (stock code: 002544) is listed on the Shenzhen Stock Exchange, with Shen Wenming as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Potevio Technology | | Stock Code | 002544 | | Former Stock Abbreviation | Jeson Technology | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | CETC Potevio Co., Ltd. | | Legal Representative | Shen Wenming | [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhou Zhen | Potevio Technology Building, No. 381 Xingang Middle Road, Guangzhou | 020-84118343 | 020-84119246 | ir@cetcpotevio.com | | Securities Affairs Representative | Deng Xiaohua | Potevio Technology Building, No. 381 Xingang Middle Road, Guangzhou | 020-84118343 | 020-84119246 | ir@cetcpotevio.com | [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) The company's contact information, disclosure, and reference locations remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and reference locations remained unchanged during the reporting period[18](index=18&type=chunk) - Other relevant information remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&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) The company experienced a significant decline in revenue and net profit, turning to a loss, while operating cash flow improved substantially Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,023,882,766.31 | 2,437,339,982.48 | -16.96% | | Net Profit Attributable to Shareholders of Listed Company | -20,803,221.86 | 39,320,075.47 | -152.91% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -29,328,041.94 | 36,529,006.49 | -180.29% | | Net Cash Flow from Operating Activities | -109,924,274.40 | -413,919,409.81 | 73.44% | | Basic Earnings Per Share (Yuan/Share) | -0.0306 | 0.0576 | -153.13% | | Diluted Earnings Per Share (Yuan/Share) | -0.0306 | 0.0576 | -153.13% | | Weighted Average Return on Net Assets | -0.56% | 1.05% | -1.61% | | **Current Period End vs. Prior Year End** | | | | | Total Assets | 9,404,409,263.07 | 9,893,675,292.55 | -4.95% | | Net Assets Attributable to Shareholders of Listed Company | 3,699,997,650.99 | 3,726,011,517.05 | -0.70% | [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) The company reports no differences in net profit or net assets between international/overseas and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses 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 **8.52 million yuan**, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 123,723.01 | | Government grants recognized in current profit or loss | 2,829,524.50 | | Other non-operating income and expenses apart from the above | 5,599,601.80 | | Less: Income tax impact | -10,837.10 | | Impact on minority interests (after tax) | 38,866.33 | | Total | 8,524,820.08 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's business operations, financial performance, and strategic initiatives during the reporting period [Principal Businesses Engaged in by the Company During the Reporting Period](index=8&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 focuses on ICT integrated services across public network communication, private network communication, smart applications, and intelligent manufacturing - The company focuses on major industries such as communication, transportation, energy, security, and manufacturing, deeply cultivating new tracks of digital-real integration[26](index=26&type=chunk) - The company's business layout includes public network communication, private network communication, government and enterprise services, core products, and intelligent manufacturing[26](index=26&type=chunk) - The company is committed to becoming a leader in ICT integrated services in the digital intelligence era[26](index=26&type=chunk) [Public Network Communication](index=8&type=section&id=%28%E4%B8%80%29%20%E5%85%AC%E7%BD%91%E9%80%9A%E4%BF%A1) The company offers comprehensive technical services in public network communication, driven by "5G+" innovation, and explores emerging industries like low-altitude economy - The company focuses on basic services in network communication, including consulting, planning, design, optimization, and general contracting[26](index=26&type=chunk) - Driven by "5G+" technology and product innovation, it provides communication consulting, planning, design, industry digital consulting, communication network products, and engineering general contracting and supervision services[26](index=26&type=chunk) - Actively developing emerging industries such as low-altitude economy, data governance, and satellite internet[26](index=26&type=chunk) [Private Network Communication and Smart Applications](index=8&type=section&id=%28%E4%BA%8C%29%20%E4%B8%93%E7%BD%91%E9%80%9A%E4%BF%A1%E4%B8%8E%E6%99%BA%E6%85%A7%E5%BA%94%E7%94%A8) The company advances smart applications in private network communication, leveraging digital transformation to enhance safety and operational efficiency across various industries - Private network communication business accelerates digitalization and data-driven operations, promoting new infrastructure in smart transportation, energy, and emergency response[28](index=28&type=chunk) - Provides multi-system products and solutions, including program-controlled switching, IMS, TETRA, and LTE broadband clusters, serving urban rail, power, and petrochemical industries[29](index=29&type=chunk)[30](index=30&type=chunk) - Smart applications deeply cultivate vertical industries such as water, gas, and industrial parks, building an AI+ digital intelligence integrated platform to enhance safety control and operational efficiency[33](index=33&type=chunk) [Intelligent Manufacturing](index=10&type=section&id=%28%E4%B8%89%29%20%E6%99%BA%E8%83%BD%E5%88%B6%E9%80%A0) The company excels in intelligent manufacturing, mastering key technologies for special PCBs and high-end constant temperature time-frequency devices, serving high-end clients - The company masters miniaturization, intelligence, flexibility, and modularization new technologies for special printed circuit boards (PCBs) and high-end constant temperature time-frequency devices[36](index=36&type=chunk) - Provides one-stop PCB design, manufacturing, and assembly services for multiple varieties, samples, small to medium batches, short lead times, high reliability, and special requirements[37](index=37&type=chunk) - Continuously innovates in constant temperature crystal oscillators, launching miniaturized, high-reliability clock products, and developing high-end products like ultra-low phase noise, aerospace-grade radiation/shock-resistant crystal oscillators[38](index=38&type=chunk)[39](index=39&type=chunk) [Industry Development Overview](index=11&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%A6%82%E5%86%B5) The communication industry is poised for strategic growth in 2025, driven by AI infrastructure, 6G, and national policy support for digital transformation and smart manufacturing - In 2025, the communication industry faces strategic opportunities in AI infrastructure, 6G technology, integrated space-air-ground networks, digital transformation, low-altitude economy, private network communication, and intelligent manufacturing[40](index=40&type=chunk) - The "14th Five-Year Plan" emphasizes promoting deep integration of industry, academia, research, and application, strengthening enterprises' innovation status, and developing the digital economy[40](index=40&type=chunk) - The State-owned Assets Supervision and Administration Commission launched the "AI+" special action for central enterprises, and the Ministry of Industry and Information Technology initiated the "Computing Power Foundation Unveiling Action," promoting key technological breakthroughs and industrialization[41](index=41&type=chunk) [Analysis of Core Competencies](index=12&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 include strong group support, deep industry expertise, extensive qualifications, advanced R&D capabilities, and vertical integration across the ICT value chain - The company leverages strong support from CETC and CETC Network Communication, along with its location advantage in the Guangdong-Hong Kong-Macao Greater Bay Area, to gain financing and capital operation advantages[46](index=46&type=chunk) - The company deeply cultivates the information and communication field, aligning with next-generation mobile communication trends, and strategically positions itself in emerging industries like low-altitude economy, data governance, and satellite internet[46](index=46&type=chunk) - The company holds multiple Class A qualifications, covering electronic/communication engineering consulting, surveying, design, contracting, and supervision, demonstrating strong market reputation and comprehensive service capabilities[47](index=47&type=chunk) - The company possesses independent R&D and core technological advantages in mobile communication, TETRA digital trunking equipment, 370MHz PDT digital trunking communication systems, special printed circuit boards, and high-end constant temperature crystal oscillators[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has built a complete information and communication industry chain, integrating basic components, data acquisition modules, digital trunking communication, wireless transmission and coverage, and intelligent computing centers, achieving vertical integration advantages[49](index=49&type=chunk) [Analysis of Principal Business](index=13&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) All three main business segments experienced revenue declines due to market challenges, prompting the company to pursue new markets and R&D investments - Public network communication segment's revenue decreased year-on-year, primarily due to an overall decline in operator investment[50](index=50&type=chunk) - Private network communication and smart application segment's revenue decreased year-on-year, affected by intensified industry competition, pressure on growth, and business structure optimization[53](index=53&type=chunk) - Intelligent manufacturing segment's revenue decreased year-on-year, impacted by specific customer demand cycles, while rising precious metal material prices led to increased manufacturing costs and decreased gross profit margin[54](index=54&type=chunk) - The company actively expands into new markets, increases independent R&D efforts, accelerates product industrialization, and optimizes product structure to address challenges[50](index=50&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [Year-on-Year Changes in Key Financial Data](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Revenue decreased by **16.96%** and operating costs by **13.48%**; financial expenses surged by **6026.80%** due to lower interest income, while operating cash flow improved by **73.44%** Key Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,023,882,766.31 | 2,437,339,982.48 | -16.96% | | | Operating Cost | 1,737,731,717.83 | 2,008,560,099.77 | -13.48% | | | Selling Expenses | 95,554,487.64 | 104,780,837.26 | -8.81% | | | Administrative Expenses | 109,472,677.21 | 132,082,011.91 | -17.12% | | | Financial Expenses | 5,923,609.09 | -99,946.22 | 6,026.80% | Primarily due to a decrease in deposit size and interest rates, leading to lower interest income | | Income Tax Expense | -762,103.52 | -960,039.89 | 20.62% | | | R&D Investment | 96,812,694.71 | 119,495,931.30 | -18.98% | | | Net Cash Flow from Operating Activities | -109,924,274.40 | -413,919,409.81 | 73.44% | Primarily due to a year-on-year decrease in cash outflows from operating activities such as purchasing goods and receiving services | | Net Cash Flow from Investing Activities | -88,441,141.19 | -63,392,598.79 | -39.51% | Primarily due to an increase in cash paid for purchasing long-term assets in the current period | | Net Cash Flow from Financing Activities | -237,907,889.22 | -330,922,295.67 | 28.11% | | | Net Increase in Cash and Cash Equivalents | -435,716,783.00 | -808,963,973.60 | 46.14% | Primarily due to an increase in net cash flow from operating and financing activities in the current period | [Composition of Operating Revenue](index=14&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) Total operating revenue decreased by **16.96%** to **2.02 billion yuan**, with declines in all major segments, though international revenue saw an **8.02%** increase Composition of Operating Revenue (Current Period vs. Prior Year) | Category | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,023,882,766.31 | 100% | 2,437,339,982.48 | 100% | -16.96% | | **By Product** | | | | | | | Public Network Communication | 729,818,942.04 | 36.06% | 802,333,885.60 | 32.92% | -9.04% | | Private Network Communication and Smart Applications | 716,747,616.59 | 35.41% | 984,005,781.31 | 40.37% | -27.16% | | Intelligent Manufacturing | 577,316,207.68 | 28.53% | 651,000,315.57 | 26.71% | -11.32% | | **By Region** | | | | | | | Domestic | 1,894,131,405.16 | 93.59% | 2,317,226,457.21 | 95.07% | -18.26% | | International | 129,751,361.15 | 6.41% | 120,113,525.27 | 4.93% | 8.02% | [Industry, Product, or Region Accounting for More Than 10% of the Company's Operating Revenue or Operating Profit](index=15&type=section&id=%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) Software and information technology services, public network communication, private network communication, and intelligent manufacturing are key segments, all experiencing revenue declines except for international sales Operating Revenue, Cost, and Gross Profit Margin by Industry, Product, and Region | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Customer Industry** | | | | | | | | Software and Information Technology Services | 2,023,882,766.31 | 1,737,731,717.83 | 14.14% | -16.96% | -13.48% | -3.45% | | **By Product** | | | | | | | | Public Network Communication | 729,818,942.04 | 682,100,223.06 | 6.54% | -9.04% | -3.95% | -4.95% | | Private Network Communication and Smart Applications | 716,747,616.59 | 608,770,967.21 | 15.06% | -27.16% | -27.24% | 0.09% | | Intelligent Manufacturing | 577,316,207.68 | 446,860,527.56 | 22.60% | -11.32% | -3.21% | -6.48% | | **By Region** | | | | | | | | Domestic | 1,894,131,405.16 | 1,622,334,101.62 | 14.35% | -18.26% | -14.73% | -3.54% | | International | 129,751,361.15 | 115,397,616.21 | 11.06% | 8.02% | 8.90% | -0.72% | [Composition of Principal Business Costs](index=15&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%88%90%E6%9C%AC%E6%9E%84%E6%88%90) Principal business costs decreased by **13.48%** to **1.74 billion yuan**, with materials being the largest component, also showing a decline Composition of Principal Business Costs (Current Period vs. Prior Year) | Cost Component | Current Period Amount (Yuan) | Proportion of Operating Cost | Prior Year Amount (Yuan) | Proportion of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Labor and Outsourcing Fees | 353,251,773.25 | 20.33% | 397,196,551.11 | 19.78% | -11.06% | | Material Costs | 975,435,994.56 | 56.13% | 1,128,931,095.80 | 56.21% | -13.60% | | Manufacturing and Construction Costs, etc. | 409,043,950.02 | 23.54% | 482,432,452.86 | 24.01% | -15.21% | | Total | 1,737,731,717.83 | 100.00% | 2,008,560,099.77 | 100.00% | -13.48% | [Analysis of Non-Principal Business](index=15&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) The company reported no non-principal business analysis for the period [Analysis of Assets and Liabilities](index=15&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 decreased by **4.95%** to **9.40 billion yuan**, with declines in cash and short-term borrowings, while accounts receivable and inventory increased Significant Changes in Asset Composition (Current Period End vs. Prior Year End) | Item | Current Period End Amount (Yuan) | Proportion of Total Assets | Prior Year End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,667,309,294.74 | 17.73% | 2,074,271,366.48 | 20.97% | -3.24% | | Accounts Receivable | 3,709,153,472.85 | 39.44% | 3,643,736,497.69 | 36.83% | 2.61% | | Inventories | 1,533,686,985.85 | 16.31% | 1,351,069,024.74 | 13.66% | 2.65% | | Fixed Assets | 687,729,495.75 | 7.31% | 579,911,618.15 | 5.86% | 1.45% | | Development Expenditures | 74,987,239.17 | 0.80% | 34,391,931.64 | 0.35% | 0.45% | | Short-term Borrowings | 456,868,595.23 | 4.86% | 675,175,182.63 | 6.82% | -1.96% | | Notes Payable | 681,741,472.15 | 7.25% | 812,777,706.82 | 8.21% | -0.96% | | Accounts Payable | 3,491,058,251.62 | 37.12% | 3,407,585,447.87 | 34.44% | 2.68% | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value at Period End (Yuan) | Reason for Restriction | Book Value at Period Start (Yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 210,055,615.53 | Guarantees, judicial freezes, etc. | 181,300,904.27 | Guarantees, judicial freezes, etc. | | Total | 210,055,615.53 | - | 181,300,904.27 | - | [Analysis of Investment Status](index=16&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) Total investment increased by **21.59%** to **242.89 million yuan**, with a significant non-equity investment in the Zhuhai plant expansion, and some fundraising projects delayed Overall Investment Amount for the Reporting Period | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year (Yuan) | Change Rate | | :--- | :--- | :--- | | 242,895,420.27 | 199,768,904.67 | 21.59% | Significant Non-Equity Investments in Progress | Project Name | Investment Method | Fixed Asset Investment | Industry Involved | Amount Invested in Current Period | Cumulative Actual Investment as of Period End | Funding Source | Project Progress | Estimated Return | Cumulative Realized Return as of Period End | Reasons for Not Meeting Planned Progress and Estimated Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Plant Phase II Construction Project | Self-built | Yes | Electronic Circuit Manufacturing | 67,470.25 | 5,579,624.62 | Self-raised | 0.95% | 0.00 | 0.00 | Construction period (construction pace controlled according to actual business conditions) | Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Total Raised Funds Used in Current Period (10,000 Yuan) | Cumulative Total Raised Funds Used (10,000 Yuan) | Proportion of Raised Funds Used at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Non-public Issuance | 137,555.54 | 136,317.54 | 7,420.93 | 106,712.73 | 78.28% | - The "5G High-End Communication Oscillator R&D and Industrialization Project" has achieved its expected benefits, with cumulative benefits of **32.06 million yuan**[76](index=76&type=chunk) - The "Next-Generation Mobile Communication Industrialization Project" and "Information Technology Service Base Construction Project" have been delayed until December 31, 2025, due to external environmental factors[76](index=76&type=chunk) - The remaining raised funds of **282.32 million yuan** for the "Ubiquitous Intelligent Public Safety Private Network Equipment R&D and Industrialization Project" have been reallocated as permanent supplementary working capital[79](index=79&type=chunk)[81](index=81&type=chunk) [Significant Asset and Equity Sales](index=21&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) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[82](index=82&type=chunk) - The company did not sell significant equity during the reporting period[83](index=83&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&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) Key subsidiaries like Zhuhai Jeson and Far East Communication drive core businesses, while some, like Zhongwang Huatong, face challenges and are adapting business models Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Jeson | Subsidiary | Production, R&D, and sales of communication systems and equipment, electronic components, printed circuit boards | 250,000,000.00 | 645,257,158.25 | 368,430,985.57 | 379,415,525.44 | 25,927,078.98 | 26,259,719.32 | | Far East Communication | Subsidiary | Production and sales of switching and digital trunking systems, private network communication system integration services, production and sales of high-end time-frequency devices | 300,000,000.00 | 3,523,224,594.24 | 1,173,065,767.60 | 500,005,356.31 | 20,908,834.88 | 19,449,368.97 | | Jeson Electronics | Subsidiary | Electronic circuit manufacturing | 210,000,000.00 | 282,788,798.52 | 163,970,414.35 | 226,495,303.16 | 13,524,994.95 | 13,583,462.59 | | Jeson Myanmar | Subsidiary | Technical services | 35,413,500.00 | 96,867,838.70 | 71,698,017.58 | 46,457,145.36 | 2,828,052.67 | 2,820,411.96 | | Huatong Tianchang | Subsidiary | Construction engineering supervision; construction engineering design; construction engineering survey | 30,010,000.00 | 132,556,412.26 | 95,343,078.36 | 39,354,563.71 | -9,758,243.48 | -9,863,157.84 | | Zhongwang Huatong | Subsidiary | Communication network planning and engineering design | 51,480,000.00 | 295,267,121.44 | 168,769,814.49 | 91,948,745.75 | -9,285,860.98 | -9,308,567.29 | | CETC Navigation | Subsidiary | Satellite navigation operation services | 132,055,723.07 | 153,418,975.74 | 77,873,707.40 | 13,631,452.97 | -8,560,928.15 | -8,456,864.21 | - Zhuhai Jeson and Jeson Electronics focus on high-reliability, high-tech special PCB products, accelerating development in satellite communication, aerospace, and other fields[84](index=84&type=chunk) - Far East Communication concentrates on advantageous businesses, accelerating business digitalization, and showcasing new digital transportation, digital energy, and digital emergency services[84](index=84&type=chunk) - Zhongwang Huatong and Huatong Tianchang are affected by declining operator investment and intensified industry competition, leading to a decrease in traditional business and prompting them to explore new business models[85](index=85&type=chunk) [Information on Structured Entities Controlled by the Company](index=23&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 reported no structured entities under its control during the reporting period [Risks Faced by the Company and Countermeasures](index=23&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 addresses risks such as new product industrialization, seasonal revenue fluctuations, high accounts receivable, and talent loss through strategic initiatives - **New product industrialization risk**: The information and communication sector experiences rapid technological updates, requiring the company to continuously innovate, optimize its industrial structure, and monitor new technologies and market demands[87](index=87&type=chunk) - **Risk of seasonal operating revenue fluctuations and high accounts receivable**: Long settlement cycles with major customers lead to high accounts receivable, which the company addresses by establishing a special task force to strengthen collections and project management[87](index=87&type=chunk) - **Talent loss risk**: Intensified industry competition necessitates the company to accelerate the development of its human resource management system, optimize compensation and incentive mechanisms, and attract and retain core talent[88](index=88&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=%E5%8D%81%E4%B8%80%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 established a Market Value Management System but has not disclosed a valuation enhancement plan - The company has formulated a "Market Value Management System"[89](index=89&type=chunk) - The company has not disclosed a valuation enhancement plan[89](index=89&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=23&type=section&id=%E5%8D%81%E4%BA%8C%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 did not disclose any announcements regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose any announcements regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[90](index=90&type=chunk) [Corporate Governance, Environment, and Society](index=23&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, its environmental disclosures, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=23&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) Sun Zhanhai was elected Chairman of the Supervisory Board, and Shen Wenming was elected Director due to work transfers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type of Change | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Sun Zhanhai | Chairman of the Supervisory Board | Elected | January 13, 2025 | Work transfer | | Shen Wenming | Director | Elected | January 13, 2025 | Work transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=24&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[93](index=93&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[94](index=94&type=chunk) [Environmental Information Disclosure](index=24&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 subsidiary, Zhuhai Jeson, are listed as legally required environmental information disclosure enterprises, with Zhuhai Jeson having published its report - The company and its major subsidiary, Zhuhai Jeson Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[95](index=95&type=chunk) - Zhuhai Jeson Technology Co., Ltd. has disclosed its environmental information report on the Guangdong Enterprise Environmental Information Disclosure Platform[95](index=95&type=chunk) [Social Responsibility](index=24&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 actively fulfills its social responsibilities, including rural revitalization support, charitable donations, and blood donation drives - The company assisted in allocating **170,000 yuan** in aid funds for rural revitalization in Xinwu Village, Huangpo Town, Wuchuan City, Zhanjiang[96](index=96&type=chunk) - The company organized a "6·30" charity donation event to support rural revitalization efforts[96](index=96&type=chunk) - Subsidiary Zhongwang Huatong organized a "2025, Let Love Flow in Our Veins" blood donation event[96](index=96&type=chunk) [Significant Matters](index=25&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 key events, commitments, related party transactions, and legal proceedings that significantly impacted the company during the reporting period [Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=25&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%9B%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) The company reported no fulfilled or overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company itself - The company reported no fulfilled or overdue unfulfilled commitments by related parties during the reporting period[98](index=98&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[99](index=99&type=chunk) [Irregular External Guarantees](index=25&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 reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[100](index=100&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[101](index=101&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for This Reporting Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company's Board of Directors and Supervisory Board provided no explanation regarding a "non-standard audit report" for this reporting period [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=25&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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company's Board of Directors provided no explanation regarding a "non-standard audit report" for the previous year [Bankruptcy and Reorganization Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[102](index=102&type=chunk) [Litigation Matters](index=25&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 lawsuits, primarily contract and property disputes totaling **199.31 million yuan**, with many resolved in its favor - The company reported no major litigation or arbitration matters during the reporting period[103](index=103&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | This company vs. Shenzhen Simai Optoelectronics Technology Co., Ltd., Shenzhen Jinmingrui Industrial Co., Ltd. for sales contract dispute | 2,485.9 | Guangzhou Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Shenzhen Oulanda Lighting Technology Co., Ltd., Shenzhen Jinrunfa Electronic Technology Co., Ltd. for sales contract dispute | 627.1 | Guangzhou Haizhu District People's Court and Guangzhou Intermediate People's Court have successively issued effective judgments | Won second instance, judgment effective | | This company vs. Shijiazhuang Haoyuan Communication Technology Co., Ltd. for sales contract dispute | 473.47 | Guangzhou Haizhu District People's Court and Guangzhou Intermediate People's Court have successively issued effective judgments | Won second instance, judgment effective | | This company vs. Hebei Aike Zhongyi Composite Materials Co., Ltd. for bill dispute | 310 | Shijiazhuang Qiaoxi District People's Court has issued an effective judgment | Won first instance, judgment effective | | This company vs. Cai Xianrong for revocation lawsuit | 954.76 | Shenzhen Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Sichuan Dingshengfeng Technology Development Co., Ltd. for unjust enrichment return | 569.58 | Guangzhou Haizhu District People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Hu Zhougang, Shenzhen Hairong Industrial Co., Ltd., Zhang Xiaofen, Shenzhen Bayuyun Technology Co., Ltd. for property rights infringement dispute | 1,126.41 | Guangzhou Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Sanxian Yuansheng Technology Co., Ltd., Guangdong Boda Financing Guarantee Co., Ltd., Huizhou Huayue Real Estate Co., Ltd., Guo Honghui, Sun Xiaoying for sales contract dispute | 2,650 | Guangzhou Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. China Mobile Communications Group Yunnan Co., Ltd. Kunming Branch, Yunnan Guandu Public Security Bureau for construction engineering contract dispute | 4,683.29 | Yunnan Guandu District People's Court has issued a first-instance judgment | Won first instance, second instance hearing held | | This company vs. Guangdong Yingzhen Industrial Co., Ltd. for private lending contract dispute | 4,980.16 | Guangzhou Tianhe District People's Court held a first-instance hearing | First instance hearing held | | Subsidiary Hebei Far East vs. Puyang County Government Service Big Data Administration Bureau for sales contract dispute | 7,366 | Puyang County People's Court held a first-instance hearing | First instance hearing held, awaiting judgment | | Other lawsuits | 19,930.91 | Not applicable | Not applicable | [Penalties and Rectification](index=27&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[105](index=105&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&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 reported no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller [Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related party transactions with its controlling shareholder and actual controller's affiliates, including procurement, sales, leasing, and financial services Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Controlling shareholder CETC Network Communication and related research institute shareholders | Procurement of products and acceptance of services from related parties | Satellite antennas, handheld terminals, structural parts and other communication equipment (including Beidou-related), technical services, hardware development services | 419.79 | 0.23% | 4,550 | | Actual controller CETC and other subordinate entities | Procurement of products and acceptance of services from related parties | Plates, security products, printed circuit boards, monitoring equipment, image transmission equipment, etc.; software and technical services, etc. | 9,125.69 | 4.95% | 20,100 | | Controlling shareholder CETC Network Communication and related research institute shareholders | Sales of products and provision of services to related parties | Printed circuit boards, communication equipment, Beidou-related products and systems; provision of technical services, etc. | 11,092.61 | 4.86% | 59,500 | | Actual controller CETC and other subordinate entities | Sales of products and provision of services to related parties | Printed circuit boards, communication equipment, Beidou-related products and systems; provision of technical services, etc. | 21,638.76 | 9.48% | 50,800 | | Controlling shareholder CETC Network Communication and related research institute shareholders | Lease of premises from related parties | Acceptance of office space lease | 1,252.57 | 83.42% | 2,500 | | Controlling shareholder CETC Network Communication and related research institute shareholders | Lease of premises to related parties | Provision of office space lease | 79.44 | 15.75% | 200 | | Actual controller CETC and other subordinate entities | Lease of premises to related parties | Provision of office space lease | 122.87 | 24.36% | 300 | | Total | -- | -- | 43,731.73 | -- | 137,950 | Dealings with Financial Companies with Related Party Relationships - Deposit Business | Related Party | Related Party Relationship | Maximum Daily Deposit Limit (10,000 Yuan) | Deposit Interest Rate Range | Beginning Balance (10,000 Yuan) | Total Deposits in Current Period (10,000 Yuan) | Total Withdrawals in Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CETC Finance Co., Ltd. | Legal entity controlled by actual controller | 191,344.36 | 0.01%-2.92% | 132,334.4 | 230,588.09 | 266,041.27 | 96,881.22 | Dealings with Financial Companies with Related Party Relationships - Loan Business | Related Party | Related Party Relationship | Loan Limit (10,000 Yuan) | Loan Interest Rate Range | Beginning Balance (10,000 Yuan) | Total Loans in Current Period (10,000 Yuan) | Total Repayments in Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CETC Finance Co., Ltd. | Legal entity controlled by actual controller | 45,000 | 2.85%-2.9% | 5,037 | 0 | 5,037 | 0 | - The company did not engage in related party transactions involving asset or equity acquisition or disposal during the reporting period[109](index=109&type=chunk) - The company reported no non-operating related party creditor-debtor transactions during the reporting period[111](index=111&type=chunk) [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) The company had no托管, 承包, major guarantees, or entrusted wealth management, but significant leasing agreements, particularly with the Seventh Research Institute, impacted its financials - The company reported no trusteeship, contracting, significant guarantees, or entrusted wealth management during the reporting period[115](index=115&type=chunk)[116](index=116&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) Leasing Projects Generating Profit or Loss Exceeding 10% of the Company's Total Profit for the Reporting Period | Leasing Situation | Lessor Name | Type of Leased Asset | Amount Involved (10,000 Yuan) | Start Date | End Date | Leasing Income (10,000 Yuan) | Impact on Company | Related Party Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lessee | Seventh Research Institute | Real Estate | 834.32 | January 01, 2023 | December 01, 2025 | -834.32 | Constitutes significant impact | Former controlling shareholder, shareholder as of period end | | Lessor | Far East Communication | Real Estate | 310.6 | October 01, 2024 | September 30, 2027 | -310.6 | Constitutes significant impact | Company shareholder | [Explanation of Other Significant Matters](index=31&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 completed industrial and commercial registration changes, appointed new executives, and distributed 2024 annual cash dividends totaling **5.65 million yuan** - The company completed industrial and commercial registration changes, appointed Shen Wenming as president and elected him as a director, and Sun Zhanhai was elected chairman of the supervisory board[121](index=121&type=chunk) - On July 10, 2025, the company completed its 2024 annual equity distribution, distributing a cash dividend of **0.083 yuan** (including tax) per 10 shares to all shareholders, totaling **5.65 million yuan**[121](index=121&type=chunk) [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) The company adjusted its subsidiary governance structure by removing supervisors from several subsidiaries to enhance modern corporate governance - The company removed supervisors (boards) from subsidiaries including Huatong Tianchang, Zhuhai Jeson, Jeson Electronics, Jeson Design, and Jeson Malaysia to improve its modern corporate governance system[122](index=122&type=chunk) [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, restricted shares, and the composition of its major shareholders during the reporting period [Share Change Status](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) Restricted shares decreased by **1.76 million**, while unrestricted shares increased by the same amount, with total shares remaining constant due to executive share unlocking Share Change Status | Category | Quantity Before This Change (Shares) | Proportion Before This Change | Net Increase/Decrease in This Change (Shares) | Quantity After This Change (Shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,829,235 | 0.27% | -1,764,391 | 64,844 | 0.01% | | 3. Other Domestic Shares | 1,829,235 | 0.27% | -1,764,391 | 64,844 | 0.01% | | II. Unrestricted Shares | 678,704,655 | 99.73% | 1,764,391 | 680,469,046 | 99.99% | | 1. RMB Ordinary Shares | 678,704,655 | 99.73% | 1,764,391 | 680,469,046 | 99.99% | | III. Total Shares | 680,533,890 | 100.00% | 0 | 680,533,890 | 100.00% | - Restricted shares decreased by **1.76 million**, while unrestricted shares increased by **1.76 million**, with the total number of shares remaining unchanged[126](index=126&type=chunk) - The changes were due to variations in the transferable quota of shares held by directors, supervisors, and senior management at the beginning of the year, and the unlocking of shares after some senior executives left their positions[125](index=125&type=chunk)[126](index=126&type=chunk) [Changes in Restricted Shares](index=33&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares of several executives changed due to job transfers or annual transferable quota adjustments, with some being unlocked and others increasing Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Pan Lei | 29,250 | 29,250 | 0 | 0 | Senior executive restricted shares | | Zhang Jianfeng | 517 | 517 | 0 | 0 | Senior executive restricted shares | | Zhou Zhen | 16,810 | 0 | 3,485 | 20,295 | Senior executive restricted shares | | Peng Hao | 1,665,296 | 1,665,296 | 0 | 0 | Senior executive restricted shares | | Qi Xinghui | 8,815 | 0 | 1,827 | 10,642 | Senior executive restricted shares | | Zhu Haijiang | 41,000 | 41,000 | 0 | 0 | Senior executive restricted shares | | Shen Wenming | 13,612 | 0 | 0 | 13,612 | Senior executive restricted shares | | Ji Shuxin | 37,125 | 37,125 | 0 | 0 | Senior executive restricted shares | | Jiang Shibao | 16,810 | 0 | 3,485 | 20,295 | Senior executive restricted shares | | Total | 1,829,235 | 1,773,188 | 8,797 | 64,844 | -- | [Securities Issuance and Listing](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company reported no securities issuance or listing activities during the reporting period [Number of Shareholders and Shareholding Status](index=33&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 **30,955** common shareholders, with its controlling shareholder, CETC Network Communication Group, holding **27.50%** of shares - The total number of common shareholders at the end of the reporting period was **30,955**[130](index=130&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 Period End (Shares) | Change in Shares During Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CETC Network Communication Group Co., Ltd. | State-owned Legal Person | 27.50% | 187,160,325 | 0 | 0 | 187,160,325 | | Industrial Investment Fund Co., Ltd. | State-owned Legal Person | 8.00% | 54,420,242 | -1,546,100 | 0 | 54,420,242 | | CETC Investment Holdings Co., Ltd. | State-owned Legal Person | 3.52% | 23,932,614 | 0 | 0 | 23,932,614 | | Guangzhou Communication Research Institute (Seventh Research Institute of China Electronics Technology Group Corporation) | State-owned Legal Person | 3.51% | 23,903,877 | 0 | 0 | 23,903,877 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 2.23% | 15,205,033 | 2,539,012 | 0 | 15,205,033 | | Tang Jianping | Domestic Natural Person | 1.78% | 12,098,795 | -50,000 | 0 | 12,098,795 | | Zhu Xiangjun | Domestic Natural Person | 1.32% | 8,993,840 | -20,000 | 0 | 8,993,840 | | CETC Network Communication Research Institute (54th Research Institute of China Electronics Technology Group Corporation) | State-owned Legal Person | 0.97% | 6,613,027 | 0 | 0 | 6,613,027 | | Yang Mengyuan | Domestic Natural Person | 0.92% | 6,294,611 | 0 | 0 | 6,294,611 | | Zhu Wen | Domestic Natural Person | 0.81% | 5,543,600 | 57,853 | 0 | 5,543,600 | - CETC Network Communication Group Co., Ltd., Guangzhou Communication Research Institute, CETC Network Communication Research Institute, Guilin Laser Communication Research Institute, and CETC Investment Holdings Co., Ltd. are subordinate research institutes or enterprises controlled by the company's actual controller, China Electronics Technology Group Corporation, and are considered parties acting in concert[131](index=131&type=chunk) [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) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[132](index=132&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=35&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 remained unchanged during the reporting period[133](index=133&type=chunk) - The company's actual controller remained unchanged during the reporting period[133](index=133&type=chunk) [Preferred Share Information](index=35&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 reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[134](index=134&type=chunk) [Bond-Related Information](index=36&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 during the reporting period [Bond-Related Information](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[136](index=136&type=chunk) [Financial Report](index=37&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 comprehensive financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=37&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[138](index=138&type=chunk) [Financial Statements](index=37&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 equity for the semi-annual period - The consolidated balance sheet shows total assets of **9.40 billion yuan** and equity attributable to parent company owners of **3.70 billion yuan** at period end[142](index=142&type=chunk) - The consolidated income statement shows a net loss of **-23.89 million yuan** for the current period, with net profit attributable to parent company shareholders of **-20.80 million yuan**[149](index=149&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-109.92 million yuan** and net cash flow from investing activities of **-88.44 million yuan**[154](index=154&type=chunk) [Company Basic Information](index=55&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) CETC Potevio Co., Ltd., established in 1994 and listed in 2011, is controlled by CETC and provides ICT integrated services - The company was established in 1994 and listed on the Shenzhen Stock Exchange on January 28, 2011, with stock code 002544[172](index=172&type=chunk) - The company's controlling shareholder is CETC Network Communication Group Co., Ltd., and its ultimate controller is China Electronics Technology Group Corporation[173](index=173&type=chunk) - The company primarily engages in communication technology services and manufacturing, providing ICT integrated services for the digital era[173](index=173&type=chunk) [Basis of Financial Statement Preparation](index=55&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, adhering to Chinese Accounting Standards and key accounting policies, with the company maintaining going concern ability for 12 months - The financial statements are prepared on a going concern basis, following "Enterprise Accounting Standards" and significant accounting policies and estimates[174](index=174&type=chunk) - The company possesses the ability to continue as a going concern for 12 months from the end of the reporting period[175](index=175&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=55&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 accounting policies for financial instruments, revenue recognition, assets, liabilities, and other key areas, ensuring compliance with accounting standards - The company's financial statements comply with the requirements of "Enterprise Accounting Standards," accurately and completely reflecting its financial position and operating results[177](index=177&type=chunk) - The company uses a 12-month period as its normal operating cycle and RMB as its bookkeeping currency, with some overseas subsidiaries using local currencies[179](index=179&type=chunk)[180](index=180&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[198](index=198&type=chunk)[199](index=199&type=chunk) - The company applies a simplified approach to expected credit losses for accounts receivable and contract assets to accrue bad debt provisions[210](index=210&type=chunk)[222](index=222&type=chunk) - Revenue primarily derives from public network communication, private network communication and smart applications, and intelligent manufacturing, recognized when performance obligations are satisfied at a point in time or over a period[253](index=253&type=chunk)[254](index=254&type=chunk) [Taxation](index=74&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with several subsidiaries enjoying preferential tax rates as high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales revenue, service and construction revenue | 3% (levy rate), 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15% (this company and several subsidiaries), 25% (Myanmar GT Broadband), 24% (Jeson Malaysia), 22% (Jeson Indonesia), 16.5%/8.25% (Jeson Hong Kong), 20% (Jeson Cambodia) | | Education Surcharge | Amount of turnover tax payable | 3% | - The company and several subsidiaries are certified high-tech enterprises, applying a **15%** preferential corporate income tax rate[277](index=277&type=chunk)[278](index=278&type=chunk) - The company's software products are subject to a VAT immediate refund policy for amounts exceeding a **3%** actual tax burden, and some advanced manufacturing enterprises enjoy a VAT additional deduction policy[276](index=276&type=chunk) [Notes to Consolidated Financial Statement Items](index=76&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 explanations for consolidated financial statement items, including assets, liabilities, equity, income, and expenses, highlighting significant changes and their causes - Monetary funds at period end were **1.67 billion yuan**, a decrease from the beginning of the period, with a s

中节能环境保护股份有限公司 2025 年半年度报告全文 中节能环境保护股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 中节能环境保护股份有限公司 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。 公司负责人周康、主管会计工作负责人邓先柏及会计机构负责人(会计主 管人员)黄珊声明：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。 本半年度报告涉及的未来计划、发展战略等前瞻性描述，不构成公司对投 资者的实质承诺，请投资者注意投资风险。 公司已在本半年度报告中分析并披露了公司未来可能面临的风险，详见本 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"的 相关论述。敬请广大投资者关注，并注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 3,099,067,016 为基 数，向全体股东每 10 股派发现金红利 0.6 元（含税），送红股 0 股（含 税），不以 ...

鸿利智汇集团股份有限公司 2025 年半年度报告全文 鸿利智汇集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 鸿利智汇集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李俊东、主管会计工作负责人赵军及会计机构负责人(会计主 管人员)毕杰敏声明：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。 本半年度报告中如有涉及未来的计划、业绩目标预测等方面的内容，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。 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： 公司主要存在的风险具体请见本报告"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"。敬请广大投资者关注，并注意投资风险。 公司经本次董事会审 ...

浙江跃岭股份有限公司 2025 年半年度报告全文 浙江跃岭股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 浙江跃岭股份有限公司 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。 公司负责人林仙明、主管会计工作负责人阮高辉及会计机构负责人(会计 主管人员)朱君飞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及公司未来计划等前瞻性陈述，属于计划性事项，能否实现取 决于市场状况变化、经营团队的努力程度等多种因素，存在一定的不确定性， 该等陈述不构成公司对投资者的实质性承诺，投资者及相关人士均应当对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。敬请投资者 注意投资风险。 公司已在本报告中详细描述公司可能面对的风险，敬请查阅本报告第三节 "管理层讨论与分析"之十"公司面临的风险和应对措施"。请投资者及相关 人士对此保持足够的风险意识，注意投资风险。 公司计 ...