Section 1 Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The board and management guarantee report accuracy, acknowledge future uncertainties, and confirm no dividend or bonus share distribution. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report may be subject to uncertainties influenced by macroeconomic and market environments[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, including nine main chapters and their starting page numbers for quick navigation. - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and entities used in the report, including company name changes, major related parties, and IoT technology terms, ensuring clear understanding. - Sunsea AIoT refers to Sunsea AIoT Technology Co., Ltd., formerly Shenzhen Sunsea Communication Technology Co., Ltd[11](index=11&type=chunk) - Wireless communication modules refer to components providing network information transmission capabilities for various IoT terminal devices[12](index=12&type=chunk) - The report also defines mobile communication technologies such as 4G and 5G, and currency units like Yuan and 10,000 Yuan[12](index=12&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section introduces the company's basic information, including stock ticker, code, listing exchange, legal representative, and contact details, confirming no changes during the reporting period. - The company's stock ticker is 'Sunsea AIoT', stock code '**002313**', listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is Xiao Jianbo, and the Board Secretary is Huang Yunpeng[14](index=14&type=chunk)[15](index=15&type=chunk) - During the reporting period, there were no changes to the company's registered address, office address, website, email, or information disclosure location[16](index=16&type=chunk)[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue decreased by 18.51%, net loss attributable to shareholders expanded to -43.49 million Yuan, total assets slightly declined, but operating cash flow significantly improved. Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (million Yuan) | Prior Year (million Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,314.22 | 1,612.72 | -18.51% | | Net Profit Attributable to Listed Company Shareholders | -43.49 | -38.02 | -14.40% | | Net Cash Flow from Operating Activities | 174.25 | -104.21 | 267.20% | | Basic EPS (Yuan/share) | -0.1162 | -0.1015 | -14.48% | | Weighted Average ROE | -97.24% | -20.95% | -76.29% | | **Period-End Indicator** | **Current Period-End (million Yuan)** | **Prior Year-End (million Yuan)** | **Period-End Change from Prior Year-End** | | Total Assets | 3,237.97 | 3,315.32 | -2.33% | | Net Assets Attributable to Listed Company Shareholders | 23.64 | 66.47 | -64.43% | [V. Accounting Data Differences Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Accounting%20Data%20Differences%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company's net profit and net assets showed no differences between international, overseas, and Chinese accounting standards during the reporting period. - The company's financial reports for the reporting period showed no differences in net profit and net assets between international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - The company's financial reports for the reporting period showed no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled 1.11 million Yuan, primarily from non-current asset disposal, government grants, and reversal of impairment provisions for receivables. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 224,348.21 | | Government grants recognized in current profit/loss | 881,394.09 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | -33,564.26 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 13,548,276.05 | | Gains/losses from debt restructuring | -995,454.60 | | Other non-operating income and expenses apart from the above items | -14,982,423.36 | | Other profit/loss items meeting the definition of non-recurring gains/losses | 263,542.44 | | Less: Income tax impact | -2,224,951.09 | | Impact on minority interests (after tax) | 19,796.36 | | Total | 1,111,273.30 | - The company does not classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Section 3 Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main businesses are wireless communication modules, communication equipment, and engineering services, offering diverse products, expanding into energy storage, and providing integrated solutions across 28 provinces. - The company's main businesses include wireless communication modules, communication equipment, and communication engineering services[26](index=26&type=chunk) - Wireless communication module business covers various communication standards from **2G to 5G+V2X**, widely applied in connected vehicles, mobile payments, and security monitoring[27](index=27&type=chunk) - Communication equipment business actively launched energy storage container transformers, industrial and commercial energy storage, and battery cabinets, while maintaining traditional product sales, in response to national energy policies[28](index=28&type=chunk) - Communication engineering services cover communication networks, information networks, and computing centers, offering integrated solutions including "consulting, survey and design, construction, maintenance, network optimization, and system integration"[29](index=29&type=chunk) [II. Analysis of Core Competencies](index=10&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company builds core competitiveness through continuous innovation in technology, management, and organization, focusing on key customers, diverse product lines, top industry qualifications, and international certifications. - The company continuously provides competitive products, solutions, and services to customers through ongoing comprehensive innovation, including technological innovation, management innovation, and organizational reform[30](index=30&type=chunk) - The company deeply cultivates large-scale key industries such as automotive, network communication, metering, and payment, with customers including the three major operators, China Tower, Ericsson, and Alibaba[31](index=31&type=chunk) - The company has established R&D centers in Shenzhen, Zhuhai, Shanghai, Chongqing, Shenyang, and Xi'an, boasting a rich product line including 5G modules, LTE-A modules, and smart modules, and pioneered explosion-proof cabinets[32](index=32&type=chunk)[33](index=33&type=chunk) - The company holds top industry qualifications, including **"Class A Communication Engineering General Contracting"** and **"Class A Engineering Design Qualification Certificate"**, possessing full-service technical capabilities in "procurement, design, construction, maintenance, and operation"[33](index=33&type=chunk) - The company has obtained multiple international authoritative certifications such as **ISO9001, ISO14001, ISO45001, ISO50001, ISO27001**, and successfully passed the **ISO/IEC 80079-34** explosion-proof product manufacturing quality management system certification in 2024[36](index=36&type=chunk) [III. Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) Operating revenue decreased by 18.51% due to market competition, with wireless communication modules as the largest revenue source, while operating cash flow significantly improved. Major Financial Data Year-over-Year Change | Indicator | Current Period (million Yuan) | Prior Year (million Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,314.22 | 1,612.72 | -18.51% | Intensified market competition led to a decrease in operating revenue across all business segments | | Operating Costs | 1,097.81 | 1,318.68 | -16.75% | Operating revenue decreased, and operating costs decreased accordingly | | R&D Investment | 95.89 | 149.19 | -35.73% | Continued implementation of cost reduction and efficiency improvement measures, strengthening R&D

昆明云内动力股份有限公司 2025 年半年度报告全文 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。 公司负责人杨波、主管会计工作负责人朱国友及会计机构负责人(会计主 管人员)熊瑞声明：保证本半年度报告中财务报告的真实、准确、完整。 昆明云内动力股份有限公司 2025 年半年度报告 2025 年 08 月 昆明云内动力股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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，投资者及相关人士应该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。 公司已在本报告第三节"管理层讨论与分析"第十项"公司面临的风险 和应对措施"章节中，对可能面临的风险及对策进行了详细描述，敬请广大 投资者注意阅读。《中国证券报》《证券时报》《上海证券报》《证券日报》 和巨潮资讯网为公司的指定信息披露媒体，公司所有信息均以在上述指定媒 体刊登的公告为准，敬请投资者注意投资风险 ...

启明星辰信息技术集团股份有限公司 2025 年半年度报告全文 启明星辰信息技术集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 启明星辰信息技术集团股份有限公司 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。 公司负责人袁捷、主管会计工作负责人王志勇及会计机构负责人(会计主 管人员)石桂君声明：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。 本报告涉及未来计划等前瞻性陈述，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。敬请广大投资者注意投资风险。 公司存在产品销售季节性风险、国家各项产业支持政策风险、运营管理 风险、信用风险、开展新业务不达预期的风险，敬请广大投资者注意投资风 险。详细内容见本报告"第三节 管理层讨论与分析 十、公司面临的风险和 应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股 ...

兴民智通（集团）股份有限公司 2025 年半年度报告全文 兴民智通（集团）股份有限公司 2025 年半年度报告 2025 年 8 月 26 日 1 兴民智通（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。 公司负责人高赫男、主管会计工作负责人高方及会计机构负责人(会计主管人员)高方 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。 公司已在本报告中详细描述未来将面临的主要风险及应对措施，详情请查阅本报告 "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"部分，请投资者注意 投资风险。 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 （二）报告期内在中国证监会指定信息披露媒体上公开披露过的所有公司文件的正本及公告的原稿。 （三）载有公司法定代表人高赫男先生签名的 2025 年半年度报告原件。 以上文件置备地点：公司证券部 4 | 第一节 | 重要提示、目录和 ...

珠海航宇微科技股份有限公司 2025 年半年度报告全文 珠海航宇微科技股份有限公司 2025 年半年度报告 2025-041 2025 年 08 月 1 珠海航宇微科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人颜志宇、主管会计工作负责人张东辉及会计机构负责人(会计 主管人员)周密声明：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。 公司已在本报告"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，对可能面临的风险与对策举措进行详细描述，敬请投资 者注意投资风险。 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 | | 1 | | --- | --- | | 1 | 2 | ...

浙江银轮机械股份有限公司 2025 年半年度报告全文 浙江银轮机械股份有限公司 2025 年半年度报告 2025 年 8 月 1 浙江银轮机械股份有限公司 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。 公司负责人徐小敏、主管会计工作负责人朱晓红及会计机构负责人(会计 主管人员)贾伟耀声明：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。 公司未来可能面对的风险详见本报告"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，敬请广大投资者予以关注。 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 | . | 1 | | --- | --- | | S | 1 | | | A | | 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 7 | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 ...

中国国际货运航空 AIR CHINA CARAO 至臻到情 安全绿效 中国国际货运航空股份有限公司 3 010-61465888 @ www.airchinacargo.com ♡ 北京市顺义区天柱路29号院1幢1至9层 US 中国国际货运航空 CHIRCHINACARAO 2025半年度报告 2025 SEMI-ANNUAL REPORT 股票代码：001391 证券简称:国 货 航 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、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者注意投资风 险。 公司在本半年度报告中详细阐述了可能发生的有关风险因素及对策，详见"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"，敬请投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 国货航（001391）2025年半年度报告 中国国际货运航空 AIRCHINA CARGO 重要提示 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。 公司负责人陈松、主管会计工作负责人 ...

神州高铁技术股份有限公司 2025 年半年度报告全文 神州高铁技术股份有限公司 2025 年半年度报告 2025042 2025 年 8 月 1 神州高铁技术股份有限公司 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。 公司负责人孔令胜、主管会计工作负责人杨浩及会计机构负责人(会计主管 人员)杨浩声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关 注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 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 9 | | 第四节 公司治理、环境和社会 17 | | 第五节 重要事项 19 | ...

[Section 1 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) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors guarantees the authenticity of the report, plans no dividend distribution, and highlights risks in the 5G sector - The company's Board of Directors and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report, assuming joint and several legal liability[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) - The company faces risks related to **5G technology R&D, product innovation, market development, and industry regulation**[5](index=5&type=chunk)[6](index=6&type=chunk)[8](index=8&type=chunk) [Table of Contents](index=4&type=section&id=%E7%9B%AE%E5%BD%95) This section provides a detailed table of contents for the report, outlining its nine main chapters [List of Documents for Inspection](index=5&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents for the semi-annual report, including the full text and financial statements - Documents for inspection include the 2025 semi-annual report full text and summary, signed by directors and senior management and affixed with the company seal[13](index=13&type=chunk) - Documents for inspection include financial reports signed and sealed by the legal representative, chief financial officer, and head of the accounting department[14](index=14&type=chunk) [Definitions](index=6&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, such as company names and technical acronyms like PaaS and SaaS - "The Company," "Montnets Technology," and "this Company" all refer to **Montnets Cloud Technology Group Co, Ltd**[16](index=16&type=chunk) - The "Montnets 5G Rich Media Messaging" solution includes 5G Messaging (Yuexin), 5G Messaging (RCS), 5G Video Messaging, and SMS Service Accounts, providing a comprehensive fallback solution[16](index=16&type=chunk) - **"PaaS"** refers to Platform-as-a-Service; **"SaaS"** refers to Software-as-a-Service[16](index=16&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic information about the company, including its stock ticker, listing exchange, and legal representative - The company's stock short name is "Montnets Technology," stock code **002123**, listed on the Shenzhen Stock Exchange[18](index=18&type=chunk) - The company's legal representative is **Yu Wensheng**[18](index=18&type=chunk) [II. Contact Persons and Methods](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Ma Li, and the Securities Affairs Representative is Gao Yizhen, both located at 2/F, Longtaili Technology Building, Shenzhen[19](index=19&type=chunk) [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's contact details and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[20](index=20&type=chunk) - The company's designated securities exchange website and media for disclosing the semi-annual report remained unchanged during the reporting period[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses key financial data, showing a significant revenue decline but stable net profit attributable to shareholders Key Accounting Data and Financial Indicators (Consolidated) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change Y-o-Y | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,539,003,472.56 | 2,327,942,845.92 | -33.89% | | Net Profit Attributable to Shareholders | 9,239,935.86 | 9,235,475.37 | 0.05% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -20,661,247.22 | -6,451,951.08 | -220.23% | | Net Cash Flow from Operating Activities | 187,311,946.92 | 634,709,322.88 | -70.49% | | Basic Earnings Per Share (CNY/Share) | 0.01 | 0.01 | 0.00% | | Diluted Earnings Per Share (CNY/Share) | 0.01 | 0.01 | 0.00% | | Weighted Average Return on Equity | 0.52% | 0.57% | -0.05% | | **Period-End Indicators** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change vs. Prior Year-End** | | Total Assets | 3,563,769,348.74 | 3,955,680,687.88 | -9.91% | | Net Assets Attributable to Shareholders | 1,793,505,905.01 | 1,710,917,349.25 | 4.83% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section confirms no discrepancies in net profit or net assets between Chinese and international accounting standards - The company reports **no differences** in net profit and net assets between disclosures under IFRS and Chinese Accounting Standards[24](index=24&type=chunk) - The company reports **no differences** in net profit and net assets between disclosures under foreign accounting standards and Chinese Accounting Standards[25](index=25&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section details non-recurring profit and loss items totaling CNY 29.90 million, mainly from asset disposals and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 17,002,907.91 | | Government Grants Recognized in Current Profit or Loss | 478,971.62 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held by Non-financial Enterprises | 643,203.20 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,053,939.66 | | Other Non-operating Income and Expenses | 9,786,284.93 | | Less: Income Tax Effect | 63,699.02 | | Less: Minority Interest Effect (After Tax) | 425.22 | | Total | 29,901,183.08 | [Section 3 Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Principal Business Activities during the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focuses on AI+communications and 5G messaging while expanding into AI computing, big data, and the metaverse - The company has established a **"3+N" strategy**, focusing on 5G Yuexin, cloud communications, and international communications, while expanding into AI, big data, and the metaverse[30](index=30&type=chunk) - The integration of **AI and communications** is creating a new blue ocean market for intelligent and diversified information services[30](index=30&type=chunk) [1. Company's Main Business](index=10&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main business includes cloud communication, Yuexin platform, and international communication services - Montnets Cloud Communication products include **5G Yuexin, industry SMS, 5G Messaging, 5G Video Messaging, SMS Service Accounts, and voice verification codes**[31](index=31&type=chunk) - 5G Yuexin holds **6 core patents** and nearly 100 related patents, with compatibility on over **80% of domestic smartphones**, covering over 1.17 billion devices[46](index=46&type=chunk) - International communication services cover **200+ countries** with over 1,200 carrier channels and obtained a Mobile Virtual Network Operator (MVNO) license in Hong Kong in August 2024[48](index=48&type=chunk)[49](index=49&type=chunk) [2. 5G Rich Media Messaging Solutions for Various Industries](index=18&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E5%90%91%E2%80%9C%E9%87%91%E8%9E%8D%E3%80%81%E4%BA%92%E8%81%94%E7%BD%91%E3%80%81%E6%94%BF%E5%8A%A1%E3%80%81%E9%80%9A%E7%94%A8%E2%80%9D%E7%AD%89%E4%BC%97%E5%A4%9A%E8%A1%8C%E4%B8%9A%E6%8E%A8%E5%87%BA5G%E5%AF%8C%E5%AA%92%E4%BD%93%E6%B6%88%E6%81%AF%E5%85%A8%E6%A0%88%E8%A1%8C%E4%B8%9A%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88) The company offers full-stack 5G rich media messaging solutions to support digital transformation across multiple industries - Provides end-to-end 5G rich media messaging solutions for the **financial industry** to enhance user experience and support customer acquisition, activation, and conversion[60](index=60&type=chunk)[61](index=61&type=chunk) - Builds efficient communication bridges for the **government sector**, enabling one-stop government services and enriching public information dissemination channels[61](index=61&type=chunk) - Offers 5G rich media messaging solutions for the **internet industry** to increase revenue, encourage repurchases, improve ROI, and boost user acquisition and retention[61](index=61&type=chunk) [II. Core Competitiveness Analysis](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its first-mover advantage in 5G messaging, R&D capabilities, and extensive partnerships - The company has a **first-mover and technological advantage** in 5G Video Messaging and 5G Yuexin, with extensive operational experience[62](index=62&type=chunk)[63](index=63&type=chunk) - The company holds **220 patents and 167 software copyrights**, with its R&D capabilities recognized by CMMI3.0 and national high-tech enterprise certifications[65](index=65&type=chunk)[66](index=66&type=chunk) - The company maintains stable partnerships with China's three major operators and deep collaborations with terminal manufacturers like **Huawei, Xiaomi, OPPO, and vivo**, achieving Yuexin coverage on over 1.1 billion devices[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - Montnets' international business covers over **220 countries** with 1,200+ carrier channels, supported by proprietary platform technology and multiple authoritative licenses[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [III. Analysis of Principal Business](index=23&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) The company's main business sales decreased by 33.89% year-on-year, leading to a sharp drop in revenue and costs Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change Y-o-Y | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,539,003,472.56 | 2,327,942,845.92 | -33.89% | Decrease in main business sales | | Operating Costs | 1,345,466,437.14 | 2,132,376,501.44 | -36.90% | Decrease in main business procurement | | Selling Expenses | 87,963,338.82 | 73,139,644.34 | 20.27% | | | Administrative Expenses | 56,000,411.23 | 46,698,561.05 | 19.92% | | | Finance Costs | 16,153,468.22 | 24,951,004.53 | -35.26% | Decrease in borrowing interest and exchange losses | | Income Tax Expense | 7,213,188.17 | 1,118,715.17 | 544.77% | Increase in total profit | | Net Cash Flow from Operating Activities | 187,311,946.92 | 634,709,322.88 | -70.49% | Decrease in sales collections | | Net Cash Flow from Investing Activities | 175,134,786.09 | -3,267,073.50 | 5,460.60% | Increase in receipts from wealth management products | | Net Cash Flow from Financing Activities | -115,872,674.58 | -609,595,481.87 | 80.99% | Increase in financing compared to the prior period | | Net Increase in Cash and Cash Equivalents | 246,504,013.28 | 19,851,082.66 | 1,141.77% | Combined effect of operating, investing, and financing activities | Operating Revenue Breakdown | Category | Current Period Amount (CNY) | % of Revenue | Prior Year Period Amount (CNY) | % of Revenue | Change Y-o-Y | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,539,003,472.56 | 100% | 2,327,942,845.92 | 100% | -33.89% | | Cloud Communication Services | 1,447,929,997.85 | 94.08% | 2,170,329,020.33 | 93.23% | -33.29% | | Other Cloud Business | 91,073,474.71 | 5.92% | 157,613,825.59 | 6.77% | -42.22% | | Domestic Revenue | 1,011,969,288.28 | 65.75% | 1,861,073,039.99 | 79.94% | -45.62% | | International Revenue | 527,034,184.28 | 34.25% | 466,869,805.93 | 20.06% | 12.89% | - The gross margin for cloud communication services was **13.12%**, an increase of 4.33 percentage points year-on-year[84](index=84&type=chunk)[86](index=86&type=chunk) [IV. Non-Principal Business Analysis](index=25&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal business activities, primarily from asset disposals and credit loss reversals, significantly contributed to total profit Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,381,741.99 | 4.64% | | No | | Fair Value Change Gains/Losses | -24,732.58 | -0.08% | | No | | Non-operating Income | 9,922,535.72 | 33.33% | Mainly from payables no longer required for power electronics business | No | | Credit Impairment Losses | 13,865,221.05 | 46.57% | Mainly from bad debt write-offs or reversals | No | | Asset Disposal Gains | 16,993,979.68 | 57.08% | Mainly from disposal of other non-current assets | No | [V. Asset and Liability Analysis](index=26&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 9.91% while net assets attributable to shareholders grew by 4.83% Significant Changes in Asset Composition | Item | End of Current Period (CNY) | % of Total Assets | End of Prior Year (CNY) | % of Total Assets | Change in % | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,140,660,936.71 | 32.01% | 1,016,187,560.64 | 25.69% | 6.32% | | Accounts Receivable | 1,139,978,152.14 | 31.99% | 1,605,553,841.60 | 40.59% | -8.60% | | Right-of-use Assets | 9,290,957.60 | 0.26% | 4,895,065.21 | 0.12% | 0.14% | | Short-term Borrowings | 1,051,532,444.41 | 29.51% | 1,180,827,836.42 | 29.85% | -0.34% | | Net Assets Attributable to Shareholders | 1,793,505,905.01 | | 1,710,917,349.25 | | 4.83% | - Montnets International (Hong Kong) Limited has assets of **CNY 336.86 million** and income of **CNY 19.88 million**, representing 18.43% of the company's net assets, with no significant impairment risk[92](index=92&type=chunk) - As of the reporting date, total restricted assets amounted to **CNY 698.65 million**, primarily consisting of cash deposits and pledged fixed assets for bank loans[95](index=95&type=chunk) [VI. Investment Analysis](index=28&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) The company's total investment amount decreased significantly by 88.60% year-on-year - The investment amount for the reporting period was **CNY 13.55 million**, a decrease of **88.60%** from CNY 118.82 million in the prior year period[97](index=97&type=chunk) Financial Asset Investments | Item | Opening Balance (CNY) | Fair Value Change (CNY) | Amount Sold (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 209,657.52 | -24,732.58 | 0 | 184,924.94 | | Other Equity Instrument Investments | 142,103,497.40 | 0 | 17,553,541.30 | 135,537,687.72 | | Receivables Financing | 2,049,936.05 | 0 | 1,635,536.05 | 414,400.00 | - The company had **no significant equity investments, non-equity investments, derivative investments, or use of raised funds** during the reporting period[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [VII. Major Asset and Equity Sales](index=29&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major asset or equity sales occurred during the reporting period - The company **did not sell any major assets** during the reporting period[102](index=102&type=chunk) - The company **did not sell any major equity** during the reporting period[103](index=103&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=29&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The performance of major subsidiaries varied, with some impacted by operator policies or slower-than-expected business development Major Subsidiaries and Investees Affecting Net Profit by over 10% | Company Name | Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Montnets Technology Development Co, Ltd | Subsidiary | 200,000,000 | 3,466,290,260.54 | 1,686,154,752.75 | 1,081,660,024.46 | 21,973,517.83 | | Montnets International (Hong Kong) Limited | Subsidiary | 76,789,605 | 336,859,625.60 | 77,226,099.48 | 526,803,892.21 | 19,876,901.04 | | Shenzhen Montnets Cloud Create Technology Co, Ltd | Subsidiary | 100,000,000 | 133,001,979.31 | -281,784,945.24 | 12,200,061.27 | -8,379,117.17 | | Anshan Yunshu Technology Development Co, Ltd | Subsidiary | 160,000,000 | 189,487,458.64 | 54,030,942.35 | 105,106,914.44 | 3,078,892.94 | - Shenzhen Montnets Technology Development Co, Ltd's gross profit from domestic mobile information services **declined by approximately 28%** year-on-year due to operator policy changes[104](index=104&type=chunk) - Shenzhen Montnets Cloud Create Technology Co, Ltd's business development was **slower than expected**, resulting in a current lack of profitability[105](index=105&type=chunk) [IX. Structured Entities Controlled by the Company](index=29&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had **no controlled structured entities** during the reporting period[106](index=106&type=chunk) [X. Risks and Countermeasures](index=30&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks in 5G technology R&D, market development, and regulation, which it addresses through innovation and strategic adjustments - The company faces **5G technology R&D risks** and has established a technology innovation system, increased R&D investment, and attracted high-end talent to mitigate them[107](index=107&type=chunk)[108](index=108&type=chunk) - To address **product innovation and market development risks**, the company will strengthen its sales channels and innovate products based on market demand to enhance core competitiveness[109](index=109&type=chunk)[110](index=110&type=chunk) - To manage **industry regulatory risks**, the company will continuously monitor policy changes and adjust its business strategies accordingly to reduce operational risks[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&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 not formulated a market value management system or disclosed a valuation enhancement plan - The company has **not formulated a market value management system**[114](index=114&type=chunk) - The company has **not disclosed a valuation enhancement plan**[114](index=114&type=chunk) [XII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=31&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 has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has **not disclosed** an announcement regarding a "Dual Improvement in Quality and Returns" action plan[114](index=114&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=31&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) [I. Changes in Directors, Supervisors, and Senior Management](index=31&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) Several changes occurred in the company's board and senior management due to work transfers and elections - Several supervisors, independent directors, and senior vice presidents **resigned due to work transfers or term expirations**[115](index=115&type=chunk) - A new independent director, a director and CFO, and a vice president and board secretary were **elected to their positions**[115](index=115&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=31&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute dividends or capitalize its capital reserve for the semi-annual period - The company plans **no cash dividend distribution**, no bonus share issuance, and no capitalization of capital reserve for the semi-annual period[116](index=116&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&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 implemented several equity and stock ownership plans to align employee and company interests - The company has granted stock options under its **2021 and 2022 stock option incentive plans**, with several tranches having vested and been registered[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - The first-phase employee stock ownership plan involves 15 employees holding **5,911,400 shares (0.73% of total capital)**, acquired at zero cost from repurchased shares[123](index=123&type=chunk) - The long-term employee stock ownership plan involves 34 employees holding **1,000,000 shares (0.12% of total capital)**, funded by a special incentive fund from 2021-2025[124](index=124&type=chunk) - During the reporting period, the long-term employee stock ownership plan sold 4,002,800 shares through centralized bidding, **increasing profit by CNY 16.99 million**[124](index=124&type=chunk)[127](index=127&type=chunk) [IV. Environmental Information Disclosure](index=37&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its main subsidiaries are not listed as enterprises required to disclose environmental information - The listed company and its main subsidiaries are **not included** in the list of enterprises required to disclose environmental information by law[127](index=127&type=chunk) [V. Social Responsibility](index=37&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 fulfilled its social responsibilities by ensuring legal compliance, protecting stakeholder rights, and promoting employee welfare - The company adheres to **lawful operations**, complies with financial regulations, and fulfills its tax obligations[128](index=128&type=chunk) - The company continuously improves its corporate governance structure and ensures **timely and fair information disclosure** to protect investor interests[129](index=129&type=chunk) - The company is committed to protecting **employee rights**, providing a safe work environment, and offering competitive compensation and development opportunities[130](index=130&type=chunk) - The company upholds **integrity in business**, ensures product quality, and protects the legitimate rights of customers and suppliers[131](index=131&type=chunk) [Section 5 Significant Matters](index=39&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) [I. Commitments Fulfilled or Overdue by Relevant Parties](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No commitments were fulfilled or remained overdue by the company's controlling shareholders or other related parties - The company reports **no fulfilled or overdue commitments** from its actual controller, shareholders, related parties, or acquirers during the reporting period[133](index=133&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholder and Other Affiliates](index=39&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%B4%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by the controlling shareholder or other related parties - The company reports **no non-operating fund occupation** by its controlling shareholder or other related parties during the reporting period[134](index=134&type=chunk) [III. Irregular External Guarantees](index=39&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had **no irregular external guarantees** during the reporting period[135](index=135&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=39&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 report was **unaudited**[136](index=136&type=chunk) [V. Explanation on "Non-standard Audit Report" for the Current Period](index=39&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) This section is not applicable as the semi-annual report was unaudited - As the semi-annual report was unaudited, there is **no explanation** regarding a "non-standard audit report" for the current period[137](index=137&type=chunk) [VI. Explanation on "Non-standard Audit Report" for the Previous Year](index=39&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) This section is not applicable as the semi-annual report was unaudited - As the semi-annual report was unaudited, there is **no explanation** regarding a "non-standard audit report" for the previous year[137](index=137&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=39&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 was not involved in any bankruptcy or reorganization matters - The company had **no bankruptcy or reorganization matters** during the reporting period[137](index=137&type=chunk) [VIII. Litigation Matters](index=39&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 minor sales contract disputes - The company had **no major litigation or arbitration** matters during the reporting period[138](index=138&type=chunk) - The total amount involved in other litigation where the company was the plaintiff was **CNY 50.92 million**, with most cases won or in enforcement[140](index=140&type=chunk) - The total amount involved in other litigation where the company was the defendant was **CNY 5.13 million**, with some cases still pending[140](index=140&type=chunk) [IX. Penalties and Rectifications](index=41&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 was not subject to any penalties or rectifications - The company reports **no penalties or rectifications** during the reporting period[141](index=141&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=41&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) There were no integrity issues concerning the company or its controlling parties - The company reports **no penalties or rectifications** during the reporting period[141](index=141&type=chunk) [XI. Major Related-Party Transactions](index=41&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred during the reporting period - The company had **no related-party transactions** related to daily operations[142](index=142&type=chunk) - The company had **no related-party transactions** involving the acquisition or sale of assets or equity[143](index=143&type=chunk) - The company had **no related-party credit or debt transactions**[145](index=145&type=chunk) - The company had **no deposit, loan, credit, or other financial business** with related financial companies[146](index=146&type=chunk) [XII. Major Contracts and Their Performance](index=42&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 major contracts for custody or wealth management but provided significant guarantees for its subsidiaries - The company had **no custody, contracting, or wealth management arrangements** during the reporting period[149](index=149&type=chunk)[150](index=150&type=chunk)[180](index=180&type=chunk) - During the reporting period, the company recognized **CNY 7.18 million** in depreciation of right-of-use assets and **CNY 2.65 million** in lease expenses[152](index=152&type=chunk) Guarantees for Subsidiaries | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Approved guarantee limit for subsidiaries during the period | 97,750 | | Actual guarantees provided to subsidiaries during the period | 51,800 | | Total approved guarantee limit for subsidiaries at period-end | 146,960 | | Actual outstanding guarantee balance for subsidiaries at period-end | 69,895 | | Total guarantees as a percentage of company's net assets | 51.39% | | Amount of total guarantees exceeding 50% of net assets | 106,055.15 | | Outstanding guarantees for shareholders, actual controllers, and their affiliates | 3,558.4 | [XIII. Explanation of Other Significant Matters](index=63&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 is planning to acquire 100% of Hangzhou Bicheng Digital Technology Co, Ltd through a share issuance and cash payment - The company plans to acquire **100% equity of Hangzhou Bicheng Digital Technology Co, Ltd** through a share issuance and cash payment, along with raising supporting funds[182](index=182&type=chunk) - This M&A is expected to create **synergies**, strengthen competitive advantages, optimize the business structure, and enhance risk resilience[183](index=183&type=chunk) - The transaction is still subject to necessary internal decision-making procedures and regulatory approvals, carrying **significant uncertainty**[184](index=184&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=64&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) No significant matters concerning the company's subsidiaries occurred during the reporting period - The company's subsidiaries had **no significant matters** to report[185](index=185&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=65&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) [I. Changes in Share Capital](index=65&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital increased due to the exercise of stock options Changes in Share Capital | Share Type | Before Change (Shares) | Change (+, -) (Shares) | After Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 85,351,072 | 750 | 85,351,822 | | II. Unrestricted Shares | 715,238,900 | 4,829,868 | 720,068,768 | | III. Total Shares | 800,589,972 | 4,830,618 | 805,420,590 | - The change in share capital was primarily due to the exercise of **4,830,618 stock options** under the 2022 incentive plans[189](index=189&type=chunk) - Based on the year-end share capital of 805,420,590 shares, basic EPS was **CNY 0.01**, diluted EPS was **CNY 0.01**, and net assets per share were **CNY 2.22**[192](index=192&type=chunk) [II. Securities Issuance and Listing](index=67&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 issued new A-shares due to the exercise of options under its 2021 and 2022 incentive plans - **233,300 options** from the 2022 Second Phase Stock Option Incentive Plan were exercised at a price of **CNY 11.29 per share**[194](index=194&type=chunk)[195](index=195&type=chunk) - **1,436,750 options** from the 2022 Stock Option Incentive Plan were exercised at a price of **CNY 15.50 per share**[194](index=194&type=chunk)[196](index=196&type=chunk) - **0 options** from the 2021 Stock Option Incentive Plan were exercised at a price of **CNY 17.48 per share**[194](index=194&type=chunk)[197](index=197&type=chunk) [III. Number of Shareholders and Shareholdings](index=69&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 183,781 common shareholders at the end of the period, with Yu Wensheng as the controlling shareholder - The total number of common shareholders at the end of the reporting period was **183,781**[199](index=199&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding % | Shares Held at Period-End | Restricted Shares | Unrestricted Shares | Pledged/Marked/Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yu Wensheng | Domestic Individual | 14.05% | 113,187,375 | 84,890,531 | 28,296,844 | 90,520,000 | | Shenzhen Songhe Venture Capital Co, Ltd | Domestic Non-state-owned Corp | 3.29% | 26,529,809 | 0 | 26,529,809 | 300,000 | | Zhang Yuan | Domestic Individual | 1.44% | 11,599,000 | 0 | 11,599,000 | 0 | - There are **no known affiliations or concerted party relationships** among the shareholders listed above[200](index=200&type=chunk)[201](index=201&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=71&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 directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management **did not change** during the reporting period[202](index=202&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=72&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, Yu Wensheng, remained unchanged - The company's **controlling shareholder did not change** during the reporting period[203](index=203&type=chunk) - The company's **actual controller did not change** during the reporting period[203](index=203&type=chunk) [VI. Preferred Shares](index=73&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 did not have any preferred shares during the reporting period - The company had **no preferred shares** during the reporting period[204](index=204&type=chunk) [Section 7 Bond-related Matters](index=74&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) [Bond-related Matters](index=74&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during the reporting period[206](index=206&type=chunk) [Section 8 Financial Report](index=75&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) [I. Audit Report](index=75&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 **unaudited**[208](index=208&type=chunk) [II. Financial Statements](index=75&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements, including balance sheets and income statements Consolidated Balance Sheet Summary | Item | Closing Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,563,769,348.74 | 3,955,680,687.88 | | Total Liabilities | 1,736,479,498.36 | 2,231,164,966.34 | | Total Equity Attributable to Parent Company | 1,793,505,905.01 | 1,710,917,349.25 | Consolidated Income Statement Summary | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,539,003,472.56 | 2,327,942,845.92 | | Net Profit | 22,558,905.86 | 14,152,396.33 | | Net Profit Attributable to Parent Company Owners | 9,239,935.86 | 9,235,475.37 | Consolidated Cash Flow Statement Summary | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 187,311,946.92 | 634,709,322.88 | | Net Cash Flow from Investing Activities | 175,134,786.09 | -3,267,073.50 | | Net Cash Flow from Financing Activities | -115,872,674.58 | -609,595,481.87 | [III. Company's Basic Information](index=92&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) The company, formerly Rongxin Power Electronic, is a software and information technology service provider listed on the Shenzhen Stock Exchange - The company was formerly known as Rongxin Power Electronic Co, Ltd and changed its name to **Montnets Cloud Technology Group Co, Ltd** on November 16, 2020[242](index=242&type=chunk)[243](index=243&type=chunk) - The company's registered capital is **CNY 805,398,690.00**, with a total of 805,420,590.00 shares as of June 30[243](index=243&type=chunk) - The company and its subsidiaries operate in the **software and information technology services industry**, focusing on software/hardware development and network information services[243](index=243&type=chunk) - The scope of the consolidated financial statements for this period includes **9 subsidiaries** (a total of 32 entities including sub-subsidiaries)[244](index=244&type=chunk) [IV. Basis of Preparation for Financial Statements](index=93&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards - The financial statements are prepared on a **going concern basis** and in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance[245](index=245&type=chunk) - The company uses the **accrual basis of accounting** and measures most items at historical cost, except for certain financial instruments[245](index=245&type=chunk) - There are **no significant events or conditions** that cast doubt on the company's ability to continue as a going concern for the next 12 months[246](index=246&type=chunk) [V. Significant Accounting Policies and Estimates](index=93&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 key areas like financial instrument impairment, depreciation, and revenue recognition - The financial statements comply with the requirements of the Enterprise Accounting Standards, **fairly presenting the company's financial position** as of June 30, 2025[249](index=249&type=chunk) - Financial assets are classified at initial recognition into three categories: **amortized cost, fair value through other comprehensive income, and fair value through profit or loss**[267](index=267&type=chunk) - The company recognizes loss allowances for expected credit losses on financial assets measured at amortized cost and certain debt instrument investments[281](index=281&type=chunk) - Revenue is recognized when the company **satisfies a performance obligation** by transferring control of a promised good or service to a customer[342](index=342&type=chunk) [VI. Tax Items](index=118&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main taxes and applicable rates, including various tax incentives enjoyed by the company and its subsidiaries Main Taxes and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 5%, 6%, 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%, 16.5%, 20%, 22%, 25%, 30% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Shenzhen Montnets Technology Development Co, Ltd enjoys a **VAT refund policy** for self-developed software products, where the tax burden exceeding 3% is refunded[374](index=374&type=chunk) - The subsidiary Shenzhen Montnets is subject to a **15% corporate income tax rate** as a high-tech enterprise, and several other subsidiaries benefit from preferential tax policies for small and micro enterprises[375](index=375&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=120&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 notes on key items in the consolidated financial statements, including assets, liabilities, income, and expenses - At period-end, cash and cash equivalents totaled **CNY 1.14 billion**, including CNY 700.10 million in bank deposits and CNY 440.56 million in other monetary funds[379](index=379&type=chunk) - The carrying amount of accounts receivable at period-end was **CNY 1.14 billion**, with a bad debt provision of CNY 381.37 million[393](index=393&type=chunk) - Operating revenue for the period was **CNY 1.54 billion**, and operating costs were **CNY 1.35 billion**[523](index=523&type=chunk) - Net cash flow from operating activities was **CNY 187.31 million**, from investing activities was **CNY 175.13 million**, and from financing activities was **-CNY 115.87 million**[224](index=224&type=chunk)[225](index=225&type=chunk) [VIII. R&D Expenditures](index=157&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was CNY 45.25 million, all of which was expensed - Total R&D expenditure for the period was **CNY 45.25 million**, slightly down from CNY 45.28 million in the prior period[574](index=574&type=chunk) - All R&D expenditure for the period was **expensed**, with zero capitalized R&D expenditure[574](index=574&type=chunk) - R&D expenditure primarily consisted of **employee compensation (CNY 33.56 million)**, R&D equipment rental fees (CNY 5.68 million), and depreciation and amortization (CNY 1.71 million)[574](index=574&type=chunk) [IX. Changes in the Scope of Consolidation](index=158&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) No business combinations under common or non-common control, or reverse acquisitions, occurred during the period - The company had **no business combinations under non-common control** during the reporting period[579](index=579&type=chunk) - The company had **no business combinations under common control** during the reporting period[583](index=583&type=chunk) - The company had **no reverse acquisitions** during the reporting period[586](index=586&type=chunk) [X. Interests in Other Entities](index=161&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the composition of the company's group, including its subsidiaries and associate enterprises - The company has several subsidiaries, including **Shenzhen Montnets Technology Development Co, Ltd** and **Montnets International (Hong Kong) Limited**[588](index=588&type=chunk) - Hami Rongxin New Energy Co, Ltd is an **associate company** in which the company holds a 20.00% stake, accounted for using the equity method[594](index=594&type=chunk) - Hami Rongxin New Energy Co, Ltd had total assets of **CNY 925.22 million** and a net profit of **CNY 1.25 million** for the period[597](index=597&type=chunk) [XI. Government Grants](index=166&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized a total of CNY 0.48 million in government grants during the reporting period - The total amount of government grants recognized in current profit or loss was **CNY 478,971.62**[534](index=534&type=chunk) - Asset-related government grants amounted to **CNY 1,788.84**, related to a 5G exhibition hall project[534](index=534&type=chunk)[511](index=511&type=chunk) - Income-related government grants amounted to **CNY 477,182.78**, including subsidies for employment expansion and technology innovation projects[534](index=534&type=chunk)[602](index=602&type=chunk) [XII. Risks Related to Financial Instruments](index=167&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section discloses the company's exposure to credit, liquidity, and market risks arising from financial instruments - The company's financial instruments are exposed to various risks, including **credit risk, liquidity risk, and market risk**[603](index=603&type=chunk) - The company **did not engage in hedging activities** for risk management during the reporting period[605](index=605&type=chunk) [XIII. Fair Value Disclosure](index=168&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities measured at fair value, primarily financial assets - The total amount of assets continuously measured at fair value was **CNY 136.14 million**[608](index=608&type=chunk) - The closing balance of trading financial assets was **CNY 184,924.94**, mainly equity investments valued at closing prices[608](index=608&type=chunk)[609](index=609&type=chunk) - The closing balance of receivables financing was **CNY 414,400.00**, with fair value determined by face value[608](index=608&type=chunk)[610](index=610&type=chunk) - The closing balance of other equity instrument investments was **CNY 135.54 million**, with fair value determined by valuation techniques[608](index=608&type=chunk)[610](index=610&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=169&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related parties and discloses minor transactions with them during the period - The ultimate controlling party of the enterprise is **Yu Wensheng**, with a shareholding of 14.05%[610](index=610&type=chunk) - The company provided mobile information services to Shenzhen Montnets Intelligent Technology Development Co, Ltd, with a transaction amount of **CNY 231,061.17**[615](index=615&type=chunk) - During the reporting period, the company had **no related-party guarantees, fund lending, asset transfers, or debt restructuring**[621](index=621&type=chunk)[623](index=623&type=chunk)[624](index=624&type=chunk) - Compensation for key management personnel during the period amounted to **CNY 3.65 million**[626](index=626&type=chunk) [XV. Share-based Payment](index=172&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) This section provides an overview of the company's share-based payment plans, including options granted, exercised, and forfeited Overall Share-based Payment Situation | Grantee Category | Granted this Period | Grant Amount (CNY) | Exercised this Period | Exercise Amount (CNY) | Forfeited this Period | Forfeiture Amount (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employees | 0 | 0 | 4,830,618 | 59,575,012.96 | 3,334,290 | 48,577,998.10 | - At period-end, **17,170,032 stock options** were outstanding, with exercise prices ranging from CNY 11.29 to CNY 17.48 per share and remaining contract terms of 1 to 6 months[173](index=173&type=chunk) - At period-end, **5,911,400 shares** under the employee stock ownership plan were outstanding, acquired at zero cost, with a remaining contract term of 7 months[173](index=173&type=chunk) - The company has disclosed the grant and exercise arrangements for its **2019, 2021, and 2022 stock option incentive plans**, including performance conditions[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) [XVI. Commitments and Contingencies](index=185&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company had no significant commitments or contingencies to disclose at the end of the reporting period - There were **no significant commitments** as of the balance sheet date[186](index=186&type=chunk) - The company has **no significant contingencies** to disclose[186](index=186&type=chunk) [XVII. Post-Balance Sheet Events](index=186&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) After the reporting period, the company co-established a new subsidiary focused on intelligent computing technology - On August 4, 2025, Shenzhen Montnets Technology Development Co, Ltd co-established **Beijing Montnets Cloud Intelligent Computing Technology Co, Ltd**[671](index=671&type=chunk) - Shenzhen Montnets holds a **51% stake** in the new company, which has a registered capital of CNY 10 million and will engage in IT consulting, software development, and data processing services[671](index=671&type=chunk) [XVIII. Other Significant Matters](index=186&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section confirms no prior period errors or debt restructurings and provides segment financial information - The company had **no prior period accounting error corrections, debt restructurings, annuity plans, or discontinued operations**[672](index=672&type=chunk)[674](index=674&type=chunk)[677](index=677&type=chunk)[678](index=678&type=chunk) Segment Financial Information | Item | Energy-saving High-power Electronics (CNY) | Mobile Information Services (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Operating Revenue | 0 | 1,539,003,472.56 | 1,539,003,472.56 | | Operating Costs | 0 | 1,345,466,437.14 | 1,345,466,437.14 | | Total Assets | 502,638,713.32 | 3,061,130,635.42 | 3,563,769,348.74 | | Total Liabilities | 134,615,178.66 | 1,601,864,319.70 | 1,736,479,498.36 | [XIX. Notes to Parent Company Financial Statement Items](index=188&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the parent company's key financial statement items, including receivables and long-term investments - The parent company's accounts receivable had a carrying amount of **CNY 128.62 million** at period-end[685](index=685&type=chunk) - The parent company's other receivables had a carrying amount of **CNY 405.28 million** at period-end[700](index=700&type=chunk)[718](index=718&type=chunk) - The parent company's long-term equity investments had a carrying amount of **CNY 3.67 billion** at period-end, primarily investments in subsidiaries[726](index=726&type=chunk) - The parent company's operating revenue for the period was **CNY 97.53 million**, and operating costs were **CNY 94.81 million**[733](index=733&type=chunk) - The parent company's investment income for the period was **CNY 115,610.56**, mainly from dividend income[737](index=737&type=chunk) [XX. Supplementary Information](index=198&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides a detailed breakdown of non-recurring profit and loss items and calculates ROE and EPS Breakdown of Current Non-recurring Profit and Loss | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 17,002,907.91 | | Government Grants Recognized in Current Profit or Loss | 478,971.62 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held by Non-financial Enterprises | 643,203.20 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,053,939.66 | | Other Non-operating Income and Expenses | 9,786,284.93 | | Less: Income Tax Effect | 63,699.02 | | Less: Minority Interest Effect (After Tax) | 425.22 | | Total | 29,901,183.08 | Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE | Basic EPS (CNY/Share) | Diluted EPS (CNY/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 0.52% | 0.01 | 0.01 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | -1.17% | -0.03 | -0.03 | - The company has **no accounting data differences** under domestic and foreign accounting standards[741](index=741&type=chunk) [Section 9 Other Submitted Data](index=200&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [I. Other Major Social Security Issues](index=200&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company and its subsidiaries had no other major social security issues or administrative penalties - The listed company and its subsidiaries have **no other major social security issues**[743](index=743&type=chunk) - **No administrative penalties** were received during the reporting period[743](index=743&type=chunk) [II. Record of Investor Relations Activities](index=200&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company engaged with investors through online meetings to discuss its asset restructuring and annual performance - On January 19, 2025, the company held online meetings with institutions like **Morgan Stanley Huaxin Fund and Fullgoal Fund** to discuss its asset restructuring plan[743](index=743&type=chunk) - On May 15, 2025, the company hosted an online exchange with investors to discuss the **2024 annual report**, business operations, and future development plans[744](index=744&type=chunk) [III. Fund Transfers between the Company and its Controlling Shareholder and Other Affiliates](index=201&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%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%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) No fund transfers occurred between the company and its controlling shareholder or other related parties - The company had **no fund transfers** with its controlling shareholder or other related parties[745](index=745&type=chunk)

浙江仙琚制药股份有限公司 2025 年半年度报告 浙江仙琚制药股份有限公司 2025 年半年度报告全文 2025 年 8 月 26 日 1 浙江仙琚制药股份有限公司 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。 公司负责人张宇松、主管会计工作负责人王瑶华及会计机构负责人(会计 主管人员)齐超声明：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。 公司已在本报告中详细描述存在的主要风险，包括：行业政策变化及药品 降价风险、质量控制风险、研发风险、环保风险、综合管理成本上升的风险、 人才缺乏的风险、商誉减值风险等，详细请查阅本报告第三节"管理层讨论 与分析"部分。 公司经本次董事会审议通过的利润分配预案为：以 989,204,866 股为基 数，向全体股东每 10 股派发现金红利 1 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 2 浙江仙琚制药股份有限公司 2025 年半年度报告全文 目 ...