吉林亚联发展科技股份有限公司 2025 年半年度报告全文 吉林亚联发展科技股份有限公司 2025 年半年度报告 2025-046 2025 年 8 月 1 吉林亚联发展科技股份有限公司 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。 公司负责人王永彬、主管会计工作负责人王思邈及会计机构负责人(会计 主管人员)邢冰黎声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"中公司面临的风险和应对措施 部分描述了公司可能面对的主要风险，敬请广大投资者注意查阅。 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 | | P | S | | --- | --- | --- | | | | 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 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司 ...

[Section 1 Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section confirms the report's accuracy, warns of forward-looking statement risks, details the non-distribution of dividends, and includes the table of contents and definitions - The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - The company's responsible person, 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[5](index=5&type=chunk) - The report advises investors to be aware of risks associated with future development outlooks and business plans, which are forward-looking statements[4](index=4&type=chunk) - Section 3 "Management Discussion and Analysis", subsection 10 "Risks Faced by the Company and Countermeasures" describes potential future operating risks and countermeasures[4](index=4&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, key financial data, and non-recurring gains and losses, noting a year-on-year revenue decrease but significant profit and cash flow growth - Company basic information: Stock abbreviation "**Wannianqing**", stock code **000789**, listed on Shenzhen Stock Exchange, legal representative Chen Wensheng[13](index=13&type=chunk) Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,211,352,456.79 | 2,588,153,406.68 | -14.56% | | Net Profit Attributable to Listed Company Shareholders | 40,770,765.28 | 1,509,193.49 | 2,601.49% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 769,055.56 | -23,859,109.09 | 103.22% | | Net Cash Flow from Operating Activities | 203,027,898.35 | 14,596,076.28 | 1,290.98% | | Basic Earnings Per Share (Yuan/Share) | 0.0525 | 0.0019 | 2,663.16% | | Diluted Earnings Per Share (Yuan/Share) | 0.0525 | 0.0178 | 194.94% | | Weighted Average Return on Net Assets | 0.60% | 0.02% | 0.58% | | Total Assets (End of Current Period) | 15,758,039,050.35 | 16,532,535,480.70 | -4.68% | | Net Assets Attributable to Listed Company Shareholders (End of Current Period) | 6,710,898,614.49 | 6,893,856,333.62 | -2.65% | Non-recurring Gains and Losses and Amounts (Unit: Yuan) | Item | Amount | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 45,136,513.40 | | Government Grants Included in Current Profit and Loss | 21,915,795.43 | | Fair Value Change Gains and Losses from Holding Financial Assets and Liabilities by Non-financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities | -1,024,489.81 | | Fund Occupation Fees Received from Non-financial Enterprises Included in Current Profit and Loss | 1,075,650.25 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 2,937,710.00 | | Other Non-operating Income and Expenses | 1,463,585.83 | | Less: Income Tax Impact | 16,433,463.84 | | Impact on Minority Interests (After Tax) | 15,069,591.54 | | **Total** | **40,001,709.72** | - "Three Wastes Tax Refund" is classified as a recurring gain and loss item, amounting to **2,001,561.30 yuan**, due to its close relation to the company's business and annual entitlement[23](index=23&type=chunk) [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main businesses, industry trends, core strengths, financial performance, non-core operations, asset-liability status, investments, and risk management strategies [3.1 Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=3.1%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) This section details the company's primary businesses within the cement industry, including products, operating models, market position, and the impact of carbon neutrality strategies - The cement industry, driven by the "14th Five-Year Plan" carbon peaking and carbon neutrality strategies, is actively promoting supply-side structural reform, entering a phase of transformation, upgrading, and green development[25](index=25&type=chunk) - The company primarily engages in the production and sales of Portland cement, ready-mix concrete, aggregates, and new wall materials, owning **six** cement production bases, **11** clinker production lines, **62** ready-mix concrete production lines, and **32** cement mills[26](index=26&type=chunk) - The company's product sales model combines direct sales and distribution (or consignment), with cement products primarily distributed and ready-mix concrete products primarily direct-sold[30](index=30&type=chunk) - The "**Wannianqing**" brand enjoys high recognition and influence in Jiangxi and surrounding provinces, ranking among the top ten in China's cement listed companies' comprehensive strength in 2024[31](index=31&type=chunk) - During the reporting period, the average coal procurement price decreased by **170 yuan/ton**, providing some profit margin for the cement industry[31](index=31&type=chunk) - In the first half of 2025, national fixed asset investment increased by **2.8%** year-on-year, infrastructure investment increased by **4.6%**, and real estate development investment decreased by **11.2%**[32](index=32&type=chunk) [3.2 Analysis of Core Competencies](index=10&type=section&id=3.2%20Analysis%20of%20Core%20Competencies) This section highlights the company's competitive advantages, including strategic location, strong brand, technological innovation, integrated supply chain, efficient management, and commitment to green development - The company is located in the hinterland of the Yangtze River Delta, Pearl River Delta, and Southern Fujian Delta, adjacent to economically developed provinces, with products selling well in Jiangxi and surrounding provinces, giving it a unique geographical advantage[34](index=34&type=chunk) - Established over **60 years** ago, the company was one of the first in China to adopt domestic new dry-process cement production lines; the "**Wannianqing**" brand enjoys a high reputation in East China[34](index=34&type=chunk) - The company adheres to management and technological innovation, actively promotes new technologies, equipment, and materials, with **four** cement production enterprises obtaining medium-heat cement production licenses, committed to strengthening innovation leadership and digital empowerment[34](index=34&type=chunk) - The company has a relatively complete integrated cement industry chain layout, owning **six** limestone mines that can meet **100%** of clinker production needs, **62** ready-mix concrete production lines in the province, and has established a multi-channel marketing network[35](index=35&type=chunk) - The company has established a standardized "Three Meetings and One Layer" governance system, deepened three institutional reforms, accelerated information platform construction, and promoted digital and intelligent factory construction; Wannian Plant received national digital transformation benchmark and L9 certification, and Leping Company was rated as a national green factory[35](index=35&type=chunk) - The company actively builds a green manufacturing system, with an increasing number of national and provincial green factories and green mines, continuously optimizing various technical and economic indicators, and reducing production costs[36](index=36&type=chunk) - The company emphasizes technological transformation, established a digital department to coordinate technological innovation, formulated strict internal quality control standards, with products widely used in national and provincial key engineering projects, and passed multiple quality management system certifications[36](index=36&type=chunk)[37](index=37&type=chunk) [3.3 Main Business Analysis](index=11&type=section&id=3.3%20Main%20Business%20Analysis) This section analyzes the financial performance of the company's main businesses, showing a revenue decline primarily due to decreased cement sales, while detailing revenue composition Year-on-Year Changes in Key Financial Data (Unit: Yuan) | Indicator | Current Period | Prior Year | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,211,352,456.79 | 2,588,153,406.68 | -14.56% | Mainly due to a significant decrease in cement sales | | Operating Cost | 1,837,988,439.75 | 2,230,810,443.56 | -17.61% | Mainly due to the combined effect of decreased cement sales and lower unit costs | | Selling Expenses | 38,737,533.64 | 52,433,223.89 | -26.12% | | | Administrative Expenses | 216,445,272.60 | 224,906,080.99 | -3.76% | | | Financial Expenses | 17,398,713.25 | 19,112,970.98 | -8.97% | Mainly due to the company further optimizing its financing structure and reducing financing costs | | Income Tax Expense | 55,174,803.23 | 44,071,352.01 | 25.19% | | | Net Cash Flow from Operating Activities | 203,027,898.35 | 14,596,076.28 | 1,290.98% | Mainly due to a significant year-on-year decrease in cash paid for goods purchased, labor services, and taxes | | Net Cash Flow from Investing Activities | 244,731,417.70 | -1,107,787,004.49 | 122.09% | Mainly due to the maturity of large-denomination certificates of deposit and a decrease in large-denomination certificates of deposit purchased in the current period compared to the prior year | | Net Cash Flow from Financing Activities | -168,031,651.32 | -232,012,683.21 | 27.58% | | | Net Increase in Cash and Cash Equivalents | 279,727,332.74 | -1,325,203,457.40 | 121.11% | Operating Revenue Composition (by Industry/Product/Region, Unit: Yuan) | Category | Item | Current Period Amount | Proportion of Operating Revenue | Prior Year Amount | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Cement | 1,513,480,128.91 | 68.44% | 1,620,781,304.56 | 62.62% | -6.62% | | | Concrete | 502,191,865.71 | 22.71% | 731,398,267.66 | 28.26% | -31.34% | | | Aggregates | 120,156,644.61 | 5.43% | 152,864,181.48 | 5.91% | -21.40% | | **By Product** | Cement | 1,511,405,597.93 | 68.35% | 1,610,384,733.33 | 62.22% | -6.15% | | | Clinker | 2,074,530.98 | 0.09% | 10,396,571.23 | 0.40% | -80.05% | | | Concrete | 502,191,865.71 | 22.71% | 731,398,267.66 | 28.26% | -31.34% | | **By Region** | Jiangxi Province | 1,943,854,777.32 | 87.90% | 2,352,268,096.09 | 90.89% | -17.36% | | | Zhejiang Province | 126,736,431.24 | 5.73% | 87,463,305.84 | 3.38% | 44.90% | | | Hubei Province | 30,490,438.89 | 1.38% | 17,421,135.31 | 0.67% | 75.02% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit (Unit: Yuan) | Category | Item | Operating Revenue | Operating Cost | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Cement | 1,513,480,128.91 | 1,198,185,026.78 | 20.83% | -6.62% | -13.95% | 6.75% | | | Concrete | 502,191,865.71 | 455,498,421.78 | 9.30% | -31.34% | -28.85% | -3.17% | | **By Product** | Cement | 1,511,405,597.93 | 1,196,110,495.80 | 20.86% | -6.15% | -13.52% | 6.74% | | | Concrete | 502,191,865.71 | 455,498,421.78 | 9.30% | -31.34% | -28.85% | -3.17% | | **By Region** | Jiangxi Province | 1,943,854,777.32 | 1,616,785,509.70 | 16.83% | -17.36% | -11.07% | -5.88% | [3.4 Non-Main Business Analysis](index=13&type=section&id=3.4%20Non-Main%20Business%20Analysis) This section examines the company's non-main business activities, noting significant contributions from asset disposal and investment income, but also negative impacts from fair value changes and credit losses Non-Main Business Profit and Loss (Unit: Yuan) | Item | Amount | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 17,337,180.89 | 14.70% | Mainly due to dividends received from associate companies | No | | Fair Value Change Gains and Losses | -15,070,738.32 | -12.78% | Fair value changes of other non-current financial assets | No | | Non-operating Income | 11,550,708.22 | 9.79% | | No | | Non-operating Expenses | 2,976,100.64 | 2.52% | | No | | Credit Impairment Losses | -4,764,730.37 | -4.04% | Mainly due to provision for impairment losses on accounts receivable | No | | Other Income | 16,660,356.73 | 14.12% | | No | | Asset Disposal Gains and Losses | 45,292,061.60 | 38.39% | Mainly due to recognition of relocation compensation income | No | [3.5 Asset and Liability Status Analysis](index=13&type=section&id=3.5%20Asset%20and%20Liability%20Status%20Analysis) This section analyzes the company's asset and liability structure at the reporting period end, including significant changes and fair value measurements, noting decreases in total assets and net assets Significant Changes in Asset Composition (Unit: Yuan) | Item | End of Current Period Amount | Proportion of Total Assets | End of Prior Year Amount | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,645,588,438.50 | 29.48% | 4,658,891,367.97 | 28.18% | 1.30% | | Accounts Receivable | 1,425,167,875.92 | 9.04% | 1,653,716,825.83 | 10.00% | -0.96% | | Inventories | 445,037,531.00 | 2.82% | 457,484,812.00 | 2.77% | 0.05% | | Fixed Assets | 6,311,401,981.84 | 40.05% | 6,539,640,242.46 | 39.56% | 0.49% | | Construction in Progress | 30,674,078.43 | 0.19% | 16,740,407.12 | 0.10% | 0.09% | | Short-term Borrowings | 691,204,064.88 | 4.39% | 770,899,511.39 | 4.66% | -0.27% | | Long-term Borrowings | 241,530,000.00 | 1.53% | 64,690,000.00 | 0.39% | 1.14% | | Bonds Payable | 600,000,000.00 | 3.81% | 1,572,508,004.60 | 9.51% | -5.70% | Assets and Liabilities Measured at Fair Value (Unit: Yuan) | Item | Beginning Balance | Fair Value Change Gains and Losses for the Period | Ending Balance | | :--- | :--- | :--- | :--- | | Investments in Other Equity Instruments | 402,870,447.16 | | 355,609,138.31 | | Other Non-current Financial Assets | 74,700,513.37 | -15,070,738.32 | 42,165,873.54 | | Accounts Receivable Financing | 147,252,282.23 | | 110,793,497.09 | | **Total** | **624,823,242.76** | **-15,070,738.32** | **508,568,508.94** | - As of the end of the reporting period, the company had restricted assets including monetary funds, fixed assets, and intangible assets[52](index=52&type=chunk)[380](index=380&type=chunk)[382](index=382&type=chunk) [3.6 Investment Status Analysis](index=15&type=section&id=3.6%20Investment%20Status%20Analysis) This section details the company's investment activities, including securities holdings and the utilization of raised funds, noting a decrease in Tianshan Cement share value and completed bond fund use Securities Investment (Unit: Yuan) | Security Code | Security Abbreviation | Original Investment Cost | Beginning Book Value | Fair Value Change Gains and Losses for the Period | Ending Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | | 000877 | Tianshan Cement | 645,393,230.90 | 272,200,125.70 | -49,053,732.90 | 223,146,392.80 | - The company announced a share repurchase plan on February 7, 2025, and completed it by April 3, 2025, repurchasing a total of **38,467,823 shares** for **199,306,796.35 yuan**[110](index=110&type=chunk) - As of July 8, 2025, the proceeds from the company's 2025 public issuance of corporate bonds have been fully used in accordance with the prospectus[56](index=56&type=chunk) [3.7 Major Asset and Equity Sales](index=16&type=section&id=3.7%20Major%20Asset%20and%20Equity%20Sales) This section confirms that the company did not engage in any major asset or equity sales during the reporting period - The company did not sell major assets during the reporting period[58](index=58&type=chunk) - The company did not sell major equity during the reporting period[59](index=59&type=chunk) [3.8 Analysis of Major Holding and Associate Companies](index=17&type=section&id=3.8%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section provides financial details for the main holding subsidiary and explains the deregistration of two smaller subsidiaries with minimal impact on company performance Financial Situation of Major Subsidiary (Jiangxi Southern Wannianqing Cement Co., Ltd., Unit: Yuan) | Indicator | Amount | | :--- | :--- | | Registered Capital | 1,000,000,000.00 | | Total Assets | 7,605,649,177.96 | | Net Assets | 6,172,323,132.05 | | Operating Revenue | 1,477,780,048.02 | | Operating Profit | 56,928,346.40 | | Net Profit | 36,300,526.91 | - During the reporting period, Ji'an Southern Wannianqing New Materials Co., Ltd. and Ji'an Qingyuan Southern Wannianqing New Materials Co., Ltd. were deregistered due to their small scale, with minimal impact on the company's current operations and performance[61](index=61&type=chunk) [3.9 Structured Entities Controlled by the Company](index=17&type=section&id=3.9%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[62](index=62&type=chunk) [3.10 Risks Faced by the Company and Countermeasures](index=17&type=section&id=3.10%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) This section outlines the company's exposure to macroeconomic, cost, environmental policy, and market competition risks, along with corresponding mitigation strategies - The company faces macroeconomic environment risks, including an uncertain global economic situation, slowing infrastructure investment growth, and insufficient real estate project commencements[62](index=62&type=chunk) - Measures to address macroeconomic risks include: focusing on Jiangxi Province's "**1269**" action plan, optimizing strategic layout, promoting "vertical integration" expansion of the industry chain, deepening core businesses, expanding industrial layout, and precisely filling gaps in the chain[62](index=62&type=chunk) - The company faces pressure from rising raw material costs, manufacturing expenses, and transportation costs; the implementation of new general Portland cement standards and global energy price fluctuations will lead to increased production costs[62](index=62&type=chunk) - Measures to address rising cost pressures include: continuously optimizing various technical and economic indicators to reduce production costs; leveraging policy dividends for large-scale equipment upgrades to promote equipment renewal, transformation, and process upgrades; strengthening procurement management and optimizing mix design in the ready-mix concrete segment, promoting resource conservation and comprehensive utilization in the aggregate segment, and vigorously focusing on cost reduction and efficiency improvement[63](index=63&type=chunk) - The company faces policy pressures from carbon peaking and carbon neutrality, "dual control" of energy consumption, and normalized staggered production, which will increase energy-saving, emission reduction, and environmental protection investments, potentially intensifying industry differentiation[63](index=63&type=chunk) - Measures to address policy pressures include: accelerating green and low-carbon development, promoting new energy-saving and carbon-reducing technologies and equipment; improving the carbon emission management system and optimizing carbon asset management; orderly implementing ultra-low emissions, completing ultra-low emission technical transformation of De'an Company's cement clinker production line within the year[64](index=64&type=chunk) - The company faces risks of declining demand, increasingly sharp supply-demand imbalances, and regional competition from peers[64](index=64&type=chunk) - Measures to address market competition risks include: taking "**one profit and five rates**" as key indicators, solidifying "**three basic**" management, and comprehensively enhancing the integrated operation capability of production, supply, sales, and finance; strengthening market supply-demand relationship analysis, adhering to the "**proximity sales**" principle, key account strategy and integrated marketing strategy, cultivating and expanding marketing channels, comprehensively improving marketing quality, and continuously enhancing market competitiveness; leveraging the full industry chain marketing advantages of cement, ready-mix concrete, and aggregates, continuously improving the full industry chain's ability to serve the market and create value, forming economies of scale and synergistic effects[64](index=64&type=chunk) [3.11 Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=3.11%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section describes the company's disclosed valuation enhancement plan, focusing on improving investment value and shareholder returns through various operational and financial strategies - The company has disclosed a valuation enhancement plan[65](index=65&type=chunk) - The valuation enhancement plan will focus on production and operations, cash dividends, share repurchases, shareholder increases, investor relations management, and information disclosure to enhance the company's investment value and shareholder returns, promote a reasonable reflection of the company's quality in its investment value, boost investor confidence, safeguard the interests of all shareholders, and promote high-quality development of the company[65](index=65&type=chunk) [3.12 Implementation of "Quality and Return Dual Enhancement" Action Plan](index=18&type=section&id=3.12%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) This section confirms that the company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[66](index=66&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=18&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance, profit distribution plans, equity incentive updates, environmental disclosures, and social responsibility efforts, including rural revitalization initiatives - Company director Li Xiaoping resigned on **April 1, 2025**, due to job transfer[67](index=67&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[68](index=68&type=chunk) - The company canceled **2.833 million** stock options granted but not yet exercised to **24** incentive recipients under the 2022 stock option incentive plan, due to job transfers, resignations, retirements, deaths, or failure to meet company-level performance targets[70](index=70&type=chunk) - The company and its **six** major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and relevant reports can be queried on the National Pollutant Discharge Permit Management Information Platform[71](index=71&type=chunk) - In the first half of 2025, the company provided **828,000 yuan** in aid funds and donated cement, ready-mix concrete, and other materials valued at **1.3918 million yuan**, consolidating and expanding poverty alleviation achievements and effectively linking them with rural revitalization through various measures such as comfort and assistance, infrastructure assistance, industrial assistance, educational assistance, and policy assistance[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [Section 5 Significant Matters](index=21&type=section&id=Section%205%20Significant%20Matters) This section details significant corporate events, including commitment fulfillment, related party transactions, guarantees, and the absence of major lawsuits or penalties during the reporting period - The company had no overdue unfulfilled commitments during the reporting period[77](index=77&type=chunk) - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[78](index=78&type=chunk) - The company had no illegal external guarantees during the reporting period[79](index=79&type=chunk) - The company's half-year report was unaudited[80](index=80&type=chunk) - The company had no major lawsuits, arbitrations, penalties, or rectifications during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk) - The company had no other major related party transactions during the reporting period[92](index=92&type=chunk) - The company had no trusteeship, contracting, or leasing matters during the reporting period[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) Daily Related Party Transactions (Procurement of Goods/Acceptance of Services, Unit: 10,000 Yuan) | Related Party | Related Transaction Content | Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Non-metallic Mineral Industry Co., Ltd. | Procurement of standard sand | 248.32 | 11.05% | 78.9 | Yes | | Jiangxi Wanhua Environmental Protection Material Co., Ltd. | Procurement of cement grinding aids and concrete admixtures | 1,993.29 | 88.72% | 6,200 | No | | Jiangxi Jinglei Engineering New Technology Development Co., Ltd. | Procurement of nano-modified agents and special mortars | 4.99 | 0.22% | 22 | No | | Jiangxi Building Materials Product Quality Supervision and Inspection Station Co., Ltd. | Product testing, technology R&D | 35.2 | 25.91% | 671.58 | No | | Jiangxi Building Materials Research and Design Institute Co., Ltd. | Product testing, technology R&D | 100.43 | 73.93% | 357.58 | No | | Jiangxi Cement Co., Ltd. | House, land lease | 0.07 | 0.05% | 0 | Yes | | Jiangxi Jinglei Engineering New Technology Development Co., Ltd. | Transportation | 0.15 | 0.11% | 0 | Yes | Company Guarantees to Subsidiaries (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Approved Guarantee Limit to Subsidiaries During the Reporting Period | 24,400 | | Total Actual Guarantees to Subsidiaries During the Reporting Period | 14,026.03 | | Total Approved Guarantee Limit to Subsidiaries at the End of the Reporting Period | 24,400 | | Total Actual Guarantees to Subsidiaries at the End of the Reporting Period | 14,026.03 | Subsidiary Guarantees to Subsidiaries (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Approved Guarantee Limit to Subsidiaries During the Reporting Period | 79,179 | | Total Actual Guarantees to Subsidiaries During the Reporting Period | 55,221 | | Total Approved Guarantee Limit to Subsidiaries at the End of the Reporting Period | 79,179 | | Total Actual Guarantees to Subsidiaries at the End of the Reporting Period | 55,221 | Total Company Guarantees (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Approved Guarantee Limit During the Reporting Period | 103,579 | | Total Actual Guarantees During the Reporting Period | 69,247.03 | | Total Approved Guarantee Limit at the End of the Reporting Period | 103,579 | | Total Actual Guarantees at the End of the Reporting Period | 69,247.03 | | Proportion of Total Actual Guarantees to Company's Net Assets | 10.32% | | Balance of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 31,459.7 | [Section 6 Share Changes and Shareholder Information](index=31&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section reports on share capital changes, securities issuance, and shareholder structure, noting a slight increase in total shares due to convertible bond conversion and completed share repurchases Share Changes (Unit: Shares) | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Other) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 18,907 | 0.00% | -18,907.00 | 0 | 0.00% | | Unrestricted Shares | 797,388,278 | 100.00% | 19,137.00 | 797,407,415 | 100.00% | | Total Shares | 797,407,185 | 100.00% | 230.00 | 797,407,415 | 100.00% | - Share changes were due to changes in the number of shares locked by senior executives and an increase of **230 shares** from the conversion of the company's convertible corporate bonds during the reporting period[109](index=109&type=chunk) - The company announced a share repurchase plan on February 7, 2025, and completed it by April 3, 2025, repurchasing a total of **38,467,823 shares** for **199,306,796.35 yuan**[110](index=110&type=chunk) - On June 18, 2025, the company publicly issued **6 million** corporate bonds, each with a face value of **100 yuan**, which began trading on the Shenzhen Stock Exchange on June 30, 2025, with bond abbreviation "**25 Jiangni 01**" and bond code "**524330**"[111](index=111&type=chunk)[112](index=112&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **41,452**[114](index=114&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Cement Co., Ltd. | State-owned Legal Person | 44.44% | 354,385,404.00 | 354,385,404.00 | | China National Building Material Investment Co., Ltd. | State-owned Legal Person | 4.89% | 39,000,000.00 | 39,000,000.00 | | CITIC Securities Co., Ltd. | State-owned Legal Person | 0.60% | 4,791,604.00 | 4,791,604.00 | - The company's controlling shareholder is Jiangxi Cement Co., Ltd., and the actual controller is Jiangxi Building Materials Group Co., Ltd[174](index=174&type=chunk) [Section 7 Bond-Related Information](index=37&type=section&id=Section%207%20Bond-Related%20Information) This section provides comprehensive information on the company's corporate and convertible bonds, including issuance details, changes, credit ratings, and debt repayment strategies - The company had no enterprise bonds during the reporting period[121](index=121&type=chunk) Basic Information of Corporate Bonds (Unit: 10,000 Yuan) | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Wannianqing Cement Co., Ltd. 2025 Publicly Issued Corporate Bonds (First Tranche) for Professional Investors | 25 Jiangni 01 | 524330 | June 18, 2025 | June 19, 2030 | 60,000 | 2% | Shenzhen Stock Exchange | - During the reporting period, there were no trigger or execution events for issuer or investor option clauses or investor protection clauses[124](index=124&type=chunk) - On June 25, 2025, China Chengxin International Credit Rating Co., Ltd. maintained the company's long-term corporate credit rating at **AA+** and the credit rating of "**Wannianqing Convertible Bond**" at **AA+**, with a stable outlook[135](index=135&type=chunk)[136](index=136&type=chunk) - The company publicly issued **1 billion yuan** of convertible corporate bonds on June 3, 2020, with bond abbreviation "**Wannianqing Convertible Bond**" and bond code "**127017**", listed on the Shenzhen Stock Exchange on July 2, 2020[126](index=126&type=chunk) Convertible Bond Changes During the Reporting Period (Unit: Yuan) | Convertible Corporate Bond Name | Before This Change | Converted Shares | After This Change | | :--- | :--- | :--- | :--- | | Jiangxi Wannianqing Cement Co., Ltd. 2020 Publicly Issued Convertible Corporate Bonds | 999,552,100.00 | 2,000.00 | 999,550,100.00 | Cumulative Convertible Bond Conversion Status | Indicator | Amount/Quantity | | :--- | :--- | | Total Issuance | 10,000,000 shares | | Total Issuance Amount | 1,000,000,000.00 Yuan | | Cumulative Converted Amount | 449,900.00 Yuan | | Cumulative Converted Shares | 33,737 shares | | Unconverted Amount | 999,550,100.00 Yuan | | Proportion of Unconverted Amount to Total Issuance Amount | 99.96% | - As of the end of this reporting period, the latest conversion price of the convertible corporate bonds was **8.53 yuan/share**[134](index=134&type=chunk) Company's Key Accounting Data and Financial Indicators for the Past Two Years (Unit: 10,000 Yuan) | Project | End of Current Period | End of Prior Year | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Current Ratio | 1.7587 | 2.0164 | -12.78% | | Asset-Liability Ratio | 36.06% | 37.95% | -1.89% | | Quick Ratio | 1.6160 | 1.8220 | -11.31% | | Net Profit After Deducting Non-recurring Gains and Losses | 76.91 | -2,385.91 | 103.22% | | EBITDA to Total Debt Ratio | 7.87% | 6.51% | 1.36% | | Interest Coverage Ratio | 3.5151 | 1.6721 | 110.22% | | Cash Interest Coverage Ratio | 5.5050 | 1.0395 | 429.58% | | EBITDA Interest Coverage Ratio | 9.5393 | 6.7893 | 40.50% | | Loan Repayment Rate | 100.00% | 100.00% | | | Interest Payment Rate | 100.00% | 100.00% | | [Section 8 Financial Report](index=43&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, offering a detailed view of financial position, performance, cash flows, and accounting policies - The company's half-year financial report was unaudited[138](index=138&type=chunk) Major Data from Consolidated Balance Sheet (End of Period vs. Beginning of Period, Unit: Yuan) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Total Current Assets | 6,900,264,963.51 | 7,361,670,254.97 | | Total Non-current Assets | 8,857,774,086.84 | 9,170,865,225.73 | | Total Assets | 15,758,039,050.35 | 16,532,535,480.70 | | Total Current Liabilities | 3,923,406,762.32 | 3,650,918,893.53 | | Total Non-current Liabilities | 1,758,464,364.86 | 2,623,868,181.56 | | Total Liabilities | 5,681,871,127.18 | 6,274,787,075.09 | | Total Owners' Equity Attributable to Parent Company | 6,710,898,614.49 | 6,893,856,333.62 | | Minority Interests | 3,365,269,308.68 | 3,363,892,071.99 | | Total Owners' Equity | 10,076,167,923.17 | 10,257,748,405.61 | | Total Liabilities and Owners' Equity | 15,758,039,050.35 | 16,532,535,480.70 | Major Data from Consolidated Income Statement (Current Period vs. Prior Period, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 2,211,352,456.79 | 2,588,153,406.68 | | Total Operating Costs | 2,161,670,573.71 | 2,600,025,046.84 | | Operating Profit | 109,390,973.62 | 33,400,754.96 | | Total Profit | 117,965,581.20 | 39,049,405.77 | | Net Profit | 62,790,777.97 | -5,021,946.24 | | Net Profit Attributable to Parent Company Shareholders | 40,770,765.28 | 1,509,193.49 | | Minority Interest Income/Loss | 22,020,012.69 | -6,531,139.73 | | Total Comprehensive Income | 27,344,796.33 | -50,272,866.69 | | Basic Earnings Per Share (Yuan/Share) | 0.0525 | 0.0019 | | Diluted Earnings Per Share (Yuan/Share) | 0.0525 | 0.0178 | Major Data from Consolidated Cash Flow Statement (Current Period vs. Prior Period, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 203,027,898.35 | 14,596,076.28 | | Net Cash Flow from Investing Activities | 244,731,417.70 | -1,107,787,004.49 | | Net Cash Flow from Financing Activities | -168,031,651.32 | -232,012,683.21 | | Net Increase in Cash and Cash Equivalents | 279,727,332.74 | -1,325,203,457.40 | - The company uses RMB as its functional currency, and the operating cycle is **12 months**[179](index=179&type=chunk)[180](index=180&type=chunk) - The company performs impairment accounting for financial assets measured at amortized cost, financial assets measured at fair value with changes recognized in other comprehensive income (debt instruments), and financial guarantee contracts based on expected credit losses[200](index=200&type=chunk) - The company's inventory is classified as raw materials, revolving materials, consigned processing materials, work-in-progress, self-made semi-finished products, and finished goods; inventory is valued using the moving weighted average method[205](index=205&type=chunk) - Company fixed asset depreciation methods: buildings **20-35 years**, machinery and equipment **10-15 years**, electronic equipment **5 years**, transportation equipment **8-12 years**, with a residual value rate of **4%** for all[217](index=217&type=chunk) - Company R&D expenditures primarily include R&D personnel salaries, direct input costs, depreciation and long-term deferred expenses, design fees, and other expenses; research phase expenditures are recognized as current period expenses, while development phase expenditures are recognized as intangible assets when conditions are met[224](index=224&type=chunk) - The company recognizes revenue when it fulfills its performance obligations in the contract, i.e., when the customer obtains control of the related goods or services[240](index=240&type=chunk) - Monetary or non-monetary assets obtained by the company from the government without consideration are recognized as government grants, classified as asset-related government grants and income-related government grants[246](index=246&type=chunk) - Company's main taxes and rates: VAT **3%, 9%, 13%**; Urban Maintenance and Construction Tax **1%, 3%, 5%, 7%**; Corporate Income Tax **15%, 20%, 25%**; Education Surcharge **3%**; Local Education Surcharge **2%**[265](index=265&type=chunk) - The company's subsidiaries Jiangxi Ruijin Wannianqing Cement Co., Ltd., Jiangxi Yudu Southern Wannianqing Cement Co., Ltd., and Chongyi Xianghe Wannianqing Commercial Co., Ltd. are subject to a **15%** corporate income tax rate from 2021 to 2030[267](index=267&type=chunk) - Some of the company's subsidiaries enjoy corporate income tax preferential policies for small and micro-profit enterprises, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate[267](index=267&type=chunk) - In the first half of 2025, the company enjoyed the "**three wastes**" tax refund policy, based on the Ministry of Finance and State Taxation Administration Announcement No. 40 of 2021 regarding the improvement of value-added tax policies for comprehensive resource utilization[267](index=267&type=chunk) - The company faces credit risk, liquidity risk, and market risk (interest rate risk), and manages these risks by formulating credit policies, continuously monitoring cash flow, obtaining financing lines, and monitoring interest rate levels[508](index=508&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk)[512](index=512&type=chunk) [Section 9 Other Submitted Data](index=161&type=section&id=Section%209%20Other%20Submitted%20Data) This section provides additional data, including the absence of major social security issues, no investor relations activities, and detailed fund movements with controlling shareholders and related parties - The company and its subsidiaries had no other significant social security issues and no administrative penalties during the reporting period[607](index=607&type=chunk) - The company did not host any investor relations activities such as surveys, communications, or interviews during the reporting period[607](index=607&type=chunk) Fund Movements Between Listed Company and Controlling Shareholders and Other Related Parties (Unit: 10,000 Yuan) | Counterparty Name | Nature of Movement | Beginning Balance | Amount Incurred During Reporting Period | Amount Repaid During Reporting Period | Ending Balance | Interest Income | Interest Expense | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | De'an Wannianqing Power Co., Ltd. | Non-operating movement | 3,000 | 0 | 0 | 3,000 | 0 | 0 | | Fujian Fuqing Wannianqing Cement Co., Ltd. | Non-operating movement | 7,273.85 | 138.04 | 291.87 | 7,120.01 | 120.01 | 0 | | Gongqingcheng Wannianqing Concrete Co., Ltd. | Non-operating movement | 2,588.38 | 2,536.72 | 4,248.72 | 876.39 | 38.97 | 0 | | Ganzhou Kaiyuan Wannianqing Concrete Co., Ltd. | Non-operating movement | 0 | 2,535.27 | 2,526.25 | 9.02 | 0 | 0 | | Jiangxi De'an Wannianqing Cement Co., Ltd. | Operating movement | 32,229.45 | 37,449.59 | 44,660.02 | 25,019.01 | 690.21 | 0 | | Jiangxi Huangjinbu Wannianqing Cement Co., Ltd. | Operating movement | 3,900 | 109.74 | 42.87 | 3,966.86 | 66.86 | 0 | | Jiangxi Jinxi Building Materials Co., Ltd. | Non-operating movement | 6,686.36 | 0 | 0 | 6,686.36 | 0 | 0 | | Jiangxi Ruijin Wannianqing Cement Co., Ltd. | Non-operating movement | 0 | 234.35 | 195.26 | 39.1 | 0 | 0 | | Jiangxi Wannianqing Electronics Co., Ltd. | Non-operating movement | 819.76 | 0 | 0 | 819.76 | 0 | 0 | | Jiangxi Wannianqing Engineering Co., Ltd. | Non-operating movement | 0 | 0 | 53.66 | 0.34 | 0 | 0 | | Jiangxi Wannianqing Technology Industrial Park Co., Ltd. | Non-operating movement | 0 | 7.01 | 7.01 | 0 | 0 | 0 | | Jiangxi Wannianqing Mining Co., Ltd. | Non-operating movement | 28.64 | 0 | 0 | 28.64 | 0 | 0 | | Jiangxi Wannianqing Mining Co., Ltd. Dayuan Town Aggregate Branch | Non-operating movement | 266.78 | 1,219.68 | 66.22 | 1,420.24 | 0 | 0 | | Jiangxi Wannianqing Plastic Packaging Co., Ltd. | Non-operating movement | 1,000 | 0 | 0 | 1,000 | 0 | 0 | | Wannian County Wannianqing Concrete Co., Ltd. | Operating movement | 1,975.28 | 27.07 | 27.07 | 1,975.28 | 0 | 0 | | Jiujiang Guangde New Materials Co., Ltd. | Non-operating movement | 5,833.36 | 1,518.45 | 877.27 | 6,474.53 | 101.78 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. | Operating movement | 0 | 2,215.59 | 1 | 2,214.59 | 14.59 | 0 | | Poyang County Hengji Building Materials Co., Ltd. | Non-operating movement | 135.67 | 3,145.3 | 2,919.06 | 361.91 | 4.68 | 0 | | Poyang County Hengtai Commercial Concrete Co., Ltd. | Non-operating movement | 3,566.68 | 1,894.32 | 1,840.94 | 3,620.06 | 46.76 | 0 | | Qianshan County Wannianqing New Building Materials Co., Ltd. | Non-operating movement | 5,838 | 140 | 0 | 5,978 | 0 | 0 | | Shangrao Wannianqing Concrete Co., Ltd. | Operating movement | 2,823.59 | 10,842.3 | 8,845 | 4,820.9 | 20.24 | 0 | | Wannian County Wannianqing Power Co., Ltd. | Non-operating movement | 2,500 | 0 | 0 | 2,500 | 0 | 0 | | Wannian County Wannianqing New Building Materials Co., Ltd. | Operating movement, Non-operating movement | 4,914.86 | 263.54 | 90.91 | 5,087.5 | 0 | 0 | | Yingtan Wannianqing New Building Materials Co., Ltd. | Non-operating movement | 10,780.45 | 353.72 | 210.76 | 10,923.41 | 0 | 0 | | Jiangxi Huangjinbu Wannianqing Cement Co., Ltd. | Operating movement | 1,000 | 0 | 1,000 | 0 | 0 | 0 | | Wannian County Wannianqing Concrete Co., Ltd. | Operating movement | 0 | 10 | 0 | 10 | 0 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. | Operating movement | 96 | 0 | 96 | 0 | 0 | 0 | | Jiangxi Wannianqing Technology Industrial Park Co., Ltd. | Operating movement | 0 | 20 | 12.12 | 7.88 | 0 | 0 | | Jiangxi De'an Wannianqing Cement Co., Ltd. | Operating movement | 22,289.7 | 0 | 0 | 22,289.7 | 0 | 0 | | Jiangxi Huangjinbu Wannianqing Cement Co., Ltd. | Operating movement | 0 | 2,007.99 | 1,320 | 687.99 | 0 | 0 | | Jiangxi Xinyu New Building Materials Co., Ltd. | Operating movement | 0 | 159.4 | 0 | 159.4 | 0 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. | Operating movement | 0 | 20.65 | 0 | 20.65 | 0 | 0 | | Nanchang Wannianqing Concrete Co., Ltd. Economic Development Zone Branch | Operating movement | 0 | 114.57 | 52.98 | 61.59 | 0 | 0 | | Jiangxi Building Materials Group Co., Ltd. | Non-operating movement | 17.45 | 11.63 | 29.08 | 0 | 0 | 0 | | Jiangxi Cement Co., Ltd. | Operating movement | 1.78 | 0 | 0 | 1.78 | 0 | 0 | | Jiangxi Hengli New Building Materials Co., Ltd. | Operating movement | 340.39 | 0 | 23.98 | 316.41 | 0 | 0 | | Jiangxi Pujing New Materials Co., Ltd. | Operating movement | 37.49 | 0 | 0 | 37.49 | 0 | 0 | | Jiangxi Jinglei Engineering New Technology Development Co., Ltd. | Operating movement | 0.15 | 1.22 | 1.22 | 0.15 | 0 | 0 | | Jiangxi Cement Company | Operating movement | 0.21 | 0 | 0 | 0.21 | 0 | 0 | | Jiangxi Cement Co., Ltd. | Operating movement | 9.55 | 0 | 0 | 9.55 | 0 | 0 | | Jiangxi Wanhua Environmental Protection Material Co., Ltd. | Operating movement | 38.83 | 6.64 | 14.22 | 31.25 | 0 | 0 | | Shangrao Pujing New Materials Co., Ltd. | Operating movement | 186.47 | 0 | 0 | 186.47 | 0 | 0 | | Jiangxi Non-metallic Mineral Industry Co., Ltd. | Operating movement | 0 | 2.06 | 1.03 | 1.03 | 0 | 0 | | Jiangxi Building Materials Product Quality Supervision and Inspection Station Co., Ltd. | Operating movement | 0 | 18.98 | 15.89 | 3.09 | 0 | 0 | | Jiangxi Building Materials Research and Design Institute Co., Ltd. | Operating movement | 0.24 | 0.04 | 0.28 | 0 | 0 | 0 | | **Total** | **--** | **120,179.34** | **67,057.88** | **69,470.71** | **117,766.51** | **1,104.08** | **0** | - All fund movements between the company and related parties occurred due to business needs, have undergone internal approval procedures, and the overall fund security risk is controllable[610](index=610&type=chunk)[611](index=611&type=chunk)

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides an important notice regarding the report's accuracy, outlines the report's structure, and defines key terms used throughout [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with all directors attending the review meeting - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - All directors attended the board meeting to review this 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 for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the structure of the semi-annual report, including key sections such as important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports - The report's main sections include important notices, company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, and financial reports[8](index=8&type=chunk) - Reference documents include the full semi-annual report signed by the chairman, financial statements, and original copies of all publicly disclosed company documents and announcements[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering company names, subsidiary names, reporting period, currency units, and industry-specific concepts like IDC, AIDC, cloud computing, and AI - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - AIDC is defined as an upgraded form of traditional IDC driven by AI computing power demand, providing computing power, data, and algorithm services for AI applications[13](index=13&type=chunk) - OpenHarmony is an open-source distributed operating system incubated and operated by the Open Atom Open Source Foundation, featuring full-scenario and distributed characteristics[13](index=13&type=chunk) Part II [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock abbreviation is "ST Zhengtong," with stock code 002197, listed on the Shenzhen Stock Exchange, and its legal representative is Zeng Shengqiang Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | ST Zhengtong | | Stock Code | 002197 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Zhengtong Electronics Co., Ltd | | Legal Representative | Zeng Shengqiang | [Contact Person and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the contact information for the company's Board Secretary Peng Xue and Securities Affairs Representative Zou Junjie, which remained unchanged during the reporting period - The Board Secretary is Peng Xue, and the Securities Affairs Representative is Zou Junjie, both located at 14th Floor, Phase II, Zhengtong Electronic Industrial Park, No. 3 Tongguan Avenue, Tianliao Community, Yutang Street, Guangming District, Shenzhen[17](index=17&type=chunk) - The contact phone and fax numbers are both 0755-26490099[17](index=17&type=chunk) [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) During the reporting period, the company's registered address, office address, website, email, and information disclosure and archiving locations remained unchanged, as detailed in the 2024 annual report - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) - Information disclosure and archiving locations remained unchanged during the reporting period, as detailed in the 2024 annual report[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue decreased by **13.15%** to **CNY 437.24 million**, while net loss attributable to shareholders narrowed by **8.68%** to **CNY -35.61 million** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 437,243,617.08 | 503,442,704.53 | -13.15% | | Net Profit Attributable to Shareholders of Listed Company | -35,606,886.54 | -38,989,829.50 | 8.68% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -36,332,924.40 | -44,814,741.46 | 18.93% | | Net Cash Flow from Operating Activities | 143,249,994.10 | 172,382,415.40 | -16.90% | | Basic Earnings Per Share (CNY/share) | -0.06 | -0.06 | 0.00% | | Diluted Earnings Per Share (CNY/share) | -0.06 | -0.06 | 0.00% | | Weighted Average Return on Net Assets | -1.67% | -1.58% | -0.09% | | **Current Period-End vs. Prior Year-End** | | | | | Total Assets (CNY) | 5,811,302,112.32 | 5,811,485,631.14 | 0.00% | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 2,102,855,011.26 | 2,149,423,182.71 | -2.17% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets between international accounting standards and Chinese accounting standards[22](index=22&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 726,037.86**, primarily from disposal of non-current assets, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -2,228,437.93 | | Government grants recognized in profit or loss (excluding those continuously related to the company's business) | 2,996,303.03 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains or losses | -1,957.63 | | Other non-operating income and expenses apart from the above | 91,157.36 | | Less: Income tax impact | 133,875.56 | | Minority interest impact (after tax) | -2,848.59 | | Total | 726,037.86 | - The company does not classify non-recurring gains and losses items as recurring gains and losses[26](index=26&type=chunk) Part III [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's main businesses, core competencies, financial performance, investment activities, and risks during the reporting period [Company's Main Businesses 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 is strategically positioned as a "digital service provider featuring IDC infrastructure, cloud computing, and smart terminals," focusing on IDC & cloud computing and financial technology businesses - The company's strategic positioning is "a digital service provider featuring IDC infrastructure, cloud computing, and smart terminals"[28](index=28&type=chunk)[39](index=39&type=chunk) - The company has invested in and built four industrial parks and eight high-efficiency and energy-saving data centers in the Guangdong-Hong Kong-Macao Greater Bay Area and central regions, with a total IT load of approximately **79,200 kW** and about **18,000 standard cabinets**[29](index=29&type=chunk) - The company's financial technology products and services are widely used in banking, government affairs, telecommunications, taxation, transportation, healthcare, retail, real estate, scenic spots, cinemas, hotels, and lottery industries[36](index=36&type=chunk) [Main Businesses and Products](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%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%E5%8F%8A%E4%BA%A7%E5%93%81) The company's main businesses include IDC data center services, cloud computing platforms and AI big data solutions, and financial technology products such as payment and self-service terminals - The company's IDC data centers are mostly wholesale, high-grade financial data centers, serving financial clients, large and medium-sized internet companies, and the three major telecommunication operators[29](index=29&type=chunk) - The company's cloud computing business has developed full-stack capabilities from IaaS infrastructure layer, PaaS platform layer, to SaaS application layer[31](index=31&type=chunk) - The company's financial technology business offers various devices like POS machines and self-service terminals, actively upgrading products and services for the scenario-based finance era (BANK4.0 era) and aligning with the national "2+8" secure and controllable system strategy[36](index=36&type=chunk)[37](index=37&type=chunk) [Position in the Industry Chain and Industry Status](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E4%BA%A7%E4%B8%9A%E9%93%BE%E4%BD%8D%E7%BD%AE%E5%8F%8A%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) Established in 1993, the company has transformed into a modern high-tech enterprise in IDC cloud computing and financial technology, providing digital services and integrated software-hardware solutions to various industries - The company was established in 1993, aiming to become a leading IDC cloud computing and financial technology service provider[39](index=39&type=chunk) - The company has become a modern high-tech enterprise involved in IDC & cloud computing and financial technology, with a clear strategic positioning as a "digital service provider featuring IDC infrastructure, cloud computing, and smart terminals"[39](index=39&type=chunk) [Industry Development Overview](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) Driven by national digital economy strategies and AI technology, the IDC and cloud computing industry is evolving from traditional data centers to AI computing centers (AIDC), with the financial technology sector entering a scenario-based finance era - The IDC and cloud computing industry is evolving from traditional data centers to AI computing centers (AIDC), with its functional positioning upgraded to support AI model training and inference[42](index=42&type=chunk) - China's intelligent computing power scale is projected to reach **2781.9 EFLOPS** by 2028, with a compound annual growth rate of **57.1%** from 2020 to 2028[43](index=43&type=chunk) - The financial industry has entered the scenario-based finance era (BANK4.0 era), with self-service terminals and commercial POS machine markets expected to accelerate their evolution, while Xinchuang (IT application innovation) industry and OpenHarmony technology bring more innovation to the financial sector[44](index=44&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies lie in its continuous R&D and innovation, particularly in financial technology information security and green IDC technologies, coupled with strategic data center locations and strong customer relationships - The company is one of the earliest high-tech enterprises in China to research and develop financial electronic equipment, possessing a Shenzhen municipal-level R&D center and designated as a national commercial cryptographic product R&D, production, and sales unit[50](index=50&type=chunk) - The company's eight data centers are strategically located in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area and central regions, offering significant geographical advantages and regional synergy through an SDN-based core network[53](index=53&type=chunk) - With over **30 years** of experience in financial technology, the company has established stable partnerships with a large number of high-quality financial and government clients, forming a highly sticky customer base with strong brand recognition and stability[54](index=54&type=chunk) [Continuous R&D and Innovation Capabilities](index=13&type=section&id=1%E3%80%81%E6%8C%81%E7%BB%AD%E7%9A%84%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E5%92%8C%E5%88%9B%E6%96%B0%E8%83%BD%E5%8A%9B) As a high-tech enterprise, the company has deep expertise in financial technology information security and continuously invests in R&D for IDC, cloud computing, AI, big data, OpenHarmony, and Xinchuang technologies - The company has accumulated strong technical R&D capabilities in financial technology's cryptographic information security and secure payment fields[50](index=50&type=chunk) - The company continuously strengthens the refined management of data center operations, optimizing energy consumption through self-developed energy management systems to build green and low-carbon data centers[51](index=51&type=chunk) - As of the end of the reporting period, the company held **314 valid patents** (124 invention patents, 136 utility model patents, 54 design patents) and **465 computer software copyrights**[52](index=52&type=chunk) [Data Center Location and Regional Synergy Advantages](index=14&type=section&id=2%E3%80%81%E6%95%B0%E6%8D%AE%E4%B8%AD%E5%BF%83%E5%8C%BA%E4%BD%8D%E4%BC%98%E5%8A%BF%E5%8F%8A%E5%8C%BA%E5%9F%9F%E8%81%94%E5%8A%A8%E4%BC%98%E5%8A%BF) The company's eight data centers are strategically located in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area and central regions, benefiting from digital economy development and offering robust disaster recovery solutions - The company's eight data centers are located in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area and central regions, providing significant geographical advantages[53](index=53&type=chunk) - Data centers in close physical proximity can be interconnected via optical fibers, forming the Zhengtong IDC core network based on SDN technology, enabling regional synergy and providing in-city and off-site disaster recovery solutions[53](index=53&type=chunk) [Customer Resource Advantages](index=14&type=section&id=3%E3%80%81%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90%E4%BC%98%E5%8A%BF) With over **30 years** of experience in financial technology, the company has built stable, high-stickiness relationships with premium clients in finance and government sectors, extending its brand influence to IDC and cloud computing - The company has been deeply involved in the financial technology sector for over **30 years**, an industry with high entry barriers and stringent security and confidentiality requirements, leading to customer reliance on its technology and high stickiness[54](index=54&type=chunk) - The company has established stable cooperative relationships with a large number of high-quality financial and government clients, and engages in deep strategic cooperation with renowned domestic enterprises like Ping An Communications, China Telecom, China Mobile, and China Unicom[54](index=54&type=chunk) [Service Advantages](index=14&type=section&id=4%E3%80%81%E6%9C%8D%E5%8A%A1%E4%BC%98%E5%8A%BF) Adhering to the "Agile Service, Create What You Imagine" brand philosophy, the company provides comprehensive "Cloud + Network + Terminal" financial technology solutions, supported by a nationwide customer service network offering **7x24-hour**, **15-minute** rapid response maintenance - The company's brand positioning is "a stable, efficient, and continuously innovative customized solution provider," offering comprehensive "Cloud + Network + Terminal" financial technology solutions[55](index=55&type=chunk) - The company has established a nationwide customer service management center and after-sales service network, providing **7x24-hour** uninterrupted and **15-minute** rapid response operation and maintenance and after-sales services to customers[55](index=55&type=chunk) [Analysis of Main Business Operations](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) During the reporting period, operating revenue decreased by **13.15%** to **CNY 437.24 million**, with a net loss of **CNY 35.61 million** attributable to the parent company, primarily due to slower-than-expected IDC and cloud computing business ramp-up and reduced financial technology orders - During the reporting period, the company achieved operating revenue of **CNY 437.24 million**, a **13.15%** decrease year-on-year, and a net loss attributable to shareholders of the listed company of **CNY -35.61 million**[56](index=56&type=chunk) - This was primarily due to a decrease in revenue from IDC and cloud computing businesses and financial technology businesses, with IDC and cloud computing revenue decreasing by **11.08%** and financial technology revenue decreasing by **28.29%**[58](index=58&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The company is actively promoting computing power-related businesses, strengthening cooperation with Wuhan Artificial Intelligence Research Institute to explore large model applications in various industries; in financial technology, it is focusing on R&D and application of smart banking hall software and hardware and "digital human + medical self-service integrated machine" new products[56](index=56&type=chunk) [Year-on-Year Changes in Key Financial Data](index=15&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) Operating revenue decreased by **13.15%**, with corresponding declines in operating costs, sales expenses, and administrative expenses due to cost reduction efforts; income tax expense increased due to reduced deferred tax assets, and both investing and financing cash flows saw significant outflows Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 437,243,617.08 | 503,442,704.53 | -13.15% | Decrease in IDC & cloud computing and financial technology business revenue | | Operating Cost | 321,843,266.40 | 365,309,374.83 | -11.90% | Decrease in costs corresponding to reduced revenue scale | | Selling Expenses | 18,131,546.04 | 27,605,949.95 | -34.32% | Strict implementation of cost reduction and efficiency improvement strategies, streamlining of organizations and personnel, leading to lower labor costs and entertainment expenses | | Administrative Expenses | 52,517,605.40 | 59,557,957.44 | -11.82% | Strict implementation of cost reduction and efficiency improvement strategies, streamlining of organizations and personnel, leading to lower labor costs | | Income Tax Expense | 1,692,243.80 | 1,168,938.16 | 44.77% | Decrease in recognized deferred tax assets year-on-year | | R&D Investment | 43,616,347.23 | 53,571,891.62 | -18.58% | R&D projects completed sequentially, leading to reduced R&D investment | | Net Cash Flow from Operating Activities | 143,249,994.10 | 172,382,415.40 | -16.90% | Decrease in sales collections | | Net Cash Flow from Investing Activities | -85,568,151.42 | -33,049,278.80 | -158.91% | Investment in Health Medical Big Data Center and Changsha Yungoo Data Center projects | | Net Cash Flow from Financing Activities | -73,738,056.07 | -27,370,345.10 | -169.41% | Increase in cash paid for debt repayment year-on-year | | Net Increase in Cash and Cash Equivalents | -15,918,217.90 | 112,179,624.58 | -114.19% | Decrease in net cash flow from both investing and financing activities | [Composition of Operating Revenue](index=16&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) IDC and cloud computing business remained the primary revenue source, accounting for **75.08%** despite an **11.08%** year-on-year decrease, while financial technology revenue decreased by **28.29%** to **14.85%** of total revenue, and overseas revenue grew by **25.31%** to **5.97%** Composition of Operating Revenue (by Industry) | Industry | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | IDC & Cloud Computing Business | 328,289,935.88 | 75.08% | 369,200,823.65 | 73.34% | -11.08% | | Financial Technology | 64,932,286.95 | 14.85% | 90,547,962.61 | 17.99% | -28.29% | | Other | 44,021,394.25 | 10.07% | 43,693,918.27 | 8.68% | 0.75% | Composition of Operating Revenue (by Region) | Region | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 411,124,107.80 | 94.03% | 482,598,362.29 | 95.86% | -14.81% | | Overseas | 26,119,509.28 | 5.97% | 20,844,342.24 | 4.14% | 25.31% | - The gross profit margin of IDC and cloud computing business decreased by **3.66%**, mainly due to increased fixed costs such as depreciation of fixed assets[62](index=62&type=chunk) - The gross profit margin of financial technology business increased by **1.37%**, mainly due to a higher proportion of high-margin overseas business revenue[63](index=63&type=chunk) [Analysis of Non-Core Business Operations](index=16&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) During the reporting period, non-core business operations negatively impacted total profit, with investment income at **CNY -1.14 million** primarily due to losses from investments in associates, and asset impairment increasing by **CNY 1.87 million** due to higher inventory write-downs Non-Core Business Analysis | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -1,141,595.30 | 4.46% | Investment losses from associates accounted for using equity method | No | | Gains or Losses from Fair Value Changes | -19,059.39 | 0.07% | - | No | | Asset Impairment | -1,869,868.90 | 7.31% | Increase in provision for inventory depreciation | No | | Non-Operating Income | 231,874.08 | -0.91% | Disposal gains from scrapped lead-acid batteries at data centers and contract penalties | No | [Analysis of Assets and Liabilities](index=17&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to the parent company slightly decreased; monetary funds increased, while accounts receivable decreased due to enhanced collection efforts Significant Changes in Asset Composition | Item | Amount at Current Period-End (CNY) | Proportion of Total Assets | Amount at Prior Year-End (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 203,340,215.48 | 3.50% | 128,830,017.78 | 2.22% | 1.28% | - | | Accounts Receivable | 708,297,654.29 | 12.19% | 734,495,229.38 | 12.64% | -0.45% | Increased efforts in accounts receivable collection, leading to higher cash recovery | | Fixed Assets | 2,158,819,406.89 | 37.15% | 2,236,419,291.19 | 38.48% | -1.33% | Depreciation of fixed assets | | Construction in Progress | 879,412,128.14 | 15.13% | 831,223,091.40 | 14.30% | 0.83% | Increased investment in data center construction | | Short-Term Borrowings | 538,839,634.99 | 9.27% | 517,608,959.02 | 8.91% | 0.36% | - | | Contract Liabilities | 44,045,714.33 | 0.76% | 27,583,641.57 | 0.47% | 0.29% | - | | Long-Term Borrowings | 1,904,177,635.18 | 32.77% | 1,985,853,886.90 | 34.17% | -1.40% | Repayment of maturing long-term borrowings | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Other Non-Current Financial Assets | 88,505,113.23 | 0 | 88,505,113.23 | | Receivables Financing | 38,937.80 | 0 | 286,534.45 | | Subtotal of Financial Assets | 88,544,051.03 | 0 | 88,791,647.68 | | Financial Liabilities | 0.00 | 0 | 0.00 | [Analysis of Investment Status](index=18&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company had no significant equity, securities, or derivative investments; non-equity investments primarily focused on data center construction projects, which are still ongoing with substantial cumulative investments Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Fixed Asset Investment | Industry Involved | Current Period Investment (CNY) | Cumulative Actual Investment as of Period-End (CNY) | Project Progress | Cumulative Income as of Period-End (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Health Medical Big Data Center (Industrial Park) Project | Acquisition | Yes | IDC | 34,623,483.98 | 188,586,932.60 | 94.29% | 0.00 | | Zhengtong Smart Guangming Cloud Data Center Project (including expansion) | Self-built | Yes | IDC | 24,336.25 | 368,745,228.03 | 94.20% | 17,918,759.46 | | Changsha Yungoo Data Center Project | Self-built | Yes | IDC | 11,239,748.05 | 930,753,372.13 | 96.01% | 24,194,508.39 | | Changsha Zhengtong Big Data Industrial Park Phase III Project | Self-built | Yes | IDC | 3,723,165.49 | 273,516,434.27 | 38.78% | 0.00 | | Total | -- | -- | -- | 49,610,733.77 | 1,761,601,967.03 | -- | 42,113,267.85 | - The company had no securities investments or derivative investments during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk) [Significant Asset and Equity Disposals](index=19&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not dispose of any significant assets; however, its wholly-owned subsidiary, Changsha Cloud Computing, plans to divest its **17.75 million shares** in Inner Mongolia Hohhot Jingu Rural Commercial Bank for **CNY 34.81 million**, with no expected impact on the company's 2025 net profit attributable to the parent company - The company did not dispose of any significant assets during the reporting period[77](index=77&type=chunk) Significant Equity Disposal Information | Counterparty | Equity Disposed | Disposal Date | Transaction Price (CNY 10,000) | Impact of Equity Disposal on Company | Pricing Principle for Equity Disposal | | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Hohhot Jingu Rural Commercial Bank Co., Ltd | 17.75 million shares of Inner Mongolia Hohhot Jingu Rural Commercial Bank Co., Ltd | July 1, 2025 | 3,481.44 | The withdrawal from the participating financial institution is not expected to impact the company's net profit attributable to shareholders of the listed company for the year 2025 | Based on the special report on asset liquidation, the price for the original share capital disposal was determined at CNY 1.96 per share, allocated according to the total owner's equity | [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, Changsha Cloud Computing's operating revenue increased by **10.61%** to **CNY 92.42 million**, but net profit decreased by **71.51%** to **CNY 3.05 million** due to increased depreciation and reduced VAT deductions; Guangzhou Yunshuo's net loss widened to **CNY -34.31 million** due to slower-than-expected cabinet deployment Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Changsha Cloud Computing | Subsidiary | IDC & Cloud Computing Business | 450,000,000.00 | 1,501,644,434.01 | 440,557,846.14 | 92,423,053.27 | 3,682,036.23 | 3,051,784.80 | | Guangzhou Yunshuo | Subsidiary | IDC & Cloud Computing Business | 390,800,000.00 | 573,384,236.65 | 228,059,131.45 | 52,914,585.58 | -34,638,156.53 | -34,313,890.09 | | Shenzhen Cloud Computing | Subsidiary | IDC & Cloud Computing Business | 200,000,000.00 | 542,319,643.67 | 233,544,022.84 | 83,530,981.27 | 8,213,046.11 | 7,683,004.93 | | Hongda Communication | Subsidiary | IDC & Cloud Computing Business | 26,570,000.00 | 966,723,841.74 | 11,968,137.21 | 84,176,608.22 | 11,337,233.62 | 11,973,673.21 | | Longwangling Company | Subsidiary | Building Construction Business | 40,000,000.00 | 579,433,546.12 | 226,285,523.83 | 61,562.48 | 9,729,438.07 | 9,480,864.43 | | Jiaming Optoelectronics | Subsidiary | LED Lighting Business | 20,000,000.00 | 84,199,067.04 | -149,127,899.93 | 0.00 | -3,353,109.10 | -3,353,109.10 | | Hunan Big Data | Subsidiary | Scientific Research and Technical Services Business | 100,000,000.00 | 477,311,717.07 | 84,355,232.79 | 0.00 | -2,947,192.55 | -2,947,224.55 | - Changsha Cloud Computing's net profit decreased by **71.51%** year-on-year, mainly due to increased depreciation of fixed assets and reduced other income from VAT additional deductions[80](index=80&type=chunk) - Guangzhou Yunshuo's net loss increased, primarily due to slower-than-expected data center cabinet deployment[81](index=81&type=chunk) [Information on Structured Entities Controlled by the Company](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[82](index=82&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from macroeconomic uncertainties, intensifying market competition, accounts receivable bad debts, and increased depreciation from new fixed assets; it plans to address these through strategic monitoring, innovation, and operational improvements - Macroeconomic uncertainty risk: Slowing global economic growth, policy changes, and supply chain restructuring may impact the company's production and operations[82](index=82&type=chunk) - Domestic and international market risks: Intensifying competition in the IDC and computing power industry may lead to declining gross profit margins; overseas business is affected by international political and economic factors[82](index=82&type=chunk) - Accounts receivable risk: Deterioration of customer credit or delayed payments may lead to bad debt risk and cash flow strain[83](index=83&type=chunk) - Risk of increased fixed asset depreciation: After data centers are completed, depreciation will increase, and if cabinet deployment is slower than expected, it will affect profitability[83](index=83&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&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 nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[84](index=84&type=chunk) - The company has not disclosed a valuation enhancement plan[84](index=84&type=chunk) [Implementation of 'Quality and Return Dual Improvement' Action Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[85](index=85&type=chunk) Part IV [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 directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives [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) During the reporting period, there were changes in the company's directors and supervisors: Yang Xuejie resigned as employee supervisor, replaced by Li Qiuping, and Cheng Shengchun resigned as director, replaced by Cheng Fengwu Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yang Xuejie | Employee Supervisor | Resignation | January 10, 2025 | Personal reasons | | Li Qiuping | Employee Supervisor | Election | January 10, 2025 | Job transfer | | Cheng Shengchun | Director | Resignation | February 28, 2025 | Personal reasons | | Cheng Fengwu | Director | Election | May 23, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=23&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 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[88](index=88&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans; the 2021 employee stock ownership plan was fully sold and terminated, with all commitments fulfilled - The company has no equity incentive plans[89](index=89&type=chunk) - The company's 2021 employee stock ownership plan has been fully sold and terminated[92](index=92&type=chunk) - The holders of the 2021 employee stock ownership plan had committed not to reduce their unlocked **2,340,823 shares** of company stock within the next twelve months, a commitment that expired and was fulfilled on May 9, 2025[91](index=91&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 listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[93](index=93&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 by promoting healthy development through Party building, safeguarding stakeholder rights, enhancing employee welfare, ensuring product quality, advocating green development, and contributing to rural revitalization through financial technology - The company integrates Party building with its business operations and employee engagement through theoretical study and practical activities, contributing to its stable and sustainable development[94](index=94&type=chunk) - The company strengthens communication with investors through information disclosure and interactive platforms, and strictly fulfills its debt obligations according to contracts with creditors[94](index=94&type=chunk) - The company has obtained ISO45001 Occupational Health and Safety Management System certification, possesses a comprehensive talent development system, and has established management and professional promotion channels[95](index=95&type=chunk) - The company emphasizes systematic process standardization, has obtained multiple international and domestic authoritative certifications, and has led or participated in drafting several industry and group standards[96](index=96&type=chunk) - The company highly values green and sustainable development, with continuously decreasing PUE values for its data centers; Shenzhen Smart Guangming Cloud Data Center and Changsha Yungoo Data Center have been recognized as "National Green Data Centers"[97](index=97&type=chunk)[98](index=98&type=chunk) - The company actively responds to the national rural revitalization strategy, leveraging financial technology to extend inclusive financial services to vast rural areas[99](index=99&type=chunk) Part V [Significant Matters](index=27&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 the fulfillment of commitments, related party transactions, litigation, penalties, and other significant events impacting the company during the reporting period [Fulfillment of Commitments](index=27&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) The company's actual controllers, Zeng Shengqiang, Xu Zhonggui, and Zeng Shenghui, have long-term and strictly fulfilled commitments regarding avoiding horizontal competition and tax rebate compensation; Zeng Shengqiang's share reduction commitment was also strictly fulfilled, and the 2021 employee stock ownership plan's share lock-up commitment was completed during the reporting period Fulfillment of Commitments | Commitment Event | Promisor | Commitment Type | Summary of Commitment Content | Commitment Date | Commitment Period | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments made during initial public offering or refinancing | Zeng Shengqiang, Xu Zhonggui, Zeng Shenghui | Non-competition commitment | Not to directly or indirectly engage in businesses identical or similar to the listed company | June 3, 2007 | Long-term effective | Strictly fulfilled | | Commitments made during initial public offering or refinancing | Zeng Shengqiang, Xu Zhonggui, Zeng Shenghui | Commitment to compensate for income tax benefits | If tax authorities pursue tax payments, they will bear the full amount in cash | June 3, 2007 | Long-term effective | Strictly fulfilled | | Commitments made during initial public offering or refinancing | Zeng Shengqiang | Share reduction commitment | Annual transfer ratio not to exceed 25% during tenure, no transfer within six months after resignation | June 3, 2007 | Effective during director's tenure and six months after resignation | Strictly fulfilled | | Other commitments | Shenzhen Zhengtong Electronics Co., Ltd. – 2021 Employee Stock Ownership Plan | Other commitments | Committed not to reduce the 2,340,823 unlocked shares of the company's stock from the second lock-up period of the 2021 employee stock ownership plan through any means within the next twelve months | May 10, 2024 | May 10, 2024 to May 9, 2025 | Fulfilled | - All commitments were fulfilled on time, with no overdue unfulfilled commitments[101](index=101&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=28&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[103](index=103&type=chunk) [Irregular External Guarantees](index=28&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[104](index=104&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was not audited[105](index=105&type=chunk) [Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report' for the Current Period](index=28&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable - Not applicable[106](index=106&type=chunk) [Board of Directors' Explanations on 'Non-Standard Audit Report' for the Previous Year](index=28&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable - Not applicable[106](index=106&type=chunk) [Bankruptcy Reorganization Matters](index=28&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[106](index=106&type=chunk) [Litigation Matters](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters; other ongoing cases include a subrogation claim (first instance suspended), a construction contract dispute (first instance appealed), and an equity repurchase dispute (arbitration concluded) - The company had no significant litigation or arbitration matters during this reporting period[107](index=107&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | CITIC Securities Co., Ltd. and others' subrogation claim against Guangzhou Yunshuo Technology Development Co., Ltd. and others | 2,000 | First instance suspended | Due to the complexity of the case and the need to retrieve relevant case files, the court has ruled to suspend the first instance trial | | Company's lawsuit against Shaoguan Qujiang District Municipal Management Center for construction contract dispute | 1,331.09 | First instance ruled, company appealed | The judgment ordered the defendant to pay part of the project funds and liquidated damages to the company; the first instance judgment has not yet become effective | | Company's lawsuit against Guangdong You Shi Lian He Holding Group Co., Ltd. and others for equity repurchase dispute | 6,942.46 | Arbitration concluded | The arbitration ruled that the respondents must fulfill their equity repurchase obligation for Hubei Shenhu Times Cloud Technology Co., Ltd. and pay the equity repurchase price, overdue interest, and liquidated damages to the company | [Penalties and Rectification](index=29&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company and relevant responsible persons received administrative regulatory measures from the Shenzhen Securities Regulatory Bureau due to irregularities in information disclosure, financial accounting, and internal control; the company has implemented rectification measures and applied to the Shenzhen Stock Exchange to lift some risk warnings Penalties and Rectification | Name/Individual | Type | Reason | Type of Investigation and Penalty | Conclusion (if any) | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Zhengtong Electronics Co., Ltd., Zeng Shengqiang, Cheng Fengwu, Fu Deliang, Peng Xue | Other | The company had irregularities in information disclosure, financial accounting, and internal control | Administrative regulatory measures taken by China Securities Regulatory Commission | Ordered the company to rectify; issued warning letters to Zeng Shengqiang, Cheng Fengwu, Fu Deliang, and Peng Xue respectively | May 10, 2025 | - The company has thoroughly reviewed and diligently implemented rectification measures as required by the administrative regulatory decision and has applied to the Shenzhen Stock Exchange to lift some of the other risk warnings imposed on its shares[109](index=109&type=chunk)[132](index=132&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) Not applicable - Not applicable[110](index=110&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in daily operating related party transactions for buying and selling goods and providing/receiving services, with transaction prices adhering to fair principles; additionally, the acquisition of **39%** equity in Yongxing Longwangling Education Investment Construction Co., Ltd. was confirmed as a related party transaction Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Content | Pricing Principle for Transaction Price | Current Period Transaction Amount (CNY 10,000) | Approved Transaction Limit (CNY 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Tongxinyuan Property Management Co., Ltd. | Receiving property management services from related party | Negotiated price | 10.94 | 50 | No | | Shenzhen Shengcan Technology Co., Ltd. | Selling products, goods, and providing labor to related party | Negotiated price | 10.19 | 1,000 | No | | Shenzhen Shengcan Technology Co., Ltd. | Receiving goods and technical services from related party | Negotiated price | 22.7 | 500 | No | | Shenzhen Maisiming Electronic Technology Co., Ltd. | Selling products, goods, and providing property leasing services to related party | Negotiated price | 50.82 | 300 | No | | Shenzhen Maisiming Electronic Technology Co., Ltd. | Receiving goods and technical services from related party | Negotiated price | 382.65 | 1,500 | No | | Shenzhen Xinglongyu Hardware Products Co., Ltd. | Selling goods and providing services to related party | Negotiated price | 0 | 50 | No | | Shenzhen Xinglongyu Hardware Products Co., Ltd. | Receiving goods and technical services from related party | Negotiated price | 75.78 | 300 | No | | Total | -- | -- | 553.08 | 3,700 | -- | - The company additionally confirmed that the acquisition of **39%** equity in Yongxing Longwangling Education Investment Construction Co., Ltd. from Shenzhen Xiangnan Derun Management Co., Ltd. was a related party transaction[118](index=118&type=chunk) [Significant Contracts and Their Performance](index=32&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no trusteeship or contracting arrangements; it engaged in operating leases for office space and leased out idle properties, generating **CNY 10.51 million** in rental income - The company had no trusteeship or contracting arrangements during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk) - During the reporting period, the company leased out idle factory buildings, office buildings, and other assets, generating a total rental income of **CNY 10.51 million**[121](index=121&type=chunk) Company's Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Changsha Cloud Computing | March 7, 2019 | 60,000 | September 26, 2019 | 37,500 | The guarantee period is two years from the expiration date of the corresponding debt performance period of the contract | No | | Hongda Communication | August 31, 2024 | 56,000 | March 6, 2025 | 35,000 | The guarantee period is three years from the expiration date of the corresponding debt performance period of the contract | No | | Hunan Big Data | December 11, 2024 | 60,000 | March 27, 2025 | 16,000 | The guarantee period is three years from the expiration date of the corresponding debt performance period of the contract | No | | Total approved guarantee limit for subsidiaries in current period (B1) | | 24,000 | | | | | | Total actual guarantee amount for subsidiaries in current period (B2) | | 192,626.66 | | | | | | Total approved guarantee limit for subsidiaries at period-end (B3) | | 467,000 | | | | | | Total actual guarantee balance for subsidiaries at period-end (B4) | | 142,500.34 | | | | | | Ratio of total actual guarantee amount to company's net assets | | 67.77% | | | | | Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (CNY 10,000) | Unmatured Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 75.91 | 0 | 0 | | Bank wealth management products | Own funds | 75.84 | 0 | 0 | | Bank wealth management products | Own funds | 73.75 | 0 | 0 | | Total | | 225.50 | 0 | 0 | Other Significant Contracts | Contracting Parties | Contract Subject | Date of Contract | Transaction Price (CNY 10,000) | Related Party Transaction | Performance Status as of Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhengtong Electronics, Ping An Communications | IDC data center site leasing, cabinet hosting, and related software and hardware equipment and services | March 30, 2018 | 88,500 | No | Recognized sales revenue of CNY 4,265.20 million | | Zhengtong Electronics, China Mobile Communications Group Hunan Co., Ltd. Changsha Branch | IDC computer room construction, leasing, and operation and maintenance services | November 22, 2018 | 71,117.82 | No | Recognized sales revenue of CNY 2,330.64 million | | Shenzhen Cloud Computing, Ping An Communications | IDC data center site leasing, cabinet hosting, and related software and hardware equipment and services | March 6, 2020 | 92,000 | No | Recognized sales revenue of CNY 3,656.90 million | | Zhengtong Electronics, China Mobile Communications Group Hunan Co., Ltd. Changsha Branch | IDC computer room construction, leasing, and operation and maintenance services | September 22, 2023 | 41,178.71 | No | 82% of engineering construction and partial module computer room acceptance completed, business operations commenced | [Explanation of Other Significant Matters](index=36&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's smart teller machine procurement project with China Construction Bank expired in June 2025, recognizing **CNY 3.35 million** in sales revenue; the company has responded to regulatory inquiries and applied to lift some risk warnings - The company's smart teller machine procurement project with China Construction Bank expired in June 2025, with sales revenue of **CNY 3.35 million** recognized during the reporting period[131](index=131&type=chunk) - The company received and responded to a regulatory inquiry letter from the Shenzhen Securities Regulatory Bureau[131](index=131&type=chunk)[132](index=132&type=chunk) - The company has applied to the Shenzhen Stock Exchange to lift some of the other risk warnings imposed on its shares[132](index=132&type=chunk) - The company has responded to the Shenzhen Stock Exchange's inquiry letter regarding its 2024 annual report[133](index=133&type=chunk) [Significant Matters of Company Subsidiaries](index=37&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 plans to invest **CNY 100 million** to establish Wuhan Zhengtong Computing Power Network Co., Ltd., with **CNY 7.5 million** already paid in, to advance its computing power industry layout; wholly-owned subsidiary Changsha Cloud Computing has divested its stake in Jingu Rural Commercial Bank and received **CNY 34.81 million** - The company plans to invest **CNY 100 million** of its own funds to establish Wuhan Zhengtong Computing Power Network Co., Ltd., with a cumulative paid-in registered capital of **CNY 7.5 million**, to advance the company's computing power industry layout[134](index=134&type=chunk) - The company's wholly-owned subsidiary, Changsha Cloud Computing, has divested its stake in Jingu Rural Commercial Bank and received **CNY 34.81 million** in divestment funds[135](index=135&type=chunk) Part VI [Share Changes and Shareholder Information](index=38&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 the company's share capital structure, changes in shareholdings, and information on major shareholders and actual controllers [Share Changes](index=38&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at **614,362,928 shares**, with restricted shares accounting for **13.08%** and unrestricted shares for **86.92%**; the company completed its share repurchase program, acquiring **4.2 million shares** for a total of **CNY 20.66 million** Share Changes | Item | Quantity Before Change (shares) | Proportion Before Change | Net Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,362,916 | 13.08% | 0 | 80,362,916 | 13.08% | | II. Unrestricted Shares | 534,000,012 | 86.92% | 0 | 534,000,012 | 86.92% | | III. Total Shares | 614,362,928 | 100.00% | 0 | 614,362,928 | 100.00% | - The company cumulatively repurchased **4,200,000 shares** of its stock through a dedicated share repurchase securities account via centralized bidding, with a total repurchase amount of **CNY 20,660,075**, and the share repurchase plan has been completed[138](index=138&type=chunk) [Securities Issuance and Listing](index=39&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[140](index=140&type=chunk) [Number of Shareholders and Shareholding Information](index=39&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the total number of common shareholders was **47,543**; controlling shareholder Zeng Shengqiang held **17.04%** of shares, with **76.23 million shares** pledged - At the end of the reporting period, the total number of common shareholders was **47,543**[141](index=141&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zeng Shengqiang | Domestic Natural Person | 17.04% | 104,677,171 | 78,507,878 | 26,169,293 | Pledged | 76,230,000 | | Zeng Shenghui | Domestic Natural Person | 3.05% | 18,724,963 | 0 | 18,724,963 | Not applicable | 0 | | Xu Zhonggui | Domestic Natural Person | 1.63% | 10,020,698 | 0 | 10,020,698 | Not applicable | 0 | | Xuan Yuan Private Equity Investment Management (Guangdong) Co., Ltd. - Xuan Yuan Kexin No. 43 Private Equity Investment Fund | Other | 1.63% | 10,000,000 | 0 | 10,000,000 | Not applicable | 0 | | Zhuhai Abama Private Equity Investment Management Co., Ltd. - Abama Yuanxiang Hongli No. 83 Private Equity Investment Fund | Other | 1.63% | 10,000,000 | 0 | 10,000,000 | Not applicable | 0 | - Zeng Shengqiang and Xu Zhonggui are spouses, and Zeng Shengqiang and Zeng Shenghui are brothers; Xuan Yuan Private Equity Investment Management (Guangdong) Co., Ltd. - Xuan Yuan Kexin No. 43 Private Equity Investment Fund and Zhuhai Abama Private Equity Investment Management Co., Ltd. - Abama Yuanxiang Hongli No. 83 Private Equity Investment Fund are **100%** owned by Zeng Shengqiang and Xu Zhonggui, and have signed a concerted action agreement with them, thus the aforementioned shareholders are concerted parties[141](index=141&type=chunk) - At the end of the reporting period, Shenzhen Zhengtong Electronics Co., Ltd.'s dedicated share repurchase securities account held **4,200,000 shares** of the company, representing a shareholding ratio of **0.68%**[141](index=141&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&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, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[143](index=143&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&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[144](index=144&type=chunk) - The company's actual controller remained unchanged during the reporting period[144](index=144&type=chunk) [Preferred Share Information](index=41&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[145](index=145&type=chunk) Part VII [Bond-Related Information](index=42&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides information regarding the company's bond-related activities [Bond-Related Information](index=42&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - Not applicable[147](index=147&type=chunk) Part VIII [Financial Report](index=43&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with detailed notes on accounting policies, taxation, and financial items [Audit Report](index=43&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[149](index=149&type=chunk) [Financial Statements](index=43&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 owner's equity for the first half of 2025, offering a comprehensive view of its financial position, operating results, and cash flows - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity,

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, lists reference documents, and defines key terms used throughout the report for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Company head Wu Jianfei, chief accountant Jiang Xueqian, and head of accounting Chen Yingying declare the financial report is true, accurate, and complete[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) [Catalog of Reference Documents](index=4&type=section&id=Catalog%20of%20Reference%20Documents) Reference documents include signed financial statements and original announcements of all publicly disclosed company files during the reporting period - Reference documents include financial statements signed and sealed by the company head, chief accountant, and head of accounting[8](index=8&type=chunk) - Originals of all company documents and announcements publicly disclosed during the reporting period are also available for reference[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, reporting periods, and major shareholders, to ensure clear understanding - “The Company”, “Company”, and “Huizhou Intelligent” all refer to Huizhou Intelligent Technology Group Co., Ltd[10](index=10&type=chunk) - “Reporting Period”, “This Reporting Period”, and “Current Period” refer to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - “Controlling Shareholder” and “Sihe Julu” refer to Sihe Julu Information Technology Group Co., Ltd[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Huizhou Intelligent Technology Group Co., Ltd., stock code 002122, is listed on the Shenzhen Stock Exchange, with Wu Jianfei as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Huizhou Intelligent | | Stock Code | 002122 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Huizhou Intelligent Technology Group Co., Ltd. | | Legal Representative | Wu Jianfei | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's board secretary is Wu Ning and securities affairs representative is Zhang Li, both reachable at the Beijing address, phone 010-85660012, and email dsh@hzitg.com Company Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wu Ning | No. 18, Zhichun Road A, Haidian District, Beijing | 010-85660012 | dsh@hzitg.com | | Securities Affairs Representative | Zhang Li | No. 18, Zhichun Road A, Haidian District, Beijing | 010-85660012 | dsh@hzitg.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address changed to Quzhou, Zhejiang in July 2025, with other contact details and information disclosure locations remaining unchanged - The company's registered address changed to Room 401, Unit 1, Building 2, Tongxin Road 135, Jinchuan Street, Changshan County, Quzhou City, Zhejiang Province in July 2025, and industrial and commercial change registration has been completed[14](index=14&type=chunk) - The company's office address, website, and email address remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period, as detailed in the 2024 annual report[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported a 19.28% revenue increase to **547.98 million yuan**, while net profit attributable to shareholders decreased by 66.81% to **18.99 million yuan**, with operating cash flow improving by 35.33% Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (RMB) | Prior Period (Adjusted) (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 547.98 million | 459.41 million | 19.28% | | Net Profit Attributable to Shareholders of Listed Company | 18.99 million | 57.21 million | -66.81% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 17.86 million | 52.02 million | -65.66% | | Net Cash Flow from Operating Activities | -43.27 million | -66.91 million | 35.33% | | Basic Earnings Per Share (RMB/share) | 0.0095 | 0.0286 | -66.78% | | Diluted Earnings Per Share (RMB/share) | 0.0095 | 0.0286 | -66.78% | | Weighted Average Return on Net Assets | 0.93% | 2.48% | -1.55% | | Total Assets (Period End) | 3.643 billion | 3.327 billion | 9.49% | | Net Assets Attributable to Shareholders of Listed Company (Period End) | 2.147 billion | 1.904 billion | 12.76% | - The company corrected errors in its consolidated financial statements for 2019 and 2020, and made corresponding corrections to the affected consolidated financial statements for 2021-2023 and the first half of 2024[16](index=16&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between Chinese and international or overseas accounting standards during the reporting period - During the reporting period, the company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[17](index=17&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[18](index=18&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) Total non-recurring gains and losses for the period amounted to **1.13 million yuan**, primarily from non-current asset disposal, government grants, and reversal of impairment provisions, with certain financial asset gains classified as recurring Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/losses on disposal of non-current assets | 0.70 million | | | Government grants recognized in current profit/loss | 1.21 million | Mainly government grants received by subsidiaries | | Reversal of impairment provisions for receivables subject to individual impairment testing | 0.42 million | Mainly recovery of receivables for which individual bad debt provisions were made in prior periods | | Other non-operating income and expenses apart from the above | -1.17 million | | | Less: Income tax impact | 0.00 million | | | Impact on minority interests (after tax) | 0.02 million | | | Total | 1.13 million | | - The company classifies fair value changes and disposal gains/losses from financial assets and liabilities in its venture capital and asset management business as recurring gains and losses, as they reflect the company's phased investment results and normal profitability[21](index=21&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main business operations, core competencies, financial performance, investment activities, and risks during the reporting period [I. Principal Businesses Engaged in by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's main businesses include high-end equipment manufacturing, large model data services, venture capital, and media, with significant growth in manufacturing and data services, while media business is being considered for divestiture [(I) High-End Equipment Manufacturing Business](index=9&type=section&id=(I)%20High-End%20Equipment%20Manufacturing%20Business) In H1 2025, high-end equipment manufacturing revenue grew by **18.94%** to **491.11 million yuan**, enhancing competitiveness through the acquisition of Shanghai Yigeng and expanding product categories - In the first half of 2025, the high-end equipment manufacturing business segment achieved operating revenue of **491.11 million yuan**, a year-on-year increase of **18.94%**[23](index=23&type=chunk) - The company acquired control of Shanghai Yigeng Precision Machine Tool Co., Ltd. through public auction, expanding its high-end five-axis machining center product category and further enhancing its core competitiveness[23](index=23&type=chunk) - The company's high-end equipment manufacturing business primarily focuses on the R&D, production, and sales of CNC machine tools, with products widely used in transportation, energy, metallurgy, machinery, shipbuilding, automotive, and other industries, and some high-end products exported to over 30 countries and regions including Europe, America, Japan, and South Korea[23](index=23&type=chunk) - The company's independently developed high-end new product, the DVTG250×25/20B—NC double-column vertical turning and grinding machining center, was awarded the 'Top Ten Independent Innovations' by the China Machine Tool & Tool Builders' Association, improving efficiency by approximately **600%**[25](index=25&type=chunk) [(II) Large Model Data Services](index=11&type=section&id=(II)%20Large%20Model%20Data%20Services) In H1 2025, Hot Hot Data's large model data services revenue grew by **52.41%** to **36.46 million yuan**, with a new Wuhan base enhancing delivery capabilities and reducing losses - In the first half of 2025, Hot Hot Data achieved operating revenue of **36.46 million yuan**, a year-on-year increase of **52.41%**, with a further narrowing of losses[32](index=32&type=chunk) - In June 2025, the company's Wuhan base opened as an L4-level annotation base primarily for large model and ecosystem-related annotation services, with plans to expand to hundreds of people within the year to enhance delivery capabilities for high-quality large model data annotation clients[32](index=32&type=chunk) - Hot Hot Data's services cover image, text, voice, video, large model, map data annotation, and road data collection scenarios, with its independently developed Enable AI intelligent annotation platform significantly improving data quality and annotation efficiency[32](index=32&type=chunk) [(III) Venture Capital and Asset Management](index=11&type=section&id=(III)%20Venture%20Capital%20and%20Asset%20Management) The company focuses on hard tech investments, with China's private equity market showing signs of recovery in H1 2025, leading to successful exits and investment gains in some projects - The company's venture capital and asset management business primarily focuses on high-end equipment manufacturing, semiconductors, information technology application innovation, new energy, and other fields, adopting a 'fundraising, investment, management, and exit' business model[34](index=34&type=chunk) - In the first half of 2025, the number of fundraising rounds in China's private equity market reached **2,172**, a year-on-year increase of **12.1%**; the amount raised was **728.33 billion yuan**, a year-on-year increase of **12.0%**. The number of investment cases was **5,612**, a year-on-year increase of **21.9%**; the disclosed amount was **338.92 billion yuan**, a year-on-year increase of **1.6%**[35](index=35&type=chunk) - Hard tech fields became investment hotspots, with significant growth in investment numbers in IT, semiconductors and electronic equipment, biotechnology/pharmaceutical health, machinery manufacturing, and clean technology[35](index=35&type=chunk) - Among the company's invested projects, Kylinsoft Co., Ltd. completed a new round of financing, and Zhejiang Haisheng Pharmaceutical Co., Ltd., Shanghai Silang Technology Co., Ltd., and Guangdong Aikesi Technology Co., Ltd. successfully exited and realized investment gains[36](index=36&type=chunk) [(IV) Media Business](index=12&type=section&id=(IV)%20Media%20Business) The company's media business, primarily focused on educational book publishing, is facing industry decline and market competition, leading to reduced investment and consideration for divestiture - The company's media business is conducted by its controlled subsidiary, Zhongke Huashi, primarily focusing on book distribution and content development for the domestic education market, serving primary and secondary school students and preschool teachers and children[37](index=37&type=chunk) - Facing a continuously weakening industry and intense market competition, the company has steadily reduced resource allocation to its media business segment, leading to a shrinking business scale[37](index=37&type=chunk) - The company is considering gradually divesting its media business to further focus on high-end equipment manufacturing and large model data services[37](index=37&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies span high-end equipment manufacturing, enhanced by the Shanghai Yigeng acquisition, advanced large model data services, and a robust venture capital and asset management system [(I) High-End Equipment Manufacturing Business](index=12&type=section&id=(I)%20High-End%20Equipment%20Manufacturing%20Business) The company's high-end equipment manufacturing business boasts strong market competitiveness in heavy-duty machine tools, significant R&D capabilities, extensive product lines, and prominent brand advantages like "Qi Yi" and "Shanghai Yigeng" - Following the successful acquisition of Shanghai Yigeng, the company possesses strong market competitiveness in heavy-duty lathes, horizontal machining centers, five-axis linkage machining centers, and other fields, significantly enhancing its comprehensive strength and industry position[38](index=38&type=chunk) - The company has established a '4+3+N' scientific research and innovation system, featuring **4** national-level technological innovation platforms, fostering **3** scientific innovation teams, and collaborating with multiple research institutes and enterprises[39](index=39&type=chunk)[40](index=40&type=chunk) - The company is a national inspection standard-setting unit for CNC heavy-duty horizontal lathes, heavy-duty deep hole drilling and boring machines, and CNC heavy-duty vertical lathes, having accumulated **395** patent authorizations, including **51** invention patents[40](index=40&type=chunk) - The company's CNC machine tool products are diverse and complete in specifications, mastering multiple key core technologies, with product processing diameters ranging from **0.5 meters to 25 meters**, and over **400** products filling domestic gaps[42](index=42&type=chunk) - The 'Qi Yi' brand CNC machine tools are recognized as China's famous brand products and well-known trademarks, with a market share of **40%-50%** for CNC heavy-duty lathes and **100%** for heavy-duty deep hole drilling and boring machines[43](index=43&type=chunk) [(II) Large Model Data Services](index=13&type=section&id=(II)%20Large%20Model%20Data%20Services) Hot Hot Data's core competitiveness in large model data services stems from its Enable AI platform for human-machine collaboration, extensive annotation bases, and strong partnerships with hundreds of industry-leading clients - Hot Hot Data, through its human-machine collaborative Enable AI intelligent annotation platform, has generally achieved individual efficiency improvements ranging from **50% to 100%**, and implemented a 'annotate-while-training' strategy to enhance data production efficiency and model performance[46](index=46&type=chunk) - The company has established annotation bases in multiple cities nationwide, covering over **a thousand** high-end annotation personnel, and collaborates with thousands of small and medium-sized suppliers across the country, integrating over **ten thousand** personnel to ensure high-precision annotation for complex scenarios and multi-modal data[47](index=47&type=chunk) - Hot Hot Data has established cooperative relationships with hundreds of industry-leading enterprises, accumulating rich data experience and operational management capabilities for large-scale projects, human resources, and data, becoming a core supplier for many top internet companies[47](index=47&type=chunk) [(III) Venture Capital and Asset Management](index=14&type=section&id=(III)%20Venture%20Capital%20and%20Asset%20Management) The company's venture capital and asset management business features a comprehensive investment management system, robust risk control, a professional team, and strategic focus on high-growth, state-supported sectors - The company has established a complete set of standardized and rigorous investment management systems covering fundraising, investment, management, and exit, possessing a comprehensive network for acquiring target information and thorough due diligence procedures for projects[48](index=48&type=chunk) - The company places high importance on risk control, having established complete risk control processes and mechanisms, and a systematic post-investment management system to provide value-added services to invested enterprises, effectively controlling post-investment risks[48](index=48&type=chunk) - The company has cultivated and introduced a professional investment management team, with most members originating from industry or professional service institutions, possessing rich practical experience and theoretical foundations[49](index=49&type=chunk) - The company's venture capital and asset management business focuses on high-end equipment manufacturing, semiconductors, information technology application innovation, new energy, and other fields with significant future development prospects and strong national encouragement, having cumulatively invested in nearly **one hundred** enterprises through direct investments and fund investments[50](index=50&type=chunk) [III. Analysis of Principal Business](index=15&type=section&id=III.%20Analysis%20of%20Principal%20Business) The company's operating revenue increased by **19.28%** to **547.98 million yuan**, driven by high-end equipment manufacturing and large model data services, while R&D investment doubled and investment cash flow significantly decreased Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 547.98 million | 459.41 million | 19.28% | | | Operating Costs | 397.99 million | 363.15 million | 9.60% | | | R&D Investment | 38.90 million | 19.39 million | 100.59% | Mainly due to increased project completion costs and labor costs for subsidiary R&D projects in the current period | | Net Cash Flow from Operating Activities | -43.27 million | -66.91 million | 35.33% | | | Net Cash Flow from Investing Activities | -156.37 million | 12.52 million | -1,348.59% | Mainly due to higher expenditures for acquiring subsidiaries and financial asset investments in the current period | | Net Cash Flow from Financing Activities | 197.11 million | 92.63 million | 112.80% | Mainly due to higher proceeds from treasury stock disposal in the current period | | Investment Income | 8.60 million | 1.85 million | 365.20% | Mainly due to higher investment income from disposal of trading financial assets in the current period | | Fair Value Change Income | 0.81 million | 61.46 million | -98.69% | Mainly due to significant appreciation of non-current financial assets in the prior period | Operating Revenue Composition (By Industry) | Industry Segment | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | High-End Equipment Manufacturing | 491.11 million | 89.62% | 412.90 million | 89.88% | 18.94% | | Large Model Data Services | 37.80 million | 6.90% | 23.92 million | 5.21% | 58.00% | | Media Business | 19.07 million | 3.48% | 21.48 million | 4.68% | -11.24% | Changes in Gross Profit Margin by Principal Business Segment | Industry Segment | Current Period Gross Profit Margin | Prior Period Gross Profit Margin | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | | High-End Equipment Manufacturing | 27.80% | 20.60% | 7.20% | | Large Model Data Services | 19.95% | 31.35% | -11.40% | | Media Business | 30.97% | 17.78% | 13.19% | [IV. Analysis of Non-Principal Businesses](index=16&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Businesses) Non-principal businesses, primarily other income from tax deductions and credit impairment losses from bad debt provisions, significantly impacted total profit, with most items being non-sustainable Impact of Non-Principal Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Non-operating income | 0.47 million | 3.56% | Mainly compensation income received by subsidiaries | No | | Non-operating expenses | 1.64 million | 12.49% | Mainly compensation and late payment fees paid by subsidiaries | No | | Other income | 7.06 million | 53.70% | Mainly due to subsidiaries enjoying additional input tax deductions in the current period | No | | Credit impairment losses | -14.36 million | -109.25% | Mainly due to bad debt provisions for receivables in the current period | No | | Asset impairment losses | -1.51 million | -11.51% | Mainly due to impairment losses on intangible assets recognized by subsidiaries in the current period | No | | Gains on asset disposal | 0.70 million | 5.30% | Mainly due to disposal of fixed assets by subsidiaries in the current period | No | [V. Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by **9.49%** to **3.64 billion yuan**, with net assets attributable to shareholders rising by **12.76%** to **2.15 billion yuan**, while trading financial assets significantly grew and some assets remain restricted Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 3.643 billion | 100% | 3.327 billion | 100% | 9.49% | | | Net Assets Attributable to Shareholders of Listed Company | 2.147 billion | 59.00% | 1.904 billion | 57.23% | 12.76% | | | Trading Financial Assets | 174.83 million | 4.80% | 71.11 million | 2.14% | 2.66% | Mainly due to increased investments by the company in the current period | | Contract Liabilities | 481.37 million | 13.21% | 527.16 million | 15.84% | -2.63% | Mainly due to subsidiaries accelerating product acceptance in the current period | | Other Non-Current Financial Assets | 616.01 million | 16.91% | 635.19 million | 19.09% | -2.18% | Mainly due to the company's disposal of financial assets in the current period | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (RMB) | Fair Value Change P&L for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 71.11 million | 1.14 million | 201.35 million | 102.17 million | 174.83 million | | Other Non-Current Financial Assets | 635.19 million | -0.33 million | 55.67 million | 74.56 million | 616.01 million | | Total | 707.30 million | 0.81 million | 257.02 million | 176.73 million | 791.84 million | - As of June 30, 2025, the company's restricted cash was **3.16 million yuan**, including the balance in the reorganization administrator's account and funds frozen in subsidiary bank accounts due to litigation[63](index=63&type=chunk) - The company's subsidiaries, Xuzhou Rongjin and Xuzhou Hejue, borrowed funds from securities companies through margin financing and securities lending, with corresponding pledged stock book value of **40.53 million yuan**[63](index=63&type=chunk) [VI. Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investments for the period reached **161.41 million yuan**, a **198.59%** increase, including a **50 million yuan** new semiconductor partnership and a **101.41 million yuan** acquisition of Shanghai Yigeng, alongside various securities investments Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment amount for the reporting period | 161.41 million | | Investment amount for the prior period | 54.06 million | | Change Rate | 198.59% | Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Principal Business | Investment Method | Investment Amount (RMB) | Shareholding Ratio | Source of Funds | Investment P&L for Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Quzhou Zhihui Semiconductor Partnership (Limited Partnership) | Venture Equity Investment | New Establishment | 50.00 million | 16.67% | Self-raised | 0.00 | | Shanghai Yigeng Precision Machine Tool Co., Ltd. | R&D, production, and application promotion of high-end intelligent manufacturing equipment and system solutions | Acquisition | 101.41 million | 75.00% | Self-raised | 0.15 million | Securities Investment Status | Security Abbreviation | Initial Investment Cost (RMB) | Book Value at Period End (RMB) | P&L for Reporting Period (RMB) | | :--- | :--- | :--- | :--- | | Weining-Tianma No. 1 Private Securities Investment Fund | 10.29 million | 12.80 million | 1.90 million | | Weining-Tianma No. 2 Private Securities Investment Fund | 21.34 million | 10.38 million | 1.65 million | | Cambricon | 24.59 million | 22.15 million | 2.11 million | | Focuslight Technologies | 24.29 million | 21.85 million | -2.45 million | | Zhenxin Technology | 6.94 million | 6.85 million | -0.09 million | | Yuanheng Optoelectronics | 0.61 million | 0.81 million | 0.09 million | | ICBC | 475.00 | 759.00 | 67.00 | | Other securities investments held at period end | 50.76 million | 5.56 million | 2.17 million | | Total | 88.07 million | 74.83 million | 4.55 million | [VII. Significant Asset and Equity Disposals](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not dispose of any significant assets but sold 100% equity of Jiaxing Lingben Chenya for **58.02 million yuan**, contributing **-0.36 million yuan** to net profit - The company did not dispose of any significant assets during the reporting period[71](index=71&type=chunk) Significant Equity Disposals | Equity Disposed | Transaction Price on Disposal Date (RMB in 10,000s) | Disposal Proportion | Contribution to Company's Net Profit (RMB in 10,000s) | Proportion of Net Profit Contribution to Total Profit | | :--- | :--- | :--- | :--- | :--- | | Jiaxing Lingben Chenya Equity Investment Partnership (Limited Partnership) | 5,801.76 | 100.00% | -36.13 | 1.20% | [VIII. Analysis of Major Controlled and Investee Companies](index=22&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) Key subsidiaries include Qiqihar CNC (high-end equipment), Hot Hot Data (large model data services), and Zhongke Huashi (book publishing), with Qiqihar CNC being profitable while the latter two incurred losses Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qiqihar CNC | Subsidiary | High-End Equipment Manufacturing | 544.60 million | 1.921 billion | 826.53 million | 467.32 million | 62.05 million | 60.01 million | | Hot Hot Data | Subsidiary | Large Model Data Services | 102.50 million | 338.88 million | 192.07 million | 36.46 million | -8.16 million | -4.95 million | | Zhongke Huashi | Subsidiary | Book Distribution | 12.20 million | 117.59 million | 30.92 million | 19.07 million | -5.39 million | -4.85 million | | Hainan Qiji | Associate Company | Wholesale and retail of goods, technology development, technical services, etc. | 361.58 million | 536.14 million | 502.31 million | | -0.28 million | -0.40 million | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shanghai Yigeng | Equity Acquisition | No significant impact | | Wuhan Hot Hot Data | New Establishment | No significant impact | | Jiaxing Lingben Chenya | Share Transfer | No significant impact | | Zhongke Huizhou (Quzhou) Digital Merchant Technology Co., Ltd. | Deregistration | No significant impact | [IX. Structured Entities Controlled by the Company](index=23&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[77](index=77&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 market, management, investment exit, and liquidity risks, addressing them through R&D investment, core competency focus, enhanced risk control, and tailored exit strategies - The high-end CNC machine tool industry faces opportunities for domestic substitution, requiring the company to increase R&D investment to stabilize its industry position[77](index=77&type=chunk) - The large model data annotation industry has a fragmented competitive landscape, and the company will maintain its core competitiveness and increase R&D investment[77](index=77&type=chunk) - The venture capital market faces increasing fundraising difficulties and narrow exit channels; the company will strengthen risk control awareness and management, conduct in-depth industry research, optimize due diligence processes, and enhance post-investment management for timely exits[78](index=78&type=chunk) - The company's expanding scale brings management risks and increased labor costs; in the future, the company will strengthen its management team, and improve corporate governance and operational management mechanisms[78](index=78&type=chunk)[79](index=79&type=chunk) - Investment projects carry exit risks, and the company will formulate personalized exit strategies and specific implementation plans for each project, including independent listing, equity transfer, and overall enterprise M&A exits[79](index=79&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[80](index=80&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[80](index=80&type=chunk) [XII. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=24&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company did not disclose any announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose any announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period[80](index=80&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=25&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Company Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[82](index=82&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%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[83](index=83&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[84](index=84&type=chunk) [IV. Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[85](index=85&type=chunk) [V. Social Responsibility](index=25&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its corporate social responsibilities by creating shareholder value, safeguarding stakeholder rights, ensuring transparent governance, and prioritizing employee well-being and customer-centric partnerships - The company actively fulfills its corporate citizen obligations, undertakes social responsibilities, and pays attention to shareholders, employees, customers, suppliers, and government departments[85](index=85&type=chunk) - The company focuses on improving its governance structure, standardizing company operations, and ensuring all shareholders enjoy their legitimate rights and interests as stipulated by laws, regulations, and rules[85](index=85&type=chunk) - The company interacts with investors through performance briefings, investor relations interactive platforms, and email to enhance understanding and actively protect shareholder rights[85](index=85&type=chunk) - The company adheres to a people-oriented approach, complies with labor laws and regulations, respects and protects employee rights, and promotes employee development through training[86](index=86&type=chunk) - The company adheres to a customer-centric approach, innovating technology and products based on customer needs, and establishing equal, mutually beneficial, and win-win cooperative relationships with customers and suppliers[86](index=86&type=chunk) [Section V Significant Matters](index=26&type=section&id=Section%20V%20Significant%20Matters) This section details significant events including shareholder commitments, related party transactions, legal proceedings, regulatory actions, and other material developments affecting the company [I. 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=26&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The controlling shareholder's subsidiary and some directors/senior management committed to increasing shareholdings by at least **29.2 million yuan**, currently being fulfilled, while Xuzhou Mude Information Technology Co., Ltd. completed its **41.44 million yuan** performance compensation - The wholly-owned subsidiary of the company's controlling shareholder and some directors and senior management (Wu Jianfei, Wu Changxia, Jiang Xueqian, Sun Bin, Su Li, Hou Xuefeng, Sun Wei, Wang Junfeng, Wu Ning, Chen Yingying) committed to increasing their total shareholding in the company by no less than **29.2 million yuan** between May 1, 2025, and November 1, 2025, which is currently being fulfilled[88](index=88&type=chunk) - Xuzhou Mude Information Technology Co., Ltd. has fulfilled its performance commitment, paying **41.44 million yuan** in cash compensation to the company due to Hot Hot Data and Zhongke Huashi failing to meet performance targets[88](index=88&type=chunk)[89](index=89&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=27&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company[90](index=90&type=chunk) [III. Irregular External Guarantees](index=27&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[91](index=91&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=27&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[92](index=92&type=chunk) [V. Board of Directors' and Supervisory Board's Explanations on the 'Non-Standard Audit Report' for the Current Period](index=27&type=section&id=V.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanations%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company did not receive a "non-standard audit report" from its accounting firm during the reporting period - The company did not receive a 'non-standard audit report' from its accounting firm during the reporting period[93](index=93&type=chunk) [VI. Board of Directors' Explanations on Matters Related to the 'Non-Standard Audit Report' for the Prior Year](index=28&type=section&id=VI.%20Board%20of%20Directors'%20Explanations%20on%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company had no explanations regarding matters related to the "non-standard audit report" for the prior year during the reporting period - The company had no explanations regarding matters related to the 'non-standard audit report' for the prior year during the reporting period[94](index=94&type=chunk) [VII. Matters Related to Bankruptcy Reorganization](index=28&type=section&id=VII.%20Matters%20Related%20to%20Bankruptcy%20Reorganization) The company had no matters related to bankruptcy reorganization during the reporting period - The company had no matters related to bankruptcy reorganization during the reporting period[94](index=94&type=chunk) [VIII. Litigation Matters](index=28&type=section&id=VIII.%20Litigation%20Matters) The company is involved in multiple lawsuits, including a **183.81 million yuan** contract dispute in execution and a **70 million yuan** loan dispute in retrial, with other subsidiary litigations not expected to have a significant adverse impact - The contract dispute case between Tianrong Dingkun (Wuhan) Investment Center (Limited Partnership) and Liu Erqiang, Chongqing Landscape Architecture Engineering (Group) Co., Ltd., involving **183.81 million yuan**, has an effective first-instance court judgment and has entered the enforcement stage[95](index=95&type=chunk)[96](index=96&type=chunk) - The loan contract dispute case filed by Beijing Xiangyun Microfinance Co., Ltd. against Huizhou Intelligent and other entities, involving **70 million yuan**, saw the first-instance judgment rejecting Xiangyun Microfinance's claims, the second-instance upholding the original judgment, and Xiangyun Microfinance's application for retrial is currently in progress[96](index=96&type=chunk)[97](index=97&type=chunk) - Other lawsuits where the company's subsidiaries are plaintiffs involve **10.27 million yuan**, with some already concluded or settled through mediation, and others still in progress, none of which are expected to have a significant adverse impact on the company[97](index=97&type=chunk) - Other lawsuits where the company's subsidiaries are defendants involve **29.00 million yuan**, with some already concluded or settled through mediation, and others still in progress, none of which are expected to have a significant adverse impact on the company[97](index=97&type=chunk) [IX. Penalties and Rectification](index=30&type=section&id=IX.%20Penalties%20and%20Rectification) The company received an administrative supervisory measure decision and an investigation notice from the CSRC in April 2025 for alleged information disclosure violations, and is cooperating with the investigation - In April 2025, the company received an 'Administrative Supervisory Measure Decision' from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission and a 'Notice of Case Filing' from the China Securities Regulatory Commission, initiating an investigation into alleged information disclosure violations[98](index=98&type=chunk)[99](index=99&type=chunk) - As of now, the company has not received relevant documents, and all production and operational activities are proceeding normally; the company will actively cooperate with the investigation and strictly fulfill its information disclosure obligations[98](index=98&type=chunk)[99](index=99&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company and its controlling shareholder maintain good integrity, with no unfulfilled court/arbitration documents or overdue large debts - The company and its controlling shareholder maintain good integrity, with no unfulfilled effective court or arbitration documents, nor any large overdue debts[100](index=100&type=chunk) [XI. Significant Related Party Transactions](index=31&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no significant related party transactions concerning daily operations, asset/equity acquisition/disposal, or joint external investments, but reported related party receivables and payables, and received **41.44 million yuan** in performance compensation - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisition/disposal, or joint external investments[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) Related Party Receivables and Payables | Item Name | Related Party | Closing Book Balance (RMB) | Opening Book Balance (RMB) | | :--- | :--- | :--- | :--- | | **Receivable Items:** | | | | | Other receivables | Xinhao Runcheng | 89.88 million | 89.88 million | | **Payable Items:** | | | | | Other payables | Hainan Qiji | 79.13 million | 94.23 million | | Other payables | Beijing Ruilin Jishi | 10.50 million | 10.50 million | - Xuzhou Deyu, a wholly-owned subsidiary of the company, continued to acquire shares in Lianli Zhaoli Fund, constituting a joint investment with a related party[108](index=108&type=chunk) - The company received **41.44 million yuan** in performance compensation from Xuzhou Mude Information Technology Co., Ltd., the original shareholder of Xuzhou Huizhou, with all obligations fulfilled[109](index=109&type=chunk) [XII. Significant Contracts and Their Performance](index=33&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters, but reported significant guarantees totaling **37 million yuan** (1.72% of net assets) and **100 million yuan** in outstanding wealth management products - The company had no entrustment, contracting, or leasing arrangements during the reporting period[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) Total Company Guarantees | Indicator | Amount (RMB in 10,000s) | | :--- | :--- | | Total approved guarantee limit during the reporting period | 3,300 | | Total actual guarantees incurred during the reporting period | 3,000 | | Total approved guarantee limit at the end of the reporting period | 4,000 | | Total actual guarantee balance at the end of the reporting period | 3,700 | | Proportion of total actual guarantees to the company's net assets | 1.72% | Wealth Management Product Status | Specific Type | Wealth Management Products Incurred (RMB in 10,000s) | Outstanding Balance (RMB in 10,000s) | | :--- | :--- | :--- | | Bank wealth management products | 8,600 | 7,600 | | Trust wealth management products | 3,000 | 0 | | Other categories | 2,400 | 2,400 | | Total | 14,000 | 10,000 | - The company had no other significant contracts during the reporting period[121](index=121&type=chunk) [XIII. Explanations of Other Significant Matters](index=36&type=section&id=XIII.%20Explanations%20of%20Other%20Significant%20Matters) Significant matters include providing an **8 million yuan** guarantee for Beijing Rere Culture, acquiring Shanghai Aerospace Yigeng's 75% equity for **101.41 million yuan**, a CSRC investigation into information disclosure, a **29.2 million yuan** share increase plan by the controlling shareholder and management, and pledged shares of the controlling shareholder - The company provided a guarantee of up to **8 million yuan** for its controlled subsidiary, Beijing Rere Culture Technology Co., Ltd[122](index=122&type=chunk) - The company successfully bid **101.41 million yuan** to acquire **75%** equity of Shanghai Aerospace Yigeng Intelligent Technology Co., Ltd[122](index=122&type=chunk) - The company received an 'Administrative Supervisory Measure Decision' from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission and a 'Notice of Case Filing' from the China Securities Regulatory Commission, initiating an investigation into alleged information disclosure violations[123](index=123&type=chunk) - The company's controlling shareholder and some directors and senior management plan to increase their total shareholding in the company by no less than **29.2 million yuan** between May 1, 2025, and November 1, 2025[124](index=124&type=chunk) - The controlling shareholder, Sihe Julu Information Technology Group Co., Ltd., pledged **3,595,669** shares of the company, accounting for **1.4762%** of its shareholding[125](index=125&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=37&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Xuzhou Deyu, a wholly-owned subsidiary, increased its stake in Lianli Zhaoli Fund to **24.0964%**, and Qiqihar CNC provided a **20 million yuan** guarantee for the company's bank loan - Xuzhou Deyu, a wholly-owned subsidiary of the company, continued to acquire shares in Lianli Zhaoli Fund, holding a total of **140 million** partnership units (approximately **24.0964%** of the total scale) in Lianli Zhaoli Fund[126](index=126&type=chunk) - The company's controlled subsidiary, Qiqihar CNC, provided a joint and several liability guarantee for the company's **20 million yuan** loan application from Industrial Bank[127](index=127&type=chunk) [Section VI Share Changes and Shareholder Information](index=38&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, including restricted and unrestricted shares, and provides an overview of shareholder structure and management's shareholding [I. Share Change Status](index=38&type=section&id=I.%20Share%20Change%20Status) Restricted shares increased by **233,775** due to senior management's share purchases, with unrestricted shares decreasing by the same amount, while total share capital remained unchanged Share Change Status | Share Type | Quantity Before Change (Shares) | Increase/Decrease in This Change (Shares) | Quantity After Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 13,047,712 | 233,775 | 13,281,487 | | II. Unrestricted Shares | 1,988,452,863 | -233,775 | 1,988,219,088 | | III. Total Shares | 2,001,500,575 | 0 | 2,001,500,575 | - The main reason for the share change is that some senior management personnel increased their shareholdings during the reporting period according to the share increase plan, with **75%** of their newly acquired unrestricted shares automatically locked[131](index=131&type=chunk) [II. Securities Issuance and Listing](index=40&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[133](index=133&type=chunk) [III. Number of Shareholders and Shareholding Status](index=40&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had **173,386** common shareholders, with the top three being Sihe Julu (12.17%), Quzhou Zhizao Qijue (10.99%), and Bohou Mingjiu (9.96%), and the controlling shareholder's shares are partially pledged - As of the end of the reporting period, the total number of common shareholders was **173,386**[134](index=134&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) | Number of Unrestricted Shares Held (Shares) | Pledged, Marked, or Frozen Status (Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sihe Julu Information Technology Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 12.17% | 243,568,669 | 243,568,669 | 103,595,669 (Pledged) | | Quzhou Zhizao Qijue Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.99% | 220,000,000 | 220,000,000 | 0 (N/A) | | Bohou Mingjiu (Quzhou) Enterprise Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 9.96% | 199,300,000 | 199,300,000 | 0 (N/A) | - The controlling shareholder, Sihe Julu Information Technology Group Co., Ltd., holds **139,973,000** shares through a client credit trading guarantee securities account at Huatai Securities Co., Ltd[135](index=135&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, some directors and senior management, including Wu Ning, Sun Wei, and others, collectively increased their shareholdings by **461,700** shares, reaching a total of **4,901,900** shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Opening Shareholding (Shares) | Shares Increased in Current Period (Shares) | Closing Shareholding (Shares) | | :--- | :--- | :--- | :--- | :--- | | Wu Ning | Board Secretary | 498,600 | 79,000 | 577,600 | | Sun Wei | Deputy General Manager | 876,800 | 77,000 | 953,800 | | Sun Bin | Director | 0 | 74,000 | 74,000 | | Jiang Xueqian | Director | 1,998,000 | 78,000 | 2,076,000 | | Su Li | Director | 0 | 73,700 | 73,700 | | Wang Junfeng | Deputy General Manager | 1,066,800 | 80,000 | 1,146,800 | | Total | -- | 4,440,200 | 461,700 | 4,901,900 | [V. Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[138](index=138&type=chunk) - The company's actual controller did not change during the reporting period[138](index=138&type=chunk) [VI. Preferred Share Information](index=43&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[139](index=139&type=chunk) [Section VII Bond Information](index=44&type=section&id=Section%20VII%20Bond%20Information) This section confirms that the company had no bond-related matters during the reporting period [Bond Information](index=44&type=section&id=Bond%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[141](index=141&type=chunk) [Section VIII Financial Report](index=45&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with accounting policies and notes [I. Audit Report](index=45&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[143](index=143&type=chunk) [II. Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) The financial statements show total assets of **3.64 billion yuan**, net assets attributable to the parent company of **2.15 billion yuan**, net profit of **17.33 million yuan**, and negative operating cash flow of **43.27 million yuan** Key Data from Consolidated Balance Sheet | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 3.643 billion | 3.327 billion | | Total Liabilities | 1.310 billion | 1.247 billion | | Total Equity Attributable to Owners of the Parent Company | 2.147 billion | 1.904 billion | | Total Equity | 2.333 billion | 2.080 billion | Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 547.98 million | 459.41 million | | Operating Profit | 14.32 million | 48.82 million | | Total Profit | 13.14 million | 47.16 million | | Net Profit | 17.33 million | 50.94 million | | Net Profit Attributable to Shareholders of the Parent Company | 18.99 million | 57.21 million | | Basic Earnings Per Share (RMB/share) | 0.0095 | 0.0286 | Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net cash flow from operating activities | -43.27 million | -66.91 million | | Net cash flow from investing activities | -156.37 million | 12.52 million | | Net cash flow from financing activities | 197.11 million | 92.63 million | | Net increase in cash and cash equivalents | -2.40 million | 38.38 million | [III. Company Overview](index=63&type=section&id=III.%20Company%20Overview) Huizhou Intelligent Technology Group Co., Ltd., established in 2002 and listed in 2007, with Sihe Julu as its controlling shareholder, operates in high-end equipment manufacturing, venture capital, large model data services, and media - Huizhou Intelligent Technology Group Co., Ltd. was established on November 18, 2002, and listed on the Shenzhen Stock Exchange on March 28, 2007[177](index=177&type=chunk) - The company's controlling shareholder is Sihe Julu Information Technology Group Co., Ltd[177](index=177&type=chunk) - As of June 30, 2025, the company's total share capital was **2.002 billion yuan**, with a par value of **1 yuan** per share[177](index=177&type=chunk) - The company's business scope includes AI basic software development, CNC machine tool manufacturing, and investment activities with its own funds, primarily engaging in high-end equipment manufacturing, venture capital and asset management, large model data services, and media businesses[178](index=178&type=chunk) [IV. Basis of Financial Statement Preparation](index=63&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to Chinese Accounting Standards, using the accrual basis of accounting and historical cost measurement, with no significant doubts about the company's ability to continue as a going concern - The company's financial statements are prepared on a going concern basis, in accordance with 'Enterprise Accounting Standards' and relevant regulations[179](index=179&type=chunk) - Accounting is based on the accrual basis, and except for certain financial instruments, all items are measured at historical cost[179](index=179&type=chunk) - The company's management has assessed that there are no significant doubts about the company's ability to continue as a going concern for at least **12 months** from the end of the reporting period[180](index=180&type=chunk) [V. Significant Accounting Policies and Estimates](index=64&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the company's adherence to Enterprise Accounting Standards, covering accounting periods, business cycles, functional currency, materiality, business combinations, consolidation, joint arrangements, cash equivalents, foreign currency translation, financial instruments, receivables, inventories, long-term investments, fixed assets, intangible assets, impairment, contract liabilities, employee benefits, revenue recognition, government grants, deferred taxes, and leases - The company's financial statements comply with the requirements of Enterprise Accounting Standards, truthfully and completely reflecting the company's financial position, operating results, and cash flows[182](index=182&type=chunk) - The company defines **12 months** as an operating cycle and uses it as the criterion for classifying assets and liabilities as current or non-current[184](index=184&type=chunk) - The company performs impairment accounting for financial instruments based on expected credit losses and recognizes loss provisions according to a three-stage model[208](index=208&type=chunk)[210](index=210&type=chunk) - The company's revenue recognition principle is to recognize revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the related goods or services[275](index=275&type=chunk) - Government grants related to assets are recognized as deferred income and amortized into profit or loss over the useful life of the related assets; government grants related to income are recognized directly in current profit or loss when compensating for expenses already incurred, and as deferred income when compensating for expenses in future periods[284](index=284&type=chunk)[285](index=285&type=chunk) [VI. Taxation](index=83&type=section&id=VI.%20Taxation) This section details the company's main tax types and rates, including VAT (13%, 9%, 6%, 3%), urban maintenance and construction tax (5%, 7%), and corporate income tax (15%, 20%, 25%), with several subsidiaries enjoying a **15%** high-tech enterprise tax rate Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | VAT payable is the balance of output tax less deductible input tax | 13.00%、9.00%、6.00%、3.00% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5.00%、7.00% | | Corporate Income Tax | Taxable income | 15.00%、20.00%、25.00% | | Education Surcharge | Amount of turnover tax payable | 3.00% | | Local Education Surcharge | Amount of turnover tax payable | 2.00% | - Multiple subsidiaries, including Qiqihar CNC, Qiqihar Casting, Heilongjiang Qiyi Intelligent Machine Tool Research Institute Co., Ltd., Qiqihar No. 1 Machine Tool Plant Co., Ltd., Hot Hot Data, Chengdu Hot Hot, and Shanghai Yigeng, are eligible for a reduced corporate income tax rate of **15.00%** due to their qualification as high-tech enterprises[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) - The company benefits from a policy allowing small low-profit enterprises to calculate taxable income at **25%** and pay corporate income tax at a **20%** rate, extended until December 31, 2027[305](index=305&type=chunk) - The VAT exemption policy for book wholesale and retail continues until December 31, 2027[305](index=305&type=chunk) - Small-scale VAT taxpayers with monthly sales below **100,000 yuan** are exempt from VAT, and those subject to a **3%** levy rate are taxed at **1%**, with this policy effective until December 31, 2027[306](index=306&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=85&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including cash and cash equivalents (**478 million yuan** with **3.16 million yuan** restricted), trading financial assets (**175 million yuan**), receivables (**198 million yuan** net), inventories (**769 million yuan** net), and key income statement figures Composition and Restricted Status of Cash and Cash Equivalents | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Cash on hand | 0.00 million | 0.16 million | | Bank deposits | 426.50 million | 440.35 million | | Other cash and cash equivalents | 51.51 million | 40.25 million | | Total | 478.01 million | 480.75 million | | **Restricted Cash and Cash Equivalents:** | | | | Margin deposits | 0.00 | 1.20 million | | Administrator account balance | 2.31 million | 2.31 million | | Account freeze | 0.86 million | 0.00 | | Total restricted funds | 3.16 million | 3.50 million | Composition of Trading Financial Assets | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Equity investment instruments | 74.83 million | 71.11 million | | Structured dep

苏州东山精密制造股份有限公司 2025 年半年度报告全文 苏州东山精密制造股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 苏州东山精密制造股份有限公司 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。 公司负责人袁永刚、主管会计工作负责人王旭及会计机构负责人(会计主 管人员)朱德广声明：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。 本报告中涉及的未来发展规划等前瞻性陈述不构成公司对投资者的实质 承诺，敬请广大投资者理性投资，注意风险。 公司在本报告中详细阐述了未来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 | . 2 | 1 2 | | | --- | --- | --- | | 1 | | . | | 第一节 | 重要提示、目录和释 ...

瀛通通讯股份有限公司 2025 年半年度报告全文 瀛通通讯股份有限公司 2025 年半年度报告 2025 年 8 月 1 瀛通通讯股份有限公司 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。 公司负责人黄晖、主管会计工作负责人吴中家及会计机构负责人(会计主 管人员)熊丽君声明：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。 本报告涉及的未来规划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，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"中"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，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 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | | 2 | | -- ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The board and management assure report accuracy and completeness, cautioning investors on risks; no interim cash dividends or bonus shares are planned - The company's board of directors, directors, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[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 no cash dividends, bonus shares, or capital increase from capital reserves[5](index=5&type=chunk) - The report contains forward-looking statements, which do not constitute substantive commitments; investors should be aware of investment risks[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists nine main chapters covering company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report contains nine main chapters, from company profile to financial report[7](index=7&type=chunk) - Reference documents include signed and sealed financial statements, the original semi-annual report, and publicly disclosed documents[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, subsidiaries, actual controllers, and key customers, to ensure clear understanding - The company's full name is "Ouk Technology Co., Ltd.", formerly Jiangxi Ouk Technology Co., Ltd[14](index=14&type=chunk) - Major subsidiaries include Ouk Machinery, Jiangxi Nice, and Ouk Materials[14](index=14&type=chunk) - The actual controllers are Hu Jiansheng, Hu Fusheng, and Li Yanmei[14](index=14&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and highlights its key financial performance metrics [Company Profile](index=6&type=section&id=Company%20Profile) Ouk Technology Co., Ltd., stock ticker "Ouk Technology" and code 001223, is listed on the Shenzhen Stock Exchange, with Hu Fusheng as its legal representative, and no changes in contact information or disclosure locations during the reporting period - Stock Abbreviation: Ouk Technology, Stock Code: **001223**[16](index=16&type=chunk) - Stock Exchange: Shenzhen Stock Exchange[16](index=16&type=chunk) - Legal Representative: Hu Fusheng[16](index=16&type=chunk) - Company contact information and information disclosure location remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **112.65%** to **455.23 million yuan**, and net profit attributable to shareholders increased by **53.65%** to **69.09 million yuan**, with total assets and net assets also growing - The company is not required to retrospectively adjust or restate prior year accounting data[20](index=20&type=chunk) 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 455,225,523.40 | 214,072,402.12 | 112.65% | | Net Profit Attributable to Shareholders of Listed Company | 69,091,087.39 | 44,966,277.60 | 53.65% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 62,859,138.00 | 32,009,188.16 | 96.38% | | Net Cash Flow from Operating Activities | 36,487,963.84 | 37,257,079.95 | -2.06% | | Basic Earnings Per Share (Yuan/share) | 0.7401 | 0.6744 | 9.74% | | Diluted Earnings Per Share (Yuan/share) | 0.7401 | 0.6749 | 9.66% | | Weighted Average Return on Net Assets | 3.63% | 2.36% | 1.27% | | **Period-End Indicators:** | | | | | Total Assets | 2,457,335,258.76 | 2,257,335,465.10 | 8.86% | | Net Assets Attributable to Shareholders of Listed Company | 1,925,437,966.18 | 1,866,352,456.24 | 3.17% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%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 statements prepared under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - The company reported no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) - The company reported no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **6.23 million yuan**, primarily from government grants, disposal of non-current assets, and other non-operating income/expenses, with some government grants and individual income tax refunds classified as recurring 2025 Half-Year Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -5,829.98 | | Government grants recognized in current profit or loss | 8,660,265.44 | | Other non-operating income and expenses apart from the above | -212,243.56 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 3,250.00 | | Less: Income tax impact | 1,605,870.81 | | Minority interest impact (after tax) | 607,621.70 | | **Total** | **6,231,949.39** | - Other profit and loss items meeting the definition of non-recurring gains and losses for the first half of 2025 include VAT reduction for poverty alleviation[26](index=26&type=chunk) - Asset-related government grants (**258,648.00 yuan**) and individual income tax handling fee refunds (**34,440.51 yuan**) are classified as recurring gains and losses due to their continuous or non-incidental impact on the company's profit and loss[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's business operations, core competencies, financial performance, investment activities, and risk management strategies [Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's core business involves R&D, production, sales, and service of intelligent equipment for household paper and new energy lithium batteries, alongside expanding its film materials business; in the first half of 2025, both revenue and net profit grew significantly, with film materials revenue increasing by **332.81%** - The company's core business covers the R&D, production, sales, and service of intelligent equipment for household paper and new energy lithium batteries[28](index=28&type=chunk) - The company's products have upgraded from single machines to integrated whole-line solutions, with automation levels reaching fully automatic, establishing partnerships with leading enterprises like Hengan Group and Gold Hongye[28](index=28&type=chunk) - The company is expanding into high-performance polyimide (PI) film business through its controlling subsidiary, Jiangxi Youze New Material Technology Co., Ltd., for applications in flexible electronics and new energy industries[31](index=31&type=chunk) 2025 Half-Year Performance Overview | Indicator | Amount (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 45,522.55 | 112.65% | | Net Profit Attributable to Shareholders of Listed Company | 6,909.11 | 53.65% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 6,285.91 | 96.38% | | Household Paper Intelligent Equipment Business Revenue | 23,671.33 | 68.01% | | Film Materials Business Revenue | 21,163.97 | 332.81% | [Analysis of Core Competencies](index=10&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include strong R&D, extensive customer base, comprehensive solution provision, a stable management and talent team, and diversified investment strategies, supporting its continuous development in intelligent equipment and new materials - The company possesses a provincial-level enterprise technology center, a professional R&D team, expertise in equipment debugging, automation control, and remote online monitoring, and is actively developing "dark factory" highly intelligent equipment[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has established long-term partnerships with renowned domestic household paper enterprises such as Gold Hongye, Vinda, Hengan, and C&S Paper, with products successfully entering Southeast Asian and European international markets[37](index=37&type=chunk) - It provides "equipment + service" integrated solutions, covering raw material adaptation, customized intelligent equipment, whole-line system integration, rapid response customization, and full-lifecycle technical services[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The company boasts a stable and experienced management and technical team, having established a comprehensive talent incentive mechanism that enhances production efficiency and reduces costs[40](index=40&type=chunk)[41](index=41&type=chunk) - Leveraging government industrial funds and collaborations with other listed companies, the company pursues M&A investments to expand its industrial chain upstream and downstream and into new material fields, aligning with its "equipment + materials" core strategy[41](index=41&type=chunk) [Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business revenue increased by **112.65%**, primarily driven by growth in household paper intelligent equipment and film materials businesses, with materials industry revenue growing by **332.81%** and its proportion rising to **46.49%** - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[44](index=44&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 455,225,523.40 | 214,072,402.12 | 112.65% | Growth in household paper intelligent equipment and film materials business revenue | | Operating Cost | 313,921,128.72 | 134,692,592.94 | 133.06% | Growth in household paper intelligent equipment and film materials business revenue | | Administrative Expenses | 28,419,535.97 | 20,764,814.87 | 36.86% | Increase in employee compensation for the company and consolidated subsidiaries | | Financial Expenses | -627,728.56 | -8,422,273.12 | -92.55% | Decrease in bank interest income | | Net Cash Flow from Investing Activities | -179,299,690.44 | -83,085,756.07 | 115.80% | Increase in external investments | | Net Cash Flow from Financing Activities | 106,696,143.24 | -53,344,000.00 | -300.02% | Increase in bank loan amounts | Operating Revenue Composition (by Industry/Product/Region) | Category | Item | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Equipment Manufacturing | 243,585,775.66 | 53.51% | 165,173,824.59 | 77.16% | 47.47% | | | Materials Industry | 211,639,747.74 | 46.49% | 48,898,577.53 | 22.84% | 332.81% | | **By Product** | Household Paper Intelligent Equipment | 236,713,253.55 | 52.00% | 140,888,344.41 | 65.81% | 68.01% | | | Film Materials | 211,639,747.74 | 46.49% | 48,898,577.53 | 22.84% | 332.81% | | | New Energy Lithium Battery Intelligent Equipment | 0.00 | 0.00% | 11,504,424.78 | 5.37% | -100.00% | | **By Region** | Domestic | 365,077,355.63 | 80.20% | 134,342,732.21 | 62.76% | 171.75% | | | Overseas | 90,148,167.77 | 19.80% | 79,729,669.91 | 37.24% | 13.07% | Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Equipment Manufacturing | 243,585,775.66 | 125,344,351.43 | 48.54% | 47.47% | 44.15% | 1.18% | | | Materials Industry | 211,639,747.74 | 188,576,777.29 | 10.90% | 332.81% | 295.03% | 8.53% | | **By Product** | Household Paper Intelligent Equipment | 236,713,253.55 | 119,717,045.68 | 49.43% | 68.01% | 60.33% | 2.43% | | | Film Materials | 211,639,747.74 | 188,576,777.29 | 10.90% | 332.81% | 295.03% | 8.53% | | **By Region** | Domestic | 365,077,355.63 | 272,077,024.32 | 25.47% | 171.75% | 183.81% | -3.17% | | | Overseas | 90,148,167.77 | 41,844,104.40 | 53.58% | 13.07% | 7.78% | 2.28% | [Analysis of Non-Main Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) During the reporting period, the company's non-main business contributed minimally to total profit, primarily comprising investment income, asset impairment, non-operating income and expenses, and credit impairment losses, with credit impairment losses negatively impacting total profit Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 674,752.17 | 0.83% | Profits/losses from external investments | Yes | | Asset Impairment | -19,197.45 | -0.02% | Impairment provision for contract assets | No | | Non-Operating Income | 511,569.00 | 0.63% | Government grants received | No | | Non-Operating Expenses | 231,331.53 | 0.28% | External donations | No | | Credit Impairment Losses | -12,692,079.81 | -15.61% | Impairment provision for accounts receivable | No | [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **8.86%** and net assets attributable to shareholders increased by **3.17%**; long-term equity investments and short-term borrowings significantly rose, while cash and fixed assets proportions decreased Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 433,337,381.65 | 17.63% | 481,968,366.32 | 21.35% | -3.72% | | Accounts Receivable | 481,234,373.55 | 19.58% | 422,137,390.34 | 18.70% | 0.88% | | Inventories | 493,367,686.35 | 20.08% | 453,753,658.00 | 20.10% | -0.02% | | Long-Term Equity Investments | 170,042,420.69 | 6.92% | 17,367,668.52 | 0.77% | 6.15% | | Fixed Assets | 521,970,298.99 | 21.24% | 531,759,110.90 | 23.56% | -2.32% | | Short-Term Borrowings | 169,102,462.16 | 6.88% | 53,389,025.45 | 2.37% | 4.51% | | Contract Liabilities | 69,527,048.54 | 2.83% | 30,142,796.11 | 1.34% | 1.49% | - The company reported no major overseas assets during the reporting period[50](index=50&type=chunk) - The company's financial assets measured at fair value primarily consist of accounts receivable financing, with a period-end balance of **5,458,420.57 yuan**[52](index=52&type=chunk) - Period-end asset restrictions include bank deposits, other monetary funds, notes receivable, accounts receivable, fixed assets, and intangible assets, totaling a significant amount[52](index=52&type=chunk)[53](index=53&type=chunk) [Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount significantly increased by **334.29%** to **152 million yuan**, mainly for equity investments; the overall utilization rate of raised funds was **69.28%**, with some projects behind schedule or underperforming, which the company is actively optimizing - The investment amount for the reporting period was **152,000,000.00 yuan**, compared to **35,000,000.00 yuan** in the prior year period, a change of **334.29%**[54](index=54&type=chunk) Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (Yuan) | Shareholding Ratio | Source of Funds | Investment Type | Progress as of Report Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gongqingcheng Yujun Ouk Intelligent Manufacturing Venture Capital Partnership (Limited Partnership) | See announcement on Juchao Information Network regarding the company's joint investment with Jiujiang Industrial Investment Guidance Fund Partnership (Limited Partnership) and Xiushui Dingfa Asset Investment Management Co., Ltd. to establish a partnership (2025-006) | New Establishment | 117,000,000.00 | 39.00% | Own Funds | Equity Investment | Capital contribution completed | | Qihang Huiying Investment (Shenzhen) Co., Ltd. | See announcement on Juchao Information Network regarding the establishment of a joint venture (2025-002) | New Establishment | 30,000,000.00 | 33.33% | Own Funds | Long-Term Equity Investment | Capital contribution completed | - The company reported no securities investments or derivative investments during the reporting period[59](index=59&type=chunk)[60](index=60&type=chunk) Overall Utilization of Raised Funds | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Net Raised Funds | 101,106.29 | | Raised Funds Used in 2025 Half-Year | 3,554.34 | | Cumulative Raised Funds Used | 70,041.8 | | Total Unused Raised Funds | 33,399.00 | | Cumulative Raised Funds Used as Percentage of Net Raised Funds | 69.28% | - The "Household Paper Intelligent Equipment Production Project" is behind schedule due to lengthy factory construction approval processes, layout adjustments, and equipment selection evaluations, with the expected date of reaching ready-for-use status adjusted to December 31, 2025[64](index=64&type=chunk) - The "Household Paper Degradable Packaging Material Production Project" is underperforming due to insufficient initial product sales, revenue not covering costs, and shortcomings in production processes; the company is optimizing its management system and introducing advanced processes[64](index=64&type=chunk) - The "After-Sales and Marketing Network Construction Project" implementation method was adjusted from leasing to purchasing office spaces and modifying marketing network outlets to provide long-term assurance and effectively conduct new energy equipment sales business[67](index=67&type=chunk) - The "Household Paper Degradable Packaging Material Production Project" has been completed, with remaining raised funds of **6.82 million yuan** permanently supplementing working capital, primarily due to cost control, process optimization, and investment income from idle funds during project implementation[65](index=65&type=chunk) [Significant Asset and Equity Disposals](index=21&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not engage in any significant asset or equity disposals - The company did not dispose of significant assets during the reporting period[68](index=68&type=chunk) - The company did not dispose of significant equity during the reporting period[69](index=69&type=chunk) [Analysis of Major Holding and Associate Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding and associate companies include Chengdu Xianping Packaging Printing Co., Ltd., Jiangxi Youze New Material Technology Co., Ltd., Jiangxi Andes Technology Co., Ltd., and Jiangxi Kairun New Materials Co., Ltd., with investments made through capital increases or acquisitions to achieve industrial integration, accelerate new material industry layout, and broaden equipment product categories Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Xianping Packaging Printing Co., Ltd. | Subsidiary | Household paper packaging materials | 20,500,000 | 93,546,055.93 | 28,879,396.67 | 49,389,247.58 | 1,792,287.85 | -1,965,469.91 | | Jiangxi Youze New Material Technology Co., Ltd. | Subsidiary | R&D, production, and sales of flexible copper clad laminates and their core raw material polyimide | 51,155,000 | 187,413,661.91 | 106,588,068.41 | 45,745,475.70 | 7,543,521.00 | 7,036,295.34 | | Jiangxi Andes Technology Co., Ltd. | Associate Company | Corrugated paper machine production line | 7,856,600 | 81,931,582.22 | 29,025,757.73 | 28,710,802.81 | 1,977,160.29 | 1,963,857.44 | | Jiangxi Kairun New Materials Co., Ltd. | Associate Company | Diaphragm coating | 6,240,000 | 50,340,114.46 | 9,886,736.06 | 20,247,358.84 | -198,028.11 | -197,817.82 | - The primary methods for acquiring and disposing of subsidiaries during the reporting period were capital increases and acquisitions, aimed at industrial integration, accelerating the layout of the new materials industry, and broadening equipment product categories[70](index=70&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company reported no structured entities under its control during the reporting period - The company reported no structured entities under its control during the reporting period[71](index=71&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including technological iteration, intensified market competition, cyclical fluctuations in downstream industries, high customer concentration, and supply chain volatility with cost control challenges; it actively addresses these through increased R&D investment, customer base expansion, and optimized supply chain management - **Technological iteration and intensified market competition risks:** The household paper and lithium battery separator equipment industries are rapidly upgrading technologically; if the company's R&D fails to achieve continuous breakthroughs, it faces risks of product technological obsolescence and weakened competitiveness. Countermeasures include increasing R&D investment, attracting talent, and strengthening patent layout[72](index=72&type=chunk) - **Cyclical fluctuations in downstream industries and high customer concentration risks:** Downstream household paper and lithium battery separator industries exhibit cyclical characteristics, and customer concentration is high, which may affect order acquisition and cash flow. Countermeasures include expanding a diversified customer base, deepening cooperation with core customers, exploring new growth points, optimizing contract terms, and strengthening accounts receivable management[72](index=72&type=chunk)[73](index=73&type=chunk) - **Supply chain volatility and cost control risks:** The company's main business heavily relies on steel and high-end electronic components, facing risks of price fluctuations and supply shortages. Countermeasures include strengthening the supply chain, signing fixed-price agreements, establishing strategic reserves, promoting domestic substitution, implementing modular design, and executing comprehensive cost reduction plans[73](index=73&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[74](index=74&type=chunk) - The company did not disclose a valuation enhancement plan[74](index=74&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=22&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[74](index=74&type=chunk) [Corporate Governance, Environment and Society](index=23&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, employee incentive measures, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Xie Shuigen, Xiong Chunlei, and Liu Chaocai resigned as Chairman of the Supervisory Board, Supervisor, and Employee Representative Supervisor, respectively, due to work transfers, while Xiong Chunlei and Zhou Yilu were elected as Employee Representative Director and Director - Xie Shuigen, Xiong Chunlei, and Liu Chaocai resigned as Chairman of the Supervisory Board, Supervisor, and Employee Representative Supervisor, respectively, on June 30, 2025, due to work transfers[76](index=76&type=chunk) - Xiong Chunlei and Zhou Yilu were elected as Employee Representative Director and Director, respectively, on June 30, 2025, due to work transfers[76](index=76&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Increase During the Reporting Period](index=23&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20During%20the%20Reporting%20Period) The company plans no interim cash dividends, bonus shares, or capital increase from capital reserves - The company plans no interim cash dividends, bonus shares, or capital increase from capital reserves[77](index=77&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures](index=23&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[78](index=78&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=IV.%20Environmental%20Information%20Disclosure) Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[79](index=79&type=chunk) [Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) During the reporting period, the company actively fulfilled its social responsibilities, including protecting shareholder and creditor rights, safeguarding employee legal rights, maintaining supplier and customer relationships, and prioritizing safety production and environmental protection for sustainable development - **Protection of Shareholder and Creditor Rights:** Improved governance structure, standardized operations, ensured equal legal rights for shareholders and creditors, and prioritized reasonable returns for investors[79](index=79&type=chunk) - **Protection of Employee Rights:** Strictly adhered to labor laws and regulations, established a comprehensive human resource management system, ensured employee compensation, benefits, social security, medical insurance, and housing provident fund, and provided professional skills training and career development opportunities[79](index=79&type=chunk) - **Protection of Supplier, Customer, and Consumer Rights:** Signed agreements with suppliers and made timely payments, established long-term cooperative relationships with major customers and provided after-sales technical services, and rigorously monitored product quality through technical quality departments[80](index=80&type=chunk)[81](index=81&type=chunk) - **Safety, Environmental Protection, and Sustainable Development:** Prioritized safety production and environmental protection, established an EHS department, implemented a safety production management system and emergency plans, ensured all subsidiaries and projects passed environmental assessments and strictly adhered to environmental protection measures, and adopted new technologies to reduce pollutant emissions and energy consumption[81](index=81&type=chunk) [Significant Matters](index=25&type=section&id=Item%205.%20Significant%20Matters) This section addresses significant matters including commitments, related party transactions, guarantees, investments, and other material events [Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholders, Shareholders, Related Parties, Acquirers, and the Company](index=25&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholders%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, the company reported no commitments that were fulfilled or overdue and unfulfilled by controlling shareholders, shareholders, related parties, acquirers, or the company - The company reported no commitments that were fulfilled or overdue and unfulfilled by related parties during the reporting period[83](index=83&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=25&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, the company reported no non-operating fund occupation by controlling shareholders or other related parties - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[84](index=84&type=chunk) [Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company reported no irregular external guarantees - The company reported no irregular external guarantees during the reporting period[85](index=85&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86](index=86&type=chunk) [Board of Directors and Supervisory Board Explanation on "Non-Standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Board%20of%20Directors%20and%20Supervisory%20Board%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) During the reporting period, the company reported no non-standard audit reports - The company reported no non-standard audit reports during the reporting period[87](index=87&type=chunk) [Board of Directors Explanation on "Non-Standard Audit Report" for the Previous Year](index=25&type=section&id=VI.%20Board%20of%20Directors%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, the company reported no non-standard audit reports from the previous year - The company reported no non-standard audit reports from the previous year during the reporting period[87](index=87&type=chunk) [Bankruptcy Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy reorganization matters - The company did not experience any bankruptcy reorganization matters during the reporting period[87](index=87&type=chunk) [Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) During the current reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the current reporting period[88](index=88&type=chunk) - The company had no other litigation matters during the current reporting period[88](index=88&type=chunk) [Penalties and Rectification](index=26&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company reported no penalties or rectification situations - The company reported no penalties or rectification situations during the reporting period[89](index=89&type=chunk) [Integrity Status of the Company, Controlling Shareholders, and Actual Controllers](index=26&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) During the reporting period, the company reported no integrity issues concerning itself, its controlling shareholders, or actual controllers - The company reported no integrity issues concerning itself, its controlling shareholders, or actual controllers during the reporting period[90](index=90&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in ordinary related party transactions with Dongguan Ouk Huadi Aluminum Plastic Products Co., Ltd., selling film materials worth **11.09 million yuan**, which did not meet the disclosure threshold for significant related party transactions; no other significant related party transactions such as asset/equity acquisitions, disposals, joint external investments, or related party debt/credit occurred Related Party Transactions Related to Ordinary Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Ouk Huadi Aluminum Plastic Products Co., Ltd. | Sales of products to related parties | Film materials | 1,108.85 | 19.05% | 2,000 | No | - The company reported no related party transactions involving asset or equity acquisitions or disposals during the reporting period[91](index=91&type=chunk) - The company reported no related party transactions involving joint external investments during the reporting period[92](index=92&type=chunk) - The company reported no related party debt or credit transactions during the reporting period[93](index=93&type=chunk) - The company has no deposits, loans, credit lines, or other financial business with related financial companies[94](index=94&type=chunk)[95](index=95&type=chunk) - The company reported no other significant related party transactions during the reporting period[96](index=96&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship, contracting, or leasing matters; it provided a joint liability guarantee of **30 million yuan** to its subsidiary, Jiangxi Youze New Material Technology Co., Ltd., and used **200 million yuan** of raised funds for bank wealth management - The company reported no trusteeship, contracting, or leasing situations during the reporting period[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Youze New Material Technology Co., Ltd. | 3,000 | 3,000 | Joint and several liability guarantee | 18 months | No | - The total actual guarantee balance at the end of the reporting period was **30 million yuan**, accounting for **1.56%** of the company's net assets[102](index=102&type=chunk) - The company reported no guarantees provided to shareholders, actual controllers, or their related parties, no debt guarantees for guaranteed parties with an asset-liability ratio exceeding **70%**, and no total guarantees exceeding **50%** of net assets during the reporting period[102](index=102&type=chunk)[103](index=103&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Raised funds | 20,000 | 20,000 | 0 | - The company reported no other significant contracts during the reporting period[104](index=104&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company reported no other significant matters requiring explanation - The company reported no other significant matters requiring explanation during the reporting period[105](index=105&type=chunk) [Significant Matters of Company Subsidiaries](index=29&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company reported no significant matters concerning its subsidiaries - The company reported no significant matters concerning its subsidiaries during the reporting period[106](index=106&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, shareholder structure, and shareholdings of directors, supervisors, and senior management [Share Changes](index=30&type=section&id=I.%20Share%20Changes) During the reporting period, the company increased its total shares from **66,680,000** to **93,352,000** by converting capital reserves into shares at a ratio of four shares for every ten, a change approved by the board and shareholders' meeting - During the reporting period, the company converted capital reserves into shares at a ratio of four shares for every ten shares held by all shareholders[109](index=109&type=chunk) Share Changes Before and After This Change | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 50,000,000 | 74.99% | 20,000,000 | 70,000,000 | 74.98% | | II. Unrestricted Shares | 16,680,000 | 25.01% | 6,672,000 | 23,352,000 | 25.02% | | **III. Total Shares** | **66,680,000** | **100.00%** | **26,672,000** | **93,352,000** | **100.00%** | - This share change was reviewed and approved by the board of directors and supervisory board on April 22, 2025, and by the shareholders' meeting on May 15, 2025[110](index=110&type=chunk) - After this bonus (conversion) issue, the net earnings per share for the year 2024, calculated on the diluted new share capital of **93,352,000 shares**, is **0.3673 yuan**[111](index=111&type=chunk) [Securities Issuance and Listing](index=31&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company reported no securities issuance or listing activities during the reporting period[111](index=111&type=chunk) [Number of Shareholders and Shareholding Information](index=31&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, the total number of common shareholders was **6,923**; among the top ten shareholders, Hu Jiansheng, Hu Fusheng, and Li Yanmei are the actual controllers, holding a high combined stake, and the company is unaware of any other related or concerted action relationships among other shareholders - The total number of common shareholders at the end of the reporting period was **6,923**[112](index=112&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Change in Shares During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hu Jiansheng | Domestic Natural Person | 34.25% | 31,976,000 | 9,136,000 | 31,976,000 | 0 | | Hu Fusheng | Domestic Natural Person | 27.83% | 25,984,000 | 7,424,000 | 25,984,000 | 0 | | Li Yanmei | Domestic Natural Person | 7.50% | 7,000,000 | 2,000,000 | 7,000,000 | 0 | | Hu Xiahun | Domestic Natural Person | 3.67% | 3,430,000 | 980,000 | 3,430,000 | 0 | | Hu Minhui | Domestic Natural Person | 1.72% | 1,610,000 | 460,000 | 1,610,000 | 0 | - Hu Jiansheng, Hu Fusheng, and Li Yanmei are the actual controllers of the company; Hu Xiahun and Hu Minhui are the sisters of actual controllers Hu Jiansheng and Hu Fusheng, and Li Yanmei is the wife of actual controller Hu Jiansheng; Hu Xiahun, Hu Minhui, and the actual controllers constitute persons acting in concert[113](index=113&type=chunk) - The company is unaware of any related party relationships or concerted action relationships among the top 10 unrestricted shareholders, or between the top 10 unrestricted shareholders and the top 10 shareholders[114](index=114&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in any agreed repurchase transactions during the reporting period[114](index=114&type=chunk) [Changes in Shareholdings of Directors, Supervisors and Senior Management](index=33&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's Chairman Hu Jiansheng and General Manager Hu Fusheng increased due to the conversion of capital reserves into shares, while other directors, supervisors, and senior management had no changes in their shareholdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased During Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Hu Jiansheng | Chairman, Director | 22,840,000 | 9,136,000 | 31,976,000 | | Hu Fusheng | General Manager, Director | 18,560,000 | 7,424,000 | 25,984,000 | | **Total** | | **41,400,000** | **16,560,000** | **57,960,000** | [Changes in Controlling Shareholders or Actual Controllers](index=34&type=section&id=V.%20Changes%20in%20Controlling%20Shareholders%20or%20Actual%20Controllers) 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[116](index=116&type=chunk) - The company's actual controller did not change during the reporting period[116](index=116&type=chunk) [Preferred Shares Information](index=35&type=section&id=VI.%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[117](index=117&type=chunk) [Bond-Related Information](index=36&type=section&id=Item%207.%20Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[119](index=119&type=chunk) [Financial Report](index=37&type=section&id=Item%208.%20Financial%20Report) This section presents the company's financial statements, including the audit report, balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=37&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[121](index=121&type=chunk) [Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, along with consolidated and parent company statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow Consolidated Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Current Assets | 1,533,917,266.39 | | Total Non-Current Assets | 923,417,992.37 | | **Total Assets** | **2,457,335,258.76** | | Total Current Liabilities | 444,208,430.29 | | Total Non-Current Liabilities | 19,702,516.41 | | **Total Liabilities** | **463,910,946.70** | | Total Owners' Equity Attributable to Parent Company | 1,925,437,966.18 | | Minority Interests | 67,986,345.88 | | **Total Owners' Equity** | **1,993,424,312.06** | | **Total Liabilities and Owners' Equity** | **2,457,335,258.76** | Consolidated Income Statement (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 455,225,523.40 | | Total Operating Costs | 370,613,971.52 | | Operating Profit | 81,033,319.73 | | Total Profit | 81,313,557.20 | | Income Tax Expense | 8,041,426.68 | | **Net Profit** | **73,272,130.52** | | Net Profit Attributable to Parent Company Shareholders | 69,091,087.39 | | Minority Interest Income/Loss | 4,181,043.13 | | Basic Earnings Per Share | 0.7401 | | Diluted Earnings Per Share | 0.7401 | Consolidated Cash Flow Statement (2025 Half-Year) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 36,487,963.84 | | Net Cash Flow from Investing Activities | -179,299,690.44 | | Net Cash Flow from Financing Activities | 106,696,143.24 | | Net Increase in Cash and Cash Equivalents | -35,059,056.20 | | Cash and Cash Equivalents at End of Period | 421,143,215.70 | [Company Overview](index=55&type=section&id=III.%20Company%20Overview) Ouk Technology Co., Ltd. was established on August 23, 2011, with a registered capital of **93,352,000.00 yuan**, and its shares were listed on the Shenzhen Stock Exchange on December 12, 2022; the company's main business is the R&D, production, sales, and service of intelligent equipment for household paper and new energy lithium batteries - The company, formerly Jiangxi Ouk Technology Co., Ltd., was established on August 23, 2011[156](index=156&type=chunk) - Registered capital is **93,352,000.00 yuan**, with a total of **93,352,000.00 shares**[156](index=156&type=chunk) - The company's shares were listed and traded on the Shenzhen Stock Exchange on December 12, 2022[156](index=156&type=chunk) - The main business is the R&D, production, sales, and service of intelligent equipment for household paper and new energy lithium batteries[156](index=156&type=chunk) - These financial statements were approved for external release by the company's 17th meeting of the Second Board of Directors on August 26, 2025[157](index=157&type=chunk) [Basis of Preparation of Financial Statements](index=55&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[158](index=158&type=chunk) - The company has no significant doubts about its ability to continue as a going concern for the 12 months from the end of the reporting period[159](index=159&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, ensuring compliance with enterprise accounting standards - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[161](index=161&type=chunk) - The accounting year runs from January 1 to December 31, the operating cycle is set at 12 months for liquidity classification, and the functional currency is RMB[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) - **Materiality criteria determination method:** For example, significant individually impaired notes receivable/accounts receivable/other receivables are those with a single amount exceeding **5%** or **10%** of total assets[165](index=165&type=chunk) - Detailed explanations are provided for the accounting treatment of business combinations under common control and non-common control[166](index=166&type=chunk)[167](index=167&type=chunk) - The criteria for determining control and the methods for preparing consolidated financial statements are elaborated[168](index=168&type=chunk)[169](index=169&type=chunk) - Detailed explanations are provided for the classification, recognition criteria, measurement methods, and derecognition conditions of financial instruments, as well as financial instrument impairment and fair value determination methods[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[180](index=180&type=chunk)[188](index=188&type=chunk) - Accounting treatment methods are specified for items such as notes receivable, accounts receivable, other receivables, contract assets, inventories, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases[194](index=194&type=chunk)[195](index=195&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[202](index=202&type=chunk)[205](index=205&type=chunk)[213](index=213&type=chunk)[224](index=224&type=chunk)[227](index=227&type=chunk)[229](index=229&type=chunk)[232](index=232&type=chunk)[237](index=237&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[249](index=249&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[260](index=260&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk)[273](index=273&type=chunk)[275](index=275&type=chunk) [Taxation](index=78&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, benefiting from a **15%** high-tech enterprise income tax preferential rate and VAT additional deduction policies Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Revenue from sales of goods and taxable services | 13%, 9% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 25% | | Education Surcharge | Actual amount of turnover tax paid | 0.03 | | Local Education Surcharge | Actual amount of turnover tax paid | 0.02 | Corporate Income Tax Rates for Taxable Entities | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Jiangxi Youze New Material Technology Co., Ltd. | 15% | | Other Taxable Entities Apart from the Above | 25% | - **Value-Added Tax:** Sales of self-developed software products enjoy "immediate refund upon collection" for the portion of actual tax burden exceeding **3%**; advanced manufacturing enterprises are eligible for an additional **5%** deduction from current deductible input VAT against payable VAT[289](index=289&type=chunk) - **Corporate Income Tax:** Both the company and Youze New Material Co. have obtained high-tech enterprise certification, enjoying a preferential tax rate of **15%**[290](index=290&type=chunk) [Notes to Consolidated Financial Statements](index=79&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures of the period-end balances, beginning-of-period balances, and changes for each item in the consolidated financial statements, including cash and bank balances, notes receivable, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, short-term borrowings, contract liabilities, share capital, capital reserves, undistributed profits, operating revenue, and costs, with explanations for significant changes - **Cash and Bank Balances:** Period-end balance of **433,337,381.65 yuan**, of which **12,194,165.95 yuan** is restricted (accrued interest, letter of guarantee deposits, bank acceptance bill deposits)[292](index=292&type=chunk)[110](index=110&type=chunk) - **Notes Receivable:** Period-end balance of **24,612,939.02 yuan**, of which **8,329,852.67 yuan** has been endorsed or discounted but not derecognized[296](index=296&type=chunk)[303](index=303&type=chunk) - **Accounts Receivable:** Period-end balance of **481,234,373.55 yuan**, with a bad debt provision of **131,211,548.29 yuan**; the top five debtors account for **36.30%** of the combined period-end balance of accounts receivable and contract assets[311](index=311&type=chunk)[315](index=315&type=chunk)[321](index=321&type=chunk) - **Contract Assets:** Period-end balance of **30,663,253.27 yuan**, with a bad debt provision of **1,874,430.64 yuan**[323](index=323&type=chunk)[327](index=327&type=chunk) - **Inventories:** Period-end book value of **493,367,686.35 yuan**, with an inventory impairment provision of **5,630,459.82 yuan**[374](index=374&type=chunk)[378](index=378&type=chunk) - **Long-Term Equity Investments:** Period-end balance of **170,042,420.69 yuan**, with an increase of **152,000,000.00 yuan** in the current period, primarily due to investments in associate companies Gongqingcheng Yujun Ouk Intelligent Manufacturing Venture Capital Partnership and Qihang Huiying Investment (Shenzhen) Co., Ltd[409](index=409&type=chunk) - **Fixed Assets:** Period-end book value of **521,970,298.99 yuan**, of which **132,960,975.82 yuan** lacks property title certificates[418](index=418&type=chunk)[423](index=423&type=chunk) - **Construction in Progress:** Period-end balance of **85,877,217.97 yuan**, primarily including construction projects, a technology R&D center project, and an after-sales and marketing network project[427](index=427&type=chunk) - **Short-Term Borrowings:** Period-end balance of **169,102,462.16 yuan**, a significant increase from the beginning of the period, mainly comprising secured and unsecured borrowings[462](index=462&type=chunk) - **Contract Liabilities:** Period-end balance of **69,527,048.54 yuan**, a significant increase from the beginning of the period[481](index=481&type=chunk) - **Share Capital:** Period-end share capital of **93,352,000.00 yuan**, an increase of **26,672,000.00 yuan** from the beginning of the period, due to capital reserve conversion to share capital[514](index=514&type=chunk) - **Capital Reserves:** Period-end balance of **1,154,679,322.57 yuan**, a decrease of **26,672,000.00 yuan** in the current period due to capital reserve conversion to share capital[517](index=517&type=chunk) - **Undistributed Profits:** Period-end balance of **602,261,191.71 yuan**, with net profit attributable to parent company owners of **69,091,087.39 yuan** in the current period[524](index=524&type=chunk) - **Operating Revenue and Operating Costs:** Current period operating revenue of **455,225,523.40 yuan**, and operating costs of **313,921,128.72 yuan**[526](index=526&type=chunk) [Research and Development Expenses](index=131&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **15,078,269.67 yuan**, all expensed, primarily for material costs, employee compensation, and depreciation/amortization R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Material Costs | 6,465,838.51 | 7,800,519.99 | | Employee Compensation | 6,727,661.07 | 4,087,349.86 | | Depreciation and Amortization | 1,564,456.70 | 2,410,871.45 | | Other | 320,313.39 | 293,934.82 | | **Total** | **15,078,269.67** | **14,592,676.12** | - Current period expensed R&D expenditure was **15,078,269.67 yuan**, with no capitalized R&D expenditure[572](index=572&type=chunk)[573](index=573&type=chunk) [Changes in Consolidation Scope](index=131&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company added three first-tier subsidiaries—Jiangxi Ouk Bolong Intelligent Equipment Co., Ltd., Jiangxi Ouk Packaging Technology Co., Ltd., and Jiangxi Ouk Intelligent Forklift Technology Co., Ltd.—through new establishment - The company reported no business combinations under non-common control or common control during the reporting period[574](index=574&type=chunk)[579](index=579&type=chunk) - The company reported no transactions or events resulting in loss of control over subsidiaries during the reporting period[583](index=583&type=chunk) Current Period New Addition of 3 First-Tier Subsidiaries | Company Name | Method of Equity Acquisition | Time of Equity Acquisition | Capital Contribution (Yuan) | Capital Contribution Ratio | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Ouk Bolong Intelligent Equipment Co., Ltd. | New Establishment | 2025-05-19 | 2,400,000 | 80% | | Jiangxi Ouk Packaging Technology Co., Ltd. | New Establishment | 2025-05-14 | 3,000,000 | 60% | | Jiangxi Ouk Intelligent Forklift Technology Co., Ltd. | New Establishment | 2025-03-04 | 3,000,000 | 51% | [Interests in Other Entities](index=134&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the composition of the company's enterprise group, including major subsidiaries and significant non-wholly owned subsidiaries with their key financial information, as well as significant associate companies Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Main Operating Location | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Ouk Machinery Co. | 2,000,000.00 | Xiushui County, Jiangxi Province | Machining parts production | 100.00% | Establishment | | Jiujiang Ouk Co. | 235,877,900.00 | Jiujiang City, Jiangxi Province | Plastic products, packaging materials manufacturing and sales | 100.00% | Establishment | | Xianping Printing Co. | 20,500,000.00 | Pengzhou City, Sichuan Province | Packaging film | 51.22% | Business combination under non-common control | | Youze New Material Co. | 51,155,100.00 | Lianhua County, Jiangxi Province | R&D, production, and sales of flexible copper clad laminates and their core raw material polyimide | 51.13% | Business combination under non-common control | | Jiangxi Ouk Bolong Co. | 20,000,000.00 | Xiushui County, Jiangxi Province | Blown film equipment production, sales | 80.00% | Establishment | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Current Period Profit/Loss Attributable to Minority Shareholders (Yuan) | Period-End Minority Interest Balance (Yuan) | | :--- | :--- | :--- | :--- | | Xianping Printing Co. | 48.78% | -958,765.81 | 14,087,510.57 | | Youze New Material Co. | 48.87% | 3,438,706.67 | 52,090,636.32 | Significant Associate Companies | Associate Company Name | Main Operating Location | Business Nature | Shareholding Ratio (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Andes Technology Co., Ltd. | Jiujiang City | Corrugated paper machine production line | 36.36% | Equity method accounting | | Jiangxi Kairun New Materials Co., Ltd. | Yichun City | Diaphragm coating | 19.87% | Equity method accounting | [Government Grants](index=139&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, the company's deferred income included asset-related government grants totaling **4,973,727.66 yuan**; the amount of government grants recognized in current profit or loss for the period was **8,918,913.44 yuan** Liability Items Involving Government Grants | Accounting Account | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 5,232,375.66 | 0 | 258,648.00 | 4,973,727.66 | Asset-related | - The amount of government grants recognized in current profit or loss for the current period was **8,918,913.44 yuan**, compared to **15,250,552.95 yuan** in the prior period[602](index=602&type=chunk)[607](index=607&type=chunk) [Risks Related to Financial Instruments](index=140&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk), which it manages by assessing credit risk, diversifying financing channels, and monitoring market exchange rates - **Credit Risk:** Primarily arises from cash and bank balances and receivables. The company assesses the credit risk of financial instruments, defines default criteria, and measures expected credit losses. **36.30%** of accounts receivable and contract assets originate from the top five customers, indicating some concentration of credit risk[603](index=603&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk)[606](index=606&type=chunk)[608](index=608&type=chunk)[612](index=612&type=chunk) - **Liquidity Risk:** Stems from capital shortages. The company manages this by utilizing various financing methods such as bill settlement and bank loans, and by combining long-term and short-term financing to maintain financing continuity and flexibility[614](index=614&type=chunk) - **Market Risk:** Includes interest rate risk and foreign exchange risk. The company determines the proportion of fixed-rate and floating-rate financial instruments based on market conditions and maintains net risk exposure at an acce

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