江苏怡达化学股份有限公司 2025 年半年度报告全文 江苏怡达化学股份有限公司 2025 年半年度报告 2025-028 2025 年 8 月 1 江苏怡达化学股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘准、主管会计工作负责人孙银芬及会计机构负责人(会计主 管人员)蔡洁声明：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。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"化工行业相关业务"的披露要求 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和社会 17 | | | 第五节 | 重要事项 21 | | | ...

浙江华远汽车科技股份有限公司 2025 年半年度报告全文 1 浙江华远汽车科技股份有限公司 2025 年半年度报告全文 浙江华远汽车科技股份有限公司 2025 年半年度报告 公告编号：2025-035 2025 年 8 月 2 浙江华远汽车科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人姜肖斐、主管会计工作负责人陈世伟及会计机构负责人(会计 主管人员)黄跃华声明：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。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 3 | P N | | --- | | | | 第二节 | 公司简介和主要财务指标 7 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 10 | | | 第四节 | 公司治理、环境和社会 28 | | | 第五节 | 重要事项 | 30 | | 第六节 | 股份变动及股东情况 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The board, supervisory board, and senior management guarantee the report's truthfulness and completeness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The company's head, chief accountant, and accounting department head 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) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's overall structure, including company profile, management discussion and analysis, corporate governance, significant events, share changes, and financial reports [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, covering company name, subsidiaries, product types, application areas, and reporting period - The company's full name is Nanjing Sanchao Advanced Materials Co., Ltd., referred to as 'the Company' or 'Sanchao Advanced Materials'[11](index=11&type=chunk) - Main products include electroplated diamond wire and diamond wheels, used in cutting hard and brittle materials like photovoltaic, sapphire, and magnetic materials[11](index=11&type=chunk) - The reporting period is from January 1 to June 30, **2025**[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Nanjing Sanchao Advanced Materials Co., Ltd. (stock code: 300554) is listed on the Shenzhen Stock Exchange, with Zou Yuyao as its legal representative - Company stock abbreviation: Sanchao Advanced Materials, stock code: **300554**[13](index=13&type=chunk) - The company is listed on the Shenzhen Stock Exchange, with Zou Yuyao as its legal representative[13](index=13&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary Ji Guosheng and Securities Affairs Representative Zhang Saisai - Board Secretary is Ji Guosheng, and Securities Affairs Representative is Zhang Saisai[14](index=14&type=chunk) - Contact address is No. 66 Zhiyuan Road, Jurong Economic Development Zone, Jiangsu Province, telephone **0511-87357880**[14](index=14&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's contact information, disclosure locations, and registration status remained unchanged, as detailed in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **51.88%**, net loss attributable to shareholders narrowed by **35.35%**, and operating cash flow increased by **154.78%** Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 102,963,786.73 | 213,958,634.07 | -51.88% | | Net Profit Attributable to Shareholders (Yuan) | -12,746,979.25 | -19,718,322.59 | 35.35% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (Yuan) | -16,901,478.84 | -21,886,979.37 | 22.78% | | Net Cash Flow from Operating Activities (Yuan) | 22,658,469.46 | -41,363,000.91 | 154.78% | | Basic Earnings Per Share (Yuan/share) | -0.1116 | -0.1726 | 35.34% | | Diluted Earnings Per Share (Yuan/share) | -0.1116 | -0.1726 | 35.34% | | Weighted Average Return on Net Assets | -1.95% | -2.46% | 0.49% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets (Yuan) | 938,323,908.24 | 971,742,672.39 | -3.44% | | Net Assets Attributable to Shareholders (Yuan) | 646,077,868.53 | 658,243,006.55 | -1.85% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards 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 during the reporting period[19](index=19&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **4,154,499.59 Yuan**, 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 (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 1,768,566.94 | | Government grants recognized in current profit or loss | 2,323,546.09 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 371,182.71 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 32,880.98 | | Other non-operating income and expenses apart from the above | 387,593.30 | | Less: Income tax impact | 742,109.75 | | Minority interest impact (after tax) | -12,839.32 | | **Total** | **4,154,499.59** | Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of superhard material tools and semiconductor manufacturing equipment, serving photovoltaic, sapphire, magnetic materials, and semiconductor industries - The company's main businesses include R&D, production, and sales of superhard material tools and semiconductor manufacturing related equipment[25](index=25&type=chunk) - Superhard material tools include electroplated diamond wire and diamond wheels, while semiconductor manufacturing equipment includes silicon rod grinding and chamfering machines, and thinning machines[25](index=25&type=chunk) - Products are mainly used for precision processing such as cutting, grinding, and polishing of hard and brittle materials like photovoltaic silicon, sapphire, magnetic materials, and semiconductor materials[25](index=25&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Main Businesses, Main Products, and Their Uses](index=9&type=section&id=%28I%29%20Main%20Businesses%2C%20Main%20Products%2C%20and%20Their%20Uses) The company's products, primarily electroplated diamond wire and diamond wheels, are widely used in precision processing of hard and brittle materials and extend into semiconductor manufacturing - Electroplated diamond wire is mainly used for cutting hard and brittle materials such as photovoltaic silicon, sapphire, and magnetic materials[25](index=25&type=chunk) - Diamond wheels are mainly used for precision processing such as cutting, grinding, and polishing of materials like crystalline silicon, sapphire, silicon carbide, quartz, ceramics, magnetic materials, glass, and cemented carbide[25](index=25&type=chunk)[31](index=31&type=chunk) - Diamond tools for the semiconductor industry play a key role in crystal rod trimming, silicon wafer chamfering, CMP polishing pad conditioning, wafer back-thinning, and packaging dicing[32](index=32&type=chunk) [Company's Business Model](index=10&type=section&id=%28II%29%20Company%27s%20Business%20Model) The company operates on an order-driven production model with some stock, direct procurement, and a sales model primarily focused on direct sales with credit terms - Procurement model: The main material market is mature with numerous suppliers; qualified suppliers are directly procured based on production process, price, and quality[33](index=33&type=chunk) - Production model: Diamond wire is primarily order-driven with moderate stocking for some general products; diamond wheels are mainly custom-produced based on sales orders; equipment uses Assemble-To-Order (ATO) production[34](index=34&type=chunk) - Sales model: Primarily direct sales, providing solutions directly to end customers; some sales channels are supplemented by distributors; customers are typically given **3-6 months** of credit[35](index=35&type=chunk)[36](index=36&type=chunk) [Company's Product Market Position](index=11&type=section&id=%28III%29%20Company%27s%20Product%20Market%20Position) The company is a pioneer in diamond wire R&D and production, a standard-setter in the industry, and holds a leading position in semiconductor diamond tools with established bulk sales - The company is one of the earliest domestic enterprises engaged in diamond wire R&D, production, and sales, and a co-compiler of the industry standard 'Electroplated Diamond Wire for Superhard Abrasive Products'[37](index=37&type=chunk) - The company has over **20 years** of experience in diamond wheels, is a major domestic supplier of diamond wheels for magnetic materials, and has led the co-compilation of multiple national standards[38](index=38&type=chunk) - Core technologies for semiconductor diamond tools have been mastered, placing the company in a leading domestic position, with products now in the bulk sales phase[38](index=38&type=chunk) [Main Performance Drivers](index=11&type=section&id=%28IV%29%20Main%20Performance%20Drivers) Photovoltaic industry fluctuations led to reduced diamond wire sales and prices, significantly impacting performance, while semiconductor tool growth was insufficient to offset the decline - Fluctuations in the photovoltaic industry led to profit pressure on silicon slicing wire, prompting the company to actively reduce production and sales scale, significantly impacting current period performance[39](index=39&type=chunk) - Both order volume and prices for coarse diamond wire declined, leading to reduced revenue and impacting current period performance[39](index=39&type=chunk) - Controlled subsidiary Jiangsu Sanjing's semiconductor precision diamond tool business continued its growth trend, but its business volume is still small, contributing limitedly to overall performance[39](index=39&type=chunk) - Controlled subsidiary Jiangsu Sanxin's photovoltaic silicon rod grinding and chamfering integrated processing center failed to generate new effective sales, and new equipment is in the R&D stage, not yet generating effective revenue[39](index=39&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include strong R&D, extensive manufacturing experience, synergistic product lines, a stable customer base, a professional management team, and comprehensive management system certifications - The company possesses an R&D team led by domestic and international experts, mastering multiple core technologies for superhard material tools, and successfully launching semiconductor precision equipment products[40](index=40&type=chunk)[41](index=41&type=chunk) - The company is one of the earliest domestic enterprises to master and industrialize diamond wire technology, accumulating rich precision manufacturing experience, capable of producing multi-specification and multi-purpose diamond wire products[43](index=43&type=chunk)[44](index=44&type=chunk) - The company's diamond wire and diamond wheel products have synergistic effects, sharing market and customer resources, while diamond tools and semiconductor manufacturing equipment also exhibit synergy[45](index=45&type=chunk) - The company has established stable and good business relationships with renowned enterprises such as LONGi Green Energy, TCL Zhonghuan, BYD, and JCET Group[46](index=46&type=chunk) - The company's core team has over **20 years** of experience in the diamond tool industry, establishing a comprehensive incentive mechanism and performance appraisal system[47](index=47&type=chunk) - The parent company and its subsidiaries have obtained ISO9001, ISO14001, ISO45001, and other management system certifications, enhancing management levels[49](index=49&type=chunk) [Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) Main business revenue decreased by **51.88%** due to lower diamond wire sales and prices, while operating cash flow significantly improved, and diamond wheel revenue slightly increased despite a margin decline Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 102,963,786.73 | 213,958,634.07 | -51.88% | Primarily due to decreased diamond wire sales volume and lower selling prices in the current period | | Operating Cost | 82,231,452.53 | 171,378,704.12 | -52.02% | Primarily due to reduced costs corresponding to decreased revenue in the current period | | R&D Investment | 12,835,391.49 | 19,229,084.12 | -33.25% | Primarily due to reduced R&D expenditures in the current period | | Net Cash Flow from Operating Activities | 22,658,469.46 | -41,363,000.91 | 154.78% | Primarily due to reduced cash paid for goods purchased and services received, and reduced cash paid to and on behalf of employees | | Net Cash Flow from Investing Activities | 36,598,574.59 | -19,748,202.88 | 285.33% | Primarily due to increased bank wealth management products in the current period | | Net Cash Flow from Financing Activities | 758,909.08 | 18,940,309.08 | -95.99% | Primarily due to reduced borrowings obtained in the current period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Diamond Wheels | 36,367,279.84 | 18,242,862.76 | 49.84% | 4.27% | 15.08% | -4.71% | | Electroplated Diamond Wire | 56,935,800.90 | 51,258,545.56 | 9.97% | -64.85% | -64.02% | -2.07% | [Non-Main Business Analysis](index=14&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main business impact on total profit primarily stemmed from non-sustainable investment income, fair value changes, asset impairment, and non-operating income/expenses Non-Main Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 352,500.75 | -1.97% | Total wealth management income and discount handling fees | No | | Gains and losses from fair value changes | -61,562.50 | -0.34% | Adjustment for fair value changes of wealth management products | No | | Asset Impairment | -1,623,605.46 | 9.07% | Provision for impairment of accounts receivable, other receivables, and inventory | No | | Non-operating Income | 453,213.06 | -2.53% | Other non-daily operating income | No | | Non-operating Expenses | 72,859.76 | -0.41% | Other non-daily operating expenses | No | [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, while monetary funds increased due to maturing bank wealth management products, and restricted assets totaled **71,487,508.90 Yuan** Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 173,321,193.64 | 18.47% | 114,525,377.93 | 12.21% | 6.26% | Primarily due to maturing bank wealth management products in the current period | | Accounts Receivable | 93,708,020.30 | 9.99% | 126,296,684.28 | 13.46% | -3.47% | | | Total Assets | 938,323,908.24 | 100.00% | 971,742,672.39 | 100.00% | -3.44% | | | Net Assets Attributable to Shareholders | 646,077,868.53 | 68.86% | 658,243,006.55 | 67.74% | -1.85% | | Asset Rights Restriction Status as of the End of the Reporting Period | Item | Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 119.52 | Margin deposit | Bank acceptance bill margin | | Accounts Receivable | 18,054,107.36 | Pledge | Discounting of accounts receivable creditor's rights certificates, not meeting derecognition conditions | | Fixed Assets | 44,828,867.91 | Mortgage | Mortgage loan | | Intangible Assets | 8,604,414.11 | Mortgage | Mortgage loan | | **Total** | **71,487,508.90** | | | [Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Fair value financial assets decreased significantly to **15 million Yuan**, with **82.91%** of raised funds utilized, and some projects underperforming due to market factors, while wealth management products totaled **96 million Yuan** in current period transactions Financial Assets Measured at Fair Value | Item | Beginning Balance (Yuan) | Gains/Losses from Fair Value Changes in Current Period (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading | 65,061,562.50 | -61,562.50 | 316,000,000.00 | 366,000,000.00 | 15,000,000.00 | | **Total** | **65,061,562.50** | **-61,562.50** | **316,000,000.00** | **366,000,000.00** | **15,000,000.00** | Overall Utilization of Raised Funds | Year of Fundraising | Total Raised Funds (ten thousand Yuan) | Net Raised Funds (ten thousand Yuan) | Total Raised Funds Cumulatively Used (ten thousand Yuan) | Utilization Rate of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | 2020 | 19,500 | 18,837.78 | 15,012.09 | 79.69% | | 2023 | 12,000 | 11,507.13 | 10,148.05 | 88.19% | | **Total** | **31,500** | **30,344.91** | **25,160.14** | **82.91%** | - The 2020 fundraising project 'Phase I of 10 Million Kilometers Ultra-fine Diamond Wire Saw Production Project' failed to meet expected returns due to intensified market competition and sharp decline in sales prices[70](index=70&type=chunk) - The 2023 fundraising project 'Phase I of 41 Million Kilometers Ultra-fine Diamond Wire Saw Production Project' failed to meet expected returns due to low capacity utilization and declining product prices[70](index=70&type=chunk) Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand Yuan) | Unmatured Balance (ten thousand Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 2,100 | 1,500 | | Bank Wealth Management Products | Own Funds | 7,500 | 0 | | **Total** | | **9,600** | **1,500** | [Significant Asset and Equity Sales](index=20&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[76](index=76&type=chunk) - The company did not sell significant equity during the reporting period[77](index=77&type=chunk) [Analysis of Major Controlled and Invested Companies](index=20&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) Major subsidiaries include Jiangsu Sanchao Diamond Tools (loss of **9.26 million Yuan**), SCD Co., Ltd. (R&D), Jiangsu Sanjing Semiconductor Materials (net profit of **3.09 million Yuan**), Jiangsu Sanhong Advanced Materials (loss of **3.90 million Yuan**), and Jiangsu Sanxin Precision Machinery (loss of **2.88 million Yuan**) Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (ten thousand Yuan) | Total Assets (ten thousand Yuan) | Net Assets (ten thousand Yuan) | Operating Revenue (ten thousand Yuan) | Operating Profit (ten thousand Yuan) | Net Profit (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Sanchao Diamond Tools Co., Ltd. | Subsidiary | Production, processing, and sales of superhard material tools | 30,000 | 52,357.37 | 20,066.34 | 6,490.64 | -1,196.68 | -926.33 | | SCD Co., Ltd. | Subsidiary | R&D and design of superhard material products | 660.68 | 594.88 | 422.58 | 105.23 | -24.47 | -25.91 | | Jiangsu Sanjing Semiconductor Materials Co., Ltd. | Subsidiary | R&D, production, and sales of precision grinding wheels for the semiconductor industry | 7,200 | 8,342.45 | 5,019.03 | 2,287.62 | 309.42 | 309.46 | | Jiangsu Sanhong Advanced Materials Co., Ltd. | Subsidiary | Production, processing, and sales of superhard material tools | 12,000 | 18,122.90 | 8,389.32 | 96.41 | -520.62 | -389.61 | | Jiangsu Sanxin Precision Machinery Co., Ltd. | Subsidiary | R&D, production, and sales of processing equipment for photovoltaic and semiconductor materials | 1,000 | 4,012.95 | -464.25 | 8.90 | -433.60 | -288.42 | - Jiangsu Sanchao Diamond Tools Co., Ltd. experienced a significant sales decline, resulting in a loss of **9,263,264.72 Yuan**[78](index=78&type=chunk) [Status of Structured Entities Controlled by the Company](index=21&type=section&id=IX.%20Status%20of%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[80](index=80&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including intensified competition, customer operational changes, accounts receivable collection, technological substitution, macroeconomic fluctuations, R&D investment, raw material price increases, inventory impairment, and adverse arbitration outcomes, with countermeasures in place - Risk of intensified industry competition: The diamond wire industry faces overcapacity, declining product prices and gross margins, which the company addresses through continuous R&D and cost optimization[80](index=80&type=chunk) - Risk of changes in major customer operating conditions: Sales revenue is relatively concentrated, and the company mitigates this risk by maintaining existing customers and expanding into diversified markets[81](index=81&type=chunk) - Risk of downstream technological substitution or changes in technical routes: Industries like photovoltaics face potential technological substitution, which the company addresses by strengthening cost control and accelerating new product R&D[83](index=83&type=chunk) - Risk of unfavorable outcome in Singapore international arbitration with Nakamura Choko: The liability phase of the arbitration has concluded, but specific losses are yet to be determined, posing a risk of significant impact on the company's profit, with the company adjusting strategies and seeking new business opportunities[89](index=89&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=22&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company did not host any research, communication, or interview activities during the reporting period - The company did not host any research, communication, or interview activities during the reporting period[90](index=90&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) 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[91](index=91&type=chunk) - The company has not disclosed a valuation enhancement plan[91](index=91&type=chunk) ["Dual Improvement in Quality and Returns" Action Plan Implementation Status](index=22&type=section&id=XIII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan%20Implementation%20Status) The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[91](index=91&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[93](index=93&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=23&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to 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[94](index=94&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company approved the cancellation of some granted but unvested restricted shares, with no other employee stock ownership plans or incentive measures implemented during the reporting period - The company approved the 'Proposal on the Cancellation of Some Granted but Unvested Restricted Shares'[95](index=95&type=chunk) - The company had no employee stock ownership plans during the reporting period[96](index=96&type=chunk) - The company had no other employee incentive measures during the reporting period[96](index=96&type=chunk) [Environmental Information Disclosure Status](index=24&type=section&id=IV.%20Environmental%20Information%20Disclosure%20Status) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) [Social Responsibility Status](index=24&type=section&id=V.%20Social%20Responsibility%20Status) The company actively fulfills social responsibilities by protecting shareholder and employee rights, maintaining supplier and customer interests with eco-friendly products, and contributing to local economic development through taxation and employment - The company strictly adheres to laws and regulations, establishes sound internal control systems, and fulfills information disclosure obligations in a timely, accurate, truthful, complete, and fair manner to protect investor interests[97](index=97&type=chunk) - The company adheres to a people-oriented approach, safeguards employees' legitimate rights and interests, provides competitive compensation and benefits, creates a safe and healthy working environment, and focuses on employee development[98](index=98&type=chunk) - Through technological transformation and product upgrades, the company provides environmentally friendly and resource-saving products to customers and society, safeguarding the legitimate rights and interests of suppliers and customers[98](index=98&type=chunk) - The company pays taxes according to law, promotes employment, and supports local economic development[98](index=98&type=chunk) Significant Events [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=25&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company reported no fulfilled or overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company itself[100](index=100&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=25&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[101](index=101&type=chunk) [Illegal External Guarantees](index=25&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[102](index=102&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 report was not audited - The company's semi-annual report was not audited[103](index=103&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company's board, supervisory board, and audit committee provided no explanation regarding a 'non-standard audit report' for the current period - The company's board of directors, supervisory board, and audit committee provided no explanation regarding a 'non-standard audit report' for the current period[104](index=104&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=25&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company's board of directors provided no explanation regarding the 'non-standard audit report' for the previous year - The company's board of directors provided no explanation regarding the 'non-standard audit report' for the previous year[104](index=104&type=chunk) [Bankruptcy and Reorganization Related Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Related%20Matters) The company had no bankruptcy or reorganization related matters during the reporting period - The company had no bankruptcy or reorganization related matters during the reporting period[104](index=104&type=chunk) [Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company is involved in a Singapore international arbitration case with Nakamura Choko for **143.53 million Yuan**, with the liability phase concluded and the damages phase pending, alongside other minor ongoing and concluded lawsuits Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand Yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Arbitration Applicant: Jiangsu Sanchao, Respondent: Nakamura Choko, Arbitration Institution: Singapore International Arbitration Centre, Cause: Contract Dispute | 14,352.84 | No | The liability phase of the arbitration has concluded; the damages phase requires further hearings and rulings, and the applicant's specific losses are yet to be determined | The Singapore arbitration tribunal has completed the ruling on the liability phase; the damages phase requires further hearings and rulings, and the applicant's specific losses are yet to be determined | - The company, as plaintiff/applicant, is involved in other litigation cases not meeting the disclosure threshold for significant lawsuits, with an amount of **20.84 million Yuan** involved, some concluded and some ongoing[106](index=106&type=chunk) - The company, as defendant/respondent, is involved in other litigation cases not meeting the disclosure threshold for significant lawsuits, with an amount of **293.2 thousand Yuan** involved, some concluded and some ongoing[106](index=106&type=chunk) [Penalties and Rectification Status](index=26&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) Company director Mr. Ji Kun received an administrative penalty from the China Securities Regulatory Commission for information disclosure violations during his independent directorship at another company - Company director Mr. Ji Kun received an administrative penalty from the China Securities Regulatory Commission for non-company related matters, including a warning and a fine[107](index=107&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no statements regarding the integrity status of itself, its controlling shareholder, or actual controller during the reporting period - The company reported no statements regarding the integrity status of itself, its controlling shareholder, or actual controller during the reporting period[108](index=108&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions concerning daily operations, asset/equity acquisition/disposal, joint investments, related party debts, or financial company dealings - The company had no related party transactions related to daily operations during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[110](index=110&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[112](index=112&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company's significant contracts primarily involved inter-subsidiary leases at fair prices, with total guarantees to subsidiaries amounting to **100.53 million Yuan**, representing **15.56%** of net assets, and no other major operating contracts - During the reporting period, the company's leases primarily involved production and operation sites leased between subsidiaries, with fair rental prices[118](index=118&type=chunk) Company's Guarantees to Subsidiaries | Guaranteed Party Name | Guaranteed Amount (ten thousand Yuan) | Actual Guaranteed Amount (ten thousand Yuan) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Sanchao Diamond Tools Co., Ltd. | 240 | 240 | Joint and several liability guarantee | Yes | | Jiangsu Sanchao Diamond Tools Co., Ltd. | 340 | 340 | Joint and several liability guarantee | Yes | | Jiangsu Sanchao Diamond Tools Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | Yes | | Jiangsu Sanchao Diamond Tools Co., Ltd. | 7,746 | 1,510 | Joint and several liability guarantee | Yes | | Jiangsu Sanchao Diamond Tools Co., Ltd. | 3,000 | 1,000 | Joint and several liability guarantee | Yes | | Jiangsu Sanhong Advanced Materials Co., Ltd. | 15,000 | 4,262.69 | Joint and several liability guarantee | Yes | | Jiangsu Sanxin Precision Machinery Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | Yes | | Jiangsu Sanxin Precision Machinery Co., Ltd. | 1,000 | 700 | Joint and several liability guarantee | Yes | | **Total Actual Guaranteed Balance to Subsidiaries at End of Reporting Period** | **75,000** | **10,052.69** | | | | **Proportion of Total Actual Guaranteed Amount to Company's Net Assets** | | | | **15.56%** | - The company had no significant daily operating contracts during the reporting period[124](index=124&type=chunk) - The company had no other significant contracts during the reporting period[125](index=125&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company disclosed significant matters including the resignation of a director/CFO, a proposed change in controlling shareholder/actual controller, and a proposed private placement of A-shares for 2025 - The company disclosed an announcement regarding the resignation of its director and CFO[127](index=127&type=chunk) - The company disclosed a cautionary announcement regarding the signing of a 'Share Transfer Agreement' and 'Waiver of Voting Rights Agreement' by the controlling shareholder, actual controller, and shareholders holding over **5%** of shares, and the company's signing of a 'Conditional Share Subscription Agreement,' indicating a proposed change in the company's controlling shareholder and actual controller[127](index=127&type=chunk) - The company disclosed a cautionary announcement regarding the proposed private placement of A-shares for the year **2025**[127](index=127&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's wholly-owned subsidiary announced phased progress on an arbitration matter - The company's wholly-owned subsidiary announced phased progress on an arbitration matter[128](index=128&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=31&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at **114,211,577 shares**, with no changes in restricted or unrestricted shares for key individuals Share Change Status | Item | Number Before Change (shares) | Proportion Before Change | Change (+, -) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 35,072,856 | 30.71% | 0 | 35,072,856 | 30.71% | | II. Unrestricted Shares | 79,138,721 | 69.29% | 0 | 79,138,721 | 69.29% | | III. Total Shares | 114,211,577 | 100.00% | 0 | 114,211,577 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zou Yuyao | 34,941,535 | 0 | 0 | 34,941,535 | Senior management lock-up shares, IPO restricted shares | | Xia Xiaojun | 57,611 | 0 | 0 | 57,611 | Senior management lock-up shares | | Ji Guosheng | 73,710 | 0 | 0 | 73,710 | Senior management lock-up shares | | **Total** | **35,072,856** | **0** | **0** | **35,072,856** | | [Securities Issuance and Listing Status](index=32&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) 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[134](index=134&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=32&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) As of the reporting period end, there were **16,400** common shareholders, with Zou Yuyao holding **35.85%** and Liu Jianxun **8.71%**, and some of Zou Yuyao's shares pledged - The total number of common shareholders at the end of the reporting period was **16,400**[134](index=134&type=chunk) Shareholding Status of Shareholders Holding Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Changes in Shares During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zou Yuyao | Domestic Natural Person | 35.85% | 40,941,536 | -5,647,178 | 34,941,535 | 6,000,001 | Pledged | 6,000,000 | | Liu Jianxun | Domestic Natural Person | 8.71% | 9,951,420 | 0 | 0 | 9,951,420 | Not applicable | 0 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Director Zou Yuyao's shareholding decreased by **5,647,178 shares**, ending with **40,941,536 shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zou Yuyao | Director | Current | 46,588,714 | 0 | 5,647,178 | 40,941,536 | | **Total** | | | **46,588,714** | **0** | **5,647,178** | **40,941,536** | [Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) 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[138](index=138&type=chunk) - The company's actual controller remained unchanged during the reporting period[138](index=138&type=chunk) [Preferred Share Related Matters](index=35&type=section&id=VI.%20Preferred%20Share%20Related%20Matters) 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) [Bond Related Matters](index=36&type=section&id=Seventh%20Section%20Bond%20Related%20Matters) 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) Financial Report [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[143](index=143&type=chunk) [Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - The consolidated balance sheet shows total assets of **938,323,908.24 Yuan** and total liabilities of **277,642,702.55 Yuan** at period-end[147](index=147&type=chunk) - The consolidated income statement shows total operating revenue of **102,963,786.73 Yuan** and a net profit of **-12,516,012.40 Yuan** for the current period[153](index=153&type=chunk)[155](index=155&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **22,658,469.46 Yuan**[160](index=160&type=chunk) [Company Basic Information](index=53&type=section&id=III.%20Company%20Basic%20Information) Nanjing Sanchao Advanced Materials Co., Ltd., established in 1999 and listed in 2017, specializes in superhard material tools and semiconductor manufacturing equipment, with the financial report approved on August 25, 2025 - The company was established on January 29, **1999**, and listed on the Shenzhen Stock Exchange on April 21, **2017**[175](index=175&type=chunk) - Main businesses include R&D, production, and sales of superhard material tools (electroplated diamond wire, diamond wheels) and semiconductor manufacturing related equipment (silicon rod grinding and chamfering machines, chamfering machines, thinning machines, edge polishing machines, etc.)[175](index=175&type=chunk) - The approval date for the issuance of this financial report is August 25, **2025**[175](index=175&type=chunk) [Basis of Financial Statement Preparation](index=53&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC regulations, with management assessing continued operational capability for at least 12 months - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission[176](index=176&type=chunk) - The company's management believes that the company can continue as a going concern for a foreseeable period of not less than **12 months** from the approval date of the financial statements[177](index=177&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting policies and estimates for revenue recognition, financial instruments, impairment, inventory, fixed assets, intangible assets, share-based payments, and government grants, with no significant changes during the period - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flows[180](index=180&type=chunk) - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and their contractual cash flow characteristics[194](index=194&type=chunk) - For accounts receivable arising from the sale of products or provision of services, the company measures loss provisions at an amount equal to the expected credit losses over the entire lifetime[203](index=203&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[242](index=242&type=chunk) - There were no significant changes in accounting policies and accounting estimates during the reporting period[256](index=256&type=chunk) [Taxation](index=70&type=section&id=VI.%20Taxation) The company and its subsidiaries benefit from a **15%** high-tech enterprise income tax rate, **100%** R&D expense super deduction, and a **5%** VAT super deduction for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input tax allowed for the current period, the difference is the VAT payable | 13% | | Urban Maintenance and Construction Tax | Levied based on turnover tax paid | 7% | | Enterprise Income Tax | Levied based on taxable income | 25% | | Education Surcharge | Levied based on turnover tax paid | 5% | - The company and its subsidiaries Jiangsu Sanchao and Jiangsu Sanjing are recognized as high-tech enterprises, enjoying a **15%** preferential enterprise income tax rate[257](index=257&type=chunk)[258](index=258&type=chunk) - The company and some subsidiaries enjoy a **100%** pre-tax super deduction policy for R&D expenses[258](index=258&type=chunk)[259](index=259&type=chunk) - The company and its subsidiary Jiangsu Sanchao enjoy a **5%** VAT super deduction policy for advanced manufacturing enterprises[259](index=259&type=chunk) [Notes to Consolidated Financial Statement Items](index=71&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including period-end and beginning balances, and current period changes for monetary funds, accounts receivable, inventory, fixed assets, short-term borrowings, and operating revenue Monetary Funds | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on hand | 34,808.71 | 115,373.44 | | Bank deposits | 173,286,265.41 | 113,225,179.81 | | Other monetary funds | 119.52 | 1,184,824.68 | | **Total** | **173,321,193.64** | **114,525,377.93** | Accounts Receivable | Indicator | Ending Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 94,374,318.33 | 136,045,630.77 | | 1 to 2 years | 8,397,255.23 | 3,721,365.14 | | 2 to 3 years | 739,063.20 | 415,427.20 | | Over 3 years | 109,950.00 | 109,950.00 | | **Total** | **103,620,586.76** | **140,292,373.11** | Inventory Classification | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Raw materials | 71,381,201.99 | 70,761,207.52 | | Work in progress | 15,010,058.95 | 4,225,651.10 | | Finished goods | 35,274,042.18 | 40,267,728.33 | | Goods in transit | 7,652,081.68 | 18,269,849.10 | | Self-made spare parts | 3,503.04 | 4,280.31 | | **Total** | **129,320,887.84** | **133,528,716.36** | Operating Revenue and Operating Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main business | 101,396,882.02 | 81,557,856.72 | 213,262,005.09 | 171,017,962.50 | | Other businesses | 1,566,904.71 | 673,595.81 | 696,628.98 | 360,741.62 | | **Total** | **102,963,786.73** | **82,231,452.53** | **213,958,634.07** | **171,378,704.12** | R&D Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee compensation | 8,845,825.69 | 12,548,354.87 | | Share-based payment expenses | 0.00 | 229,827.90 | | Depreciation and amortization expenses | 974,295.65 | 947,982.85 | | Directly consumed materials, fuel, and power costs for R&D activities | 2,234,986.38 | 4,911,692.20 | | Other expenses directly related to R&D activities | 780,283.77 | 591,226.30 | | **Total** | **12,835,391.49** | **19,229,084.12** | [R&D Expenditures](index=106&type=section&id=VIII.%20R%26D%20Expenditures) Total R&D expenditures for the reporting period were **12,835,391.49 Yuan**, fully expensed, primarily comprising employee compensation, direct material/fuel/power costs, and depreciation/amortization R&D Expenditures | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee compensation | 8,845,825.69 | 12,548,354.87 | | Share-based payment | 0.00 | 229,827.90 | | Depreciation and amortization expenses | 974,295.65 | 947,982.85 | | Directly consumed materials, fuel, and power costs for R&D activities | 2,234,986.38 | 4,911,692.20 | | Other expenses directly related to R&D activities | 780,283.77 | 591,226.30 | | **Total** | **12,835,391.49** | **19,229,084.12** | | Of which: Expensed R&D expenditures | 12,835,391.49 | 19,229,084.12 | [Changes in Consolidation Scope](index=106&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company experienced no changes in consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or loss of subsidiary control - The company had no business combinations not involving entities under common control during the reporting period[470](index=470&type=chunk) - The company had no business combinations involving entities under common control during the reporting period[474](index=474&type=chunk) - The company had no transactions or events resulting in the loss of control over subsidiaries during the reporting period[477](index=477&type=chunk) [Interests in Other Entities](index=109&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, including registered capital, business nature, and shareholding, with Jiangsu Sanjing Semiconductor Materials Co., Ltd. being a significant non-wholly-owned subsidiary with a **48.47%** minority interest Composition of the Enterprise Group | Subsidiary Name | Registered Capital (Yuan) | Main Operating Location | Nature of Business | Shareholding Proportion (Direct) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Sanchao Diamond Tools Co., Ltd. | 300,000,000.00 | Jurong City | Production, processing, and sales of superhard material tools | 100.00% | | SCD Co., Ltd. | 6,606,809.18 | Japan | R&D and design of superhard material products | 100.00% | | Jiangsu Sanjing Semiconductor Materials Co., Ltd. | 72,000,000.00 | Nanjing City | R&D, production, and sales of precision grinding wheels for the semiconductor industry | 51.53% | | Jiangsu Sanhong Advanced Materials Co., Ltd. | 120,000,000.00 | Huai'an City | Production, processing, and sales of superhard material tools | 100.00% | | Jiangsu Sanxin Precision Machinery Co., Ltd. | 10,000,000.00 | Huai'an City | R&D, production, and sales of processing equipment for photovoltaic and semiconductor materials | 56.00% | Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit or Loss Attributable to Minority Shareholders in Current Period (Yuan) | Dividends Declared to Minority Shareholders in Current Period (Yuan) | Minority Interests Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Sanjing Semiconductor Materials Co., Ltd. | 48.47% | 1,499,966.88 | 0.00 | 24,327,227.77 | - The company had no significant joint ventures or associates during the reporting period[487](index=487&type=chunk)[488](index=488&type=chunk) [Government Grants](index=113&type=section&id=XI.%20Government%20Grants) Government grants primarily involved asset-related deferred income totaling **18,789,528.78 Yuan** at period-end, with **2,323,546.09 Yuan** recognized in current profit or loss, including **2,121,046.09 Yuan** from asset-related grants and **202,500.00 Yuan** from income-related grants Liability Items Involving Government Grants | Account Title | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Amount Recognized in Non-Operating Income in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred income | 20,031,848.67 | 878,726.20 | 0 | 2,121,046.09 | 18,789,528.78 | Asset-related | Government Grants Recognized in Current Profit or Loss | Item | Current Period Amount (Yuan) | Income Statement Presentation Item | Amount Recognized in Current Profit or Loss (Yuan) | | :--- | :--- | :--- | :--- | | Transfer of asset-related government grants from deferred income | 2,121,046.09 | Other income | 1,598,321.06 | | Government grants | 202,500.00 | Other income | 202,500.00 | | **Total** | **2,323,546.09** | | **1,800,821.06** | [Risks Related to Financial Instruments](index=114&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages market risks (foreign exchange, interest rate), credit risk, and liquidity risk through monitoring exchange rates, assessing customer credit, making impairment provisions, and maintaining sufficient cash and borrowings - The company's foreign exchange risk primarily relates to purchase and sales transactions settled in USD, with management closely monitoring exchange rate fluctuations and considering hedging when necessary[493](index=493&type=chunk) Foreign Exchange Risk Sensitivity Analysis | Increase/Decrease in Current Year Profit | USD Impact on Current Period Amount (Yuan) | USD Impact on Prior Period Amount (Yuan) | | :--- | :--- | :--- | | RMB depreciation | 534,790.79 | 298,251.71 | | RMB appreciation | -509,324.56 | -284,049.25 | - The company's risk of fair value changes in financial instruments due to interest rate fluctuations primarily stems from fixed-rate short-term borrowings, which management considers not significant[493](index=493&type=chunk) - The company's credit risk primarily arises from uncollectible sales proceeds, mitigated by customer credit rating management, sales personnel assessment, and provision for bad debts[496](index=496&type=chunk) - The company manages liquidity risk by maintaining sufficient cash, monitoring bank borrowings, and bill settlements, believing that liquidity risk has been significantly reduced[498](index=498&type=chunk) [Disclosure of Fair Value](index=116&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair values of assets and liabilities measured at fair value, including financial assets held for trading and accounts receivable financing, using Level 3 and Level 2 fair value measurements respectively Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Financial assets held for trading | 0 | 0 | 15,000,000.00 | 15,000,000.00 | | (VI) Accounts receivable financing | 0 | 37,522,106.25 | 0 | 37,522,106.25 | | **Total assets continuously measured at fair value** | **0** | **37,522,106.25** | **15,000,000.00** | **52,522,106.25** | - Accounts receivable financing (bank acceptance bills) uses face value as fair value, classified as Level 2 measurement[509](index=509&type=chunk) - Financial assets held for trading (wealth management products) use expected return rates to forecast future cash flows, classified as Level 3 measurement[510](index=510&type=chunk) [Related Parties and Related Party Transactions](index=117&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Mr. Zou Yuyao is the ultimate controlling party, and during the reporting period, the company had no significant related party transactions, with key management personnel compensation totaling **1,268,225.44 Yuan** - The ultimate controlling party of the company is Mr. Zou Yuyao, who directly holds **35.85%** of the company's shares[512](index=512&type=chunk) - During the reporting period, the company had no related party transactions involving the purchase and sale of goods or the provision and acceptance of services[514](index=514&type=chunk) - During the reporting period, the company had no related party entrusted management/contracting or entrusted management/subcontracting situations[516](index=516&type=chunk)[517](index=517&type=chunk) - During the reporting period, the company had no significant related party transactions such as related party leases, guarantees, fund borrowings, asset transfers, or debt restructuring[518](index=518&type=chunk)[521](index=521&type=chunk)[523](index=523&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Key management personnel compensation | 1,268,225.44 | 1,699,074.30 | [Share-Based Payment](index=120&type=section&id=XV.%20Share-Based%20Payment) The company had no overall share-based payment situation, equity-settled or cash-settled share-based payment expenses, or modifications/terminations of share-based payments during the reporting period - The company had no overall share-based payment situation during the reporting period[531](index=531&type=chunk) - The company had no cumulative amount of equity-settled share-based payments recognized in capital reserves and no total expenses recognized during the reporting period[532](index=532&type=chunk) - The company had no cash-settled share-based payments during the reporting period[533](index=533&type=chunk) [Commitments and Contingencies](index=121&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant commitments or material contingencies requiring disclosure - There were no significant commitments as of the balance sheet date[533](index=533&type=chunk) - The company had no material contingencies requiring disclosure[534](index=534&type=chunk) [Events After the Balance Sheet Date](index=121&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date during the reporting period - The company had no significant non-adjusting events during the reporting period[535](index=535&type=chunk) - The company had no profit distribution during the reporting period[536](index=536&type=chunk) - The company had no sales returns during the reporting period[536](index=536&type=chunk) [Other Significant Matters](index=121&type=section&id=XVIII.%20Other%20Significant%20Matters) The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information during the reporting period - The company had no prior period accounting error corrections during the reporting period[537](index=537&type=chunk) - The company had no debt restructurings during the reporting period[539](index=539&type=chunk) - The company had no asset exchanges during the reporting period[544](index=544&type=chunk) - The company had no annuity plans during the reporting period[539](index=539&type=chunk) - The company had no discontinued operations during the reporting period[540](index=540&type=chunk) - The company had no reportable segments during the reporting period[542](index=542&type=chunk) [Notes to Parent Company Financial Statement Items](index=122&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section details the parent company's accounts receivable of **24,235,568.78 Yuan**, other receivables of **268,424,554.46 Yuan**, and long-term equity investments of **448,336,244.19 Yuan**, along with operating revenue and investment income Parent Company Accounts Receivable | Aging | Ending Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 22,161,487.40 | 23,271,703.12 | | 1 to 2 years | 1,952,311.38 | 1,118,260.2

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。 熵基科技股份有限公司 2025 年半年度报告全文 熵基科技股份有限公司 2025 年半年度报告 公告编号：2025-073 2025 年 8 月 1 熵基科技股份有限公司 2025 年半年度报告全文 公司负责人金海荣、主管会计工作负责人王友武及会计机构负责人(会计 主管人员)徐平声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划等前瞻性陈述，不构成本公司对任何投资者 及相关人士的承诺，投资者及相关人士均应对此保持足够的风险认识，并且 应当理解计划、预测与承诺之间的差异。敬请广大投资者谨慎决策，注意投 资风险。 公司已在本报告中详细阐述了未来可能发生的有关风险因素，详见"第三 节管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请投资者予以 关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 ...

Part I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, the report's table of contents, and definitions of key terms used throughout the document [Important Notes](index=2&type=section&id=重要提示) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - Company head Lin Jingying, chief accountant Zhu Guohui, and head of accounting department Li Zhihui declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) [Risk Factors](index=2&type=section&id=风险提示) The company faces risks from intensified market competition, rapid technological updates, and potential loss of core talent - Market competition risk: As an IT operation and maintenance service provider for data centers, the company faces increasing new entrants and stronger competitors, which could diminish its market position without continuous improvement in professional technology and brand influence[4](index=4&type=chunk) - Technology risk: IT operation and maintenance services involve rapidly updating equipment and technology; failure to continuously innovate and update product technology may weaken the company's competitive advantage and lead to customer loss[5](index=5&type=chunk)[6](index=6&type=chunk) - Talent competition risk: Intensified industry competition may lead to the loss of core R&D and management personnel, despite the company's measures such as compensation, promotion, and equity incentives[7](index=7&type=chunk) [Profit Distribution Plan](index=3&type=section&id=利润分配预案) The company plans no cash dividends, bonus shares, or capital reserve conversions for this semi-annual period - The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital[8](index=8&type=chunk) [Reference Documents Catalog](index=5&type=section&id=备查文件目录) The catalog includes financial statements signed by key personnel, all publicly disclosed company documents, and the original semi-annual report - Reference documents include financial statements signed and sealed by the company's legal representative, chief accountant, and head of the accounting department[12](index=12&type=chunk) - Reference documents also include the originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[13](index=13&type=chunk) [Definitions](index=6&type=section&id=释义) This section defines common terms, including company details, regulatory bodies, financial units, and technical concepts like IT, data centers, and AI computing - Definitions cover basic information such as the company and its related parties, regulatory bodies, stock types, accounting firms, and currency units[17](index=17&type=chunk) - Professional terms include IT, IT infrastructure, IT infrastructure services, third-party IT infrastructure services, professional third-party service providers, data centers, IT operation and maintenance management, intelligent operation and maintenance (AIOps), IaaS, PaaS, SaaS, open source, computing power, and intelligent computing centers[17](index=17&type=chunk)[18](index=18&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, registration changes, and key financial performance metrics [Company Basic Information](index=8&type=section&id=公司基本情况) The company, listed on the Shenzhen Stock Exchange under stock code 300231, is named Beijing Trustfar Technology Co., Ltd., with Lin Jingying as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Trustfar Technology | | Stock Code | 300231 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Beijing Trustfar Technology Co., Ltd. | | Legal Representative | Lin Jingying | [Contact Information and Information Disclosure](index=8&type=section&id=联系方式及信息披露) The company's contact details for the Board Secretary and Securities Affairs Representative remain unchanged, located in Beijing Company Contact Person Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhu Guohui | 8th Floor, Beijing Anhua Development Building, No. 35 Anding Road, Chaoyang District, Beijing | 010-82629666 | 010-82621118 | public@trustfar.cn | | Securities Affairs Representative | Wang Rong | 8th Floor, Beijing Anhua Development Building, No. 35 Anding Road, Chaoyang District, Beijing | 010-82629666 | 010-82621118 | public@trustfar.cn | - The company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period, as detailed in the 2024 Annual Report[22](index=22&type=chunk)[23](index=23&type=chunk) [Registration Changes](index=8&type=section&id=注册变更情况) The company's registered capital increased due to convertible bond conversions, with industrial and commercial registration completed - The company convened the 10th meeting of the Fifth Board of Directors on April 22, 2025, and the 2024 Annual General Meeting on May 15, 2025, to approve the "Proposal on Changing the Company's Registered Capital and Amending the Articles of Association"[25](index=25&type=chunk) - As of March 31, 2025, the company's total share capital increased from **419,015,055 shares** to **444,267,334 shares**, and the corresponding registered capital increased from **419,015,055 yuan** to **444,267,334 yuan**[25](index=25&type=chunk) - The company has completed the industrial and commercial change registration procedures and obtained a new business license in May 2025[25](index=25&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=主要会计数据和财务指标) In the first half of 2025, the company reported a 7.36% increase in operating revenue and a 20.89% rise in net profit attributable to shareholders Key Accounting Data and Financial Indicators for H1 2025 (Year-on-Year) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 838,245,496.84 | 780,759,294.22 | 7.36% | | Net Profit Attributable to Shareholders of Listed Company | 48,907,291.82 | 40,456,817.35 | 20.89% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 48,248,979.44 | 43,170,183.40 | 11.76% | | Net Cash Flow from Operating Activities | -53,738,822.94 | -199,769,875.60 | 73.10% | | Basic Earnings Per Share (Yuan/Share) | 0.1101 | 0.0966 | 13.98% | | Diluted Earnings Per Share (Yuan/Share) | 0.1101 | 0.0966 | 13.98% | | Weighted Average Return on Net Assets | 2.95% | 2.48% | 0.47% | Key Accounting Data and Financial Indicators as of H1 2025 End (Compared to Prior Year End) | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,413,791,033.24 | 2,779,914,354.12 | -13.17% | | Net Assets Attributable to Shareholders of Listed Company | 1,636,507,090.56 | 1,631,569,802.27 | 0.30% | - The company's share capital changed due to convertible bond conversions from the end of the reporting period to the disclosure date of the semi-annual report, affecting the amount of owners' equity[26](index=26&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=非经常性损益项目及金额) Non-recurring gains and losses totaled 658,312.38 yuan in H1 2025, primarily from non-current asset disposal and government grants Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | 216,814.16 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 84,935.23 | | Gains/Losses from entrusted investments or asset management | 308,964.19 | | Other non-operating income and expenses apart from the above | -95,265.39 | | Other items meeting the definition of non-recurring gains and losses | 259,036.96 | | Less: Income tax impact | 116,172.77 | | Total | 658,312.38 | - "Other items meeting the definition of non-recurring gains and losses" primarily refers to individual income tax handling fee refunds[30](index=30&type=chunk) Part III Management Discussion and Analysis This section analyzes the company's main business operations, core competencies, financial performance, investment activities, and risk management strategies [Company's Main Business Operations During the Reporting Period](index=11&type=section&id=报告期内公司从事的主要业务) The company is a professional IT infrastructure third-party service provider, expanding into computing power services and focusing on financial technology and intelligent computing [Company's Main Business Operations](index=11&type=section&id=公司从事的主要业务) The company provides one-stop IT overall solutions for data center IT infrastructure, covering hardware and system software lifecycle services - The company's main business is to provide one-stop IT overall solutions for data center IT infrastructure, acting as a professional third-party IT infrastructure service provider[32](index=32&type=chunk) - Service scope includes hardware equipment such as servers, storage, and networks, as well as system software like operating systems, database systems, middleware systems, and backup systems[32](index=32&type=chunk) [Company's Main Products, Business Applications, and Operating Models](index=11&type=section&id=公司主要产品和业务用途及其经营模式) Business models include IT infrastructure O&M, system integration, software development, and new computing power services for intelligent computing centers - IT infrastructure operation and maintenance services: Ensuring stable, secure, and efficient operation of customer data centers, including system optimization, fault analysis, data management, and information security, transitioning towards unified, visualized, and proactive management[33](index=33&type=chunk) - System integration services: Providing consulting, planning, design, product selection, hardware and software supply, installation, debugging, modification, upgrade, and after-sales services related to IT infrastructure system construction[34](index=34&type=chunk) - Software development and sales: Primarily intelligent operation and maintenance and other IT infrastructure service-related software, generating revenue by providing solutions for intelligent operation and maintenance, data processing, and business visualization[35](index=35&type=chunk)[36](index=36&type=chunk) - Computing power services: Providing comprehensive technical services for customer intelligent computing centers, including computing power infrastructure construction, system integration and deployment, security management, project management, and post-maintenance support, generating revenue through sales of computing power servers and related software, and providing computing power resource leasing and operation and maintenance services[37](index=37&type=chunk) [Analysis of Company's Market Position and Key Drivers for Performance Growth](index=12&type=section&id=公司市场地位及业绩发展主要驱动因素分析) The company maintains a strong market position in finance, driven by brand recognition, customer resources, and strategic expansion into intelligent computing and global markets - Focusing on financial technology transformation: The company has deeply cultivated the financial industry, primarily banks, for many years, establishing a high brand reputation and customer resource moat through quality services and software products, earning recognition such as inclusion in the "2025 Top 100 Future Bank Technology Service Providers" list[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - Actively deploying in the intelligent computing field: Responding to national information development reports, the company views artificial intelligence as a new productive force, leveraging its technological accumulation and customer resources to comprehensively deepen its business layout, extending from traditional data center IT infrastructure services to intelligent computing center computing power infrastructure services, creating a second growth curve[41](index=41&type=chunk)[42](index=42&type=chunk) - The company plans to establish a subsidiary in Hong Kong to leverage its status as an international financial center, build an overseas financial technology service platform, and accelerate its global layout[38](index=38&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=核心竞争力分析) Core competencies include continuous R&D and innovation, comprehensive professional qualifications, strategic ecosystem partnerships, digital transformation, and talent development - Adhering to core technology R&D and innovation: The company focuses on a "technology leadership" strategy, strengthening IT operation and maintenance service product lines (IaaS, PaaS, SaaS), extending technology lines (distributed architecture, cloud management), achieving a shift from "passive operation and maintenance" to "proactive management," and has accumulated **20 patents** and **310 software copyrights**[43](index=43&type=chunk) - Professional capabilities provide stable support: The company holds multiple high-level qualifications and quality management system certifications, including CS5 (Information System Construction and Service Capability Outstanding Level), CCRC Information Security Service Qualification (Security Integration Level 1, Security Operation and Maintenance Level 1), and CMMI-DEV, V2.0 Maturity Level 5[43](index=43&type=chunk)[44](index=44&type=chunk) - Ecosystem cooperation keeps pace with industry trends, assisting customers in domestic technology upgrades: The company continues to expand cooperation with domestic manufacturers, jointly creating domestic technology solutions in finance, government, and other fields, with a total contract value of **152 million yuan** for domestic technology projects during the reporting period[45](index=45&type=chunk) - Continuous advancement of digital construction: By optimizing CRM, EHR, OMM command and dispatch platform, supply chain system, and data middle platform, the company achieves data standardization and structuring, providing reliable data for decision-making and improving business process efficiency[46](index=46&type=chunk) - People-oriented approach, promoting high-quality company development: The company implements a broadband compensation system, differentiated performance management system, and equity incentives, and builds a systematic, professional employee development platform to attract and cultivate high-quality talent[47](index=47&type=chunk) [Main Business Analysis](index=15&type=section&id=主营业务分析) Operating revenue increased by 7.36%, but higher operating costs led to a slight decrease in gross margin, with strong growth in system integration services Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 838,245,496.84 | 780,759,294.22 | 7.36% | | Operating Cost | 665,793,115.96 | 602,327,947.21 | 10.54% | | Selling Expenses | 53,239,615.40 | 62,390,219.66 | -14.67% | | Administrative Expenses | 21,089,114.02 | 22,698,713.09 | -7.09% | | Financial Expenses | 6,075,483.17 | 7,589,501.78 | -19.95% | | Income Tax Expenses | 10,617,207.50 | 9,305,758.31 | 14.09% | | R&D Investment | 38,182,075.35 | 32,888,500.27 | 16.10% | | Net Cash Flow from Operating Activities | -53,738,822.94 | -199,769,875.60 | 73.10% | | Net Cash Flow from Investing Activities | 61,731,780.22 | -17,755,434.00 | 447.68% | | Net Cash Flow from Financing Activities | -245,541,621.10 | -78,966,981.35 | -210.94% | | Investment Income | 308,964.19 | -2,609,609.78 | 111.84% | | Credit Impairment Losses | 3,454,630.59 | 2,313,434.97 | 49.33% | | Asset Impairment Losses | 2,821,025.60 | 475,501.24 | 493.27% | | Cash Paid for Debt Repayment | 393,341,406.07 | 148,573,926.47 | 164.74% | - Net cash flow from operating activities increased significantly by **73.10%** year-on-year, primarily due to increased customer collections during the reporting period[50](index=50&type=chunk) - Net cash flow from investing activities increased significantly by **447.68%** year-on-year, primarily due to the maturity and recovery of wealth management products during the reporting period[50](index=50&type=chunk) - Net cash flow from financing activities decreased by **210.94%** year-on-year, primarily due to increased loan repayments to banks during the reporting period[50](index=50&type=chunk) Products or Services Accounting for Over 10% | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IT Infrastructure O&M Services | 376,900,946.91 | 248,791,974.03 | 33.99% | -17.26% | -16.85% | -0.32% | | System Integration Services | 403,616,080.96 | 380,985,112.06 | 5.61% | 25.84% | 25.97% | -0.09% | Industry Situation Accounting for Over 10% of Company's Operating Revenue or Profit | Customer Industry | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Banking Industry | 469,063,721.57 | 358,609,963.79 | 23.55% | 6.68% | 13.18% | -4.39% | | North China Region | 433,570,658.72 | 386,572,473.74 | 10.84% | 5.16% | 12.98% | -6.17% | | East China Region | 254,709,189.20 | 176,077,707.70 | 30.87% | 24.83% | 13.61% | 6.82% | | South China Region | 97,567,381.72 | 68,717,187.79 | 29.57% | 33.81% | 62.39% | -12.40% | Main Business Cost Composition | Cost Component | Amount in Current Reporting Period (Yuan) | Proportion of Operating Cost | Amount in Prior Year Period (Yuan) | Proportion of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Procurement Cost | 514,671,123.11 | 77.30% | 473,463,305.17 | 78.60% | 8.70% | | Spare Parts Cost | 17,292,446.06 | 2.60% | 21,786,414.24 | 3.62% | -20.63% | | Employee Salaries and Social Security | 100,299,205.56 | 15.06% | 102,125,647.67 | 16.96% | -1.79% | | Depreciation | 33,530,341.23 | 5.04% | 4,952,580.13 | 0.82% | 577.03% | | Total | 665,793,115.96 | 100.00% | 602,327,947.21 | 100.00% | 10.54% | - Depreciation cost in the current reporting period increased by **577.03%** year-on-year, primarily due to increased depreciation of fixed assets for computing power service leasing projects[55](index=55&type=chunk) [Non-Main Business Analysis](index=16&type=section&id=非主营业务分析) Non-main business income primarily stems from investment gains and reversals of asset and credit impairment losses, largely due to customer repayments Non-Main Business Gains and Losses | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 308,964.19 | 0.52% | Wealth management product income | No | | Asset Impairment | 2,821,025.60 | 4.74% | Reversal of contract asset impairment provision due to customer repayments | Yes | | Non-Operating Income | 70,707.46 | 0.12% | Other income | No | | Non-Operating Expenses | 160,122.85 | 0.27% | Other expenses | No | | Credit Impairment Losses | 3,454,630.59 | 5.80% | Reversal of accounts receivable impairment provision due to customer repayments | Yes | [Analysis of Assets and Liabilities](index=17&type=section&id=资产及负债状况分析) Total assets decreased by 13.17% due to a significant reduction in short-term borrowings, while long-term borrowings increased, indicating a shift in financing structure Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 464,719,332.62 | 19.25% | 710,880,134.65 | 25.57% | -6.32% | | Accounts Receivable | 656,404,699.81 | 27.19% | 577,949,921.06 | 20.79% | 6.40% | | Contract Assets | 42,963,692.25 | 1.78% | 36,568,964.09 | 1.32% | 0.46% | | Inventories | 116,673,414.91 | 4.83% | 217,220,794.55 | 7.81% | -2.98% | | Fixed Assets | 415,110,859.01 | 17.20% | 450,367,808.70 | 16.20% | 1.00% | | Short-Term Borrowings | 126,581,123.50 | 5.24% | 508,313,506.17 | 18.29% | -13.05% | | Long-Term Borrowings | 187,591,194.35 | 7.77% | 0.00 | 0.00% | 7.77% | - Short-term borrowings significantly decreased, primarily due to reduced bank loans[59](index=59&type=chunk) Assets with Restricted Rights | Item | Book Value at Period End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 9,148,861.16 | Bank acceptance bill deposits, performance bonds, bid bonds | | Accounts Receivable | 16,014,998.62 | Pledged accounts receivable | | Total | 25,163,859.78 | | [Analysis of Investment Status](index=17&type=section&id=投资状况分析) The company had no significant equity or non-equity investments or use of raised funds, but held 20 million yuan in outstanding broker wealth management products - The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period[62](index=62&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Broker Wealth Management Products | Own Funds | 5,000 | 2,000 | | Total | | 5,000 | 2,000 | - The company had no derivative investments or entrusted loans during the reporting period[64](index=64&type=chunk)[65](index=65&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=主要控股参股公司分析) The company operates several subsidiaries engaged in technical services, consulting, and investment management, with Beijing Trustfar Digital Cloud Technology Co., Ltd. reporting revenue and profit Major Subsidiary Operating Performance | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Trustfar Digital Cloud Technology Co., Ltd. | Subsidiary | Technical services, technical development, technical consulting, technical exchange, technology transfer, technology promotion; computer system services; data processing services; software development, etc. | 100,000,000.00 | 85,589,747.67 | 53,292,048.95 | 5,542,479.15 | 519,017.03 | 201,670.33 | | Beijing Trustfar Digital Security Technology Co., Ltd. | Subsidiary | Technology promotion services; computer system services; data processing; software development; computer technology training; sales of computers, software and auxiliary equipment, application software services, etc. | 100,000,000.00 | 21,625,581.50 | 21,625,581.50 | 0.00 | 4,083.04 | 1,547.96 | | Beijing Trustfar IoT Technology Co., Ltd. | Subsidiary | Technology development, technical consulting, technology transfer, technology promotion, technical services; software development; basic software services; application software services, etc. | 10,000,000.00 | 4,080,980.29 | 4,080,980.29 | 0.00 | -15,826.12 | -15,826.12 | | Jiaxing Digital Cloud Investment Management Co., Ltd. | Subsidiary | Investment management, investment consulting | 10,000,000.00 | 2,063,538.05 | 2,015,339.77 | 0.00 | -4,859.91 | -4,858.90 | | TRUST&FAR TECHNOLOGY PTE.LTD | Subsidiary | Other information technology and computer services | 300,000,000.00 | 28,419,998.47 | 28,183,404.33 | 353,426.83 | -244,691.29 | -174,561.01 | | Beijing Trustfar Yueheng Technology Co., Ltd. | Subsidiary | Technical services, technical development, technical consulting, technical exchange, technology transfer, technology promotion; software development; retail of computer software and hardware and auxiliary equipment, etc. | 10,000,000.00 | 16,547,883.90 | 9,822,383.90 | 0.00 | -19,772.41 | -15,868.38 | - The company did not acquire or dispose of any subsidiaries during the reporting period[74](index=74&type=chunk) [Company Risks and Countermeasures](index=24&type=section&id=公司面临的风险和应对措施) The company addresses market competition, technological risks, and talent retention through continuous innovation, talent development, and strategic partnerships - Market competition risk: The company will adhere to independent innovation, cultivate sales and technical talent with a deep understanding of the service industry, continuously innovate with cutting-edge technologies, and create new value for customers[75](index=75&type=chunk) - Technology risk: The company will persist in new technology R&D, focus on key customers, and innovate collaboratively with leading partners[76](index=76&type=chunk) - Talent competition risk: The company will continuously establish fair, just, and open compensation, distribution, and promotion mechanisms, create an open and collaborative work environment and corporate culture, and strive to attract and cultivate outstanding talent[77](index=77&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=25&type=section&id=报告期内接待调研、沟通、采访等活动登记表) The company participated in an online performance briefing on May 7, 2025, for investors regarding its 2024 annual and Q1 2025 results Investor Relations Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Recipient | Main Content Discussed and Index of Provided Materials | | :--- | :--- | :--- | :--- | :--- | | May 07, 2025 | "Value Online" Network Platform (https://www.ir-online.cn/) | Online Communication | Other Investors | Participated in the company's 2024 Annual and Q1 2025 Online Performance Briefing, see Juchao Information Network (www.cninfo.com.cn) Investor Relations Activity Record Form (No.: 2025-001) | Part IV Corporate Governance, Environment, and Society This section covers changes in board and senior management, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=董事、监事、高级管理人员变动情况) Vice General Manager Kang Man resigned on April 10, 2025, due to personal reasons Changes in Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Kang Man | Vice General Manager | Dismissal | April 10, 2025 | Personal Reasons | [Profit Distribution and Capital Reserve Conversion to Share Capital](index=26&type=section&id=利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital reserve conversions for this semi-annual period - The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital for the semi-annual period[84](index=84&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company approved a 2025 restricted stock incentive plan in June, granting 9.4198 million shares to 97 employees at 5.73 yuan/share - The company convened its Board of Directors and Supervisory Board meetings on June 6, 2025, to review and approve the "2025 Restricted Stock Incentive Plan (Draft)" and related management measures[85](index=85&type=chunk) - Following public disclosure and verification, the company's general meeting of shareholders approved the incentive plan on June 23, 2025[86](index=86&type=chunk) - On June 30, 2025, the company granted **9.4198 million restricted shares** to **97 incentive recipients** at a grant price of **5.73 yuan/share**[88](index=88&type=chunk) [Environmental Information Disclosure](index=28&type=section&id=环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[90](index=90&type=chunk) [Social Responsibility](index=28&type=section&id=社会责任情况) The company is committed to protecting stakeholder rights, promoting green operations, and fostering harmonious development with nature - Protection of shareholder and creditor rights: The company strictly adheres to information disclosure requirements, ensures equal access to information for shareholders, values reasonable investment returns, and improves profit distribution policies to safeguard the interests of small and medium investors[90](index=90&type=chunk) - Protection of employee rights: The company strictly enforces labor laws and regulations, pays social insurance for employees, and attracts and retains talent by creating a positive work environment, establishing promotion mechanisms, and offering competitive compensation and equity incentives[91](index=91&type=chunk) - Protection of supplier and customer rights: The company establishes a transparent and scientific supplier management system to ensure information sharing, and strengthens its quality and service systems with a high-standard, high-efficiency service philosophy to provide business continuity support to customers[92](index=92&type=chunk) - Environmental protection: The company actively responds to calls for energy conservation and emission reduction, implements green operations, passed its environmental management system certification annual review, and strengthens energy, resource, and waste management to improve resource utilization efficiency[93](index=93&type=chunk)[94](index=94&type=chunk) Part V Significant Matters This section addresses the fulfillment of commitments, non-operating fund occupation, illegal external guarantees, auditor appointments, litigation, and related party transactions [Fulfillment of Commitments](index=30&type=section&id=承诺事项履行情况) The company had no unfulfilled or overdue commitments from controlling shareholders, related parties, or the company itself during the reporting period - The company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[96](index=96&type=chunk) [Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties](index=30&type=section&id=控股股东及其他关联方非经营性占用资金情况) There was no non-operating occupation of listed company funds by controlling shareholders or other related parties during the reporting period - There was no non-operating occupation of listed company funds by controlling shareholders or other related parties during the reporting period[97](index=97&type=chunk) [Illegal External Guarantees](index=30&type=section&id=违规对外担保情况) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firms](index=30&type=section&id=聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[99](index=99&type=chunk) [Litigation Matters](index=30&type=section&id=诉讼事项) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[101](index=101&type=chunk) [Penalties and Rectification](index=31&type=section&id=处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[102](index=102&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&type=section&id=公司及其控股股东、实际控制人的诚信状况) There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[103](index=103&type=chunk) [Significant Related Party Transactions](index=31&type=section&id=重大关联交易) The company had no significant related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint investments, or related party debts during the reporting period - The company had no related party transactions related to daily operations during the reporting period[103](index=103&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[104](index=104&type=chunk) - The company had no related party debt transactions during the reporting period[106](index=106&type=chunk) [Significant Contracts and Their Performance](index=32&type=section&id=重大合同及其履行情况) The company had no entrustment, contracting, or leasing matters, but provided a guarantee for Beijing Trustfar Digital Cloud Technology Co., Ltd. with a 10 million yuan limit and zero actual balance - The company had no entrustment, contracting, or leasing situations during the reporting period[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Trustfar Digital Cloud Technology Co., Ltd. | April 11, 2023 | 1,000 | September 27, 2023 | 0 | Joint and Several Liability Guarantee | Until September 26, 2026 | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **10 million yuan**, with a total actual guarantee balance of **0 yuan**[114](index=114&type=chunk) [Explanation of Other Significant Matters](index=33&type=section&id=其他重大事项的说明) There were no other significant matters requiring explanation during the reporting period - There were no other significant matters requiring explanation during the reporting period[116](index=116&type=chunk) Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder numbers, top shareholders, and the integrity status of the controlling shareholder [Share Changes](index=34&type=section&id=股份变动情况) The company's total share capital increased by 39,613 shares due to convertible bond conversions, leading to a corresponding rise in unrestricted shares Share Changes (Unit: Shares) | Share Type | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 22,815 | 0.01% | 0 | 22,815 | 0.01% | | II. Unrestricted Shares | 444,214,577 | 99.99% | 39,613 | 444,254,190 | 99.99% | | III. Total Shares | 444,237,392 | 100.00% | 39,613 | 444,277,005 | 100.00% | - During the reporting period, a total of **3,660 "Yinxin Convertible Bonds"** were converted into **39,613 shares** of the company's stock, leading to an increase in the number of unrestricted shares[120](index=120&type=chunk) [Number of Shareholders and Shareholding Status](index=35&type=section&id=公司股东数量及持股情况) As of the reporting period end, the company had 50,069 common shareholders, with controlling shareholder Zhan Lixiong and his concerted parties holding 22.62% Total Number of Common Shareholders and Top 10 Shareholders' Shareholding Status at Period End | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End (Shares) | Number of Unrestricted Shares Held (Shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhan Lixiong | Domestic Natural Person | 20.73% | 92,094,320 | 92,094,320 | Pledged | 19,800,000 | | Guojin Securities Asset Management - Zhan Lixiong - Guojin Asset Management Xinjin No. 33 Single Asset Management Plan | Other | 1.89% | 8,379,200 | 8,379,200 | Not Applicable | 0 | | China Construction Bank Co., Ltd. - Huabao CSI Financial Technology Theme ETF | Other | 0.66% | 2,931,918 | 2,931,918 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.56% | 2,503,400 | 2,503,400 | Not Applicable | 0 | | Zeng Dan | Domestic Natural Person | 0.50% | 2,236,800 | 2,236,800 | Not Applicable | 0 | | Yu Benhong | Domestic Natural Person | 0.36% | 1,605,468 | 1,605,468 | Not Applicable | 0 | | Chen Xiaoyu | Domestic Natural Person | 0.31% | 1,386,200 | 1,386,200 | Not Applicable | 0 | | Xue Yundi | Domestic Natural Person | 0.29% | 1,300,000 | 1,300,000 | Not Applicable | 0 | | Pei Junchao | Domestic Natural Person | 0.27% | 1,200,000 | 1,200,000 | Not Applicable | 0 | | Gu Huxing | Domestic Natural Person | 0.24% | 1,075,000 | 1,075,000 | Not Applicable | 0 | - The total number of common shareholders at the end of the reporting period was **50,069**[123](index=123&type=chunk) - Controlling shareholder and actual controller Mr. Zhan Lixiong and Guojin Securities Asset Management - Zhan Lixiong - Guojin Asset Management Xinjin No. 33 Single Asset Management Plan are parties acting in concert[123](index=123&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=董事、监事和高级管理人员持股变动) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 Annual Report[125](index=125&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=控股股东或实际控制人变更情况) 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[126](index=126&type=chunk) - The company's actual controller did not change during the reporting period[127](index=127&type=chunk) Part VII Bond-Related Information This section provides details on the company's convertible bonds, including issuance, holder information, conversion status, and credit ratings [Convertible Corporate Bonds](index=38&type=section&id=可转换公司债券) The company's "Yinxin Convertible Bonds" were issued on July 15, 2020, with a current conversion price of 9.15 yuan/share, and 157.0556 million yuan remains unconverted - The company publicly issued **3.914 million convertible corporate bonds** on July 15, 2020, named "Yinxin Convertible Bonds" with code "123059," and an initial conversion price of **9.91 yuan/share**[133](index=133&type=chunk) Convertible Bond Holder Information at Period End | Indicator | Value | | :--- | :--- | | Number of Convertible Bond Holders at Period End | 3,559 | | Guarantor of Company's Convertible Bonds | None | Top Ten Convertible Bond Holders | No. | Name of Convertible Bond Holder | Nature of Convertible Bond Holder | Number of Convertible Bonds Held at Period End (Units) | Amount of Convertible Bonds Held at Period End (Yuan) | Proportion of Convertible Bonds Held at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Industrial and Commercial Bank of China Co., Ltd. - GF Convertible Bond Fund (Initiated) | Other | 100,260 | 10,026,000.00 | 6.38% | | 2 | Agricultural Bank of China Co., Ltd. - Fullgoal Convertible Bond Fund | Other | 93,980 | 9,398,000.00 | 5.98% | | 3 | Bank of Communications Co., Ltd. - Golden Eagle Yuanqi Credit Bond Fund | Other | 70,000 | 7,000,000.00 | 4.46% | | 4 | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | Other | 65,355 | 6,535,500.00 | 4.16% | | 5 | Industrial and Commercial Bank of China Co., Ltd. - Golden Eagle Yuanfeng Bond Fund | Other | 57,980 | 5,798,000.00 | 3.69% | | 6 | China Construction Bank Co., Ltd. - Huashang Credit Enhanced Bond Fund | Other | 51,810 | 5,181,000.00 | 3.30% | | 7 | China Credit Trust Co., Ltd. - China Credit Trust - Chengyue No. 2 Collective Fund Trust Plan | Other | 47,450 | 4,745,000.00 | 3.02% | | 8 | CITIC Securities Co., Ltd. | State-owned Legal Person | 47,170 | 4,717,000.00 | 3.00% | | 9 | Shanghai Sidaxinghui Private Equity Fund Management Co., Ltd. - Sida Juncheng No. 1 Private Securities Investment Fund | Other | 40,840 | 4,084,000.00 | 2.60% | | 10 | Shanghai Tianyan Private Equity Fund Management Co., Ltd. - Tianyan Feihong No. 6 Private Securities Investment Fund | Other | 33,910 | 3,391,000.00 | 2.16% | Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (Yuan) | Increase/Decrease in This Change (Yuan) | Amount After This Change (Yuan) | | :--- | :--- | :--- | :--- | | Yinxin Convertible Bonds | 157,421,600.00 | -366,000.00 | 157,055,600.00 | Cumulative Conversion Status | Convertible Corporate Bond Name | Conversion Start and End Dates | Total Issued Amount (Units) | Total Issued Amount (Yuan) | Cumulative Conversion Amount (Yuan) | Cumulative Converted Shares (Shares) | Proportion of Converted Shares to Total Shares Issued Before Conversion Start Date | Unconverted Amount (Yuan) | Proportion of Unconverted Amount to Total Issued Amount | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yinxin Convertible Bonds | January 21, 2021 to July 14, 2026 | 3,914,000 | 391,400,000.00 | 234,343,500.00 | 25,331,547 | 5.73% | 157,055,600.00 | 40.13% | - The conversion price of Yinxin Convertible Bonds has been adjusted multiple times, and as of May 27, 2025, it was adjusted from **9.25 yuan/share** to **9.15 yuan/share**[139](index=139&type=chunk) - United Credit Ratings Co., Ltd. maintained the company's long-term credit rating at **AA-** and the "Yinxin Convertible Bonds" credit rating at **AA-**, with a stable outlook[140](index=140&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=41&type=section&id=报告期末公司近两年的主要会计数据和财务指标) The company's financial structure improved with increased liquidity ratios, decreased asset-liability ratio, and enhanced profitability and solvency Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Reporting Period (10,000 Yuan) | End of Prior Year (10,000 Yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Current Ratio | 3.60 | 1.91 | 88.48% | | Asset-Liability Ratio | 32.20% | 41.31% | -9.11% | | Quick Ratio | 3.28 | 1.67 | 96.41% | | Net Profit After Non-Recurring Gains/Losses | 4,824.90 | 4,317.02 | 11.76% | | EBITDA to Total Debt Ratio | 14.75% | 8.86% | 5.89% | | Interest Coverage Ratio | 6.4112 | 5.1627 | 24.18% | | Cash Interest Coverage Ratio | -3.0484 | -14.9613 | 79.62% | | EBITDA Interest Coverage Ratio | 10.4252 | 6.4658 | 61.24% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | | Earnings Before Interest, Taxes, Depreciation, and Amortization | 11,467.85 | 7,729.47 | 48.37% | Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Audit Report](index=42&type=section&id=审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[144](index=144&type=chunk) [Financial Statements](index=42&type=section&id=财务报表) This chapter provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - This chapter includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[145](index=145&type=chunk)[149](index=149&type=chunk)[153](index=153&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[173](index=173&type=chunk) [Company Basic Information](index=64&type=section&id=公司基本情况) Established in May 2004 and listed in June 2011, the company operates in software and IT services, with Zhan Lixiong as its actual controller - The company, formerly Beijing Trustfar Technology Co., Ltd., was established in May 2004, restructured into a joint-stock company in December 2009, and listed on the stock exchange in June 2011, operating in the software and information technology services industry[185](index=185&type=chunk) - As of June 30, 2025, the company's total issued share capital was **444.277005 million shares**, and its registered capital was **444.277005 million yuan**[185](index=185&type=chunk) - The company's main business activities include computer system services, data processing services, software development and sales, technical services, technology transfer, and technology promotion, with Zhan Lixiong as the actual controller[186](index=186&type=chunk) [Basis of Financial Statement Preparation](index=64&type=section&id=财务报表的编制基础) The financial statements are prepared in accordance with CAS and CSRC regulations, based on a going concern assumption, accurately reflecting the company's financial position and performance - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" promulgated by the Ministry of Finance and the relevant provisions of "No. 15 - General Provisions for Financial Reporting by Companies Issuing Securities Publicly" by the China Securities Regulatory Commission[188](index=188&type=chunk) - These financial statements are prepared on a going concern basis, comply with the requirements of the Accounting Standards for Business Enterprises, and truly and completely reflect the company's consolidated and parent company financial position as of June 30, 2025, and consolidated and parent company operating results and cash flows for the first half of 2025[189](index=189&type=chunk)[191](index=191&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=64&type=section&id=重要会计政策及会计估计) This section details the company's accounting policies and estimates for periods, operating cycles, currency, business combinations, financial instruments, revenue recognition, and other key areas - The company's accounting period is from January 1 to December 31 of the Gregorian calendar, with an operating cycle of 12 months, and uses Renminbi as its bookkeeping base currency[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) - Financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, with detailed recognition criteria and measurement methods provided[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) - Revenue recognition and measurement policy: Revenue is recognized when performance obligations are satisfied and the customer obtains control of the related goods or services, with transaction prices allocated based on contract terms, considering variable consideration and significant financing components[311](index=311&type=chunk) - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are capitalized as intangible assets when specific conditions are met[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) [Taxation](index=89&type=section&id=税项) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with various subsidiaries enjoying high-tech or small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax laws, with input VAT deducted from output VAT to determine payable VAT | 13%, 6% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 25%, 20%, 17%, 16.5% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Beijing Trustfar Technology Co., Ltd. | 15% | | Beijing Trustfar Digital Cloud Technology Co., Ltd. | 15% | | Beijing Trustfar Digital Security Technology Co., Ltd. | 20% | | Jiaxing Digital Cloud Investment Management Co., Ltd. | 20% | | Shenzhen Trustfar Technology Co., Ltd. | 20% | | TRUST&FAR TECHNOLOGY PTE.LTD | 17% | | ReachSolution International Limited | 16.5% | | Beijing Trustfar IoT Technology Co., Ltd. | 20% | | Beijing Trustfar Yueheng Technology Co., Ltd. | 20% | - The company and its subsidiary, Beijing Trustfar Digital Cloud Technology Co., Ltd., passed the high-tech enterprise re-certification and enjoy a **15%** corporate income tax preferential rate[352](index=352&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro-profit enterprises, paying corporate income tax at a **20%** rate[353](index=353&type=chunk)[354](index=354&type=chunk) - The company sells self-developed software products and implements a VAT immediate refund policy for the portion of actual VAT burden exceeding **3%**[354](index=354&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=合并财务报表项目注释) This section details the period-end and period-beginning balances and changes for consolidated financial statement items, including assets, liabilities, equity, revenue, and expenses - Cash and bank balances at period-end were **464,719,332.62 yuan**, a **34.63% decrease** from the beginning of the period, with **719,513.25 yuan** held overseas[356](index=356&type=chunk) - Financial assets held for trading at period-end were **20,000,000.00 yuan**, an **80% decrease** from the beginning of the period, primarily wealth management products[357](index=357&type=chunk) - Accounts receivable at period-end had a book value of **656,404,699.81 yuan**, a **13.58% increase** from the beginning of the period, with an impairment provision rate of **3.96%**[360](index=360&type=chunk) - Contract assets at period-end had a book value of **42,963,692.25 yuan**, a **17.49% increase** from the beginning of the period, with an impairment provision rate of **1.00%**[370](index=370&type=chunk) - Inventories at period-end had a book value of **116,673,414.91 yuan**, a **46.30% decrease** from the beginning of the period, primarily due to a significant reduction in goods in transit[404](index=404&type=chunk) - Fixed assets at period-end had a book value of **415,110,859.01 yuan**, a **7.83% decrease** from the beginning of the period, with computing power equipment having a book value of **265,006,677.42 yuan**[418](index=418&type=chunk) - Short-term borrowings at period-end were **126,581,123.50 yuan**, a significant **75.08% decrease** from the beginning of the period, primarily due to bank loan repayments[445](index=445&type=chunk) - Long-term borrowings at period-end were **187,591,194.35 yuan**, compared to **0 yuan** at the beginning of the period, primarily mortgage-backed loans[477](index=477&type=chunk) - Bonds payable at period-end were **155,360,364.09 yuan**, a **1.13% increase** from the beginning of the period, primarily convertible corporate bonds[478](index=478&type=chunk) - Operating revenue for the current period was **838,245,496.84 yuan**, and operating cost was **665,793,115.96 yuan**[500](index=500&type=chunk) - Net cash flow from operating activities for the current period was **-53,738,822.94 yuan**, net cash flow from investing activities was **61,731,780.22 yuan**, and net cash flow from financing activities was **-245,541,621.10 yuan**[538](index=538&type=chunk) [Cash and Bank Balances](index=91&type=section&id=货币资金) Period-end cash and bank balances decreased by 34.63% to 465 million yuan, with bank deposits forming the majority and 719,513.25 yuan held overseas Cash and Bank Balances | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Bank Deposits | 455,570,471.46 | 693,243,439.39 | | Other Cash and Bank Balances | 9,148,861.16 | 17,636,695.26 | | Total | 464,719,332.62 | 710,880,134.65 | | Of which: Total Amount of Funds Held Overseas | 719,513.25 | 0 | [Financial Assets Held for Trading](index=91&type=section&id=交易性金融资产) Period-end financial assets held for trading decreased by 80% to 20 million yuan, entirely consisting of wealth management products Financial Assets Held for Trading | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 20,000,000.00 | 100,000,000.00 | | Of which: Wealth management products | 20,000,000.00 | 100,000,000.00 | | Total | 20,000,000.00 | 100,000,000.00 | [Accounts Receivable](index=91&type=section&id=应收账款) Period-end accounts receivable had a book balance of 683 million yuan, with 87.87% due within one year, and a book value of 656 million yuan after impairment Accounts Receivable Aging Disclosure | Aging | Period-End Book Balance (Yuan) | Period-Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 600,554,553.15 | 494,534,351.82 | | 1 to 2 years | 32,889,081.26 | 52,387,232.47 | | 2 to 3 years | 11,360,623.04 | 15,772,885.66 | | Over 3 years | 38,682,913.61 | 47,583,584.09 | | Total | 683,487,171.06 | 610,278,054.04 | Accounts Receivable Classified by Impairment Provision Method | Category | Period-End Book Balance (Yuan) | Period-End Impairment Provision (Yuan) | Period-End Provision Rate | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts receivable for which impairment provisions are made based on credit risk characteristics portfolio | 683,487,171.06 | 27,082,471.25 | 3.96% | 656,404,699.81 | - Impairment provision for the current period: **2,767,036.48 yuan** recovered or reversed, **2,478,625.25 yuan** written off[362](index=362&type=chunk) [Contract Assets](index=93&type=section&id=合同资产) Period-end contract assets increased by 17.49% to 42.96 million yuan, with an impairment provision rate of 1.00% Contract Assets | Item | Period-End Book Balance (Yuan) | Period-End Impairment Provision (Yuan) | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Contract assets within one year | 43,397,668.94 | 433,976.69 | 42,963,692.25 | | Total | 43,397,668.94 | 433,976.69 | 42,963,692.25 | - Impairment provision for the current period: **64,719.71 yuan** provided, **126.50 yuan** recovered or reversed[374](index=374&type=chunk) [Other Receivables](index=95&type=section&id=其他应收款) Period-end other receivables had a book value of 34.13 million yuan, slightly down, primarily comprising bid/performance deposits and business petty cash Other Receivables Classified by Nature of Amount | Nature of Amount | Period-End Book Balance (Yuan) | Period-Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Intercompany balances | 2,522.47 | 1,414,745.85 | | Business petty cash | 4,316,128.60 | 6,870,065.38 | | Bid (performance) deposits | 29,223,209.08 | 27,565,498.43 | | Security deposits | 785,983.34 | 733,183.34 | | Other | 5,629,938.44 | 5,024,502.80 | | Total | 39,957,781.93 | 41,607,995.80 | Other Receivables Classified by Impairment Provision Method | Category | Period-End Book Balance (Yuan) | Period-End Impairment Provision (Yuan) | Period-End Provision Rate | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Impairment provisions made based on credit risk characteristics portfolio | 39,957,781.93 | 5,827,137.19 | 14.58% | 34,130,644.74 | - Impairment provision for the current period: **2,325.00 yuan** provided, **689,919.11 yuan** recovered or reversed, **784,339.67 yuan** written off[393](index=393&type=chunk) [Prepayments](index=98&type=section&id=预付款项) Period-end prepayments increased slightly to 199 million yuan, with 96.58% due within one year, and the top five suppliers accounting for 48.18% Prepayments by Aging | Aging | Period-End Amount (Yuan) | Proportion | | :--- | :--- | :--- | | Within 1 year | 192,216,192.28 | 96.58% | | 1 to 2 years | 1,877,179.32 | 0.94% | | 2 to 3 years | 3,029,027.65 | 1.52% | | Over 3 years | 1,911,876.24 | 0.96% | | Total | 199,034,275.49 | | Top Five Prepayments by Recipient at Period End | Recipient | Period-End Balance (Yuan) | Proportion of Total Prepayments at Period End (%) | | :--- | :--- | :--- | | Prepaid Supplier 1 | 44,279,461.57 | 22.25 | | Prepaid Supplier 2 | 17,847,906.97 | 8.97 | | Prepaid Supplier 3 | 15,808,874.76 | 7.94 | | Prepaid Supplier 4 | 9,044,918.64 | 4.54 | | Prepaid Supplier 5 | 8,920,650.40 | 4.48 | | Total | 95,901,812.34 | 48.18 | [Inventories](index=99&type=section&id=存货) Period-end inventories decreased by 46.30% to 117 million yuan, mainly due to a significant reduction in goods in transit, with an impairment provision of 5.69 million yuan Inventory Classification | Item | Period-End Book Balance (Yuan) | Period-End Inventory Impairment Provision or Contract Performance Cost Impairment Provision (Yuan) | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Inventory Goods | 84,378,703.59 | 5,694,776.35 | 78,683,927.24 | | Contract Performance Costs | 29,677,822.58 | 0 | 29,677,822.58 | | Goods in Transit | 8,311,665.09 | 0 | 8,311,665.09 | | Total | 122,368,191.26 | 5,694,776.35 | 116,673,414.91 | Inventory Impairment Provision and Contract Performance Cost Impairment Provision | Item | Period-Beginning Balance (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | | Inventory Goods | 5,694,776.35 | 5,694,776.35 | | Total | 5,694,776.35 | 5,694,776.35 | [Other Current Assets](index=99&type=section&id=其他流动资产) Period-end other current assets increased by 10.12% to 18.93 million yuan, primarily including input VAT to be deducted/certified and prepaid corporate/individual income tax Other Current Assets | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Input VAT to be deducted/certified | 2,163,241.44 | 2,160,733.10 | | Prepaid corporate income tax | 15,287,976.63 | 14,919,576.99 | | Prepaid individual income tax | 1,479,530.94 | 112,724.14 | | Total | 18,930,749.01 | 17,193,034.23 | [Investments in Other Equity Instruments](index=100&type=section&id=其他权益工具投资) Period-end investments in other equity instruments increased by 17.69% to 133 million yuan, including investments in Dalian Bank and other companies, not held for trading Investments in Other Equity Instruments | Project Name | Period-Beginning Balance (Yuan) | Period-End Balance (Yuan) | Reason for Designation as Fair Value Measured Through Other Comprehensive Income | | :--- | :--- | :--- | :--- | | Suzhou Jibei Data Technology Co., Ltd. | 3,000,000.00 | 3,000,000.00 | Equity instrument not held for trading purposes | | Beijing Juyuan Huixin Technology Development Center (Limited Partnership) | 500,000.00 | 500,000.00 | Equity instrument not held for trading purposes | | Dalian Bank Co., Ltd. | 109,800,000.00 | 109,800,000.00 | Equity instrument not held for trading purposes | | Jiangxi Lianchuang Superconducting Technology Co., Ltd. | 0 | 20,000,000.00 | Equity instrument not held for trading purposes | | Total | 113,300,000.00 | 133,300,000.00 | | [Long-Term Receivables](index=101&type=section&id=长期应收款) Period-end long-term receivables slightly decreased to 62.95 million yuan, entirely consisting of equity receivables Long-Term Receivables | Item | Period-End Book Balance (Yuan) | Period-End Book Value (Yuan) | Period-Beginning Book Balance (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Equity Receivables | 62,950,267.45 | 62,950,267.45 | 65,252,919.96 | 65,252,919.96 | | Total | 62,950,267.45 | 62,950,267.45 | 65,252,919.96 | 65,252,919.96 | [Investment Properties](index=101&type=section&id=投资性房地产) Period-end investment properties slightly decreased to 1.3949 million yuan, entirely consisting of buildings measured at cost Investment Properties Measured at Cost Model | Item | Buildings (Yuan) | | :--- | :--- | | I. Book Original Value at Period End | 1,489,233.71 | | II. Accumulated Depreciation and Amortization at Period End | 94,318.08 | | IV. Book Value at Period End | 1,394,915.63 | | IV. Book Value at Period Beginning | 1,418,495.15 | [Fixed Assets](index=102&type=section&id=固定资产) Period-end fixed assets decreased by 7.83% to 415 million yuan, with computing power equipment having the highest book value at 265 million yuan Fixed Assets (Unit: Yuan) | Item | Buildings | Transportation Equipment | Electronic Equipment | Office Equipment | Computing Power Equipment | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Book Original Value at Period End | 168,514,655.51 | 18,947,642.35 | 128,786,552.44 | 2,539,766.65 | 314,468,533.30 | 633,257,150.25 | | II. Accumulated Depreciation at Period End | 37,907,880.03 | 14,934,847.48 | 108,015,382.24 | 2,284,200.56 | 49,461,855.88 | 212,604,166.19 | | III. Impairment Provision at Period End | 0 | 454,527.07 | 4,997,108.28 | 90,489.70 | 0 | 5,542,125.05 | | IV.

四川福蓉科技股份公司2025 年半年度报告 四川福蓉科技股份公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 公司代码：603327 公司简称：福蓉科技 四川福蓉科技股份公司 2025 年半年度报告 1/166 三、 本半年度报告未经审计。 四、 公司负责人陈亚仁、主管会计工作负责人肖学东及会计机构负责人（会计主管人员）李海 洋声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述。受诸多可变因素的影响，未来的实际结果或发展趋势可能 会与这些前瞻性陈述出现重大差异。本报告中的前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无 ...

贵州钢绳股份有限公司2025 年半年度报告 公司代码：600992 公司简称：贵绳股份 贵州钢绳股份有限公司 2025 年半年度报告 1 / 130 贵州钢绳股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人马显红、主管会计工作负责人魏勇及会计机构负责人（会计主管人员）魏勇声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司本次不进行利润分配，也不进行公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述因存在不确定性，不构成公司对投资 者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides key declarations and risk warnings regarding the semi-annual report [Board of Directors and Senior Management Statement](index=2&type=section&id=Board%20of%20Directors%20and%20Senior%20Management%20Statement) The Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The company has no applicable profit distribution or capital reserve capitalization plan for this reporting period - The profit distribution plan or capital reserve capitalization plan is not applicable for this reporting period[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking statements in the report do not constitute a substantive commitment to investors, who should be aware of investment risks - Forward-looking statements in the report do not constitute substantive commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Fund Occupation by Controlling Shareholder and Related Parties](index=2&type=section&id=Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Related%20Parties) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - No non-operating fund occupation by controlling shareholders or other related parties occurred[7](index=7&type=chunk) [External Guarantees](index=2&type=section&id=External%20Guarantees) No external guarantees were provided in violation of decision-making procedures during the reporting period - No external guarantees were provided in violation of decision-making procedures[8](index=8&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has disclosed potential policy, market, operational, and financial risks, advising investors to consult the "Risks Faced" section in "Management Discussion and Analysis" - The company has detailed significant policy, market, operational, and financial risks, advising investors to consult relevant content in Section III of the report[7](index=7&type=chunk) [Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including abbreviations for the company and its subsidiaries, ensuring accurate interpretation [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides clear definitions for common terms used in the report, such as Chongming State-owned Assets Supervision and Administration Commission, Yatong Hexie, and Ximeng Wumao - This section provides clear definitions for common terms used in the report, including Chongming District State-owned Assets Supervision and Administration Commission, Yatong Hexie, and Ximeng Wumao[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides basic registration details for Shanghai Yatong Co., Ltd., including its Chinese and English names, abbreviations, and legal representative - The company's Chinese name is Shanghai Yatong Co., Ltd., abbreviated as Yatong Shares, with Shi Jun as the legal representative[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication - Contact information for Board Secretary Lei Xuan and Securities Affairs Representative Wu Hanlin has been disclosed, with the office address at No. 1, Lane 780, Lü Hai Road, Chengqiao Town, Chongming District, Shanghai[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remained unchanged during the reporting period - The company's registered address is No. 1, Bayi Road, Chongming District, Shanghai, and its office address is No. 1, Lane 780, Lü Hai Road, Chengqiao Town, Chongming District, Shanghai[16](index=16&type=chunk) [Information Disclosure and Document Storage Location](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Location) The company's designated information disclosure newspaper is "Shanghai Securities News," with reports published on the SSE website and available at the company's office - The company's information disclosure newspaper is "Shanghai Securities News," reports are available on www.sse.com.cn, and documents are stored at No. 1, Lane 780, Lü Hai Road, Chengqiao Town, Chongming District, Shanghai[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) The company's A-shares are listed on the Shanghai Stock Exchange under the ticker "Yatong Shares" and stock code 600692 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Yatong Shares and code 600692[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **20.90%**, with total profit and net profit attributable to shareholders turning from profit to loss, and net cash flow from operating activities significantly declining by **214.85%** [Key Accounting Data](index=5&type=page&id=%28I%29%20Key%20Accounting%20Data) During the reporting period, operating revenue decreased by **20.90%**, total profit and net profit attributable to shareholders turned to loss, and net cash flow from operating activities significantly declined by **214.85%** Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 212,102,647.81 | 268,146,001.41 | -20.90 | | Total Profit | -6,744,654.69 | 2,093,618.67 | -422.15 | | Net Profit Attributable to Shareholders of Listed Company | -10,315,408.59 | 13,102,023.46 | -178.73 | | Net Cash Flow from Operating Activities | -481,392,661.63 | 419,144,406.78 | -214.85 | | **Period-End Indicators** | **End of Current Period** | **End of Prior Year** | **Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 930,573,010.26 | 937,591,293.85 | -0.75 | | Total Assets | 5,055,085,058.88 | 5,187,486,713.09 | -2.55 | [Key Financial Indicators](index=5&type=page&id=%28II%29%20Key%20Financial%20Indicators) Basic and diluted earnings per share turned negative, and weighted average return on net assets decreased by **2.5014 percentage points**, indicating a significant decline in profitability Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.0293 | 0.0372 | -178.83 | | Diluted Earnings Per Share (CNY/share) | -0.0293 | 0.0372 | -178.83 | | Weighted Average Return on Net Assets (%) | -1.1043 | 1.3971 | Decrease 2.5014 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | -1.1714 | -1.7142 | Increase 0.5428 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **CNY 626,892.79**, primarily from government subsidies, non-operating income, and disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -25,613.81 | | Government Subsidies Included in Current Profit and Loss | 389,796.46 | | Asset Losses Arising from Force Majeure | -17,652.83 | | Other Non-Operating Income and Expenses Apart from the Above | 281,781.49 | | Less: Income Tax Impact | 1,496.52 | | Impact on Minority Interests (After Tax) | -78.00 | | Total | 626,892.79 | [Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main businesses, operational performance, core competencies, and financial situation during the reporting period [Industry and Main Business](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main businesses span real estate development, communication network construction, steel trade, concrete products, and photovoltaic power station operations - The company's main businesses include real estate development, communication network construction and operation, architectural steel trade, concrete product manufacturing and sales, and photovoltaic power station construction and operation[26](index=26&type=chunk) - Real estate development focuses on commercial and affordable housing, communication engineering undertakes telecom operator business, steel trade uses order-based procurement and sales, and new energy business primarily involves photovoltaic and wind power plant construction and operation[26](index=26&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company made progress in project construction, business expansion, and public services, with notable achievements in real estate, new energy, and concrete businesses - Changhong Xingtong implemented a "full-cycle plan control + node early warning radar" mechanism for the Changxing Plot 38 resettlement housing project, ensuring construction safety, quality, and progress[26](index=26&type=chunk) - New energy business successfully connected a **15MWp** distributed photovoltaic project ahead of schedule and connected the Chongming Jianshe Datong Reclamation Area **27MWp** fishery-photovoltaic complementary project, actively advancing the Xincun wind farm project[26](index=26&type=chunk) - Huandao Concrete, despite market contraction, secured **6** key engineering projects, increasing its market share in western Chongming by **11% to 21.09%**, and producing **26,000 cubic meters** of concrete, a **57.86% year-on-year increase**[27](index=27&type=chunk) - Yatong Culture successfully secured **15** business orders, with a significant increase in customer numbers, despite industry downturn pressure[27](index=27&type=chunk) - Ximeng Wumao recovered **CNY 107 million** in accounts receivable and an additional **CNY 56.37 million** from Shanju International, while orderly scaling back trade operations[27](index=27&type=chunk) - Shanghai Taxi's profit increased year-on-year, Chongming Taxi launched "Caring Exam Transport" and "Elderly Assistance" services, and Lü Hai Hotel expanded training services, improving its Ctrip rating to second in the Chongming area[27](index=27&type=chunk) [Analysis of Core Competencies](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company possesses a sound corporate governance structure and management system, establishing a strong brand and social image in real estate, taxi services, concrete, and communication engineering - The company has a standardized corporate governance structure and a comprehensive organizational management system, developed over **30 years**[29](index=29&type=chunk) - The company has established a strong brand in taxi, property, and communication sectors, with Shanghai Yatong Taxi Co., Ltd. consistently ranking among the top in passenger satisfaction for over a decade[29](index=29&type=chunk) - Real estate projects have received numerous honors, such as "Shuian Jingyuan" winning the "Shanghai Excellent Residential Gold Award" and "Changxing Plot 38" being rated as "Shanghai 2024 Green Construction Class II Honor"[29](index=29&type=chunk) - Huandao Concrete Products Co., Ltd. was awarded "Credit China Trustworthy Incentive Unit" and "Waste-Free Factory" title in Chongming District[29](index=29&type=chunk) [Key Operating Performance](index=8&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue and costs decreased due to reduced trade sales, while selling expenses significantly dropped due to lower real estate sales agency fees; net cash flow from operating, investing, and financing activities all saw significant reductions - Operating revenue and operating costs decreased primarily due to reduced trade business sales[31](index=31&type=chunk) - Selling expenses decreased significantly due to reduced real estate business sales agency fees[31](index=31&type=chunk) - Net cash flow from operating activities significantly decreased, mainly due to the receipt of advance payments for housing on Changxing Plot 38 in the prior year[31](index=31&type=chunk) - Net cash flow from investing activities significantly decreased, mainly due to the disposal of Hulong Commercial Bank shares, Weiyin Construction, and Yinma Industrial equity in the prior year[31](index=31&type=chunk) - Net cash flow from financing activities significantly decreased, mainly due to the repayment of bank loans in the current period[31](index=31&type=chunk) [Analysis of Main Business](index=8&type=page&id=%28I%29%20Analysis%20of%20Main%20Business) Main business analysis shows decreased revenue and costs from trade, and lower selling expenses from real estate; new real estate projects include Changxing Town G9CM-0401 Unit 38-07, with revenue mainly from Xincheng Plot 2 and 15-20A-05A Financial Statement Item Variation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 212,102,647.81 | 268,146,001.41 | -20.90 | | Operating Cost | 184,618,773.59 | 256,678,601.40 | -28.07 | | Selling Expenses | 114,233.09 | 328,523.79 | -65.23 | | Administrative Expenses | 28,698,650.63 | 29,853,066.23 | -3.87 | | Financial Expenses | 5,013,543.73 | 5,195,913.65 | -3.51 | | Net Cash Flow from Operating Activities | -481,392,661.63 | 419,144,406.78 | -214.85 | | Net Cash Flow from Investing Activities | -91,190,647.95 | 22,360,002.39 | -507.83 | | Net Cash Flow from Financing Activities | -90,903,695.07 | -12,281,610.12 | Not applicable | Real Estate Development Investment During the Reporting Period | Region | Project | Business Type | Projects Under Construction/New Projects Started/Completed Projects | Total Investment (CNY 10,000) | Actual Investment During Reporting Period (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changxing Town, Chongming District, Shanghai | Changxing Town G9CM-0401 Unit 38-07 Plot | Residential | New Projects Started | 422,687.59 | 27,520.85 | Real Estate Sales and Revenue Recognition During the Reporting Period | Region | Project | Business Type | Revenue Recognized (CNY 10,000) | | :--- | :--- | :--- | :--- | | Chengqiao Town, Chongming District, Shanghai | Xincheng Plot 2 | Residential | 897.59 | | Nanqiao New City, Fengxian District, Shanghai | Daju Community 15-20A-05A Plot | Residential | 398.27 | - The company's real estate leasing business includes commercial properties like Jingpin Commercial Building, Jinxiu Hotel, Jingnan Hotel, and agricultural land in Beiqixie and Beiliuxie, all measured at cost[36](index=36&type=chunk) [Analysis of Assets and Liabilities](index=10&type=page&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) Period-end saw significant decreases in monetary funds, notes receivable, prepayments, construction in progress, short-term borrowings, taxes payable, and non-current liabilities due within one year, while other receivables, other current assets, fixed assets, intangible assets, and long-term borrowings increased Asset and Liability Status Variation (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 480,143,315.89 | 1,143,630,320.54 | -58.02 | | Notes Receivable | 100,000.00 | 11,875,196.99 | -99.16 | | Receivables Financing | 0.00 | 600,000.00 | -100.00 | | Prepayments | 9,480,065.35 | 45,010,597.48 | -78.94 | | Other Receivables | 374,403,968.26 | 129,094,241.04 | 190.02 | | Other Current Assets | 120,885,631.58 | 78,993,687.15 | 53.03 | | Fixed Assets | 324,409,279.74 | 172,374,964.87 | 88.20 | | Construction in Progress | 19,145,911.95 | 123,149,082.47 | -84.45 | | Intangible Assets | 18,751,887.10 | 14,459,912.55 | 29.68 | | Short-term Borrowings | 245,271,514.06 | 341,732,463.02 | -28.23 | | Advance Receipts | 503,060.34 | 202,140.00 | 148.87 | | Taxes Payable | 5,806,139.19 | 10,215,173.17 | -43.16 | | Non-current Liabilities Due Within One Year | 22,345,301.34 | 114,827,524.98 | -80.54 | | Long-term Borrowings | 110,390,779.50 | 56,325,000.00 | 95.99 | - The decrease in monetary funds and increase in other receivables were primarily due to Changhong Xingtong lending funds to shareholders based on their capital contribution ratio[38](index=38&type=chunk) - The increase in fixed assets was mainly due to the commissioning of Yadao New Energy's photovoltaic power generation project[39](index=39&type=chunk) - The decrease in construction in progress was mainly due to the transfer of Yadao New Energy's construction in progress (photovoltaic power generation project) to fixed assets[39](index=39&type=chunk) - The increase in intangible assets was mainly due to the acquisition of land use rights for Yadao New Energy's fishery-photovoltaic complementary project[39](index=39&type=chunk) - The increase in long-term borrowings was mainly due to increased loans for new energy projects[39](index=39&type=chunk) [Analysis of Major Holding and Participating Companies](index=13&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries and associates operate across various sectors, with Shanghai CRRC Dalian Shipyard Engineering Co., Ltd. significantly impacting net profit, while several subsidiaries reported losses Financial Performance of Major Subsidiaries and Associates (Jan-Jun 2025) | Company Name | Company Type | Main Business | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Yatong Communication Engineering Co., Ltd. | Subsidiary | Communication engineering construction | -1,467,083.88 | | Shanghai Yatong Tourism Services Co., Ltd. | Subsidiary | Travel agency, tourism, hotel, car rental, air/train ticket agency | -3,602,935.76 | | Shanghai Yatong Taxi Co., Ltd. | Subsidiary | Road passenger transportation | 1,066,428.86 | | Shanghai Yatong Ecological Agriculture Development Co., Ltd. | Subsidiary | Landscape engineering, ecological agriculture, livestock breeding | 10,035.03 | | Shanghai Yatong Culture Communication Co., Ltd. | Subsidiary | Advertising design, production, and publishing | -691,666.44 | | Shanghai Yatong Property Development Co., Ltd. | Subsidiary | Real estate development | -2,251,714.53 | | Shanghai Ximeng Wumao Co., Ltd. | Subsidiary | Chemical products, building materials, decorative materials, etc | -269,364.65 | | Shanghai CRRC Dalian Shipyard Engineering Co., Ltd. | Associate Company | Large ship repair | 99,211,364.66 | | Shanghai Yadao New Energy Technology Co., Ltd. | Subsidiary | Photovoltaic power generation | 2,971,103.02 | | Shanghai Changhong Xingtong Real Estate Development Co., Ltd. | Subsidiary | Real estate development | 4,536,738.40 | - Shanghai CRRC Dalian Shipyard Engineering Co., Ltd., an associate company, achieved a net profit of **CNY 99,211,364.66** during the reporting period, significantly impacting the company's net profit[42](index=42&type=chunk) - Several subsidiaries reported losses during the reporting period, including Shanghai Yatong Tourism Services Co., Ltd., Shanghai Yatong Property Development Co., Ltd., and Shanghai Huandao Concrete Products Co., Ltd.[42](index=42&type=chunk)[43](index=43&type=chunk) [Other Disclosure Matters](index=15&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces multiple risks including policy, market, operational, and financial challenges, with uncertainties in the real estate market and increased demands for transformation and capital - Policy risk: Real estate regulation policies are gradually being released, but the market still faces uncertainties[44](index=44&type=chunk) - Market risk: The real estate market is undergoing deep adjustment and recovery, with transactions falling short of expectations[44](index=44&type=chunk) - Operational risk: The company's transformation and development pose higher demands for operational management and a shortage of core technical talent[44](index=44&type=chunk) - Financial risk: Real estate development is a capital-intensive industry, and the company faces significant capital pressure[44](index=44&type=chunk) [Corporate Governance, Environment, and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors and senior management, as well as the proposed profit distribution plan for the half-year [Changes in Directors and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, Lei Xuan was appointed as Deputy General Manager, while Zhu Xiaoping resigned as Supervisor and Shen Jianliang resigned as Deputy General Manager - Lei Xuan was appointed as Deputy General Manager[47](index=47&type=chunk) - Zhu Xiaoping resigned as Supervisor[47](index=47&type=chunk) - Shen Jianliang resigned as Deputy General Manager[47](index=47&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) The proposed half-year profit distribution or capital reserve capitalization plan is to not distribute or capitalize, with zero bonus shares, dividends, or transfers per 10 shares - The proposed half-year profit distribution or capital reserve capitalization plan is to not distribute or capitalize[47](index=47&type=chunk) - The number of bonus shares, dividends, and transfers per 10 shares is **0**[47](index=47&type=chunk) [Significant Matters](index=17&type=section&id=Section%20V%20Significant%20Matters) This section addresses significant events, including major lawsuits and arbitrations, during the reporting period [Major Litigation and Arbitration Matters](index=17&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[50](index=50&type=chunk) [Share Changes and Shareholder Information](index=19&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure at the end of the reporting period [Changes in Share Capital](index=19&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital and share structure remained unchanged during the reporting period - The company's total share capital and share structure remained unchanged during the reporting period[55](index=55&type=chunk) [Shareholder Information](index=19&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **24,039** common shareholders, with Chongming District State-owned Assets Supervision and Administration Commission holding the largest stake at **32.51%** - As of the end of the reporting period, the total number of common shareholders was **24,039**[56](index=56&type=chunk) Top Ten Shareholders' Shareholding (As of End of Reporting Period) | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Chongming District State-owned Assets Supervision and Administration Commission | 114,341,751 | 32.51 | 96,753,547 | State-owned Legal Person | | Caida Securities Co., Ltd. | 3,937,150 | 1.12 | 0 | State-owned Legal Person | | Feng Ming | 2,100,000 | 0.60 | 0 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-owned Enterprise ETF | 2,056,160 | 0.58 | 0 | Other | | J. P. Morgan Securities PLC - Proprietary Funds | 1,961,297 | 0.56 | 0 | Other | - The **96,753,547** restricted shares held by Chongming District State-owned Assets Supervision and Administration Commission, although eligible for circulation, have not yet applied for lifting of restrictions[60](index=60&type=chunk) [Bond-Related Information](index=22&type=section&id=Section%20VII%20Bond-Related%20Information) This section addresses the company's bond and debt financing instruments, including convertible corporate bonds, for the reporting period [Corporate Bonds and Debt Financing Instruments](index=22&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) Disclosure of corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments is not applicable for the company during this reporting period - Information on corporate bonds and non-financial enterprise debt financing instruments is not applicable[63](index=63&type=chunk) [Convertible Corporate Bonds](index=22&type=section&id=II.%20Convertible%20Corporate%20Bonds) Disclosure of convertible corporate bonds is not applicable for the company during this reporting period - Information on convertible corporate bonds is not applicable[63](index=63&type=chunk) [Financial Report](index=23&type=section&id=Section%20VIII%20Financial%20Report) This section includes the audit report, comprehensive financial statements, company basic information, accounting policies, tax details, and notes to the financial statements [Audit Report](index=23&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[65](index=65&type=chunk) [Financial Statements](index=23&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[65](index=65&type=chunk)[68](index=68&type=chunk)[72](index=72&type=chunk)[74](index=74&type=chunk)[77](index=77&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk)[87](index=87&type=chunk) [Consolidated Balance Sheet](index=23&type=page&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **CNY 5.055 billion**, down **2.55%** from year-end; total liabilities were **CNY 3.635 billion**, down **3.39%**; and owners' equity attributable to the parent company was **CNY 931 million**, down **0.75%** Consolidated Balance Sheet Key Data (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 5,055,085,058.88 | 5,187,486,713.09 | | Total Liabilities | 3,635,264,478.71 | 3,762,379,810.24 | | Total Owners' Equity Attributable to Parent Company | 930,573,010.26 | 937,591,293.85 | [Consolidated Income Statement](index=27&type=page&id=Consolidated%20Income%20Statement) In H1 2025, consolidated total operating revenue was **CNY 212.10 million**, down **20.90%**; net profit was **-CNY 8.58 million**, turning from profit to loss; and net profit attributable to parent company shareholders was **-CNY 10.32 million**, down **178.73%** Consolidated Income Statement Key Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 212,102,647.81 | 268,146,001.41 | | Total Operating Cost | 220,240,468.50 | 293,742,425.95 | | Total Profit | -6,744,654.69 | 2,093,618.67 | | Net Profit | -8,583,447.68 | 10,946,367.17 | | Net Profit Attributable to Parent Company Shareholders | -10,315,408.59 | 13,102,023.46 | | Basic Earnings Per Share (CNY/share) | -0.0293 | 0.0372 | [Consolidated Cash Flow Statement](index=30&type=page&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **-CNY 481.39 million**, a **214.85%** year-on-year decrease; net cash flow from investing activities was **-CNY 91.19 million**, a **507.83%** decrease; and net cash flow from financing activities was **-CNY 90.90 million** Consolidated Cash Flow Statement Key Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -481,392,661.63 | 419,144,406.78 | | Net Cash Flow from Investing Activities | -91,190,647.95 | 22,360,002.39 | | Net Cash Flow from Financing Activities | -90,903,695.07 | -12,281,610.12 | | Net Increase in Cash and Cash Equivalents | -663,487,004.65 | 429,222,799.05 | | Cash and Cash Equivalents at Period End | 476,006,179.18 | 754,933,197.32 | [Company Basic Information](index=39&type=section&id=III.%20Company%20Basic%20Information) Shanghai Yatong Co., Ltd., listed on November 19, 1993, has a registered capital of **CNY 352 million** and engages in real estate development, construction, metal sales, and photovoltaic equipment sales - The company was listed on **November 19, 1993**, with a registered capital of **CNY 351.7641 million**[90](index=90&type=chunk) - The company's main business activities include real estate development and operation, construction labor subcontracting, construction engineering, metal material sales, and photovoltaic equipment and component sales[90](index=90&type=chunk) [Basis of Financial Statement Preparation](index=39&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and related regulations, primarily using historical cost measurement - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations[91](index=91&type=chunk) - Accounting is based on the accrual method, with historical cost measurement used for all items except specific financial instruments and investment properties[91](index=91&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[92](index=92&type=chunk) [Significant Accounting Policies and Estimates](index=39&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for various businesses, including enterprise mergers, financial instruments, inventories, fixed assets, intangible assets, and revenue recognition - The company's main businesses include real estate development and operation, construction labor subcontracting, construction engineering, metal material sales, and photovoltaic equipment and component sales[93](index=93&type=chunk) - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[94](index=94&type=chunk) - The accounting year follows the calendar year, with **12 months** as one operating cycle[95](index=95&type=chunk)[96](index=96&type=chunk) - Detailed accounting treatment methods for business combinations under common control and non-common control are explained, including asset and liability measurement and goodwill recognition[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The classification, recognition, measurement, and derecognition methods for financial assets and liabilities, as well as fair value determination methods, are elaborated[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Inventory classifications include development products and development costs, valued at cost, with issuance priced using the weighted average method or specific identification method, and provisions for inventory impairment defined[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk) - Fixed asset depreciation uses the straight-line method, with depreciation periods varying by asset category, such as **2-50 years** for buildings and structures, and **25 years** for photovoltaic equipment[148](index=148&type=chunk)[149](index=149&type=chunk) - Revenue recognition and measurement policies are differentiated by business type (real estate sales, goods sales, construction services, hotel room services), identifying performance obligations and recognizing revenue over time or at a point in time[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) [Taxes](index=58&type=section&id=VI.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with rates of **3%-13%**, **5%**, and **25%** respectively, and some subsidiaries enjoying tax incentives Major Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value-Added Amount | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Taxable VAT, Consumption Tax Amount | 5% | | Corporate Income Tax | Taxable Income | 25% | - Subsidiaries engaged in planting, such as Shanghai Yatong Ecological Agriculture Development Co., Ltd., are exempt from VAT and corporate income tax[184](index=184&type=chunk) - New energy projects (Wuhu Yaneng New Energy Co., Ltd., Shanghai Yashen Shuwei New Energy Development Co., Ltd.) enjoy a "three-year exemption, three-year half reduction" corporate income tax preferential policy[186](index=186&type=chunk) - The company's transportation income is subject to simplified VAT collection at a **3%** rate; rental of immovable property opts for simplified tax calculation, taxed at a **5%** rate[185](index=185&type=chunk) [Notes to Consolidated Financial Statement Items](index=59&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end and beginning balances and changes for each consolidated financial statement item, explaining significant variations in key metrics like monetary funds, receivables, inventory, fixed assets, borrowings, revenue, and net profit Monetary Funds Variation (Period End vs. Period Beginning) | Item | Period End Balance (CNY) | Period Beginning Balance (CNY) | | :--- | :--- | :--- | | Total | 480,143,315.89 | 1,143,630,320.54 | Accounts Receivable and Bad Debt Provision (Period End) | Category | Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Total | 331,918,361.02 | 21,739,717.16 | 310,178,643.86 | Other Receivables and Bad Debt Provision (Period End) | Item | Period End Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Total | 376,458,010.28 | 2,054,042.02 | 374,403,968.26 | Inventory Classification (Period End) | Item | Book Balance (CNY) | Inventory Impairment Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Development Products | 170,604,537.05 | 1,836,280.75 | 168,768,256.30 | | Development Costs | 2,795,857,616.13 | 0.00 | 2,795,857,616.13 | | Total | 2,967,876,738.71 | 1,836,280.75 | 2,966,040,457.96 | Fixed Assets (Period End) | Item | Original Book Value (CNY) | Accumulated Depreciation (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Total | 412,001,777.15 | 87,592,497.41 | 324,409,279.74 | Construction in Progress (Period End) | Item | Book Balance (CNY) | Book Value (CNY) | | :--- | :--- | :--- | | Shanghai Yadao Chongming Xincun Wind Farm Project | 19,145,911.95 | 19,145,911.95 | | Total | 19,145,911.95 | 19,145,911.95 | Short-term Borrowings Classification (Period End) | Item | Period End Balance (CNY) | | :--- | :--- | | Mortgage Loans | 57,510,338.29 | | Guaranteed Loans | 143,172,467.43 | | Credit Loans | 44,588,708.34 | | Total | 245,271,514.06 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 202,052,391.70 | 179,897,674.71 | | Other Businesses | 10,050,256.11 | 4,721,098.88 | | Total | 212,102,647.81 | 184,618,773.59 | [R&D Expenses](index=113&type=section&id=VIII.%20R%26D%20Expenses) The company did not disclose detailed information on R&D expenses by nature, capitalized R&D projects, or significant externally acquired R&D projects during the reporting period - The company did not disclose detailed information on R&D expenses by nature, capitalized R&D project development expenditures, or significant externally acquired R&D projects[325](index=325&type=chunk)[326](index=326&type=chunk) [Changes in Consolidation Scope](index=114&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope did not undergo significant changes during the reporting period, with no non-common control business combinations, common control business combinations, reverse acquisitions, or loss of control over subsidiaries - During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or loss of control over subsidiaries[326](index=326&type=chunk)[327](index=327&type=chunk) [Interests in Other Entities](index=115&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in various subsidiaries across multiple industries, mostly **100%**, with Shanghai Changhong Xingtong Real Estate Development Co., Ltd. being a significant non-wholly owned subsidiary Major Subsidiary Shareholding | Subsidiary Name | Business Nature | Shareholding (%) | | :--- | :--- | :--- | | Shanghai Yatong Taxi Co., Ltd. | Transportation | 100 | | Shanghai Yatong Ecological Agriculture Development Co., Ltd. | Agriculture | 90 (Direct) + 10 (Indirect) | | Shanghai Yatong Culture Communication Co., Ltd. | Advertising | 100 | | Shanghai Yatong Property Development Co., Ltd. | Real Estate Development | 100 | | Shanghai Ximeng Wumao Co., Ltd. | Trade | 70 (Direct) + 30 (Indirect) | | Shanghai Yatong Communication Engineering Co., Ltd. | Engineering Construction | 51 (Direct) + 49 (Indirect) | | Shanghai Wuhua Holiday Hotel Co., Ltd. | Catering, Accommodation | 100 | | Shanghai Changhong Xingtong Real Estate Development Co., Ltd. | Real Estate Development | 60 | | Shanghai Yadao New Energy Technology Co., Ltd. | Solar Power Generation Technology Services | 100 | Financial Information of Significant Non-Wholly Owned Subsidiaries (Jan-Jun 2025) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (CNY) | Minority Interests Balance at Period End (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Changhong Xingtong Real Estate Development Co., Ltd. | 40 | 1,814,695.36 | 449,633,455.55 | - The company's significant associate is Shanghai Zhongju Investment Development Co., Ltd., with a **35.00%** shareholding, accounted for using the equity method[335](index=335&type=chunk) - Shanghai Zhongju Investment Development Co., Ltd. reported a net loss of **-CNY 505,556.88** for the current period[337](index=337&type=chunk) [Government Grants](index=122&type=section&id=XI.%20Government%20Grants) The company did not disclose government grants recognized by receivable amounts or related liabilities, but grants included in current profit and loss are listed under other income - During the reporting period, the company did not disclose government grants recognized by receivable amounts or liabilities involving government grants[339](index=339&type=chunk) - Government grants included in current profit and loss are listed under other income[339](index=339&type=chunk) [Risks Related to Financial Instruments](index=122&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company did not disclose specific risks related to financial instruments and did not engage in hedging activities for risk management - The company did not disclose specific risks related to financial instruments[339](index=339&type=chunk) - The company did not engage in hedging activities for risk management[339](index=339&type=chunk) [Disclosure of Fair Value](index=123&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) The company's total assets continuously measured at fair value at period-end were **CNY 73.23 million**, primarily other equity instrument investments, with other financial instruments' fair values assessed as similar to book values Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Period End Fair Value (CNY) | | :--- | :--- | | Other Equity Instrument Investments | 73,234,390.75 | | Total Assets Continuously Measured at Fair Value | 73,234,390.75 | - The company's management assessed that the fair values of financial assets and liabilities not measured at fair value, such as monetary funds, notes receivable, accounts receivable, other receivables, short-term borrowings, and accounts payable, are similar to their book values[342](index=342&type=chunk) [Related Parties and Related Party Transactions](index=124&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Related parties include subsidiaries, the associate Shanghai Zhongju Investment Development Co., Ltd., and other minority shareholders, with intercompany receivables and payables, and key management personnel compensation of **CNY 2.37 million** - The company's significant associate is Shanghai Zhongju Investment Development Co., Ltd.[344](index=344&type=chunk) - Other related parties include Shanghai Chongming Real Estate Development Co., Ltd., Shanghai Chundu Enterprise Management Co., Ltd., and other minority shareholders[345](index=345&type=chunk) Receivables from Related Parties (Period End) | Item Name | Related Party | Period End Book Balance (CNY 10,000) | | :--- | :--- | :--- | | Other Receivables | Shanghai Chongming Real Estate Development Co., Ltd. | 380.00 | | Other Receivables | Shanghai Chundu Enterprise Management Co., Ltd. | 18.25 | Payables to Related Parties (Period End) | Item Name | Related Party | Period End Book Balance (CNY) | | :--- | :--- | :--- | | Other Payables | Shanghai Zhongju Investment Development Co., Ltd. | 5,932.50 | Key Management Personnel Compensation | Item | Amount Incurred in Current Period (CNY 10,000) | | :--- | :--- | | Key Management Personnel Compensation | 237.00 | [Share-based Payment](index=127&type=section&id=XV.%20Share-based%20Payment) Disclosure of share-based payment information is not applicable for the company during the reporting period, as no equity-settled or cash-settled share-based payments occurred - The company's share-based payment information is not applicable[353](index=353&type=chunk) [Commitments and Contingencies](index=127&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure[353](index=353&type=chunk) [Events After the Balance Sheet Date](index=128&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events, profit distributions, or sales returns requiring disclosure occurred between the reporting period end and the approval date of this report - No significant non-adjusting events, profit distributions, or sales returns requiring disclosure occurred between the reporting period end and the approval date of this report[354](index=354&type=chunk) [Other Significant Matters](index=128&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no other significant transactions or events impacting investor decisions, such as prior period accounting error corrections, major debt restructurings, or asset exchanges - During the reporting period, the company had no prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information, or other significant matters[354](index=354&type=chunk)[355](index=355&type=chunk) [Notes to Parent Company Financial Statement Items](index=129&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section details the parent company's other receivables, long-term equity investments, operating revenue and costs, and investment income, noting a significant decrease in other receivables and an increase in long-term equity investments Parent Company Other Receivables (Period End vs. Period Beginning) | Item | Period End Balance (CNY) | Period Beginning Balance (CNY) | | :--- | :--- | :--- | | Other Receivables | 195,041,498.31 | 539,316,034.85 | | Total | 195,041,498.31 | 539,316,034.85 | - The parent company's other receivables significantly decreased at period-end, mainly due to reduced intercompany balances with subsidiaries[362](index=362&type=chunk) Parent Company Long-term Equity Investments (Period End vs. Period Beginning) | Item | Period End Balance (CNY) | Period Beginning Balance (CNY) | | :--- | :--- | :--- | | Investments in Subsidiaries | 489,966,974.59 | 435,166,220.53 | | Total | 489,966,974.59 | 435,166,220.53 | - The parent company's long-term equity investments increased at period-end, mainly due to additional investments in subsidiaries such as Shanghai Yadao New Energy Technology Co., Ltd.[372](index=372&type=chunk) Parent Company Operating Revenue and Operating Cost (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Other Businesses | 7,454,255.45 | 3,878,131.68 | | Total | 7,454,255.45 | 3,878,131.68 | - The parent company's investment income for the current period was **CNY 0**, compared to **CNY 21.04 million** in the prior period, primarily from the disposal of long-term equity investments and other non-current financial assets in the prior period[376](index=376&type=chunk) [Supplementary Information](index=138&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary details, including a breakdown of non-recurring gains and losses totaling **CNY 626,900** and key profitability metrics like weighted average return on net assets and basic earnings per share Current Period Non-Recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -25,613.81 | | Government Subsidies Included in Current Profit and Loss | 389,796.46 | | Asset Losses Arising from Force Majeure | -17,652.83 | | Other Non-Operating Income and Expenses Apart from the Above | 281,781.49 | | Less: Income Tax Impact | 1,496.52 | | Impact on Minority Interests (After Tax) | -78.00 | | Total | 626,892.79 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | -1.1043 | -0.0293 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | -1.1714 | -0.0311 |

苏州电器科学研究院股份有限公司 2025 年半年度报告全文 苏州电器科学研究院股份有限公司 2025 年半年度报告 2025-046 【2025-8-27】 1 苏州电器科学研究院股份有限公司 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。 公司负责人陈凤林、主管会计工作负责人袁磊及会计机构负责人(会计主 管人员)袁磊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划、发展规划及经营计划的等前瞻性陈述，均 不构成公司对投资者的实质承诺，请投资者注意投资风险。投资者及相关人 士均应对此保持足够的风险认识，并应当理解计划、预测与承诺之间的差异。 公司在经营管理中可能面临的风险与应对措施已在本报告"第三节 管理层 讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述，请广大投资 者查阅并注意投资风险。 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 | . | ...

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