公司代码：600977 公司简称：中国电影 中国电影产业集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人傅若清、主管会计工作负责人王蓓及会计机构负责人（会计主管人员）李宁声 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 不适用 六、 前瞻性陈述的风险声明 中国电影产业集团股份有限公司 2025 年半年度报告 本报告所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述存在的产业政策变动风险、市场风险和经营风险等内容，敬请查阅第 ...

浙江迎丰科技股份有限公司 2025 年半年度报告 公司代码：605055 公司简称：迎丰股份 浙江迎丰科技股份有限公司 2025 年半年度报告 1 / 158 浙江迎丰科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 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、 公司负责人傅双利、主管会计工作负责人周永华及会计机构负责人（会计主管人员）周永 华声明：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 本报告中涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，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 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已于本报告中详细阐述公司在生产经营过程中可能面临 ...

Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines specific terms and company abbreviations used in the report to ensure clarity and consistency of content - The report provides clear definitions for common terms such as **Wanxiang Sannong**, **Denong Seed**, **the Company or this Company, Wanxiang Denong**, **SSE or Exchange**, and **CSRC**[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides Wanxiang Denong's basic info, stock overview, and key financial indicators, explaining changes [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Wanxiang Denong Co., Ltd. (Wanxiang Denong) has Cui Liguo as its legal representative - The company's legal representative is **Cui Liguo**[10](index=10&type=chunk) [II. Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) He Xiaoshan is the Board Secretary; contact phone/fax is 0451-82368448, email wanxiangdenong@126.com - The Board Secretary is **He Xiaoshan**, with contact number **0451-82368448**[11](index=11&type=chunk) [III. Overview of Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address is No. 18 Yushan Road, Harbin; office at Room 1003, No. 227 Hongqi Street - The company's office address is located at Room 1003, No. 227 Hongqi Street, Xiangfang District, Harbin, Heilongjiang Province[12](index=12&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Information disclosure newspapers are China Securities Journal and Securities Daily; reports on www.sse.com.cn - The company's information disclosure newspapers are **China Securities Journal** and **Securities Daily**, and its website is **www.sse.com.cn**[13](index=13&type=chunk) [V. Company Stock Overview](index=4&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, stock abbreviation Wanxiang Denong, code 600371 - The company's stock code is **600371**, stock abbreviation **Wanxiang Denong**, listed on the **Shanghai Stock Exchange**[14](index=14&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue and profit declined due to lower selling prices; operating cash flow improved but was negative Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 117,217,101.91 yuan | 155,032,880.36 yuan | -24.39 | | Total Profit | 27,561,208.86 yuan | 45,230,613.94 yuan | -39.07 | | Net Profit Attributable to Listed Company Shareholders | 24,852,586.20 yuan | 40,964,100.48 yuan | -39.33 | | Net Cash Flow from Operating Activities | -30,206,389.42 yuan | -61,598,671.06 yuan | Not applicable | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 554,806,402.83 yuan | 573,840,516.63 yuan | -3.32 | | Total Assets (Period-end) | 711,811,652.47 yuan | 809,366,114.51 yuan | -12.05 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.0849 | 0.1400 | -39.36 | | Diluted EPS (yuan/share) | 0.0849 | 0.1400 | -39.36 | | Basic EPS after Non-recurring Gains/Losses (yuan/share) | 0.0820 | 0.1348 | -39.17 | | Weighted Average ROE (%) | 4.4040 | 7.1747 | decreased by 2.77 percentage points | | Weighted Average ROE after Non-recurring Gains/Losses (%) | 4.2527 | 6.9080 | decreased by 2.66 percentage points | - The primary reason for the decrease in operating revenue was lower selling prices in the current period[17](index=17&type=chunk) - The primary reason for the decrease in total profit and net profit was the decline in operating revenue[17](index=17&type=chunk) - The increase in net cash flow from operating activities was primarily due to reduced seed production area, leading to lower payments for seed production[17](index=17&type=chunk) [IX. Non-recurring Gains/Losses Items and Amounts](index=5&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses were **853,658.04 yuan**, primarily from government grants 2025 Non-recurring Gains/Losses Items for H1 | Non-recurring Gains/Losses Items | Amount (yuan) | | :--- | :--- | | Government Grants Recognized in Current P&L (excluding those with continuous impact) | 964,510.43 | | Other Non-operating Income and Expenses (excluding the above) | -16,001.50 | | Impact on Minority Interests (after tax) | -94,850.89 | | Total | 853,658.04 | Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's operating strategies, R&D, quality control, sales, and core competitiveness in an oversupplied corn seed market, detailing financial changes and risks [I. Discussion and Analysis of Operations](index=6&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E

广州尚品宅配家居股份有限公司 2025 年半年度报告全文 广州尚品宅配家居股份有限公司 2025 年半年度报告 2025 年 8 月 1 公司负责人李连柱、主管会计工作负责人及会计机构负责人（会计主管 人员）张启枝声明：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。 半年度报告涉及未来计划等前瞻性陈述属于计划性事项，均不构成公司 对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。 公司经营过程中可能面对的重大风险，请投资者仔细阅读本报告第三节 "管理层讨论与分析"之十"公司面临的风险和应对措施"。 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 | | 5 | | --- | --- | | | 4 | | | A | 广州尚品宅配家居股份有限公司 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。 | 第一节 | 重要提示、目录和释 ...

广东中南钢铁股份有限公司 2025 年半年度报告全文 广东中南钢铁股份有限公司 2025 年半年度报告 2025-31 【2025 年 8 月 27 日】 1 广东中南钢铁股份有限公司 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。 公司负责人兰银、主管会计工作负责人兰银及会计机构负责人(会计主管 人员)王燊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 公司在本报告第三节 管理层讨论与分析中"十、公司面临的风险和应对 措施"描述了公司经营中可能面临的风险及公司应对措施，敬请查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | 广东中南钢铁股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务 ...

中国海诚工程科技股份有限公司 CHINA HAISUM ENGINEERING CO.,LTD. (002116) 2025年半年度报告 2025 年 08 月 中国海诚工程科技股份有限公司 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。 公司法定代表人李士军先生、主管会计工作负责人林琳女士及会计机构负责人张文文女士声明：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2025年半年度不派发现金红利，不送红股，不以公积金转增股本。 1 中国海诚工程科技股份有限公司 2025 年半年度报告全文 重大风险提示 外部环境风险：公司的业务与轻工行业周期高度相关，由于市场需求不足，部分轻工工程领域已趋 饱和，且市场竞争加剧，价格竞争进一步加剧，导致行业毛利率逐年下降。 公司拟采取的防控措施：公司将发挥主动性，练好内功，以提升抗风险的能力。一是科学规划发展 路径，充分考虑外部环境风险影响，做好"十四五"规划 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, 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, bearing individual and joint legal responsibility[3](index=3&type=chunk) - Company head Sun Weiyong, chief accountant Chen Hong, and accounting department head Chen Hong declare the financial report in this semi-annual 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 for this half-year period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear table of contents lists eight main chapters, providing comprehensive information navigation for investors. - The report contains eight main chapters, from company profile to financial report, with a clear structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides detailed explanations for key terms, company entities, industry abbreviations, and financial periods used in the report, ensuring accurate understanding. - "Company, this company, joint-stock company, Yitian Shares, Yitian Intelligent" all refer to Zhejiang Yitian Intelligent Kitchen Appliance Co., Ltd[9](index=9&type=chunk) - "Integrated stove" refers to a multi-functional kitchen appliance product based on range hood and stove functions, integrating other kitchen appliance functions such as disinfection cabinets, steam ovens, and ovens[9](index=9&type=chunk) - "Reporting period, current period, current year" refers to January 1, 2025, to June 30, 2025[9](index=9&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Yitian Intelligent Kitchen Appliance Co., Ltd., stock code 300911, is listed on the Shenzhen Stock Exchange, with Sun Weiyong as its legal representative. - Company stock abbreviation: Yitian Intelligent, stock code: **300911**[11](index=11&type=chunk) - Company stock listed on: Shenzhen Stock Exchange[11](index=11&type=chunk) - Company legal representative: Sun Weiyong[11](index=11&type=chunk) [2. Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Dong Bo, located at No. 68 Zhedian Road, Pukou Street, Shengzhou City, Shaoxing, Zhejiang, with contact details provided. - Board Secretary: Dong Bo[12](index=12&type=chunk) - Contact phone: **0575-83260370**[12](index=12&type=chunk) - Email: stock@entive.com[12](index=12&type=chunk) [3. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes in company contact, disclosure, or storage locations during the reporting period, but the registration date changed from January 22, 2024, to February 24, 2025. - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period[13](index=13&type=chunk) - The company's designated website and media for semi-annual report disclosure, and the location for semi-annual report availability, remained unchanged during the reporting period[14](index=14&type=chunk) Registered Change Status | Indicator | Registration Date | | :--- | :--- | | Registration at beginning of reporting period | January 22, 2024 | | Registration at end of reporting period | February 24, 2025 | [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's key financial indicators significantly declined this period, with revenue down 49.09% and net profit attributable to shareholders down 507.01% to -71.69 million yuan. Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year) | Indicator | Current Reporting Period (yuan) | Prior Year (yuan) | Change from Prior Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 174,476,019.39 | 342,739,358.83 | -49.09% | | Net Profit Attributable to Listed Company Shareholders | -71,685,739.75 | 17,612,745.13 | -507.01% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -79,340,741.03 | 9,902,671.44 | -901.21% | | Net Cash Flow from Operating Activities | -158,571,935.98 | -31,197,313.45 | -408.29% | | Basic Earnings Per Share (yuan/share) | -0.3981 | 0.0985 | -504.16% | | Diluted Earnings Per Share (yuan/share) | -0.3981 | 0.0985 | -504.16% | | Weighted Average Return on Net Assets | -5.16% | 1.17% | -6.33% | Key Accounting Data and Financial Indicators (Current Reporting Period End vs. Prior Year End) | Indicator | Current Reporting Period End (yuan) | Prior Year End (yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets | 2,106,302,981.46 | 2,400,890,112.21 | -12.27% | | Net Assets Attributable to Listed Company Shareholders | 1,232,536,396.09 | 1,407,407,822.15 | -12.43% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between domestic and international/overseas accounting standards during the period. - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[18](index=18&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards during the reporting period[19](index=19&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses for the period were 7.66 million yuan, primarily from government subsidies, fair value changes, and non-current asset disposals. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -239,168.69 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 6,334,490.16 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 1,998,618.42 | | Other non-operating income and expenses apart from the above items | 8,115.14 | | Less: Income tax impact | 447,053.75 | | Total | 7,655,001.28 | - The individual income tax handling fee refund of **117,758.16 yuan** was classified as recurring income because it is a regular business activity under national tax policies[22](index=22&type=chunk) Section III Management Discussion and Analysis [1. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business is kitchen appliance manufacturing, but it is actively expanding into the computing power sector as a "smart computing one-stop pioneer service provider". - The company belongs to the kitchen appliance industry, which is highly correlated with the real estate industry, and the sluggish real estate market in the first half of 2025 significantly impacted the kitchen appliance market[24](index=24&type=chunk) - The company's strategic layout in the computing power sector is a core initiative for its transformation from traditional kitchen appliance manufacturing to a "second growth curve," establishing a differentiated path as a "smart computing one-stop pioneer service provider"[26](index=26&type=chunk) - The company's main products include integrated stoves (steam-roast separate, steam-roast integrated, steam oven, disinfection cabinet, warming cabinet, and storage cabinet models), integrated sinks, and integrated dishwashers, also providing computing power hardware and resource services[29](index=29&type=chunk)[30](index=30&type=chunk) [(I) Industry Development Overview](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The kitchen appliance industry, tied to real estate, saw significant declines in integrated stove sales, prompting the company to pivot to a full-stack domestic smart computing center. - In the first half of 2025, real estate development enterprises' new housing starts decreased by **20.0%** year-on-year, and new commercial housing sales area decreased by **3.5%** year-on-year, significantly impacting the kitchen appliance market[24](index=24&type=chunk) Integrated Stove Market Retail Data (During Reporting Period) | Indicator | Amount/Quantity | Year-on-Year Decrease | | :--- | :--- | :--- | | Retail Sales | 6.57 billion yuan | 27.6% | | Retail Volume | 781,000 units | 31.5% | - The company is strategically investing in the computing power sector, building the first full-stack domestically produced large-scale intelligent computing center, utilizing domestic AI chips from Biren Technology, and becoming an S-level distributor, forming a "device + service" dual-wheel sales model[27](index=27&type=chunk)[28](index=28&type=chunk) [(II) Main Business, Products, and Their Uses](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company manufactures integrated kitchen appliances and provides customized computing power hardware and resource services as a "smart computing one-stop pioneer service provider". - The company specializes in the research, development, production, and sales of modern new kitchen appliance products such as integrated stoves, committed to building healthy, open, and intelligent integrated kitchens for millions of families[29](index=29&type=chunk) - Integrated stove products can be categorized by function into steam-roast separate, steam-roast integrated, steam oven, disinfection cabinet, warming cabinet, and storage cabinet models[29](index=29&type=chunk) - In the computing power sector, the company is positioned as a "smart computing one-stop pioneer service provider," offering full-stack computing power support based on "compute + storage + network" and flexible computing power resource services[30](index=30&type=chunk) [(III) Business Model](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model involves centralized procurement, "production-to-order" manufacturing with core processes in-house, and diverse sales channels including offline, online, and project-based. - The company's main raw materials are centrally procured by the procurement center, with procurement plans developed based on sales orders, production plans, and inventory levels[30](index=30&type=chunk) - The company implements a "production-to-order" manufacturing model, primarily through in-house production supplemented by outsourced production, with core processes handled internally and non-core processes outsourced[30](index=30&type=chunk) - Sales channels include offline and online distribution, e-commerce direct sales (e.g., JD, Tmall flagship stores), KA channels, engineering channels, home decoration channels, and OEM export models[31](index=31&type=chunk) [(IV) Performance Drivers](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance is driven by continuous technological innovation, diversified product matrix, enhanced brand marketing, accelerated multi-channel development, and optimized internal management. - The company continuously promotes technological innovation and achievement transformation, drives product iteration, actively researches and produces high-end, intelligent, integrated, green, and unmanned kitchen appliance products, building a diversified product matrix[32](index=32&type=chunk) - The company deepens its brand marketing strategy, strengthens its recognition in the mid-to-high-end consumer market, and builds a comprehensive publicity matrix that integrates online and offline, traditional and new media[32](index=32&type=chunk) - The company accelerates the synergistic development of all channels, owning over **1,500 dealers** as of the end of the reporting period, and actively develops e-commerce, home decoration, KA channels, and new retail businesses to expand market coverage[33](index=33&type=chunk) [2. Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strong R&D, extensive marketing and service networks, stringent quality management, intelligent manufacturing, experienced management, and a multi-layered computing power technology system. - The company is a national high-tech enterprise, holding **640 patents** (including **31 invention patents**), and has received multiple international design awards such as the German IF Design Award and Red Dot Design Award[38](index=38&type=chunk) - The company is building a full-channel marketing and service network, possessing a stable and efficient dealer team, and implementing a multi-dimensional channel strategy including "KA channels + e-commerce channels + home decoration channels + engineering channels + sinking channels"[40](index=40&type=chunk) - As the first integrated stove company selected for Zhejiang Province's "Future Factory" pilot, the company actively explores industrial transformation and upgrading, deepening its data intelligence-driven operating model[41](index=41&type=chunk) - The company is committed to building a multi-layered computing power technology system "from resources to services, from technology to ecosystem," emphasizing deep support for large model training, inference, and industry AI applications[42](index=42&type=chunk) [(I) R&D and Design Advantages](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%A0%94%E5%8F%91%E8%AE%BE%E8%AE%A1%E4%BC%98%E5%8A%BF) As a national high-tech enterprise, the company holds 640 patents and multiple international design awards, demonstrating leading R&D capabilities in the integrated stove industry. - The company is a national high-tech enterprise, with talent platforms such as the "Zhejiang Provincial Postdoctoral Workstation," mastering core technologies like side-suction downward exhaust and oil-smoke separation[38](index=38&type=chunk) - As of the end of the reporting period, the company held a total of **640 patents**, including **31 invention patents**, **498 utility model patents**, **111 design patents**, and **10 software copyrights**, ranking among the leaders in the domestic integrated stove industry[38](index=38&type=chunk) - The company's products have successively won design awards such as the German IF Design Award, International CMF Design Award, German Red Dot Design Award, and American IDEA Design Award[38](index=38&type=chunk) [(II) Marketing Advantages](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%90%A5%E9%94%80%E4%BC%98%E5%8A%BF) The company boasts a comprehensive marketing and service network, though e-commerce sales declined, and maintains high customer satisfaction with its professional after-sales team. E-commerce Platform Overall Sales (During Reporting Period) | Platform | Store Page Views (millions) | Store Members (millions) | Active Users (buyers) | Total Transaction Amount (10,000 yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | JD | 2.4211 | 2.1410 | 7,232 | 6,364.29 | -54.85% | | Tmall | 6.3256 | 0.2314 | 4,227 | 4,400.50 | -46.56% | | Total | 8.7467 | 2.3724 | 11,459 | 10,764.79 | -51.80% | Core Category Sales (During Reporting Period) | Product Category | Sales Amount (10,000 yuan) (incl. tax) | Number of Orders | Number of Buyers | Sales Amount Percentage | | :--- | :--- | :--- | :--- | :--- | | Integrated Stove | 10,695.73 | 12,053.00 | 11,109.00 | 99.36% | | Other | 69.06 | 495.00 | 350.00 | 0.64% | | Total | 10,764.79 | 12,548.00 | 11,459.00 | 100.00% | - The company views after-sales service as a new starting point for marketing, deploying a professional "Yitian Service Squad" after-sales team, and has been continuously rated with "Five-star After-sales Service Certification" and "Ten-star Customer Satisfaction Certification"[40](index=40&type=chunk) [(III) Quality Management Advantages](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%B4%A8%E9%87%8F%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company, the only integrated stove enterprise to win the "Zhejiang Provincial Government Quality Award," maintains a robust quality management system and participates in industry standard-setting. - The company is the only enterprise in the integrated stove industry to receive the "Zhejiang Provincial Government Quality Award," having established a comprehensive quality management system and obtained ISO 9001:2015 certification[40](index=40&type=chunk) - The company possesses a national-level laboratory with comprehensive testing capabilities for the integrated stove industry, approved and accredited by the China National Accreditation Service for Conformity Assessment (CNAS)[40](index=40&type=chunk) - The company actively participates in the drafting and formulation of various industry standards, being one of the main drafting units for the Zhejiang Manufacturing Integrated Stove Standard ZZB032-2015 and the T/CNHA1020-2019 "Integrated Stove" group standard[40](index=40&type=chunk) [(IV) Production and Operation Advantages](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E7%94%9F%E4%BA%A7%E8%BF%90%E8%90%A5%E4%BC%98%E5%8A%BF) As a "Future Factory" pilot, the company leverages an industrial internet platform and big data center to achieve intelligent production, reducing energy consumption and costs. - The company is the first integrated stove enterprise selected for Zhejiang Province's "Future Factory" pilot, actively exploring industrial transformation and upgrading, and deepening its data intelligence-driven operating model[41](index=41&type=chunk) - The company has established an intelligent kitchen appliance industrial internet platform, forming a robust industrial internet network across the upstream and downstream of the supply chain and among industry enterprises[41](index=41&type=chunk) - The company's intelligent factory construction continues to upgrade, with the establishment of a big data operation center, achieving intelligent production scheduling and intelligent manufacturing of high-end integrated stove products through digital reform, significantly reducing unit energy consumption and costs, leading the development of new intelligent manufacturing[41](index=41&type=chunk) [(V) Management Team Advantages](index=13&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E7%BB%8F%E8%90%A5%E7%AE%A1%E7%90%86%E5%9B%A2%E9%98%9F%E4%BC%98%E5%8A%BF) The company benefits from an experienced, professional, and cohesive management team with deep industry knowledge, capable of adapting business strategies for sustainable growth. - The company possesses a professional, pragmatic, experienced, and harmonious management team, which is a crucial foundation for its rapid development[41](index=41&type=chunk) - Mr. Sun Weiyong, Ms. Chen Yuehua, and other key management personnel have long been engaged in the operation and management of the kitchen appliance sector, possessing extensive industry experience[41](index=41&type=chunk) - The management team is adept at grasping and leading industry trends, capable of timely refining or adjusting the company's business plans and development strategies in response to policy and market environment changes[41](index=41&type=chunk) [(VI) Strong Computing Power Technology and Supply Advantages](index=13&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E5%BC%BA%E5%A4%A7%E7%9A%84%E7%AE%97%E5%8A%9B%E6%8A%80%E6%9C%AF%E5%92%8C%E4%BE%9B%E5%BA%94%E4%BC%98%E5%8A%BF) The company is building a multi-layered computing power technology system, emphasizing efficiency, security, and cost-effectiveness, specifically designed to support large model training and AI applications. - The company is committed to building a multi-layered computing power technology system "from resources to services, from technology to ecosystem," achieving efficient, secure, and economically sustainable operations[42](index=42&type=chunk) - The core of the computing power technology lies in supporting the full lifecycle needs of artificial intelligence, balancing efficient computing power scheduling, AI task adaptability, cost control, and ecological synergy[42](index=42&type=chunk) - The company's computing power center places greater emphasis on deep support for large model training, inference, and industry AI applications, distinguishing it from general-purpose computing power centers[42](index=42&type=chunk) [3. Analysis of Main Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue declined significantly by 49.09%, and net profit attributable to shareholders dropped 507.01% due to the real estate downturn and weak market demand, with computing power business showing high growth but negative gross margin. - The company's profit structure underwent significant changes during the reporting period, primarily due to the sluggish real estate industry leading to a slowdown in demand for integrated stoves, as well as customer consumption downgrades and cautious purchasing intentions, resulting in decreased sales and profits[45](index=45&type=chunk) Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 174,476,019.39 | 342,739,358.83 | -49.09% | Industry order fluctuations and insufficient market demand | | Net Profit Attributable to Listed Company Shareholders | -71,685,739.75 | 17,612,745.13 | -507.01% | Industry order fluctuations and insufficient market demand | | Net Cash Flow from Operating Activities | -158,571,935.98 | -31,197,313.45 | -408.29% | Impact of order fluctuations and insufficient market demand, leading to reduced collections | Products or Services Accounting for Over 10% of Revenue | 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Integrated Stove | 101,858,304.33 | 77,554,889.01 | 23.86% | -66.36% | -51.87% | -22.92% | | Computing Power Business | 14,477,645.30 | 38,420,747.83 | -165.38% | 2,298.61% | 23,962.50% | -238.93% | | Other | 58,140,069.76 | 33,968,742.86 | 41.57% | 45.38% | 5.35% | 22.20% | | Total | 174,476,019.39 | 149,944,379.70 | 14.06% | -49.09% | -22.46% | -29.52% | [4. Analysis of Non-Core Business](index=14&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business negatively impacted total profit, with investment income from matured wealth management products, fair value changes from unexpired products, and asset impairment from inventory write-downs, none of which are sustainable. Non-Core Business Gains and Losses | Item | Amount (yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,260,863.82 | -3.19% | Primarily from investment income received from matured wealth management products | No | | Gains or Losses from Fair Value Changes | 1,357,703.21 | -1.91% | Primarily from fair value changes of unexpired wealth management products | No | | Asset Impairment | -5,852,302.02 | 8.25% | Primarily from provision for inventory depreciation | No | | Non-Operating Income | 122,878.60 | -0.17% | Primarily from photovoltaic power generation site lease fees received | No | | Non-Operating Expenses | 493,296.98 | -0.70% | Primarily from tax late payment fees paid | No | [5. Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by 12.27% to 2.11 billion yuan, with significant reductions in monetary funds due to wealth management purchases and contract liabilities from reduced orders. Significant Changes in Asset Composition | Item | Amount at Current Period End (yuan) | Percentage of Total Assets | Amount at Prior Year End (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 553,451,463.96 | 26.28% | 925,512,685.50 | 38.55% | -12.27% | Primarily due to the company purchasing wealth management products | | Fixed Assets | 732,408,563.24 | 34.77% | 777,251,827.26 | 32.37% | 2.40% | | | Right-of-Use Assets | 4,693,138.78 | 0.22% | 3,402,537.34 | 0.14% | 0.08% | Primarily due to new leases by the company | | Contract Liabilities | 26,430,505.65 | 1.25% | 48,193,659.75 | 2.01% | -0.76% | Primarily due to decreased order demand | | Lease Liabilities | 2,669,898.33 | 0.13% | 1,693,029.53 | 0.07% | 0.06% | Primarily due to new leases by the company | Fair Value Measured Financial Assets at Period-End | Item | Amount at Period End (yuan) | | :--- | :--- | | Trading Financial Assets | 313,709,835.92 | | Other Equity Instrument Investments | 36,988,822.35 | | Accounts Receivable Financing | 16,502,710.84 | | Total Above | 367,201,369.11 | - As of the end of the reporting period, **4,614,112.24 yuan** of monetary funds were restricted, serving as guarantees for bank acceptance bills and performance bonds[56](index=56&type=chunk) [1. Significant Changes in Asset Composition](index=15&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total assets decreased by 12.27% to 2.11 billion yuan, primarily due to reduced monetary funds from wealth management purchases and decreased contract liabilities from lower orders. Significant Changes in Asset Composition | Item | Amount at Current Period End (yuan) | Percentage of Total Assets | Amount at Prior Year End (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 553,451,463.96 | 26.28% | 925,512,685.50 | 38.55% | -12.27% | Primarily due to the company purchasing wealth management products | | Fixed Assets | 732,408,563.24 | 34.77% | 777,251,827.26 | 32.37% | 2.40% | | | Right-of-Use Assets | 4,693,138.78 | 0.22% | 3,402,537.34 | 0.14% | 0.08% | Primarily due to new leases by the company | | Contract Liabilities | 26,430,505.65 | 1.25% | 48,193,659.75 | 2.01% | -0.76% | Primarily due to decreased order demand | | Lease Liabilities | 2,669,898.33 | 0.13% | 1,693,029.53 | 0.07% | 0.06% | Primarily due to new leases by the company | [2. Major Overseas Assets](index=15&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period. - The company reported no major overseas assets during the reporting period[53](index=53&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=15&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) Total financial assets measured at fair value amounted to 367.20 million yuan, mainly comprising trading financial assets, other equity instrument investments, and accounts receivable financing. Financial Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets (excluding derivative financial assets) | 260,872,908.74 | 936,927.18 | 313,709,835.92 | | Other Equity Instrument Investments | 20,988,822.35 | | 36,988,822.35 | | Subtotal Financial Assets | 281,861,731.09 | 936,927.18 | 350,698,658.27 | | Accounts Receivable Financing | 84,345,340.65 | | 16,502,710.84 | | Total Above | 366,207,071.74 | 936,927.18 | 367,201,369.11 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | [4. Asset Restrictions at Period-End](index=16&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, 4.61 million yuan of the company's monetary funds were restricted, primarily as guarantees for bank acceptance bills and performance bonds. Asset Restrictions | Item | Book Balance (yuan) | Restricted Situation | | :--- | :--- | :--- | | Monetary Funds | 4,614,112.24 | Bank acceptance bill margin and performance bond | [6. Analysis of Investment Status](index=16&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment increased by 106.41%, primarily in fair value measured financial assets. Raised funds for two projects were terminated and reallocated to working capital. The company also engaged in wealth management but had no derivative or entrusted loan investments. - The company's investment amount during the reporting period was **36,988,822.35 yuan**, an increase of **106.41%** compared to the same period last year[57](index=57&type=chunk) - The company has terminated the construction of the "Environmental Integrated Stove Industrial Park (Phase II) Project" and the "Brand Promotion and Construction Project," and will permanently use the remaining raised funds to supplement working capital[66](index=66&type=chunk)[68](index=68&type=chunk) - The company's wealth management activities during the reporting period had an outstanding balance of **311.90 million yuan** at period-end, with no overdue amounts[71](index=71&type=chunk) [1. Overall Situation](index=16&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's total investment for the reporting period was 36.99 million yuan, a 106.41% increase compared to the previous year. Overall Investment Situation | Indicator | Amount (yuan) | Change Rate | | :--- | :--- | :--- | | Investment amount for reporting period | 36,988,822.35 | 106.41% | | Investment amount for prior year | 17,919,895.66 | | [2. Significant Equity Investments Acquired During the Reporting Period](index=16&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company made no significant equity investments during the reporting period. - The company reported no significant equity investments acquired during the reporting period[58](index=58&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=16&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant non-equity investments in progress during the reporting period. - The company reported no significant non-equity investments in progress during the reporting period[58](index=58&type=chunk) [4. Financial Assets Measured at Fair Value](index=16&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) Financial assets measured at fair value totaled 313.71 million yuan at period-end, primarily other financial assets, generating 0.94 million yuan in fair value change gains and 2.01 million yuan in cumulative investment income. Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Amount Purchased During Reporting Period (yuan) | Amount Sold During Reporting Period (yuan) | Cumulative Investment Income (yuan) | Amount at Period End (yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 260,000,000.00 | 936,927.18 | 529,680,000.00 | 477,780,000.00 | 2,014,472.53 | 313,709,835.92 | Own Funds | | Total | 260,000,000.00 | 936,927.18 | 529,680,000.00 | 477,780,000.00 | 2,014,472.53 | 313,709,835.92 | -- | [5. Use of Raised Funds](index=17&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company raised 514.94 million yuan from convertible bonds. Two committed projects were terminated, and remaining funds will permanently supplement working capital, with 496.40 million yuan unused at period-end. - The company publicly issued convertible corporate bonds with net proceeds of **514,935,678.77 yuan**, managed through special accounts[62](index=62&type=chunk) - The company has terminated the construction of the "Environmental Integrated Stove Industrial Park (Phase II) Project" and the "Brand Promotion and Construction Project," and will permanently use the remaining raised funds to supplement working capital[66](index=66&type=chunk)[68](index=68&type=chunk) - As of June 30, 2025, the unused balance of raised funds was **496.40 million yuan**, all held in the company's special raised funds accounts[65](index=65&type=chunk) [(1) Overall Use of Raised Funds](index=17&type=section&id=%EF%BC%881%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%80%BB%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company raised 514.94 million yuan from convertible bonds, managed in special accounts, and plans to use idle funds for cash management, with 496.40 million yuan remaining unused. - The company publicly issued convertible corporate bonds with net proceeds of **514,935,678.77 yuan**, and implemented special account management[62](index=62&type=chunk) - The company has adjusted the investment amount for some raised fund projects and agreed to use **1.6604 million yuan** of raised funds to replace self-raised funds already paid for issuance expenses, but as of June 30, 2025, this transfer has not yet occurred[63](index=63&type=chunk) - The company agreed to use idle raised funds not exceeding **450 million yuan** for cash management, but as of June 30, 2025, this has not yet been utilized, and the remaining balance of raised funds is **496.40 million yuan**[64](index=64&type=chunk)[65](index=65&type=chunk) [(2) Committed Projects for Raised Funds](index=18&type=section&id=%EF%BC%882%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%89%BF%E8%AF%BA%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) Two committed projects, "Environmental Integrated Stove Industrial Park (Phase II)" and "Brand Promotion and Construction," with a total committed investment of 514.94 million yuan, were terminated, and remaining funds will supplement working capital. Committed Projects for Raised Funds | Committed Investment Project | Total Committed Investment (10,000 yuan) | Cumulative Investment at Period End (10,000 yuan) | Investment Progress at Period End | | :--- | :--- | :--- | :--- | | 1. Environmental Integrated Stove Industrial Park (Phase II) Project | 36,493.57 | 180.92 | 0.50% | | 2. Brand Promotion and Construction Project | 15,000.00 | 2,981.73 | 19.88% | | Total | 51,493.57 | 3,162.65 | | - The Environmental Integrated Stove Industrial Park (Phase II) Project and the Brand Promotion and Construction Project are still under construction and have not yet generated benefits[66](index=66&type=chunk) - The company has terminated the construction of the "Environmental Integrated Stove Industrial Park (Phase II) Project" and the "Brand Promotion and Construction Project," and will permanently use the remaining raised funds to supplement working capital[66](index=66&type=chunk)[68](index=68&type=chunk) [(3) Changes in Raised Fund Projects](index=19&type=section&id=%EF%BC%883%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E5%8F%98%E6%9B%B4%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company had no changes in raised fund projects during the reporting period. - The company reported no changes in raised fund projects during the reporting period[69](index=69&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=20&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company engaged in wealth management with 311.90 million yuan outstanding at period-end, all from own funds and no overdue amounts, but had no derivative investments or entrusted loans. Wealth Management Overview | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management (10,000 yuan) | Outstanding Balance (10,000 yuan) | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own Funds | 31,190 | 31,190 | 0 | - The company reported no derivative investments during the reporting period[71](index=71&type=chunk) - The company reported no entrusted loans during the reporting period[72](index=72&type=chunk) [7. Significant Asset and Equity Disposals](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity disposals during the reporting period. - The company did not dispose of any significant assets during the reporting period[73](index=73&type=chunk) - The company did not dispose of any significant equity during the reporting period[74](index=74&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries include Yitian E-commerce, Shuyun Zhilian, Yisuan Intelligent, and Gansu Yisuan Intelligent, with Yitian E-commerce's revenue down 75.33% due to market conditions, while others' revenues align with company development. Major Subsidiary Financial Data | Company Name | Company Type | Registered Capital (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Yitian E-commerce Co., Ltd. | Subsidiary | 10,000,000 | 49,075,419.90 | 5,002,701.76 | | Hangzhou Shuyun Zhilian Technology Co., Ltd. | Subsidiary | 65,000,000 | 11,715,684.61 | 1,165,194.63 | | Zhejiang Yisuan Intelligent Technology Co., Ltd. | Subsidiary | 71,428,600 | 1,362,311.31 | 3,474,127.04 | | Gansu Yisuan Intelligent Technology Co., Ltd. | Subsidiary | 120,000,000 | 13,115,333.99 | 21,940,998.00 | | Gansu Shuyun Zhilian Technology Co., Ltd. | Subsidiary | 10,000,000 | 0.00 | -7,018.03 | - Zhejiang Yitian E-commerce Co., Ltd.'s operating revenue was **49.0754 million yuan**, a year-on-year decrease of **75.33%**, primarily due to the downturn in the real estate industry, order fluctuations, and insufficient market demand[84](index=84&type=chunk) - Gansu Shuyun Zhilian Technology Co., Ltd. was acquired through a non-common control business combination, with operating revenue of **0 yuan** during the reporting period, having a minor impact on the company's financial and operating conditions[89](index=89&type=chunk) [9. Structured Entities Controlled by the Company](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period. - The company reported no structured entities controlled during the reporting period[90](index=90&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from intensified market competition, raw material price fluctuations, real estate market volatility, and the rapid development of the computing power industry, addressed by flexible strategies, procurement management, R&D, and prudent planning. - The company faces the risk of intensified market competition and will actively monitor industry competitive dynamics and flexibly adjust its operational management strategies[91](index=91&type=chunk) - Fluctuations in major raw material prices may affect the company's profitability; the company will improve procurement management, monitor price trends, and mitigate risks through locking in prices and strategic reserves[91](index=91&type=chunk) - Real estate industry fluctuations may lead to a decline in the company's performance; the company will actively monitor policy developments, enhance R&D capabilities, and improve operational management capabilities[91](index=91&type=chunk)[92](index=92&type=chunk) - The computing power industry is characterized by rapid technological updates and significant capital investment; the company will reasonably plan procurement and depreciation, maintain flexible and diversified pricing and customer structures, and promote business development through multi-source procurement and a robust, secure architecture[92](index=92&type=chunk) [11. Registration Form for Investor Relations Activities During the Reporting Period](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company hosted three investor relations activities during the period, including on-site research, online communication, and phone calls, discussing products, market, and industry conditions. - On February 20, 2025, the company hosted on-site research in Shanghai with institutions such as Tianfeng Securities and Anxin Fund, discussing company products, market, and industry conditions[93](index=93&type=chunk) - On May 8, 2025, the company conducted an online exchange via Panorama Network's "Investor Relations Interactive Platform," with participation from all investors, discussing company products, market, and industry conditions[94](index=94&type=chunk) - On June 25, 2025, the company hosted phone communication in its meeting room with institutions such as Western Securities and Caitong Asset, discussing company products, market, and industry conditions[94](index=94&type=chunk) [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved a "Market Value Management System" on May 15, 2025, to regulate market value management, but did not disclose a valuation enhancement plan. - The company convened the 17th meeting of the Third Board of Directors on May 15, 2025, and approved the "Proposal on Formulating the Market Value Management System"[95](index=95&type=chunk) - The company did not disclose a valuation enhancement plan[95](index=95&type=chunk) [13. Implementation of "Quality and Return Dual Improvement" Action Plan](index=30&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period. - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[95](index=95&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Shen Haiping was dismissed as Board Secretary and Assistant General Manager due to work reassignment, and Dong Bo was appointed to these roles on May 15, 2025. Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Shen Haiping | Board Secretary, Assistant General Manager | Dismissal | May 15, 2025 | Work reassignment | | Dong Bo | Board Secretary, Assistant General Manager | Appointment | May 15, 2025 | Work reassignment | [2. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=31&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[98](index=98&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period. - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[99](index=99&type=chunk) [4. Environmental Information Disclosure](index=32&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[100](index=100&type=chunk) [5. Social Responsibility](index=32&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities by safeguarding shareholder and employee rights, maintaining fair partnerships, promoting environmental protection, and engaging in charitable activities. - The company actively maintains and enhances shareholder interests by strengthening internal management, improving risk prevention capabilities, and engaging in good communication with shareholders[100](index=100&type=chunk) - The company strictly adheres to relevant laws and regulations, promotes comprehensive governance, improves employee occupational health and working conditions, safeguards employee rights, and emphasizes employee training[101](index=101&type=chunk) - The company adheres to principles of equality, mutual benefit, and win-win cooperation, establishing good cooperative relationships with suppliers and distributors, ensuring product quality and service, and fulfilling social responsibilities[102](index=102&type=chunk) - The company strictly complies with environmental protection and energy conservation laws and regulations, continuously implements green management and clean production, and consistently explores energy-saving potential[103](index=103&type=chunk) - The company is enthusiastic about social welfare, actively participates in charitable activities, and donated **30,000 yuan** to the Shengzhou Red Cross Society during the reporting period[105](index=105&type=chunk) Section V Significant Matters [1. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reported no fulfilled or overdue unfulfilled commitments by controlling shareholders, related parties, or the company itself during or as of the end of the reporting period. - The company reported no fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself during or as of the end of the reporting period[107](index=107&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=33&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period. - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[108](index=108&type=chunk) [3. Irregular External Guarantees](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period. - The company reported no irregular external guarantees during the reporting period[109](index=109&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited. - The company's semi-annual report was unaudited[110](index=110&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation on "Non-Standard Audit Report" for This Reporting Period](index=33&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no "non-standard audit report" issued by the accounting firm for this reporting period. - The company reported no "non-standard audit report" from the accounting firm for this reporting period[111](index=111&type=chunk) [6. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=33&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company provided no explanation regarding a "non-standard audit report" for the previous year. - The company reported no explanation regarding the "non-standard audit report" for the previous year[111](index=111&type=chunk) [7. Bankruptcy and Reorganization Matters](index=33&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy or reorganization matters during the reporting period. - The company reported no bankruptcy or reorganization matters during the reporting period[111](index=111&type=chunk) [8. Litigation Matters](index=33&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters, with other minor cases totaling 1.15 million yuan settled but not yet fully executed. - The company had no significant litigation or arbitration matters during this reporting period[112](index=112&type=chunk) Summary of Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (10,000 yuan) | Provision for Estimated Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation cases not meeting significant disclosure standards | 115.11 | No | Concluded | Concluded as of the end of the reporting period | Not executed as of the end of the reporting period | [9. Penalties and Rectification](index=34&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period. - The company reported no penalties or rectification situations during the reporting period[114](index=114&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period. - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[115](index=115&type=chunk) [11. Significant Related Party Transactions](index=34&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Significant related party transactions included 3.90 million yuan in purchases from Shaoxing City Huano Electric Appliance Co., Ltd., within approved limits, with no other major related party transactions. Related Party Transactions in Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (10,000 yuan) | Percentage of Similar Transactions | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaoxing City Huano Electric Appliance Co., Ltd. | Purchase of goods from related party | Purchase of range hoods and accessories | 389.57 | 50.86% | 3,000 | No | - The company reported no related party transactions involving asset or equity acquisition/disposal during the reporting period[117](index=117&type=chunk) - The company reported no related party creditor-debtor relationships during the reporting period[119](index=119&type=chunk) [12. Significant Contracts and Their Performance](index=35&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Significant contracts include office space leases, a 5 billion yuan guarantee limit for subsidiaries (zero actual balance), a 112.75 million yuan contract with Shanghai Wuwenzhixin Intelligent Technology Co., Ltd., and strategic cooperation agreements for computing power clusters. - During the reporting period, the company had asset leasing matters, primarily for office space, with fair rental prices and no related party relationships between the company and the lessors[125](index=125&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Entity | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 yuan) | Total Approved Guarantee Limit for Subsidiaries in Reporting Period (B1) | Total Actual Guarantee Amount for Subsidiaries in Reporting Period (B2) | | :--- | :--- | :--- | :--- | :--- | | Gansu Yisuan Intelligent Technology Co., Ltd. | April 24, 2025 | 50,000 | 500,000 | 0 | | Hangzhou Shuyun Zhilian Technology Co., Ltd. | April 24, 2025 | 50,000 | | | | Gansu Yisuan Intelligent Technology Co., Ltd. | June 13, 2025 | 400,000 | | | Significant Contracts in Daily Operations | Name of Company Party to Contract | Name of Counterparty to Contract | Total Contract Amount (yuan) | Contract Performance Progress | | :--- | :--- | :--- | :--- | | Gansu Yisuan Intelligent Technology Co., Ltd. | Shanghai Wuwenzhixin Intelligent Technology Co., Ltd. | 112,752,000.00 | In performance | - The company, Qingyang Municipal People's Government, and Gansu Biren Technology (Qingyang) Co., Ltd. signed the "Strategic Cooperation Framework Agreement for Jointly Building a Domestic 100,000-Card Computing Cluster and New Quality Productivity Ecosystem," which is currently in performance[132](index=132&type=chunk) [13. Explanation of Other Significant Matters](index=39&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) Actual controller's concerted parties completed a share reduction of up to 4.10 million shares, and controlling shareholders and actual controllers transferred 961,338 "Yitian Convertible Bonds". - The company's actual controller's concerted parties, Yishun Investment and Yiwang Investment, planned to reduce their holdings of company shares by a total of no more than **4,101,300 shares**, and completed the reduction on January 14, 2025[133](index=133&type=chunk) - The controlling shareholder Yitian Investment, actual controllers Mr. Sun Weiyong, Ms. Chen Yuehua, Mr. Sun Ji, and their concerted parties collectively transferred **961,338 shares** of "Yitian Convertible Bonds" they held, accounting for **18.48%** of the total convertible bonds issued[134](index=134&type=chunk) [14. Significant Matters of Company Subsidiaries](index=40&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company reported no significant matters concerning its subsidiaries during the reporting period. - The company reported no significant matters concerning its subsidiaries during the reporting period[135](index=135&type=chunk) Section VI Share Changes and Shareholder Information [1. Share Change Situation](index=41&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital increased from 138.46 million to 181.36 million shares due to the 2024 annual equity distribution (3 shares for every 10 from capital reserve) and the conversion of 1.69 million "Yitian Convertible Bonds". Share Change Situation | Item | Number Before This Change | Increase/Decrease in This Change (+, -) Subtotal | Number After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,230,052 | 2,769,016 | 11,999,068 | | II. Unrestricted Shares | 129,232,639 | 40,130,284 | 169,362,923 | | III. Total Shares | 138,462,691 | 42,899,300 | 181,361,991 | - Due to the implementation of the 2024 annual equity distribution, **3 shares** were transferred for every **10 shares** from capital reserves to all shareholders, resulting in a total increase of **41,212,700 shares** in restricted shares by **2,769,016 shares** and unrestricted shares by **38,443,684 shares**[138](index=138&type=chunk) - "Yitian Convertible Bonds" became convertible into company shares starting from June 27, 2024. During the reporting period, a total of **408,204 shares** of "Yitian Convertible Bonds" were converted, resulting in **1,686,600 shares** of "Yitian Intelligent" stock, increasing the total share capital by **1,686,600 shares**[138](index=138&type=chunk) [1. Share Change Situation](index=41&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital increased from 138.46 million to 181.36 million shares due to the 2024 annual equity distribution (3 shares for every 10 from capital reserve) and the conversion of 1.69 million "Yitian Convertible Bonds". Share Change Situation | Item | Number Before This Change | Increase/Decrease in This Change (+, -) Subtotal | Number After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,230,052 | 2,769,016 | 11,999,068 | | II. Unrestricted Shares | 129,232,639 | 40,130,284 | 169,362,923 | | III. Total Shares | 138,462,691 | 42,899,300 | 181,361,991 | - Due to the implementation of the 2024 annual equity distribution, **3 shares** were transferred for every **10 shares** from capital reserves to all shareholders, resulting in a total increase of **41,212,700 shares** in restricted shares by **2,769,016 shares** and unrestricted shares by **38,443,684 shares**[138](index=138&type=chunk) - "Yitian Convertible Bonds" became convertible into company shares starting from June 27, 2024. During the reporting period, a total of **408,204 shares** of "Yitian Convertible Bonds" were converted, resulting in **1,686,600 shares** of "Yitian Intelligent" stock, increasing the total share capital by **1,686,600 shares**[138](index=138&type=chunk) [2. Changes in Restricted Shares](index=42&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares increased from 9.23 million to 12.00 million, primarily due to the equity distribution for senior executives like Chen Yuehua, Sun Ji, and Sun Weiyong. Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Increased Restricted Shares in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Chen Yuehua | 3,185,052 | 955,516 | 4,140,568 | Senior executive restricted shares and equity distribution conversion | | Sun Ji | 3,120,000 | 936,000 | 4,056,000 | Senior executive restricted shares and equity distribution conversion | | Sun Weiyong | 2,925,000 | 877,500 | 3,802,500 | Senior executive restricted shares and equity distribution conversion | | Total | 9,230,052 | 2,769,016 | 11,999,068 | -- | [2. Securities Issuance and Listing](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period. - The company reported no securities issuance or listing activities during the reporting period[142](index=142&type=chunk) [3. Number of Shareholders and Shareholding Status](index=43&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At period-end, the company had 6,794 common shareholders. Zhejiang Yitian Investment Management Co., Ltd. was the largest shareholder at 38.12%, controlled by the actual controllers and their family. - The total nu

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, a detailed table of contents for easy navigation, and a glossary of key terms to ensure clear understanding of the report [Important Notice](index=2&type=section&id=Important%20Notice) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility, while the company's head, chief accountant, and accounting department head affirm the financial report's accuracy - 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 Wu Min, chief accountant Feng Lei, and head of accounting department (accounting supervisor) Feng Lei declare that the financial report in this semi-annual 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 report's clear table of contents outlines eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports, facilitating quick information retrieval for investors - The report's table of contents includes eight main chapters, from important notices to financial reports, with a clear structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, key subsidiaries, critical technologies like AI and general large models, ink product types such as offset and UV inks, and the financial reporting period, ensuring a unified understanding of specialized terminology - The report defines the company name and major subsidiaries, such as Longmen Education, Tianjin Lvwei Vocational High School, and Hebi Maotan Middle School[14](index=14&type=chunk) - Key technology and product terms like Artificial Intelligence (AI), general large models, offset ink, UV ink, and LED-UV ink are explained[14](index=14&type=chunk) - The reporting period is specified as January 1, 2025, to June 30, 2025, with the prior year's corresponding period being January 1, 2024, to June 30, 2024[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and a summary of key accounting data and financial indicators for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section outlines the company's basic information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative, confirming no changes in contact details, information disclosure, or registration during the reporting period, as detailed in the 2024 annual report Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Kede Education | | Stock Code | 300192 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Suzhou Kede Education Technology Co., Ltd. | | Legal Representative | Wu Min | - The company's registered address, office address, website, email, information disclosure and storage locations, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [II. Contact Persons and Contact Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating investor communication and inquiries Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Feng | No. 989 Chunshen Road, Huangdai Town, Xiangcheng District, Suzhou | 0512-65370257 | 0512-65374760 | szkinks@szkinks.com | | Securities Affairs Representative | Wang Hui | No. 989 Chunshen Road, Huangdai Town, Xiangcheng District, Suzhou | 0512-65370257 | 0512-65374760 | szkinks@szkinks.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) This section confirms that the company's contact information, information disclosure and storage locations, and registration changes remained consistent with the 2024 annual report, with no alterations during the reporting period - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased year-on-year, while net profit attributable to listed company shareholders and non-recurring net profit both saw double-digit declines, with basic and diluted earnings per share also falling, and total assets and net assets attributable to listed company shareholders remaining largely stable Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 365,932,307.27 | 370,173,634.00 | -1.15% | | Net Profit Attributable to Listed Company Shareholders | 53,281,718.66 | 62,805,762.45 | -15.16% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 53,149,233.36 | 61,952,282.17 | -14.21% | | Net Cash Flow from Operating Activities | 61,853,007.53 | 63,081,751.72 | -1.95% | | Basic Earnings Per Share (RMB/share) | 0.1619 | 0.1908 | -15.15% | | Diluted Earnings Per Share (RMB/share) | 0.1619 | 0.1908 | -15.15% | | Weighted Average Return on Net Assets | 5.53% | 6.96% | -1.43% | | **End of Current Reporting Period vs. End of Prior Year** | | | | | Total Assets | 1,188,881,498.66 | 1,213,943,217.36 | -2.06% | | Net Assets Attributable to Listed Company Shareholders | 936,224,953.78 | 936,216,038.86 | 0.00% | [V. 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) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those prepared under Chinese accounting standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[22](index=22&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[23](index=23&type=chunk) [VI. Non-Recurring Gains and Losses and Their Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Their%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 132,485.30**, primarily from disposal gains/losses of non-current assets, government grants, and other non-operating income/expenses, after deducting income tax effects, with no other items defined as non-recurring or reclassified as recurring Non-Recurring Gains and Losses and Their Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 72,017.03 | | Government grants recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company profit/loss) | 143,203.94 | | Other non-operating income and expenses apart from the above | -49,334.23 | | Less: Income tax impact | 33,401.44 | | Total | 132,485.30 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any non-recurring gains and losses listed in 'Interpretive Announcement No. 1 for Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses' as recurring items[26](index=26&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and risk factors during the reporting period [I. 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) During the reporting period, the company experienced a decline in both operating revenue and net profit, with its main businesses spanning education, including vocational and full-time schools and skills training, and ink, focusing on R&D, production, and sales of offset and UV inks, with both segments continuously driving reform, technological innovation, and market expansion to adapt to industry trends Key Financial Performance for January-June 2025 | Indicator | Amount (RMB 10,000) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 36,593.23 | -1.15% | | Net Profit Attributable to Listed Company Shareholders | 5,328.17 | -15.16% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 5,314.92 | -14.21% | - The company's main businesses include education (secondary vocational schools, full-time schools, vocational skills training) and ink (R&D, production, and sales of offset and UV inks)[29](index=29&type=chunk) [(I) Introduction to the Company's Main Businesses During the Reporting Period](index=9&type=section&id=(I)%20Introduction%20to%20the%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company's education business encompasses secondary vocational schools, full-time schools, and vocational skills training, aiming to enhance teaching quality and student advancement/employment capabilities through diversified training systems and intelligent learning platforms, while its ink business focuses on R&D of polymer materials and modified vegetable oils, producing offset and UV inks with a green, environmentally friendly, and technology-driven approach, operating on a 'production-to-order, standardized production + customized blending, distribution + direct sales' model - The education business includes Xi'an Peiying Yucai Vocational High School and Tianjin Lvwei Vocational High School, two secondary vocational schools, as well as full-time high school education and re-study programs managed by Xi'an Longmen Education and Henan Maotan Middle School[29](index=29&type=chunk)[30](index=30&type=chunk) - The company launched the intelligent certification learning platform "Kede AI Learn," integrating AI large model technology, covering over 20 popular professional qualification certifications and emerging life skills courses, accumulating over **30,000 users**[31](index=31&type=chunk) - The ink business's core product lines include offset ink and UV ink, with brands "Dongwu Brand" and "Kingswood," achieving technological breakthroughs in green and environmentally friendly inks[33](index=33&type=chunk) - The ink business adopts a "demand-oriented, quality-first" procurement strategy, a "standardized production line + customized blending" production model, and a "distribution network coverage combined with direct sales to key customers" sales strategy[35](index=35&type=chunk)[36](index=36&type=chunk) [(II) Industry Overview of the Company During the Reporting Period](index=11&type=section&id=(II)%20Industry%20Overview%20of%20the%20Company%20During%20the%20Reporting%20Period) The vocational education sector has significantly elevated its status with national policy support, showing trends of smoother academic pathways, deeper industry-education integration, accelerated digital transformation, and improved skill certification systems, while the ink industry, driven by environmental policies, is accelerating green development, exhibiting clear functional and specialized trends, deepening intelligent manufacturing and digital transformation, and making supply chain collaborative innovation a core competency - Vocational education's status has significantly risen with national policy support (e.g., new "Vocational Education Law," "Outline for Building a Strong Education Nation"), promoting integration of vocational and general education and industry-education collaboration[38](index=38&type=chunk) - Trends in secondary vocational education include more accessible pathways to higher education (vocational college entrance exams, integrated secondary-tertiary programs), deeper industry-education integration (school-enterprise collaborative education), accelerated digital transformation (AI-driven learning analysis, virtual simulation training), and continuously improving skill certification systems ("1+X" certificate system)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - The offset ink industry, benefiting from the booming packaging printing sector, is moving towards green and environmental friendliness (low VOCs, vegetable oil-based), functional and specialized applications (food packaging, anti-counterfeiting inks), intelligent manufacturing, and digital transformation, emphasizing supply chain collaborative innovation[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in its education and ink business segments, with education leveraging a high-quality curriculum, scientific teaching management, continuous R&D, and professional faculty to offer personalized services, while the ink business consolidates market leadership and drives green development through strong brand influence, excellent R&D, stable customer base, and stringent product quality control - The core competencies of the education business include: a high-quality curriculum system (curriculum innovation, big data analysis), scientific teaching management ("5+" management model, learning diagnostics), continuous R&D capabilities (curriculum development, teaching method innovation), and a professional teaching staff (dual-track management and teaching)[45](index=45&type=chunk)[46](index=46&type=chunk) - The core competencies of the ink business include: strong brand influence ("Dongwu Brand," "Kingswood"), excellent R&D capabilities (environmentally friendly, functional, personalized inks), stable customer resources (product iteration, rapid response), and strict product quality control (full-process quality management)[47](index=47&type=chunk)[48](index=48&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business revenue slightly decreased by **1.15%** year-on-year, but operating costs saw a larger decline, while selling and administrative expenses increased, financial expenses rose due to lower interest income, and R&D investment grew significantly, with vocational and full-time school revenues decreasing and gross margins slightly falling, while offset ink product revenues varied but gross margins generally improved Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 365,932,307.27 | 370,173,634.00 | -1.15% | | | Operating Cost | 247,000,829.64 | 250,677,733.75 | -1.47% | | | Selling Expenses | 9,687,045.30 | 8,903,596.02 | 8.80% | Increase in business promotion expenses | | Administrative Expenses | 26,870,524.89 | 25,670,339.06 | 4.68% | Increase in rental expenses | | Financial Expenses | -328,038.85 | -944,477.36 | 65.27% | Decrease in interest income | | R&D Investment | 8,954,503.59 | 7,549,853.51 | 18.60% | Increase in R&D investment | | Net Cash Flow from Investing Activities | -1,332,121.60 | -2,513,727.64 | 47.01% | Decrease in fixed asset purchases | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Secondary Vocational and Full-time Schools | 166,211,658.83 | 97,956,892.54 | 41.06% | -3.30% | -1.72% | -0.95% | | High-Gloss Offset Ink | 58,383,888.27 | 42,623,275.11 | 26.99% | 3.55% | 0.70% | 2.07% | | High-Abrasion Resistant Offset Ink | 46,496,136.40 | 35,015,010.38 | 24.69% | -1.70% | -3.16% | 1.13% | | Fast-Drying Glossy Offset Ink | 68,278,620.35 | 51,429,287.10 | 24.68% | -1.05% | -4.05% | 2.35% | [IV. Analysis of Non-Core Businesses](index=14&type=section&id=IV.%20Analysis%20of%20Non-Core%20Businesses) During the reporting period, the company had no non-core business analysis, indicating its operations are primarily focused on the two core segments of education and ink - The company had no non-core business analysis content during the reporting period[54](index=54&type=chunk) [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to listed company shareholders slightly decreased, with a reduced proportion of monetary funds and accounts receivable, a slight increase in inventory and long-term equity investments, and a marginal rise in contract liabilities and lease liabilities; the company held no major overseas assets, financial assets measured at fair value remained stable, and certain monetary funds and notes receivable had restricted rights Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 328,882,226.86 | 27.66% | 350,196,375.43 | 28.85% | -1.19% | | Accounts Receivable | 111,690,229.40 | 9.39% | 120,142,739.33 | 9.90% | -0.51% | | Inventories | 65,392,354.78 | 5.50% | 60,619,102.92 | 4.99% | 0.51% | | Long-term Equity Investments | 197,470,108.81 | 16.61% | 193,080,250.99 | 15.91% | 0.70% | | Fixed Assets | 131,941,686.53 | 11.10% | 137,108,993.07 | 11.29% | -0.19% | | Contract Liabilities | 67,962,350.73 | 5.72% | 65,496,185.60 | 5.40% | 0.32% | | Lease Liabilities | 11,833,227.27 | 1.00% | 11,904,470.13 | 0.98% | 0.02% | - At the end of the reporting period, the company had no major overseas assets, and financial assets measured at fair value (trading financial assets) had a closing balance of **RMB 3,000,000.00**, consistent with the beginning of the period[56](index=56&type=chunk)[57](index=57&type=chunk) Asset Rights Restriction Status | Item | Book Balance at Period End (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,825,464.09 | Guarantee | Education Bureau supervisory account | | Notes Receivable | 49,677,615.63 | Transfer of Ownership | Bank acceptance bills endorsed but not yet due | | Total | 54,503,079.72 | | | [VI. Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount decreased by **100%** year-on-year, with no significant equity or non-equity investments, while financial assets measured at fair value remained stable, and there were no entrusted wealth management, derivative investments, entrusted loans, or use of raised funds Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 0.00 | 2,000,000.00 | -100.00% | - During the reporting period, the company had no significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans[61](index=61&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (RMB) | Source of Funds | | :--- | :--- | :--- | | Other (Trading Financial Assets) | 3,000,000.00 | Bank Deposits | [VII. Significant Asset and Equity Sales](index=16&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[67](index=67&type=chunk) - The company did not sell significant equity during the reporting period[68](index=68&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries, including Shaanxi Longmen Education, Tianjin Lvwei Vocational High School, and Hebi Maotan Senior High School, significantly contributed to operating revenue and net profit in education and training, while associate company Zhonghao Xinying, focused on AI chips and computing clusters, is **5.53%** owned by the company and not consolidated, but its development is continuously monitored to enhance investment value Major Subsidiaries and Associate Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Longmen Education Technology Co., Ltd. | Subsidiary | Education and Training | 129,654,000.00 | 401,537,509.91 | 333,617,799.31 | 142,545,514.30 | 34,682,422.73 | | Tianjin Lvwei Vocational High School Co., Ltd. | Subsidiary | Full-time academic education | 5,000,000.00 | 53,387,054.42 | 12,226,365.62 | 20,585,048.06 | 4,239,678.38 | | Hebi Maotan Senior High School Co., Ltd. | Subsidiary | Full-time high school education, senior year re-study | 60,000,000.00 | 80,298,410.46 | 27,086,343.48 | 4,124,776.65 | 1,880,733.41 | | Suzhou Kingswood Color Technology Co., Ltd. | Subsidiary | Raw material procurement and sales, ink product sales | 50,000,000.00 | 101,969,099.73 | 99,711,149.79 | 10,894,118.40 | 978,187.82 | - The company holds a **5.53%** stake in Zhonghao Xinying, which focuses on AI chips and computing clusters for the AIGC era and independently develops AIGC pre-trained large models, but is not included in the company's consolidated financial statements[69](index=69&type=chunk)[70](index=70&type=chunk) [IX. Structured Entities Controlled by the Company](index=17&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company had no structured entities under its control during the reporting period[71](index=71&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=17&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces industry policy, market competition, operational management, and new business risks in its education segment, alongside raw material price volatility, R&D innovation, environmental compliance, and downstream industry fluctuation risks in its ink business, for which it has established robust response mechanisms including policy tracking, differentiated competition, quality control, market research, and environmental investment to mitigate risks and ensure stable business development - The education business faces industry policy risks (policy adjustments affecting operating models and profitability), market competition risks (homogenized competition, increasing user demands), operational management risks (teaching quality, faculty, student management), and new business risks ("Kede AI Learn" market acceptance)[71](index=71&type=chunk)[72](index=72&type=chunk) - The ink business faces raw material price fluctuation risks (impact of commodity markets), R&D innovation risks (technological iteration, new product demand), environmental compliance risks (tightening policies, non-compliance with emissions standards), and downstream industry fluctuation risks (changes in demand from printing, packaging, and publishing industries)[73](index=73&type=chunk)[74](index=74&type=chunk) - The company addresses various risks by establishing policy tracking mechanisms, developing differentiated products, strengthening teaching quality control, conducting market research, implementing raw material price monitoring and early warning systems, and increasing R&D and environmental investments[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [XI. Registration Form for Investor Relations Activities During the Reporting Period](index=18&type=section&id=XI.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company actively engaged in investor relations activities, communicating with institutional investors such as Minsheng Securities, Changjiang Securities, and E Fund, as well as public investors, via phone and online platforms, primarily discussing the 2024 annual report, company operations, and future development plans - On April 29 and May 8, 2025, the company hosted institutional investors including Minsheng Securities, Changjiang Securities, E Fund, Yong'an Guofu, Manulife Fund, Dongxing Fund, and Western Lead Fund via phone calls[76](index=76&type=chunk) - On May 15, 2025, the company conducted an online exchange with public investors via a network platform, interpreting the 2024 annual and Q1 2025 performance and introducing the company's future development strategy[76](index=76&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company formulated and the Board of Directors approved the 'Market Value Management System' on April 28, 2025, to regulate market value management and protect the legitimate rights and interests of the company and investors, but no valuation enhancement plan was disclosed - The company has formulated the "Market Value Management System," which was reviewed and approved by the fifth meeting of the sixth Board of Directors on April 28, 2025[77](index=77&type=chunk) - The company has not disclosed a valuation enhancement plan[77](index=77&type=chunk) [XIII. Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=19&type=section&id=XIII.%20Implementation%20of%20the%20%27Dual%20Improvement%20in%20Quality%20and%20Returns%27%20Action%20Plan) The company did not disclose an announcement regarding the 'Dual Improvement in Quality and Returns' action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[78](index=78&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental information disclosure, and social responsibility initiatives [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20the%20Company%27s%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes during the reporting period, with details available in the 2024 annual report[80](index=80&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=20&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[81](index=81&type=chunk) [III. Implementation of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Implementation%20of%20the%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[82](index=82&type=chunk) [IV. Environmental Information Disclosure](index=20&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiary, Suzhou Kede Education Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, and have publicly disclosed relevant environmental information through the Jiangsu Provincial Department of Ecology and Environment and the National Pollutant Discharge Permit Management Information Platform - The company and its main subsidiary, Suzhou Kede Education Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[83](index=83&type=chunk) - Environmental information disclosure reports are available on the Jiangsu Provincial Department of Ecology and Environment and the National Pollutant Discharge Permit Management Information Platform[83](index=83&type=chunk) [V. Social Responsibility](index=20&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities, achieving sustainable development by improving corporate governance, safeguarding shareholder and creditor rights, implementing talent strategies, fostering a healthy and safe work environment, building strong relationships with suppliers and customers, and practicing green development while engaging in social welfare - The company strictly adheres to laws and regulations, improves corporate governance, protects the rights and interests of shareholders and creditors, communicates with investors through various channels, and ensures that information disclosure is true, accurate, complete, timely, and fair[84](index=84&type=chunk) - The company adheres to a people-oriented approach, implements talent strategies, provides comprehensive compensation incentives and promotion systems, focuses on employee working environment and safety production, and has established a Safety Production Management Committee[84](index=84&type=chunk)[85](index=85&type=chunk) - The company respects the interests of suppliers and customers, establishes good cooperative relationships, adheres to honesty, trustworthiness, and mutual benefit, provides high-quality products and services, and promptly understands customer needs[85](index=85&type=chunk) - The company upholds the environmental philosophy of "pollution reduction, consumption reduction, energy saving, and efficiency improvement," actively promotes green manufacturing, and participates in social welfare and various public benefit activities[85](index=85&type=chunk) [Section V Significant Matters](index=22&type=section&id=Section%20V%20Significant%20Matters) This section covers commitments by controlling shareholders and related parties, non-operating fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, major related party transactions, significant contracts, and other important events [I. Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=22&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, the company's actual controller, Wu Xianliang, and other related parties strictly fulfilled their commitments regarding share lock-ups, non-compete clauses, related party transactions, and fund occupation made during initial public offerings or refinancing, with no overdue unfulfilled commitments - The company's actual controller, Wu Xianliang, strictly fulfilled his share lock-up commitment, not transferring more than **25%** of his total shares in the company annually during his tenure, and not transferring any shares within six months after leaving office[87](index=87&type=chunk) - Wu Xianliang, Wu Yanhong, and Yancheng Dongwu Chemical Co., Ltd. committed not to engage in businesses that compete or potentially compete with the listed company, and to ensure that controlled companies also do not engage in such businesses[87](index=87&type=chunk) - Wu Xianliang committed to avoiding and minimizing related party transactions with the company, and if they occur, to ensure fair transaction terms that do not harm the interests of the company and its shareholders[87](index=87&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties of the Listed Company](index=22&type=section&id=II.%20Non-Operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) 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, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company[88](index=88&type=chunk) [III. Irregular External Guarantees](index=23&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[89](index=89&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=23&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[90](index=90&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee Regarding the Accounting Firm's 'Non-Standard Audit Report' for This Reporting Period](index=23&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20Regarding%20the%20Accounting%20Firm%27s%20%27Non-Standard%20Audit%20Report%27%20for%20This%20Reporting%20Period) During the reporting period, the company did not receive a 'non-standard audit report' from its accounting firm - During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm[91](index=91&type=chunk) [VI. Explanations by the Board of Directors Regarding the 'Non-Standard Audit Report' for the Prior Year](index=23&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20Regarding%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Prior%20Year) During the reporting period, the company provided no explanations regarding the 'non-standard audit report' for the prior year - During the reporting period, the company provided no explanations regarding the "non-standard audit report" for the prior year[91](index=91&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=23&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[91](index=91&type=chunk) [VIII. Litigation Matters](index=23&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters; other litigation and arbitration cases not meeting the disclosure threshold totaled **RMB 810,400**, with the company as plaintiff in cases amounting to approximately **RMB 737,400** and as defendant in cases totaling approximately **RMB 73,000**, most of which have resulted in judgments or mediation agreements and have no significant impact on the company's operations - The company had no significant litigation or arbitration matters in this reporting period[92](index=92&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation not meeting the disclosure threshold for significant litigation | 81.04 | No | 2 cases remain undecided, other cases have all received judgments or mediation agreements | The outcome of the litigation has no significant impact on the company's operations | - The largest amount involved in litigation was a sales contract dispute where the company was the plaintiff against Weiyu Supply Chain (Shenzhen) Co., Ltd., with an amount of **RMB 737,400**, for which a "Civil Mediation Agreement" has been issued, and the counterparty is fulfilling payment obligations as agreed, with no significant impact on the company's operations[92](index=92&type=chunk) [IX. Penalties and Rectification](index=24&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification matters - The company had no penalties or rectification matters during the reporting period[93](index=93&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=24&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company had no unfulfilled effective court judgments or large overdue debts[94](index=94&type=chunk) [XI. Significant Related Party Transactions](index=24&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party debt/credit, dealings with affiliated financial companies, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[94](index=94&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[95](index=95&type=chunk) - The company had no related party debt or credit transactions during the reporting period[97](index=97&type=chunk) - The company had no other significant related party transactions during the reporting period[100](index=100&type=chunk) [XII. Significant Contracts and Their Performance](index=25&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship, contracting, or leasing matters, nor any significant guarantees, and all major contracts for daily operations and other significant contracts did not encounter major risks or non-performance issues - The company had no trusteeship, contracting, or leasing situations during the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company had no significant guarantee situations during the reporting period[104](index=104&type=chunk) - The company had no other significant contracts during the reporting period[107](index=107&type=chunk) [XIII. Explanation of Other Significant Matters](index=25&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company completed its 2024 profit distribution, transferred ink business assets to a wholly-owned subsidiary to clarify strategic layout, terminated the proposed change in controlling shareholder, and completed the capital reduction and equity structure adjustment of its controlled subsidiary Xinchuang Qifu, making it a wholly-owned subsidiary - The company completed its 2024 profit distribution plan on June 5, 2025, distributing a cash dividend of **RMB 1.00** (tax inclusive) per 10 shares to all shareholders, totaling **RMB 32,914,332.90**[108](index=108&type=chunk) - The company plans to transfer ink production lines, supporting equipment, and real estate assets to its wholly-owned subsidiary, Color Technology, to clarify business segments and enhance management efficiency, with some assets already transferred[109](index=109&type=chunk)[110](index=110&type=chunk) - The share transfer agreement signed between controlling shareholder Wu Xianliang and Zhongjing Hedao was terminated, ending the proposed change in company control, with no impact on normal operations[110](index=110&type=chunk)[111](index=111&type=chunk) - Controlled subsidiary Xinchuang Qifu completed a capital reduction of **RMB 9.8 million** by minority shareholders, increasing the company's stake to **100%**, making Xinchuang Qifu a wholly-owned subsidiary, with industrial and commercial changes completed[111](index=111&type=chunk)[112](index=112&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=26&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company's subsidiaries had no other significant matters requiring separate disclosure - The company's subsidiaries had no significant matters during the reporting period[113](index=113&type=chunk) [Section VI Share Changes and Shareholder Information](index=27&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, shareholder numbers, top ten shareholders, director/supervisor/senior management shareholdings, and changes in controlling shareholders or actual controllers [I. Share Change Status](index=27&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's restricted shares decreased by **1,501,875** shares, with a corresponding increase in unrestricted shares, while the total share capital remained unchanged, primarily due to the unlocking of executive restricted shares held by Director Dong Bing as per regulations Share Change Status | Share Type | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 6,007,500 | -1,501,875 | 4,505,625 | | Unrestricted Shares | 323,135,829 | 1,501,875 | 324,637,704 | | Total Shares | 329,143,329 | 0 | 329,143,329 | - The change in shares was due to the recalculation of transferable shares by company director Dong Bing at the beginning of the year, based on his holdings at the end of the previous year, resulting in a reduction of his executive restricted shares[116](index=116&type=chunk)[119](index=119&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Unlocked in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Dong Bing | 6,007,500 | 1,501,875 | 4,505,625 | Executive Restricted Shares | [II. Securities Issuance and Listing](index=28&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[120](index=120&type=chunk) [III. Number of Shareholders and Shareholding Status](index=28&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the company had **33,257** common shareholders; among the top ten, Wu Xianliang was the largest shareholder with **27.57%**, MA LIANGMING held **7.08%**, Dong Bing held **4,505,625** restricted shares, and Guangzhou Science and Technology Financial Innovation Investment Holding Co., Ltd. held **0.43%** with its shares frozen - The total number of common shareholders at the end of the reporting period was **33,257**[120](index=120&type=chunk) Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Xianliang | Domestic Natural Person | 27.57% | 90,750,000 | 0 | 90,750,000 | Not Applicable | | MA LIANGMING | Overseas Natural Person | 7.08% | 23,294,297 | 0 | 23,294,297 | Not Applicable | | Dong Bing | Domestic Natural Person | 1.83% | 6,007,500 | 4,505,625 | 1,501,875 | Not Applicable | | Guangzhou Science and Technology Financial Innovation Investment Holding Co., Ltd. | State-owned Legal Person | 0.43% | 1,407,413 | 0 | 1,407,413 | Frozen 1,407,400 shares | - Company shareholder He Xiaoling held a total of **909,700** shares through ordinary securities accounts and investor credit securities accounts[121](index=121&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=29&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific information available in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes in shareholdings during the reporting period, with details available in the 2024 annual report[122](index=122&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, neither the company's controlling shareholder nor its actual controller changed - The company's controlling shareholder did not change during the reporting period[123](index=123&type=chunk) - The company's actual controller did not change during the reporting period[123](index=123&type=chunk) [VI. Preferred Share Information](index=30&type=section&id=VI.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[124](index=124&type=chunk) [Section VII Bond-Related Information](index=31&type=section&id=Section%20VII%20Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[126](index=126&type=chunk) [Section VIII Financial Report](index=32&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items [I. Audit Report](index=32&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[128](index=128&type=chunk) [II. Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively illustrating the company's financial position, operating results, and cash flow, with data indicating a slight decrease in total assets and net assets, a year-on-year decline in both operating revenue and net profit, and a downward trend in net cash flow Consolidated Balance Sheet Key Data (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 328,882,226.86 | 350,196,375.43 | | Total Assets | 1,188,881,498.66 | 1,213,943,217.36 | | Total Liabilities | 255,926,373.48 | 282,109,014.66 | | Total Owners' Equity Attributable to Parent Company | 936,224,953.78 | 936,216,038.86 | Consolidated Income Statement Key Data (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 365,932,307.27 | 370,173,634.00 | | Operating Profit | 64,843,877.26 | 74,424,700.26 | | Net Profit | 52,277,487.35 | 61,068,126.60 | | Net Profit Attributable to Parent Company Shareholders | 53,281,718.66 | 62,805,762.45 | | Basic Earnings Per Share (RMB/share) | 0.1619 | 0.1908 | Consolidated Cash Flow Statement Key Data (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,853,007.53 | 63,081,751.72 | | Net Cash Flow from Investing Activities | -1,332,121.60 | -2,513,727.64 | | Net Cash Flow from Financing Activities | -84,107,917.80 | -92,216,010.83 | | Net Increase in Cash and Cash Equivalents | -23,570,568.16 | -31,925,043.31 | [1. Consolidated Balance Sheet](index=32&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets amounted to **RMB 1.189 billion**, a **2.06%** decrease from the beginning of the period, with total current assets at **RMB 636 million** and non-current assets at **RMB 553 million**, while total liabilities were **RMB 256 million** and total owners' equity was **RMB 933 million**, showing decreases in monetary funds, accounts receivable, and fixed assets, and slight increases in inventory and long-term equity investments Consolidated Balance Sheet Key Items (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 328,882,226.86 | 350,196,375.43 | | Accounts Receivable | 111,690,229.40 | 120,142,739.33 | | Inventories | 65,392,354.78 | 60,619,102.92 | | Long-term Equity Investments | 197,470,108.81 | 193,080,250.99 | | Fixed Assets | 131,941,686.53 | 137,108,993.07 | | Total Assets | 1,188,881,498.66 | 1,213,943,217.36 | | Total Liabilities | 255,926,373.48 | 282,109,014.66 | | Total Owners' Equity Attributable to Parent Company | 936,224,953.78 | 936,216,038.86 | [2. Parent Company Balance Sheet](index=34&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets amounted to **RMB 1.984 billion**, a slight decrease from the beginning of the period, with total current assets at **RMB 377 million** and non-current assets at **RMB 1.607 billion**, while total liabilities were **RMB 277 million** and total owners' equity was **RMB 1.707 billion**, with long-term equity investments being the largest asset item at **RMB 1.571 billion** at period-end Parent Company Balance Sheet Key Items (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 101,027,369.38 | 106,901,853.02 | | Long-term Equity Investments | 1,570,999,183.10 | 1,555,933,951.13 | | Total Assets | 1,983,911,431.35 | 1,993,269,508.95 | | Total Liabilities | 276,643,650.94 | 301,581,208.55 | | Total Owners' Equity | 1,707,267,780.41 | 1,691,688,300.40 | [3. Consolidated Income Statement](index=36&type=section&id=3.%20Consolidated%20Income%20Statement) In H1 2025, the company achieved total operating revenue of **RMB 366 million**, a **1.15%** year-on-year decrease, with operating profit at **RMB 64.84 million**, net profit at **RMB 52.28 million**, and net profit attributable to parent company shareholders at **RMB 53.28 million**, a **15.16%** year-on-year decline, while investment income was negative, and both credit impairment losses and asset impairment losses decreased Consolidated Income Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 365,932,307.27 | 370,173,634.00 | | Total Operating Cost | 293,917,767.67 | 293,535,700.50 | | Operating Profit | 64,843,877.26 | 74,424,700.26 | | Net Profit | 52,277,487.35 | 61,068,126.60 | | Net Profit Attributable to Parent Company Shareholders | 53,281,718.66 | 62,805,762.45 | | Investment Income | -8,923,388.72 | -6,401,687.11 | | Credit Impairment Loss | 497,582.66 | 1,978,818.58 | | Asset Impairment Loss | 230,243.53 | 311,899.83 | [4. Parent Company Income Statement](index=38&type=section&id=4.%20Parent%20Company%20Income%20Statement) In H1 2025, the parent company achieved operating revenue of **RMB 202 million**, largely consistent with the prior year, with operating profit at **RMB 72.55 million** and net profit at **RMB 66.74 million**, a year-on-year decrease of approximately **39%**, while investment income was **RMB 41.08 million**, a significant reduction from the prior year Parent Company Income Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 201,830,101.77 | 200,982,995.92 | | Operating Profit | 72,546,209.09 | 113,722,171.88 | | Net Profit | 66,736,044.87 | 109,873,077.34 | | Investment Income | 41,076,611.28 | 81,598,312.88 | [5. Consolidated Cash Flow Statement](index=40&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In H1 2025, the company's net cash flow from operating activities was **RMB 61.85 million**, a slight year-on-year decrease, with reduced cash outflows from investing and financing activities, primarily due to lower cash payments for dividend distribution, resulting in a net decrease in cash and cash equivalents of **RMB 23.57 million** Consolidated Cash Flow Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,853,007.53 | 63,081,751.72 | | Net Cash Flow from Investing Activities | -1,332,121.60 | -2,513,727.64 | | Net Cash Flow from Financing Activities | -84,107,917.80 | -92,216,010.83 | | Net Increase in Cash and Cash Equivalents | -23,570,568.16 | -31,925,043.31 | | Cash and Cash Equivalents at Period End | 324,056,762.77 | 261,314,991.02 | [6. Parent Company Cash Flow Statement](index=41&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company's net cash flow from operating activities was **RMB 9.87 million**, turning positive from a negative figure in the prior year, with cash inflows from investing activities primarily from investment income, and cash outflows from financing activities mainly for dividend distribution, resulting in a period-end cash and cash equivalents balance of **RMB 101 million** Parent Company Cash Flow Statement Key Items (Current Period Amount) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,872,475.69 | -26,340,635.53 | | Net Cash Flow from Investing Activities | 50,065,242.76 | 58,555,000.00 | | Net Cash Flow from Financing Activities | -65,828,665.80 | -88,868,010.83 | | Net Increase in Cash and Cash Equivalents | -5,874,483.64 | -56,930,702.92 | | Cash and Cash Equivalents at Period End | 101,027,369.38 | 62,323,769.21 | [7. Consolidated Statement of Changes in Owners' Equity](index=42&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, the company's consolidated owners' equity totaled **RMB 933 million**, a slight increase from the beginning of the period, with total comprehensive income for the period at **RMB 52.28 million** and total comprehensive income attributable to parent company owners at **RMB 53.29 million**, while profit distribution led to a decrease in retained earnings and capital reserves increased due to other changes Consolidated Statement of Changes in Owners' Equity (Current Period Amount) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | | Share Capital | 329,143,329.00 | 0.00 | 329,143,329.00 | | Capital Reserve | 448,670,799.91 | 11,192,200.34 | 459,863,000.25 | | Other Comprehensive Income | -5,231,832.71 | 4,807.32 | -5,227,025.39 | | Special Reserve | 3,565,401.68 | 1,358,854.40 | 4,924,256.08 | | Surplus Reserve | 73,514,735.74 | 0.00 | 73,514,735.74 | | Retained Earnings | 86,553,605.24 | -12,546,947.14 | 74,006,658.10 | | Total Owners' Equity Attributable to Parent Company | 936,216,038.86 | 8,914.92 | 936,224,953.78 | | Minority Interests | -4,381,836.16 | 1,112,007.56 | -3,269,828.60 | | Total Owners' Equity | 931,834,202.70 | 1,120,922.48 | 932,955,125.18 | [8. Parent Company Statement of Changes in Owners' Equity](index=46&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, the parent company's total owners' equity amounted to **RMB 1.707 billion**, an increase of **RMB 15.5795 million** from the beginning of the period, with total comprehensive income for the period at **RMB 66.74 million**, capital reserves increasing by **RMB 13.3084 million** due to other changes, and retained earnings decreasing due to profit distribution Parent Company Statement of Changes in Owners' Equity (Current Period Amount) | Item | Period-Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | | Share Capital | 329,143,329.00 | 0.00 | 329,143,329.00 | | Capital Reserve | 1,056,389,271.32 | 13,308,439.22 | 1,069,697,710.54 | | Other Comprehensive Income | 4,909.55 | 4,807.32 | 9,716.87 | | Special Reserve | 3,565,401.68 | 1,358,854.40 | 4,924,256.08 | | Surplus Reserve | 73,514,735.74 | 0.00 | 73,514,735.74 | | Retained Earnings | 229,070,653.11 | 907,379.07 | 229,978,032.18 | | Total Owners' Equity | 1,691,688,300.40 | 15,579,480.01 | 1,707,267,780.41 | [III. Company Basic Information](index=50&type=section&id=III.%20Company%20Basic%20Information) This section details the development history of Suzhou Kede Education Technology Co., Ltd. since its establishment in 2003, including multiple share capital changes, initial public offering, acquisition of Shaanxi Longmen Education Technology Co., Ltd. equity, and conversion of private placement convertible corporate bonds into shares, with the company's share capital at **RMB 329,143,329.00** as of December 31, 2024 - The company, formerly Suzhou Dayang Ink Co., Ltd., was established on January 14, 2003, and restructured into a joint-stock company in 2007[162](index=162&type=chunk) - Listed on the Shenzhen Stock Exchange on March 17, 2011, with stock code "300192," its total share capital after issuance was **RMB 73,500,000.00**[163](index=163&type=chunk) - In March 2020, the company acquired **50.17%** equity of Shaanxi Longmen Education Technology Co., Ltd. through share issuance, convertible bonds, and cash payment, changing its share capital to **RMB 274,801,193.00**[165](index=165&type=chunk) - In September 2021, all private placement convertible corporate bonds were converted into shares, increasing the company's share capital to **RMB 329,143,329.00**, which remained unchanged as of December 31, 2024[166](index=166&type=chunk)[167](index=167&type=chunk) [IV. Basis of Financial Statement Preparation](index=51&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, accurately and completely reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the relevant provisions of "Reporting Rules No. 15 for Information Disclosure by Companies Issuing Securities to the Public—General Provisions for Financial Reports" by the China Securities Regulatory Commission[168](index=168&type=chunk) - These financial statements are prepared on a going concern basis and comply with the requirements of enterprise accounting standards, accurately and completely reflecting 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 six-month period ended June 30, 2024[169](index=169&type=chunk)[171](index=171&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=51&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates for bad debt provisions for receivables, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement, adhering to enterprise accounting standards and specifying recognition and measurement methods for financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, government grants, deferred tax assets/liabilities, and leases; during the reporting period, the company implemented new accounting standards, including 'Interpretation No. 17 of Enterprise Accounting Standards,' 'Interim Provisions on Accounting Treatment of Enterprise Data Resources,' and 'Interpretation No. 18 of Enterprise Accounting Standards,' without significant impact on financial position or operating result

江苏泛亚微透科技股份有限公司2025 年半年度报告 公司代码：688386 公司简称：泛亚微透 江苏泛亚微透科技股份有限公司 2025 年半年度报告 1 / 192 江苏泛亚微透科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描 述可能存在的相关风险，敬请查阅"第三节管理层讨论与分析"之"四、风险因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张云、主管会计工作负责人蒋励 及会计机构负责人（会计主管人员）蒋励声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司计划不派发现金红利，不送红股，不以公积金转增股本。 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的 ...

江苏江南水务股份有限公司2025 年半年度报告 公司代码：601199 公司简称：江南水务 江苏江南水务股份有限公司 2025 年半年度报告 1 / 189 江苏江南水务股份有限公司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、 公司负责人华锋 、主管会计工作负责人陆庆喜 及会计机构负责人（会计主管人员）姚连 红声明：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 截至2025年6月30日，公司（母公司）报表中期末未分配利润为人民币1,740,368,180.54元。 公司2025年半年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配方 案如下： 公司拟向全体股东每股派发现金红利0.03元（含税）。截至2025年6月30日，公司总股本 935,210,292股，以此计算合计拟派发现金红利28,056,308. ...