[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines common terms, company names, major subsidiaries, and industry-specific acronyms like HIS and SPD, ensuring clarity throughout the report [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, company names, major subsidiaries, and industry-specific acronyms like HIS and SPD, ensuring clarity throughout the report - The Company refers to Shanghai Jianhui Information Technology Co., Ltd[12](index=12&type=chunk) - Shantao Information refers to Shanghai Shantao Information Technology Co., Ltd., a wholly-owned subsidiary of the Company[12](index=12&type=chunk) - HIS refers to Hospital Information System; SPD refers to Supply Process and Distribution system[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance metrics [Company Information](index=5&type=section&id=I.%20Company%20Information) This chapter provides the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Shanghai Jianhui Information Technology Co., Ltd., abbreviated as Jianhui Information[15](index=15&type=chunk) - The company's legal representative is Dai Jianwei[15](index=15&type=chunk) [Contact Persons and Contact Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This chapter provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - The Board Secretary is Qiu Hong, and the Securities Affairs Representative is Gong Jialin, both located at 518 Zhongchen Road, Songjiang District, Shanghai[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This chapter outlines historical changes to the company's registered address and confirms no other changes occurred during the reporting period - The company's registered address is Room 104, Building 1, No. 299 Zhongchen Road, Songjiang District, Shanghai, with no changes during the reporting period[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement) This chapter lists the company's designated information disclosure newspaper, website address, and report placement location, with no changes during the reporting period - The company's selected information disclosure newspaper is "Shanghai Securities News," and the website for semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This chapter provides an overview of the company's A-share stock, including its listing exchange, abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Jianhui Information and stock code 605186[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 9.03%, but profit before tax and net profit attributable to shareholders significantly decreased by 93.90% and 82.99% respectively, mainly due to weakened market demand and emerging businesses' profitability needing improvement, despite improved accounts receivable collection Key Accounting Data and Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 158,665,222.08 | 145,519,413.68 | 9.03 | | Profit Before Tax | 2,107,363.43 | 34,558,107.13 | -93.90 | | Net Profit Attributable to Shareholders of Listed Company | 5,025,246.92 | 29,544,390.93 | -82.99 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 4,883,471.90 | 22,355,500.83 | -78.16 | | Net Cash Flow from Operating Activities | -24,098,686.36 | -124,102,988.86 | Not applicable | | Basic Earnings Per Share (RMB/share) | 0.04 | 0.22 | -81.82 | | Weighted Average Return on Net Assets (%) | 0.47 | 2.77 | Decreased by 2.30 percentage points | - Profit before tax, net profit attributable to shareholders, and basic earnings per share significantly decreased, primarily due to global economic slowdown, weakened domestic market demand, and the need to improve profitability of emerging businesses[21](index=21&type=chunk) - The company has achieved certain results in actively developing emerging businesses such as intelligent IV compounding centers, logistics, and mobile robots[21](index=21&type=chunk) - Through strengthened accounts receivable management, the company's collection situation has improved compared to previous years[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter discloses that the total non-recurring gains and losses for the reporting period amounted to **0.14 million RMB**, primarily comprising government grants and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current period profit/loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a sustained impact on the company's profit/loss) | 265,506.93 | | Other non-operating income and expenses apart from the above items | -70,146.78 | | Less: Income tax impact | 29,304.02 | | Impact on minority interests (after tax) | 24,281.11 | | Total | 141,775.02 | [Management Discussion and Analysis](index=8&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, business operations, core competencies, and financial performance during the reporting period [Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company specializes in intelligent drug management equipment manufacturing, with core businesses in smart pharmacies, intelligent IV compounding centers, and drug and consumables management, while actively expanding into emerging areas like logistics and mobile robots; the industry continues to grow driven by policies, and the company maintains a stable market position [Industry Classification](index=8&type=section&id=1.%20Industry%20Classification) The company operates in the special equipment manufacturing industry (C35), specifically other special equipment manufacturing (3599) - The company's industry is special equipment manufacturing (C35), specifically other special equipment manufacturing (3599)[26](index=26&type=chunk) [International Development of Intelligent Drug Management Equipment Manufacturing Industry](index=8&type=section&id=2.%20International%20Development%20of%20Intelligent%20Drug%20Management%20Equipment%20Manufacturing%20Industry) The international intelligent drug management equipment manufacturing industry began in the 1990s, entered rapid development in the early 21st century, with high pharmacy automation penetration in Europe and America, such as 97% of US hospitals having automated dispensing equipment - In the 1990s, countries such as Germany, the United States, Japan, and South Korea initiated research on intelligent drug management systems[27](index=27&type=chunk) - In the early 21st century, the intelligent drug management equipment manufacturing industry entered a period of rapid development, with pharmacy automation showing an upward trend in European and American countries[27](index=27&type=chunk) - As of the end of 2014, **97% of hospitals in the United States** were equipped with automated dispensing equipment[27](index=27&type=chunk) [Domestic Development of Intelligent Drug Management Equipment Manufacturing Industry](index=8&type=section&id=3.%20Domestic%20Development%20of%20Intelligent%20Drug%20Management%20Equipment%20Manufacturing%20Industry) China's intelligent drug management industry is driven by policies, such as the Ministry of Health's requirements for automated systems, shorter dispensing times, and "Quality Management Standards for Centralized Intravenous Drug Compounding," providing broad opportunities for automation in IV compounding centers and retail pharmacies - In 2010, the Ministry of Health required tertiary general hospitals' pharmacy departments to gradually equip with fully automatic packaging systems, automated compounding systems, and drug management information systems[28](index=28&type=chunk) - In 2011, the Ministry of Health explicitly stated that waiting times at service windows for registration, pricing, payment, and dispensing should not exceed **10 minutes**[29](index=29&type=chunk) - In 2011, the Ministry of Health required medical service institutions to establish IV compounding centers (rooms) for centralized compounding and supply based on clinical needs[30](index=30&type=chunk) - Policies like "prescription outflow" and "Internet+Healthcare" are driving the transformation and upgrading of retail pharmacies, with the O2O model promoting the development of new automated pharmacy retail models[33](index=33&type=chunk) [Company's Industry Position](index=10&type=section&id=4.%20Company's%20Industry%20Position) The company is a leading enterprise in the intelligent drug management industry, having served over a thousand medical institutions, including 5 of the top ten national hospitals and over 50% of the top fifty hospitals - The company is one of the major enterprises in the intelligent drug management industry[34](index=34&type=chunk) - The company has provided intelligent drug management projects to over a thousand medical service institutions, including Peking Union Medical College Hospital and Ruijin Hospital affiliated with Shanghai Jiao Tong University School of Medicine[34](index=34&type=chunk) - **5 of the top ten national hospitals** and **over 50% of the top fifty national hospitals** are the company's clients[34](index=34&type=chunk) [Company's Main Business, Products and Services](index=10&type=section&id=(II)%20Company's%20Main%20Business,%20Products%20and%20Services) The company's main business encompasses smart pharmacies, intelligent IV compounding centers, and intelligent drug and consumables management, actively developing new products like logistics robots to enhance efficiency, service quality, and management in medical institutions - The company's main business covers three sub-segments: smart pharmacies, intelligent IV compounding centers, and intelligent drug and consumables management[35](index=35&type=chunk) - The business involves software and hardware system integration technology, data processing technology, equipment overall management technology, automatic dispensing technology, automatic replenishment technology, and robot application technology[35](index=35&type=chunk) - The company is currently developing new products such as hospital logistics robots, automated drug warehouses, and automated traditional Chinese medicine dispensing machines[39](index=39&type=chunk) [Smart Pharmacy Project](index=10&type=section&id=1.%20Smart%20Pharmacy%20Project) The smart pharmacy project integrates software and hardware to achieve automated drug storage, compounding, transfer, and dispensing, enhancing efficiency, preventing errors, optimizing inventory management, and improving patient experience - The smart pharmacy project is an intelligent drug management system combining software and hardware, realizing automated storage, compounding, transfer, and dispensing of pharmacy drugs[36](index=36&type=chunk) - Through equipment such as automatic dispensing machines, intelligent injection management cabinets, and intelligent narcotic drug management cabinets, it improves drug compounding efficiency and prevents human errors[36](index=36&type=chunk) [Intelligent IV Compounding Center Project](index=10&type=section&id=2.%20Intelligent%20IV%20Compounding%20Center%20Project) The intelligent IV compounding center project utilizes software and hardware systems to achieve rapid and accurate preparation and dispensing of intravenous infusion drugs, reducing medical staff exposure to hazardous drugs, and enabling full-process control and traceability - The intelligent IV compounding center project is an intelligent intravenous drug compounding and management system combining software and hardware[38](index=38&type=chunk) - Through equipment such as drug compounding robots, intelligent injection libraries, and automatic labeling machines, it achieves rapid and accurate compounding and dispensing of intravenous infusion drugs[38](index=38&type=chunk) [Intelligent Drug and Consumables Management Project](index=11&type=section&id=3.%20Intelligent%20Drug%20and%20Consumables%20Management%20Project) The intelligent drug and consumables management project uses IoT technology and smart hardware to ensure secure storage, intelligent dispensing, and full-process traceability of drugs and consumables, including narcotics and high-value medical consumables - The intelligent drug and consumables management project utilizes smart drug management cabinets, smart consumables management cabinets, and other hardware, employing IoT technology[39](index=39&type=chunk) - It achieves intelligent secure storage, intelligent dispensing, and full-process traceability of drugs and consumables[39](index=39&type=chunk) [Logistics and Mobile Robot Project](index=11&type=section&id=4.%20Logistics%20and%20Mobile%20Robot%20Project) The logistics and mobile robot project focuses on logistics transmission and robot systems for medical scenarios, building a distributed medical full-scenario ecosystem with mobile robots, box logistics, and AI algorithms to ensure secure and controllable material access and multi-scenario behavior management - The logistics and mobile robot project is a software and hardware integrated medical scenario logistics transmission and robot system[40](index=40&type=chunk) - It adopts computer vision AI algorithms and other technologies, building a distributed medical full-scenario ecosystem based on the open-source HarmonyOS system[40](index=40&type=chunk) [Company's Business Model](index=11&type=section&id=(III)%20Company's%20Business%20Model) The company's business model encompasses software and hardware R&D, procurement, outsourced processing, solution design, system integration, installation, debugging, and maintenance, fulfilling customized customer needs through a project-based approach and holding a significant position in the industry chain - The company's production processes include software and hardware R&D, procurement and outsourced processing, solution design, system integration and customized software development, initial equipment assembly, module debugging, on-site project installation and debugging, maintenance, and upkeep[41](index=41&type=chunk) - The company possesses core technologies and intellectual property rights related to these processes, mastering the core technologies for product manufacturing and project implementation, thus holding an important position in the industry chain[44](index=44&type=chunk) [Procurement Model](index=12&type=section&id=1.%20Procurement%20Model) The company's procurement is divided into raw material procurement (standard and non-standard customized parts) and outsourced processing (PCB board SMT, wire crimping, tinning), with main production work involving raw material inspection, assembly, and integration - Procurement is divided into two categories: raw material procurement (standard parts and non-standard customization) and outsourced processing (PCB board SMT, wire crimping, tinning)[45](index=45&type=chunk) - The company's main production work involves raw material inspection, assembly, and integration[45](index=45&type=chunk) [Sales Model](index=12&type=section&id=2.%20Sales%20Model) After signing project contracts with customers, the company is responsible for equipment production, installation, implementation, debugging, and subsequent maintenance services, primarily serving pharmaceutical distribution enterprises to achieve rapid product market promotion - After confirming the project design plan with customers, the company signs project contracts and is responsible for equipment production, installation, implementation, debugging, and subsequent maintenance services[46](index=46&type=chunk) - The company's customers are mainly pharmaceutical distribution enterprises, and cooperation with them can quickly achieve product market promotion[46](index=46&type=chunk) [Project Implementation Model](index=12&type=section&id=3.%20Project%20Implementation%20Model) Project implementation is divided into three stages: solution design, project implementation, and project acceptance, involving communication with hospitals for requirements, on-site surveys, equipment production, software and hardware development and debugging, installation guidance, and final delivery and acceptance - The project implementation model is divided into three stages: solution design, project implementation, and project acceptance[48](index=48&type=chunk) - The solution design stage includes communication with hospitals, on-site surveys, formulation of preliminary implementation plans, and product selection[48](index=48&type=chunk) - The project implementation stage includes equipment production, initial assembly, core control module debugging, system integration, software and hardware debugging, and operational guidance for medical staff[49](index=49&type=chunk) [Operating Performance Analysis](index=13&type=section&id=II.%20Operating%20Performance%20Analysis) In the first half of 2025, the company faced severe macroeconomic and industry policy challenges, with operating performance falling short of expectations; the company actively responded by expanding overseas markets, strategically positioning in pharmaceutical retail, deepening R&D innovation, and strengthening operational management to seek new growth points - In the first half of 2025, the global economic environment was complex, domestic effective demand still needed to recover, and the foundation for economic recovery and improvement still needed to be solidified, making the overall market environment relatively severe[49](index=49&type=chunk) - The company's performance was constrained by factors such as delayed collections and bad debt provisions, with operating performance still falling short of expected levels[49](index=49&type=chunk) - Through strengthened accounts receivable management, the company's collection situation has improved compared to previous years[49](index=49&type=chunk) [Domestic Demand Awaits Release, Actively Expanding Overseas Markets](index=13&type=section&id=1.%20Domestic%20Demand%20Awaits%20Release,%20Actively%20Expanding%20Overseas%20Markets) The company is actively expanding overseas markets, having made breakthroughs in Taiwan (China), Saudi Arabia, Russia, Hong Kong (China), Malaysia, Thailand, and the UK, and established a joint venture with Ajlan & Bros Holding Group in Saudi Arabia to promote products in the Middle East and North African markets - The company established a joint venture with Ajlan & Bros Information Technology Company (Ajlan & Bros Holding Group) in Riyadh, Saudi Arabia, intending to promote the company's products in Saudi Arabia, the Middle East, and North African markets[50](index=50&type=chunk) - The joint venture has signed formal agreements with the Saudi Ministry of Health's Pharmaceutical and Healthcare General Authority and the Jizan Province Health Department in Saudi Arabia, commencing pilot projects for outpatient pharmacies, inpatient pharmacies, and ward pharmacy equipment in two hospitals in Jizan Province[50](index=50&type=chunk) - As of the disclosure date, the company has made breakthroughs in Taiwan (China), Saudi Arabia, Russia, Hong Kong (China), Malaysia, Thailand, and the UK markets, with order volumes effectively released[51](index=51&type=chunk) [Strategic Layout in Pharmaceutical Retail Market, Strengthening Development Momentum](index=14&type=section&id=2.%20Strategic%20Layout%20in%20Pharmaceutical%20Retail%20Market,%20Strengthening%20Development%20Momentum) The company is collaborating with Meituan Maicai to create "Smart Pharmacy" projects, leveraging equipment deployment and online platform technology to empower a new pharmaceutical retail ecosystem, with plans for nationwide replication and expansion into a "Smart Integrated Warehouse" model - The company will collaborate with Meituan Maicai to create "Smart Pharmacy" projects, with "Jianhui Smart Pharmacy" as the offline foundation and Meituan Maicai's internet platform technology as online support[53](index=53&type=chunk) - The "Smart Pharmacy" model is planned for batch replication and promotion nationwide, with exploration of online medical insurance payment models[53](index=53&type=chunk) - The "Smart Pharmacy" model will gradually expand from solely drugs to a "Smart Integrated Warehouse" model that integrates cosmetics, family planning products, and contact lenses[53](index=53&type=chunk) [Deepening R&D Innovation, Promoting Product Optimization and Technology Upgrades](index=14&type=section&id=3.%20Deepening%20R%26D%20Innovation,%20Promoting%20Product%20Optimization%20and%20Technology%20Upgrades) Facing a slowdown in domestic market growth, the company promptly implemented a strategic transformation, increased R&D investment, and developed customized product solutions for differentiated overseas market demands, enhancing international competitiveness and brand influence - Facing a slowdown in demand for R&D upgrades in the domestic automated pharmacy market, the company promptly implemented a strategic transformation to accelerate its overseas market expansion[54](index=54&type=chunk) - The company established a rapid response mechanism to specifically develop highly customized product solutions tailored to the differentiated characteristics of overseas markets[54](index=54&type=chunk) - By continuously increasing R&D investment, optimizing product performance, and advancing technological iterations, the company consistently enhances its brand's international influence and global market competitiveness[54](index=54&type=chunk) [Strengthening Operational Capabilities, Continuous Improvement in Enterprise Management](index=14&type=section&id=4.%20Strengthening%20Operational%20Capabilities,%20Continuous%20Improvement%20in%20Enterprise%20Management) During the reporting period, the company focused on its main business, strictly implemented comprehensive budgeting, optimized its compensation and performance mechanisms, and continuously improved enterprise management to ensure orderly departmental functions and steadily advance new business expansion - The company focused on its main business, strictly implemented comprehensive budgeting, improved lean production management, and optimized its compensation and performance mechanisms, further strengthening its operational capabilities[55](index=55&type=chunk) - Enterprise management continued to improve, ensuring orderly departmental functions, with various business teams collaborating closely to seize market recovery opportunities and steadily advance new business expansion[55](index=55&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies remained largely unchanged, primarily reflected in its product technology and R&D, extensive product line, high-quality products, brand influence, rich project implementation experience, and comprehensive after-sales service network - During the reporting period, the company's core competencies did not undergo significant changes[56](index=56&type=chunk) [Product Technology and R&D Advantages](index=14&type=section&id=1.%20Product%20Technology%20and%20R%26D%20Advantages) As a high-tech enterprise, the company boasts an R&D team with nearly 20 years of industry experience, possessing strong technological innovation and new product development capabilities, enabling it to develop software and hardware products that align with hospital management needs - The company is a high-tech enterprise with a well-established R&D system, and its R&D team has been deeply involved in the industry for nearly **20 years**[57](index=57&type=chunk) - The company possesses strong technological innovation capabilities and new product R&D capabilities, enabling it to design and develop software and hardware products that align with hospital management needs based on user requirements[57](index=57&type=chunk) [Company's Product Advantages](index=14&type=section&id=2.%20Company's%20Product%20Advantages) Through long-term accumulation and R&D innovation, the company has developed a rich product line and standardized modules, compatible with mainstream HIS or SPD systems, enabling it to quickly and efficiently provide customized solutions - The company has developed a rich product line, including various standardized modules, capable of covering the personalized needs of different users[59](index=59&type=chunk) - The systems developed by the company are compatible with most hospital HIS or SPD systems, enabling it to quickly and efficiently provide customized implementation solutions for clients[59](index=59&type=chunk) [Quality Advantages](index=15&type=section&id=3.%20Quality%20Advantages) The company's products primarily serve medical service institutions, requiring continuous operation, long-term stable performance, and normal functioning under high-intensity loads, with ongoing optimization to meet customer demands - The company's products must possess the ability to operate continuously, run stably for extended periods, and maintain normal function under high-intensity loads[60](index=60&type=chunk) - Through continuous optimization and improvement, the company's products maintain long-term stable operation in every project, fully meeting customer demands[60](index=60&type=chunk) [Brand Advantages](index=15&type=section&id=4.%20Brand%20Advantages) The company has implemented intelligent drug management projects in over a thousand hospitals across 31 provinces and municipalities nationwide, including many renowned medical institutions, continuously building its brand advantage - The company has implemented various intelligent drug management projects in over a thousand hospitals, covering **31 provinces, autonomous regions, and municipalities** nationwide[61](index=61&type=chunk) - Many renowned medical service institutions, including Peking Union Medical College Hospital, use the company's products, continuously accumulating its brand advantage[61](index=61&type=chunk) [Project Implementation Experience Advantages](index=15&type=section&id=5.%20Project%20Implementation%20Experience%20Advantages) The company has accumulated extensive project implementation experience, serving users across various levels of medical service institutions and retail pharmacies, enabling it to quickly and efficiently design implementation solutions that meet user needs - The company has accumulated extensive project implementation experience, serving users across various levels of medical service institutions and retail pharmacies[62](index=62&type=chunk) - Rich project implementation experience enables the company to quickly and efficiently design implementation solutions that meet user needs[62](index=62&type=chunk) [Comprehensive After-Sales Service Advantages](index=15&type=section&id=6.%20Comprehensive%20After-Sales%20Service%20Advantages) The company has over a hundred after-sales service engineers and a service network covering major cities nationwide, ensuring quick response and timely resolution of product quality issues - The company has over a hundred after-sales service engineers, with a service network covering major cities nationwide and radiating to surrounding areas[63](index=63&type=chunk) - A comprehensive service network ensures quick response and full coverage for after-sales service, allowing product quality issues to be promptly addressed and resolved[63](index=63&type=chunk) [Key Operating Conditions During the Reporting Period](index=15&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by 9.03%, but operating costs surged by 52.89%, leading to a significant decline in profit before tax and net profit; the company improved cash flow by strengthening accounts receivable management and continued equity investments and fundraising project construction [Main Business Analysis](index=15&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue grew by 9.03%, primarily due to the expansion of emerging businesses; however, operating costs increased by 52.89%, leading to a significant decline in profit before tax and net profit, mainly affected by lower new product profit margins and increased administrative expenses, while net cash flow from operating activities significantly improved Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 158,665,222.08 | 145,519,413.68 | 9.03 | | Operating Cost | 87,717,434.35 | 57,374,388.89 | 52.89 | | Selling Expenses | 16,048,579.30 | 14,326,506.48 | 12.02 | | Administrative Expenses | 23,098,139.98 | 20,179,417.26 | 14.46 | | Financial Expenses | 1,599,450.42 | 796,035.01 | 100.93 | | R&D Expenses | 9,757,645.28 | 11,236,869.61 | -13.16 | | Net Cash Flow from Operating Activities | -24,098,686.36 | -124,102,988.86 | Not applicable | - Operating revenue increased by **9.03%**, mainly due to certain achievements in actively developing emerging businesses such as intelligent IV compounding centers, logistics, and mobile robots[66](index=66&type=chunk) - Operating cost increased by **52.89%**, primarily due to a proportional increase with operating revenue, and a decrease in gross profit year-on-year due to factors such as a higher proportion of new products[66](index=66&type=chunk) - Financial expenses increased by **100.93%**, mainly due to increased short-term borrowings during the reporting period, leading to higher bank interest expenses[66](index=66&type=chunk) [Analysis of Assets and Liabilities](index=16&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets slightly decreased, but the structure of current assets changed significantly, with a substantial reduction in notes receivable and accounts receivable financing, and an increase in prepayments and contract liabilities; on the liability side, notes payable significantly decreased, while other current liabilities substantially increased Assets and Liabilities (Period-end vs. Period-start) | Item Name | Current Period-end (RMB) | % of Total Assets at Period-end | Prior Year-end (RMB) | % of Total Assets at Prior Year-end | % Change from Prior Year-end | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 89,671,869.58 | 6.21 | 123,838,936.62 | 8.45 | -27.59 | | Notes Receivable | 1,616,847.90 | 0.11 | 54,598,450.74 | 3.72 | -97.04 | | Accounts Receivable Financing | 1,553,424.08 | 0.11 | 6,845,625.60 | 0.47 | -77.31 | | Accounts Receivable | 480,683,163.73 | 33.27 | 411,897,556.09 | 28.10 | 16.70 | | Prepayments | 33,919,698.88 | 2.35 | 19,949,911.21 | 1.36 | 70.02 | | Inventories | 67,707,250.90 | 4.69 | 99,691,956.05 | 6.80 | -32.08 | | Contract Liabilities | 43,225,008.13 | 2.99 | 26,615,752.60 | 1.82 | 62.40 | | Notes Payable | 4,293,634.38 | 0.30 | 51,394,796.51 | 3.51 | -91.65 | | Other Current Liabilities | 13,341,049.26 | 0.92 | 647,150.72 | 0.04 | 1,961.51 | - Notes receivable at period-end decreased by **97.04%** compared to the beginning of the year, mainly due to the maturity and collection of bank acceptance bills[69](index=69&type=chunk) - Prepayments at period-end increased by **70.02%** compared to the beginning of the year, mainly due to stocking up for business expansion[70](index=70&type=chunk) - Other current liabilities at period-end increased by **1,961.51%** compared to the beginning of the year, primarily due to an increase in output VAT awaiting invoicing during the reporting period[71](index=71&type=chunk) [Overseas Assets](index=18&type=section&id=2.%20Overseas%20Assets) At the end of the reporting period, the company's overseas assets amounted to **15.64 million RMB**, accounting for **1.08%** of total assets - Overseas assets totaled **15.64 million RMB**, accounting for **1.08%** of total assets[72](index=72&type=chunk) [Major Asset Restrictions as of the End of the Reporting Period](index=18&type=section&id=3.%20Major%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) At the end of the reporting period, the company's restricted cash and cash equivalents totaled **0.99 million RMB**, primarily consisting of bank acceptance bill deposits and business card deposits Details of Restricted Cash | Item | Period-end Balance (RMB) | Prior Year-end Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bill Deposit | 464,035.08 | 1,477,243.76 | | Business Card Deposit | 526,194.41 | 526,194.41 | | Total | 990,229.49 | 2,003,438.17 | [Investment Analysis](index=18&type=section&id=(IV)%20Investment%20Analysis) The company strengthens its product line layout and expands its upstream and downstream industry chain ecosystem through integrating the businesses of its holding and associate subsidiaries and investing in private equity funds; during the reporting period, the Zhongxiang Intelligent Manufacturing Base project continued to advance, with a cumulative investment of **88.11 million RMB** - The company primarily strengthens its product line layout by integrating the businesses of its holding and associate subsidiaries, while also strategically investing in promising medical and healthcare industries through private equity funds[74](index=74&type=chunk) [Significant Non-Equity Investments](index=19&type=section&id=(2).%20Significant%20Non-Equity%20Investments) The Zhongxiang Intelligent Manufacturing Base project had an actual investment of **22.72 million RMB** this year, with a cumulative investment of **88.11 million RMB**, funded by self-owned capital, and the project is progressing steadily - The "Zhongxiang Intelligent Manufacturing Base" project had an actual investment of **22.72 million RMB** this year, with a cumulative actual investment of **88.11 million RMB**[75](index=75&type=chunk) - The invested funds are from self-owned capital, and the project is progressing steadily[75](index=75&type=chunk) [Financial Assets Measured at Fair Value](index=19&type=section&id=(3).%20Financial%20Assets%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value totaled **109.71 million RMB**, primarily comprising accounts receivable financing and other non-current financial assets Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-start (RMB) | Fair Value Change in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Other Changes (RMB) | Period-end (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 6,845,625.60 | | | -5,292,201.52 | 1,553,424.08 | | Other Non-current Financial Assets | 108,160,020.80 | | | | 108,160,020.80 | | Total | 115,005,646.40 | | | -5,292,201.52 | 109,713,444.88 | [Analysis of Major Holding and Associate Companies](index=20&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries, such as Weilehaici and Shantao Information, continue to operate in their respective business areas, while some subsidiaries like Shanghai Shankang and Shanghai Shantong have not yet commenced operational activities; associate companies like Boke Guoxin and Jiangsu Yongxin play roles in medical informatization and purification engineering Major Subsidiaries and Associate Companies with Net Profit Impact Exceeding 10% (Unit: Million RMB) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Weilehaici | Subsidiary | R&D, production, project implementation, and subsequent maintenance services for smart pharmacy products | 0.61 million Euros | 308.42 | 232.15 | 49.04 | -0.60 | | Shantao Information | Subsidiary | R&D, production, sales, and subsequent maintenance services for hardware in intelligent IV compounding center projects and intelligent drug and consumables management projects | 2.00 million RMB | 367.18 | 173.54 | 71.13 | -1.90 | | Shanghai Shankang | Subsidiary | Has not yet commenced operational activities, plans to develop, produce, and sell IV compounding robots and other products in the future | 1 million Euros | 8.12 | 8.10 | - | 0.28 | | HK Healthy | Subsidiary | Primarily engaged in developing intelligent drug management businesses in Hong Kong, Macau, and Taiwan regions | 0.01 million HKD | 15.64 | 15.08 | 2.48 | 0.19 | | Boke Guoxin | Associate Company | Development and sales of medical consumables SPD management systems, medical integration platforms, and data centers, as well as providing county-level medical community solutions | 12.71 million RMB | 97.79 | 50.38 | 11.57 | 0.23 | | Nanjing Zhongji | Subsidiary | R&D of specialized medical intelligent equipment such as operating room narcotic drug control robots, building a full IoT material control and distribution system | 11.87 million RMB | 21.91 | 6.68 | 0.28 | -3.52 | | Jiangsu Yongxin | Associate Company | Centered on medical purification engineering, providing various solutions for hospitals including artificial intelligence and big data information management | 57.77 million RMB | 420.24 | 140.76 | 39.37 | -4.99 | [Corporate Governance, Environment and Society](index=25&type=section&id=Section%204%20Corporate%20Governance,%20Environment%20and%20Society) This section details changes in the company's directors, supervisors, and senior management, as well as its profit distribution plan [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, independent directors Bai Yunxia and Zhou Yun left due to term expiration, while Zhang Tianshu and Zhou Zhe were elected as new independent directors, and adjustments to the Board's special committee members were completed Company Directors, Supervisors, and Senior Management Changes | Name | Position Held | Change Type | | :--- | :--- | :--- | | Bai Yunxia | Independent Director | Resignation | | Zhou Yun | Independent Director | Resignation | | Zhang Tianshu | Independent Director | Election | | Zhou Zhe | Independent Director | Election | - The company completed the re-election of independent directors and the adjustment of members of the Board's special committees on June 25, 2025[87](index=87&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=25&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company does not plan any profit distribution or capital reserve conversion for the semi-annual period - The company's proposed profit distribution or capital reserve conversion plan for the semi-annual period is "None"[88](index=88&type=chunk) [Significant Matters](index=27&type=section&id=Section%205%20Significant%20Matters) This section covers the fulfillment of commitments, integrity status, significant related party transactions, major contracts, and the progress of raised fund utilization [Fulfillment of Commitments](index=27&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controller, directors, senior management, and shareholders holding 5% or more of shares have strictly fulfilled all commitments related to the initial public offering, including share lock-up, avoidance of horizontal competition, and standardization of related party transactions, with these commitments remaining long-term effective - The controlling shareholder and actual controller, Dai Jianwei, committed not to transfer shares within **36 months** from the listing date and that the reduction price would not be lower than the offering price for **two years** after the lock-up period expires[94](index=94&type=chunk)[95](index=95&type=chunk)[101](index=101&type=chunk) - The actual controller, Sun Dong, committed not to transfer shares within **36 months** from the listing date and that the reduction price would not be lower than the offering price for **two years** after the lock-up period expires[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The company, its controlling shareholder, actual controller, shareholders holding **5% or more** of shares, and all directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding legal responsibilities[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - The controlling shareholder, actual controller, and shareholders holding **5% or more** of shares have all issued commitment letters to avoid horizontal competition with the company and standardize related party transactions, with these commitments remaining long-term effective[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) [Explanation of the Integrity Status of the Company and its Controlling Shareholder, Actual Controller During the Reporting Period](index=41&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20its%20Controlling%20Shareholder,%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company's controlling shareholder and actual controller had no adverse integrity issues, such as unfulfilled effective court judgments or large overdue debts - During the reporting period, the company's controlling shareholder and actual controller had no adverse integrity issues, such as unfulfilled effective court judgments or large overdue debts[120](index=120&type=chunk) [Significant Related Party Transactions](index=41&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in ordinary related party transactions with Willach and Boke Guoxin, with actual amounts within the estimated limits - The company and its holding subsidiaries' ordinary related party transactions with Willach in 2025 were estimated not to exceed **22 million RMB**, with actual equipment purchase and sale related party transactions amounting to **5.16 million RMB**, accounting for **23.47%** of the estimated amount[121](index=121&type=chunk) - The company and its holding subsidiaries' ordinary related party transactions with Boke Guoxin in 2025 were estimated not to exceed **24 million RMB**, with actual software purchase and sale related party transactions amounting to **0.09 million RMB**, accounting for **0.37%** of the estimated amount[122](index=122&type=chunk) [Significant Contracts and Their Fulfillment](index=44&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company's external guarantees primarily consisted of guarantee liabilities for subsidiaries, totaling **45.72 million RMB**, accounting for **4.25%** of net assets; the company also signed a strategic cooperation agreement with MEDSNAB-GROUP LLC Company of Russia and collaborated with Meituan Maicai on a "Smart Pharmacy" project, with asset transfer completed [Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=44&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) During the reporting period, the company primarily provided guarantee liabilities for its subsidiary Shantao Information, with a total guarantee amount of **45.72 million RMB**, representing **4.25%** of the company's net assets Company's Guarantees for Subsidiaries | Indicator | Amount (RMB) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries Incurred in Current Period | 185,000,000.00 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 45,723,884.23 | | Total Guarantee Amount (A+B) | 45,723,884.23 | | % of Total Guarantee Amount to Company's Net Assets | 4.25 | - The company provides multiple guarantee liabilities for its subsidiary Shantao Information, including maximum guarantee contracts signed with Ningbo Bank, China Merchants Bank, China Everbright Bank, and Bank of Communications[127](index=127&type=chunk)[128](index=128&type=chunk)[500](index=500&type=chunk) [Other Significant Contracts](index=46&type=section&id=(III)%20Other%20Significant%20Contracts) The company signed a 5-year strategic cooperation agreement with MEDSNAB-GROUP LLC Company of Russia; it also signed a "Smart Pharmacy" strategic cooperation agreement with Meituan Maicai and completed the asset transfer for the "Smart Pharmacy Supporting Project" business acquisition - In April 2024, the company signed a **5-year** strategic cooperation agreement with MEDSNAB-GROUP LLC Company of Russia[129](index=129&type=chunk) - In February 2024, Jianhui Information signed a "Strategic Cooperation Agreement on Smart Pharmacy" with Meituan Maicai, and in April 2024, signed an "Asset Acquisition Agreement on Smart Pharmacy Supporting Project" [130](index=130&type=chunk) - As of the disclosure date of this announcement, the company and Meituan Maicai have completed the asset transfer procedures for the aforementioned transactions[130](index=130&type=chunk) [Explanation of Progress in Use of Raised Funds](index=46&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's cumulative investment of raised funds totaled **349.87 million RMB**, with an investment progress of **80.39%**; some fundraising projects, such as the "Pharmacy Automation Upgrade R&D Project" and "Automated Equipment Deployment Project," have been postponed twice until February 2026 due to factors like slowing market demand and the recovery cycle of medical institutions' funding [Overall Use of Raised Funds](index=46&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's total raised funds amounted to **435.21 million RMB**, with a cumulative investment of **349.87 million RMB**, representing an investment progress of **80.39%** Overall Use of Raised Funds | Indicator | Amount (Million RMB) | | :--- | :--- | | Total Raised Funds | 435.21 | | Net Raised Funds | 435.21 | | Cumulative Investment of Raised Funds as of Period-end | 349.87 | | Investment Progress as of Period-end (%) | 80.39 | [Details of Raised Fund Investment Projects](index=47&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) Raised fund investment projects include "Jianhui Information Medical Logistics Intelligent Industrialization Project," "Marketing and Customer Service Network Upgrade Project," "Medical Logistics Robot Laboratory Construction Project," "Pharmacy Automation Upgrade R&D Project," and "Automated Equipment Deployment Project"; the first three have largely been completed or have high investment progress, while the latter two have been postponed Details of Raised Fund Investment Projects (Unit: Million RMB) | Project Name | Planned Investment | Current Year Investment | Cumulative Investment as of Period-end | Investment Progress (%) | Scheduled Date of Usability | | :--- | :--- | :--- | :--- | :--- | :--- | | Jianhui Information Medical Logistics Intelligent Industrialization Project | 230.00 | 0.00 | 230.75 | 100.32 | December 2023 | | Marketing and Customer Service Network Upgrade Project | 10.00 | 0.00 | 10.24 | 102.45 | December 2023 | | Medical Logistics Robot Laboratory Construction Project | 10.00 | 0.00 | 10.34 | 103.36 | February 2024 | | Pharmacy Automation Upgrade R&D Project | 20.00 | 0.30 | 6.50 | 32.48 | February 2026 | | Automated Equipment Deployment Project | 100.00 | 0.00 | 26.84 | 26.84 | February 2026 | | Supplementary Working Capital Project | 65.21 | 0.00 | 65.21 | 100.00 | Not applicable | [Other Uses of Raised Funds During the Reporting Period](index=51&type=section&id=(IV)%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) The company used **90.00 million RMB** of idle raised funds to temporarily supplement working capital; some fundraising projects, such as the "Pharmacy Automation Upgrade R&D Project" and "Automated Equipment Deployment Project," have been postponed twice until February 2026 due to slowing domestic market demand and the recovery cycle of medical institutions' funding - The company used **90.00 million RMB** of idle raised funds to temporarily supplement working capital, with a usage period not exceeding **twelve months** from the date of Board approval[139](index=139&type=chunk) - The "Pharmacy Automation Upgrade R&D Project" and "Automated Equipment Deployment Project" were initially postponed until March 2025[140](index=140&type=chunk)[141](index=141&type=chunk) - These two projects were again postponed until February 2026, primarily due to slowing demand in the domestic automated pharmacy R&D sector and a certain time lag in the recovery of medical institutions' funding[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) [Share Changes and Shareholder Information](index=53&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details any changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=53&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total shares or share capital structure - During the reporting period, there were no changes in the company's total shares or share capital structure[149](index=149&type=chunk) [Shareholder Information](index=53&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had a total of **15,340** common shareholders; among the top ten shareholders, Dai Jianwei held **42.00%** of shares, and Shanghai Jianqu Investment Management Co., Ltd. held **8.26%**, with both being related parties - As of the end of the reporting period, the total number of common shareholders was **15,340**[150](index=150&type=chunk) Top Ten Shareholders' Shareholdings (Excluding Shares Lent via Securities Lending) | Shareholder Name | Period-end Shareholding (Shares) | Proportion (%) | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | | Dai Jianwei | 57,113,219 | 42.00 | Unrestricted | 0 | | Shanghai Jianqu Investment Management Co., Ltd. | 11,235,003 | 8.26 | Unrestricted | 0 | | Chen Maopo | 1,289,800 | 0.95 | Unrestricted | 0 | | Wan Yizhao | 1,191,900 | 0.88 | Unrestricted | 0 | | Luo Youjun | 845,000 | 0.62 | Unrestricted | 0 | | Wu Yunsheng | 800,000 | 0.59 | Unrestricted | 0 | | Yang Kexin | 761,900 | 0.56 | Unrestricted | 0 | | Ying Li | 759,400 | 0.56 | Unrestricted | 0 | | Yang Bo | 724,100 | 0.53 | Frozen | 332,900 | | Cao Hucheng | 589,000 | 0.43 | Unrestricted | 0 | - Shanghai Jianqu Investment Management Co., Ltd.'s controlling shareholders and actual controllers are Dai Jianwei and Sun Dong, who are also the company's controlling shareholders and actual controllers[153](index=153&type=chunk) [Bond-Related Information](index=56&type=section&id=Section%207%20Bond-Related%20Information) This section provides information regarding the company's corporate bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=56&type=section&id=I.%20Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[157](index=157&type=chunk) [Convertible Corporate Bonds](index=56&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[157](index=157&type=chunk) [Financial Report](index=57&type=section&id=Section%208%20Financial%20Report) This section presents the company's financial statements, including the audit report, balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=57&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=57&type=section&id=II.%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, reflecting the financial position and operating results at the end of the reporting period - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **1,444.63 million RMB**, total liabilities were **282.02 million RMB**, and total owners' equity was **1,162.61 million RMB**[162](index=162&type=chunk) - The consolidated income statement shows that for January-June 2025, total operating revenue was **158.67 million RMB**, profit before tax was **2.11 million RMB**, and net profit attributable to parent company shareholders was **5.03 million RMB**[167](index=167&type=chunk)[169](index=169&type=chunk) - The consolidated cash flow statement shows that for January-June 2025, net cash flow from operating activities was **-24.10 million RMB**, net cash flow from investing activities was **-25.84 million RMB**, and net cash flow from financing activities was **16.51 million RMB**[175](index=175&type=chunk) [Company Basic Information](index=78&type=section&id=III.%20Company%20Basic%20Information) Shanghai Jianhui Information Technology Co., Ltd. was established in 2014 and listed on the main board of the Shanghai Stock Exchange in 2020, with Dai Jianwei and Sun Dong as the ultimate controllers, primarily engaged in technology development in information technology and automation equipment, and medical device sales - Shanghai Jianhui Information Technology Co., Ltd. was established on July 11, 2014, and listed on the main board of the Shanghai Stock Exchange on December 22, 2020[193](index=193&type=chunk) - The ultimate controllers of the company are Dai Jianwei and Sun Dong[193](index=193&type=chunk) - The company's main business scope includes technology development in information technology and automation equipment, wholesale and retail of electronic products, automation equipment, software and auxiliary equipment, and sales of Class I, II, and III medical devices[193](index=193&type=chunk) [Basis of Financial Statement Preparation](index=78&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant provisions of "Information Disclosure and Compilation Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[194](index=194&type=chunk) - The company's financial statements are prepared on a going concern basis[195](index=195&type=chunk) [Significant Accounting Policies and Estimates](index=78&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter elaborates on the company's statement of compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, among other significant accounting policies and estimates - The company's financial statements comply with the requirements of the Accounting Standards for Business Enterprises issued by the Ministry of Finance, and truly and completely reflect the company's financial position, operating results, and cash flows[197](index=197&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with an operating cycle of **12 months**, and the functional currency is RMB[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing financial assets and the characteristics of contractual cash flows[216](index=216&type=chunk) - The company's revenue recognition policies include recognizing revenue for smart pharmacy, intelligent IV compounding center, intelligent drug and consumables management, and logistics and mobile robot projects upon completion of acceptance; technical service revenue is recognized based on performance progress or completion of service; goods sales revenue is recognized upon delivery of goods; and software product sales revenue is recognized when the customer obtains control of the goods[282](index=282&type=chunk)[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) [Taxation](index=105&type=section&id=VI.%20Taxation) This chapter discloses the company's major tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax; the company and some subsidiaries enjoy high-tech enterprise income tax preferential policies (**15%**) or small-profit enterprise income tax preferential policies (**20%**), and also benefit from VAT immediate refund policies for software products Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, with output tax minus deductible input tax as payable VAT | 6%, 13% | | Urban Maintenance and Construction Tax | Based on the amount of turnover tax payable | | | Corporate Income Tax | Based on taxable income | 15%, 25% | - The company, Weilehaici, and Shantao Information enjoy high-tech enterprise income tax preferential policies, with a tax rate of **15%**[312](index=312&type=chunk) - Shanghai Jianqing, Yaozhi Information, and **17 other subsidiaries** are classified as small-profit enterprises in 2025, with taxable income calculated at **25%** and corporate income tax paid at a rate of **20%**[313](index=313&type=chunk) - For domestic sales of self-developed software products, after paying VAT at a **13%** rate, the portion of the actual VAT burden exceeding **3%** is eligible for an immediate refund policy[313](index=313&type=chunk) [Notes to Consolidated Financial Statements](index=107&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed notes on various asset, liability, owners' equity, income, and expense items in the consolidated financial statements, including period-end balances, period-start balances, current period changes, and related explanations - Cash and cash equivalents at period-end amounted to **89.67 million RMB**, of which restricted cash and cash equivalents were **0.99 million RMB**[315](index=315&type=chunk) - Accounts receivable at period-end had a book value of **480.68 million RMB**, with bad debt provisions of **132.09 million RMB**[327](index=327&type=chunk) - Operating revenue for the current period was **158.67 million RMB**, and operating cost was **87.72 million RMB**[431](index=431&type=chunk) - Administrative expenses for the current period amounted to **23.10 million RMB**, primarily consisting of employee compensation, depreciation, and amortization expenses[437](index=437&type=chunk) [Research and Development Expenses](index=162&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses were **9.76 million RMB**, a year-on-year decrease of **13.16%**, primarily composed of employee compensation, raw materials, and outsourced R&D, all expensed R&D Expenses by Nature of Expense | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 7,557,203.49 | 9,181,462.44 | | Raw Materials | 967,875.48 | 1,311,863.07 | | Outsourced R&D | 499,999.99 | 141,509.43 | | Depreciation Expense | 65,709.92 | 85,423.76 | | Travel Expenses | 221,960.17 | 150,505.32 | | Amortization Expense | 247,707.66 | 256,539.48 | | Other | 197,188.57 | 109,566.11 | | Total | 9,757,645.28 | 11,236,869.61 | | Of which: Expensed R&D Expenditure | 9,757,645.28 | 11,236,869.61 | - R&D expenses for the reporting period decreased by **13.16%** compared to the prior year period[65](index=65&type=chunk) - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[466](index=466&type=chunk) [Changes in Consolidation Scope](index=163&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience any non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries leading to loss of control, nor any other changes in the scope of consolidation - No non-same-control business combination transactions occurred in the current period[467](index=467&type=chunk) - No same-control business combination occurred in the current period[469](index=469&type=chunk) - There were no transactions or events leading to the loss of control over subsidiaries in the current period[470](index=470&type=chunk) - There were no other reasons for changes in the scope of consolidation in the current period[470](index=470&type=chunk) [Interests in Other Entities](index=166&type=section&id=X.%20Interests%20in%20Other%20Entities) This chapter details the company's interests in subsidiaries, joint ventures,

邵阳维克液压股份有限公司 2025 年半年度报告全文 邵阳维克液压股份有限公司 2025 年半年度报告 2025-049 2025 年 8 月 27 日 1 邵阳维克液压股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环境和社会 21 | | | 第五节 | 重要事项 | 23 | | 第六节 | 股份变动及股东情况 | 27 | | 第七节 | 债券相关情况 | 31 | | 第八节 | 财务报告 | 32 | 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。 公司负责人粟武洪、主管会计工作负责人柴丹妮及会计机构负责人(会 计主管人员)何彦霏声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的发展战略及未来 ...

浙江钱江生物化学股份有限公司2025 年半年度报告 公司代码：600796 公司简称：钱江生化 浙江钱江生物化学股份有限公司 2025 年半年度报告 1 / 207 浙江钱江生物化学股份有限公司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、 公司负责人朱燕刚、主管会计工作负责人马月忠及会计机构负责人（会计主管人员）马月 忠声明：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 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，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、 ...

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北京世纪瑞尔技术股份有限公司 （Beijing Century Real Technology Co.,Ltd.） 2025 年半年度报告 公告编号：2025-027 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人朱江滨、主管会计工作负责人宋月及会计机构负责人（会计 主管人员）宋月声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及的未来计划、发展战略等前瞻性描述，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。 公司在经营管理中可能面临主营业务依赖单一市场的风险、技术风险、 应收账款发生坏账损失的风险、人力资源风险等诸多风险因素，公司在本报 告"第三节 管理层讨论与分析"中"十、公司面临的风险和应对措施"部分 予以描述，敬请广大投资者关注相关内容，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 证券代码：3 ...

东华软件股份公司 2025 年半年度报告全文 东华软件股份公司 2025 年半年度报告 2025 年 8 月 1 东华软件股份公司 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。 公司负责人薛向东、主管会计工作负责人叶莉及会计机构负责人(会计主 管人员)初美伶声明：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。 本报告中所涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析"之"公司面临的风险和应对 措施"，描述了公司未来经营中可能面临的风险以及应对的措施，敬请广大 投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | ...

苏州光格科技股份有限公司2025 年半年度报告 公司代码：688450 公司简称：光格科技 苏州光格科技股份有限公司 2025 年半年度报告 1 / 222 苏州光格科技股份有限公司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 公司已在本报告中描述可能存在的风险，敬请查阅"第三节管理层讨论与分析"之"四、风险因 素"部分，请投资者注意投资风险。 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、 公司负责人姜明武、主管会计工作负责人万全军及会计机构负责人（会计主管人员）吴正 兴声明：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 无 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 本报告所涉及的公司未来计划、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。 九、 是否存在被 ...

2025 年 8 月 1 中远海运科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 中远海运科技股份有限公司 2025 年半年度报告全文 中远海运科技股份有限公司 2025 年半年度报告 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 23 | | 第五节 | 重要事项 25 | | 第六节 | 股份变动及股东情况 36 | | 第七节 | 债券相关情况 42 | | 第八节 | 财务报告 43 | | 第九节 | 其他报送数据 153 | 公司负责人王新波、主管会计工作负责人俞建忠及会计机构负责人(会计 主管人员)孙少萌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划的，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、 ...

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