Group 1 - In the first seven months of 2025, a total of 36,133 new foreign-invested enterprises were established in China, representing a year-on-year increase of 14.1% [1] - The actual utilized foreign capital amounted to 467.34 billion RMB, showing a year-on-year decrease of 13.4% [1] - In terms of industry, the manufacturing sector attracted 121.04 billion RMB in foreign investment, while the service sector received 336.25 billion RMB [1] Group 2 - High-tech industries saw actual foreign investment of 137.36 billion RMB, with significant growth in specific sectors: e-commerce services increased by 146.8%, aerospace equipment manufacturing by 42.2%, chemical pharmaceuticals by 37.4%, and medical instruments manufacturing by 25.5% [1] - From the perspective of investment sources, actual investment from ASEAN countries grew by 1.1%, while investments from Switzerland, Japan, and the UK increased by 63.9%, 53.7%, and 19.5% respectively [1]

Core Insights - The number of newly established foreign-invested enterprises in China from January to July 2025 reached 36,133, marking a year-on-year increase of 14.1% [1] - The actual utilized foreign capital amounted to 467.34 billion RMB, reflecting a year-on-year decrease of 13.4% [1] Industry Analysis - In the manufacturing sector, the actual utilized foreign capital was 121.04 billion RMB, while the service sector saw 336.25 billion RMB in actual utilized foreign capital [1] - High-tech industries attracted 137.36 billion RMB in actual utilized foreign capital, with significant growth in specific areas: e-commerce services (up 146.8%), aerospace equipment manufacturing (up 42.2%), chemical pharmaceuticals manufacturing (up 37.4%), and medical instruments manufacturing (up 25.5%) [1] Source Region Insights - Investment from the ASEAN region to China increased by 1.1% [1] - Notable growth in actual investment from Switzerland (up 63.9%), Japan (up 53.7%), and the UK (up 19.5%), including data from free port investments [1]

Core Insights - In the first seven months of 2025, China saw the establishment of 36,133 new foreign-invested enterprises, marking a year-on-year increase of 14.1% [1] - However, the actual utilized foreign capital amounted to 467.34 billion RMB, reflecting a year-on-year decrease of 13.4% [1] Industry Analysis - The manufacturing sector attracted 121.04 billion RMB in actual foreign investment, while the service sector received 336.25 billion RMB [1] - High-tech industries accounted for 137.36 billion RMB in actual foreign investment, with notable growth in specific sectors: e-commerce services (up 146.8%), aerospace equipment manufacturing (up 42.2%), chemical pharmaceuticals manufacturing (up 37.4%), and medical instruments manufacturing (up 25.5%) [1] Source Region Insights - Investment from the ASEAN region to China increased by 1.1% [1] - Significant growth in foreign investment from Switzerland (up 63.9%), Japan (up 53.7%), and the UK (up 19.5%) was noted, including data from free port investments [1]

Core Insights - In the first seven months of 2025, China established 36,133 new foreign-invested enterprises, marking a year-on-year increase of 14.1% [1] - The actual utilized foreign capital amounted to 467.34 billion RMB, reflecting a year-on-year decrease of 13.4% [1] Industry Analysis - The manufacturing sector attracted 121.04 billion RMB in actual foreign investment, while the service sector received 336.25 billion RMB [1] - High-tech industries saw actual foreign investment of 137.36 billion RMB, with notable growth in specific sectors: e-commerce services (up 146.8%), aerospace equipment manufacturing (up 42.2%), chemical pharmaceuticals manufacturing (up 37.4%), and medical instruments manufacturing (up 25.5%) [1] Source Region Insights - Investment from ASEAN countries to China increased by 1.1% [1] - Significant growth in foreign investment from Switzerland (up 63.9%), Japan (up 53.7%), and the UK (up 19.5%), including data from free port investments [1]

Company Overview - Hangzhou Bicheng Digital Technology Co., Ltd. was established by individuals Xu Wenjia and Yang Ting, transitioning from Hangzhou Bicheng Network Technology Co., Ltd. to a joint-stock company on July 10, 2020 [1] - The company operates in the e-commerce service industry, providing comprehensive e-commerce operation services to brand owners, including brand retail, channel distribution, brand operation management, and digital marketing services [1] Financial Reporting - The financial statements have been prepared based on the assumption of going concern and in accordance with the relevant accounting standards issued by the Ministry of Finance and the China Securities Regulatory Commission [1][2] - The financial statements reflect the company's financial position and operating results as of May 31, 2025, December 31, 2024, and December 31, 2023 [3] Consolidation Scope - The consolidated financial statements include 47 subsidiaries, with details provided in the notes section [1] Accounting Policies - The company has established specific accounting policies for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition based on its operational characteristics [2][3] - The company uses the accrual basis for accounting, with historical cost as the measurement basis for most financial statements [2] Financial Instruments - Financial assets are classified into three categories at initial recognition: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss [8] - The company assesses expected credit losses based on the risk of default and recognizes impairment losses accordingly [14][16] Inventory Management - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs recognized when necessary [18][19] Fixed Assets - Fixed assets are recognized when it is probable that future economic benefits will flow to the company and the cost can be measured reliably, with depreciation calculated using the straight-line method over their useful lives [29][30] Long-term Investments - Long-term equity investments are accounted for using the cost method for controlled entities and the equity method for joint ventures and associates [24][25]

Core Insights - The National Market Supervision Administration reported that in the first half of the year, 13.278 million new business entities were established, including 4.62 million new enterprises, 8.629 million new individual businesses, and 29,000 new farmers' cooperatives, indicating a stable growth trend across various business types [1] Group 1: Business Growth and Investment - The development of private and foreign enterprises is strong, supported by the accelerated construction of a high-standard market system and continuous optimization of the business environment [2] - In the first half of the year, 4.346 million new private enterprises were established, a year-on-year increase of 4.6%. Additionally, 33,000 new foreign enterprises were established, growing by 4.1% year-on-year [3] - Actual foreign investment in the manufacturing sector reached 109.06 billion yuan, while the service sector attracted 305.87 billion yuan. High-tech industries received 127.87 billion yuan in foreign investment, with significant growth in e-commerce services (127.1%), chemical manufacturing (53%), aerospace manufacturing (36.2%), and medical equipment manufacturing (17.7%) [3] Group 2: Economic Structure and Innovation - The growth in the number of business entities is accompanied by qualitative changes, with 601,000 new entities in the primary industry, 965,000 in the secondary industry, and 1.1712 million in the tertiary industry. By the end of June, there were 25.361 million "new economy" enterprises, accounting for 40.2% of the total [4] - The added value of the "new economy" in 2024 is projected to be 24.2908 trillion yuan, growing by 6.7% year-on-year, which is 2.5 percentage points higher than the GDP growth rate [4] - The value added in the equipment manufacturing and high-tech manufacturing sectors grew by 10.2% and 9.5% respectively, outperforming the overall industrial growth rates [4] Group 3: Cultural Industry Performance - The cultural industry showed significant growth in the first half of the year, with new enterprises in the "cultural, sports, and entertainment" sector increasing by 17.5%, leading all sectors of the national economy [6] - Revenue from large-scale cultural and related industries reached 71.292 billion yuan, a year-on-year increase of 7.4%, while total profits grew by 19.3% to 6.298 billion yuan [7] - New cultural business models demonstrated rapid development, with 16 sub-sectors achieving a revenue increase of 13.6%, surpassing the overall growth rate of large-scale cultural enterprises by 6.2 percentage points [7]

外资，联通国内国际，对构建新发展格局、推动高质量发展意义重大。 复杂严峻的国际经贸环境下，我国吸引外资交出亮眼答卷——"十四五"以来，累计吸收外资超7000亿美 元，提前半年完成目标，新设外资企业比"十三五"期间多出2.5万家。 7亿元人民币升级改造广州生产基地，4亿元人民币升级数字化智能化基础设施；5亿元人民币升级遍布 全国的100多家体验馆体验店……深耕中国市场30年，安利自前年起启动为期5年、金额达21亿元人民币 的在华投资计划。 投资中国，就是投资未来。面对经济全球化深度调整，我国全力打造全球投资强"磁场"，以全方位、多 维度的战略优势为跨国公司构筑投资热土。 外商加码投资 折射中国市场强磁力 今年以来，首家外商独资三级综合医院在天津开诊，欧洲空中客车公司等外资企业获批增值电信业务扩 大开放试点，拜耳、辉瑞、阿斯利康等跨国医药企业纷纷入驻北京医药创新公园…… 面对不确定性增多的外部环境，中国市场持续释放"磁吸效应"： 商务部数据显示，今年上半年，全国新设立外商投资企业30014家，同比增长11.7%。截至今年6月底， 全国累计新设外资企业22.9万家，比"十三五"期间增加了2.5万家。 毕马威在《20 ...

新华财经北京8月5日电（记者谢希瑶、周蕊）外资，联通国内国际，对构建新发展格局、推动高质量发 展意义重大。 毕马威在《2025年宏观经济十大趋势展望》中强调，中国在全球供应链中的关键地位和消费市场潜力， 是外资持续加码的核心动力。许多跨国公司表示，中国是跨国投资"理想、安全、有为"的目的地， 是"确定性的绿洲和投资热土"。 从着力抓好"四稳"，到出台"稳外资20条"；从制定外国投资者对上市公司战略投资管理办法，到实施鼓 励外商投资企业境内再投资若干措施……我国打出稳外资政策"组合拳"。 中国社会科学院世界经济与政治研究所副研究员潘圆圆说，我国经济基础稳、优势多、韧性强、潜能 大、长期向好的支撑条件和基本趋势没有改变。我国超大规模市场、完备高效的产业链供应链体系、持 续优化的创新环境，为跨国公司投资中国提供了良好的发展条件和土壤，稳外资依然具备坚实基础。 引资结构优化世界工厂叠加创新枢纽 7亿元人民币升级改造广州生产基地，4亿元人民币升级数字化智能化基础设施；5亿元人民币升级遍布 全国的100多家体验馆体验店……深耕中国市场30年，安利自前年起启动为期5年、金额达21亿元人民币 的在华投资计划。 复杂严峻的国际 ...

Core Viewpoint - China is actively enhancing its attractiveness to foreign investment, achieving significant milestones in foreign capital absorption and establishing itself as a global investment hub [1][2][3] Group 1: Foreign Investment Growth - Since the beginning of the 14th Five-Year Plan, China has absorbed over 700 billion USD in foreign investment, surpassing its target six months ahead of schedule [1] - In the first half of this year, 30,014 new foreign-invested enterprises were established, marking an 11.7% year-on-year increase [2] - By the end of June, the total number of newly established foreign enterprises reached 229,000, an increase of 25,000 compared to the 13th Five-Year Plan period [2] Group 2: Investment Structure Optimization - High-tech industries attracted 127.87 billion RMB in actual foreign investment in the first half of this year, with significant growth in sectors such as e-commerce services (127.1%), chemical pharmaceuticals (53%), and aerospace manufacturing (36.2%) [4] - By 2024, the proportion of foreign investment in high-tech industries is expected to reach 34.6%, an increase of 6 percentage points from 2020 [4] Group 3: Policy Support and Business Environment - The Chinese government has implemented a series of policies to stabilize foreign investment, including the "20 measures to stabilize foreign investment" and the establishment of a foreign investment roundtable meeting system [2][7] - The negative list for foreign investment access has been continuously reduced, with all restrictions in the manufacturing sector eliminated [7] - The investment environment is characterized by a market-oriented, legal, and international approach, enhancing the speed and quality of service for foreign enterprises [7] Group 4: Multinational Companies' Commitment - Multinational companies are increasingly viewing China as an ideal investment destination, citing its key position in global supply chains and market potential as core drivers for continued investment [2][6] - Research funding from multinational companies in China has increased by 86.5% from 2013 to 2023, indicating a shift towards innovation-driven investment [6]

Core Viewpoint - In the first half of 2025, China attracted foreign investment amounting to 423.23 billion RMB, reflecting a year-on-year decrease of 15.2% despite an increase in the number of newly established foreign-invested enterprises by 11.7% [3][5]. Group 1: Foreign Investment Overview - In the first half of 2025, a total of 30,014 new foreign-invested enterprises were established, marking an 11.7% increase year-on-year [3]. - The actual foreign investment utilized was 423.23 billion RMB, which represents a decline of 15.2% compared to the previous year [3][5]. Group 2: Sector Analysis - The manufacturing sector attracted 109.06 billion RMB in foreign investment, while the service sector received 305.87 billion RMB [5]. - High-tech industries saw a total of 127.87 billion RMB in foreign investment, with notable growth in specific sectors: e-commerce services (127.1%), chemical pharmaceuticals (53%), aerospace manufacturing (36.2%), and medical instruments (17.7%) [5]. Group 3: Source of Investment - Investment from ASEAN countries increased by 8.8%, while investments from Switzerland, Japan, the UK, Germany, and South Korea grew by 68.6%, 59.1%, 37.6%, 6.3%, and 2.7% respectively [6]. Group 4: Electricity Consumption - In June 2025, the total electricity consumption in China reached 867 billion kWh, showing a year-on-year growth of 5.4% [7]. - Cumulatively, from January to June 2025, total electricity consumption was 48,418 billion kWh, reflecting a 3.7% increase year-on-year [7].