Revenue Summary - National general public budget revenue for January to May 2025 reached 96,623 billion yuan, a year-on-year decrease of 0.3%, with the decline slightly narrowing compared to the previous months [1] - Central government revenue decreased by 3%, while local government revenue increased by 1.9% [1] - National tax revenue for the same period was 79,156 billion yuan, down 1.6%, with the decline narrowing by 0.5 percentage points compared to the previous months [1] Tax Performance by Sector - The manufacturing sector showed strong tax revenue performance, particularly in equipment manufacturing, with railway, shipbuilding, and aerospace equipment manufacturing tax revenue growing by 28.8%, and computer and communication equipment manufacturing by 11.9% [2] - In the service sector, tax revenue from cultural, sports, and entertainment industries increased by 7.8%, driven by consumer demand and policies promoting consumption [2] - The digital economy also showed positive growth, with tax revenue from information transmission, software, and IT services increasing by 10%, and from scientific research and technical services by 12.7% [2] - Non-tax revenue for January to May was 17,467 billion yuan, up 6.2%, mainly due to asset activation measures [2] Expenditure Summary - National general public budget expenditure for January to May was 112,953 billion yuan, an increase of 4.2%, with a focus on key areas [3] - Social security and employment expenditures reached 20,054 billion yuan, growing by 9.2%, while education expenditures were 17,455 billion yuan, up 6.7% [3] - Health expenditures amounted to 8,896 billion yuan, increasing by 3.9%, and science and technology expenditures were 3,609 billion yuan, up 6.5% [3] - Local government special bonds and long-term special treasury bonds are being accelerated to support project implementation [3] - Government fund budget expenditure for January to May was 32,125 billion yuan, a year-on-year increase of 16% [3]

Fiscal Revenue and Expenditure Overview - The Ministry of Finance reported that from January to May 2025, the national general public budget revenue was 96,623 billion yuan, a year-on-year decrease of 0.3%, which is a slight improvement from the previous four months' decline of 0.4% [1] - Government fund budget revenue was 15,483 billion yuan, down 6.9% year-on-year, slightly worsening from the previous four months' decline of 6.7% [1] Tax Revenue Analysis - Tax revenue, which is a key economic indicator, accounted for 79,156 billion yuan of the general public budget revenue, reflecting a year-on-year decrease of 1.6%, an improvement from the previous four months' decline of 2.1% [1] - Corporate income tax revenue was 21,826 billion yuan, down 2.5% year-on-year, but the decline is narrowing as profits of large industrial enterprises have turned positive [1][2] Impact of Real Estate and Trade - The real estate market remains sluggish, leading to significant declines in related tax revenues, such as deed tax and land value-added tax, which experienced double-digit decreases [2] - Complex foreign trade conditions, including trade wars, have negatively impacted fiscal revenue, with notable declines in import VAT, consumption tax, and tariffs [2] Price Levels and Tax Base - Low price levels have compressed nominal fiscal revenue, with the Producer Price Index (PPI) showing a year-on-year decrease of 3.3% in May 2025, affecting tax revenue growth based on nominal value [3] - Domestic VAT revenue was 30,850 billion yuan, reflecting a year-on-year growth of 2.4% [3] Sector-Specific Tax Revenue Growth - Despite overall tax revenue challenges, certain sectors showed strong performance, with equipment manufacturing tax revenue growing by 28.8% and computer communication equipment manufacturing by 11.9% [4] - The cultural, sports, and entertainment sectors saw a tax revenue increase of 7.8%, while the information transmission and software services sector grew by 10% [4] Non-Tax Revenue and Budget Adjustments - Non-tax revenue reached 17,467 billion yuan, a year-on-year increase of 6.2%, primarily driven by asset activation [5] - Local government fund budget revenue was 13,635 billion yuan, down 8.3% year-on-year, with land use rights transfer revenue declining by 11.9% [6] Fiscal Policy and Expenditure - To counteract declining tax revenue, the government has implemented a more proactive fiscal policy, accelerating bond issuance to support expenditure [6] - General public budget expenditure was 112,953 billion yuan, a year-on-year increase of 4.2%, which is significantly higher than the revenue growth rate [7] - Social security and employment expenditures grew by 9.2%, and education expenditures increased by 6.7%, both exceeding the average expenditure growth rate [7]

Core Viewpoint - Xingbo (Tianjin) Digital Technology Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Chengde County Pengyuan Financial Services Co., Ltd. [1] Company Summary - The legal representative of Xingbo (Tianjin) Digital Technology Co., Ltd. is Zhao Zhiyang [1] - The company is classified under the national standard industry of scientific research and technical services, specifically in engineering and technical research and experimental development [1] - The registered address is located at No. 8, A District, Gaoying Road, National Independent Innovation Demonstration Zone, Beizhaikou Town, Jinnan District, Tianjin [1] - The company type is a limited liability company (sole proprietorship) with an operating period until June 17, 2025, with no fixed term thereafter [1] Shareholder Information - Chengde County Pengyuan Financial Services Co., Ltd. holds 100% of the shares in Xingbo (Tianjin) Digital Technology Co., Ltd. [1] Business Scope - The business scope includes technology services, development, consulting, software development, enterprise management consulting, trade brokerage, information consulting (excluding licensed information consulting), advertising publishing and production, conference and exhibition services, engineering and technical research and experimental development, manufacturing and sales of network equipment, cloud computing equipment sales, data processing and storage support services, general applications of artificial intelligence systems, internet data services, manufacturing and sales of intelligent unmanned aerial vehicles, service consumer robots, industrial robots, solar thermal power generation products, and industrial automatic control systems [1]

天眼查App显示，近日，厦门慧算云图科技有限公司成立，法定代表人为邓聪，注册资本500万人民 币，由上海创迹无尽计算机科技有限公司全资持股。 序号股东名称持股比例1上海创迹无尽计算机科技有限公司100% 经营范围含工程和技术研究和试验发展；技术服务、技术开发、技术咨询、技术交流、技术转让、技术 推广；技术推广服务；科技推广和应用服务；新材料技术推广服务；软件开发；图文设计制作；专业设 计服务；平面设计；广告设计、代理；工业工程设计服务；安全技术防范系统设计施工服务；信息咨询 服务（不含许可类信息咨询服务）；信息技术咨询服务；数据处理和存储支持服务；办公服务（标志 牌、铜牌的设计、制作服务，奖杯、奖牌、奖章、锦旗的设计、制作）；咨询策划服务；企业形象策 划；社会经济咨询服务；个人商务服务；日用百货销售；日用品批发；日用品销售；电子产品销售；计 算机软硬件及辅助设备零售；计算机软硬件及辅助设备批发；针纺织品销售；家具零配件销售；化妆品 批发；化妆品零售；工艺美术品及收藏品零售（象牙及其制品除外）；互联网销售（除销售需要许可的 商品）；食用农产品零售；食用农产品批发；食品销售（仅销售预包装食品）。（除依法须经批准的 ...

经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；工业控制计算机及系统 销售；人工智能基础软件开发；人工智能应用软件开发；数据处理和存储支持服务；计算机软硬件及辅 助设备批发；广告发布；企业管理；会议及展览服务；信息系统集成服务；安全技术防范系统设计施工 服务；信息技术咨询服务；广告设计、代理；广告制作；通讯设备销售；电子产品销售；电力电子元器 件销售；办公用品销售；机械设备销售；五金产品批发；五金产品零售；五金产品研发；电气设备销 售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：第一类增值电信业 务；第二类增值电信业务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项 目以相关部门批准文件或许可证件为准） 企业名称冰川云池（天津）科技有限公司法定代表人房羿鸣注册资本1000万人民币国标行业科学研究和 技术服务业>研究和试验发展>工程和技术研究和试验发展地址天津市和平区南营门街道南京路235号河 川大厦A座写字楼11D-5556号企业类型有限责任公司(法人独资)营业期限2025-6-16至无固定期限登记机 关天津市和平区市场监督管理局 天眼查App ...

Company Overview - Jiujiang Paihao Digital Technology Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Lu Yao, and it is wholly owned by Beijing Fucheng Network Technology Co., Ltd. [1] Business Scope - The company’s business scope includes a wide range of services such as technology services, technical development, consulting, information consulting (excluding licensed information consulting), and scientific research and experimental development [1] - Additional services offered include software development, advertising design and production, enterprise management consulting, cultural and artistic exchange activities, translation services, and various logistics and daily living services [1] - The company also engages in big data services, Internet of Things (IoT) technology research and application, cloud computing technology services, and financial consulting [1] Company Classification - Jiujiang Paihao Digital Technology Co., Ltd. is classified under the national standard industry of scientific research and technical services, specifically in engineering and technical research and experimental development [1] - The company is registered as a limited liability company (non-natural person investment or holding) [1] Registration Details - The company is registered with the market supervision administration of Duchang County, with an operating period until June 12, 2025, and no fixed term thereafter [1] - The registered address is located in Tangyin Village, Douchang Town, Jiujiang City, Jiangxi Province [1]

天眼查App显示，近日，厦门市云锦星科技有限公司成立，法定代表人为刘淀江，注册资本1000万人民 币，上海迈岭科技有限责任公司、深圳市易融数字科技有限公司持股。 企业名称厦门市云锦星科技有限公司法定代表人刘淀江注册资本1000万人民币国标行业科学研究和技术 服务业>研究和试验发展>工程和技术研究和试验发展地址中国（福建）自由贸易试验区厦门片区悦华 路10号112-106室之十六企业类型法人商事主体【有限责任公司(自然人投资或控股)】营业期限2025-6- 13至无固定期限登记机关 来源：金融界 序号股东名称持股比例1上海迈岭科技有限责任公司51%2深圳市易融数字科技有限公司49% 经营范围含科技推广和应用服务；互联网销售（除销售需要许可的商品）；供应链管理服务；租赁服务 （不含许可类租赁服务）；会议及展览服务；化妆品批发；服装服饰零售；鞋帽批发；鞋帽零售；五金 产品零售；电子产品销售；计算机软硬件及辅助设备批发；家用电器销售；机械设备销售；通信设备销 售；体育用品及器材批发；汽车零配件批发；建筑材料销售；音响设备销售；制冷、空调设备销售；照 相机及器材销售；文具用品零售；工艺美术品及礼仪用品销售（象牙及其制品 ...

Core Insights - The "Inclusive Finance - Micro and Small Enterprises Index" published by Xinhua Index Research Institute indicates an improvement in the development expectations for micro and small enterprises in Q1 2025, with a significant increase in financing demand and a decrease in financing costs and risks [1][2] - The financing demand index reached 136.67 points, a month-on-month increase of 22.52%, while the financing supply index remained stable at 198.3 points, reflecting a steady rise in financing demand among small enterprises [1] Financing Demand and Supply - The primary financing demand for micro and small enterprises is for liquidity supplementation ranging from 100,000 to 500,000 yuan, with over half of the surveyed enterprises indicating a need for financing [1] - The financing demand index for various industries showed a robust increase, particularly in the scientific research and technical services sector, which saw a 30.45% month-on-month rise [2] Sector and Regional Performance - The hospitality and tourism sectors are experiencing a recovery, leading to increased orders and short-term turnover demand in procurement, inventory, and labor [1] - Among the seven sample regions, Guangdong exhibited the highest increase in financing demand index, rising by 25.22% month-on-month, while Hebei showed the greatest improvement in financing efficiency, increasing by 1.34% [2] Overall Index Performance - The Inclusive Finance - Micro and Small Enterprises Development Index for Q1 2025 reached 52.11 points, indicating a positive trend above the neutral line, with the vitality index at 55.06 points and the confidence index at 57.13 points [2]

Group 1 - The core viewpoint emphasizes the combination of policy tools aimed at both short-term economic stabilization and long-term high-quality development, addressing deep-seated structural contradictions while optimizing resource allocation mechanisms to respond to uncertainties with certainty in high-quality development [1][4] - The implementation of more proactive macroeconomic policies has effectively stabilized market expectations and boosted economic confidence, as evidenced by the continuous recovery in fiscal revenue growth and accelerated fiscal spending from January to April [1][2] - The fiscal revenue data shows a year-on-year increase of 1.9% in April for national general public budget revenue, with tax revenue also growing by 1.9%, indicating a marginal improvement in the tax revenue structure, particularly in the equipment manufacturing sector [2][3] Group 2 - Fiscal expenditure is highlighted as a crucial means to ensure people's livelihoods and promote socio-economic development, with a reported expenditure of 93,581 billion yuan from January to April, reflecting a year-on-year growth of 4.6% [3] - The increase in spending is particularly focused on social security, health, and education, which enhances the accessibility and equity of basic public services, thereby improving the overall well-being and happiness of the population [3] - The government's proactive measures include issuing long-term special bonds worth 1.3 trillion yuan and local government special bonds of 4.4 trillion yuan to support local investment, alongside other financial tools aimed at stabilizing capital market expectations and facilitating industrial policy implementation [4]

来源：金融界 经营范围含软件开发；计算机系统服务；信息系统集成服务；网络与信息安全软件开发；集成电路设 计；集成电路销售；集成电路芯片设计及服务；集成电路芯片及产品销售；工程和技术研究和试验发 展；信息安全设备销售；商用密码产品销售；人工智能基础资源与技术平台；人工智能基础软件开发； 云计算装备技术服务；云计算设备销售；互联网设备销售；物联网设备销售；工业控制计算机及系统销 售；智能车载设备销售；电子产品销售；电子元器件批发；半导体器件专用设备销售；技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广；技术进出口；货物进出口；计算机及通讯设备租 赁；办公设备耗材制造；租赁服务（不含许可类租赁服务）。（除依法须经批准的项目外，凭营业执照 依法自主开展经营活动） 企业名称珠海开放计算科技有限公司法定代表人周金宝注册资本1000万人民币国标行业科学研究和技术 服务业>研究和试验发展>工程和技术研究和试验发展地址珠海市高新区唐家湾镇金唐路1号港湾1号科 创园24栋C区1层410室（集中办公区）企业类型有限责任公司（非自然人投资或控股的法人独资）营业 期限2025-6-6至无固定期限登记机关珠海市市场监督管理局 ...