Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Nanjing Putian Telecommunications Co. Ltd.Semi-Annual Report 2026
[August 2026]
1Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section I Important Notes Contents and Interpretations
The Board of Directors directors and senior management of the Company warrant
that the content of this semi-annual report is true accurate and complete and that there are
no false representations misleading statements or material omissions and they accept
individual and joint legal liabilities accordingly.Shen Xiaobing the person in charge of the Company Zhang Jie the person in charge
of accounting work and Zhang Jingxia the person in charge of the accounting department
(accounting supervisor) declare that they warrant the truthfulness accuracy and
completeness of the financial report in this semi-annual report.All directors have attended the board meeting at which this semi-annual report was
considered and approved.Any forward-looking statements in this semi-annual report such as those concerning
future plans do not constitute substantive commitments by the Company to investors.Investors and relevant parties shall maintain sufficient awareness of the associated risks and
understand the differences between plans forecasts and commitments.The Company has analyzed risk factors that may adversely affect the realization of its
future development strategies and operating objectives in "Section III Management
Discussion and Analysis" of this report. Investors are advised to refer to that section.The Company plans not to distribute cash dividends not to issue bonus shares and not
to capitalize capital reserves into share capital.
2Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Table of Contents
Section I Important Notes Contents and Interpretat... 2
Section II Company Profile and Main Financial Indi... 6
Section III Management's Discussion and Analysis .... 9
Section IV Corporate Governance Environmental and ...20
Section V Important Matters ........................ 22
Section VI Changes in Shares and Shareholder Infor.. 89
Section VII Matters Relating to Bonds .............. 95
Section VIII Financial Report .......................96
3Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Contents of Documents for Future Reference
(I) Financial statements containing the signatures and seals of the person in charge of the Company the person in charge of
accounting work and the person in charge of the accounting institution (accounting supervisor).(II) The originals of all Company documents publicly disclosed during the reporting period and the manuscripts of announcements.
4Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Interpretations
Interpretation Item Means Interpretation Content
This Company the Company Means Nanjing Putian Telecommunications Co. Ltd.CETC Means China Electronics Technology Group Corporation (CETC)
CETC Glarun Means CETC Glarun Group Co. Ltd.Southern Telecom Means Nanjing Southern Telecom Co. Ltd. (a holding subsidiary of the Company)
Nanjing Putian Telege Intelligent Building Ltd. (a holding subsidiary of the
Putian Telege Means
Company)
Nanjing Putian Datang Information Electronics Co. Ltd. (a holding
Putian Datang Means
subsidiary of the Company)
5Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section II Company Profile and Main Financial Indicators
I. Company Profile
Stock Abbreviation NING TONG XIN B Stock Code 200468
Stock Exchange Shenzhen Stock Exchange
Chinese Name of the Company Nanjing Putian Telecommunications Co. Ltd.Chinese short name of the Company (if any) Nanjing Putian
English Name of the Company (if any) Nanjing Putian Telecommunications Co.Ltd.Legal Representative Shen Xiaobing
II. Contact Person and Contact Information
Board Secretary Securities Affairs Representative
Name Li Jing Dai Yuan
11th Floor Building 2 (Block B) Shuchuang 11th Floor Building 2 (Block B) Shuchuang Weilai
Contact Address Weilai Center No. 9 Guangjing Road Center No. 9 Guangjing Road Qinhuai District
Qinhuai District Nanjing Jiangsu Province Nanjing Jiangsu Province
Telephone 86-25-69675805 86-25-69675865
Fax.: 86-25-52416518 86-25-52416518
E-mail pt_lijing@cetc.com.cn pt_daiyuan@cetc.com.cn
III. Other Information
1. Company Contact Information
Whether the Company's registered address office address and postal code website email address etc. changed during the
reporting period
?Applicable □ Not Applicable
Company's registered address Unchanged
Postal code of the Company's
Unchanged
registered address
Changed from "Putian Science and Technology Pioneer Park No. 8 Fenghui Avenue
Yuhuatai District Nanjing Jiangsu Province" to "11th Floor Building 2 (Tower B)
Company's office address
Shuchuang Weilai Center No. 9 Guangjing Road Qinhuai District Nanjing Jiangsu
Province"
Postal code of the Company's
Changed from "210039" to "210022"
office address
Company Website Unchanged
Company's email address Changed from "securities@postel.com.cn" to "pt_daiyuan@cetc.com.cn"
For details please refer to the "Announcement on the Change of the Company's Office
Search index on the designated Address" (Announcement No.: 2026-005) disclosed by the Company on the Shenzhen
website for interim announcement Stock Exchange website (www.szse.cn) on February 12 2026 and the "Announcement on
disclosures (if any) the Change of the Company's Email Addresses" (Announcement No.: 2026-018) disclosed
on the Shenzhen Stock Exchange website (www.szse.cn) on April 23 2026.
6Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
2. Information Disclosure and Location for Inspection
Whether the information disclosure and location for inspection changed during the reporting period
□Applicable ?Not applicable
The website and media name and URL designated by the stock exchange for the Company's disclosure of the semi-annual report
and the location where the Company's semi-annual report is kept for inspection did not change during the reporting period. For
details please refer to the 2025 annual report.
3. Other Relevant Information
Whether other relevant information changed during the reporting period
□Applicable ?Not applicable
IV. Major Accounting Data and Financial Indicators
Whether the Company is required to make retrospective adjustments or restate prior-year accounting data
□Yes? No
Change in Current Reporting
Current Reporting Same Period
Period Compared with Same
Period Last Year
Period Last Year
Operating Revenue (RMB) 299073040.78 306314118.65 -2.36%
Net Profit Attributable to Shareholders of the Listed
-6556110.34-7153201.298.35%
Company (RMB)
Net Profit Attributable to Shareholders of the Listed
Company Excluding Non-Recurring Gains and Losses -8383170.27 -7409442.36 -13.14%
(RMB)
Net Cash Flows from Operating Activities (RMB) -25732369.73 -132265585.54 80.54%
Basic Earnings per Share (RMB/share) -0.03 -0.03 0.00%
Diluted Earnings per Share (RMB/share) -0.03 -0.03 0.00%
Weighted average return on net assets -131.84% -66.39% -65.45%
Change at End of Current
End of Current End of Previous
Reporting Period Compared
Reporting Period Year
with End of Previous Year
Total Assets (RMB) 729910110.74 729923596.97 0.00%
Net Assets Attributable to Shareholders of the Listed
1694801.388250911.72-79.46%
Company (RMB)
V. Differences in Accounting Data under Domestic and Overseas Accounting Standards
1. Differences in net profit and net assets between the financial reports disclosed in accordance with
International Financial Reporting Standards and Chinese Accounting Standards:
□Applicable ?Not applicable
There is no difference in net profit and net assets between the financial reports disclosed in accordance with International
Accounting Standards and Chinese Accounting Standards during the reporting period.
7Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
2. Differences in net profit and net assets between the financial reports disclosed in accordance with
overseas accounting standards and Chinese Accounting Standards:
□Applicable ?Not applicable
There is no difference in net profit and net assets between the financial reports disclosed in accordance with overseas accounting
standards and Chinese Accounting Standards during the reporting period.VI. Non-Recurring Gains and Losses Items and Amounts
?Applicable □ Not Applicable
Unit: RMB
Item Amount Notes
Gains and losses on disposal of non-current assets
(including the write-back of provision for asset 8627.76
impairment)
Government grants included in the current profit or loss
(excluding those closely related to the Company's normal
business in line with national policies enjoyed in 122125.08
accordance with established standards and having a
continuous impact on the Company's profit or loss)
Reversal of provision for impairment of receivables
525051.01
tested individually for impairment
Gains and losses from debt restructuring 672229.56
Other non-operating income and expenses other than the
609334.68
above items
Other profit and loss items conforming to the definition
13074.70
of non-recurring profit and loss
Less: Income tax impact 26962.43
Impact of minority shareholders' equity (after tax) 96420.43
Total 1827059.93
Specific information of other profit and loss items conforming to the definition of non-recurring profit and loss:
?Applicable □ Not Applicable
In 2025 the Company liquidated and deregistered its associate company Nanjing Puzhu Optical Network Co. Ltd. and
completed the industrial and commercial deregistration procedures. In February 2026 the Company completed the closure of the
associate company's bank account and interest income of RMB 13074.70 was carried forward upon account closure.Explanation on the situation where the non-recurring profit and loss items listed in the Explanatory Announcement No.1 on
Information Disclosure by Companies Offering Securities to the Public - Non-recurring Profit and Loss are defined as recurring
profit and loss items:
□Applicable ?Not applicable
The Company does not have any situation where the non-recurring profit and loss items listed in the Explanatory Announcement
No.1 on Information Disclosure by Companies Offering Securities to the Public - Non-recurring Profit and Loss are defined as
recurring profit and loss items.
8Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section III Management's Discussion and Analysis
I. Principal Business Activities of the Company during the Reporting Period
1. Main Business of the Company
As one of the important product and solution providers in China's information and communication industry the
Company has always adhered to the "Product + Solutions + Service" strategy and continuously accelerated product
innovation industrial structure adjustment transformation and upgrading. The Company actively integrates into the
cyberspace and information technology industry segment of CETC focusing on communication network basic
products and multimedia communication products and solutions while continuously strengthening its capabilities in
smart lighting products precision manufacturing and other businesses. The communication network basic business
focuses on the development of intelligent cabling data center rooms MPO high-density multi-fiber optical fiber
connectors and other products striving to become a mainstream brand in high-reliability system structured cabling
applications; the multimedia communication products and solutions business focuses on continuous R&D investment
and intelligent application innovation in the multimedia communication field with its business positioning gradually
transitioning to "intelligent conferencing" to enable the Company to seize development opportunities in the intelligent
industry; the smart lighting products business focuses on the development of IoT smart lighting systems solar and
grid-power controllers and other products; the precision manufacturing business focuses on promoting the
comprehensive upgrade of manufacturing equipment and process technology to gradually enhance precision
manufacturing capabilities.The main businesses of the Company and its subsidiaries cover fields such as intelligent conference intelligent
cabling and smart lighting mainly including multimedia communication and application solutions building
intelligence integrated solutions IoT solar energy and mains power street lamp control systems etc. The products
mainly serve customers in large central SOEs government finance electric power medical and other industries.Subsidiary Nanfang Telecommunications mainly provides multimedia communication and application solutions
for large and medium-sized industry customers in central SOEs government finance medical and other fields.Subsidiary Putian Telege mainly provides customers with mid-to-high-end integrated cabling and building
intelligence system solutions. Subsidiary Putian Datang mainly provides customers with mains power solar street
lamp controllers and IoT smart street lamp management and control solutions.The Company mainly obtains business opportunities by participating in project bidding. It designs solutions
according to project requirements produces or purchases equipment required by customers and is responsible for
installation commissioning and system integration realizing profits by deducting costs from the contract price. The
Company's operating performance is mainly affected by factors such as capital expenditure information investment
and bidding results of customers in central SOEs government finance and other industries as well as fluctuations in
raw material prices and changes in other costs.
9Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Intelligent cabling / data center products Intelligent Conference Products
Precision Manufacturing Business
Smart Lighting Products
2. Development of Main Business
In the first half of 2026 the Company guided by Xi Jinping Thought on Socialism with Chinese Characteristics
for a New Era comprehensively implemented all decisions and arrangements of the Party Leadership Group of China
Electronics Technology Group Corporation (CETC) and the Party Committee of CETC Guorui. Overcoming many
unfavorable factors such as complex and changing external environment and continuous rise in raw material costs we
seized the development opportunity of domestic industrial digitization and intelligent transformation and upgrading
focused on core businesses such as intelligent cabling intelligent conferences and data center computer room
systems promoted technological innovation and market development continuously consolidated the foundation of
operations activated development momentum and maintained a stable overall business quality and efficiency.During the reporting period the Company achieved operating revenue of RMB 299.07 million a year-on-year
decrease of 2.36%; net profit attributable to shareholders of the listed Company was -RMB 6.56 million representing
a year-on-year reduction in losses of 8.35%.
(1) Coordinating Internal and External Synergies to Build New Advantages in Market Development
During the reporting period the Company took precise deployment technological breakthroughs and internal
and external coordination as core approaches to comprehensively consolidate the foundation of its business
development. Focusing on the intelligent cabling intelligent conferencing and smart lighting businesses the
Company leveraged its mature product systems professional supporting services and customized and differentiated
solutions to continuously optimize the quality and efficiency of project implementation and consolidate its core
market share.In the intelligent cabling business the Company made in-depth arrangements for domestic substitution in sectors
such as government affairs healthcare intelligent manufacturing computing power finance and airports. It
completed the signing of its first airport main terminal building project— the Xiaoshan International Airport project
— and continued to supply comprehensive cabling projects including the information construction project for the
Shanghai-Hefei dual bases of an industry-leading enterprise the Inner Mongolia International Conference Center and
the second phase of the new campus of the Civil Aviation University of China. Meanwhile substantial progress was
made in overseas markets with the supply and delivery of multiple overseas projects achieved through partner
channels.
10Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
In the intelligent conferencing business on the one hand the Company continued to secure new? build and
renewal services for video? conferencing projects of leading financial? industry clientsimplementing multimedia
integration projects for multiple state-owned banks such as the Agricultural Bank of China and the Postal Savings
Bank of China. On the other hand it successfully won bids for key projects such as energy digitalization framework
agreements for China Oil & Gas Pipeline Network Corporation (PipeChina) China Petroleum & Chemical
Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC) as well as government conference
renovation projects achieving incremental breakthroughs in the core energy government and enterprise sectors. In
addition the Company launched new professional and high-end products including the "Huicheng" immersive
telepresence high-end conference system and the "Ruiling" new-generation information technology application
innovation-based high-end video conferencing system. The full range of self-developed products has been applied in
more than ten industry scenarios with the competitiveness of core products continuously enhanced.In the smart lighting business the Company deepened its presence in professional markets such as smart lighting
smart light poles and photovoltaic controllers focusing on serving telecom operators governments and large EMC
(Energy Management Contract) clients and continued to implement municipal energy-saving projects in Huairou
(Beijing) Nantong and Longzhou (Guangxi).
(2) Deepening Self-Developed Innovation to Cultivate New Momentum for Enterprise Development
In the first half of the year the Company regarded scientific and technological innovation as a key engine for
improving overall profitability and enhancing core competitiveness. It coordinated all business units to increase
research and development efforts toward professional high-end and intelligent products achieving phased results in
qualification review technological breakthroughs product iteration and project implementation.Intelligent cabling products successfully passed system audits including the Energy Management System
(GB/T23331) Product Carbon Footprint Certification (ISO14067) and Greenhouse Gas Verification Certification
(ISO14064) and completed the acceptance of the provincial enterprise technology center. Intelligent conferencing
products continued to deepen self-developed innovation. The full range of Ruijing products completed the upgrade of
the RK3588 hardware platform incorporating AI large model hardware acceleration capabilities and integrating AI
agent and RAG technologies enabling the implementation of smart functions such as venue spatial awareness
unified scheduling of conference resources intelligent minutes generation and digital intelligent operations and
maintenance. Smart lighting products deeply participated in the formulation of the national standard for Single-Lamp
Controllers achieving a transformation and upgrade from product output to standard leadership. The Company
developed multi-dimensional solutions including intelligent LED energy-storage street lights smart light poles and
PV-storage integrated lighting laying a solid technical and industrial foundation for deep participation in new-type
smart city construction and positioning in the green and low-carbon industry track.
(3) Deepening Internal Management and Control to Activate New Momentum for Company Development
During the reporting period the company established a lean control system for the entire process and
comprehensively implemented cost reduction and efficiency improvement work. Establish a management mechanism
of "annual budget breakdown monthly indicator assessment and rigid performance linkage" to refine and
decompose key financial tasks such as operating indicators cost control and financial pressure reduction and ensure
that they are assigned to individuals and assessed on a job basis. Comprehensively strengthen cost control strictly
control redundant expenses optimize expense structure and reduce expenses by 9.23 million yuan year-on-year in
the first half of the year a decrease of 14%. Simultaneously consolidating the foundation of procurement
management conducting unified registration review and annual evaluation of qualified supplier lists implementing
dynamic supplier management mechanisms and building a cost control defense line from the source of procurement.Seize the favorable opportunity of overall relocation coordinate the revitalization of idle stock properties optimize
11Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
the layout of office space leasing and effectively improve operating income and internal management efficiency. We
will coordinate and implement comprehensive security and compliance control steadily promote key tasks such as
confidentiality management network security safety production and quality control comprehensively safeguard the
bottom line of enterprise operation security and ensure the smooth and orderly development of the company's
operations.II. Analysis of Core Competitiveness
1. Marketing Capability
Adhering to a market-oriented business philosophy the Company has established a mature and
comprehensive marketing network with long-term service for industry customers including central state-
owned enterprises government agencies finance power medical care and internet enterprises and has
accumulated rich industry experience. In addition the Company has set up offices in Beijing Xi'an Shanghai
Chengdu Wuhan Shenzhen and other regions and established local marketing teams consisting of sales
technical and commercial teams to provide customers with professional and customized in-depth services.
2. Product Competitiveness
The Company adheres to an innovation-driven strategy further strengthens new product R&D identifies
customer needs provides customers with high-value scenario solutions and continuously enhances its core
competitiveness. The Company has more than 20 years of rich professional technical service experience in the
intelligent conference field attaches great importance to independent R&D capabilities and its self-developed
products have been widely recognized by industry customers including central state-owned enterprises
government agencies finance and medical care. The Company's intelligent cabling products are positioned in
the high-end market mainly providing customers with high-quality generic cabling and building intelligence
system solutions. They have strong competitive advantages in terms of market sales volume and product
technical level and have become a well-known brand for domestic independent product substitution in China.In the field of smart lighting the Company has long been deeply engaged in the energy-saving controller
system mainly providing customers with advanced IoT-based solar and mains street lamp controllers as well as
comprehensive smart street lamp solutions and has formed a complete system integrating R&D production
and large-scale sales.
3. Brand Influence
The Company is an information and communication enterprise under a central SOE. Nanfang Telecom
owns video conferencing product series such as Ruijing and Ruizhi which enjoy high brand recognition in
China; Putian Tianji's structured cabling products are a Jiangsu Province Famous Brand Product and a Jiangsu
Province Famous Trademark having won the "Top Ten Structured Cabling Brands" award for 21 consecutive
years and have become a renowned brand for domestic substitution; Putian Datang has strong brand influence
in the energy-saving control field.III. Analysis of Main Business
Overview
Please refer to the relevant content under "I. Main Business Engaged by the Company during the Reporting Period."
Year-on-Year Changes in Major Financial Data
Unit: RMB
12Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Current
Same Period Year-on-Year
Reporting Reasons for changes
Last Year Change
Period
Operating Revenue 299073040.78 306314118.65 -2.36%
Operating Costs 246521006.59 242780834.63 1.54%
Selling Expenses 23323748.94 26947332.12 -13.45%
Administrative
16501116.6420150513.97-18.11%
Expenses
Financial Expenses 3496873.53 4030939.14 -13.25%
Income tax expense decreased year on year
during the reporting period mainly due to
Income tax expense 259688.78 924211.67 -71.90% changes in the profit structure of certain
business segments with corresponding changes
in the associated income tax expense.R&D investment 13172055.48 14599352.20 -9.78%
During the reporting period the Company
adopted make-to-order production strengthened
Net Cash Flow from coordinated fund management and optimized
-25732369.73-132265585.5480.54%
Operating Activities material procurement costs resulting in a
significant year-on-year decrease in cash
outflows from operating activities.Net Cash Flow from Actual purchases of fixed assets during the
-247709.30-1033301.0076.03%
Investing Activities reporting period decreased year on year.Net Cash Flow from
-63008672.81-49168028.07-28.15%
Financing Activities
Net cash flows from operating activities and net
Net Increase in Cash
-88988751.84 -182466914.61 51.23% cash flows from investing activities increased
and Cash Equivalents
year on year during the reporting period.Whether the Company's profit composition or profit sources underwent material changes during the reporting period
□Applicable ?Not applicable
The Company's profit composition or profit sources did not undergo material changes during the reporting period.Composition of Operating Revenue
Unit: RMB
Current Reporting Period Same Period Last Year Year-on-
Proportion in Total Proportion in Total Year
Amount Amount
Operating Revenue Operating Revenue Change
Total Operating Revenue 299073040.78 100% 306314118.65 100% -2.36%
By Industry
Communications Industry 299073040.78 100.00% 306314118.65 100.00% -2.36%
By Product
Operating Revenue from
160248114.9953.58%151212984.0949.37%5.98%
Generic Cabling Products
Operating Revenue from
113955614.4438.10%126505819.4141.30%-9.92%
Video Conference Products
Operating Revenue from
Communication
26030279.718.70%30904698.6110.09%-15.77%
Infrastructure Products and
Others
Inter-segment Elimination -1160968.36 -0.39% -2309383.46 -0.75% 49.73%
By Region
13Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Domestic 299073040.78 100.00% 306314118.65 100.00% -2.36%
Industries products or regions accounting for more than 10% of the Company's operating revenue or operating profit
?Applicable □ Not Applicable
Unit: RMB
Year-on-Year Year-on-Year Year-on-Year
Operating Gross Profit Change in Change in Change in
Operating Costs
Revenue Margin Operating Operating Gross Profit
Revenue Costs Margin
By Industry
Communications
299073040.78246521006.5917.57%-2.36%1.54%-3.17%
Industry
By Product
Operating Revenue
from Generic 160248114.99 132910466.74 17.06% 5.98% 8.30% -1.78%
Cabling Products
Operating Revenue
from Video
113955614.4496833635.8715.03%-9.92%-1.97%-6.89%
Conference
Products
Operating Revenue
from
Communication
26030279.7117837758.0231.47%-15.77%-24.06%7.47%
Infrastructure
Products and
Others
Inter-segment
-1160968.36-1060854.048.62%49.73%51.98%4.28%
Elimination
By Region
Domestic 299073040.78 246521006.59 17.57% -2.36% 1.54% -3.17%
Where the statistical scope of the Company's main business data was adjusted during the reporting period the Company's main
business data for the most recent period adjusted according to the scope at the end of the reporting period
□Applicable ?Not applicable
IV. Analysis of Non-Main Business
?Applicable □ Not Applicable
Unit: RMB
Proportion of Total
Amount Explanation of Causes Sustainability
Profit
Mainly represents gains
Investment Income 685304.26 -21.63% No
from debt restructuring
Mainly represents payables
Non-Operating Income 609381.73 -19.23% No
that cannot be paid
V. Analysis of Assets and Liabilities
1. Major Changes in Asset Composition
Unit: RMB
14Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
End of Current Reporting Period End of previous year Explanation
Change in
Proportion of Proportion of for Major
Amount Amount Proportion
Total Assets Total Assets Changes
Cash and Cash
92027815.8612.61%182285495.9224.97%-12.36%
Equivalents
Accounts Receivable 417723228.10 57.23% 323586922.02 44.33% 12.90%
Contract Assets 0.00 0.00% 0.00 0.00% 0.00%
Inventories 84153999.55 11.53% 61937412.34 8.49% 3.04%
Investment Properties 14320208.99 1.96% 4977270.72 0.68% 1.28%
Long-term Equity
0.00%0.000.00%0.00%
Investments
Fixed Assets 71401501.53 9.78% 84173058.11 11.53% -1.75%
Construction in
0.00%0.000.00%0.00%
Progress
Right-of-Use Assets 6571522.28 0.90% 2187184.72 0.30% 0.60%
Short-term Borrowings 155023060.00 21.24% 203925721.98 27.94% -6.70%
Contract Liabilities 7829012.32 1.07% 8426313.45 1.15% -0.08%
Long-term Borrowings 70054444.44 9.60% 0.00 0.00% 9.60%
Lease Liabilities 3684477.93 0.50% 0.00 0.00% 0.50%
2. Major Overseas Assets
□Applicable ?Not applicable
3. Assets and Liabilities Measured at Fair Value
?Applicable □ Not Applicable
Unit: RMB
Fair Value Cumulative Fair Impairment
Additions Disposals Other
Opening Change Gain Value Changes Provision Closing
Item during the during the Chang
Balance or Loss for the Recognized in Made for Balance
Period Period es
Period Equity the Period
Financial
Assets
4. Other
Equity
741953.00741953.00
Instrument
Investments
Subtotal of
Financial 741953.00 741953.00
Assets
Accounts
Receivable 27655375.14 9122528.57
Financing
Total Above 28397328.14 9864481.57
Financial
0.000.00
Liabilities
15Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Details of Other Changes
Whether there have been material changes in the measurement attributes of the Company's major assets during the reporting period
□Yes? No
4. Restrictions on Asset Rights as at the End of the Reporting Period
Item Closing Book Value Reason for Restriction
Cash and Cash Equivalents 964969.34 Bank acceptance bill guarantee deposits performance guaranteedeposits and Party Committee dedicated account funds
Fixed Assets 49825840.00 Real estate and land mortgage loans
Intangible Assets 4822918.56 Real estate and land mortgage loans
Total 55613727.90
Except for the assets whose ownership or use rights are restricted as mentioned above our company will
pledge the 56.28% equity of Nanjing Southern Telecom Co. Ltd. corresponding to a capital contribution of
28.534 million yuan to China Electronics Guorui Group Co. Ltd. for its entrusted finance company to issue
loans to our company; Our company will pledge its 40.7% equity in Nanjing Southern Telecom Co. Ltd.corresponding to a capital contribution of 20.6349 million yuan and its 19.21% equity in Nanjing Putian Tianji
Building Intelligence Co. Ltd. corresponding to a capital contribution of 3.842 million yuan to Industrial and
Commercial Bank of China Limited for the company to borrow 70 million yuan from them; Our company will
pledge 40% equity of its subsidiary Nanjing Putian Datang Information Electronics Co. Ltd. corresponding to
a capital contribution of 4 million yuan to China Electronics Technology Leasing Co. Ltd. for the purpose of
handling financing leasing business with China Electronics Technology Leasing Co. Ltd. The transfer of equity
in the above-mentioned subsidiaries is restricted before the release of the pledge.VI. Analysis of Investments
1. Overview
?Applicable □ Not Applicable
Investment Amount during the Reporting Investment Amount for the Corresponding Period of the
Change Rate
Period (RMB) Previous Year (RMB)
179670.26938689.98-80.86%
2. Major Equity Investments Acquired during the Reporting Period
□Applicable ?Not applicable
3. Major Non-Equity Investments in Progress during the Reporting Period
□Applicable ?Not applicable
16Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
4. Financial Asset Investments
(1) Securities Investments
□Applicable ?Not applicable
The Company had no securities investments during the reporting period.
(2) Derivatives Investments
□Applicable ?Not applicable
The Company had no derivatives investments during the reporting period.
5. Use of Proceeds
□Applicable ?Not applicable
There was no use of proceeds from share offerings by the Company during the Reporting Period.VII. Sale of Material Assets and Equity
1. Disposal of Major Assets
□Applicable ?Not applicable
The Company did not dispose of any major assets during the reporting period.
2. Disposal of Major Equity Interests
□Applicable ?Not applicable
VIII. Analysis of Major Holding and Associate Companies
?Applicable □ Not Applicable
Details of Major Subsidiaries and Participating Companies whose Impact on the Company's Net Profit Exceeds 10%
Unit: RMB
Name of the Type of Principal Registered Operating Operating
Total Assets Net Assets Net Profit
Company Company Business Capital Revenue Profit
Development
production and
Nanjing Putian
sales of generic
Telege RMB 20.00
Subsidiary cabling and 306291324.83 115586882.16 160248114.99 6553377.54 6391084.14
Intelligent million
building
Building Ltd.intelligent
products
Nanjing Multimedia
Southern communication RMB 50.70
Subsidiary 326124538.46 112759112.30 113955614.44 -5043841.55 -5064783.98
Telecom Co. and application million
Ltd. solutions
17Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
R&D production
and sales of
mains and solar
Nanjing Putian
street light
Datang
controllers as RMB 10.00
Information Subsidiary 52865581.83 27330617.94 9187987.42 -270957.86 -270957.76
well as million
Electronics
production and
Co. Ltd.processing of
electronic
products
Acquisition and Disposal of Subsidiaries during the Reporting Period
□Applicable ?Not applicable
Notes on Major Holding and Participating Companies
-
IX. Structured Entities Controlled by the Company
□Applicable ?Not applicable
X. Risks Faced by the Company and Countermeasures
1. Market Competition Risks
The communications industry in which the Company operates is a fully competitive industry with a large
number of enterprises. At the same time the current slowdown in national economic growth has further
intensified industry competition. Leveraging its long-term operational heritage the Company has accumulated
certain competitive advantages in brand technology quality and marketing. If the Company's products fail to
adapt to future market changes it may lose its existing advantages in market competition.Countermeasures: The Company will continue to consolidate its traditional markets by leveraging its
existing advantages actively develop markets in high-quality sectors such as central SOEs finance government
energy and civil aviation strengthen and expand the social industry market accelerate industrial transformation
and upgrading and foster strategic emerging industries. The Company will continuously strengthen cost control
steadily consolidate its product manufacturing and technology R&D capabilities and steadily enhance market
competitiveness. At the same time the Company will monitor market dynamics stay informed of market
information adjust sales policies in a timely manner actively respond to market changes and maintain its
market competitiveness.
2. Technology and R&D Risks
The communication industry is characterized by extremely rapid technological development and product
upgrading. If the Company's existing products and technology platforms fail to be upgraded and transformed in
a timely manner in response to market demand or if the R&D results are inconsistent with market demand it
will have an adverse impact on the Company's operations.Countermeasures: The Company will actively track industry technology development trends vigorously
promote technology innovation with a market orientation optimize product technology through independent
R&D to build differentiated competitiveness and at the same time expand the layout of new product projects
striving to maintain a technology-leading position in the industry.
3. Procurement Cost Risk
18Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
As uncertainty in the external environment increases the price trends and supply stability of the major raw
materials used in the Company's daily production (iron copper steel plates optical fiber etc.) affect the
Company's profitability. Although the Company's raw material supply channels are unobstructed and supply is
relatively sufficient the possibility cannot be entirely ruled out that changes in the supply-demand structure of
relevant raw materials may lead to supply shortages or fluctuations in price and quality thereby adversely
affecting the product quality costs and profitability of the Company.Countermeasures: The Company will strengthen strategic cooperation with core suppliers and explore the
establishment of a more resilient supply chain system to address potential supply disruption risks; through
various means such as technological process innovation product structure optimization and deeper customer
cooperation the Company will transfer or mitigate the pressure of rising raw material prices.
4. Cash Flow Strain Risks
The Company's products mainly serve customers in industries such as central SOEs and government
sectors. Affected by factors such as long approval processes and long project completion cycles the sales
payment collection cycle is relatively long resulting in relatively high cash flow pressure.Countermeasures: The Company adheres to budget management of funds coordinates a reasonable ratio
between fund payments and recoveries to ensure a dynamic balance of cash flow; the Company conducts
classified collection of long-aged accounts receivable while strengthening assessment formulating reward and
punishment measures to promote timely recovery of payments strengthening inventory management and
improving inventory liquidity; and obtains working capital financing from financial institutions as needed.XI. Formulation and Implementation of Market Value Management System and Valuation
Enhancement Plan
Has the Company formulated a market value management system
□Yes? No
Has the Company disclosed a valuation enhancement plan
□Yes? No
XII. Implementation of the "Dual Improvement of Quality and Returns" Action Plan
Has the Company disclosed the announcement on the Action Plan for "Dual Improvement of Quality and Returns"
□Yes? No
19Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section IV Corporate Governance Environmental and Social
Responsibility
I. Changes in Directors and Senior Management
□Applicable ?Not applicable
The Company's directors and senior management did not change during the reporting period. For details please refer to the 2025
annual report.II. Profit Distribution and Capital Reserve Capitalization for the Current Reporting Period
□Applicable ?Not applicable
The Company plans not to distribute cash dividends not to issue bonus shares and not to capitalize capital reserves into share
capital for the half-year period.III. Implementation of Equity Incentive Plans Employee Stock Ownership Plans or Other
Employee Incentive Measures
□Applicable ?Not applicable
The Company has no equity incentive plan employee stock ownership plan other employee incentive measures or relevant
implementation activities during the reporting period.IV. Environmental Information Disclosure
Whether the listed company and its major subsidiaries are included in the list of enterprises subject to mandatory environmental
information disclosure
□Yes? No
V. Social Responsibility
Grounded in the communications industry the Company adheres to independent innovation continuously
promotes its own sustainable development fulfills its due responsibilities and obligations to stakeholders and
strives to achieve harmonious and win-win development between the enterprise and its employees society and
the environment.The Company continuously improves and optimizes its governance earnestly fulfills its information
disclosure obligations ensures shareholders' right to know right to participate and right to vote on material
matters of the Company and safeguards the legitimate rights and interests of all shareholders.The Company attaches great importance to quality environmental and occupational health and safety
management and has obtained GB/T19001-2016/ISO9001:2015 quality management system certification
GB/T24001-2016/ISO14001:2015 environmental management system certification and GB/T45001-
2020/ISO45001:2018 occupational health and safety management system certification continuously striving to
advance environmental protection and sustainable development.The Company strictly abides by the Labor Law the Labor Contract Law and other laws and regulations
always adheres to the people-oriented core values attaches great importance to employee value cares about
20Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
employees' work life health and safety earnestly protects all rights and interests of employees enhances the
cohesion of the Company and is committed to realizing the vision of common development between the
Company and its employees.The Company always adheres to the principle of promoting development through responsibility building
brands through responsibility expanding markets through responsibility and establishing image through
responsibility dedicating itself to building a responsible enterprise and striving to achieve the harmonious unity
of enterprise development and the fulfillment of social responsibility.Based on the principles of honesty trustworthiness and lawful operation the Company actively builds
cooperative partnerships with suppliers customers banks and other stakeholders respects the legitimate rights
and interests of stakeholders achieves win-win outcomes between the Company and its stakeholders and
promotes the sustained and steady development of the Company.To thoroughly study and implement the important instructions of General Secretary Xi Jinping and
implement the decisions and arrangements of the Party Central Committee and the SASAC of the State Council
on promoting comprehensive rural revitalization the Company purchases rice and grain through the CETC Mall
platform to provide procurement-based assistance and support rural revitalization.
21Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section V Important Matters
I. Commitments of the Actual Controller Shareholders Related Parties Acquirers and
Other Committing Parties of the Company that Were Fully Performed during the
Reporting Period and that Remained Overdue and Unfulfilled as of the End of the
Reporting Period
?Applicable □ Not Applicable
Subject of Type of Date of Term of Performance
Promisor Details of Commitment
Commitment Commitment Commitment Commitment Status
Upon the research of
the State-owned Assets
Supervision and
Administration
Commission of the
State Council (SASAC)
and submission to the
State Council for
approval China Putian
Information Industry
Group Co. Ltd.(hereinafter referred to
as "China Putian") was
transferred to China
Electronics Technology
Group Corporation
(hereinafter referred to
as "the Company") as a
Commitments whole through a free
Commitments China
on Non- transfer becoming a
made in the Electronics
competition wholly-owned Being
Acquisition Technology August 31
Related Party subsidiary of the Long-term performed
Report or Group 2021
Transactions Company (hereinafter normally
Equity Change Corporation
and Fund referred to as "this
Report (CETC)
Occupation Restructuring"). This
Restructuring will result
in the Company
becoming the indirect
controlling shareholder
of Nanjing Putian
Telecommunications
Co. Ltd. (hereinafter
referred to as "the
Listed Company") a
listed company owned
by China Putian. As the
offeror of the Listed
Company the Company
hereby makes the
following commitments
to ensure the
independence of the
Listed Company in
22Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
terms of assets
personnel finance
business and
organization:
1. Personnel
Independence
(1) The Company
undertakes that the
senior management of
the Listed Company
including the general
manager deputy
general managers chief
financial officer and
board secretary will not
hold any administrative
positions other than
directors and
supervisors in the
Company and other
enterprises and
institutions controlled
by the Company
(hereinafter referred to
as "Subordinate
Enterprises and
Institutions") nor will
they receive
remuneration from the
Company and its
Subordinate Enterprises
and Institutions.
(2) The financial
personnel of the Listed
Company will not hold
concurrent positions in
the Company and its
Subordinate Enterprises
and Institutions.
2. Financial
Independence
(1) The Company
undertakes that the
Listed Company will
establish an
independent financial
and accounting
department have an
independent financial
accounting system and
financial management
system and make
independent financial
decisions.
(2) The Company
undertakes that the
Listed Company will
maintain independence
23Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
in financial decision-
making and the
Company and its
Subordinate Enterprises
and Institutions will not
interfere with the use of
funds of the Listed
Company.
(3) The Company
undertakes that the
Listed Company will
independently open
bank accounts for
receipt and payment
settlement and
independently conduct
tax filing and fulfill tax
payment obligations in
accordance with the
law.
3. Organizational
Independence
(1) The Company
undertakes that the
Listed Company and its
subsidiaries will legally
establish and improve
the corporate
governance structure
and operate
independently; the
office institutions and
production and
operation premises of
the Listed Company
will be separated from
those of the Company
and its Subordinate
Enterprises and
Institutions.
(2) The Company
undertakes that the
Listed Company and its
subsidiaries will operate
independently and
there will be no
subordinate relationship
between them and the
functional departments
of the Company.
4. Asset Independence
(1) The Company
undertakes that the
Listed Company has
independent and
complete assets.
(2) The Company
undertakes that the
24Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Company and its
Subordinate Enterprises
and Institutions will not
illegally occupy the
assets funds and other
resources of the Listed
Company.
5. Business
Independence
(1) The Company
undertakes that the
Listed Company has
independent business
operations and carries
out business activities
independently.
(2) The Company
undertakes that the
Listed Company
independently signs
contracts and conducts
business with external
parties establishes an
independent and
complete business
system implements
independent accounting
in operation and
management
independently assumes
responsibilities and
risks and has the ability
to operate
independently and
sustainably in the
market.This Commitment shall
remain effective for the
period during which the
Company has control
over the Listed
Company. If the
Company fails to
perform the above
commitments and
causes losses to the
Listed Company the
Company shall bear
corresponding
compensation liability.Upon the research of
Commitments
Commitments China the State-owned Assets
on Non-
made in the Electronics Supervision and
competition Being
Acquisition Technology Administration August 31
Related Party Long-term performed
Report or Group Commission of the 2021
Transactions normally
Equity Change Corporation State Council (SASAC)
and Fund
Report (CETC) and submission to the
Occupation
State Council for
25Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
approval China Putian
Information Industry
Group Co. Ltd.(hereinafter referred to
as "China Putian") was
transferred to China
Electronics Technology
Group Corporation
(hereinafter referred to
as "the Company") as a
whole through a free
transfer becoming a
wholly-owned
subsidiary of the
Company (hereinafter
referred to as "this
Restructuring"). This
Restructuring will result
in the Company
becoming the indirect
controlling shareholder
of Nanjing Putian
Telecommunications
Co. Ltd. (hereinafter
referred to as "the
Listed Company") a
listed company owned
by China Putian. As the
offeror of the Listed
Company to avoid
horizontal competition
and protect the interests
of public shareholders
the Company hereby
commits as follows:
From the date of
issuance of this letter
the Company will
further investigate
whether there is any
business that constitutes
horizontal competition
with the Listed
Company. If such
business exists the
Company will
strengthen internal
coordination control
and management to
ensure the healthy and
sustainable
development of the
Listed Company and
will not cause any
damage to the interests
of the Listed Company
and its public investors.If no such business
26Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
exists during the period
when the Company
directly or indirectly
maintains substantial
equity control over the
Listed Company the
Company will strictly
abide by the relevant
rules formulated by the
China Securities
Regulatory Commission
(CSRC) and stock
exchanges as well as
the relevant provisions
of the Articles of
Association of the
Listed Company and
will not use its
controlling position
over the Listed
Company to engage in
horizontal competition
that damages the
legitimate rights and
interests of the Listed
Company and its
minority shareholders.The above
commitments shall take
effect on the date of
issuance of the
commitment letter and
shall remain effective
for the period during
which the Listed
Company legally and
validly exists and the
Company acts as the
actual controller of the
Listed Company.Upon the research of
the State-owned Assets
Supervision and
Administration
Commission of the
State Council (SASAC)
Commitments
Commitments China and submission to the
on Non-
made in the Electronics State Council for
competition Being
Acquisition Technology approval China Putian August 31
Related Party Long-term performed
Report or Group Information Industry 2021
Transactions normally
Equity Change Corporation Group Co. Ltd.and Fund
Report (CETC) (hereinafter referred to
Occupation
as "China Putian") was
transferred to China
Electronics Technology
Group Corporation
(hereinafter referred to
as "the Company") as a
27Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
whole through a free
transfer becoming a
wholly-owned
subsidiary of the
Company (hereinafter
referred to as "this
Restructuring"). This
Restructuring will result
in the Company
becoming the indirect
controlling shareholder
of Nanjing Putian
Telecommunications
Co. Ltd. (hereinafter
referred to as "the
Listed Company") a
listed company owned
by China Putian. As the
offeror of the Listed
Company to protect the
legitimate rights and
interests of the Listed
Company and its
minority shareholders
the Company hereby
makes the following
commitments regarding
the regulation of related
party transactions with
the Listed Company:
1. The Company and its
subordinate
organizations controlled
by the Company will try
to avoid or reduce
unnecessary related
party transactions with
the Listed Company and
its subsidiaries. For any
related business
transactions that are
unavoidable or occur
for reasonable reasons
they will be conducted
on the basis of equality
and voluntariness in
accordance with the
principles of fairness
impartiality and
openness and the
transaction prices will
be reasonably
determined in
accordance with
market-oriented
principles. For related
party transactions where
it is difficult to compare
28Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
market prices or the
pricing is restricted the
standards for relevant
costs and profits shall
be specified in the
contract and the
decision-making
procedures shall be
performed in
accordance with
relevant laws and
regulations normative
documents and the
Articles of Association
of the Listed Company
so as to ensure that the
legitimate rights and
interests of the Listed
Company and other
shareholders are not
damaged through
related party
transactions and the
information disclosure
obligations shall be
performed in
accordance with
relevant provisions at
the same time.
2. Any agreements and
arrangements made
between the Company
and its subordinate
enterprises controlled
by the Company and the
Listed Company in
respect of mutual
related party affairs and
transactions shall not
prevent the other party
from conducting
business transactions
with any third party
under the same
competitive market
conditions for its own
interests.This Commitment
Letter shall remain
effective for the period
during which the Listed
Company legally and
validly exists and the
Company acts as the
actual controller of the
Listed Company. If the
Company violates the
commitments under this
29Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Commitment Letter and
causes losses to the
Listed Company the
Company shall bear
corresponding
compensation liability
in accordance with the
law.As the offeror of NING
TONG XIN B the
Company hereby makes
the following
commitments to ensure
the independence of the
Listed Company in
terms of assets
personnel finance
business and
organization after the
completion of this
acquisition:
1. Personnel
Independence
(1) The Company
undertakes that the
senior management of
the Listed Company
including the general
manager deputy
general managers chief
Commitments Commitment on financial officer and
made in the CETC Maintaining the board secretary will not
Being
Acquisition Guorui Independence of hold any positions other October 12
Long-term performed
Report or Group Co. Nanjing Putian than directors and 2022
normally
Equity Change Ltd. Telecommunica supervisors in the
Report tions Co. Ltd. Company and other
enterprises and
institutions controlled
by the Company
(hereinafter referred to
as "Subordinate
Enterprises and
Institutions") nor will
they receive
remuneration from the
Company and its
Subordinate Enterprises
and Institutions.
(2) The Company
undertakes that the
financial personnel of
the Listed Company
will not hold concurrent
positions or receive
remuneration in the
Company and its
Subordinate Enterprises
and Institutions.
30Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(3) The Company
undertakes that the
Listed Company has a
complete and
independent labor
personnel and
remuneration
management system
which is completely
independent of the
Company and its
Subordinate Enterprises
and Institutions.
2. Financial
Independence
(1) The Company
undertakes that the
Listed Company will
establish an
independent financial
and accounting
department have an
independent financial
accounting system and
financial management
system and make
independent financial
decisions.
(2) The Company
undertakes that the
Listed Company will
maintain independence
in financial decision-
making and the
Company and its
Subordinate Enterprises
and Institutions will not
interfere with the use of
funds of the Listed
Company.
(3) The Company
undertakes that the
Listed Company will
independently open
bank accounts for
receipt and payment
settlement and
independently conduct
tax filing and fulfill tax
payment obligations in
accordance with the
law.
(4) The Company
undertakes that the
financial personnel of
the Listed Company
will not hold dual
positions in the
31Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Company and its
Subordinate Enterprises
and Institutions.
3. Organizational
Independence
(1) The Company
undertakes that the
Listed Company and its
subsidiaries will legally
establish and improve
the corporate
governance structure
set up independent and
complete organizational
institutions and operate
independently; the
office institutions and
production and
operation premises of
the Listed Company
will be separated from
those of the Company
and its Subordinate
Enterprises and
Institutions without any
institutional confusion.
(2) The Company
undertakes that the
Listed Company and its
subsidiaries will operate
independently and
there will be no
subordinate relationship
between them and the
functional departments
of the Company.
4. Asset Independence
(1) The Company
undertakes that the
Listed Company has
independent and
complete assets.
(2) The Company
undertakes that the
Company and its
Subordinate Enterprises
and Institutions will not
illegally occupy the
assets funds and other
resources of the Listed
Company.
5. Business
Independence
(1) The Company
undertakes that the
Listed Company has
independent business
operations and carries
32Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
out business activities
independently.
(2) The Company
undertakes that the
Listed Company has the
assets personnel
qualifications required
for independent
business operations as
well as the ability to
independently sign
contracts and conduct
business with external
parties establish an
independent and
complete business
system implement
independent accounting
in operation and
management
independently assume
responsibilities and
risks and maintain
independent and
sustainable operation
capability facing the
market.
(3) If unavoidable
related party
transactions occur
between the Company
and its Subordinate
Enterprises and
Institutions and the
Listed Company
agreements shall be
signed in accordance
with the law and the
necessary statutory
procedures shall be
performed in
accordance with
relevant laws and
regulations and the
Articles of Association
of the Listed Company.This Commitment shall
remain effective for the
period during which the
Listed Company legally
and validly exists and
the Company acts as the
controlling shareholder
of the Listed Company.If the Company fails to
perform the above
commitments and
causes losses to the
33Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Listed Company the
Company shall bear
corresponding
compensation liability.There is no identical or
similar business
between the main
business of the
Company and that of
the Listed Company.Prior to this acquisition
the actual controller of
the Listed Company
was China Electronics
Technology Group
Corporation (hereinafter
referred to as "CETC").Upon completion of this
acquisition the actual
controller of the Listed
Company will remain
CETC. This acquisition
is conducted between
different entities under
the control of the same
actual controller which
will not result in a
Commitment on change in the actual
Commitments Avoiding controller of the Listed
made in the CETC Horizontal Company nor will there
Being
Acquisition Guorui Competition be any change in the October 12
Long-term performed
Report or Group Co. with Nanjing related parties of the 2022
normally
Equity Change Ltd. Putian Listed Company.Report Telecommunica Therefore this
tions Co. Ltd. acquisition will not
create new horizontal
competition between
the relevant related
parties and the Listed
Company.To avoid horizontal
competition and protect
the interests of public
shareholders the
Company hereby
commits as follows:
I. As of the date of
issuance of this
Commitment the
Company and other
enterprises controlled
by the Company do not
engage in or participate
in any business or
activities that constitute
a substantial
competitive relationship
with the main business
34Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
of the Listed Company.II. Upon completion of
this acquisition the
Company and other
enterprises controlled
by the Company will
not directly or
indirectly engage in
any business identical to
the main business of the
Listed Company.III. Upon completion of
this acquisition the
Company will through
internal coordination
control and
management ensure
that no substantial
horizontal competition
will arise between the
Company and its
subordinate
organizations and the
Listed Company in the
future. If the Company
and its subordinate
organizations obtain
business opportunities
for new businesses that
may result in horizontal
competition with the
Listed Company the
Company and its
subordinate
organizations will give
priority to providing the
Listed Company with
the option to take up
such business
opportunities for new
businesses and will use
its best efforts to ensure
that such business
opportunities are
transferable to the
Listed Company.If the Listed Company
waives the above
business opportunities
for new businesses the
Company and its
subordinate
organizations may
operate the relevant new
businesses on their own.However subject to the
needs of future business
development and to the
35Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
extent permitted by
applicable laws and
regulations and relevant
regulatory rules the
Listed Company shall
still have the following
rights:
1. The Listed Company
shall have the right to
acquire the assets and
equity related to the
above businesses from
the Company and its
subordinate
organizations in one or
more transactions;
2. In addition to
acquisition to the
extent permitted by
applicable laws and
regulations and relevant
regulatory rules the
Listed Company may
also choose to operate
the assets and/or
businesses related to the
above businesses of the
Company and its
subordinate
organizations by means
of entrusted
management lease
contracted operation
licensing and other
methods.IV. This Commitment
Letter shall remain
effective for the period
during which the Listed
Company legally and
validly exists and the
Company acts as the
controlling shareholder
of the Listed Company.From the date of
issuance of this
Commitment Letter if
the Company or its
subordinate
organizations violate
the commitments under
this Commitment Letter
and cause losses to the
Listed Company the
Company shall bear
corresponding
compensation liability
in accordance with the
36Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
law.If the Company is truly
unable to perform the
commitments or needs
to make adjustments
due to objective reasons
such as policy
adjustments and market
changes the Company
and the Listed Company
will make explanations
to the market in
advance fully disclose
the reasons for the
adjustment or non-
performance and
propose corresponding
disposal measures.Upon completion of this
acquisition the Listed
Company will continue
to strictly abide by the
provisions on related
party transactions in the
Articles of Association
in accordance with the
requirements of relevant
laws and regulations
and the Listing Rules
perform the necessary
legal procedures
conduct related party
transactions in
accordance with legally
valid agreements give
Commitments full play to the role of
Commitment on
made in the CETC independent directors in
Regulating and Being
Acquisition Guorui practical work follow October 12
Reducing Long-term performed
Report or Group Co. the principles of 2022
Related Party normally
Equity Change Ltd. fairness impartiality
Transactions
Report and openness and
perform information
disclosure obligations
so as to protect the
interests of minority
shareholders. To reduce
and regulate related
party transactions and
protect the legitimate
rights and interests of
the Listed Company and
its public shareholders
the Company hereby
makes the following
commitments regarding
the regulation of related
party transactions with
the Listed Company:
37Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
1. The Company and its
subordinate
organizations controlled
by the Company will try
to avoid or reduce
unnecessary related
party transactions with
the Listed Company and
its subsidiaries. For any
related business
transactions that are
unavoidable or occur
for reasonable reasons
they will be conducted
on the basis of equality
and voluntariness in
accordance with the
principles of fairness
impartiality and
openness and the
transaction prices will
be reasonably
determined in
accordance with
market-oriented
principles. For related
party transactions where
it is difficult to compare
market prices or the
pricing is restricted the
standards for relevant
costs and profits shall
be specified in the
contract and the
decision-making
procedures shall be
performed in
accordance with
relevant laws and
regulations normative
documents and the
Articles of Association
of the Listed Company
so as to ensure that the
legitimate rights and
interests of the Listed
Company and other
shareholders are not
damaged through
related party
transactions and the
information disclosure
obligations shall be
performed in
accordance with
relevant provisions at
the same time.
2. Any agreements and
38Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
arrangements made
between the Company
and its subordinate
enterprises controlled
by the Company and the
Listed Company in
respect of mutual
related party affairs and
transactions shall not
prevent the other party
from conducting
business transactions
with any third party
under the same
competitive market
conditions for its own
interests.This Commitment
Letter shall remain
effective for the period
during which the Listed
Company legally and
validly exists and the
Company acts as the
controlling shareholder
of the Listed Company.If the Company violates
the commitments under
this Commitment Letter
and causes losses to the
Listed Company the
Company shall bear
corresponding
compensation liability
in accordance with the
law.If the Company is truly
unable to perform the
commitments or needs
to make adjustments
due to objective reasons
such as policy
adjustments and market
changes the Company
and the Listed Company
will make explanations
to the market in
advance fully disclose
the reasons for the
adjustment or non-
performance and
propose corresponding
disposal measures.Xu Qian; To ensure the effective Jia Haowen
Commitments
Wang implementation of the and Li Jing
made in the Other November 25
Wenkui; Li Company's measures to Long-term are
Asset Commitments 2020
Tong; Liu fill the diluted performing
Restructuring
Yun; Wang immediate returns all the
39Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Jinfeng; Qin directors and senior undertaking
Zhen; Tang management of the normally;
Fuxin; Xie Company make the Xu Qian
Manlin; Du following Wang
Xiaorong; commitments: Wenkui Li
Jia Haowen; (1) The declarant Tong Liu
Lei Xu; Liu undertakes not to Yun Wang
Xiaodong; transfer interests to Jinfeng Qin
Wang other entities or Zhen Tang
Huailin; Li individuals for free or Fuxin Xie
Jing on unfair terms nor to Manlin Du
damage the interests of Xiaorong
the Listed Company by Lei Xu Liu
other means; Xiaodong
(2) The declarant and Wang
undertakes to regulate Huailin have
the declarant’s own fully
duty-related performed
consumption conduct; the
(3) The declarant undertaking
undertakes not to use (resigned)
the assets of the Listed
Company to engage in
investment and
consumption activities
unrelated to the
performance of the
declarant’s duties;
(4) The declarant
undertakes to within
the scope of declarant’s
duties and authority use
declarant’s best efforts
to ensure that the
remuneration system
formulated by the board
of directors or the
remuneration committee
is linked to the
implementation of the
Listed Company's
measures to fill the
diluted returns;
(5) If the Listed
Company plans to
implement equity
incentive in the future
the declarant undertakes
to within the scope of
the declarant’s duties
and authority use the
declarant’s best efforts
to ensure that the
exercise conditions of
the equity incentive
planned by the Listed
Company are linked to
the implementation of
40Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
the measures to fill the
diluted returns;
(6) From the date of
issuance of this
Commitment to the
completion of the
implementation of this
Transaction if the
CSRC issues other new
regulatory provisions on
measures to fill diluted
returns and related
commitments and the
above commitments
cannot meet the
provisions of the CSRC
the declarant undertakes
to issue supplementary
commitments in
accordance with the
latest provisions of the
CSRC at that time;
(7) The declarant
undertakes to
effectively implement
the relevant measures to
fill diluted returns
formulated by the
Listed Company and
any commitments made
by the declarant in this
regard. If the declarant
violates such
commitments and
causes losses to the
Listed Company or
investors the declarant
shall be liable for
compensation to the
Listed Company or
investors in accordance
with the law.
1. As an investment
institution authorized by
the State Council the
Company exercises the
contributor's rights to
Commitments
China relevant member
on Non-
Commitments Electronics organizations including
competition Being
made in the Technology Nanjing Putian and November 27
Related Party Long-term performed
Asset Group conducts state-owned 2024
Transactions normally
Restructuring Corporation equity management to
and Fund
(CETC) realize the preservation
Occupation
and appreciation of
state-owned capital. The
Company itself does not
participate in specific
businesses and has no
41Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
horizontal competition
with Nanjing Putian.
2. After the material
asset restructuring of
Nanjing Putian other
enterprises and
institutions directly or
indirectly controlled by
the Company will not
directly or indirectly
engage in any business
that constitutes
horizontal competition
with significant adverse
impact on the main
business of Nanjing
Putian.
3. If the business
opportunities obtained
by the Company and
other enterprises and
institutions controlled
by the Company
constitute horizontal
competition with
significant adverse
impact on the main
business of Nanjing
Putian and Nanjing
Putian intends to seek
such business
opportunities the
Company will
strengthen internal
coordination control
and management to
avoid damage to the
interests of Nanjing
Putian and its public
investors due to
horizontal competition.
4. This Commitment
Letter shall remain
effective for the period
during which Nanjing
Putian legally and
validly exists and the
Company acts as the
actual controller of
Nanjing Putian. From
the date of issuance of
this Commitment
Letter if the Company
violates any terms of
this Commitment Letter
and causes losses to
Nanjing Putian the
Company shall make
42Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
full compensation
within a reasonable time
limit after the amount of
the relevant losses is
determined.
1. As a secondary
member organization
under CETC the
Company mainly
undertakes the
management function of
subordinate enterprises.The Company itself
does not participate in
specific businesses and
has no horizontal
competition with
Nanjing Putian.
2. After the material
asset restructuring of
Nanjing Putian other
enterprises and
institutions directly or
indirectly controlled by
the Company will not
directly or indirectly
engage in any business
that constitutes
Commitments horizontal competition
on Non- with significant adverse
Commitments CETC
competition impact on the main Being
made in the Guorui November 27
Related Party business of Nanjing Long-term performed
Asset Group Co. 2024
Transactions Putian. normally
Restructuring Ltd.and Fund 3. If the business
Occupation opportunities obtained
by the Company and
other enterprises and
institutions controlled
by the Company
constitute horizontal
competition with
significant adverse
impact on the main
business of Nanjing
Putian and Nanjing
Putian intends to seek
such business
opportunities the
Company will
strengthen internal
coordination control
and management to
avoid damage to the
interests of Nanjing
Putian and its public
investors due to
horizontal competition.This Commitment
43Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Letter shall remain
effective for the period
during which Nanjing
Putian legally and
validly exists and the
Company acts as the
controlling shareholder
of Nanjing Putian. From
the date of issuance of
this Commitment
Letter if the Company
violates any terms of
this Commitment Letter
and causes losses to
Nanjing Putian the
Company shall make
full compensation
within a reasonable time
limit after the amount of
the relevant losses is
determined.
1. Prior to this
Transaction the Listed
Company has always
been independent of the
Company and other
enterprises controlled
by the Company in
terms of business
assets organization
personnel and finance
and has maintained
independence in the
above aspects.
2. Upon completion of
China this Transaction the
Electronics Company and other
Technology enterprises controlled
Commitments
Group by the Company will Being
made in the Other November 27
Corporation not use its identity as Long-term performed
Asset Commitments 2024
CETC the controlling normally
Restructuring
Glarun shareholder/actual
Group Co. controller of the Listed
Ltd. Company to affect the
independence of the
Listed Company and
will continue to take
effective measures to
ensure the
independence of the
Listed Company in
terms of business
assets organization
personnel and finance in
accordance with the
Company Law of the
People's Republic of
China the Securities
44Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Law of the People's
Republic of China and
other relevant laws
regulations normative
documents and the
requirements of the
regulatory authorities
for listed companies.
3. This Commitment
Letter shall remain
effective for the period
during which the
Company acts as the
controlling
shareholder/actual
controller of the Listed
Company.
1. The Company and
the organizations
controlled by the
Company (excluding
Nanjing Putian and the
enterprises controlled
by it hereinafter the
same) will try to avoid
related party
transactions with
Nanjing Putian and the
enterprises controlled
by it (hereinafter
collectively referred to
as "Nanjing Putian").For any related party
transactions that are
Commitments unavoidable in the
China
on Non- future the Company
Commitments Electronics
competition undertakes to conduct Being
made in the Technology November 27
Related Party transactions with Long-term performed
Asset Group 2024
Transactions Nanjing Putian in normally
Restructuring Corporation
and Fund accordance with the fair
(CETC)
Occupation principle of market
transactions (i.e. normal
commercial terms).
2. If Nanjing Putian
must conduct
unavoidable related
party transactions with
the Company and the
organizations controlled
by the Company in its
future business
activities the Company
will ensure that such
transactions strictly go
through the approval
procedures in
accordance with
relevant national laws
45Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
and regulations and the
Articles of Association
of Nanjing Putian.When the board of
directors or the general
meeting of shareholders
of Nanjing Putian votes
on the related party
transactions the
Company and/or its
related parties and
persons acting in
concert will strictly
perform the obligation
to abstain from voting;
a written agreement will
be legally signed with
Nanjing Putian for such
transactions and the
information disclosure
obligations will be
performed in a timely
manner; the Company
undertakes that the
transactions will be
conducted under normal
commercial conditions
and the Company and
the organizations
controlled by the
Company will not
require or accept more
favorable terms from
Nanjing Putian than
those offered to any
third party in any fair
market transaction so
as to ensure that the
legitimate rights and
interests of Nanjing
Putian and other
investors are not
damaged through
related party
transactions; the
Company and the
organizations controlled
by the Company will
not seek priority rights
to conclude transactions
with Nanjing Putian by
using its position as the
actual controller and its
controlling influence.
3. The Company and
the organizations
controlled by the
Company will strictly
46Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
and in good faith
perform various related
party transaction
agreements signed with
Nanjing Putian. The
Company and the
organizations controlled
by the Company will
not seek any benefits or
gains from Nanjing
Putian beyond those
specified in the above
agreements.
4. If the Company
violates the above
commitments and
causes losses to Nanjing
Putian the Company
shall bear compensation
liability in accordance
with the law.
5. The above
commitments shall be
binding on the
Company during the
period when the
Company acts as the
actual controller of
Nanjing Putian.
1. The Company and
the organizations
controlled by the
Company (excluding
Nanjing Putian and the
enterprises controlled
by it hereinafter the
same) will try to avoid
related party
transactions with
Nanjing Putian and the
Commitments enterprises controlled
on Non- by it (hereinafter
Commitments CETC
competition collectively referred to Being
made in the Guorui November 27
Related Party as "Nanjing Putian"). Long-term performed
Asset Group Co. 2024
Transactions For any related party normally
Restructuring Ltd.and Fund transactions that are
Occupation unavoidable in the
future the Company
undertakes to conduct
transactions with
Nanjing Putian in
accordance with the fair
principle of market
transactions (i.e. normal
commercial terms).
2. The Company and
the organizations
controlled by the
47Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Company undertake not
to occupy the funds and
assets of Nanjing Putian
by means of loans debt
repayment on behalf of
others advance
payments or other
methods nor require
Nanjing Putian to
provide illegal
guarantees for the
Company and the
organizations controlled
by the Company.
3. If Nanjing Putian
must conduct
unavoidable related
party transactions with
the Company and the
organizations controlled
by the Company in its
future business
activities the Company
will ensure that such
transactions strictly go
through the approval
procedures in
accordance with
relevant national laws
and regulations and the
Articles of Association
of Nanjing Putian.When the board of
directors or the general
meeting of shareholders
of Nanjing Putian votes
on the related party
transactions the
Company and/or its
related parties and
persons acting in
concert will strictly
perform the obligation
to abstain from voting;
a written agreement will
be legally signed with
Nanjing Putian for such
transactions and the
information disclosure
obligations will be
performed in a timely
manner; the Company
undertakes that the
transactions will be
conducted under normal
commercial conditions
and the Company and
the organizations
48Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
controlled by the
Company will not
require or accept more
favorable terms from
Nanjing Putian than
those offered to any
third party in any fair
market transaction so
as to ensure that the
legitimate rights and
interests of Nanjing
Putian and other
investors are not
damaged through
related party
transactions; the
Company and the
organizations controlled
by the Company will
not seek priority rights
to conclude transactions
with Nanjing Putian by
using its position as the
controlling shareholder
and its controlling
influence.
4. The Company and
the organizations
controlled by the
Company will strictly
and in good faith
perform various related
party transaction
agreements signed with
Nanjing Putian. The
Company and the
organizations controlled
by the Company will
not seek any benefits or
gains from Nanjing
Putian beyond those
specified in the above
agreements.
5. If the Company
violates the above
commitments and
causes losses to Nanjing
Putian the Company
shall bear compensation
liability in accordance
with the law.
6. The above
commitments shall be
binding on the
Company during the
period when the
Company acts as the
controlling shareholder
49Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
of Nanjing Putian.The Company
undertakes that from
the date of issuance of
this Commitment Letter
to the completion of the
implementation of this
Transaction the
Company has no
intention or plan to
reduce its shareholding
in Nanjing Putian
Telecommunications
Co. Ltd. (hereinafter
Commitments CETC
referred to as "Nanjing Being
made in the Guorui Other November 27
Putian") and will not Long-term performed
Asset Group Co. Commitments 2024
reduce its shareholding normally
Restructuring Ltd.in any manner. If the
Company violates this
Commitment and
causes losses to Nanjing
Putian or other investors
as a result the
Company undertakes to
bear corresponding
compensation liability
to Nanjing Putian or
other investors in
accordance with the
law.The declarant Shen
undertakes that from Xiaobing
the date of issuance of Wang
this Commitment Letter Xingyu
Shen to the completion of the Song
Xiaobing implementation of this Tiecheng
Jiang Yi Transaction the Gao Jing
Shi declarant has no Huang
Jiandong intention or plan to Linkui Jia
Wang reduce the declarant’s Haowen and
Xingyu shareholding in Nanjing Li Jing are
Song Putian performing
Commitments Tiecheng Telecommunications the
made in the Gao Jing Other Co. Ltd. (hereinafter November 27 undertaking
Long-term
Asset Huang Commitments referred to as "Nanjing 2024 normally;
Restructuring Linkui Mei Putian") and will not Jiang Yi Shi
Lin He Hui reduce the declarant’s Jiandong
Qiu shareholding in any Liao
Huizhen Jia manner. If the declarant Rongchao
Haowen violates this Mei Lin He
Liao Commitment and Hui Qiu
Rongchao causes losses to Nanjing Huizhen and
Li Jing Fu Putian or other investors Fu Guokai
Guokai as a result the declarant have fully
undertakes to bear performed
corresponding the
compensation liability undertaking
to Nanjing Putian or (resigned)
50Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
other investors in
accordance with the
law.As of the date of
signing this
Commitment Letter the
Company its directors
supervisors senior
management and the
institutions controlled
by them are not subject
to the circumstances
specified in Article 12
of the Guidance for
Listed Companies No.7
– Supervision on
Abnormal Stock
Shen
Trading Related to
Xiaobing
Material Asset
Wang
Restructuring of Listed
Xingyu
Companies (China
Shen Song
Securities Regulatory
Xiaobing Tiecheng
Commission
Jiang Yi Gao Jing
Announcement [2023]
Shi Huang
No. 39) namely:
Jiandong Linkui Jia
"Where a person is filed
Wang Haowen and
for investigation or
Xingyu Li Jing are
criminal investigation
Song performing
for insider trading
Commitments Tiecheng the
related to this material
made in the Gao Jing Other November 27 undertaking
asset restructuring Long-term
Asset Huang Commitments 2024 normally;
he/she shall not
Restructuring Linkui Mei Jiang Yi Shi
participate in any
Lin He Hui Jiandong
material asset
Qiu Liao
restructuring of any
Huizhen Jia Rongchao
listed company from the
Haowen Mei Lin He
date of filing until the
Liao Hui Qiu
liability is determined.Rongchao Huizhen and
Where the CSRC
Li Jing Fu Fu Guokai
imposes an
Guokai have fully
administrative penalty
performed
or a judicial organ
the
imposes criminal
undertaking
liability in accordance
(resigned)
with the law the above-
mentioned persons shall
not participate in any
material asset
restructuring of any
listed company for at
least 36 months from
the date when the
administrative penalty
decision made by the
CSRC or the relevant
effective judgment
made by the judicial
organ takes effect."
51Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
As of the date of
signing this
Commitment Letter the
Company its directors
supervisors senior
management and the
institutions controlled
by them are not subject
to the circumstances
specified in Article 12
of the Guidance for
Listed Companies No.7
– Supervision on
Abnormal Stock
Trading Related to
Material Asset
Restructuring of Listed
Companies (China
Securities Regulatory
Commission
Announcement [2023]
No. 39) namely:
"Where a person is filed
China for investigation or
Electronics criminal investigation
Technology for insider trading
Commitments
Group related to this material Being
made in the Other November 27
Corporation asset restructuring Long-term performed
Asset Commitments 2024
CETC he/she shall not normally
Restructuring
Glarun participate in any
Group Co. material asset
Ltd. restructuring of any
listed company from the
date of filing until the
liability is determined.Where the CSRC
imposes an
administrative penalty
or a judicial organ
imposes criminal
liability in accordance
with the law the above-
mentioned persons shall
not participate in any
material asset
restructuring of any
listed company for at
least 36 months from
the date when the
administrative penalty
decision made by the
CSRC or the relevant
effective judgment
made by the judicial
organ takes effect."
Nanjing NM As of the date of Being
Commitments Other November 27Electrical signing this Long-term performed
made in the Commitments 2024Co. Ltd. Commitment Letter the normally
52Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Asset Company its directors
Restructuring supervisors and senior
management are not
subject to the
circumstances specified
in Article 12 of the
Guidance for Listed
Companies No.7 –
Supervision on
Abnormal Stock
Trading Related to
Material Asset
Restructuring of Listed
Companies (China
Securities Regulatory
Commission
Announcement [2023]
No. 39) namely:
"Where a person is filed
for investigation or
criminal investigation
for insider trading
related to this material
asset restructuring
he/she shall not
participate in any
material asset
restructuring of any
listed company from the
date of filing until the
liability is determined.Where the CSRC
imposes an
administrative penalty
or a judicial organ
imposes criminal
liability in accordance
with the law the above-
mentioned persons shall
not participate in any
material asset
restructuring of any
listed company for at
least 36 months from
the date when the
administrative penalty
decision made by the
CSRC or the relevant
effective judgment
made by the judicial
organ takes effect."
As of the date of
Nanjing Rail signing this
Commitments
Transit Commitment Letter the Being
made in the Other November 27
System Company its directors Long-term performed
Asset Commitments 2024
Engineering supervisors senior normally
Restructuring
Co. Ltd. management the
institutions controlled
53Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
by them and other key
personnel are not
subject to the
circumstances specified
in Article 12 of the
Guidance for Listed
Companies No.7 –
Supervision on
Abnormal Stock
Trading Related to
Material Asset
Restructuring of Listed
Companies (China
Securities Regulatory
Commission
Announcement [2023]
No. 39) namely:
"Where a person is filed
for investigation or
criminal investigation
for insider trading
related to this material
asset restructuring
he/she shall not
participate in any
material asset
restructuring of any
listed company from the
date of filing until the
liability is determined.Where the CSRC
imposes an
administrative penalty
or a judicial organ
imposes criminal
liability in accordance
with the law the above-
mentioned persons shall
not participate in any
material asset
restructuring of any
listed company for at
least 36 months from
the date when the
administrative penalty
decision made by the
CSRC or the relevant
effective judgment
made by the judicial
organ takes effect."
1. The Company
intends to sell 100% of
Nanjing
Commitments the equity interest in
Putian Being
made in the Other Nanjing NM Electrical November 27
Telecommu Long-term performed
Asset Commitments Co. Ltd. held by it. The 2024
nications normally
Restructuring Company undertakes
Co. Ltd.that it has complete and
unencumbered rights to
54Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
the underlying assets of
this Transaction which
are free from other
defects in rights and are
not subject to any
mortgage or other
encumbrances.
2. The capital
contributions
corresponding to 100%
of the equity interest in
Nanjing NM Electrical
Co. Ltd. held by the
Company have been
fully and truthfully
paid and there are no
acts in violation of
shareholders'
obligations and
liabilities such as false
capital contribution
deferred capital
contribution or capital
flight. The 100% of the
equity interest in
Nanjing NM Electrical
Co. Ltd. held by the
Company is not subject
to nominee
shareholding trust
shareholding or any
other shareholding on
behalf of a third party
nor is there any
entrustment of others to
exercise voting rights.
3. There are no
restrictions on the
trading of the
underlying assets of this
Transaction.Shen To ensure the effective Shen
Xiaobing implementation of the Xiaobing
Jiang Yi Company's measures to Wang
Shi fill the diluted Xingyu
Jiandong immediate returns all Song
Wang directors and senior Tiecheng
Xingyu management of the Gao Jing
Commitments
Song Company make the Huang
made in the Other November 27
Tiecheng following Long-term Linkui Jia
Asset Commitments 2024
Gao Jing commitments: Haowen and
Restructuring
Huang 1. The declarant Li Jing are
Linkui Jia undertakes not to performing
Haowen transfer interests to the
Liao other entities or undertaking
Rongchao individuals for free or normally;
Li Jing Fu on unfair terms nor to Jiang Yi Shi
Guokai damage the interests of Jiandong
55Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
the Listed Company by Liao
other means; Rongchao
2. The declarant and Fu
undertakes to regulate Guokai have
the declarant’s own fully
duty-related performed
consumption conduct; the
3. The declarant undertaking
undertakes not to use (resigned)
the assets of the Listed
Company to engage in
investment and
consumption activities
unrelated to the
performance of the
declarant’s duties;
4. The declarant
undertakes to within
the scope of declarant’s
duties and authority use
declarant’s best efforts
to ensure that the
remuneration system
formulated by the board
of directors or the
remuneration committee
is linked to the
implementation of the
Listed Company's
measures to fill the
diluted returns;
5. If the Listed
Company plans to
implement equity
incentive in the future
the declarant undertakes
to within the scope of
the declarant’s duties
and authority use the
declarant’s best efforts
to ensure that the
exercise conditions of
the equity incentive
planned by the Listed
Company are linked to
the implementation of
the measures to fill the
diluted returns;
6. From the date of
issuance of this
Commitment to the
completion of the
implementation of this
Transaction if the
CSRC issues other new
regulatory provisions on
measures to fill diluted
returns and related
56Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
commitments and the
above commitments
cannot meet the
provisions of the CSRC
the declarant undertakes
to issue supplementary
commitments in
accordance with the
latest provisions of the
CSRC at that time;
7. The declarant
undertakes to
effectively implement
the relevant measures to
fill diluted returns
formulated by the
Listed Company and
any commitments made
by the declarant in this
regard. If the declarant
violates such
commitments and
causes losses to the
Listed Company or
investors the declarant
shall be liable for
compensation to the
Listed Company or
investors in accordance
with the law.
1. The Company will
not illegally interfere
with the operation and
management activities
of the Listed Company
or encroach on the
interests of the Listed
Company;
2. The Company
undertakes not to use
China
the assets of the Listed
Electronics
Company to engage in
Technology
Commitments investment and
Group Being
made in the Other consumption activities November 27
Corporation Long-term performed
Asset Commitments unrelated to the 2024
CETC normally
Restructuring performance of its
Glarun
duties;
Group Co.
3. If the Company
Ltd.violates the above
commitments and
causes losses to the
Listed Company or
investors the Company
undertakes to bear
corresponding legal
liability in accordance
with the law;
4. From the date of
57Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
issuance of this
Commitment to the
completion of this
Transaction if the
China Securities
Regulatory Commission
(CSRC) and the
Shenzhen Stock
Exchange (SZSE) issue
the latest regulatory
provisions related to
measures to fill diluted
returns and relevant
commitments and the
above commitments
cannot meet the
provisions of the CSRC
and the SZSE the
Company will issue
supplementary
commitments in
accordance with the
relevant provisions of
the CSRC and the SZSE
at that time;
5. As one of the
responsible parties for
the measures to fill
diluted returns the
Company undertakes to
strictly perform the
above commitments to
ensure the effective
implementation of the
Listed Company's
measures to fill diluted
returns. If the Company
violates or refuses to
perform the above
commitments the
Company shall bear
corresponding legal
liability in accordance
with relevant laws
regulations rules and
normative documents.
1. In the past three
years the Company has
not engaged in any non-
compliant provision of
Nanjing
Commitments guarantees to third
Putian Being
made in the Other parties and there has November 27
Telecommu Long-term performed
Asset Commitments been no 2024
nications normally
Restructuring misappropriation of the
Co. Ltd.Company’s funds by its
controlling shareholder
actual controller or any
other entities under their
58Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
control whether by way
of loans debt
repayment on their
behalf payment
advances on their
behalf or otherwise.
2. The Company
warrants that it has
legally performed its
statutory information
disclosure and reporting
obligations in this
Transaction and its
information disclosure
and reporting activities
are legal and valid
without any contracts
agreements
arrangements or other
matters that should be
disclosed but have not
been disclosed.
3. The Company
undertakes that there is
no leakage of inside
information related to
this asset restructuring
or any insider trading
using the information of
this Transaction.
4. There are no other
circumstances that
seriously damage the
legitimate rights and
interests of investors
and the social public
interests.
5. If the Company
violates the above
commitments and
causes losses to other
relevant parties to this
Transaction the
Company shall bear the
compensation liability.Shen 1. During the term of Shen
Xiaobing office as a director Xiaobing
Jiang Yi supervisor or senior Wang
Shi management of the Xingyu
Jiandong Listed Company the Song
Commitments
Wang declarant will strictly Tiecheng
made in the Other November 27
Xingyu abide by the provisions Long-term Gao Jing
Asset Commitments 2024
Song of laws administrative Huang
Restructuring
Tiecheng regulations and the Linkui Jia
Gao Jing Articles of Association Haowen and
Huang perform the duties of Li Jing are
Linkui Mei loyalty and diligence to performing
Lin He Hui the Company and will the
59Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Qiu not commit any acts in undertaking
Huizhen Jia violation of the relevant normally;
Haowen provisions of Article Jiang Yi Shi
Liao 180 and Article 181 of Jiandong
Rongchao the Company Law of the Liao
Li Jing Fu People's Republic of Rongchao
Guokai China. Mei Lin He
2. The declarant Hui Qiu
warrants that the Huizhen and
declarant has legally Fu Guokai
performed the statutory have fully
information disclosure performed
and reporting the
obligations in this undertaking
Transaction and the (resigned)
information disclosure
and reporting activities
are legal and valid
without any contracts
agreements
arrangements or other
matters that should be
disclosed but have not
been disclosed.
3. The declarant
undertakes that there is
no leakage of inside
information related to
this Transaction or any
insider trading using the
information of this
Transaction.
1. The Company
warrants that it has
legally performed its
statutory information
disclosure and reporting
obligations in this
Transaction and its
information disclosure
and reporting activities
are legal and valid
without any contracts
Nanjing Rail
Commitments agreements
Transit Being
made in the Other arrangements or other November 27
System Long-term performed
Asset Commitments matters that should be 2024
Engineering normally
Restructuring disclosed but have not
Co. Ltd.been disclosed.
2. The Company
undertakes that there is
no leakage of inside
information related to
this asset restructuring
or any insider trading
using the information of
this Transaction.
3. There are no other
circumstances that
60Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
seriously damage the
legitimate rights and
interests of investors
and the social public
interests.
4. If the Company
violates the above
commitments and
causes losses to other
relevant parties to this
Transaction the
Company shall bear the
compensation liability.
1. No damage to the
interests of the Listed
Company
During the period when
the Company acts as the
controlling
shareholder/actual
controller of the Listed
Company there is no
circumstance that
seriously damages the
rights and interests of
the Listed Company and
has not been eliminated.
2. Performance of
confidentiality
obligations
The Company has
China performed its
Electronics confidentiality
Technology obligations in respect of
Commitments
Group the information of this Being
made in the Other November 27
Corporation Transaction known to it Long-term performed
Asset Commitments 2024
CETC and there is no illegal normally
Restructuring
Glarun activity such as insider
Group Co. trading or market
Ltd. manipulation using the
information of this
Transaction.
3. Commitment to
integrity and law-
abiding
The Company is not
under any
circumstances of being
filed for criminal
investigation by a
judicial organ for
suspected crimes or
filed for investigation
by the CSRC for
suspected violations of
laws and regulations;
there is no record of
administrative penalties
61Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(except those obviously
unrelated to the
securities market) or
criminal penalties or
public condemnation by
the stock exchange in
the last three years;
there is no act of failing
to perform public
commitments made to
investors due to non-
objective reasons; nor
are there any other
circumstances of
violations of laws and
regulations or breach of
trust.
1. The Company has
provided the
intermediaries serving
this Transaction with
relevant information
and documents of the
Company in relation to
this Transaction
(including but not
limited to original
written materials copy
materials or oral
testimony etc.). The
Company warrants that
the copies or
photocopies of the
documents and
materials provided are
Nanjing consistent with the
Commitments
Putian originals or the original Being
made in the Other November 27
Telecommu copies and the Long-term performed
Asset Commitments 2024
nications signatures and seals on normally
Restructuring
Co. Ltd. such documents and
materials are authentic;
the Company warrants
that the information and
documents provided are
true accurate and
complete without any
false records
misleading statements
or material omissions
and shall bear
individual and joint
legal liability for the
authenticity accuracy
and completeness of the
information provided.
2. During the
participation in this
Transaction the
62Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Company will timely
disclose information
related to this
Transaction in
accordance with
relevant laws and
regulations rules and
the relevant provisions
of the CSRC and the
SZSE and warrants that
such information is true
accurate and complete
without any false
records misleading
statements or material
omissions.If the information
provided or disclosed
by the Company for this
Transaction is suspected
of false records
misleading statements
or material omissions
and is filed for criminal
investigation by a
judicial organ or filed
for investigation by the
CSRC the Company is
willing to bear full legal
liability therefor.
1. The declarant will Shen
timely provide Nanjing Xiaobing
Putian Wang
Telecommunications Xingyu
Shen Co. Ltd. (hereinafter Song
Xiaobing referred to as "Nanjing Tiecheng
Jiang Yi Putian") with relevant Gao Jing
Shi information of this Huang
Jiandong Transaction and Linkui Jia
Wang warrants that the Haowen and
Xingyu information provided is Li Jing are
Song true accurate and performing
Commitments Tiecheng complete. If the the
made in the Gao Jing Other information provided November 27 undertaking
Long-term
Asset Huang Commitments contains false records 2024 normally;
Restructuring Linkui Mei misleading statements Jiang Yi Shi
Lin He Hui or material omissions Jiandong
Qiu resulting in losses to Liao
Huizhen Jia Nanjing Putian or Rongchao
Haowen investors the declarant Mei Lin He
Liao shall bear compensation Hui Qiu
Rongchao liability in accordance Huizhen and
Li Jing Fu with the law. Fu Guokai
Guokai If the information have fully
provided or disclosed performed
for this Transaction is the
suspected of false undertaking
records misleading (resigned)
63Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
statements or material
omissions and is filed
for criminal
investigation by a
judicial organ or filed
for investigation by the
CSRC the declarant
will not transfer the
shares with rights and
interests in Nanjing
Putian before the
formation of the
investigation
conclusion and will
submit a written
application for
suspension of transfer
and the stock account to
the board of directors of
Nanjing Putian within
two trading days upon
receipt of the notice of
filing for investigation
so that the board of
directors can apply for
lock-up to the stock
exchange and the
securities depository
and clearing company
on behalf of the
declarant. If the
declarant fails to submit
the application for lock-
up within two trading
days the declarant
authorizes the board of
directors to directly
submit the identity
information and account
information of the
declarant to the stock
exchange and the
securities depository
and clearing company
for lock-up after
verification. If the board
of directors fails to
submit the identity
information and account
information of the
declarant to the stock
exchange and the
securities depository
and clearing company
the declarant authorizes
the stock exchange and
the securities depository
and clearing company
64Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
to directly lock up the
relevant shares. If the
investigation conclusion
finds any illegal or
irregular circumstances
the declarant undertakes
that the locked-up
shares will be
voluntarily used for the
relevant investor
compensation
arrangements.
1. The Company
warrants that the
information provided
for the material asset
restructuring is true
accurate complete and
timely without any
false records
misleading statements
or material omissions
and shall bear
individual and joint
legal liability for the
authenticity accuracy
and completeness of the
information provided.
2. The Company
warrants that all
materials provided to
China
the intermediaries
Electronics
participating in the
Technology
Commitments material asset
Group Being
made in the Other restructuring are true November 27
Corporation Long-term performed
Asset Commitments and original written 2024
CETC normally
Restructuring materials or copy
Glarun
materials the copies or
Group Co.photocopies of such
Ltd.materials are consistent
with the originals or the
original copies are
accurate and complete
all signatures and seals
on the documents are
authentic and there are
no false records
misleading statements
or material omissions.
3. According to the
progress of the material
asset restructuring if it
is necessary to continue
to provide relevant
documents and
information the
Company warrants that
the documents and
65Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
information continued
to be provided will still
meet the requirements
of truthfulness
accuracy completeness
timeliness and validity.
4. If the material asset
restructuring report and
other information
disclosure materials of
Nanjing Putian contain
false records
misleading statements
or material omissions
resulting in losses to the
shareholders of Nanjing
Putian and public
investors in the
securities trading of
Nanjing Putian the
Company shall bear
civil compensation
liability in accordance
with the provisions of
relevant laws
regulations and
normative documents
based on the final
handling decision of the
CSRC or the effective
judgment of the people's
court and other
competent authorities
to compensate for the
losses of the
shareholders of Nanjing
Putian and public
investors.
5. The Company
warrants that it will bear
the individual and joint
legal liability arising
therefrom if it violates
the above statements
and commitments.
1. The Company has
provided Nanjing
Putian
Telecommunications
Co. Ltd. (hereinafter
Commitments
Nanjing NM referred to as "the Being
made in the Other November 27
Electrical Listed Company") and Long-term performed
Asset Commitments 2024
Co. Ltd. the intermediaries normally
Restructuring
serving this Transaction
with relevant
information and
documents of the
Company in relation to
66Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
this Transaction
(including but not
limited to original
written materials copy
materials or oral
testimony etc.). The
Company warrants that
the copies or
photocopies of the
documents and
materials provided are
consistent with the
originals or the original
copies and the
signatures and seals on
such documents and
materials are authentic;
the Company warrants
that the information and
documents provided are
true accurate and
complete without any
false records
misleading statements
or material omissions
and shall bear
individual and joint
legal liability for the
authenticity accuracy
and completeness of the
information provided.
2. During the
participation in this
Transaction the
Company will timely
disclose information
related to this
Transaction to the
Listed Company in
accordance with
relevant laws and
regulations rules and
the relevant provisions
of the CSRC and the
SZSE and warrants that
such information is true
accurate and complete
without any false
records misleading
statements or material
omissions.If the information
provided or disclosed
by the Company for this
Transaction is suspected
of false records
misleading statements
or material omissions
67Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
and is filed for criminal
investigation by a
judicial organ or filed
for investigation by the
CSRC the Company is
willing to bear full legal
liability therefor.
1. The Company has
provided Nanjing
Putian
Telecommunications
Co. Ltd. (hereinafter
referred to as "the
Listed Company") and
the intermediaries
serving this Transaction
with relevant
information and
documents of the
Company in relation to
this Transaction
(including but not
limited to original
written materials copy
materials or oral
testimony etc.). The
Company warrants that
the copies or
photocopies of the
documents and
Nanjing Rail materials provided are
Commitments
Transit consistent with the Being
made in the Other November 27
System originals or the original Long-term performed
Asset Commitments 2024
Engineering copies and the normally
Restructuring
Co. Ltd. signatures and seals on
such documents and
materials are authentic;
the Company warrants
that the information and
documents provided are
true accurate and
complete without any
false records
misleading statements
or material omissions
and shall bear
individual and joint
legal liability for the
authenticity accuracy
and completeness of the
information provided.
2. During the
participation in this
Transaction the
Company will timely
disclose information
related to this
Transaction to the
68Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Listed Company in
accordance with
relevant laws and
regulations rules and
the relevant provisions
of the CSRC and the
SZSE and warrants that
such information is true
accurate and complete
without any false
records misleading
statements or material
omissions.If the information
provided or disclosed
for this Transaction is
suspected of false
records misleading
statements or material
omissions and is filed
for criminal
investigation by a
judicial organ or filed
for investigation by the
CSRC the Company
will not transfer the
shares with rights and
interests in the Listed
Company before the
formation of the
investigation
conclusion and will
submit a written
application for
suspension of transfer
and the stock account to
the board of directors of
the Listed Company
within two trading days
upon receipt of the
notice of filing for
investigation so that the
board of directors can
apply for lock-up to the
stock exchange and the
securities depository
and clearing company
on behalf of the
Company. If the
Company fails to
submit the application
for lock-up within two
trading days the
Company authorizes the
board of directors to
directly submit the
identity information and
account information of
69Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
the Company to the
stock exchange and the
securities depository
and clearing company
for lock-up after
verification. If the board
of directors fails to
submit the identity
information and account
information of the
Company to the stock
exchange and the
securities depository
and clearing company
the Company authorizes
the stock exchange and
the securities depository
and clearing company
to directly lock up the
relevant shares. If the
investigation conclusion
finds any illegal or
irregular circumstances
the Company
undertakes that the
locked-up shares will be
voluntarily used for the
relevant investor
compensation
arrangements.With respect to illegal Nanjing
and irregular acts and Putian
Nanjing
breach of trust in the Telecommun
Putian
last three years the ications Co.Telecommu
Company and its Ltd. Shen
nications
incumbent directors Xiaobing
Co. Ltd.supervisors and senior Wang
and Shen
management hereby Xingyu
Xiaobing
make the following Song
Jiang Yi
commitments: Tiecheng
Shi
1. The incumbent Gao Jing
Jiandong
directors supervisors Huang
Wang
Commitments and senior management Linkui Jia
Xingyu
made in the Other of the Company are not November 27 Haowen and
Song Long-term
Asset Commitments subject to any 2024 Li Jing are
Tiecheng
Restructuring circumstances that performing
Gao Jing
disqualify them from the
Huang
serving as directors undertaking
Linkui Mei
supervisors or senior normally;
Lin He Hui
management of the Jiang Yi Shi
Qiu
Company as stipulated Jiandong
Huizhen Jia
in the Company Law of Liao
Haowen
the People's Republic of Rongchao
Liao
China. Mei Lin He
Rongchao
2. The Company and its Hui Qiu
Li Jing Fu
incumbent directors Huizhen and
Guokai
supervisors and senior Fu Guokai
management are not have fully
70Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
under any performed
circumstances of being the
filed for criminal undertaking
investigation by a (resigned)
judicial organ for
suspected crimes or
filed for investigation
by the CSRC for
suspected violations of
laws and regulations.
3. Specific details of
administrative penalties
administrative
regulatory measures
disciplinary sanctions
by the stock exchange
and self-regulatory
measures imposed on
the Company and its
incumbent directors
supervisors and senior
management in the last
three years are as
follows:
(1) Letter of Concern
from the SZSE in
February 2021
On February 25 2021
the Company
Management
Department of the
Shenzhen Stock
Exchange issued Letter
of Concern on Nanjing
Putian
Telecommunications
Co. Ltd. ([2021] No.
34) in respect of the
Announcement on
Abnormal Fluctuation
of Stock Trading and
the Prompt
Announcement on the
Proposed Free Transfer
of the Overall Property
Rights of the Actual
Controller disclosed by
the Company. The
Letter required the
board of directors of the
Company to on the
basis of inquiry with
relevant shareholders
explain the specific time
when the matters
disclosed in the Prompt
Announcement were
initially planned or
71Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
discussed the specific
time when the Company
and the directors
supervisors and senior
management first
learned of the
aforementioned matters
whether the directors
supervisors senior
management and their
immediate family
members as well as
insiders of the
aforementioned matters
have engaged in any
trading of the
Company's shares
recently and whether
there is any suspected
insider trading etc. The
Company was required
to reply in writing to the
Company Management
Department of the
SZSE with the
aforementioned
verification results
before March 2 2021
and timely submit the
list of insiders of the
aforementioned matters.In addition the
Company and all
directors supervisors
and senior management
were reminded to
perform their
information disclosure
obligations in
accordance with laws
and regulations.
(2) Order for
Rectification issued by
Jiangsu Supervision
Bureau of the CSRC to
the Listed Company in
January 2022 and
Supervisory Letter from
the SZSE in May of the
same year
On January 26 2022
the Jiangsu Supervision
Bureau of the China
Securities Regulatory
Commission issued
Decision on Taking
Regulatory Measures of
Order for Rectification
72Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
against Nanjing Putian
Telecommunications
Co. Ltd. ([2022] No.
10) which determined
that during the period
from 2017 to 2019 the
revenue from the
private network
communication
business carried out by
the Company should
have been recognized as
commissioned
processing service
income using the net
method but the
Company had been
recognizing revenue
using the gross method.This act violated the
provisions of
Accounting Standards
for Business Enterprises
No. 14 – Revenue and
Article 2 of the
Measures for the
Administration of
Information Disclosure
of Listed Companies
(CSRC Order No. 40).
In accordance with
Article 59 of the
Measures for the
Administration of
Information Disclosure
of Listed Companies
(CSRC Order No. 40)
it was decided to take
the regulatory measure
of ordering rectification
against the Company
and record it in the
integrity file of the
securities and futures
market.On May 25 2022 the
Listed Company
Management
Department 2 of the
Shenzhen Stock
Exchange issued
Supervisory Letter on
Nanjing Putian
Telecommunications
Co. Ltd. ([2022] No.
108). The main content
is: according to the
Announcement on
73Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Correction of Prior
Period Accounting
Errors disclosed by the
Listed Company on
April 26 2022 it was
determined that during
the period from 2017 to
2019 the revenue from
the private network
communication
business carried out by
the Company should
have been recognized as
commissioned
processing service
income using the net
method but the
Company had been
recognizing revenue
using the gross method.The above acts violated
the provisions of Article
1.4 and Article 2.1 of
the Stock Listing Rules
(Revised in November
2018) of the SZSE. The
SZSE required the
Company and all
directors supervisors
and senior management
to learn a lesson make
timely rectification and
prevent the recurrence
of the above problems.
(3) Supervisory Letter
from the SZSE received
by the Listed Company
in April 2024
On April 30 2024 the
Listed Company
Management
Department 2 of the
Shenzhen Stock
Exchange issued a
Supervisory Letter
([2024] No. 89) which
determined that part of
the content in the
"Table of the Number
of Common
Shareholders and
Preferred Shareholders
with Restored Voting
Rights and the
Shareholding of the Top
10 Shareholders" in the
2023 Annual Report
Summary of the
74Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Company was
inconsistent with the
actual situation
resulting in inaccurate
information disclosure.This act violated the
provisions of Article 1.4
and Article 2.1.1 of the
Stock Listing Rules
(Revised in August
2023) of the SZSE.
4. Except for the above
circumstances the
Company and its
incumbent directors
supervisors and senior
management have not
been subject to any
administrative penalties
for violating relevant
laws and regulations in
the last three years
(except those obviously
unrelated to the
securities market) and
have no record of
criminal penalties or
major civil litigation or
arbitration cases related
to economic disputes in
the last five years.Except for the above
circumstances the
Company and its
incumbent directors
supervisors and senior
management have
maintained a good
credit standing in the
last three years without
any major breach of
trust including but not
limited to failure to
repay large debts on
schedule failure to
perform commitments
being subject to
administrative
regulatory measures by
the CSRC or
disciplinary sanctions
by the stock exchange.
1. The incumbent
Commitments directors supervisors
Nanjing NM Being
made in the Other and senior management November 27
Electrical Long-term performed
Asset Commitments of the Company are not 2024
Co. Ltd. normally
Restructuring subject to any
circumstances that
75Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
disqualify them from
serving as directors
supervisors or senior
management of the
Company as stipulated
in the Company Law of
the People's Republic of
China.
2. The Company and its
incumbent directors
supervisors and senior
management and other
key personnel are not
under any
circumstances of being
filed for criminal
investigation by a
judicial organ for
suspected crimes or
filed for investigation
by the CSRC for
suspected violations of
laws and regulations.
3. The Company and its
incumbent directors
supervisors and senior
management and other
key personnel have not
been subject to any
administrative penalties
administrative
regulatory measures or
disciplinary sanctions
by the stock exchange
in the last three years.
4. The Company and its
incumbent directors
supervisors and senior
management and other
key personnel have not
been subject to any
administrative penalties
for violating relevant
laws and regulations in
the last three years
(except those obviously
unrelated to the
securities market) and
have no record of
criminal penalties or
major civil litigation or
arbitration cases related
to economic disputes in
the last five years. The
Company and its
incumbent directors
supervisors and senior
management and other
76Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
key personnel have
maintained a good
credit standing in the
last three years without
any major breach of
trust including but not
limited to failure to
repay large debts on
schedule failure to
perform commitments
being subject to
administrative
regulatory measures by
the CSRC or
disciplinary sanctions
by the stock exchange.
1. The incumbent
directors supervisors
and senior management
of the Company are not
subject to any
circumstances that
disqualify them from
serving as directors
supervisors or senior
management of the
Company as stipulated
in the Company Law of
the People's Republic of
China.
2. The Company and its
incumbent directors
supervisors and senior
management and other
key management
Nanjing Rail
Commitments personnel have not been
Transit Being
made in the Other subject to any November 27
System Long-term performed
Asset Commitments administrative penalties 2024
Engineering normally
Restructuring (except those obviously
Co. Ltd.unrelated to the
securities market) or
criminal penalties in the
last five years nor have
they been involved in
any major civil
litigation or arbitration
related to economic
disputes. The Company
and its incumbent
directors supervisors
and senior management
and other key
management personnel
have maintained a good
credit standing in the
last five years without
any major breach of
trust including but not
77Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
limited to failure to
repay large debts on
schedule failure to
perform commitments
being subject to
administrative
regulatory measures by
the CSRC or
disciplinary sanctions
by the stock exchange.Whether the
commitments
Yeah.are performed
on schedule
In case the
commitments
are not fully
performed after
the expiration
date a detailed
explanation of
N/A
the reasons for
non-
performance
and the follow-
up work plan
shall be
provided
II. Non-operational Fund Occupation of the Listed Company by the Controlling
Shareholder and Other Related Parties
□Applicable ?Not applicable
During the Reporting Period there was no non-operational fund occupation of the Listed Company by the Controlling Shareholder
and other Related Parties.III. Non-compliant External Guarantees
□Applicable ?Not applicable
The Company had no non-compliant external guarantees during the Reporting Period.IV. Appointment and Dismissal of Accounting Firms
Whether the half-year financial report has been audited
□Yes? No
The Company's half-year report has not been audited.V. Board of Directors' Explanation on the "Non-Standard Audit Report" Issued by the
Accounting Firm for the Current Reporting Period
□Applicable ?Not applicable
78Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
VI. Board of Directors' Explanation on Matters Related to the Previous Year's "Non-
Standard Audit Report"
□Applicable ?Not applicable
VII. Bankruptcy Reorganization Matters
□Applicable ?Not applicable
No matters relating to bankruptcy reorganization occurred to the Company during the Reporting Period.VIII. Litigation Matters
Material litigation and arbitration matters
□Applicable ?Not applicable
The Company had no material litigation or arbitration matters during the reporting period.Other litigation matters
?Applicable □ Not Applicable
Basic Results and Enforcement of
Amount Whether Progress of
information of impact of litigation Disclosure Disclosure
Involved Provisions are litigation
litigation 4 litigation (arbitration) Date Reference(10 Yuan) Recognized (arbitration)
(arbitration) (arbitration) judgments
Other litigation
not meeting
disclosure
663.01 No - - - -
standards during
the reporting
period
IX. Penalties and Rectifications
□Applicable ?Not applicable
There were no penalties and rectification matters for the Company during the Reporting Period.X. Integrity Status of the Company Its Controlling Shareholder and Actual Controller
□Applicable ?Not applicable
XI. Material Related Party Transactions
1. Related Party Transactions in the Ordinary Course of Business
?Applicable □ Not Applicable
Relate Type Conte Pricing Transa Tran Propo Appro Whet Settle Availa
d of nt of Princip ction sacti rtion ved her ment ble
Disclosur
Discl
Related
Party Relate Relate le Price on in Trans Excee Metho Market
e
osure
Party
Relati d d o of Amo Simila action ding d of Price
Referenc
Date
onship Party Party f Relate unt r Limit Appro Relate of
e
Trans Trans Relate d (104 Trans (104 ved d Similar
79Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
action action d Party Party Yua action Yuan) Limit Party Transa
Transa Transa n) s Trans ctions
ction ction action
Announc
Under ement on
Purch
comm the
ase of
China Far on Estimate
goods
East contro Biddi of
and Bank Marc
Internatio l of ng Market Routine
accept 3.24 3.24 0.01% No Transf 3.24 h 21
nal the servic Price Related
ance er 2026
Tendering ultima e fee Party
of
Co. Ltd. te Transacti
servic
contro ons for
es
ller 2026 on
CNINFO
Under
Purch
comm
Putian ase of
on
Informatio goods
contro Biddi
n and 6000 Bank
l of ng Market
Engineeri accept 2.17 2.17 0.01% No Transf 2.17 Ibid. Ibid.the servic Price
ng Design ance er
ultima e fee
Service of
te
Co. Ltd. servic
contro
es
ller
Under
Purch
comm
ase of
Chengdu on
goods Mana
Westone contro
and geme Bank
Informatio l of Market
accept nt 1.02 1.02 0.00% No Transf 1.02 Ibid. Ibid.n Security the Price
ance servic er
Technolog ultima
of es
y Co. Ltd. te
servic
contro
es
ller
Under
comm Sale
on of Telec
The 14th contro goods ommu
Bank
Research l of and nicati Market 907.5 907.
3.03% No Transf 907.54 Ibid. Ibid.
Institute the provis on Price 4 54
er
of CETC ultima ion of produ
te servic cts
contro es
ller
Under 1200
comm Sale 0
on of Telec
CETC contro goods ommu
Bank
Digital l of and nicati Market 414.2 414.
1.39% No Transf 414.22 Ibid. Ibid.
Technolog the provis on Price 2 22
er
y Co. Ltd. ultima ion of produ
te servic cts
contro es
ller
Nanjing Under Sale Telec Market 266.8 266. Bank
0.89% No 266.89 Ibid. Ibid.
Glarun comm of ommu Price 9 89 Transf
80Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Defense on goods nicati er
System contro and on
Co. Ltd. l of provis produ
the ion of cts
ultima servic
te es
contro
ller
Under
Hebei Far comm Sale
East on of Telec
Communi contro goods ommu
Bank
cation l of and nicati Market 129.5 129.
0.43% No Transf 129.54 Ibid. Ibid.
System the provis on Price 4 54
er
Engineeri ultima ion of produ
ng Co. te servic cts
Ltd. contro es
ller
China Under
Electronic comm Sale
s on of Telec
Technolog contro goods ommu
Bank
y Group l of and nicati Market 127.4 127. 127.4
0.43% No Transf Ibid. Ibid.
Corporati the provis on Price 2 42 2
er
on ultima ion of produ
Informatio te servic cts
n Science contro es
Academy ller
Under
comm Sale
on of Telec
CETC
contro goods ommu
Cloud Bank
l of and nicati Market 109.4 109.
(Beijing) 0.37% No Transf 109.41 Ibid. Ibid.
the provis on Price 1 41
Technolog er
ultima ion of produ
y Co. Ltd.te servic cts
contro es
ller
Under
comm Sale
on of Telec
The 54th contro goods ommu
Bank
Research l of and nicati Market 78.3
78.30 0.26% No Transf 78.30 Ibid. Ibid.
Institute the provis on Price 0
er
of CETC ultima ion of produ
te servic cts
contro es
ller
Under
comm Sale
on of Telec
The 28th contro goods ommu
Bank
Research l of and nicati Market 74.8
74.86 0.25% No Transf 74.86 Ibid. Ibid.
Institute the provis on Price 6
er
of CETC ultima ion of produ
te servic cts
contro es
ller
81Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Under
comm Sale
Nanjing on of Telec
LES contro goods ommu
Bank
Informatio l of and nicati Market 41.5
41.56 0.14% No Transf 41.56 Ibid. Ibid.
n the provis on Price 6
er
Technolog ultima ion of produ
y Co. Ltd. te servic cts
contro es
ller
Under
comm Sale
on of Telec
Nanjing contro goods ommu
Bank
Nriet l of and nicati Market
4.57 4.57 0.02% No Transf 4.57 Ibid. Ibid.
Industrial the provis on Price
er
Co. Ltd. ultima ion of produ
te servic cts
contro es
ller
Under
comm Sale
Jiangsu on of Telec
Huachuan contro goods ommu
Bank
g l of and nicati Market
3.66 3.66 0.01% No Transf 3.66 Ibid. Ibid.
Microsyst the provis on Price
er
em Co. ultima ion of produ
Ltd. te servic cts
contro es
ller
Under
comm Sale
on of Telec
Nanjing contro goods ommu
Bank
NM l of and nicati Market
2.43 2.43 0.01% No Transf 2.43 Ibid. Ibid.
Electrical the provis on Price
er
Co. Ltd. ultima ion of produ
te servic cts
contro es
ller
Under
comm Sale
on of Telec
Nanjing contro goods ommu
Bank
Lopu l of and nicati Market
1.47 1.47 0.00% No Transf 1.47 Ibid. Ibid.
Technolog the provis on Price
er
y Co. Ltd. ultima ion of produ
te servic cts
contro es
ller
CETC Under Sale
(Nanjing) comm of Telec
Electronic on goods ommu
Bank
Informatio contro and nicati Market
1.07 1.07 0.00% No Transf 1.07 Ibid. Ibid.
n l of provis on Price
er
Developm the ion of produ
ent Co. ultima servic cts
Ltd. te es
82Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
contro
ller
Under
comm
on
The 14th contro Real
Bank
Research l of estate Market 120.0 120. 31.11 120.0
Rent No Transf Ibid. Ibid.Institute the leasin Price 6 06 % 6
er
of CETC ultima g
te
contro
ller
Under
comm
on
contro Real
Nanjing Bank
l of estate Market 19.7
Lopu Co. Rent 19.76 5.12% 500 No Transf 19.76 Ibid. Ibid.the leasin Price 6
Ltd. er
ultima g
te
contro
ller
Under
CETC
comm
Metrology
on
contro Real
Inspection Bank
l of estate Market 16.2
and Rent 16.20 4.20% No Transf 16.20 Ibid. Ibid.the leasin Price 0
Certificati er
ultima g
on
te
(Beijing)
contro
Co. Ltd.ller
Under
comm
Rent
on
and
contro Real
Beijing proper Bank
l of estate Market 50.7
Capitel ty 50.75 100% 300 No Transf 50.75 Ibid. Ibid.the leasin Price 5
Co. Ltd. mana er
ultima g
geme
te
nt fee
contro
ller
Under
comm
on
Entrus
CETC contro
ted Loan Bank
Guorui l of Market 95.6 26.84
loan intere 95.67 300 No Transf 95.67 Ibid. Ibid.Group the Price 7 %
intere st er
Co. Ltd. ultima
st
te
contro
ller
247 1910Total -- -- -- -- -- -- -- --
1.810
Details of Material Sales Returns N/A
Actual Performance during the The Company estimates that the total amount of daily related party transactions in 2026 will not
Reporting Period of the Total Amount exceed RMB 191 million of which the amount of purchases of products and acceptance of
83Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Estimate for Routine Related Party services from related parties will not exceed RMB 60 million the amount of sales of products
Transactions by Category (if any) and provision of services to related parties will not exceed RMB 120 million the rental income
from properties leased to related parties will not exceed RMB 5 million the rent for properties
leased from related parties and property management fees received will not exceed RMB 3
million and the entrusted loan interest paid to related parties will not exceed RMB 3 million.The total actual daily related party transactions in the first half of the year amounted to RMB
24.7181 million of which purchases of goods and acceptance of services amounted to RMB
64300 sales of goods and provision of services amounted to RMB 21.6294 million rental
income amounted to RMB 1.5602 million rent and property management fees paid amounted
to RMB 507500 and entrusted loan interest paid amounted to RMB 956700.Reasons for Significant Differences
between Transaction Prices and Market N/A
Reference Prices (if applicable)
2. Related Party Transactions Arising from the Acquisition or Sale of Assets or Equity
□Applicable ?Not applicable
No related party transactions arising from the acquisition or sale of assets or equity occurred to the Company during the Reporting
Period.
3. Related Party Transactions of Joint External Investment
□Applicable ?Not applicable
No related party transactions of joint external investment occurred to the Company during the Reporting Period.
4. Related Party Credits and Debts
?Applicable □ Not Applicable
Whether There Are Non-operational Related Party Credits and Debts
□Yes? No
There were no non-operational related party credits and debts of the Company during the Reporting Period.
5. Transactions with Related Finance Companies
?Applicable □ Not Applicable
Deposit Business
Amount Incurred in the Current
Daily Period Closing
Maximum Deposit Opening
Related Party
Related Party Deposit Interest Rate Balance Current Period Current Period
Balance
Relationship
Limit (104 Range (104 Yuan) Total Deposit Total Withdrawal
(104
4 4 Yuan)
Yuan) Amount (10 Amount (10
Yuan) Yuan)
China Electronics Other enterprises
Technology controlled by the 51094.65 0.05%-0.85% 17277.99 38463.92 47346.40 8395.51
Finance Co. Ltd. actual controller
Loan Business
Loan Opening Amount Incurred in the Current Period Closing
Loan
Related Party 4 Interest Balance BalanceRelated Party Limit (10
Relationship Rate (104 Current Period Current Period (104
Yuan)
Range Yuan) Total Loan Amount Total Repayment Yuan)
84Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(104 Yuan) Amount (104 Yuan)
China Electronics Other enterprises
Technology controlled by the 5500 3.8% 5500 5500 0
Finance Co. Ltd. actual controller
China Electronics Other enterprises
Technology controlled by the 1500 3.75% 1500 1500 0
Finance Co. Ltd. actual controller
6. Transactions between the Company's Controlled Finance Company and Related Parties
□Applicable ?Not applicable
There are no deposit loan credit line or other financial businesses between the Company's controlled finance company and related
parties.
7. Other Material Related Party Transactions
□Applicable ?Not applicable
The Company had no other material related party transactions during the Reporting Period.XII. Material Contracts and Performance Thereof
1. Custody Contracting and Leasing Matters
(1) Custody Matters
□Applicable ?Not applicable
There were no custody matters for the Company during the Reporting Period.
(2) Contracting Matters
□Applicable ?Not applicable
There were no contracting matters for the Company during the Reporting Period.
(3) Leasing Matters
?Applicable □ Not Applicable
Explanation of Leasing Matters
During the reporting period the Company and its subsidiaries incurred leasing expenses of RMB 507500
and leasing income of RMB 3.8589 million.Items with Profit and Loss Accounting for More than 10% of the Company's Total Profit in the Reporting Period
?Applicable □ Not Applicable
Amount Whether
Lease Basis for Impact of
Involved Leasing It Is a Related
Comm Lease Determi Leasing
Lessor Lessee Leased in Leased Income Related Party
encem Terminat ning Income on
Name Name Assets Assets (104 Party Relationsh
4 ent ion Date Leasing the(10 Yuan) Transact ip
Date Income Company
Yuan) ion
Nanjing The 14th Property May 1 Decemb Signed Increase Under
516.04 109.46 Yeah.
Putian Research leasing. 2023 er 31 contract profit common
85Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Telecomm Institute 2027 control of
unications of CETC the actual
Co. Ltd. controller
Nanjing
Nanjing
Putian
Chuangliu Januar
Telege Property January Signed Increase
Industry 50.47 y 20 56.67 No -
Intelligent leasing. 19 2028 contract profit
and Trade 2025
Building
Co. Ltd.Ltd.Nanjing
Nanjing Maiya
Putian Qingju Februa
Property April 30 Signed Increase
Telecomm Operation 56.69 ry 1 38.93 No -
leasing. 2031 contract profit
unications Managem 2026
Co. Ltd. ent Co.Ltd
2. Material Guarantees
□Applicable ?Not applicable
There were no material guarantees for the Company during the Reporting Period.
3. Entrusted Wealth Management
□Applicable ?Not applicable
There was no entrusted wealth management for the Company during the Reporting Period.
4. Other Material Contracts
□Applicable ?Not applicable
There were no other material contracts for the Company during the Reporting Period.XIII. Record of Research Communication and Interview Activities during the Reporting
Period
?Applicable □ Not Applicable
Main Topics Index for Basic
Date of Venue of Reception Type of Discussed and Information of
Counterparty
Reception Reception Method Counterparty Materials the Research
Provided Activity
Investors Q&A on the
participating in Company's
Online
the Company's operation and CNINFO
Communication Additional
May 25 2026 Value Online 2025 Annual industry (www.cninfo.c
via Web Items
Online development om.cn)
Platform
Performance no materials
Briefing provided
XIV. Description of Other Material Matters
?Applicable □ Not Applicable
86Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Name of matter (announcement) Disclosure Date Relevant search index on the designatedinformation disclosure website
Announcement on the Resolutions of the Third
Extraordinary Shareholders' Meeting of 2025 January 05 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Progress of Expropriation of
Some of the Company's Properties January 05 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Change of Signing Certified
Public Accountants January 24 2026 CNINFO (www.cninfo.com.cn)
2025 Annual Earnings Forecast January 30 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Change of the Company's February 12 2026
Office Address CNINFO (www.cninfo.com.cn)
Announcement on the Change of Domicile of a
Holding Subsidiary March 20 2026 CNINFO (www.cninfo.com.cn)
Resolutions of the Third Meeting of the Ninth Board
of Directors March 21 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Estimated Daily Related Party
Transactions for 2026 March 21 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Resolutions of the Fourth
Meeting of the Ninth Board of Directors April 23 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Proposed Non-Distribution of
Profits for 2025 April 23 2026 CNINFO (www.cninfo.com.cn)
2025 Annual Report Summary of the Company April 23 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Provision for Asset Impairment
for 2025 April 23 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Appointment of an Accounting
Firm April 23 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Estimated Continuing Related
Party Transactions with China Electronics April 23 2026 CNINFO (www.cninfo.com.cn)
Technology Finance Co. Ltd. for 2026
87Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Announcement on the Director Remuneration Plan for
2026 April 23 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Senior Management
Remuneration Plan for 2026 April 23 2026 CNINFO (www.cninfo.com.cn)
Notice of the 2025 Annual Shareholders' Meeting April 23 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Change of the Company's
Email Addresses April 23 2026 CNINFO (www.cninfo.com.cn)
2026 First Quarter Report of the Company April 28 2026 CNINFO (www.cninfo.com.cn)
Announcement on the Convening of the 2025 Online May 21 2026
Earnings Briefing CNINFO (www.cninfo.com.cn)
Announcement on the Resolutions of the 2025 Annual May 30 2026
Shareholders' Meeting CNINFO (www.cninfo.com.cn)
XV. Material Matters of the Company's Subsidiaries
?Applicable □Not applicable
On March 20 2026 the company disclosed the "Announcement on the Change of Address of its Holding Subsidiary"
(Announcement No. 2026-006) and its holding subsidiary Nanjing Southern Telecommunications Co. Ltd. completed the change
of address.
88Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section VI Changes in Shares and Shareholder Information
I. Changes in Shares
1. Changes in Share Capital
Unit: shares
Before This Change Changes in This Period (+ -) After This Change
New Capital
Additio
Share Bonus Reserve
Number Proportion nal Subtotal Number Proportion
Issuanc Shares Conversion
Items
e into Shares
I. Non-listed
Tradable 115000000 53.49% 115000000 53.49%
Shares
1. Promoter
11500000053.49%11500000053.49%
Shares
Of
which: State- 115000000 53.49% 115000000 53.49%
owned Shares
Domestic
Legal Person
Shares
Overseas
Legal Person
Shares
Addition
al Items
2.
Corporate
Shares from
Fund Raising
3.
Employee
Shares
4.
Preference
Shares or
Others
II. Listed
Tradable 100000000 46.51% 100000000 46.51%
Shares
1. Domestic
Listed
Ordinary
Shares
2. Domestic
Listed Foreign 100000000 46.51% 100000000 46.51%
Shares
89Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
3. Overseas
Listed Foreign
Shares
4. Others
III. Total
215000000100.00%215000000100.00%
Share Capital
Reasons for Changes in Shares
□Applicable ?Not applicable
Approval of Changes in Shares
□Applicable ?Not applicable
Transfer of Changes in Shares
□Applicable ?Not applicable
Implementation Progress of Share Repurchase
□Applicable ?Not applicable
Implementation Progress of Reducing Repurchased Shares through Centralized Competitive Bidding
□Applicable ?Not applicable
Impact of Changes in Share Capital on Financial Indicators including Basic Earnings Per Share Diluted Earnings Per Share and
Net Assets Per Share Attributable to the Company's Ordinary Shareholders for the Most Recent Fiscal Year and the Most Recent
Interim Period
□Applicable ?Not applicable
Other Contents that the Company Deems Necessary to Disclose or as Required by the Securities Regulatory Authority
□Applicable ?Not applicable
2. Changes in Restricted Shares
□Applicable ?Not applicable
II. Securities Issuance and Listing
□Applicable ?Not applicable
III. Number of Shareholders and Shareholding Information
Unit: shares
Total Number of Preferred
Total Number of Ordinary Shareholders with Restored
Shareholders at End of 6869 Voting Rights at End of 0
Reporting Period Reporting Period (if any) (see
Note 8)
Shareholding of Shareholders Holding More Than 5% of Shares or the Top 10 Shareholders (excluding shares lent through securities
refinancing)
Number of Pledged Marked or
Changes Number of Number of
Shareho Shares Held at Frozen
Shareholder Nature of During the Non-listed Listed
lding the End of the
Name Shareholder Reporting Tradable Tradable
Ratio Reporting Share
Period Shares Held Shares Held Number
Period Status
CETC Glarun State-owned 53.49% 115000000.00 0 115000000.00 0 N/A 0
90Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Group Co. Ltd. legal person
Domestic
He Wei 1.92% 4123800.00 77000.00 0 4123800.00 N/A 0
natural person
Shenwan
Hongyuan Overseas legal
1.55% 3341311.00 22000.00 0 3341311.00 N/A 0
Securities (Hong person
Kong) Co. Ltd.Domestic
Zheng Enyue 1.14% 2449739.00 0 0 2449739.00 N/A 0
natural person
Domestic
Gu Jinhua 0.87% 1871371.00 0 0 1871371.00 N/A 0
natural person
China Merchants
Overseas legal
Securities (HK) 0.77% 1651314.00 -129100.00 0 1651314.00 N/A 0
person
Co. Ltd.Domestic
Chen Rulei 0.75% 1620137.00 344400.00 0 1620137.00 N/A 0
natural person
Domestic
Yang Wenliang 0.66% 1426517.00 992300.00 0 1426517.00 N/A 0
natural person
Domestic
Wu Wenhui 0.64% 1373200.00 26400.00 0 1373200.00 N/A 0
natural person
Overseas
Chen Huijuan 0.57% 1231000.00 1231000.00 0 1231000.00 N/A 0
natural person
Status of Strategic Investors or
Ordinary Legal Persons
Becoming the Top 10
None
Shareholders through New
Share Allotment (if any) (see
Note 3)
Description of Affiliated
Among the top ten shareholders CETC Guorui Group Co. Ltd. has no affiliated relationship with the
Relationships or Concert Party
other shareholders and is not a concert party. The Company is not aware of whether any affiliated
Arrangements among the
relationships or concert party arrangements exist among the other shareholders.Above Shareholders
Explanation on
Entrustment/Acceptance of
Voting Rights or Waiver of Not involved
Voting Rights Involving the
Aforementioned Shareholders
Special note on repurchase
As of the end of the Reporting Period the Special Securities Account for Share Repurchase of Nanjing
dedicated accounts among the
Putian Telecommunications Co. Ltd. held 2099752 tradable shares accounting for 0.98% of the
top 10 shareholders (if any) (see
Company's total share capital.Note 11)
Shareholding of top 10 circulating shareholders (excluding shares lent through securities refinancing and shares locked up by senior
management)
Type of Shares
Shareholder Name Number of Listed Tradable Shares Held at the End of the Reporting Period Type of
Number
Shares
Domestic
Listed 4123800
He Wei 4123800.00
Foreign .00
Shares
Domestic
Shenwan Hongyuan Securities (Hong Listed 3341311
3341311.00
Kong) Co. Ltd. Foreign .00
Shares
Zheng Enyue 2449739.00 Domestic 2449739
91Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Listed .00
Foreign
Shares
Domestic
Listed 1871371
Gu Jinhua 1871371.00
Foreign .00
Shares
Domestic
China Merchants Securities (HK) Co. Listed 1651314
1651314.00
Ltd. Foreign .00
Shares
Domestic
Listed 1620137
Chen Rulei 1620137.00
Foreign .00
Shares
Domestic
Listed 1426517
Yang Wenliang 1426517.00
Foreign .00
Shares
Domestic
Listed 1373200
Wu Wenhui 1373200.00
Foreign .00
Shares
Domestic
Listed 1231000
Chen Huijuan 1231000.00
Foreign .00
Shares
Domestic
Listed 1098500
Li Mingling 1098500.00
Foreign .00
Shares
Explanation on Related Party
Relationships or Persons Acting
in Concert among the Top 10
Unrestricted Tradable
The Company has no knowledge of whether there is any related party relationship or persons acting in
Shareholders as well as
concert among the above shareholders.between the Top 10
Unrestricted Tradable
Shareholders and the Top 10
Shareholders
Description of top 10 ordinary
shareholders participating in
margin trading and securities None
lending business (if any) (see
Note 4)
Information on Share Lending through Securities Refinancing by Shareholders Holding More than 5% of Shares Top 10
Shareholders and Top 10 Shareholders of Unrestricted Tradable Shares
□Applicable ?Not applicable
Changes in the Top 10 Shareholders and Top 10 Shareholders of Unrestricted Tradable Shares Compared with the Previous Period
Due to Lending/Return of Shares through Securities Refinancing
□Applicable ?Not applicable
Whether the Top 10 Common Shareholders and the Top 10 Unrestricted Common Shareholders of the Company Conducted
Collateralized Repurchase Transactions during the Reporting Period
□Yes? No
92Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
The top 10 common shareholders and the top 10 unrestricted common shareholders of the Company did not conduct collateralized
repurchase transactions during the Reporting Period.IV. Changes in Shareholdings of Directors and Senior Management
□Applicable ?Not applicable
The shareholdings of the Company's directors and senior management did not change during the reporting period. For details
please refer to the 2025 annual report.V. Changes in Controlling Shareholder or Actual Controller
If the Company has previously disclosed that the actual controller is planning a change of control that has not yet been completed
please describe the progress of the change of control.□Applicable ?Not applicable
Change in Controlling Shareholder during the Reporting Period
□Applicable ?Not applicable
The Company's controlling shareholder did not change during the reporting period.Change in Actual Controller during the Reporting Period
□Applicable ?Not applicable
The Company's actual controller did not change during the reporting period.
93Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
VI. Preferred Share Related Matters
□Applicable ?Not applicable
There were no preference shares of the Company during the Reporting Period.
94Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section VII Matters Relating to Bonds
□Applicable ?Not applicable
95Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Section VIII Financial Report
I. Audit Report
Whether the semi-annual report has been audited
□Yes? No
The Company's half-year financial report has not been audited.II. Financial Statements
The unit of measurement in the financial statement notes is: RMB
1、Consolidated balance sheet
Preparation unit：Nanjing Putian Telecommunications Co. Ltd.
2026/6/30
Unit：RMB
Item 2026/6/30 2025/12/31
Current assets：
Cash and bank balances 92027815.86 182285495.92
Held-for-trading financial assets
Derivative financial assets
Notes receivable 7640174.97 17228499.09
Accounts receivable 417723228.10 323586922.02
Receivables financing 9122528.57 27655375.14
Advances paid 4874776.91 3455153.02
Other receivable 5367579.19 5239886.21
Including: Interest receivable
dividend receivable
Inventories 84153999.55 61937412.34
Contract assets 0.00 0.00
assets hold available for sale
Non-current assets due within one year
Other current assets 2319354.92 2196783.91
Total current assets 623229458.07 623585527.65
Non-current assets：
Debt investment
Other debt investment
96Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Long-term receivable
Long-term equity investments
Other equity instrument investments 741953.00 741953.00
Other non-current financial assets
Investment property 14320208.99 4977270.72
Fixed assets 71401501.53 84173058.11
Construction in progress
Productive biological assets
Oil and gas asset
Right-of-use asset 6571522.28 2187184.72
Intangible assets 10969793.52 11203970.58
Development expenditure
Goodwill
Long-term prepayments 2675673.35 3054632.19
Deferred tax assets
Other non-current assets
Total non-current assets 106680652.67 106338069.32
Total assets 729910110.74 729923596.97
Current liabilities：
Short-term borrowings 155023060.00 203925721.98
Transactional financial liabilities
Derivative financial liabilities
Notes payable 5587062.08 6775234.17
Accounts payable 348194942.28 273382306.86
Advances received 295001.06
Contract liabilities 7829012.32 8426313.45
Employee benefits payable 12115047.68 12622282.49
Taxes payable 923773.65 6042197.80
Other payable 37546026.02 49032066.18
Including: Interest payable
dividend payable 698000.00 11044600.00
Liability hold for sale
Non-current liabilities due within one year 738776.12 70899913.72
Other current liabilities 4039979.99 10920413.23
Total current liability 571997680.14 642321450.94
Non-current liability：
Long-term borrowings 70054444.44
Bonds payable
Including: preferred shares
Perpetual bond
97Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Lease liability 3684477.93
Long-term payable
Long-term employee compensation payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liability
Total non-current liability 73738922.37
Total liability 645736602.51 642321450.94
Owners' equity (or shareholders' equity):
Share capital 215000000.00 215000000.00
Other equity instrument
Including: preferred shares
Perpetual bond
Capital reserve 201318128.61 201318128.61
Less: treasury stocks 2995076.96 2995076.96
Other comprehensive income (OCI) -1854910.00 -1854910.00
Special reserves
Surplus reserve 589559.77 589559.77
Undistributed profit -410362900.04 -403806789.70
Total owner's equity (or shareholders' equity) attributable to the parent
company 1694801.38 8250911.72
Minority shareholders' equity 82478706.85 79351234.31
Total owner's equity (or shareholders' equity) 84173508.23 87602146.03
Total liabilities and owners’ equity (or shareholders’ equity) 729910110.74 729923596.97
Legal Representative: Shen Xiaobing Accounting Director: Zhang Jie Accounting Manager:Zhang Jingxia
2、Parent Company Balance Sheet
Unit：RMB
Item 2026/6/30 2025/12/31
Current assets：
Cash and bank balances 21433862.16 36959492.02
Held-for-trading financial assets
Derivative financial assets
Notes receivable 263341.50 510041.40
Accounts receivable 65625403.37 60911892.03
Receivables financing
Advances paid 1333779.59 1077733.24
Other receivable 21069952.16 30491285.66
Including: Interest receivable
dividend receivable 19532000.00 28685400.00
98Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Inventories 5705149.08 6084321.32
Contract assets
assets hold available for sale
Non-current assets due within one year
Other current assets 311326.35 684787.04
Total current assets 115742814.21 136719552.71
Non-current assets：
Debt investment
Other debt investment
Long-term receivable
Long-term equity investments 41931948.52 41931948.52
Other equity instrument investment 741953.00 741953.00
Other non-current financial assets
Investment property 9177630.01
Fixed assets 22616432.74 33285551.38
Construction in progress
Productive biological assets
Oil and gas asset
Right-of-use asset 6571522.28 2187184.72
Intangible assets 3835659.49 3898367.83
Development expenditure
Goodwill
Long-term prepayments 813007.78 1020871.30
Deferred tax assets
Other non-current assets
Total non-current assets 85688153.82 83065876.75
Total assets 201430968.03 219785429.46
Current liabilities：
Short-term borrowings 86869926.67 101610266.35
Transactional financial liabilities
Derivative financial liabilities
Notes payable 150000.00 446679.01
Accounts payable 77745430.08 78170882.89
Advances received
Contract liabilities 6294574.13 6428573.95
Employee benefits payable 7135640.94 7257940.39
Taxes payable 19053.80 250156.31
Other payables 79556220.72 80527424.76
99Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Including: Interest payable
dividend payable
Liability hold for sale
Non-current liabilities due within one year 738776.12 70899913.72
Other current liabilities 668409.62 1351067.90
Total current liability 259178032.08 346942905.28
Non-current liability：
Long-term borrowings 70054444.44
Bonds payable
Including: preferred shares
Perpetual bond
Lease liability 3684477.93
Long-term payable
Long-term employee compensation payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liability
Total non-current liability 73738922.37
Total liability 332916954.45 346942905.28
Owners' equity (or shareholders' equity):
Share capital 215000000.00 215000000.00
Other equity instrument
Including: preferred shares
Perpetual bond
Capital reserve 158864042.34 158864042.34
Less: treasury stocks 2995076.96 2995076.96
Other comprehensive income (OCI) -1854910.00 -1854910.00
Special reserves
Surplus reserve 589559.76 589559.76
Undistributed profit -501089601.56 -496761090.96
Total owner's equity (or shareholders' equity) -131485986.42 -127157475.82
Total liabilities and owners’ equity (or shareholders’ equity) 201430968.03 219785429.46
3、Consolidated Income Statement
Unit：RMB
Item Current period Preceding periodcumulative comparative
I. Operating revenue 299073040.78 306314118.65
Less：Operating cost 246521006.59 242780834.63
Taxes and surcharges 1027702.62 1380779.48
Selling expenses 23323748.94 26947332.12
Administrative expenses 16501116.64 20150513.97
R&D expenses 13172055.48 14599352.20
Financial expenses 3496873.53 4030939.14
100Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Including:Interst expense 3564647.79 4242807.72
Interst income 379063.55 192058.50
Add: other income 859725.65 1364907.79
Investment income (losses are listed with "-") 685304.26 142499.31
Including: investment income from associates and joint
ventures -111.44
Derecognition income of financial assets measured at
amortized cost
Net exposure hedging gain (loss are listed with "-")
Gains from changes in fair value (losses are listed with "-")
Credit impairment loss (losses are listed with "-") -362478.35 -781264.08
Assets impairment loss(losses are listed with "-")
Gain on assets disposal (loss are listed with "-") 8627.76 -16680.80
II. Operating profit（loss show as “－”） -3778283.70 -2866170.67
Plus: non-operating revenue 609381.73 235959.49
Less: non-operating expenditures 47.05 200898.70
III. Total profit (total loss is listed with "-") -3168949.02 -2831109.88
Deduct: income tax expense 259688.78 924211.67
IV. Net profit (net loss is listed with "-") -3428637.80 -3755321.55
(1) Classified by business continuity:
1.Net profits from continuing operations -3428637.80 -3755321.55
2.Discontinued operating net profit
(2) Classified by ownership:
1.Net profits belong to the parent company's owner -6556110.34 -7153201.29
2.Minority shareholder gains and losses 3127472.54 3397879.74
V. Net after-tax of other comprehensive income
(1) Net after-tax amount of other comprehensive income
attributable to owners of the parent company
1) Other comprehensive income that cannot be reclassified into
profit and loss
1.Re-measurement of changes in defined benefit plans
2.Other comprehensive income that cannot be transferred to
profit or loss under the equity method
3.Changes in the fair value of other equity instrument
investments
4.Changes in fair value of the enterprise's own credit risk
2) Other comprehensive income that will be reclassified into
profit and loss
1.Other comprehensive income that can be converted to profit
or loss under the equity method
2.Changes in the fair value of other debt investments
3.Amount of financial assets reclassified and included in other
comprehensive income
4.Other debt investment credit impairment reserves
5.Cash flow hedge reserve (the effective part of cash flow
hedge gains and losses)
101Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
6.Translation difference of foreign currency financial
statements
7.Other
(2) Net after-tax amount of other comprehensive income
attributable to minority shareholders
VI. Total comprehensive income -3428637.80 -3755321.55
(1) Total comprehensive income attributable to owners of the
parent -6556110.34 -7153201.29
(2) Total comprehensive income attributable to minority
shareholders 3127472.54 3397879.74
VII. Earnings per share
(1) Basic earnings per share -0.03 -0.03
(2) Diluted earnings per share -0.03 -0.03
4、Parent company income statement
Unit：RMB
Item Current period Preceding periodcumulative comparative
I. Operating revenue 16842292.29 17860639.02
Less：Operating cost 11429527.59 14742759.47
Taxes and surcharges 182371.68 97961.39
Selling expenses 1288276.44 1769737.91
Administrative expenses 8327621.42 10919895.29
R&D expenses
Financial expenses 2654329.61 3195973.26
Including:Interst expense 2401945.21 3326989.00
Interst income 38568.81 136153.06
Add: other income 10618.95 10310.52
Investment income (losses are listed with "-") 682007.66 9290483.02
Including: investment income from associates and joint ventures -111.44
Derecognition income of financial assets measured at amortized
cost
Net exposure hedging gain (loss are listed with "-")
Gains from changes in fair value (losses are listed with "-")
Credit impairment loss (losses are listed with "-") 1477187.85 968023.71
Assets impairment loss(losses are listed with "-")
Gain on assets disposal (loss are listed with "-") 8627.76 -16680.80
II. Operating profit（loss show as “－”） -4861392.23 -2613551.85
Plus: non-operating revenue 532881.63 123516.78
Less: non-operating expenditures 196401.08
III. Total profit (total loss is listed with "-") -4328510.60 -2686436.15
Deduct: income tax expense
IV. Net profit (net loss is listed with "-") -4328510.60 -2686436.15
(1) Net profits from continuing operations -4328510.60 -2686436.15
(2) Discontinued operating net profit
102Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
V.Other comprehensive income net of tax
(1) Comprehensive income not to be reclassified to profit or loss
1. Changes in remeasurement of defined benefit obligations
2. Other comprehensive income not to be reclassified to profit or loss
in equity method
3. Fair value changes in other equity instrument investments
4. Fair value changes in the enterprise's own credit risk
(2) Comprehensive income to be reclassified to profit or loss
1. Other comprehensive income to be reclassified to profit or loss in
equity method
2. Gain or loss from fair value changes of other debt instruments
3.Amount of financial assets reclassified and included in other
comprehensive income
4. Credit impairment provision of other debt investment
5.Cash flow hedge reserve (the effective part of cash flow hedge
gains and losses)
6.Translation difference of foreign currency financial statements
7.Other
VI. Total comprehensive income -4328510.60 -2686436.15
VII. Earnings per share:
5、Consolidated statement of cash flow
Unit：RMB
Item Current period Preceding periodcumulative comparative
I. Cash flow from operating activities:
Cash received from the sale of goods and the provision of labor
services 196506465.82 229356240.30
Tax Refund 156461.54 398076.73
Other cash received relating to operating activities 13195589.56 15113042.69
Subtotal of cash inflow from operating activities 209858516.92 244867359.72
Cash paid for purchasing goods and receiving labor services 142368694.75 258813921.41
Cash paid to and for employees 57858012.45 64421717.65
Various taxes and fees paid 11100955.58 18904119.63
Other cash payments related to operating activities 24263223.87 34993186.57
Subtotal of cash outflows from operating activities 235590886.65 377132945.26
Net cash flow from operating activities -25732369.73 -132265585.54
II. Cash flow from investment activities:
Cash received from investment
Cash received from investment income
Net cash received from the disposal of fixed assets intangible assets
and other long-term assets 73460.00
Net cash received from disposal of subsidiaries and other business units 13290.70
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 86750.70
Cash paid for the purchase and construction of fixed assets intangible
assets and other long-term assets 334460.00 1033301.00
103Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Cash Investment
Net cash paid for acquiring subsidiaries and other business units
Other cash paid relating to investing activities
Subtotal of cash outflows from investing activities 334460.00 1033301.00
Net cash flows from investing activities -247709.30 -1033301.00
III. Cash flow from financing activities:
Absorb cash received from investment
Including: cash received by the subsidiary from absorbing minority
shareholders' investment
Cash received from borrowing 109100000.00 73138001.75
Other cash receipts related to financing activities
Subtotal of cash inflows from financing activities 109100000.00 73138001.75
Cash paid for debt repayment 156814067.87 117300000.00
Cash paid for dividends profits or interest payments 13746255.29 4437064.34
Including: dividends and profits paid by subsidiaries to minority
shareholders
Other cash payments related to financing activities 1548349.65 568965.48
Subtotal of cash outflows from financing activities 172108672.81 122306029.82
Net cash flow from financing activities -63008672.81 -49168028.07
IV. The impact of exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents -88988751.84 -182466914.61
Add: the balance of cash and cash equivalents at the beginning of the
period 180051598.36 288328064.43
VI. Balance of cash and cash equivalents at the end of the period 91062846.52 105861149.82
6、Statement of cash flow of Parent Co.
Unit：RMB
Item Current period Preceding periodcumulative comparative
I. Cash flow from operating activities:
Cash received from the sale of goods and the provision of labor
services 16616098.80 23689369.66
Tax Refund
Other cash received relating to operating activities 3218775.78 1767503.79
Subtotal of cash inflow from operating activities 19834874.58 25456873.45
Cash paid for purchasing goods and receiving labor services 9188263.08 19387920.46
Cash paid to and for employees 12022871.51 15255504.63
Various taxes and fees paid 1595506.43 2848952.99
Other cash payments related to operating activities 2858088.71 6036416.59
Subtotal of cash outflows from operating activities 25664729.73 43528794.67
Net cash flow from operating activities -5829855.15 -18071921.22
II. Cash flow from investment activities:
Cash received from investment
Cash received from investment income 9153400.00
104Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Net cash received from the disposal of fixed assets intangible assets
and other long-term assets 73460.00
Net cash received from disposal of subsidiaries and other business
units 13290.70
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 9240150.70
Cash paid for the purchase and construction of fixed assets
intangible assets and other long-term assets 255970.00 149450.00
Cash Investment
Net cash paid for acquiring subsidiaries and other business units
Other cash paid relating to investing activities
Subtotal of cash outflows from investing activities 255970.00 149450.00
Net cash flows from investing activities 8984180.70 -149450.00
III. Cash flow from financing activities:
Absorb cash received from investment
Cash received from borrowing 70000000.00 11088001.75
Other cash receipts related to financing activities
Subtotal of cash inflows from financing activities 70000000.00 11088001.75
Cash paid for debt repayment 84764067.87 30000000.00
Cash paid for dividends profits or interest payments 2337333.89 3505381.95
Other cash payments related to financing activities 1548349.65 568965.48
Subtotal of cash outflows from financing activities 88649751.41 34074347.43
Net cash flow from financing activities -18649751.41 -22986345.68
IV. The impact of exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents -15495425.86 -41207716.90
Add: the balance of cash and cash equivalents at the beginning of the
period 36515391.23 76018337.62
VI. Balance of cash and cash equivalents at the end of the period 21019965.37 34810620.72
7、Consolidated statement of change of equity
Unit：RMB
Current period
Equity attributable to parent company
Other equity
Paid instruments Minor
Item -in Less Other ity Total
capit Pref Per Capit : compre share owner's
al erre petu ot al treas hensiv
Special Surplu undistr Subtot holder equity
(or d al he reser ury e
reserves s ibuted
ve stoc income reserve profit
al s'
equit stoc bon r equity
y) k d ks
105Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
I. Balance 215 201 -
at the end 299 - 8250 87602
of the 000 318 5895 4038 7935507 1854 911. 146.0
previous 000. 128. 59.77 0678 12346.96 910.00 72 3
year 00 61 9.70 .31
Add:
Accountin
g policy
changes
Correction
of
previous
errors
Merg
er of
enterprises
under the
same
control
Others
II.Balance at 215 201 -299 - 8250 7935 87602
the 000 318 5895 4038
beginning 507 1854 911. 1234 146.0000. 128. 59.77 0678
of the 6.96 910.00 72 .31 300 61 9.70
year
III. The
amount of
increase
or - - 3127 -
decrease 6556 6556
in this 472. 3428110. 110.year 54 637.8034 34
(decrease
is listed
with "-")
(1) Total - - 3127 -
comprehe 6556 6556
nsive 472. 3428110. 110.income 54 637.8034 34
(2)
Owner's
investmen
t and
reduction
of capital
106Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
1.
Ordinary
shares
invested
by the
owner
2.
Capital
invested
by holders
of other
equity
instrument
s
3. The
amount of
share-
based
payment
included in
owner's
equity
4. Other
(3) Profit
distributi
on
1.
Withdraw
surplus
reserve
2.
Distributio
n to
owners (or
shareholde
rs)
3.
Others
(4)
Internal
transfer
of owners'
equity
1.
Conversio
n of
capital
reserve
into capital
(or share
capital)
107Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
2.
Conversio
n of
surplus
reserves
into capital
(or equity)
3.
Surplus
reserves
make up
for losses
4.
Carryover
of retained
earnings
from
changes in
the defined
benefit
plan
5. Other
comprehen
sive
income
carried
forward to
retained
earnings
6. Other
(5)
Special
reserve
1.
Withdraw
special
reserves
2. Use
special
reserves
(6)
Others
IV. 215 201 -299 - 1694 8247 84173
Balance at 000 318 5895 4103
the end of 507 1854 801. 8706 508.2000. 128. 59.77 6290
the period 6.96 910.00 38 .85 300 61 0.04
Item Preceding period
108Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Equity attributable to parent company
Other equity
Paid- instruments Other Minor
Total
Less: compr ity ownein
capit Prefer Perpe Capital treasur ehensi
Speci Surpl undist
al us ribute Subto shareh
r's
reserve y ve olders' equital (or red tual oth reser reser d tal y
equit stock bond stocks incomer ves ve profit equity
y) e
I.Balance - - 959
at the 215 2995 1435
end of 19795 1854 589 3943 8157 296000 076. 1013
the 5867. 910. 559. 4442 8628 41.0000. 96 .02
previous 58 00 77 7.37 .02 400
year
Add:
Accounti
ng policy
changes
Correctio
n of
previous
errors
Mer
ger of
enterpris
es under
the same
control
Others
II.Balance 215 - - 95919795 2995 589 1435 8157
at the 000 1854 3943 296
beginnin 5867. 076. 559. 1013 8628000. 910. 4442 41.0
g of the 58 96 77 .02 .0200 00 7.37 4
year
III. The
amount
of
increase
or -- - -
decrease 109
in this 3104 7153 4048 6928 765
year 974.83 201. 226. 345. 72.4
(decreas 29 46 97 3
e is
listed
with "-
")
109Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(1)---
Total
compreh 7153 7153 3397 375
ensive 201. 201. 879. 532
income 29 29 74 1.55
(2)
Owner's
investme 3104 362
nt and 3104 5203974. 534
reductio 974.83 74.2983 9.12
n of
capital
1.
Ordinary
shares
invested
by the
owner
2.
Capital
invested
by
holders
of other
equity
instrume
nts
3. The
amount
of share-
based
payment
included
in
owner's
equity
3104362
4.
Other 3104 974. 5203 534
974.838374.299.12
-
(3)-108
Profit 1084
distribut 4666600
ion 00.0.00
0
1.
Withdra
w
surplus
reserve
2.
Distribut --
ion to 108
owners 1084 466
(or 6600 00.0
sharehol .00 0
ders)
110Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
3.
Others
(4)
Internal
transfer
of
owners'
equity
1.
Conversi
on of
capital
reserve
into
capital
(or share
capital)
2.
Conversi
on of
surplus
reserves
into
capital
(or
equity)
3.
Surplus
reserves
make up
for
losses
4.
Carryove
r of
retained
earnings
from
changes
in the
defined
benefit
plan
5. Other
compreh
ensive
income
carried
forward
to
retained
earnings
6.
Other
111Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(5)
Special
reserve
1.
Withdra
w special
reserves
2. Use
special
reserves
(6)
Others
IV.Balance 215 - - 84920106 2995 589 1030 7465
at the 000 1854 4014 530
end of 0842. 076. 559. 2786 0282000. 910. 9762 68.6
the 41 96 77 .56 .0500 00 8.66 1
period
8、Consolidated statement of change of equity of Parent Co.
Unit：RMB
Current period
Paid- Other equity
in instruments Less: Other
Item capita Capita treasur compre undistri Total
l (or Prefer Perpet l
Special Surplus
other reserv y hensive reserves reserve buted
owner's
equit red ual stocks income profit equity
y) stock bond e
I. Balance - -
at the end 215 -
of the 1588 2995 49676 12715000 1854 589559
previous 6404 076.96 1090. 7475.000. 910.00 .76
year 2.34 96 8200
Add:
Accounting
policy
changes
Correction
of previous
errors
Others
II. Balance 215 - -1588 -
at the 000 2995 589559 49676 12715
beginning 6404 1854000. 076.96 .76 1090. 7475.of the year 2.34 910.0000 96 82
112Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
III. The
amount of
increase or - -
decrease in
this year 4328 4328
(decrease is 510.60 510.60
listed with
"-")
(1) Total - -
comprehens 4328 4328
ive income 510.60 510.60
(2)
Owner's
investment
and
reduction
of capital
1.
Ordinary
shares
invested by
the owner
2. Capital
invested by
holders of
other equity
instruments
3. The
amount of
share-based
payment
included in
owner's
equity
4. Other
(3) Profit
distribution
1.
Withdraw
surplus
reserve
2.
Distribution
to owners
(or
shareholders
)
3. Others
113Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(4)
Internal
transfer of
owners'
equity
1.
Conversion
of capital
reserve into
capital (or
share
capital)
2.
Conversion
of surplus
reserves into
capital (or
equity)
3. Surplus
reserves
make up for
losses
4.
Carryover of
retained
earnings
from
changes in
the defined
benefit plan
5. Other
comprehensi
ve income
carried
forward to
retained
earnings
6. Other
(5) Special
reserve
1.
Withdraw
special
reserves
2. Use
special
reserves
(6) Others
114Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
IV. Balance 215 - -1588 -
at the end 000 2995 589559 50108 13148
of the 6404 1854000. 076.96 .76 9601. 5986.period 2.34 910.0000 56 42
Preceding period
Paid Other equity instruments
-in Less: Other
Item capit CapitaPreferre Perpetua l treasur compre Special Surplus undistri
Total
al d stock l bond reserv y hensive reserves reserve buted
owner's
(or other e stocks income profit
equity
equi
ty)
I.Balance -
at the - -
end of 215 1588 2995 486531854 589559 116929
the 00 6404 076.96 3211.910.00 .76 595.99
previous 00 2.34 13
year 00.
00
Add:
Accounti
ng policy
changes
Correctio
n of
previous
errors
Others
II. 215
Balance -00 1588 - -
at the 2995 589559 48653
beginnin 00 6404 1854 116929076.96 .76 3211.g of the 00. 2.34 910.00 595.9913
year 00
115Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
III. The
amount
of
increase
or
decrease - -
in this 2686 26864
year 436.15 36.15
(decreas
e is
listed
with "-
")
(1)
Total - -
compreh 2686 26864
ensive 436.15 36.15
income
(2)
Owner's
investme
nt and
reductio
n of
capital
1.
Ordinary
shares
invested
by the
owner
2.
Capital
invested
by
holders
of other
equity
instrume
nts
116Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
3. The
amount
of share-
based
payment
included
in
owner's
equity
4.
Other
(3)
Profit
distribut
ion
1.
Withdra
w
surplus
reserve
2.
Distribut
ion to
owners
(or
sharehol
ders)
3.
Others
(4)
Internal
transfer
of
owners'
equity
117Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
1.
Conversi
on of
capital
reserve
into
capital
(or share
capital)
2.
Conversi
on of
surplus
reserves
into
capital
(or
equity)
3.
Surplus
reserves
make up
for
losses
4.
Carryove
r of
retained
earnings
from
changes
in the
defined
benefit
plan
118Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
5. Other
compreh
ensive
income
carried
forward
to
retained
earnings
6.
Other
(5)
Special
reserve
1.
Withdra
w special
reserves
2. Use
special
reserves
(6)
Others
IV. 215
Balance -00 1588 - -
at the 2995 589559 48921
end of 00 6404 1854 119616076.96 .76 9647.the 00. 2.34 910.00 032.1428
period 00
I. Company Overview
1、 Company registration address organizational structure and headquarters address
Nanjing Putian Communication Co. Ltd. (hereinafter referred to as the Company) originated from the
Nanjing Communication Equipment Factory under the Ministry of Posts and Telecommunications. On March
211997 the State Economic System Reform Commission approved its establishment as a joint-stock company
through a public offering as documented in Document No.28 [1997]. The Company was registered with the
Nanjing Administration for Industry and Commerce on May 181997 with its headquarters located in Nanjing
119Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Jiangsu Province. It holds a business license with the Unified Social Credit Code 91320000134878054G a
registered capital of RMB 215000000.00 and a total of 215000000 shares (each with a par value of RMB 1).This includes 115000000 state-owned legal person shares and 100000000 B-shares. The Company's shares
were listed for trading on the Shenzhen Stock Exchange on May 221997.
2、 The main business activities actually engaged in by the company
Our company operates in the telecommunications equipment manufacturing sector. Our primary business
activities include: research development manufacturing processing and sales of data communication wired and
wireless communication products distribution and wiring communication products electronic products
multimedia computers digital television systems automotive electronics and high/low-voltage electrical
switchgear; development production and distribution of new energy vehicle charging solutions and components
(including EV chargers charging modules charging station systems modular charging cabinets outdoor
integrated charging stations AC/DC charging piles and related accessories); design and provision of
comprehensive new energy charging/discharging solutions; operation and maintenance of EV charging
infrastructure; development and sales of software and intelligent software platforms; IT services for smart city and
elderly care applications; R&D manufacturing sales installation and technical support for video equipment and
video conferencing systems; agency sales of communication-modified vehicles (excluding wholesale) with
corresponding after-sales services; design system integration and consulting services for communication
networks and computer information systems; design construction installation and maintenance of intelligent
building systems; and leasing of owned assets such as properties and equipment.
3、 Approval and issuance of financial reports
This financial statement has been approved by the Company's Board of Directors on August 152026 for
public release.II. Basis for Preparing Financial Statements
1. Preparation Basis
The financial statements of our company are prepared on a going concern basis based on actual
transactions and events in accordance with the Accounting Standards for Business Enterprises – Basic
Standards issued by the Ministry of Finance various specific accounting standards the Application Guidelines
for Accounting Standards for Business Enterprises the Interpretations of Accounting Standards for Business
Enterprises and other relevant regulations (collectively referred to as the "Accounting Standards for Business
Enterprises") as well as the provisions of the China Securities Regulatory Commission's Rules for the
Preparation and Reporting of Information Disclosure by Companies Issuing Securities Publicly No.15 –
General Provisions for Financial Reports (2023 Revision).In accordance with the relevant provisions of the Enterprise Accounting Standards the Company's
accounting practices are based on the accrual basis. With the exception of certain financial instruments all
120Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
financial statements are measured at historical cost. Where asset impairment occurs corresponding impairment
provisions are recognized in accordance with applicable regulations.
2. Continuing Operations
This financial statement is prepared on a going concern basis and the Company has maintained its ability
to continue as a going concern for at least 12 months from the end of the reporting period.III. Key Accounting Policies and Accounting Estimates
The Company and its subsidiaries operate in the telecommunications equipment manufacturing industry. In
accordance with the actual characteristics of their production and operations and the relevant accounting
standards the Company and its subsidiaries have established specific accounting policies and estimates for
various transactions and events as detailed below.
1. Statement of Compliance with Enterprise Accounting Standards
The financial statements prepared by the Company comply with the Accounting Standards for Business
Enterprises and present fairly and completely the consolidated and parent company financial position of the
Company as at 30 June 2026 as well as the consolidated and parent company operating results and consolidated
and parent company cash flows for the six months ended 30 June 2026.
2. Accounting Period
The Company's accounting periods are divided into annual and interim periods with the interim period
referring to a reporting period shorter than a full fiscal year. The Company adopts the Gregorian calendar year
for its fiscal year which runs from January 1 to December 31 each year.
3. Business Cycle
The company adopts a 12-month period as its operating cycle and uses it as the criterion for classifying the
liquidity of its assets and liabilities.
4. Bookkeeping Currency
The Renminbi (RMB) serves as the currency used in the primary economic environment in which the
Company and its domestic subsidiaries operate and both the Company and its domestic subsidiaries adopt the
RMB as their accounting currency. The currency employed by the Company in preparing these financial
statements is the Renminbi.
5. Accounting treatment methods for business combinations under common control and outside
common control
A business combination refers to a transaction or event in which two or more separate entities merge to
form a single reporting entity. Business combinations are classified into combinations under common control
and combinations not under common control.
(1) Business combinations under common control
121Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Enterprises participating in a merger are both subject to the ultimate control of the same party or the same
multiple parties before and after the merger and such control is not temporary; thus it constitutes a merger
under common control. In a merger under common control the party that obtains control of the other
participating enterprises on the merger date is the merging party while the other participating enterprises are the
merged parties. The merger date refers to the actual date on which the merging party obtains control of the
merged parties.The assets and liabilities acquired by the enterprise in a business combination are measured at the carrying
values of the acquired entity's assets and liabilities (including goodwill formed by the ultimate controlling
party's acquisition of the acquired entity) as presented in the ultimate controlling party's consolidated financial
statements on the combination date. The difference between the carrying value of the acquired net assets and the
carrying value of the consideration paid for the combination (or the total par value of the issued shares) shall be
adjusted against the share capital premium in the capital reserve; if the share capital premium in the capital
reserve is insufficient to cover the reduction the retained earnings shall be adjusted accordingly.The direct costs incurred by the merging party in carrying out the business combination shall be recognized
in profit or loss of the current period at the time of occurrence.
(2) Business combinations under different controls
A business combination is classified as a non-same-control combination if the participating enterprises are
not ultimately controlled by the same party or the same group of parties before and after the combination. In a
non-same-control combination the party that obtains control of the other participating enterprises on the
acquisition date is the acquirer while the other participating enterprises are the acquirees. The acquisition date
refers to the date when the acquirer actually gains control over the acquirees.For business combinations under different controls the combination cost includes: the fair value of assets
acquired by the acquirer on the acquisition date to obtain control over the acquiree; liabilities incurred or
assumed; equity securities issued; audit fees legal services valuation consulting fees and other administrative
expenses incurred during the combination which are recognized in profit or loss at their occurrence; transaction
costs of equity or debt securities issued by the acquirer as consideration for the combination which are included
in the initial recognition amount of such securities; contingent consideration measured at its fair value on the
acquisition date and included in the combination cost; and any adjustments to contingent consideration required
if new or additional evidence of conditions existing at the acquisition date emerges within 12 months post-
acquisition which are reflected in the corresponding adjustment to goodwill. The combination cost incurred by
the acquirer and the identifiable net assets acquired in the combination are measured at their fair values on the
acquisition date. The difference between the combination cost and the acquirer's share of the fair value of the
acquiree's identifiable net assets on the acquisition date is recognized as goodwill. If the combination cost is less
than the acquirer's share of the fair value of the acquiree's identifiable net assets the fair values of all
122Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
identifiable assets liabilities and contingent liabilities of the acquiree along with the combination cost itself
are re-examined. Should the re-examined combination cost remain lower than the acquirer's share of the fair
value of the acquiree's identifiable net assets the difference is recognized in profit or loss.When the purchasing party acquires the deductible temporary differences of the purchased party that were
not recognized on the acquisition date due to non-compliance with the recognition criteria for deferred tax
assets if new or additional information obtained within 12 months after the acquisition date indicates that the
relevant circumstances existed on the acquisition date and that the economic benefits arising from the
deductible temporary differences are expected to materialize the relevant deferred tax assets shall be
recognized while reducing goodwill. If goodwill is insufficient to cover the reduction the difference shall be
recognized in profit or loss for the period. In all other cases deferred tax assets related to business combinations
shall be recognized and recognized in profit or loss for the period.For business combinations under different controls that are implemented through multiple transactions in
stages and classified as "package transactions" accounting treatment shall be conducted in accordance with the
descriptions in the preceding paragraphs of this section and Note 3 Section 13 "Long-term Equity
Investments." For combinations not classified as "package transactions" separate accounting treatments shall be
applied to the individual financial statements and the consolidated financial statements.In specific financial statements the initial investment cost of an investment is determined by the sum of the
carrying amount of the equity investment held in the acquiree prior to the acquisition date and the additional
investment cost incurred on that date. If the equity held in the acquiree prior to the acquisition date involves
other comprehensive income the related other comprehensive income shall be accounted for upon disposal of
the investment using the same basis as would be applied when the acquiree directly disposes of its assets or
liabilities (i.e. except for the corresponding share of changes resulting from the re-measurement of the defined
benefit plan's net liability or net asset under the equity method the remainder is recognized in current period
investment income).In the consolidated financial statements equity held in the acquiree prior to the acquisition date shall be
remeasured at its fair value on that date with the difference between the fair value and the carrying amount
recognized in current period investment income. Where such equity involves other comprehensive income the
corresponding other comprehensive income shall be accounted for using the same basis as would apply to the
acquiree's direct disposal of related assets or liabilities (i.e. except for the corresponding share of changes in the
net liability or net asset of the defined benefit plan resulting from its remeasurement under the equity method
the remainder shall be recognized in current period investment income attributable to the acquisition date).
6. Criteria for Control Assessment and Methods for Preparing Consolidated Financial Statements
(1) Criteria for Control Determination
The consolidation scope for financial statements is determined on a control basis. Control is defined as the
123Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Company's possession of authority over the investee enjoyment of variable returns through participation in the
investee's relevant activities and the ability to influence the amount of such returns through the exercise of such
authority. This typically includes investee entities in which the parent company holds more than half of the
voting rights and cases where the Company although holding less than half of the voting rights through
agreements with other investors of the investee holds more than half of the voting rights; the Company's
authority under its articles of association or agreements to make financial and operational decisions for the
investee; its right to appoint or remove a majority of the members of the investee's board of directors; and its
control over the majority of voting rights in the investee's board of directors.
(2) Methodology for preparing consolidated financial statements
From the date when the Company obtains actual control over the net assets and operational decision-
making rights of a subsidiary it begins to include the subsidiary within its consolidated financial statements; the
inclusion ceases upon loss of actual control. For subsidiaries disposed of the operating results and cash flows
prior to the disposal date have been appropriately reflected in the consolidated income statement and
consolidated cash flow statement; for subsidiaries disposed of during the current period no adjustments are
made to the opening balances of the consolidated balance sheet. For subsidiaries acquired in business
combinations under different controls their operating results and cash flows after the acquisition date have been
properly included in the consolidated income statement and consolidated cash flow statement with no
adjustments required to the opening balances or comparative figures of the consolidated financial statements.For subsidiaries acquired in business combinations under common control their operating results and cash
flows from the beginning of the period prior to the merger to the merger date have been appropriately reflected
in the consolidated income statement and consolidated cash flow statement with corresponding adjustments
made to the comparative figures of the consolidated financial statements.When preparing consolidated financial statements if the accounting policies or accounting periods used by
the subsidiary differ from those of the parent company the subsidiary's financial statements shall be adjusted in
accordance with the parent company's accounting policies and periods. For subsidiaries acquired through
business combinations under different controls their financial statements shall be adjusted based on the fair
value of the identifiable net assets on the acquisition date.All significant intercompany balances transactions and unrealized profits are offset when preparing the
consolidated financial statements.The portion of the subsidiary's shareholders' equity and current net profit/loss not attributable to the parent
company is separately presented as minority interest and minority interest income under shareholders 'equity
and net profit in the consolidated financial statements. The share of the subsidiary's current net profit/loss
attributable to minority interests is disclosed under the "minority interest income" item within the net profit line
item of the consolidated income statement. If the loss attributable to minority interests exceeds their share of the
124Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
subsidiary's beginning shareholders' equity this difference is still recorded as a reduction in minority interest.When control over an original subsidiary is lost due to the disposal of partial equity investments or other
reasons the remaining equity interests shall be remeasured at their fair value on the date of loss of control. The
difference between the consideration received from the equity disposal and the fair value of the remaining
equity interests minus the share of the subsidiary's net assets accumulated continuously from the acquisition
date calculated based on the original equity ratio shall be recognized as investment income for the period of
loss of control. Other comprehensive income related to the original equity investment shall be accounted for at
the same basis as the direct disposal of the acquired party's assets or liabilities (i.e. all amounts except those
arising from changes in the net liability or net assets of the original beneficial plan upon remeasurement) shall
be transferred to current investment income. Subsequently the remaining equity interests shall be measured in
accordance with applicable accounting standards such as Accounting Standard for Business Enterprises No.2 –
Long-term Equity Investments or Accounting Standard for Business Enterprises No.22 – Recognition and
Measurement of Financial Instruments as detailed in Note 3 Section 13 "Long-term Equity Investments" or
Note 3 Section 10 "Financial Instruments."
When a company gradually disposes of its equity investments in subsidiaries through multiple transactions
until losing control it must determine whether each transaction constitutes a package transaction. The terms
conditions and economic impacts of these individual transactions typically meet one or more of the following
criteria indicating that they should be accounted for as a package transaction: * The transactions were
executed simultaneously or with mutual consideration; * The transactions collectively achieve a complete
commercial outcome; * The occurrence of one transaction depends on the occurrence of at least one other
transaction; * An individual transaction is uneconomical but becomes economical when considered
collectively with other transactions. For transactions not constituting a package transaction each transaction
shall be accounted for separately using the principles applicable to "partial disposal of long-term equity
investments in subsidiaries without loss of control" or "loss of control over an original subsidiary due to partial
equity disposal or other reasons." When the transactions constitute a package transaction they shall be
accounted for as a single transaction involving subsidiary disposal and loss of control. However any difference
between the transaction price at each disposal stage prior to loss of control and the investor's share of the
subsidiary's net assets shall be recognized as other comprehensive income in the consolidated financial
statements and transferred to the profit or loss at the time of loss of control.
7. Classification of Joint Venture Arrangements and Accounting Treatment for Joint Operations
A joint venture arrangement refers to an arrangement jointly controlled by two or more parties. Based on
the rights and obligations it enjoys within such an arrangement the Company classifies joint venture
arrangements into joint operation arrangements and joint venture enterprises. A joint operation arrangement
refers to one in which the Company holds the relevant assets and assumes the relevant liabilities; a joint venture
125Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
enterprise refers to one in which the Company holds only the rights to the net assets of the arrangement.The Company accounts for its investment in the joint venture using the equity method in accordance with
the accounting policy specified in Note 3 Section 13(2)(ii) "Long-term Equity Investments accounted for
under the Equity Method."
As a joint venture partner in the joint operation the Company recognizes the assets and liabilities solely
held or borne by the Company as well as the jointly held assets and jointly borne liabilities based on the
Company's respective shares; recognizes the revenue generated from the sale of the Company's share of the
joint operation's output; recognizes the revenue arising from the sale of output under the joint operation based
on the Company's share; and recognizes the expenses incurred solely by the Company as well as the expenses
incurred under the joint operation based on the Company's respective shares.When the Company contributes or sells assets to the joint venture (such assets do not constitute business
operations the same applies hereinafter) or purchases assets from the joint venture prior to the sale of such
assets to a third party the Company recognizes only the portion of the gains or losses arising from such
transaction attributable to the other participating parties in the joint venture. If such assets incur asset
impairment losses in accordance with the provisions of Accounting Standard for Business Enterprises No.8 –
Asset Impairment the Company recognizes the full amount of such loss for contributions or sales made by the
Company to the joint venture and recognizes the loss proportionally based on its share for purchases made from
the joint venture.
8. Criteria for Determining Cash and Cash Equivalents
The Company's cash and cash equivalents consist of cash on hand deposits readily available for payment
and investments held by the Company that are short-term (typically maturing within three months from the
purchase date) highly liquid easily convertible into a known amount of cash and carry minimal value
fluctuation risk.
9. Foreign Currency Transactions
(1) Conversion method for foreign currency transactions
Foreign currency transactions conducted by the Company are converted into the local currency amount at
the spot exchange rate prevailing on the transaction date upon initial recognition. However foreign currency
exchange operations or transactions involving foreign currency exchange are converted into the local currency
amount using the actual exchange rate applied.
(2) Conversion methods for foreign currency monetary items and foreign currency non-monetary items
On the balance sheet date foreign currency monetary items are converted using the spot exchange rate
prevailing at that date. The resulting exchange differences shall be recognized in profit or loss of the current
period except for: * exchange differences arising from foreign currency special borrowings related to the
acquisition or construction of assets meeting capitalization criteria which are treated in accordance with the
126Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
principle of capitalizing borrowing costs; * exchange differences arising from changes in the carrying amounts
of foreign currency monetary items available for sale (excluding the amortized cost) which are recognized in
other comprehensive income.Non-monetary foreign currency items measured at historical cost are measured in the accounting currency
amount converted using the spot exchange rate on the transaction date. Non-monetary foreign currency items
measured at fair value are converted using the spot exchange rate on the fair value determination date; the
difference between the converted accounting currency amount and the original accounting currency amount is
recognized as fair value changes (including exchange rate fluctuations) which are recorded in current period
profit or loss or recognized as other comprehensive income.
10. Financial Instruments
A financial asset or financial liability is recognized when the company becomes a party to a financial
instrument contract.
(1) Classification Recognition and Measurement of Financial Assets
Based on its business model for managing financial assets and the contractual cash flow characteristics of
these assets the Company categorizes financial assets into: financial assets measured at amortized cost;
financial assets measured at fair value with changes recognized in other comprehensive income; and financial
assets measured at fair value with changes recognized in profit or loss.Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair
value with their changes recognized in profit or loss related transaction costs are directly recognized in profit or
loss; for other categories of financial assets related transaction costs are included in the initial recognition
amount. For accounts receivable or notes receivable arising from the sale of products or provision of services
that do not contain or involve significant financing components the Company recognizes the expected amount
receivable as the initial recognition amount.* Financial assets measured at amortized cost
The Company's business model for measuring financial assets at amortized cost is aimed at generating
contractual cash flows. The cash flow characteristics of such financial assets align with standard lending
arrangements meaning that cash flows occurring on specific dates consist solely of principal payments and
interest calculated on the outstanding principal amount. For these financial assets the Company applies the
effective interest method and subsequently measures them at amortized cost. Any gains or losses arising from
amortization or impairment are recognized in profit or loss for the period.* Financial assets measured at fair value with changes recognized in other comprehensive income
The Company's business model for managing such financial assets combines both the objective of
collecting contractual cash flows and the objective of selling them with the contractual cash flow characteristics
of these financial assets aligning with those of the underlying loan arrangements. The Company measures such
127Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
financial assets at fair value with their changes recognized in other comprehensive income; however
impairment losses or gains exchange gains or losses and interest income calculated using the effective interest
method are recognized in profit or loss for the period.Furthermore the Company classifies certain non-trading equity instrument investments as financial assets
measured at fair value with their changes recognized in other comprehensive income. Dividend income from
such financial assets is recognized in current period profit or loss while fair value changes are recognized in
other comprehensive income. Upon derecognition of these financial assets any cumulative gains or losses
previously recognized in other comprehensive income are transferred to retained earnings and are no longer
included in current period profit or loss.* Financial assets measured at fair value with changes recognized in profit or loss
The Company classifies the aforementioned financial assets measured at amortized cost and those financial
assets measured at fair value with their changes recognized in other comprehensive income as financial assets
measured at fair value with their changes recognized in current profit or loss. Furthermore at initial recognition
to eliminate or significantly reduce accounting mismatches the Company designates certain financial assets as
financial assets measured at fair value with their changes recognized in current profit or loss. For such financial
assets the Company subsequently measures them at fair value with fair value changes recognized in current
profit or loss.
(2) Classification Recognition and Measurement of Financial Liabilities
At initial recognition financial liabilities are classified into financial liabilities measured at fair value
through profit or loss and other financial liabilities. For financial liabilities measured at fair value through profit
or loss related transaction costs are directly recognized in profit or loss; for other financial liabilities related
transaction costs are included in their initial recognition amount.* Financial liabilities measured at fair value with changes recognized in profit or loss
Financial liabilities measured at fair value with changes recognized in profit or loss include trading
financial liabilities (including derivative instruments classified as financial liabilities) and those designated at
initial recognition to be measured at fair value with changes recognized in profit or loss.Subsequent measurement of transactional financial liabilities (including derivatives classified as financial
liabilities) adopts fair value; except for portions related to hedge accounting changes in fair value are
recognized in current profit or loss.Designated as financial liabilities measured at fair value with changes recognized in profit or loss the fair
value changes arising from the Company's own credit risk are recognized in other comprehensive income. Upon
derecognition of such liabilities the cumulative fair value changes attributable to the Company's own credit risk
are transferred to retained earnings while the remaining fair value changes are recognized in profit or loss. If
applying this treatment would create or exacerbate accounting mismatches in the profit or loss the Company
128Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
shall recognize all gains or losses on these financial liabilities (including the impact of the Company's own
credit risk changes) in profit or loss.* Other financial liabilities
Other financial liabilities—excluding those arising from financial asset transfers that do not meet the
criteria for derecognition or from continued involvement in the transferred financial assets as well as financial
guarantee contracts—are classified as financial liabilities measured at amortized cost. Such liabilities are
subsequently measured at amortized cost and any gains or losses resulting from derecognition or amortization
are recognized in profit or loss for the period.
(3) Basis for Recognition and Measurement Methods of Financial Asset Transfers
A financial asset shall be derecognized if any of the following conditions is met: * The contractual right
to receive cash flows from the financial asset has terminated; * The financial asset has been transferred with
nearly all risks and rewards associated with its ownership transferred to the transferee; * The financial asset
has been transferred and although the enterprise has neither transferred nor retained nearly all risks and rewards
associated with its ownership it has relinquished control over the financial asset.If an enterprise neither transfers nor retains nearly all the risks and rewards associated with the ownership
of a financial asset nor relinquishes its control over that financial asset then the relevant financial asset shall be
recognized based on the extent of its continued involvement with the transferred financial asset and the
corresponding liability shall be recognized accordingly. The extent of continued involvement refers to the level
of risk faced by the enterprise due to fluctuations in the value of the financial asset.When the overall transfer of financial assets meets the conditions for derecognition the difference between
the carrying amount of the transferred financial assets and the consideration received from the transfer and the
cumulative fair value change previously recognized in other comprehensive income shall be recognized in
profit or loss for the period.When partial transfer of financial assets meets the conditions for derecognition the carrying amount of the
transferred financial assets shall be allocated between the derecognized portion and the remaining portion based
on their respective fair values. The difference between the consideration received from the transfer and the
cumulative fair value changes originally recognized in other comprehensive income that are allocated to the
derecognized portion minus the allocated carrying amounts shall be recognized in profit or loss for the period.For financial assets sold with recourse or transferred by endorsement the company must determine
whether nearly all risks and rewards associated with ownership of the financial asset have been transferred. If
nearly all risks and rewards associated with ownership have been transferred to the transferee the recognition of
the financial asset shall be terminated; if nearly all risks and rewards remain retained the recognition shall not
be terminated; if neither transfer nor retention of nearly all risks and rewards has occurred the company shall
continue to assess whether it retains control over the asset and apply the accounting treatment principles
129Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
outlined in the preceding paragraphs.
(4) Termination of Recognition of Financial Liabilities
When the current obligation under a financial liability (or a portion thereof) has been discharged the
Company derecognizes that financial liability (or that portion thereof). If the Company (the borrower) enters
into an agreement with the lender to replace the original financial liability with a new one and the contractual
terms of the new financial liability are substantially different from those of the original the Company
derecognizes the original financial liability and simultaneously recognizes a new financial liability. If the
Company makes substantial modifications to the contractual terms of the original financial liability (or a portion
thereof) the Company derecognizes the original financial liability and recognizes a new financial liability under
the modified terms.When financial liabilities (or a portion thereof) are derecognized the Company recognizes the difference
between their carrying amount and the consideration paid (including transferred non-cash assets or assumed
liabilities) in profit or loss for the period.
(5) Offsetting of financial assets and financial liabilities
When the Company has a statutory right to offset recognized amounts of financial assets and financial
liabilities and such statutory right is currently enforceable and the Company plans to settle the financial assets
and settle the financial liabilities simultaneously at net value the financial assets and financial liabilities shall be
presented on the balance sheet at their net amount after mutual offset. Otherwise financial assets and financial
liabilities shall be presented separately on the balance sheet without mutual offset.
(6) Methods for determining the fair value of financial assets and financial liabilities
Fair value refers to the price that market participants would receive from selling an asset or pay to transfer
a liability in an orderly transaction on the measurement date. Where financial instruments have active markets
the Company determines their fair value using quotes from such markets. Active market quotes are prices
readily available periodically from exchanges brokers industry associations and pricing service providers
reflecting actual market transactions conducted in fair dealing. For financial instruments without active markets
the Company employs valuation techniques to determine fair value. These techniques include referencing prices
from recent market transactions conducted by knowledgeable and voluntary parties referencing the current fair
values of substantially similar financial instruments applying the discounted cash flow method and using
option pricing models. In conducting valuations the Company selects valuation techniques applicable under
current circumstances and supported by sufficient available data and information choosing input values
consistent with those considered by market participants in transactions involving the relevant assets or liabilities
with priority given to observable inputs whenever possible. When observable inputs are unavailable or
impractical to obtain non-observable inputs are utilized.
11. Impairment of financial assets
130Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
1. Method for determining expected credit losses
The Company applies impairment accounting treatment and recognizes loss provisions for financial assets
measured at amortized cost (including receivables) financial assets classified as measured at fair value with
changes recognized in other comprehensive income (including receivables financing) and lease receivables
based on expected credit losses.At each balance sheet date the Company assesses whether the credit risk of relevant financial instruments
has increased significantly since initial recognition. The process of credit impairment for financial instruments
is divided into three stages with distinct accounting treatment applied to impairments at each stage: (1) Stage 1:
If the credit risk of a financial instrument has not increased significantly since initial recognition the Company
measures the loss provision based on the expected credit loss over the next 12 months and calculates interest
income using its carrying amount (i.e. before impairment provision) and the actual interest rate; (2) Stage 2: If
the credit risk has increased significantly since initial recognition but no credit impairment has occurred the
Company measures the loss provision based on the expected credit loss over the entire life of the financial
instrument and calculates interest income using its carrying amount and the actual interest rate; (3) Stage 3: If
credit impairment occurs after initial recognition the Company measures the loss provision based on the
expected credit loss over the entire life of the financial instrument and calculates interest income using its
amortized cost (carrying amount minus the accrued impairment provision) and the actual interest rate.
(1) Method for measuring loss provisions for financial instruments with lower credit risk
For financial instruments with low credit risk at the balance sheet date the Company may refrain from
comparing them with their credit risk at initial recognition and instead directly assume that the credit risk of
such instruments has not increased significantly since initial recognition.If a financial instrument carries low default risk the debtor demonstrates strong short-term capacity to
meet its contractual cash flow obligations and even adverse economic or operational conditions over an
extended period do not necessarily impair the borrower's ability to fulfill these obligations the instrument is
considered to have low credit risk.
(2) Method for measuring loss provisions for accounts receivable and lease receivables
* Receivables without significant financing components. For receivables arising from transactions governed
by Accounting Standard for Business Enterprises No.14 – Revenue that do not contain significant financing
components the Company adopts a simplified approach measuring loss provisions consistently based on
expected credit losses over the entire life cycle.
131Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Based on the nature of financial instruments the Company assesses whether credit risk has increased
significantly by evaluating individual financial assets or portfolios thereof. Receivable notes and accounts
receivable are categorized into specific portfolios according to their credit risk characteristics and expected
credit losses are calculated on a portfolio basis. The criteria for portfolio determination are as follows:
accounts receivable portfolio 1: Portfolio of related parties within the consolidated scope
Accounts Receivable Portfolio 2: Age Group Portfolio
receivables bill portfolio 1: receivable bank acceptance bills
receivables bill portfolio 2: Commercial acceptance bills receivable
For accounts receivable classified as portfolios the Company refers to historical credit loss experience
combined with the current situation and forecasts for future economic conditions to prepare a comparison table
between the aging of accounts receivable and the expected credit loss rate over their entire life cycle thereby
calculating the expected credit loss. For accounts receivable notes classified as portfolios the Company also
utilizes historical credit loss experience along with the current situation and forecasts for future economic
conditions to calculate the expected credit loss based on default risk exposure and the expected credit loss rate
over their entire life cycle.Accounts Receivable – Comparison Table of Age Groups and the Expected Credit Loss Rate Over Their Full
Life Cycle
Account Age Expected credit loss rate of accounts receivable (%)
Within 1 year (inclusive same below) 1.00
1-2 years 5.00
2–3 years 10.00
3–4 years 30.00
4-5 years 50.00
More than 5 years 100.00
* Receivables and lease receivables containing significant financing components.For receivables involving significant financing components and lease receivables governed by Accounting
Standard for Business Enterprises No.21 – Leasing the Company measures loss provisions using the general
method namely the "three-stage" model.
(3) Methods for measuring loss provisions on other financial assets
132Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
For financial assets other than those mentioned above—such as debt investments other debt investments
other receivables and long-term receivables excluding lease receivables—the Company measures loss
provisions using the general method namely the "three-stage" model.When measuring credit impairment on financial instruments our company considers the following factors
to determine whether credit risk has increased significantly:
The Company categorizes other receivables into several portfolios based on the nature of the amounts and
calculates expected credit losses on a portfolio basis. The criteria for portfolio determination are as follows:
Other Receivables Portfolio 1: Portfolio of Related Parties within the Consolidated Scope
Other Receivables Portfolio 2: Financing Margin Portfolio
Other Receivables Portfolio 3: Export Tax Refund Receivables Portfolio
2. Accounting Treatment Method for Expected Credit Losses
To reflect changes in the credit risk of financial instruments after initial recognition the Company re-
measures expected credit losses at each balance sheet date. The resulting increases or reversals in loss
provisions shall be recognized as impairment losses or gains in the current period's profit or loss. Depending on
the type of financial instrument these amounts shall either reduce the carrying amount of the financial asset on
the balance sheet or be recognized as estimated liabilities or as other comprehensive income (for debt
investments measured at fair value with changes recognized in other comprehensive income).
12. Inventory
(1) Classification of Inventory
Inventories refer to the finished goods or commodities held by the Company for sale in its daily operations
work-in-progress items and materials consumed during production or service delivery. These primarily include
raw materials consumables (such as packaging materials and low-value consumables) materials processed
under contract work-in-progress self-manufactured semi-finished products and finished goods (merchandise
inventory).
(2) Pricing Method Used for Issuance
When inventory is issued the actual cost is determined using the weighted average method at the end of the
month.
(3) The inventory counting system adopts the perpetual inventory method.
(4) Amortization method for low-value consumables and packaging materials
Low-value consumables are amortized using the straight-line method upon requisition; packaging materials
are also amortized using the straight-line method upon requisition.
(3) Criteria for Recognition and Provision Method for Inventory Impairment Losses
133Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
On the balance sheet date inventory is measured at the lower of cost and net realizable value with
impairment provisions calculated for each individual inventory item. For inventories that are numerous and
have low unit prices impairment provisions are calculated based on inventory category.On the balance sheet date inventory is measured at the lower of cost and net realizable value with
inventory impairment provisions recognized based on the difference between the cost and net realizable value
for each inventory category. For inventory directly intended for sale its net realizable value is determined
during normal operations as the estimated selling price minus estimated selling expenses and relevant taxes. For
inventory requiring processing its net realizable value is determined during normal operations as the estimated
selling price of the finished products minus estimated costs selling expenses and relevant taxes incurred until
completion. On the balance sheet date for each component of the same inventory that has a contract price and
those without a contract price their respective net realizable values are determined and compared with their
corresponding costs to calculate the amount of inventory impairment provisions to be recognized or reversed.
13. Long-term equity investment
The term "long-term equity investments" referred to in this section denotes those in which the Company
holds controlling jointly controlling or significant influence over the investee entity. Long-term equity
investments in which the Company does not hold controlling jointly controlling or significant influence are
accounted for as financial assets measured at fair value with changes recognized in profit or loss. For non-
trading investments the Company may at initial recognition choose to classify them as financial assets
measured at fair value with changes recognized in other comprehensive income. The accounting policy is
detailed in Note 3 Section 10 "Financial Instruments."
Joint control refers to the Company's shared control over a specific arrangement under relevant agreements
where decisions regarding activities under such arrangement require unanimous consent from all parties sharing
control rights. Significant influence means the Company has the authority to participate in decision-making
regarding the financial and operational policies of the investee entity but lacks either sole control or joint
control with other parties over the formulation of these policies.
(1) Determination of Investment Costs
For long-term equity investments acquired through business combinations under common control the
initial investment cost shall be determined on the combination date based on the share of the acquirer's equity
book value in the ultimate controlling party's consolidated financial statements. The difference between the
initial investment cost and the sum of cash payments transferred non-cash assets and assumed debt book
values shall be allocated to capital reserves; if capital reserves are insufficient the difference shall be adjusted
against retained earnings. Where equity securities are issued as consideration for the combination the initial
investment cost shall be calculated based on the acquirer's equity share in the ultimate controlling party's
consolidated financial statements with the total par value of issued shares recognized as share capital. The
134Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
difference between the initial investment cost and the total par value of issued shares shall be allocated to
capital reserves; if capital reserves are insufficient the difference shall be adjusted against retained earnings.For long-term equity investments acquired through business combinations under different controls the
acquisition cost shall be recognized as the initial investment cost on the acquisition date. The consolidation cost
comprises the sum of assets contributed by the acquirer liabilities incurred or assumed and the fair value of
issued equity securities.The intermediary fees incurred during business combinations—such as audit services legal services
valuation consulting and other related administrative expenses—along with those of the merging entity or
purchaser shall be recognized in profit or loss at the time of occurrence.For other equity investments other than those arising from business combinations the initial measurement
is made at cost. This cost is determined based on the method of acquisition of the long-term equity investment
using either the actual cash payment made by the Company the fair value of equity securities issued by the
Company the value specified in the investment contract or agreement the fair value or original carrying
amount of the assets exchanged in non-monetary asset transactions or the fair value of the long-term equity
investment itself. Expenses taxes and other necessary expenditures directly related to the acquisition of the
long-term equity investment are also included in the investment cost.
(2) Subsequent Measurement and Profit/Loss Recognition Method
Long-term equity investments in investee entities that are jointly controlled (excluding cases where they
constitute joint operators) or significantly influenced shall be accounted for using the equity method.Additionally long-term equity investments in which the company exercises control over the investee entity may
be accounted for using the cost method in its financial statements.* Long-term equity investments accounted for using the cost method
When using the cost method for accounting long-term equity investments are valued at their initial
investment cost with adjustments made to the cost upon additional investments or investment withdrawals.Excluding cash dividends or profits declared but not yet distributed included in the actual payment or
consideration received upon investment acquisition current investment income is recognized based on the cash
dividends or profits declared and distributed by the investee entity.* Long-term equity investments accounted for using the equity method
When using the equity method for accounting if the initial investment cost of a long-term equity
investment exceeds the investor's share of the fair value of the investee's identifiable net assets at the time of
investment the initial investment cost shall not be adjusted; if the initial investment cost is less than the
investor's share of the fair value of the investee's identifiable net assets at the time of investment the difference
shall be recognized in profit or loss for the period and the cost of the long-term equity investment shall be
adjusted accordingly.
135Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
When applying the equity method of accounting investment income and other comprehensive income are
recognized separately based on the investor's share of the investee's net profit or loss and other comprehensive
income while simultaneously adjusting the carrying amount of long-term equity investments. The investor's
share of profits or cash dividends declared by the investee reduces the carrying amount of long-term equity
investments accordingly. For all other changes in the investee's owners 'equity excluding net profit/loss other
comprehensive income and profit distribution the carrying amount of long-term equity investments is adjusted
and recorded in capital reserves. The recognition of the investor's share of the investee's net profit/loss is based
on the fair value of identifiable assets at the time of investment adjusted against the investee's net profit. Where
the investee adopts accounting policies or fiscal periods differing from those of the parent company the
investee's financial statements are adjusted in accordance with the parent company's policies and periods and
investment income comprehensive income are determined accordingly. For transactions between the parent
company and associates or joint ventures if the assets disposed of do not constitute business operations
unrealized internal transaction gains or losses are offset by the parent company's share calculated proportionally
upon which investment income and other comprehensive income are recognized. However unrealized internal
transaction losses between the parent company and the investee that constitute impairment losses on transferred
assets are not offset.When recognizing the shareable portion of the net loss incurred by the investee the recognition shall be
limited to the book value of the long-term equity investment and the reduction of other long-term interests that
substantially constitute a net investment in the investee to zero. Furthermore if the Company has an obligation
to bear additional losses for the investee an estimated liability shall be recognized and recorded as an
investment loss for the current period. If the investee generates net profit in subsequent periods the Company
shall resume recognizing the share of profit after offsetting the unconfirmed loss-sharing amount against the
share of profit.* Acquisition of minority equity
When preparing consolidated financial statements the difference between the newly added long-term
equity investment resulting from the acquisition of minority interests and the subsidiary's net asset share
calculated based on the new shareholding ratio which is continuously accrued from the acquisition date (or
consolidation date) shall be adjusted against the capital reserve. If the capital reserve is insufficient the
difference shall be offset against retained earnings.* Disposal of long-term equity investments
In consolidated financial statements when the parent company partially disposes of its long-term equity
investments in subsidiaries without losing control the difference between the disposal proceeds and the
subsidiary's net assets corresponding to the disposed long-term equity investment is recognized in shareholders'
equity. If the partial disposal results in the parent company losing control over the subsidiary the transaction
136Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
shall be accounted for in accordance with the relevant accounting policies specified in Note 3 Section 6
Subparagraph (2) of this document "Method of Preparation of Consolidated Financial Statements."
For the disposal of long-term equity investments under other circumstances the difference between the
carrying value of the disposed equity and the actual consideration received shall be recognized in profit or loss
for the period.For long-term equity investments accounted for using the equity method if the remaining equity interests
after disposal continue to be accounted for using the equity method the portion of other comprehensive income
originally recorded in shareholders 'equity shall be accounted for at the corresponding ratio using the same basis
as that applied when the investee directly disposed of related assets or liabilities at the time of disposal. All
changes in owners' equity attributable to the investee's owner's equity other than net profit or loss other
comprehensive income and profit distribution shall be transferred to the current period profit or loss in
proportion.For long-term equity investments accounted for using the cost method if the remaining equity after
disposal continues to be accounted for using the cost method the other comprehensive income recognized prior
to obtaining control over the investee—whether from the equity method or from the financial instruments
recognition and measurement standards—shall be accounted for using the same basis as the direct disposal of
related assets or liabilities of the investee and transferred proportionally to current period profit or loss; all other
changes in owners 'equity within the investee's net assets recognized under the equity method excluding net
profit or loss other comprehensive income and profit distribution shall also be transferred proportionally to
current period profit or loss.When a company loses control over an investee due to the disposal of a portion of its equity investments
and the remaining equity after disposal can exercise joint control or significant influence over the investee
during the preparation of individual financial statements the equity method shall be applied with the remaining
equity adjusted as if it had been accounted for using the equity method from acquisition. If the remaining equity
after disposal cannot exercise joint control or significant influence over the investee accounting treatment shall
comply with the relevant provisions of the Financial Instruments Recognition and Measurement Standards and
the difference between the fair value and book value of the equity at the date of loss of control shall be
recognized in profit or loss for the period. For other comprehensive income recognized prior to the company
obtaining control over the investee under either the equity method or the Financial Instruments Recognition and
Measurement Standards the accounting treatment shall follow the same basis as the direct disposal of related
assets or liabilities by the investee upon loss of control. All changes in owners 'equity attributable to the equity
method—excluding net profit/loss other comprehensive income and profit distribution—shall be transferred to
profit or loss upon loss of control. Specifically: if the remaining equity after disposal is accounted for using the
equity method other comprehensive income and other owners' equity are transferred proportionally; if the
137Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
remaining equity is accounted for under the Financial Instruments Recognition and Measurement Standards
both other comprehensive income and other owners' equity are fully transferred.When a company loses joint control or significant influence over an investee due to the disposal of a
portion of its equity investment the remaining equity interest after disposal shall be accounted for in accordance
with the Financial Instruments Recognition and Measurement Standards. The difference between the fair value
and the carrying value of the equity interest on the date of loss of joint control or significant influence shall be
recognized in profit or loss for the period. Other comprehensive income recognized from the original equity
investment under the equity method shall be accounted for under the same basis as the direct disposal of related
assets or liabilities by the investee upon termination of the equity method. All changes in owners 'equity
attributable to the investee's own equity other than net profit or loss other comprehensive income and profit
distribution shall be fully transferred to investment income for the period upon termination of the equity method.
14. Investment property
Investment property refers to real estate held for the purpose of generating rental income capital
appreciation or both. This includes leased land use rights land use rights held with plans for appreciation and
subsequent transfer and leased buildings.Investment property is initially measured at cost. Subsequent expenditures related to investment property
shall be included in the cost of the asset if the economic benefits associated with the asset are likely to flow and
the cost can be reliably measured. Other subsequent expenditures shall be recognized in profit or loss at the time
they occur.When an investment property is disposed of permanently withdrawn from use and it is expected that no
economic benefits will be derived from its disposal the recognition of such investment property is terminated.The proceeds from the disposal of an investment property—whether through sale transfer scrapping or
damage—after deducting its carrying amount and relevant taxes and fees shall be recognized in the current
period's profit or loss.
15. Fixed Assets
(1) Conditions for recognizing fixed assets
Fixed assets refer to tangible assets held for the purpose of producing goods providing services leasing or
operating and managing with a useful life exceeding one accounting year. Fixed assets are recognized only
when it is probable that the economic benefits associated with them will flow to the company and their costs
can be reliably measured. Fixed assets are initially measured at cost taking into account the impact of estimated
disposal costs.
(2) Depreciation methods for various types of fixed assets
For fixed assets depreciation is calculated using the straight-line method over their service life starting
from the month following the achievement of the intended usable condition. The service life estimated residual
138Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
value and annual depreciation rate for various types of fixed assets are as follows:
ratio of yearly
method of Depreciation
class remaining depreciation
depreciation period (years)
value （%） （%）
Houses and Buildings Annual Average 15-35 3.00 2.77-6.47
Method
machinery equipment Annual Average 10-15 3.00 6.47-9.70
Method
conveyance Annual Average 6-8 3.00 12.13-16.17
Method
Electronic Equipment Annual Average 4-11 3.00 8.82-24.25
Method
other Annual Average 4-11 3.00 8.82-24.25
Method
The estimated residual value refers to the amount obtained by the Company from the disposal of an asset
after deducting estimated disposal costs assuming the fixed asset has reached the end of its estimated useful life
and is in its expected condition at that point.
(3) Methods for impairment testing of fixed assets and methods for making impairment provisions
For details on the impairment testing methods for fixed assets and the impairment provision calculation
methods refer to Note 3 Section 19 "Impairment of Long-term Assets".
(4) Other Notes
Subsequent expenditures related to fixed assets shall be recognized in the cost of the fixed asset if the
economic benefits associated with the asset are likely to flow and their costs can be reliably measured thereby
eliminating the carrying amount of the replaced portion. All other subsequent expenditures shall be recognized
in profit or loss at the time they occur.When a fixed asset is being disposed of or is expected to generate no economic benefits through use or
disposal its recognition is terminated. The difference between the disposal proceeds from the sale transfer
scrapping or damage of the fixed asset and its carrying amount after deducting relevant taxes and fees is
recognized in profit or loss for the period.The Company shall review the service life estimated net residual value and depreciation method of fixed
assets at least once at the end of each fiscal year. Any changes made shall be treated as adjustments to
accounting estimates.
16. Projects under construction
The Company's construction-in-progress projects are categorized into two types: self-construction and
139Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
contracted construction. Upon completion of the projects and attainment of their intended usable condition they
are recognized as fixed assets. The determination of the intended usable condition shall meet one of the
following criteria: (1) The physical construction (including installation) of the fixed asset has been fully
completed or substantially completed; (2) The asset has undergone trial production or trial operation with
results demonstrating its ability to operate normally or produce qualified products stably; or (3) The trial
operation results indicate its capability for normal operation or business activities; (4) Expenditures on the fixed
asset under construction are minimal or virtually non-existent; or (5) The acquired fixed asset meets the design
or contractual requirements or is substantially consistent with such requirements.When the construction-in-progress reaches its intended usable condition it is transferred to fixed assets at
the project's actual cost. For projects that have reached the intended usable condition but have not yet completed
final accounting they are initially recorded as fixed assets at estimated value; the original provisional estimate
is adjusted to reflect the actual cost after final accounting is completed while previously accrued depreciation
remains unchanged.For details on the impairment testing methodology and impairment provision calculation method for
construction in progress refer to Note 3 Section 19 "Impairment of Long-term Assets."
17. Loan costs
Loan costs comprise borrowing interest amortization of discounts or premiums ancillary expenses and
exchange differences arising from foreign currency borrowings. Loan costs directly attributable to the
acquisition construction or production of assets meeting capitalization criteria shall be capitalized when asset
expenditures have been incurred borrowing costs have been recognized and the necessary acquisition
construction or production activities to bring the asset to its intended usable or saleable state have commenced;
capitalization shall cease when such assets reach their intended usable or saleable state. Other borrowing costs
are recognized as expenses in the period in which they are incurred.For special loans the actual interest expenses incurred during the period shall be capitalized after
deducting the interest income generated from depositing unused loan funds in banks or the investment returns
obtained from temporary investments. For general loans the capitalizable amount is determined by multiplying
the weighted average of cumulative asset expenditures exceeding those of special loans by the capitalization
rate applicable to the utilized general loans. The capitalization rate is calculated based on the weighted average
interest rate of general loans.During the capitalization period all exchange differences on foreign currency special loans are capitalized;
exchange differences on foreign currency general loans are recognized in profit or loss for the period.Assets meeting capitalization criteria refer to fixed assets investment properties and inventories that
require a considerable period of acquisition construction or operational activities to reach their intended usable
or saleable state.
140Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
If an asset meeting capitalization criteria experiences an abnormal interruption during its acquisition
construction or production process and the interruption lasts continuously for more than three months the
capitalization of borrowing costs shall be suspended until the asset's acquisition construction or production
activities resume.Assets meeting capitalization criteria refer to fixed assets investment properties and inventories that
require a considerable period of acquisition construction or operational activities to reach their intended usable
or saleable state.
18. Intangible Assets
(1) Intangible Assets
Intangible assets refer to identifiable non-monetary assets owned or controlled by the Company that lack
physical form.Intangible assets are initially measured at cost. Expenditures related to intangible assets are recognized in
the cost of the intangible assets if the associated economic benefits are likely to flow to the company and their
costs can be reliably measured. Expenditures on other items are recognized in profit or loss at the time they
occur.The acquired land use rights are typically accounted for as intangible assets. When a company
independently develops and constructs buildings such as factory facilities the related land use right
expenditures and building construction costs are accounted for separately as intangible assets and fixed assets
respectively. For purchased buildings and structures the corresponding purchase price is allocated between the
land use rights and the buildings; if an equitable allocation is not feasible the entire amount is treated as fixed
assets.For intangible assets with a finite useful life the amortization base is calculated as the original cost minus
the estimated net residual value and the cumulative amount of impairment provisions accumulated and
amortization is performed on an average basis over the estimated useful life using the straight-line method from
the point when the asset becomes available for use. Intangible assets with an indefinite useful life are not
amortized.The useful life determination basis and amortization method for intangible assets with finite useful lives
are as follows:
project life length Amortization Method
software 3-10 Linear method for stage averaging
land use right 40-50 Linear method for stage averaging
At the end of the period the useful life and amortization method of intangible assets with a finite
useful life are reviewed; any changes are treated as adjustments to accounting estimates. Additionally the
useful life of intangible assets with an indefinite useful life is reviewed. If evidence indicates that the period
141Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
during which the intangible asset generates economic benefits is foreseeable its useful life is estimated and
amortized using the amortization method applicable to intangible assets with a finite useful life.
(2) Research and Development Expenses
The expenditures for our company's internal research and development projects are categorized into
research phase expenditures and development phase expenditures.Expenses incurred during the research phase are recognized in profit or loss for the period in which they
occur.The scope of R&D expenditure aggregation for our company includes materials consumed for R&D
intermediate trial costs travel expenses design fees depreciation and amortization employee compensation
and other items.The company's specific criteria for distinguishing between research phase expenditures and development
phase expenditures in internal R&D projects:
The research phase refers to the stage of conducting original planned investigations and research activities
aimed at acquiring and understanding new scientific or technological knowledge; the development phase
involves applying research findings or other knowledge to specific plans or designs prior to commercial
production or application resulting in the creation of new or substantially improved materials devices or
products.Expenses incurred during the development phase shall be recognized as intangible assets if all the
following conditions are met; otherwise such expenses shall be recognized in profit or loss for the current
period.* It is technically feasible to complete the intangible asset so that it can be used or sold;
* Intends to complete the acquisition of the intangible asset and use or sell it;
* The ways in which intangible assets generate economic benefits include: demonstrating that products
manufactured using such assets have a market or that the intangible assets themselves have a market; or when
the assets are used internally proving their utility.* Possess sufficient technical financial and other resources to complete the development of the
intangible asset and have the capability to utilize or sell it;
* The expenditures incurred during the development stage of this intangible asset can be reliably
measured.Where it is impossible to distinguish between expenditures incurred during the research phase and those
during the development phase all research and development expenditures shall be included in the current
period's profit or loss.
(3) Methods for testing impairment of intangible assets and for recognizing impairment losses
For details on the impairment testing methods for intangible assets and the impairment provision
142Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
calculation methods refer to Note 3 Section 19 "Impairment of Long-term Assets".
19. Impairment of long-term assets
For non-current non-financial assets—including fixed assets construction in progress intangible assets
with finite useful lives right-of-use assets investment properties measured at cost and long-term equity
investments in subsidiaries joint ventures and associates—the Company assesses for impairment indications
on the balance sheet date. Where impairment indications exist the recoverable amount is estimated and an
impairment test is conducted. Goodwill intangible assets with indefinite useful lives and intangible assets that
have not yet reached their usable state undergo annual impairment testing regardless of the presence of
impairment indications.The impairment assessment results indicate that when an asset's recoverable amount falls below its
carrying value an impairment loss is recognized based on the difference. The recoverable amount is defined as
the higher of: the net amount of the asset's fair value less disposal costs or the present value of the asset's
estimated future cash flows. The fair value of an asset is determined by the transaction price in a fair market
transaction; where no transaction agreement exists but the asset has an active market the fair value is
determined by the highest bid price; where neither a transaction agreement nor an active market exists the fair
value is estimated using the best available information. Disposal costs include legal fees applicable taxes
handling charges and direct expenses incurred to prepare the asset for sale. The present value of future cash
flows is calculated by discounting the projected cash flows generated during the asset's useful life and upon
final disposal using an appropriate discount rate. Impairment provisions are calculated and recognized on an
individual asset basis; when estimating the recoverable amount of an individual asset is difficult the
recoverable amount is determined for the asset group to which the asset belongs—the smallest identifiable
group of assets capable of generating independent cash flows.Goodwill separately presented in financial statements shall during impairment testing have its carrying
amount allocated to the asset groups or combinations of asset groups expected to benefit from the synergies
arising from the business combination. If the test results indicate that the recoverable amount of the asset group
or combination of asset groups containing the allocated goodwill is lower than its carrying amount the
corresponding impairment loss shall be recognized. The impairment loss amount shall first be deducted from
the carrying amount of the goodwill allocated to that asset group or combination and then proportionally
deducted from the carrying amounts of the other assets within the asset group or combination based on their
respective share of the total carrying amount excluding goodwill.Once the aforementioned asset impairment loss is recognized the portion of value recovered cannot be
reversed in subsequent periods.
20. Long-term prepaid expenses
Long-term prepaid expenses refer to various costs that have already been incurred but should be allocated
143Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
over the reporting period and subsequent periods with an amortization period exceeding one year. The
Company's long-term prepaid expenses primarily consist of renovation costs. These expenses are amortized
using the straight-line method over their estimated benefit period.
21. Contract Liabilities
Contract liabilities refer to the obligation of the Company to deliver goods to customers for which the
Company has received or is due to receive consideration from them. If the customer has paid the contract
consideration or the Company has acquired an unconditional right to receive payment prior to the delivery of
goods the Company recognizes such received or receivable amounts as contract liabilities at the earlier of the
customer's actual payment date or the due payment date. Contract assets and contract liabilities under the same
contract are presented on a net basis; those under different contracts are not offset against each other.
22. Employee Compensation
The company's employee compensation primarily consists of short-term employee compensation post-
employment benefits termination benefits and other long-term employee benefits. Specifically:
Short-term compensation primarily includes wages bonuses allowances and subsidies employee welfare
expenses medical insurance premiums maternity insurance premiums work-related injury insurance premiums
housing provident fund contributions trade union funds employee education funds and non-monetary benefits.During the accounting period in which employees provide services to the company the actual short-term
employee compensation incurred is recognized as a liability and recorded in the current period's profit or loss or
the cost of related assets. Non-monetary benefits are measured at fair value.Post-employment benefits primarily include basic pension insurance unemployment insurance and
annuities. Post-employment benefit plans consist of defined contribution plans and defined benefit plans. For
defined contribution plans the corresponding contribution amounts are recognized either as part of the asset
cost or recorded in the current period's profit or loss upon occurrence.When terminating the employment relationship with an employee before the expiration of the labor
contract or when proposing compensation to encourage voluntary workforce reduction the employee
compensation liability arising from such termination shall be recognized and recognized in profit or loss at the
earlier of: (1) the date on which the company cannot unilaterally withdraw the termination benefits provided
under the employment termination plan or reduction proposal; or (2) the date on which the company confirms
the costs associated with the restructuring involving the payment of such termination benefits. However if the
termination benefits are not expected to be fully paid within twelve months following the end of the annual
reporting period they shall be treated as other long-term employee benefits.The internal employee retirement plan follows the same principles as the aforementioned severance
benefits. For employees who opt for early retirement the company will recognize the wages payable and social
insurance contributions accrued from the date of service termination until the normal retirement date as current
144Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
period expenses (severance benefits) when the conditions for recognizing estimated liabilities are met.Other long-term employee benefits provided by the Company shall be accounted for under the defined
contribution plan where applicable and otherwise under the defined benefit plan.
23. Provision for Liabilities
When obligations arising from contingent matters such as external guarantees litigation matters product
quality guarantees or loss contracts become current obligations assumed by the Company and the fulfillment
of such obligations is likely to result in an outflow of economic benefits from the Company with the amount of
these obligations being reliably measurable the Company recognizes such obligations as estimated liabilities.The Company initially measures its estimated liabilities based on the best estimate of expenditures required
to fulfill relevant current obligations and reviews the carrying amount of these liabilities at the balance sheet
date.If the entire or partial expenditure required to settle an estimated liability is expected to be compensated by
a third party the compensation amount shall be recognized separately as an asset when it is essentially certain
that it will be received provided that the recognized compensation amount does not exceed the carrying amount
of the estimated liability.
24. Income
The Company recognizes revenue when fulfilling its performance obligations under the contract—that is
upon the customer obtaining control of the relevant goods or services—in accordance with the transaction price
allocated to such performance obligation. Acquisition of control of the relevant goods refers to the ability to
dominate their use and derive nearly all economic benefits therefrom. A performance obligation denotes the
Company's commitment under the contract to transfer clearly identifiable goods to the customer. The
transaction price represents the amount of consideration the Company expects to receive for transferring the
goods to the customer excluding payments received on behalf of a third party and amounts the Company
expects to refund to the customer.Whether a performance obligation is fulfilled over a specific period or at a specific point in time depends
on the contract terms and relevant legal provisions. If the obligation is fulfilled over a period the Company
recognizes revenue based on the progress of performance. Otherwise the Company recognizes revenue at the
point when the customer obtains control of the relevant assets.For performance obligations stipulated in sales contracts for engineering construction and maintenance
services that meet the condition of "performance within a specified period" revenue is recognized based on the
progress of performance unless the progress cannot be reasonably determined. The Company uses the input
method to determine the contract performance progress as the ratio of the cumulative contract costs incurred to the
145Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
contract target cost. If the progress cannot be reasonably determined but the incurred costs are expected to be fully
recovered the Company recognizes revenue based on the amount of incurred costs until the progress can be
reasonably determined.The sales of video conferencing products integrated wiring products intelligent electrical products
communication infrastructure products and other products constitute performance obligations fulfilled at a
specific point in time. Revenue recognition for these products requires the following conditions: the company
has delivered the products to the buyer as stipulated in the contract and obtained the buyer's acceptance; the
product sales revenue amount has been determined; payment has been received or payment vouchers have been
obtained; it is probable that the related economic benefits will materialize; and the costs associated with the
products can be reliably measured.
25. Contract Cost
Contract costs are divided into contract performance costs and contract acquisition costs.The costs incurred by the Company in fulfilling the contract shall be recognized as an asset for contract
performance costs only when the following conditions are simultaneously met:
(1) This cost is directly related to a current or expected contract including direct labor direct materials
manufacturing overhead (or similar expenses) costs explicitly borne by the client and other costs incurred
solely for that contract;
(2) This cost increases the resources the enterprise will allocate in the future to fulfill its performance
obligations;
(3) This cost is expected to be recovered.
When the incremental costs incurred by the Company to obtain a contract are expected to be recovered
they shall be recognized as part of the contract acquisition cost and classified as an asset; however if the
amortization period of such asset does not exceed one year the cost may be recognized in profit or loss at the
time of occurrence.Assets related to contract costs are amortized using the same basis as the revenue recognition from goods
or services associated with those assets.For assets related to contract costs if their carrying value exceeds the sum of the following two amounts
the Company shall recognize an impairment loss on the excess amount and record it as an asset impairment loss:
(1) The remaining consideration expected to be received from the transfer of goods or services related to
the asset;
(2) The estimated costs incurred for transferring the relevant goods or services.
Where the aforementioned asset impairment provision is subsequently reversed the revised book value of
the asset shall not exceed its book value on the reversal date under the assumption that no impairment provision
146Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
was recognized.
26. Government Subsidy
Government grants refer to monetary and non-monetary assets obtained by the Company from the
government without compensation excluding capital invested by the government as an investor with
corresponding owner's equity. Government grants are categorized into asset-related grants and revenue-related
grants. When government grants consist of monetary assets they are measured at the amount received or
receivable. For non-monetary assets they are measured at fair value; if fair value cannot be reliably determined
they are measured at nominal amount. Government grants measured at nominal amount are directly recognized
in profit or loss for the period.Government grants related to assets are recognized as deferred income and are allocated to current period
earnings over the useful life of the relevant assets using a reasonable and systematic method. Government
grants related to income that are intended to compensate for future costs expenses or losses are recognized as
deferred income and are recognized in current period earnings when the corresponding costs expenses or
losses are recognized; those intended to compensate for incurred costs expenses or losses are recognized
directly in current period earnings.Government grants that encompass both asset-related components and revenue-related components should
be accounted for separately; where differentiation is difficult they should be collectively classified as revenue-
related government grants.Government grants related to the company's daily operations shall be recognized as other income or
deducted from relevant costs and expenses based on the substance of the economic transactions; government
grants unrelated to daily operations shall be recorded as non-operating income or expenses.When confirmed government grants need to be refunded if there is a relevant deferred income balance the
corresponding deferred income balance shall be offset; any excess amount shall be recognized in current period
profit or loss. In other cases the amount shall be directly recognized in current period profit or loss.
27. Deferred income tax assets/deferred income tax liabilities
The deferred income tax asset or liability is recognized based on the difference between the carrying
amount of assets and liabilities and their tax basis (for items not recognized as assets or liabilities where their
tax basis can be determined in accordance with tax laws the difference between the tax basis and the carrying
amount) calculated using the applicable tax rate during the period when the asset is expected to be recovered or
the liability settled.Deferred tax assets shall be recognized only to the extent that it is probable that sufficient taxable income
will be available to offset deductible temporary differences. At the balance sheet date if there is conclusive
evidence that sufficient taxable income is likely to be available in future periods to offset such differences
deferred tax assets previously unrecognized in prior accounting periods shall be recognized.
147Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
On the balance sheet date review the carrying amount of deferred tax assets. If it is probable that sufficient
taxable income will not be available in future periods to realize the benefits of these deferred tax assets reduce
their carrying amount. When sufficient taxable income is likely to be obtained reverse the reduction amount.The Company's current income tax and deferred income tax are recognized as income tax expenses or
income in the current period's profit or loss excluding income tax arising from the following transactions:
business combinations; or transactions or events recognized directly in owners' equity.When the company holds statutory rights for net settlement and intends to conduct both net settlement or
acquisition of assets and settlement of liabilities simultaneously its current income tax assets and liabilities
shall be reported at the net amount after offsetting.
28. Lease
（1）Our company acts as the lessee.
The leased assets of our company are primarily mechanical equipment.On the lease commencement date the Company recognizes right-of-use assets and lease liabilities for
leases other than short-term leases and low-value asset leases and recognizes depreciation expenses and interest
expenses separately over the lease term.During the lease term our company applies the straight-line method recognizing the lease payments for
short-term leases and low-value asset leases as current period expenses.* Right-to-use asset
Right-of-use assets refer to the rights granted to the lessee to use the leased asset during the lease term. At
the commencement date of the lease term right-of-use assets are initially measured at cost. This cost includes:
* the initial measurement amount of the lease liability; * lease payments made on or before the lease
commencement date; if lease incentives are applicable the amount of such incentives already received shall be
deducted; * the lessee's initial direct costs; * the costs expected to be incurred by the lessee for dismantling
and removing the leased asset restoring the premises where the asset is located or returning the asset to the
condition specified in the lease terms.The Company uses the straight-line method for the classification and calculation of depreciation on its
right-of-use assets. For leases where it is reasonably certain that ownership of the leased asset will be acquired
upon lease expiration depreciation is calculated over the asset's estimated remaining useful life; for leases
where this certainty is lacking depreciation is calculated over the shorter of the lease term and the asset's
remaining useful life.
148Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
The Company determines whether right-of-use assets have experienced impairment and performs the
corresponding accounting treatment in accordance with the relevant provisions of Accounting Standard for
Business Enterprises No.8 – Asset Impairment.* lease obligation
Lease liabilities are initially measured at the present value of the outstanding lease payments as of the lease
commencement date. Lease payments include: * fixed payments (including substantially fixed payments);
where lease incentives exist the amount related to such incentives is deducted; * variable lease payments
dependent on indices or ratios; * amounts payable based on the residual value of guarantees provided by the
lessee; * the exercise price of a purchase option provided the lessee reasonably determines to exercise such
option; * amounts payable for exercising the lease termination option provided the lease term reflects the
lessee's intention to exercise such option.The Company uses the lease embedded interest rate as the discount rate; if the lease embedded interest rate
cannot be reasonably determined the Company's incremental borrowing interest rate is used as the discount rate.The Company calculates the interest expense on lease liabilities for each period of the lease term using a fixed
periodic interest rate and records it as financial expense. This periodic interest rate refers to the discount rate or
the revised discount rate adopted by the Company.Variable lease payments not included in the measurement of lease liabilities are recognized in profit or loss
at the actual occurrence.When the valuation results for the lease renewal option lease termination option or purchase option
change the lease liability shall be remeasured using the present value calculated based on the revised lease
payments and the updated discount rate with the carrying amount of the right-of-use asset adjusted accordingly.If there are changes in material lease payments the estimated payable amount of the residual value of the
guarantee or variable lease payments dependent on indices or ratios the lease liability shall be remeasured
using the present value calculated based on the revised lease payments and the original discount rate and the
carrying amount of the right-of-use asset shall be adjusted accordingly.* Short-term leasing and leasing of low-value assets
For short-term leases (those with a lease term not exceeding 12 months on the lease commencement date)
149Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
and low-value assets (valued below RMB 2000) the Company adopts a simplified approach: it does not
recognize right-of-use assets or lease liabilities but instead allocates lease payments over each period of the
lease term using the straight-line method or another systematic and reasonable method to the cost of the relevant
assets or to the current period's profit or loss.
（2）Our company acts as the lessor.
1 operation lease
The Company uses the straight-line method to recognize lease receivables from operating leases as rental
income for each period of the lease term. Variable lease payments related to operating leases that have not been
included in the lease receivables are recognized in profit or loss when actually incurred.
2 finance lease
On the lease commencement date the Company recognizes the receivable from the financial lease and
derecognizes the financial lease asset. The receivable from the financial lease is initially measured at the net
lease investment amount (the sum of the unguaranteed residual value and the present value of lease receivables
not yet received at the lease commencement date discounted at the lease's effective rate) and interest income
for the lease term is recognized at a fixed periodic rate. Variable lease payments received by the Company that
are not included in the net lease investment amount are recognized in profit or loss when actually incurred.
29. Methodology and Selection Criteria for Determining Importance Standards
Disclosures related to the criteria for Methods for Determining and Selection Criteria for
determining materiality Importance Standards
When the amount exceeds 5% of the corresponding
receivables for which significant individual accounts receivable and surpasses RMB 4 million or when
provisions for bad debts have been made the provision for bad debts in the current period affects
profit and loss figures.The reversal of bad debt provisions affects more than 5% of
Recovery or reversal of provisions for the current period's bad debt provision reversal amount
doubtful accounts on important receivables with the amount exceeding RMB 1 million or influences
the current period's profit and loss.Significant accounts payable and other
More than 5% of the accounts payable or other payables
payables with an aging period exceeding one
balance with an amount exceeding RMB 1 million
year
Subsidiaries in which minority shareholders Minority shareholders hold more than 5% of the equity and
hold significant equity interests their total assets net assets operating revenue and net
150Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Disclosures related to the criteria for Methods for Determining and Selection Criteria for
determining materiality Importance Standards
profit account for over 10% of the corresponding items in
the consolidated financial statements.The book value accounts for more than 10% of the long-
term equity investment or the investment income (losses
Important joint venture or cooperative
calculated in absolute terms) derived from joint ventures or
enterprise
associated enterprises accounts for more than 10% of the
consolidated net profit.The total assets or total liabilities account for more than
10% of the consolidated financial statements with an
Important Debt Restructuring
absolute amount exceeding RMB 2 million or have an
impact on net profit exceeding 10%.
30. Changes to significant accounting policies and accounting estimates
(1) Change in Accounting Policies
The Company had no significant changes to accounting policies during the reporting period.
(2) Change in Accounting Estimates
The Company had no significant changes to accounting estimates during the reporting period.IV. Taxes
1. Main Tax Types and Rates
categories of taxes Specific tax rate details
The taxable income is subject to output VAT at rates of
13%6%5% and 3% respectively. Value-added tax is calculated
added-value tax
and paid based on the difference after deducting the input VAT
eligible for deduction in the current period.urban maintenance &
The tax is calculated at 7% of the actual value-added tax paid.construction tax
extra charges of education funds The tax is calculated at 3% of the actual value-added tax paid.Local Education Surcharge The tax is calculated at 2% of the actual value-added tax paid.For value-based taxation the tax is calculated at 1.2% of the residual
value after deducting 30% of the property's original value in a single
building taxes
deduction; for rental-based taxation the tax is calculated at 12% of
rental income.
151Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
categories of taxes Specific tax rate details
business income taxes See the table below for details.Name of the taxpaying entity rate of income tax
Nanjing Putian Tianji Building Intelligence Co. Ltd. 15%
Nanjing Putian Datang Information Electronics Co. Ltd. 15%
Other tax entities other than those mentioned above 25%
2. Tax incentives and approval documents
1. Nanjing Putiantianji Building Intelligence Co. Ltd. obtained the High-Tech Enterprise Certificate in
December 2024 valid for three years and will pay corporate income tax at a reduced rate of 15% for the 2024–
2026 fiscal year.
2. Nanjing Putian Datang Information Electronics Co. Ltd. obtained its High-Tech Enterprise Certificate in
November 2024 valid for three years and will pay corporate income tax at a reduced rate of 15% for the 2024–
2026 fiscal year.
3. Nanjing Putian Datang Information Electronics Co. Ltd. has been recognized as a software enterprise.
Certain software products from Nanjing Putian Tianji Building Intelligence Co. Ltd. and Nanjing Southern
Telecommunications Co. Ltd. comply with the provisions of Document Cai Shui [2011] No.100 and are eligible
for the value-added tax refund policy upon collection.V. Notes to the Consolidated Financial Statements Items
Unless otherwise specified in the following notes (including notes to major items of the Company’s
financial statements)“End of Period” refers to June 30 2026;“End of Prior Year” refers to December 31
2025;“Current Period” refers to the six months ended June 30 2026;“Prior Period” refers to the six
months ended June 30 2025.
1. Cash and cash equivalents
project ending balance Year-end balance
bank deposit 7107722.64 7271675.43
other monetary funds 964969.34 2233897.56
Funds deposited with the finance company 83955123.88 172779922.93
amount to 92027815.86 182285495.92
Note: Other Monetary Funds (Restricted Monetary Funds): Bank acceptance bill deposits RMB 551072.55;
performance bond deposits RMB 72606.72; CPC special account funds RMB 341290.07.
2.Notes Receivable
(1) Classification and presentation of notes receivable
152Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project ending balance Year-end balance
trade acceptance draft 7907477.04 18006988.67
subtotal 7907477.04 18006988.67
Less: Bad debt provision 267302.07 778489.58
amount to 7640174.97 17228499.09
(2) Receivable notes that have been endorsed or discounted at the end of the period and have not yet matured as
of the balance sheet date
Amount of termination Amount not terminated for
project recognition at the end of the recognition at the end of the
period period
Bank Acceptance Bill 24102023.35
trade acceptance draft 3201794.81
amount to 24102023.35 3201794.81
(3) Classified presentation according to the bad debt provisioning method
ending balance
book balance bad debt provision
class
amount of Percentage amount of book value
Proportion (%)
money (%) money
receivable notes for which bad debt 7907477.04 100.00 267302.07 3.38 7640174.97
provisions are made on a combined
basis
Among these: Commercial 7907477.04 100.00 267302.07 3.38 7640174.97
acceptance bills
amount to 7907477.04 100.00 267302.07 3.38 7640174.97
* In the combination accounts receivable notes are provided for bad debts based on the aging group.ending balance
project
bill receivable bad debt provision Proportion (%)
Within 1 year 7907477.04 267302.07 3.38%
(4) Status of bad debt provisions
Amount of Change for This Period
Year-end
class Accruishment Recover or Write-off or ending balance
balance
Roll Back cancellation
bad debt 778489.58 -511187.51 267302.07
153Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
provision
3. Accounts Receivable
(1) Disclosure by aging of accounts
Account Age ending balance Year-end balance
Within 1 year 337814272.87 261135229.49
1 to 2 years 59463445.97 40471815.19
2 to 3 years 19771746.63 18712438.45
3 to 4 years 9090463.69 8798550.02
4 to 5 years 5340927.49 7292353.56
More than 5 years 179973565.56 179431638.23
subtotal 611454422.21 515842024.94
Less: Bad debt provision 193731194.11 192255102.92
amount to 417723228.10 323586922.02
(2) Classified presentation according to the bad debt provisioning method
ending balance
book balance bad debt provision
class
amount of Percentage amount of book value
Proportion (%)
money (%) money
accounts receivable for which bad
debt provisions are made on a per- 75525598.45 12.35 75525598.45 100.00
item basis
Accounts receivable for which bad
debt provisions are made on a 535928823.76 87.65 118205595.66 22.06 417723228.10
combined basis
Among these: Age of Account
535928823.7687.65118205595.6622.06417723228.10
Portfolio
amount to 611454422.21 100.00 193731194.11 31.68% 417723228.10（ continuous ）
Year-end balance
book balance bad debt provision
class
amount of Percentage amount of book value
Proportion (%)
money (%) money
accounts receivable for which bad 76050649.46 14.74 76050649.46 100.00
154Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Year-end balance
book balance bad debt provision
class
amount of Percentage amount of book value
Proportion (%)
money (%) money
debt provisions are made on a per-
item basis
Accounts receivable for which bad
debt provisions are made on a 439791375.48 85.26 116204453.46 26.42 323586922.02
combined basis
Among these: Age of Account
439791375.4885.26116204453.4626.42323586922.02
Portfolio
amount to 515842024.94 100.00 192255102.92 37.27% 323586922.02
* Accounts receivable for which a separate bad debt provision is made at the end of the period
ending balance
Proportion
Accounts Receivable (by Unit) bad debt Calculation
book balance of
provision Basis
Deduction
Dongpo Xi Laos Co. Ltd. Not expected to
19708086.5419708086.54100.00
be recovered
Not expected to
Xu Mou 17591683.74 17591683.74 100.00
be recovered
Not expected to
China Tower Co. Ltd. 13819926.92 13819926.92 100.00
be recovered
Not expected to
Putian Information Technology Co. Ltd. 5901092.80 5901092.80 100.00
be recovered
China Railway Communication and Signal Not expected to
3227803.353227803.35100.00
Shanghai Engineering Group Co. Ltd. be recovered
Not expected to
other 15277005.10 15277005.10 100.00
be recovered
amount to 75525598.45 75525598.45 —— ——
Continue the table above
Accounts Receivable (by Unit) Beginning balance
155Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Proportion
bad debt
book balance of Calculation Basis
provision
Deduction
Not expected to
Dongpo Xi Laos Co. Ltd. 19708086.54 19708086.54 100.00
be recovered
Not expected to
Xu Mou 17591683.74 17591683.74 100.00
be recovered
Not expected to
China Tower Co. Ltd. 13819926.92 13819926.92 100.00
be recovered
Not expected to
Putian Information Technology Co. Ltd. 5983345.58 5983345.58 100.00
be recovered
China Railway Communication and Signal Not expected to
3527803.353527803.35100.00
Shanghai Engineering Group Co. Ltd. be recovered
Not expected to
other 15419803.33 15419803.33 100.00
be recovered
amount to 76050649.46 76050649.46 —— ——
* Accounts receivable for which bad debt provisions are calculated based on the aging group within the
combination
ending balance
project
book balance bad debt provision Proportion (%)
Within 1 year 337814272.87 3378142.72 1.00
1 to 2 years 59463445.97 2973172.30 5.00
2 to 3 years 19771746.63 1977174.66 10.00
3 to 4 years 9070233.69 2721070.11 30.00
4 to 5 years 5306177.49 2653088.75 50.00
More than 5 years 104502947.11 104502947.11 100.00
amount to 535928823.76 118205595.65 ——
Continue the table above
Year-end balance
project
book balance bad debt provision Proportion (%)
Within 1 year 261135229.49 2611352.29 1.00
1 to 2 years 40471815.19 2023590.76 5.00
2 to 3 years 18712438.45 1871243.85 10.00
156Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Year-end balance
project
book balance bad debt provision Proportion (%)
3 to 4 years 8778320.02 2633496.00 30.00
4 to 5 years 7257603.56 3628801.79 50.00
More than 5 years 103435968.77 103435968.77 100.00
amount to 439791375.48 116204453.46 ——
(3) Status of bad debt provisions
Amount of Change for This Period
Year-end
class Accruishment Recover or Write-off or ending balance
balance
Roll Back cancellation
Accounts
receivable for
which bad debt
116204453.462001142.20118205595.66
provisions are
made on a
combined basis
accounts
receivable for
which bad debt
76050649.46525051.0175525598.45
provisions are
made on a per-
item basis
amount to 192255102.92 2001142.20 525051.01 193731194.11
Among these: The amount of bad debt provisions recovered or reversed in this period is significant.Amount to be recovered or
name of organization Recovery Method
reversed
China Railway Communication and Signal 300000.00 Recovered Amount
Shanghai Engineering Group Co. Ltd.China Railway No.4 Bureau Group Electrification 142798.23 Recovered Amount
Engineering Co. Ltd.Putian Information Technology Co. Ltd. 82252.78 Recovered Amount
amount to 525051.01 ——
(5) Details of the top five accounts receivable by the debtor's end-of-period balances
157Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
End-of-period Proportion (%) of the End-of-period
Debtor's Name balance of accounts total ending balance of balance of bad debt
receivable accounts receivable provisions
Dongpo Xi Laos Co. Ltd. 19708086.54 3.22 19708086.54
Xu Mou 17591683.74 2.88 17591683.74
The 14th Research Institute of
China Electronics Technology 15783418.03 2.58 157834.18
Group Corporation
China Tower Corporation
Limited 13819926.92 2.26 13819926.92
The 28th Research Institute of
China Electronics Technology 12510830.50 2.05 358837.06
Group Corporation
amount to 79413945.73 12.99 51636368.44
4. Contract Assets
Ending balance Year-end balance
Project Carrying Allowancefor Bad Carrying Carrying
Allowance Carrying
Amount Debts Value Amount
for Bad
Debts Value
Contract
Assets 0.00 0.00 0.00 0.00
5、Receivables Financing
project ending balance Year-end balance
Bank Acceptance Bill 9122528.57 27655375.14
6. Advance Payment
(1) Advance payments are presented by aging.
ending balance Year-end balance
Account Age
amount of money Percentage (%) amount of money Percentage (%)
Within 1 year 3703160.46 75.97 2295980.21 66.45
1 to 2 years 29300.24 0.60 414362.15 11.99
2 to 3 years 217585.90 4.46 101166.16 2.93
More than 3 years 924730.31 18.97 643644.50 18.63
amount to 4874776.91 100.00 3455153.02 100.00
(2) Prepayment details for the top five accounts by end-of-period balance categorized by prepayment
recipient
Proportion (%) of the total ending balance
name of organization ending balance
of prepaid accounts
Yangzhou Titans Information 1470168.00 30.16
158Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Proportion (%) of the total ending balance
name of organization ending balance
of prepaid accounts
Technology Co. Ltd.Shenzhen Haiwei Hengtai Intelligent
576563.3111.83
Technology Co. Ltd.Beijing Anshi Dingyi Technology Co.
302500.006.21
Ltd.Guangdong Yunchao Automation
200000.004.10
Technology Co. Ltd.Nanjing Julihua Machine Tool
181200.003.72
Equipment Co. Ltd.amount to 2730431.31 56.02
7. Other Receivables
project ending balance Year-end balance
accounts receivable-other 5367579.19 5239886.21
(1) Other Receivables
* Disclosure by aging of accounts
Account Age ending balance Year-end balance
Within 1 year 4446296.05 3789466.81
1 to 2 years 801210.92 1296226.51
2 to 3 years 606410.61 451282.77
3 to 4 years 2314596.37 2398096.46
4 to 5 years 3331916.69 3465507.76
More than 5 years 39575594.71 40150177.39
subtotal 51076025.35 51550757.70
Less: Bad debt provision 45708446.16 46310871.49
amount to 5367579.19 5239886.21
* Classification by nature of funds
Book balance at the end
Nature of the Fund End-of-period book balance
of the previous year
Accounts Receivable and Payables 43931223.16 42706873.96
Deposit Guarantee Fund 5670077.58 7619798.27
Business travel petty cash fund 248699.14 42135.51
159Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
other 1226025.47 1181949.96
subtotal 51076025.35 51550757.70
Less: Bad debt provision 45708446.16 46310871.49
amount to 5367579.19 5239886.21
* Provision for bad debts
Stage I Stage II Stage III
Expected credit
losses throughout Expected creditlosses throughout
bad debt provision Expected credit the entire
losses over the duration (where the entire duration
amount to
next 12 months no credit (incorporating
impairment has already occurred
occurred) credit impairment)
Balance at the end of the
15332776.5930978094.9046310871.49
prior year
Provisions recognised in
-602425.33-602425.33
the current period
ending balance 14730351.26 30978094.90 45708446.16
* Status of bad debt provisions
Amount of Change for This Period
Year-end
class Accruishment Recover or Write-off or ending balance
balance
Roll Back cancellation
Stage 1 15332776.59 -15332776.59
Stage 2 30978094.90 -16247743.64 14730351.26
Stage 3 30978094.90 30978094.90
amount to 46310871.49 -602425.33 45708446.16
* Details of the top five other receivables by the debtor's accumulated ending balances
Proportion
(%) of the bad debt
Nature of the total ending provision
name of organization ending balance Account Age
Fund balance of ending
other balance
receivables
Beijing Likang Accounts
General Receivable and 28912122.71 More than 5 years 56.61 28912122.71
Communication Payables
160Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Proportion
(%) of the bad debt
Nature of the total ending provision
name of organization ending balance Account Age
Fund balance of ending
other balance
receivables
Equipment Co. Ltd.
2–3 years:
Accounts 21306.39; 4–5
Nanjing Putian
Receivable and 1784619.72 years: 504197.50; 3.49 1784619.72
Technology Co. Ltd.Payables Over 5 years:
1259115.83
Nanjing Putian Accounts
Communication Receivable and 805545.63 More than 5 years 1.58 805545.63
Industrial Co. Ltd. Payables
Nanjing Municipal
Office for the
Management of Wage
Deposit
Guarantee Funds for 400000.00 More than 5 years 0.78 400000.00
Guarantee Fund
Migrant Workers in
Construction
Enterprises
China United
Network Deposit
390000.00 More than 5 years 0.76 390000.00
Communications Co. Guarantee Fund
Ltd. Beijing Branch
amount to —— 32292288.06 —— 63.22 32292288.06
8. Inventory
(1) Inventory Classification
project ending balance
161Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Impairment provision
for inventory value
decline/Impairment
book balance book value
provision for
contract
performance costs
Raw Materials 15891332.93 8061162.82 7830170.11
Work in Progress 4364782.59 2881380.17 1483402.42
Finished Goods 92874532.89 46662808.49 46211724.40
Shipped-out Goods 74504012.25 48726012.18 25778000.07
Materials on Consignment for Processing 3655394.54 804691.99 2850702.55
amount to 191290055.20 107136055.65 84153999.55（ continuous ）
Year-end balance
Impairment provision
for inventory value
project decline/Impairment
book balance book value
provision for
contract
performance costs
Raw Materials 14141796.23 8238010.07 5903786.16
Work in Progress 3654045.14 2881380.17 772664.97
Finished Goods 68332138.56 47303888.65 21028249.91
Shipped-out Goods 80194291.90 49355227.23 30839064.67
Materials on Consignment for Processing 4198338.62 804691.99 3393646.63
amount to 170520610.45 108583198.11 61937412.34
(2) Inventory impairment provision/Contract performance cost impairment provision
Increase amount for this reduction amount for this
Year-end period period
project ending balance
balance Revert or write
Accruishment other other
off
Raw Materials 8238010.07 -16990.24 159857.01 8061162.82
Work in Progress 2881380.17 2881380.17
Finished Goods 47303888.65 -617502.32 23577.84 46662808.49
162Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Increase amount for this reduction amount for this
Year-end period period
project ending balance
balance Revert or write
Accruishment other other
off
Shipped-out
49355227.23629215.0548726012.18
Goods
Materials on
Consignment for 804691.99 804691.99
Processing
amount to 108583198.11 -634492.56 812649.90 107136055.65
9. Other current assets
project ending balance Year-end balance
Deductible Input VAT Pending Deduction 1881612.32 2034749.70
Prepaid Income Tax 437742.60 162034.21
amount to 2319354.92 2196783.91
10. Investments in Other Equity Instruments
(1) Investment in other equity instruments
project ending balance Year-end balance
Hangzhou Hongyan Electric Appliance Co. 321038.00 321038.00
Ltd.Nanjing Yuhua Electroplating Factory 420915.00 420915.00
Beijing Likang General Communication
Equipment Co. Ltd.amount to 741953.00 741953.00
The company's equity investments in Nanjing Yuhua Electroplating Factory Hangzhou Hongyan Electric
Appliance Co. Ltd. and Beijing Likang General Information Equipment Co. Ltd. constitute non-trading equity
instrument investments. Consequently the company classifies these investments as equity instruments
measured at fair value with changes recognized in other comprehensive income.
11. Investment property
(1) Investment property measured at cost
project Houses and buildings
I. Original Book Value
Year-end balance 20011121.96
Increase amount for this period 18550059.80
163Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project Houses and buildings
(1)Transfer from Inventories Fixed Assets and Construction in Progress 18550059.80
reduction amount for this period
ending balance 38561181.76
II. Cumulative Depreciation and Cumulative Amortization
Year-end balance 15033851.24
Increase amount for this period 9207121.53
Of which: provision for or amortization 262034.80
Transfer from Inventories Fixed Assets and Construction in
Progress 8945086.73
reduction amount for this period
ending balance 24240972.77
III. Impairment Provision
IV. Book Value
End-of-period book value 14320208.99
Book value at the end of the previous year 4977270.72
12. Fixed Assets
project ending balance Year-end balance
fixed assets 71401501.53 84173058.11
(1) Fixed Assets
* Fixed Assets Status
Houses and machinery Electronic conveyer Other
project amount to
Buildings equipment Equipment devices
Original book value
Year-end balance 103185699.27 48626411.26 18453438.80 3091621.11 16250653.27 189607823.71
Increase amount
5681.4122831.855663.7234176.98
for this period
Including:
5681.4122831.855663.7234176.98
Purchase
other
reduction amount for
18550059.80938007.971236347.0020724414.77
this period
Of which: disposal or
938007.971236347.002174354.97
scrapping
164Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Houses and machinery Electronic conveyer Other
project amount to
Buildings equipment Equipment devices
other 18550059.80 18550059.80
ending balance 84635639.47 47694084.70 18476270.65 1855274.11 16256316.99 168917585.92
accumulated
depreciation
Year-end balance 42727851.66 28209337.55 15398364.28 2957890.33 15415359.22 104708803.04
Increase amount
1834275.03736889.22501178.5425317.0937869.963135529.84
for this period
Of which:
1834275.03736889.22501178.5425317.0937869.963135529.84
provision made
other
reduction amount for
8945086.73909867.731199256.5911054211.05
this period
Of which: disposal or
909867.731199256.592109124.32
scrapping
other 8945086.73 8945086.73
ending balance 35617039.96 28036359.04 15899542.82 1783950.83 15453229.18 96790121.83
Impairment Provision
Year-end balance 539124.00 11550.65 175287.91 725962.56
Increase amount
for this period
reduction amount
for this period
ending balance 539124.00 11550.65 175287.91 725962.56
book value
End-of-period book
48479475.5119646175.012576727.8371323.28627799.9071401501.53
value
Book value at the end
59918723.6120405523.063055074.52133730.78660006.1484173058.11
of the previous year
* Status of temporarily idle fixed assets
Original accumulated Impairment
project book value remarks
book value depreciation Provision
machinery equipment 212485.00 196288.30 11169.15 5027.55
165Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Original accumulated Impairment
project book value remarks
book value depreciation Provision
Electronic Equipment 36000.00 34920.00 1080.00
other 342985.18 157407.73 175287.91 10289.54
amount to 591470.18 388616.03 186457.06 16397.09
* Fixed assets leased out through operating leases
project RCarrying value at year? end
Houses and Buildings 13271988.07
* Status of fixed assets for which the property ownership certificate has not been obtained
Reasons for the failure to obtain the property
project book value
ownership certificate
Houses and Buildings 1407111.14 Still being processed
13. Right-to-Use Assets
project machinery equipment amount to
Original book value
Year-end balance 2686684.00 2686684.00
This year's increase amount 4780208.88 4780208.88
New Leases 4780208.88 4780208.88
This year's reduction amount
year end balance 7466892.88 7466892.88
accumulated depreciation
Year-end balance 499499.28 499499.28
This year's increase amount 395871.32 395871.32
Of which: provision made 395871.32 395871.32
This year's reduction amount
year end balance 895370.60 895370.60
book value
Year-end book value 6571522.28 6571522.28
Book value at the end of the previous year 2187184.72 2187184.72
14. Intangible Assets
166Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(1) Information on Intangible Assets
project land use right software amount to
Original book value
Year-end balance 14116846.37 10452159.22 24569005.59
Increase amount for
this period
reduction amount for
this period
ending balance 14116846.37 10452159.22 24569005.59
accumulated amortization
Year-end balance 3983307.66 9381727.35 13365035.01
Increase amount for
167437.6866739.38234177.06
this period
Of which: provision
167437.6866739.38234177.06
made
reduction amount for
this period
ending balance 4150745.34 9448466.73 13599212.07
End-of-period book
9966101.031003692.4910969793.52
value
Book value at the end
10133538.711070431.8711203970.58
of the previous year
15. Long-term prepaid expenses
Increase Amortization
Year-end Other reduction
project amount for this amount for this ending balance
balance amount
period period
Renovation
3054632.19378958.842675673.35
Expenditures
16. Deferred income tax assets/deferred income tax liabilities
(1) Details of unconfirmed deferred tax assets
project ending balance Year-end balance
Deductible temporary differences 346842997.98 349948134.66
Deductible loss 187758717.98 178094465.64
amount to 534601715.96 528042600.30
167Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(2) The deductible losses of unconfirmed deferred tax assets shall mature in the following years.
a particular year ending balance Year-end balance remarks
202658332948.8458332948.84
202746663704.8546663704.85
202834598495.2534598495.25
20291622476.491622476.49
203020701608.3620701608.36
203118964342.229571047.64
20323128208.763128208.76
20331792957.221792957.22
20341683018.231683018.23
2036270957.76
amount to 187758717.98 178094465.64
17. Assets with restricted ownership or usage rights
project End-of-period book value Limitation Reason
Bank acceptance bill margin
monetary resources 964969.34 performance bond and special account
funds of the Party Committee
fixed assets 49825840.00 mortgage
immaterial assets 4822918.56 mortgage
amount to 55613727.90
Note: For details on the mortgage status of fixed assets and intangible assets refer to Note 17; for short-term loans see the
relevant section.
18. Short-term loan
(1) Classification of Short-Term Loans
project ending balance Year-end balance
mortgage loan 71177129.45 93874324.80
Credit Loan 83845930.55 108861610.37
bill receivable 1189786.81
amount to 155023060.00 203925721.98
Note: The Company pledged the capital contribution corresponding to its 56.28% equity interest in Nanjing Southern
Telecom Co. Ltd. (amounting to RMB 28.5340 million) to its parent company CETC Guorui Group Co. Ltd. to obtain
borrowings of RMB 66.80 million.
168Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
19. Payable Notes
kind ending balance Year-end balance
trade acceptance draft 150000.00 446679.01
Bank Acceptance Bill 5437062.08 6328555.16
amount to 5587062.08 6775234.17
20. Accounts Payable
(1) Presentation of Accounts Payable
project ending balance Year-end balance
Within 1 year (inclusive) 167989385.20 206129313.63
More than 1 year 180205557.08 67252993.23
amount to 348194942.28 273382306.86
(2) Significant accounts payable with an aging period exceeding 1 year
Reasons for the outstanding or
project ending balance
untransferred amounts
China Putian Information Industry Co. 14918045.42 Not yet at the payment node
Ltd.
21. Advance Payments
(1) Presentation of advance receipts
project ending balance Year-end balance
Within 1 year (inclusive) 295001.06
22. Contract Liabilities
(1) Contractual Liabilities
project ending balance Year-end balance
Advanced Payment 8667197.51 9264082.89
Less: Deferred sales tax to be written off 838185.19 837769.44
(Note 5 26)
amount to 7829012.32 8426313.45
23. Employee Compensation Payable
(1) Presentation of Employee Compensation Payables
Reduce in this
project Year-end balance Add to this issue ending balance
period
Short-term compensation 12622282.49 48545936.89 49053171.70 12115047.68
Post-employment Benefits – 4397931.42 4397931.42
169Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Reduce in this
project Year-end balance Add to this issue ending balance
period
Establish a Savings Plan
Resignation benefits 917477.00 917477.00
amount to 12622282.49 53861345.31 54368580.12 12115047.68
(2) Presentation of Short-Term Compensation
Reduce in this
project Year-end balance Add to this issue ending balance
period
Salaries bonuses allowances
and subsidies 0.12 38334457.72 38334457.72 0.12
employee services and benefits 644759.26 644759.26
Social Insurance Contributions 3323105.36 3323105.36
Of which: Medical insurance
2878923.192878923.19
premium
Work-related injury
235296.38235296.38
insurance premium
Maternity insurance premium 208885.79 208885.79
housing fund 3216865.05 3617586.84 3617586.84 3216865.05
Trade union funds and employee
education funds 9390420.79 247574.56 754809.37 8883185.98
Other short-term compensation 14996.53 2378453.15 2378453.15 14996.53
amount to 12622282.49 48545936.89 49053171.70 12115047.68
(3) Establishment of a Deposit Plan and Its Presentation
Reduce in this
project Year-end balance Add to this issue ending balance
period
basic retirement security 4214254.81 4214254.81
unemployment insurance expense 183676.61 183676.61
Corporate Annuity Contribution
amount to 4397931.42 4397931.42
24. Taxes and fees payable
project ending balance Year-end balance
added-value tax 614339.29 4364752.36
business income taxes 449719.44
building taxes 126462.21 313001.13
Land Use Tax 40752.81 81827.95
170Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project ending balance Year-end balance
income tax for individuals 63785.46 123313.16
urban maintenance & construction tax 44878.10 386451.15
extra charges of education funds 31370.58 182799.53
Local Education Surcharge 685.20 93237.01
Other taxes and fees 1500.00 47096.07
amount to 923773.65 6042197.80
25. Other Payables
project ending balance Year-end balance
dividends payable 698000.00 11044600.00
accounts payable-others 36848026.02 37987466.18
amount to 37546026.02 49032066.18
(1) Dividends payable
project ending balance Year-end balance
common stock dividends 698000.00 11044600.00
(2) Other Payables
* Listed by nature of the payment
project ending balance Year-end balance
accounts receivable payable 25057618.71 25867467.58
Unpaid installation costs 84126.44 12937.00
Deposit Guarantee Fund 3304661.61 3990787.59
Operating expenses 6698129.59 6833831.60
other 1703489.67 1282442.41
amount to 36848026.02 37987466.18
* Other significant payables with an aging period exceeding 1 year
Reasons for the outstanding
project ending balance
or untransferred amounts
China Putian Information Industry Group Co. 9591612.50 The settlement conditions
Ltd. have not been met.
26. Non-current liabilities maturing within one year
project ending balance Year-end balance
Long-term loans maturing within 1 year (Note 5 27) 70060958.33
Lease liabilities maturing within 1 year (Note 5 28) 738776.12 838955.39
171Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project ending balance Year-end balance
amount to 738776.12 70899913.72
27. Other current liabilities
project ending balance Year-end balance
Tax payable for write-off 838185.18 837769.44
Revert at the end of the period the endorsed and
transferred commercial acceptance bills and 3201794.81 9985556.41
drafts that have not yet matured.accrued expenses 97087.38
amount to 4039979.99 10920413.23
28. Long-term loan
Year-end balance Interest rate range
project
ending balance (%)
Pledge Loan 70054444.44 70000000.00 2.80
guaranteed loan
Less: Long-term borrowings due
within one year (Note 5 27) 70000000.00
amount to 70054444.44
Note: The Company obtained borrowings of RMB 70.00 million by mortgaging the real estate located at No.8 Fenghui
Avenue Yuhuatai District Nanjing City and the land use right within its occupied scope and pledging its capital contribution
corresponding to the 40.7% equity interest in Nanjing Southern Telecom Co. Ltd. (RMB 20.6349 million) and the capital
contribution corresponding to the 19.21% equity interest in Nanjing Putian Tianji Building Intelligence Co. Ltd. (RMB 3.8420
million) to Industrial and Commercial Bank of China Co. Ltd. Nanjing Junguan Sub-branch.
29. Leasing Liabilities
Year-end Increased this yearproject This year's Reduced this year endbalance New Lease interest other year balance
machinery equipment 838955.39 15824.04 852095.43 2684.00
Houses and Buildings 4780208.88 39906.32 399545.15 4420570.05
Less: Lease liabilities due
within one year (Note 5
25)838955.39——————738776.12
amount to —— —— —— 3684477.93
30. Paid-in Capital
Add to this Reduce in this
Investor Name Year-end balance ending balance
issue period
Total Number of Shares 215000000.00 215000000.00
31. Capital Reserve
172Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Year-end Add to this Reduce in this
project ending balance
balance issue period
capital stock premium 137786640.63 137786640.63
Other Capital Reserve 63531487.98 63531487.98
amount to 201318128.61 201318128.61
32. Inventory shares
Increase amount for reduction amount
project Beginning balance ending balance
this period for this period
Share Repurchase 2995076.96 2995076.96
33. Other Comprehensive Income
Amount of Transactions in This Period
reduction:
current originally
period recognized in other After-tax After-tax
End of last year Amount comprehensive Less: amount amount end of term
project balance incurred income transferred Income attributable
before to profit or loss (or Tax to the
attributable balance
to minority
income retained earnings) Expense parent shareholders
tax in the current company
period
Other
comprehensive
income
reclassified -1854910.00 -1854910.00
into profit or
loss
Of which: the
amount of
financial asset
reclassification
recognized in -1854910.00 -1854910.00
other
comprehensive
income
34. Surplus Reserve
Year-end balance Add to this Reduce in this
project ending balance
issue period
Legal surplus reserve 589559.77 589559.77
35. Undistributed Profits
project current period prior period
Undistributed profits at the end of the previous year
-403806789.70-394344427.37
before adjustment
Adjusted undistributed profit at the end of the
-403806789.70-394344427.37
previous year
Total: Net profit attributable to the parent company's -6556110.34 -7153201.29
173Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project current period prior period
shareholders for this period
Subtract: Withdrawal of statutory surplus reserve
Extract the discretionary surplus reserve
Extract general risk provision
Dividend payable for common stock
Dividends in the form of ordinary shares converted
into equity capital
End-of-period undistributed profits -410362900.04 -401497628.66
36. Operating revenue and operating costs
(1) Operating Revenue and Operating Costs
Amount for this period Previous period amount
project
income prime cost income prime cost
main business 292133774.49 244293267.42 300596752.68 241006017.00
Other Businesses 6939266.29 2227739.17 5717365.97 1774817.63
amount to 299073040.78 246521006.59 306314118.65 242780834.63
(2) Income and Cost Breakdown Information
Timing of Revenue Recognition main business Other Businesses
Recognized at a Point in Time 292133774.49 6939266.29
(3) Explanation of allocation to the remaining performance obligations
The amount of revenue corresponding to performance obligations under contracts entered into but not yet
performed or not fully performed at the end of the reporting period is RMB 124.3943 million of which RMB
89.1398 million is expected to be recognized as revenue in 2026 and RMB 35.2545 million is expected to be
recognized as revenue in 2027.
37. Taxes and Surcharges
project Amount for this period Previous period amount
building taxes 395739.87 323840.89
urban maintenance & construction
tax 125301.36 377146.95
extra charges of education funds 86263.68 243311.66
Local Education Surcharge 3237.28 26082.61
Land Use Tax 122580.76 123704.75
stamp duty 120729.55 121565.11
other 173850.12 165127.51
amount to 1027702.62 1380779.48
174Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Note: The calculation standards for various taxes and surcharges are detailed in Note 4 "Taxes."
38. Selling Expenses
project Amount for this period Previous period amount
employee compensation 17902849.28 19815398.16
Business entertainment expenses 1218380.88 2457168.65
travel expense 956985.87 1416503.31
administrative expenses 238758.32 391873.51
Sales Service Fee 108090.38 13446.17
Business Promotion Expenses 205912.62 127443.12
Meeting fee 117820.96 317045.28
Device Maintenance Fee 3384.06 64624.33
other 2571566.57 2343829.59
amount to 23323748.94 26947332.12
39. Administrative Expenses
project Amount for this period Previous period amount
employee compensation 11666608.12 15096826.52
Depreciation and Amortization 1959868.71 2266412.64
Consultation and intermediary fees 596726.62 1314105.11
administrative expenses 778402.42 529574.61
Leasing and property fees 34285.71 2443.00
Business entertainment expenses 25393.30 57576.79
travel expense 137258.97 118923.37
other 1302572.79 764651.93
amount to 16501116.64 20150513.97
40. R&D expenses
project Amount for this period Previous period amount
employee compensation 11243996.49 11992151.17
Interim trial fee 627507.93 621605.96
travel expense 282151.50 468715.85
Material Request 238860.72 331382.56
Depreciation and Amortization 430453.86 440846.79
other 349084.98 744649.87
amount to 13172055.48 14599352.20
175Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
41. Financial Expenses
project Amount for this period Previous period amount
interest expense 3564677.07 4242807.68
Subtraction: Interest Income 379063.55 278138.20
exchange loss 6180.84 1161.88
Service charge expenditure 44329.17 65107.78
other 260750.00
amount to 3496873.53 4030939.14
42. Other Income
The amount included in
Amount for this Previous period the non-recurring gains
project
period amount and losses for the current
period
Government subsidies related to
271137.54709967.12271137.54
the daily operations of enterprises
Advanced Manufacturing VAT
561885.60642714.50
Additional Deduction
Refund of Handling Fees for
26702.5112226.17
Withheld Individual Income Tax
amount to 859725.65 1364907.79 271137.54
The details of government subsidies are as follows:
Grant Item Amount for this Previous Asset-related / Income-period period amount related
Software VAT Refund 149012.46 360806.90 Income-related
Grant from Jiangning District Finance Bureau
Nanjing 100000.00 312500.00
Income-related
Employment Expansion Subsidy 22125.08 1500.00 Income-related
Pending Cleared Budget Revenue 35160.22 Income-related
43. Investment Return
project Amount for this period Previous period amount
Gains from long-term equity investments -111.44
accounted for using the equity method
Gain on Disposal of Long-term Equity 13074.70
Investments
other 672229.56 142610.75
176Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project Amount for this period Previous period amount
amount to 685304.26 142499.31
44. Credit impairment loss
project Amount for this period Previous period amount
Bad debt loss on notes receivable 511187.51 -17298.59
Loss on bad debts of accounts -1476091.19 -646064.33
receivable
Other receivables bad debt losses 602425.33 -117901.16
amount to -362478.35 -781264.08
45. Income from asset disposal
Amount for this Previous period The amount included in the non-
project period amount recurring gains and losses forthe current period
Gain or Loss on Disposal of Fixed Assets 8627.76 -16680.80 8627.76
46. Non-operating income
Amount for this Previous period The amount included in the non-
project period amount recurring gains and losses forthe current period
Unpayable Payables 520152.04 520152.04
Advance Received from Customer with
76588.0076588.00
Cancellation of Business License
Penalty Income 51782.00
Others 12641.69 184177.49 12641.69
amount to 609381.73 235959.49 609381.73
47. Non-operating expenses
The amount included
in the non-recurring
project Amount for this period Previous period amount
gains and losses for
the current period
Late Payment Surcharges 47.05 17.26 47.05
Penalty Expenses 5455.58
other 195425.86
amount to 47.05 200898.70 47.05
48. Income Tax Expense
(1) Income Tax expense statement
177Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project Amount for this period Previous period amount
Current income tax expense 238746.35 542956.90
Deferred income tax expense
other 20942.43 381254.77
amount to 259688.78 924211.67
(2) The adjustment process between accounting profit and income tax expense
project Amount for this period
total profit -3168949.02
Income tax expense calculated based on the statutory/applicable tax rate -792237.25
The impact of applying different tax rates to subsidiaries -635887.28
Adjustment for the impact of income tax from prior periods
The impact of non-taxable income
The impact of non-deductible costs expenses and losses 146474.65
Assess the impact of unconfirmed deferred tax assets on deductible losses in
the initial period
This year no impact of deductible temporary differences or deductible
2340376.53
losses related to deferred tax assets was recognized.The impact of the additional deduction for research and development
-819980.30
expenses
Other Effects 20942.43
Income Tax Fee 259688.78
49. Items in the Cash Flow Statement
(1) Receipt of other cash related to operating activities
project Amount for this period Previous period amount
public subsidy 142517.74 326959.74
interest revenue 149831.31 278138.20
Receiving and Paying Accounts 12903240.51 14507944.75
amount to 13195589.56 15113042.69
(2) Payment of other cash related to operating activities
project Amount for this period Previous period amount
out-of-pocket expenses 12173929.52 20932890.53
Receiving and Paying Accounts 12089294.35 14060296.04
amount to 24263223.87 34993186.57
178Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(3) Payment of other cash related to financing activities
project Amount for this period Previous period amount
Payment of Lease Rentals 1287599.65 568965.48
Payment of Guarantee Fees 260750.00
amount to 1548349.65 568965.48
(5) Changes in various liabilities arising from financing activities
project Beginning
Add to this issue Reduce in this period
balance ending balanceCash Change Non-cash Cash Change Non-cashchanges changes
money
borrowed for 203925721.98 39100000.00 2469010.62 89281885.79 1189786.81 155023060.00
short time
money
borrowed for 70000000.00 522666.66 468222.22 70054444.44
long term
Leasing
liabilities 838955.39 4835939.24 1251640.58 738776.12 3684477.93
Non-current
liabilities
maturing 70060958.33 1209817.79 70532000.00 738776.12
within one year
amount to 274825635.70 109100000.00 9037434.31 161533748.59 1928562.93 229500758.49
50. Supplementary Information to the Cash Flow Statement
(1) Supplementary Information to the Cash Flow Statement
Supplementary Information Amount for this Previous period
period amount
1. Adjust net profit to operating cash flow:
net margin -3428637.80 -3755321.55
Add: Asset impairment provision
Credit impairment loss 362478.35
Depreciation of fixed assets depletion of oil and gas
3135529.843174853.64
assets depreciation of productive biological assets
depreciation of right-of-use assets 395871.32 130304.16
amortization of intangible assets 234177.06 177923.87
Amortization of long-term prepaid expenses 378958.84 410661.77
Losses (or gains) from disposal of fixed assets
intangible assets and other long-term assets (marked -8627.76 16680.80
with a "-" sign)
Fixed asset disposal loss (profit entered with a "-"
sign)
179Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Supplementary Information Amount for this Previous period
period amount
Loss on change in fair value (profit/loss indicated
with a "-" sign)
Financial expenses (report revenue with a "-" sign) 3564647.79 4242807.72
Investment loss (profit is indicated with a "-") -685304.26 -142499.31
Decrease in deferred tax assets (enter with a "-")
Increase in deferred tax liability (reduce by entering
a negative sign)
reduction in inventory (increase indicated with a "-") -20769444.75 6225211.19
Decrease in operating receivables (enter with a "-"
-67924930.61-72868785.57
sign for an increase)
Increase in operating payable items (减少 items are
59012912.25-72594733.76
indicated with a "-").other 2717311.50
Net cash flow from operating activities -25732369.73 -132265585.54
2. Major investment and financing activities not
involving cash receipts or payments:
Debt converted into capital
convertible corporate bonds maturing within one year
fixed assets under financing lease
3. Net change in cash and cash equivalents:
End-of-period cash balance 91062846.52 105861149.82
Less: The balance of cash at the end of the previous year 180051598.36 288328064.43
Add: The ending balance of cash equivalents
Less: The balance of cash equivalents at the end of the
previous year
Net increase in cash and cash equivalents -88988751.84 -182466914.61
(2) Composition of cash and cash equivalents
project ending balance Year-end balance
Cash 91062846.52 180051598.36
Among these: Bank deposits available for payment at any
91062846.52105861149.82
time.
51. Foreign currency monetary items
180Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(1) Foreign currency monetary items
End-of-period foreign Conversion Exchange End-of-period converted
project
currency balance Rate RMB balance
monetary resources
Of which: US dollar 187334.45 6.8109 1275916.21
HongKong dollar 9.57 0.8686 8.31
52. Lease
(1) The Company as the lessee
* For information on Right-of-use Assets and Lease Liabilities see Notes V.12 and V.28.* Included in the current year's profit and loss
Included in the current year's profit and loss
project
Reporting Item amount of money
Interest on lease liabilities cost of financing 55730.36
* Cash flow outflows related to leasing
project Cash Flow Category This year's amount
Cash paid to repay the principal and interest of lease Cash outflow from financing
1112845.43
liabilities activities
(2) The Company acts as the lessor
* Information related to operating leases
A. Items included in the current year's profit and loss
Included in the current year's profit and
project loss
Reporting Item amount of money
Lease Income operating receipt 3858935.59
VI. R&D Expenses
1. Cost-based R&D expenditures
project Amount for this period Previous period amount
employee compensation 11243996.49 11992151.17
travel expense 282151.50 468715.85
Depreciation and Amortization 430453.86 440846.79
181Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
project Amount for this period Previous period amount
Material Request 238860.72 331382.56
Interim trial fee 627507.93 621605.96
other 349084.98 744649.87
amount to 13172055.48 14599352.20
VII. Interests in Other Entities
1. Composition of an Enterprise Group
Registered shareholding ratio
Capital Primary Registere （%）
Nature of Method of
Subsidiary Name (ten place of d
Business Acquisition
thousand business Address direct indirect
yuan)
Nanjing Southern
Telecommunications Nanjing Nanjing manufacturing5070.00 96.99% 3.01% establish
Co. Ltd. City City industry
Nanjing Putian Tianji
Building Intelligence Nanjing Nanjing manufacturing2000.00 45.77% establish
Co. Ltd. City City industry
Nanjing Putian Datang Business
Information Electronics Nanjing Nanjing manufacturing combination
1000.0040.00%
Co. Ltd. City City industry under different
controls
2. Reasons for including entities with shareholding ratios not exceeding half in the consolidation
scope
(1) The Company holds a 45.767% voting interest in Nanjing Putian Tianji Building Intelligence Co. Ltd.
with other voting shareholders being relatively dispersed. The Company represents more than half of the board
members of Nanjing Putian Tianji Building Intelligence Co. Ltd. thereby exercising control over the company.This enables the Company to participate in the company's activities enjoy variable returns leverage its control
over the company's returns and ultimately exercise full control over Nanjing Putian Tianji Building Intelligence
Co. Ltd.
(2) The Company holds a 40% equity stake in Nanjing Putian Datang Information Electronics Co. Ltd.
The number of Company members serving on its Board of Directors exceeds half of the total board members
182Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
granting the Company authority over the company. The Company is entitled to variable returns by participating
in its relevant activities and can leverage this authority to influence its return amounts thereby exercising
control over Nanjing Putian Datang Information Electronics Co. Ltd.
3. Equity held by minority shareholders of the subsidiary
(1) A significant non-wholly owned subsidiary
Shareholding Profit or loss Dividend
percentage of attributable to distributed to End-of-period
Subsidiary Name minority minority minority balance of minority
shareholders shareholders for shareholders in interest
(%) the period this period
Nanjing Putian Tianji Building
54.233127472.5482478706.85
Intelligence Co. Ltd.
(2) Key financial information of the subsidiary
ending balance
Subsidiary Name circulating non-current non-current Total
Total Assets cash liabilities
assets assets liability Liabilities
Nanjing Putian
Tianji Building
274965600.8931325723.94306291324.83190704442.67190704442.67
Intelligence Co.Ltd.（ continuous ）
Year-end balance
Subsidiary Name non-current non-current Total
circulating assets Total Assets cash liabilities
assets liability Liabilities
Nanjing Putian
Tianji Building
280998601.2932571405.73313570007.02204374209.00204374209.00
Intelligence Co.Ltd.（ continuous ）
Amount for this period Previous period amount
total Cash Flow total Cash Flow
Subsidiary
operating comprehe from operating net compreh from
Name net margin
receipt nsive Operating receipt margin ensive Operating
income Activities income Activities
183Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Subsidiary Amount for this period Previous period amount
NanNjinagmPeutian
Tianji
Building 160248114.99 6391084.14 6391084.14 -24185843.41 151212984.09 5762519.26 5762519.26 -34463682.83
Intelligence
Co. Ltd.VIII. Risks Associated with Financial Instruments
The Company's primary financial instruments include loans receivables and payables among others.Detailed descriptions of these financial instruments are provided in Note 5. The risks associated with these
instruments along with the risk management policies implemented by the Company to mitigate them are
outlined below. The Company's management monitors and manages these risk exposures to ensure they remain
within acceptable limits.The company employs sensitivity analysis techniques to assess the potential impact of reasonable and
possible changes in risk variables on current profits or equity. Since risk variables rarely change independently
and the interrelationships among variables significantly influence the ultimate effect of changes in any given
variable the following analysis assumes that each variable's change occurs independently.
1. Risk Management Objectives and Policies
The objective of our company's risk management is to achieve an appropriate balance between risk and
return minimize the negative impact of risks on our operating performance and maximize the interests of
shareholders and other equity investors. In line with this objective our fundamental risk management strategy
involves identifying and analyzing the various risks we face establishing appropriate risk tolerance thresholds
implementing effective risk management practices and conducting timely and reliable monitoring of these risks
to keep them within defined limits.
(1) Market Risk
* exchange risk
Foreign exchange risk refers to the risk that the fair value or future cash flows of financial instruments
fluctuate due to changes in foreign exchange rates. The Company operates in mainland China and its primary
activities are denominated in Renminbi; therefore the foreign exchange rate fluctuation risk assumed by the
Company is not material. The details of the Company's foreign currency monetary assets and liabilities at the
end of the period are provided in the relevant notes to this financial statement.As of December 312025 the Company's major foreign exchange risk exposures for its foreign currency
assets and liabilities are as follows (for reporting purposes the risk exposure amounts are presented in
Renminbi and converted using the spot exchange rate on the balance sheet date).
184Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
31 December 2025
project American dollar Hong Kong currency
foreign currency Renminbi foreign currency Renminbi
Cash and cash
equivalents 187334.45 1275916.21 9.57 8.31
31 December 2024
project American dollar Hong Kong currency
foreign currency Renminbi foreign currency Renminbi
Cash and cash
equivalents 30525.13 214555.03 10.33 9.33
* interest rate exposure
Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments fluctuate
due to changes in market interest rates. Fixed-rate interest-bearing financial instruments expose the Company to
fair value interest rate risk while floating-rate interest-bearing financial instruments expose the Company to
cash flow interest rate risk. The Company determines the proportion of fixed-rate to floating-rate financial
instruments based on market conditions and maintains an appropriate portfolio through regular review and
monitoring.
(2) Credit Risk
Credit risk refers to the risk that one party using a financial instrument fails to fulfill its obligations
resulting in financial losses for the other party.
1. Practical Credit Risk Management
(1) Methods for evaluating credit risk
The company assesses whether the credit risk of relevant financial instruments has increased significantly
since initial recognition on each balance sheet date. In determining such a significant increase the company
considers obtaining reasonable and well-founded information without incurring unnecessary additional costs or
effort including qualitative and quantitative analyses based on historical data external credit risk ratings and
forward-looking information. Using individual financial instruments or portfolios of instruments with similar
credit risk characteristics the company compares the risk of default on the balance sheet date with that on the
initial recognition date to determine the change in default risk over the instrument's expected lifetime.The company considers that the credit risk of financial instruments has increased significantly when one or
more of the following quantitative or qualitative criteria are met:
1) The quantitative criterion primarily requires that the default probability for the remaining term at the
balance sheet date increases by more than a specified percentage compared to the initial recognition date.
2) The qualitative criteria primarily involve significant adverse changes in the debtor's operational or
185Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
financial condition or existing or anticipated changes in the technological market economic or legal
environment that would substantially impair the debtor's ability to repay the company's debts;
(2) Definitions of default and assets with incurred credit impairment
When a financial instrument meets one or more of the following conditions the Company shall classify the
financial asset as having defaulted with the criteria aligning with those for recognizing credit impairment:
1) The debtor faces significant financial difficulties;
2) The debtor breaches the binding clauses stipulated in the contract;
3) The debtor is highly likely to go bankrupt or undergo other financial restructuring;
4) The creditor makes concessions to the debtor based on economic or contractual considerations related to
the debtor's financial difficulties—concessions that the debtor would not have made under any other
circumstances.
2. Measurement of Expected Credit Losses
The key parameters for measuring expected credit losses include the default probability default loss ratio
and default risk exposure.
3. The opening and closing balances of the loss provision for financial instruments are detailed in Notes
5.2 5.3 5.4 and 5.6 to this financial statement.
4. Credit risk exposure and credit risk concentration
The company's credit risk primarily stems from monetary funds and accounts receivable. To mitigate these
risks the company has implemented the following measures.
(1) Cash and cash equivalents
Our company deposits bank deposits and other monetary funds with financial institutions that have high
credit ratings resulting in relatively low credit risk.
(2) Accounts Receivable
Our company regularly conducts credit assessments for clients engaging in credit-based transactions.Based on the assessment results we select transactions only with accredited clients with sound credit profiles
and monitor their accounts receivable balances to ensure we avoid significant bad debt risks.As the company's accounts receivable risk is distributed across multiple partners and customers as of
August 302026 12.44% of its accounts receivable (compared to 16.66% as of December 312025) originated
from its top five customers. The company faces no significant credit concentration risk.
186Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
The maximum credit risk exposure assumed by our company is the book value of each financial asset on
the balance sheet.
(3) Liquidity Risk
Liquidity risk refers to the risk of insufficient funds when the Company fulfills its obligations settled by
cash or other financial assets. Such risk may arise from an inability to sell financial assets at fair value promptly;
from the counterparty's failure to repay its contractual obligations; from debts maturing ahead of schedule; or
from the failure to generate expected cash flows.To mitigate this risk the Company employs a comprehensive range of financing instruments including bill
settlement and bank loans while strategically combining long-term and short-term financing methods to
optimize its financing structure and maintain a balance between sustainability and flexibility. The Company has
secured credit lines from multiple commercial banks to meet its working capital requirements and capital
expenditures.* Financial liabilities classified by remaining maturity dates
End-of-period amount
project
book value The contract amount Within 1 year 1-3 years More than 3not discounted years
money borrowed for short time 155023060.00 155023060.00 155023060.00
notes payable 5587062.08 5587062.08 5587062.08
debit balance in suppliers’account 348194942.28 348194942.28 348194942.28
accounts payable-others 37546026.02 37546026.02 37546026.02
Non-current liabilities maturing
within one year 738776.12 738776.12 738776.12
subtotal 547089866.50 547089866.50 547089866.50（ continuous ）
Beginning balance
project
book value The contract amount notdiscounted Within 1 year 1-3 years
More than 3
years
money borrowed for short time 203925721.98 203925721.98 203925721.98
notes payable 6775234.17 6775234.17 6775234.17
debit balance in suppliers’account 273382306.86 273382306.86 273382306.86
accounts payable-others 49032066.18 49032066.18 49032066.18
Non-current liabilities maturing
within one year 70899913.72 70899913.72 70899913.72
subtotal 604015242.91 604015242.91 604015242.91
* Hedging
The company has not conducted any hedging activities.
187Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
* Transfer of financial assets
1. Classification of Transfer Methods
transition Nature of the transferred Transferred Termination
way financial asset finances Confirmation
The criteria for determining the
Asset Amount The situation termination of a confirmation
Endorsement of a Bank Acceptance Bill 24102023.35 Termination It has transferred almost all of its risksBill Confirmation and rewards.
2. Financial assets derecognized due to transfer
Amount of financial assets
Types of Financial Assets Transfer Method whose recognition has been Gains and losses related to the
terminated termination of recognition
receivables financing Endorsement Transfer 24102023.35
IX. Disclosure of Fair Value
1. The fair value of assets and liabilities measured at fair value at the end of the period
End-of-period fair value
First-level Second-level Third-level fair
project
fair value fair value value amount to
measurement measurement measurement
I. Continuous Fair Value
Measurement
(I) Investments in Other Equity
741953.00741953.00
Instruments
Total assets continuously
measured at fair value 741953.00 741953.00
II. Non-sustained fair value
measurement
(I) Receivables Financing 9122528.57 9122528.57
Total assets not measured at fair
value on a continuous basis 9122528.57 9122528.57
2. For continuous and non-continuous third-level fair value measurement items the valuation
techniques employed and the qualitative and quantitative information on key parameters shall be
specified.
(1) For receivables financing held the fair value shall be determined based on the face value;
(2) For other equity instrument investments held in Nanjing Yuhua Electroplating Factory and Hangzhou
Hongyan Electric Appliance Co. Ltd. since no significant changes have occurred in the operating environment
business performance or financial condition of the investee enterprises the company measures these
investments at their cost as a reasonable estimate of fair value.
188Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
(3) For its other equity instrument investments in Beijing Likang General Information Equipment Co. Ltd.
the company has measured the investments at zero yuan as a reasonable estimate of fair value due to the
deterioration in the operating environment business performance and financial condition of the investee.X. Related Parties and Related Transactions
1. Information about the company's parent company
The parent The voting
company's rights
Nature of registered shareholding proportion (%)
Parent Company Name Registered Address
Business capital percentage in of the parent
our company company in our
(%) company
No.359 Jiangdong
Electronic
China Electric Guorui Middle Road 1000000000.0
Equipment 53.49% 53.49%
GroupCo. Ltd. Jianye District 0
Manufacturing
Nanjing City
The ultimate controlling party is China Electronics Technology Group Corporation.
2. Information on the Company's Subsidiaries
For details refer to Note 7 Section 1: Composition of the Enterprise Group.
3. Information on the Company's Joint Ventures and Associated Enterprises
For details of the Company's significant joint ventures and associated enterprises please refer to Note 7
Section 4: Equity Interests in Joint Ventures or Associated Enterprises.
4. Information on Other Related Parties
Other related party names Relationships between other relatedparties and the Company
The 14th Research Institute of China Electronics Under the same ultimate controlling
Technology Group Corporation party
The 28th Research Institute of China Electronics Under the same ultimate controlling
Technology Group Corporation party
Nanjing Les Information Technology Co. Ltd. Under the same ultimate controllingparty
Shanghai Potevio Post & Telecommunication Technology Under the same ultimate controlling
Co. Ltd. party
Taiji Computer Corporation Limited Under the same ultimate controllingparty
Hebei Yuandong Communication System Engineering Co. Under the same ultimate controlling
Ltd. party
Potevio Information Technology Co. Ltd. Under the same ultimate controllingparty
Nanjing Guorui Defense System Co. Ltd. Under the same ultimate controllingparty
189Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Other related party names Relationships between other relatedparties and the Company
CETC Potevio Technology Co. Ltd. Under the same ultimate controllingparty
Potevio Communications Co. Ltd. Under the same ultimate controllingparty
CETC Digital Technology Co. Ltd. Under the same ultimate controllingparty
China Potevio Information Industry Co. Ltd. Under the same ultimate controllingparty
Nanjing Luopu Co. Ltd. Under the same ultimate controllingparty
CETC Cloud (Beijing) Technology Co. Ltd. Under the same ultimate controllingparty
Tianbo Electronic Information Technology Co. Ltd. Under the same ultimate controllingparty
Information Science Academy of China Electronics Under the same ultimate controlling
Technology Group Corporation party
The 54th Research Institute of China Electronics Under the same ultimate controlling
Technology Group Corporation party
Nanjing Rail Transit System Engineering Co. Ltd. Under the same ultimate controllingparty
Shanghai Post & Telecommunication Equipment Co. Ltd. Under the same ultimate controllingparty
Nanjing Nanman Electric Co. Ltd. Under the same ultimate controllingparty
CETC Metrology Testing and Certification (Beijing) Co. Under the same ultimate controlling
Ltd. party
Potevio Rail Transit Technology (Shanghai) Co. Ltd. Under the same ultimate controllingparty
Sichuang Electronics Co. Ltd. Under the same ultimate controllingparty
Guorui Technology Co. Ltd. Under the same ultimate controllingparty
Nanjing Meichen Microelectronics Co. Ltd. Under the same ultimate controllingparty
Nanjing Enrite Industrial Co. Ltd. Under the same ultimate controllingparty
Nanjing Guorui Xinwei Software Co. Ltd. Under the same ultimate controllingparty
CETC (Nanjing) Electronic Information Development Co. Under the same ultimate controlling
Ltd. party
Nanjing Luopu Technology Co. Ltd. Under the same ultimate controllingparty
The 55th Research Institute of China Electronics Under the same ultimate controlling
Technology Group Corporation party
Nanjing Putian Communications Technology Co. Ltd. Under the same ultimate controllingparty
Beijing Capital Telecom Co. Ltd. Under the same ultimate controllingparty
China Yuandong International Tendering Co. Ltd. Under the same ultimate controllingparty
Potevio Information Engineering Design & Service Co. Ltd. Under the same ultimate controllingparty
Beijing Likepu Communication Equipment Co. Ltd. Under the same ultimate controllingparty
190Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Other related party names Relationships between other relatedparties and the Company
Hangzhou Hikvision Technology Co. Ltd. Under the same ultimate controllingparty
Nanjing Branch of Hangzhou Hikvision Digital Technology Under the same ultimate controlling
Co. Ltd. party
Nanjing Putian Hongyan Electrical Technology Co. Ltd. Under the same ultimate controllingparty
Potevio High-tech Industry Co. Ltd. Under the same ultimate controllingparty
Nanjing Putian Communications Industry Co. Ltd. Under the same ultimate controllingparty
Hangzhou Hongyan Electric Co. Ltd. Under the same ultimate controllingparty
China Potevio Information Industry Group Co. Ltd. Under the same ultimate controllingparty
Nanjing Putian Information Technology Co. Ltd. Under the same ultimate controllingparty
5. Related Party Transactions
(1) Related-party transactions involving the purchase and sale of goods or the provision and receipt of
services
* Status of purchased goods/accepted services
Nature of
Related Party Related Party Amount for this Previous period
Transaction period amount
China Yuandong International Tendering Co. Ltd. Bid Service Fee 32435.98 6109.77
Potevio Information Engineering Design & Service Bid Service Fee
Co. Ltd. 21720.75
Chengdu Westone Information Security Technology Management
Co. Ltd. Service 10188.68
Nanjing Nanman Electric Co. Ltd. Telecommunication Products 1401993.77
CETC (Nanjing) Electronic Information Telecommunicat
Development Co. Ltd. ion Products 16253.17
CETC Asset Management Co. Ltd. ManagementService 11367.48
Nanjing Potevio Hongyan Electrical Technology Telecommunicat
Co. Ltd. ion Products 1653.10
Nanjing Hikvision Digital Technology Co. Ltd. Telecommunication Products 1199.12
Status of goods sold/labor services provided
Nature of
Related Party Related Party Amount for this Previous period
Transaction period amount
The 14th Research Institute of China Electronics Technology Telecommunica
Group Corporation tion Products 9075366.25 9093672.28
CETC Digital Technology Co. Ltd. Telecommunication Products 4142190.64
Nanjing Guorui Defense System Co. Ltd. Telecommunication Products 2668922.45 598474.80
Hebei Yuandong Communication System Engineering Co. Ltd. Telecommunication Products 1295362.78
191Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Nature of
Related Party Related Party Amount for this Previous period
Transaction period amount
China Electronics Technology Group Corporation Information Telecommunica
Science Academy tion Products 1274167.04
CETC Cloud (Beijing) Technology Co. Ltd. Telecommunication Products 1094075.64 438522.13
The 54th Research Institute of China Electronics Technology Telecommunica
Group Corporation tion Products 783010.62
The 28th Research Institute of China Electronics Technology Telecommunica
Group Corporation tion Products 748611.40 2886382.27
Nanjing Les Information Technology Co. Ltd. Telecommunication Products 415575.23 3025086.19
Nanjing Enrite Industrial Co. Ltd. Telecommunication Products 45723.17
Jiangsu Huachuang Microsystems Co. Ltd. Telecommunication Products 36600.88
Nanjing Nanman Electric Co. Ltd. Telecommunication Products 24283.96
Nanjing Luopu Technology Co. Ltd. Telecommunication Products 14663.71 60260.62
CETC (Nanjing) Electronic Information Development Co. Ltd. Telecommunication Products 10704.85 132743.36
Nanjing Luopu Co. Ltd. Telecommunication Products 2108165.46
Tianbo Electronic Information Technology Co. Ltd. Telecommunication Products 839415.90
Beijing Autway Technology Co. Ltd. Telecommunication Products 750159.29
Putian Rail Transit Technology (Shanghai) Co. Ltd. Telecommunication Products 325435.41
CETC Putian Technology Co. Ltd. Telecommunication Products 282925.12
Eastcom Co. Ltd. Telecommunication Products 45575.20
Nanjing Les Electronic Equipment Co. Ltd. Telecommunication Products 22455.75
(2) Related leasing arrangements
* Our company acts as the lessor
Types of leased Lease income Lease income
Leaseholder Name recognized in this recognized in the
assets period previous period
The 14th Research Institute of China
House and Property
Electronics TechnologyGroup 1200550.46 1200550.46
Income
Corporation
House and Property
Nanjing Luopu Co. Ltd. 197619.05 197619.05
Income
China Electronics Technology Group House and Property
162000.00162000.00
Corporation Metrology Testing and Income
192Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Certification (Beijing) Co. Ltd.* Our company as the lessee
Simplified calculation of Increased
rental expenses for short- The rent paid Interest expense on leasedliabilities incurred assets of usage
Type term leases rights
s of Cu
Landlord lease rrePrevious Previous Previous nt PreviousName d Current Current Current period
asset period period period period period period per occurren
s amount occurrence amount occurrence amount occurrence iodamount amount amount am ce
ou amount
nt
China
Electronics
Technology mach
Group inery
Corporation equip 852095.43 1137438.87 15824.04 63824.48
Financial ment
Leasing Co.Ltd.Beijing
Shouxin Co. buildings 507491.18 1034448.46 550605.87 889651.45Ltd.
(3 Loans to related parties and interest expenses
affiliated party Related Party Current period amount /
Previous period occurrence
Transaction Details End-of-period balance amount/period openingbalance
China Putian Information Industry Co. Ltd. Principal amount ofentrusted loan 86800000.00
China Putian Information Industry Co. Ltd. Debt loan interest 1669815.00
China Electronic Technology Finance Co.Ltd. Loan principal 70000000.00
China Electronic Technology Finance Co.Ltd. cost of money 471041.67 1259937.50
China Electronics Technology Group
Corporation Financial Leasing Co. Ltd. Other interest 15824.04 38233.79
China Electric Guorui Group Co. Ltd. Principal amount ofentrusted loan 66800000.00 66800000.00
China Electric Guorui Group Co. Ltd. Debt loan interest 956659.50
(4) Funds deposited with China Electronic Technology Finance Co. Ltd. and interest income for the
current period
project Amount for this period Previous period amount
Deposited with a financial company 83955123.88 172779922.93
Interest income for this period 100065.26 373400.64
(5) Compensation for Key Management Personnel
project Amount for this period Previous period amount
Remuneration for Key Management Personnel 1076064.00 1302295.00
6. Receivables and payables from related parties
(1) Accounts Receivable Items
193Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Balance at the End of Prior
Closing Balance
Year
Items
Allowance for Allowance for
Gross Balance Gross Balance
Credit Losses Credit Losses
Receivable：
The 14th Research Institute of China Electronics
Technology Group Corporation 15783418.03 157834.18 12947983.94 129479.84
The 28th Research Institute of China Electronics
Technology Group Corporation 12510830.50 380781.07 15663961.54 399668.76
Nanjing Les Information Technology Co. Ltd. 9685563.42 573780.37 14814554.61 823900.28
Shanghai Potevio Co. Ltd. 8755534.00 8755534.00 8755534.00 8755534.00
Taiji Computer Corporation Limited 8204723.11 82047.28 8204723.11 82047.28
Hebei Yuandong Communication System
Engineering Co. Ltd. 7078292.05 1121933.45 5976731.85 744627.33
Potevio Information Technology Co. Ltd. 5901092.80 5901092.80 5983345.58 5983345.58
Nanjing Guorui Defense System Co. Ltd. 5510956.29 55109.56 3346725.58 47694.88
CETC Potevio Technology Co. Ltd. 5414212.80 386271.28 5414212.80 336471.28
Potevio Communication Co. Ltd. 4317924.00 4317924.00 4317924.00 4317924.00
CETC Digital Technology Co. Ltd. 3886273.41 38862.73 253022.35 2530.27
China Potevio Information Industry Co. Ltd. 3222253.45 3108221.70 3222253.45 3103328.36
Nanjing Lop Co. Ltd. 3158384.63 31583.85 4238987.48 42389.87
CETC Cloud (Beijing) Technology Co. Ltd. 3002916.00 30029.16 2576051.00 25760.51
Tianbo Electronic Information Technology Co.Ltd. 1700864.56 85043.23 1700864.56 46842.63
Academy of Information Science China
Electronics Technology Group Corporation 1383600.00 13836.00
The 54th Research Institute of China Electronics
Technology Group Corporation 1210169.68 12101.70 499364.00 4993.64
Nanjing Rail Transit System Engineering Co. Ltd. 993349.94 49131.57 993349.94 41446.64
Shanghai Posts & Telecommunications Equipment
Co. Ltd. 403366.29 403366.29 403366.29 403366.29
Nanjing Nanman Electric Co. Ltd. 203312.17 2598.79 178506.17 2350.78
CETC Metrology Testing and Certification
(Beijing) Co. Ltd. 174780.00 1747.80 1866.67 18.67
Potevio Rail Transit Technology (Shanghai) Co.Ltd. 146772.00 1467.72 146772.00 1467.77
Sichuang Electronics Co. Ltd. 143812.88 40002.38 143812.88 60045.38
Guorui Technology Co. Ltd. 109957.83 1387.58 109957.83 1387.58
Nanjing Meichen Microelectronics Co. Ltd. 98000.00 4900.00 101460.00 5073.00
Nanjing Enruite Industrial Co. Ltd. 51667.18 516.67
Nanjing Guorui Xinwei Software Co. Ltd. 40625.01 2031.25 40625.01 2031.25
CETC (Nanjing) Electronic Information
Development Co. Ltd. 24096.45 1320.96 12000.00 1200.00
Nanjing Lop Technology Co. Ltd. 720.00 7.20 82071.00 820.76
The 55th Research Institute of China Electronics
Technology Group Corporation 80000.00 800.00
194Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Balance at the End of Prior
Closing Balance
Year
Items
Allowance for Allowance for
Gross Balance Gross Balance
Credit Losses Credit Losses
amount to 103117468.48 25560464.57 100210027.64 25366546.63
Notes Receivable：
The 14th Research Institute of China Electronics
Technology Group Corporation 322500.00
The 54th Research Institute of China Electronics
Technology Group Corporation 139044.64 6952.23
The 28th Research Institute of China Electronics
Technology Group Corporation 3259620.00 162981.00
Nanjing Guorui Xinwei Software Co. Ltd. 3089786.81 213978.68
CETC Potevio Technology Co. Ltd. 747000.00
Nanjing Meichen Microelectronics Co. Ltd. 686000.00 34300.00
amount to 461544.64 6952.23 7782406.81 411259.68
Other Receivables：
Nanjing Potevio Communication Technology Co.Ltd. 1784619.72 1784619.72 1784619.72 1784619.72
Potevio Information Technology Co. Ltd. 367800.00 367800.00 367800.00 367800.00
Beijing Capitel Co. Ltd. 95096.52 4754.83 84900.52 4245.03
China Far East International Tendering Co.Ltd. 22400.00 1120.00 44782.14 2239.11
The 14th Research Institute of China Electronics
Technology Group Corporation 29000.00 1450.00 29000.00 1450.00
Potevio Information Engineering Design Service
Co. Ltd. 24000.00 1200.00
China Potevio Information Industry Co. Ltd. 1000.00 1000.00 1000.00 1000.00
Beijing Likepu Communication Equipment Co.Ltd. 28912122.71 28912122.71 28912122.71 28912122.71
Hangzhou Hikvision Technology Co. Ltd. 22630.00 22630.00 22630.00 22630.00
Hangzhou Hikvision Digital Technology Co.Ltd. Nanjing Branch 2766.00 2766.00 2766.00 2766.00
amount to 31237434.95 31098263.26 31273621.09 31100072.57
(2) Accounts Payable Items
Balance at the End of Prior
Items Closing Balance
Year
Accounts Payable：
China Potevio Information Industry Co. Ltd. 14918045.42 14918045.42
CETC (Nanjing) Electronic Information Development Co. Ltd. 4883705.58 4932081.60
Nanjing Nanman Electric Co. Ltd. 3030412.33 3030412.33
Nanjing Potevio Hongyan Electrical Technology Co. Ltd. 195824.09 195824.09
Potevio High-tech Industry Co. Ltd. 25000.00 25000.00
Nanjing Potevio Communication Industry Co. Ltd. 123848.19
Hangzhou Hongyan Electrical Appliances Co. Ltd. 3.69
195Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Balance at the End of Prior
Items Closing Balance
Year
amount to 23176839.30 23101363.44
Other Payables：
China Potevio Information Industry Group Co. Ltd. 9591612.50 9591612.50
Potevio High-tech Industry Co. Ltd. 1442202.94 1442202.94
Nanjing Potevio Information Technology Co. Ltd. 2467412.69 2467412.69
amount to 13501228.13 13501228.13
Contract Liabilities：
China Potevio Information Industry Co. Ltd. 3727418.22 3727418.22
China Potevio Information Industry Group Co. Ltd. 11716.35 11716.35
amount to 3739134.57 3739134.57
XI. Commitments and Contingent Matters
1. Major Commitment Matters
As of the reporting date the Company has no material commitments requiring disclosure.
2. Contingent Matters
As of the reporting date the Company has no material contingent matters requiring disclosure.XII. Events Occurring After the Balance Sheet Date
As of the reporting date there are no other subsequent events after the balance sheet date that require
disclosure.XIII. Other Important Matters
(I) Branch Report
1. Basis for Determining Sub-Report and Accounting Policies
The company determines its reporting divisions based on its internal organizational structure management
requirements and internal reporting systems with product divisions serving as the fundamental basis.Performance evaluations are conducted separately for video conferencing products integrated wiring products
distribution wiring products and other business segments. Assets and liabilities shared among the divisions are
allocated proportionally according to their respective scales.The company determines its reporting segments based on product segments. The assets and liabilities of
each segment represent the actual amounts utilized while the main business revenue and costs correspond to
those of each respective product segment.
2. Financial Information in the Branch Report
196Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
video Integrated Communication
project conferencing Cabling basic products Inter-branch
product product and others offset
I. Operating Revenue 113955614.44 160248114.99 26030279.71 -1160968.36
II. Operating Costs 96833635.87 132910466.74 17837758.02 -1060854.04
III. Investment Returns from Joint Ventures
and Cooperative Enterprises
IV. Credit Impairment Loss -1491602.10 -400788.58 1529912.33
V. Asset Impairment Loss
VI. Depreciation and Amortization
Expenses 111795.30 1248460.16 2728926.32 55355.28
VII. Total Profit -5043841.55 6629830.49 -4599468.36 -155469.60
VIII. Income Tax Expenses 20942.43 238746.35
IX. Net Profit -5064783.98 6391084.14 -4599468.36 -155469.60
X. Total Assets 326124538.46 306291324.83 254296549.86 -156802302.41
XI. Total Liabilities 213365426.16 190704442.67 358451918.34 -116785184.66
(II) Others
The Company pledged the capital contribution of RMB 28.534 million corresponding to its 56.28% equity
interest in Nanjing Southern Telecom Co. Ltd. to CETC Guorui Group Co. Ltd. (hereinafter referred to as the
Parent Company) to facilitate the loan provided to the Company by the finance company entrusted by the
Parent Company. The Company also pledged the capital contribution of RMB 4.00 million corresponding to its
40% equity interest in its subsidiary Nanjing Putian Datang Information Electronics Co. Ltd. to CETC Finance
Leasing Co. Ltd. for the finance leasing business handled by the Company with CETC Finance Leasing Co.Ltd. Transfer of the above-mentioned equity interests in subsidiaries is restricted prior to the release of such
pledges.XIV. Notes to Key Items in the Parent Company's Financial Statements
1. Accounts Receivable
(1) Disclosure by aging of accounts
Account Age ending balance Year-end balance
Within 1 year 22743841.62 26145588.39
1 to 2 years 30042282.96 18892822.21
2 to 3 years 7431372.11 9775010.59
3 to 4 years 7845038.85 8213599.93
4 to 5 years 4452485.30 4739444.66
More than 5 years 163486854.39 164589421.40
subtotal 236001875.23 232355887.18
Less: Bad debt provision 170376471.86 171443995.15
197Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Account Age ending balance Year-end balance
amount to 65625403.37 60911892.03
(2) Classified presentation according to the bad debt provisioning method
ending balance
book balance bad debt provision
class
Percentage Proportion book value
amount of money amount of money
(%)(%)
accounts receivable for 74010243.34 31.36 74010243.34 100.00
which bad debt
provisions are made on a
per-item basis
Accounts receivable for 161991631.89 68.64 96366228.52 59.49 65625403.37
which bad debt
provisions are made on a
combined basis
among ：
combination 1: Age of 155088334.48 65.71 96366228.52 62.14 58722105.96
Account Combination
Combination 2: Related 6903297.41 2.93 6903297.41
Parties Combination
amount to 236001875.23 —— 170376471.86 72.19% 65625403.37（ continuous ）
Year-end balance
book balance bad debt provision
class
Percentage book value
amount of money amount of money Proportion (%)
(%)
accounts receivable
for which bad debt
74517573.1832.0774517573.18100.00
provisions are made
on a per-item basis
Accounts receivable
for which bad debt
157838314.0067.9396926421.9761.4160911892.03
provisions are made
on a combined basis
198Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Year-end balance
book balance bad debt provision
class
Percentage book value
amount of money amount of money Proportion (%)
(%)
among ：
combination 1: Age of
150935016.5964.9696926421.9764.2254008594.62
Account Combination
Combination 2:
Related Parties 6903297.41 2.97 6903297.41
Combination
amount to 232355887.18 100 171443995.15 73.79 60911892.03
* Accounts receivable for which a separate bad debt provision is made at the end of the period
ending balance
Proportion
Accounts Receivable (by Unit) bad debt
book balance of Calculation Basis
provision
Deduction
19708086.54 19708086.54 The recovery process
Dongpo Xi Laos Co. Ltd. 100.00
carries risks.
17591683.74 17591683.74 The recovery process
Xu Mou 100.00
carries risks.
13819926.92 13819926.92 The recovery process
China Tower Co. Ltd. 100.00
carries risks.
4385737.69 4385737.69 The recovery process
Putian Information Technology Co. Ltd. 100.00
carries risks.China Railway Communication and 3227803.35 3227803.35
The recovery process
Signal Shanghai Engineering Group Co. 100.00
carries risks.Ltd.
15277005.10 15277005.10 The recovery process
other 100.00
carries risks.amount to 74010243.34 74010243.34 100.00 ——
Continue the table above
Accounts Receivable (by Unit) Year-end balance
199Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Proportion
bad debt
book balance of Calculation Basis
provision
Deduction
The recovery process
Dongpo Xi Laos Co. Ltd. 19708086.54 19708086.54 100.00
carries risks.The recovery process
Xu Mou 17591683.74 17591683.74 100.00
carries risks.The recovery process
China Tower Co. Ltd. 13819926.92 13819926.92 100.00
carries risks.The recovery process
Putian Information Technology Co. Ltd. 4450269.30 4450269.30 100.00
carries risks.China Railway Communication and Signal The recovery process
3527803.353527803.35100.00
Shanghai Engineering Group Co. Ltd. carries risks.The recovery process
other 15419803.33 15419803.33 100.00
carries risks.amount to 74517573.18 74517573.18 100.00 ——
* Accounts receivable for which bad debt provisions are calculated based on the aging group within the
combination
ending balance
project
book balance bad debt provision Proportion (%)
Within 1 year 18973785.21 189737.85 1.00
1 to 2 years 26909041.96 1345452.10 5.00
2 to 3 years 7431372.11 743137.21 10.00
3 to 4 years 7824808.85 2347442.66 30.00
4 to 5 years 4417735.30 2208867.65 50.00
More than 5 years 89531591.05 89531591.05 100.00
amount to 155088334.48 96366228.52 62.14（ continuous ）
Year-end balance
project
book balance bad debt provision Proportion (%)
Within 1 year 22375531.98 223755.32 1.00
1 to 2 years 15759581.21 787979.06 5.00
2 to 3 years 9775010.59 977501.06 10.00
200Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Year-end balance
project
book balance bad debt provision Proportion (%)
3 to 4 years 8193369.93 2458010.98 30.00
4 to 5 years 4704694.66 2352347.33 50.00
More than 5 years 90126828.22 90126828.22 100.00
amount to 150935016.59 96926421.97 64.22
(3) Status of bad debt provisions
Amount of Change for This Period
Year-end
class Accruishment Recover or Write-off or ending balance
balance
Roll Back cancellation
Accruishment
based on the
aging of 96926421.97 -560193.45 96366228.52
accounts
receivable
Individual
74517573.18507329.8474010243.34
Provisioning
amount to 171443995.15 -560193.45 507329.84 170376471.86
Among these: The amount of bad debt provisions recovered or reversed in this period is significant.Amount to be
name of organization Recovery Method
recovered or reversed
CRSC Shanghai Engineering Bureau Group Co. Ltd. 300000.00 Recovered Amount
China Railway Communication and Signal Shanghai
142798.23 Recovered Amount
Engineering Group Co. Ltd.Putian Information Technology Co. Ltd. 64531.61 Recovered Amount
amount to 507329.84 ——
(4) Details of the top five accounts receivable by the debtor's end-of-period balances
End-of-period Proportion (%) of the End-of-period
Debtor's Name balance of accounts total ending balance of balance of bad debt
receivable accounts receivable provisions
Dongpo Xi Laos Co. Ltd. 19708086.54 8.35 19708086.54
Xu Mou 17591683.74 7.45 17591683.74
The 14th Research Institute of
China Electronics Technology 15669192.34 6.64 156691.92
Group Corporation
201Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
End-of-period Proportion (%) of the End-of-period
Debtor's Name balance of accounts total ending balance of balance of bad debt
receivable accounts receivable provisions
China Tower Co. Ltd. 13819926.92 5.86 13819926.92
Shanghai Putian Youtong
Technology Co. Ltd. 8755534.00 3.71 8755534.00
amount to 75544423.54 32.01 60031923.12
2. Other Receivables
project ending balance Year-end balance
dividends receivable 19532000.00 28685400.00
accounts receivable-other 1537952.16 1805885.66
amount to 21069952.16 30491285.66
(1) Dividends receivable
* Dividend receivable status
Project (or the invested entity) ending balance Year-end balance
Subsidiary dividend 19532000.00 28685400.00
(2) Other Receivables
* Disclosure by aging of accounts
Account Age ending balance Year-end balance
Within 1 year 1053287.68 886060.97
1 to 2 years 126885.80 584157.05
2 to 3 years 416076.27 416076.27
3 to 4 years 2314596.37 2329596.37
4 to 5 years 3201274.79 3395274.79
More than 5 years 37521145.74 37528845.74
subtotal 44633266.65 45140011.19
Less: Bad debt provision 43095314.49 43334125.53
amount to 1537952.16 1805885.66
* Classification by nature of funds
Book balance at the end
Nature of the Fund End-of-period book balance
of the previous year
Accounts Receivable and Payables 40030170.64 40613763.14
Deposit Guarantee Fund 3437613.02 3702805.50
Business travel petty cash fund 41492.59 31492.59
other 1123990.40 791949.96
202Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
subtotal 44633266.65 45140011.19
Less: Bad debt provision 43095314.49 43334125.53
amount to 1537952.16 1805885.66
* Provision for bad debts
stage Ⅰ stage Ⅱ phase III
Expected credit
losses throughout Expected credit
bad debt provision Expected credit the entire
losses throughout
amount to
losses over the duration (where the entire duration
next 12 months no credit (incorporating
impairment has already occurred
occurred) credit impairment)
Year-end balance 12356030.63 30978094.90 43334125.53
This period's accrual -238811.04 -238811.04
ending balance 12117219.59 30978094.90 43095314.49
* Status of bad debt provisions
Amount of Change for This Period
Year-end
class Accruishment Recover or Write-off or ending balance
balance
Roll Back cancellation
Age of Debt
12356030.63-238811.0412117219.59
Provision
Individual
30978094.9030978094.90
Provisioning
amount to 43334125.53 -238811.04 43095314.49
* Details of the top five other receivables by the debtor's accumulated ending balances
Proportion (%) of
bad debt
name of Nature of the ending the total ending
Account Age provision
organization Fund balance balance of other
ending balance
receivables
Beijing Likang
General Accounts
Communication Receivable 28912122.71 More than 5 years 64.78 28912122.71
Equipment Co. and Payables
Ltd.
203Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Proportion (%) of
bad debt
name of Nature of the ending the total ending
Account Age provision
organization Fund balance balance of other
ending balance
receivables
2–3 years:
Nanjing Putian Accounts 21306.39; 4–5
Technology Co. Receivable 1784619.72 years: 504197.5; 4.00 1784619.72
Ltd. and Payables over 5 years:
1259115.83
Nanjing Putian Accounts
Communication Receivable 805545.63 More than 5 years 1.80 805545.63
Industry Co. Ltd. and Payables
Nanjing Putian
Accounts
Tianji Building
Receivable 566576.28 Within 1 year 1.27
Intelligence Co.and Payables
Ltd.Nanjing
Municipal Office
for the
Management of Deposit
Wage Guarantee Guarantee 400000.00 More than 5 years 0.90 400000.00
Funds for Fund
Migrant Workers
in Construction
Enterprises
amount to —— 32468864.34 —— 72.75 31902288.06
3. Long-term equity investment
(1) Classification of Long-term Equity Investments
ending balance Year-end balance
project
book balance ImpairmentProvision book value book balance
Impairment
Provision book value
Investment
in a 43226458.52 1294510.00 41931948.52 43226458.52 1294510.00 41931948.52
subsidiary
204Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
ending balance Year-end balance
project
book balance ImpairmentProvision book value book balance
Impairment
Provision book value
amount to 43226458.52 1294510.00 41931948.52 43226458.52 1294510.00 41931948.52
(2) Investment in subsidiaries
An
Redu impairmen
Add End-of-period
ce in t provision
Year-end to balance of
Invested entity this ending balance has been
balance this impairment
perio recognize
issue provision
d d for this
period.Nanjing Putian
Tianji Building
3320003.453320003.45
Intelligence Co.Ltd.Nanjing Southern
Telecommunicatio 33175148.00 33175148.00
ns Co. Ltd.Nanjing Putian
Datang
Information 5436797.07 5436797.07
Electronics Co.Ltd.Nanjing Putian
Communication
1294510.001294510.001294510.00
Technology Co.Ltd.amount to 43226458.52 43226458.52 1294510.00
4. Operating Revenue Operating Cost
Amount for this period Previous period amount
project
income prime cost income prime cost
main business 13873538.26 10940822.33 16260961.31 14735889.65
Other Businesses 2968754.03 488705.26 1599677.71 6869.82
205Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
Amount for this period Previous period amount
project
income prime cost income prime cost
amount to 16842292.29 11429527.59 17860639.02 14742759.47
Explanation of allocation to the remaining performance obligations
At the end of the reporting period the amount of revenue corresponding to performance obligations under
signed contracts that have not yet been performed or not fully performed is RMB 13.5396 million of which
RMB 13.5396 million is expected to be recognized as revenue in 2026.
5. Investment Return
project Amount for this period Previous period amount
Income from long-term equity investments
-111.44
accounted for using the equity method
Gain on disposal of long-term equity investments 13074.70
Others 668932.96 9290594.46
amount to 682007.66 9290483.02
XV. Supplementary Information
1. Detailed Statement of Non-Recurring Gains and Losses for the Period
amount of
project explain
money
Gains or losses from the disposal of non-liquid assets including the offset
8627.76
portion of asset impairment provisions already recognized;
Government grants recognized in current period profit or loss shall exclude
those that are closely related to the company's normal business operations
comply with national policy regulations are received according to 122125.08
established standards and exert a sustained impact on the company's
financial results.Reversal of impairment provisions for receivables subjected to separate
525051.01
impairment testing;
Profit or loss from debt restructuring; 672229.56
Other non-operating income and expenses other than those mentioned
609334.68
above.Other profit and loss items that meet the definition of non-recurring gains
13074.70
and losses
Total non-recurring gains and losses before income tax 1950442.79
reduction: Amount affected by income tax 26962.43
206Nanjing Putian Telecommunications Co. Ltd. 2026 Semi-Annual Report (Full Text)
amount of
project explain
money
Total non-recurring gains and losses after income tax deduction 1923480.36
Impact of minority shareholders' profit/loss (losses are indicated with "-") 96420.43
Net profit excluding non-recurring gains and losses attributable to the
1827059.93
owners of the parent company
2. Return on Net Assets and Earnings Per Share
Weighted Average earnings per share
Profit for the reporting period Net Assets Basic Earnings diluted earnings
rate of return （%） Per Share per share
Net profit attributable to the company's ordinary
-131.84-0.030-0.030
stockholders
Net profit attributable to common shareholders
-168.58-0.040-0.040
after deducting non-recurring gains and losses
3. Differences in Accounting Data under Domestic and Overseas Accounting Standards
(1) Differences in net profit and net assets between financial reports disclosed in accordance with
International Financial Reporting Standards and Chinese Accounting Standards
□Applicable ?Not applicable
(2) Differences in net profit and net assets between financial reports disclosed in accordance with
overseas accounting standards and Chinese Accounting Standards
□Applicable ?Not applicable
（3） Explanation of reasons for differences in accounting data under domestic and overseas accounting
standards; where data audited by an overseas audit institution has been subject to difference
reconciliation the name of that overseas institution shall be indicated
Board of Directors of Nanjing Putian Telecommunications Co. Ltd.August 25 2026
207
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