{"id":27517,"date":"2024-06-28T12:30:00","date_gmt":"2024-06-28T12:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4451113_CN51113_0"},"modified":"2024-06-28T12:30:00","modified_gmt":"2024-06-28T12:30:00","slug":"recon-technology-ltd-reports-financial-results-for-the-first-six-months-of-fiscal-year-2024","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=27517","title":{"rendered":"Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2024"},"content":{"rendered":"

BEIJING<\/span><\/span>, June 28, 2024<\/span><\/span> \/PRNewswire\/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China<\/span>-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for the first six months of <\/span>fiscal year 2024.<\/p>\n

First Six Months of Fiscal 2024 Financial Highlights:<\/p>\n

– Total revenue<\/b> w<\/span>as RMB45.3 million<\/span> ($6.4 million<\/span>) for the six months ended December 31, 2023<\/span>, identical to the same period in 2022.<\/span><\/p>\n

– Gross profit <\/b>decreased to RMB12.1 million<\/span> ($1.7 million<\/span>) for the six months ended December 31, 2023, from RMB13.1 million<\/span> ($1.8 million<\/span>) for the same period in 2022.<\/p>\n

– Gross margin<\/b> decreased to 26.7% for the six months ended December 31, 2023 from 28.8% for the same period in 2022.<\/p>\n

– Net loss<\/b> was RMB23<\/span>.1 million ($3.3 million<\/span>) for the six months ended December 31, 2023, a decrease of RMB6<\/span>.8 million ($1.0 million<\/span>) from net loss of RMB29<\/span>.9 million ($4.2 million<\/span>) for the same period of 2022.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the Six Months Ended<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

December 31,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

(in RMB millions, except<\/i> earnings per
share; differences due to rounding)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Increase \/(Decrease)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Percentage<\/b> Change<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Revenue<\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/span><\/p>\n<\/td>\n

<\/td>\n\n

45.3<\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/span><\/p>\n<\/td>\n

<\/td>\n\n

45.6<\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.3<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(0.7)<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

12.1<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

13.1<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1.0)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(7.8)<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross margin<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

26.7<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

28.8<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(7.8)<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

\n

\/<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net loss<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(23.1)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(29.9)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(6.8)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

22.6<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net loss per share \u2013 Basic
and diluted<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(8.27)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(15.46)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(7.19)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

46.5<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Management Commentary<\/b><\/p>\n

“We have had a good six months in all of our major businesses, especially our oilfield services business,” said Mr. Shenping Yin<\/span>, Founder and CEO of Recon. “Although our revenues were flat compared to last year, the structural improvement of our business is essentially complete. Our onshore oil and gas fields service<\/span> business has shown good signs of recovery, and we have also developed new customers in offshore fields. We have purchased land to begin construction of a chemical plant for the chemical recycling of plastic waste, and are continuing to work on the pre-approval procedures required to operate the plant, which are essential to ensure future compliance in China<\/span>. We believe this facility will generate significant returns for our company and our shareholders in the future and is also<\/span> an important way for us to meet our EGS obligations. We remain excited about fiscal 2024 and beyond.”<\/p>\n

First Six Months Fiscal 2024 Financial Results:<\/b><\/p>\n

Revenue<\/p>\n

Total revenues for the six months ended December 31, 2023<\/span> were approximately RMB45.3 million<\/span> ($6.4 million<\/span>), a <\/span>decrease of approximately RMB0.3 million<\/span> ($0.04 million<\/span>) or 0.7% from RMB45.6 million<\/span> ($6.4 million<\/span>) for the same period in 2022.<\/p>\n

– <\/i>Revenue from automation product and software decreased by RMB1.5 million<\/span> ($0.2 million<\/span>) or 7.9%. During the six months period ended by December 31, 2023<\/span>, affected by temporary changes in market participation requirements from electricity industry customers, our business in the electronic automation<\/span> segment disrupted and revenue from non-oilfield customers decreased by RMB9.6 million<\/span> ($1.3 million<\/span>). However, due to the recovery of oilfield production, sales to oilfield customers increased by RMB8.1million<\/span> ($1.1 million<\/span>). Thus, our revenue from automation product and software business decreased slightly overall. We anticipate that revenue from the electronic business will resume and revenue will recover from October, 2024.<\/p>\n

– Revenue from equipment and accessories increased by RMB8.1 million<\/span> ($1.1 million<\/span>) or 83.6%. The increase in revenue was driven by the continued growth of our oilfield business and the successful expansion of our offshore oilfield services.<\/p>\n

– Revenue from oilfield environmental protection decreased by RMB4.7 million<\/span> ($0.7 million<\/span>) or 37.0%, mainly due to a reduction in the volume of oily wastewater provided by customers as their production intensity decreased. In addition, Gansu BHD’ s hazardous waste operation permit expired in July, 2023, and the renewal process took longer than expected due to changing<\/span> government regulations. Production activities were not allowed during this period. As a result, revenue from oily sludge treatment was reduced to a remarkably low level.<\/p>\n

– Revenue from platform outsourcing services decreased by RMB2.2 million<\/span> ($0.3 million<\/span>) or 55.3%. The decrease was mainly due to reduced demand from former gas station customers as they upgraded their own online systems and limited cooperation with third parties. During the period, we shifted our target market<\/span> from gasoline users to diesel users and established partnerships with several major online freight platform customers. We expect the increase in revenue from this segment to gradually form a new business base for the Company.<\/p>\n

Cost of revenue<\/span><\/p>\n

Cost of revenues increased slightly<\/span> from RMB32.4 million<\/span> ($4.6 million<\/span>) for the six months ended December 31, 2022<\/span> to RMB 33.2 million ($4.7 million<\/span>) for the same period in 2023. <\/p>\n

– For the six months ended December 31, 2022<\/span> and 2023, cost of revenue from automation product and software was approximately RMB14.9 million<\/span> and RMB14.0 million<\/span> ($2.0 million<\/span>), respectively, representing a decrease of approximately RMB0.9 million<\/span> ($0.1 million<\/span>) or 6.2%. The decrease in cost of revenue from automation product and software was primarily attributable to decreased revenue of automation products.<\/p>\n

– For the six months ended December 31, 2022<\/span> and 2023, cost of revenue from equipment and accessories was approximately RMB6.2 million<\/span> and \u00a512.7 million ($1.8 million<\/span>), respectively, representing an increase of approximately RMB6.6 million<\/span> ($0.9 million<\/span>) or 106.1%. The increase in cost of revenue from equipment and accessories was primarily attributable to increased revenue of equipment and accessories.<\/p>\n

– For the six months ended December 31,2022<\/span> and 2023, cost of revenue from oilfield environmental protection was approximately RMB9.8 million<\/span> and RMB5.9 million<\/span> ($0.8 million<\/span>), respectively, representing a decrease of approximately RMB3.9 million<\/span> ($0.5 million<\/span>) or 39.6%. The decrease in the cost of revenue, mainly drawn from wastewater and oily sludge treatments, was in line with decrease in revenue related to our oily sludge treatment.<\/p>\n

– For the six months ended December 31,2022<\/span> and 2023, cost of revenue from platform outsourcing services was approximately RMB1.2 million<\/span> and RMB0.3 million<\/span> ($0.04 million<\/span>). The decrease in cost of revenue was mainly due to a reduction in the number of employees, and saved servers leasing costs.<\/p>\n

Gross profit<\/p>\n

Gross profit decreased to RMB12.1 million<\/span> ($1.7 million<\/span>) for the six months ended December 31,2023 from RMB13.1 million<\/span> ($1.8 million<\/span>) for the same period in 2022. Our gross profit as a percentage of revenue decreased to 26.7 % for the six months ended December 31, 2023 from 28.8% for the same period in 2022.<\/p>\n

– For the six months ended December 31, 2022<\/span> and 2023, our gross profit from automation product and software was approximately RMB4.1 million<\/span> and RMB3.5 million<\/span> ($0.5 million<\/span>), respectively, representing a decrease in gross profit of approximately RMB0.6 million<\/span> ($0.1 million<\/span>) or 14.3%. The gross margin for automation product and software has remained relatively stable in this period.<\/p>\n

– For the six months ended December 31, 2022<\/span> and 2023, gross profit from equipment and accessories was approximately RMB3.5 million<\/span> and RMB5.1 million<\/span> ($0.7 million<\/span>), respectively, representing an increase<\/span> of approximately RMB1.6 million<\/span> ($0.2 million<\/span>) or 46.4 %. The reason for the decrease in gross margin is that oilfield customers have adopted a low-cost operating model and tightly controlled budgets, which has narrowed the overall margins of the market. Consequently, we had to resort to lower margins to secure business.<\/p>\n

– For the six months ended December 31, 2022<\/span> and 2023, gross profit from oilfield environmental protection was approximately RMB2.8 million<\/span> and RMB2.0 million<\/span> ($0.3 million<\/span>), respectively, representing a decrease of RMB0.8 million<\/span> ($0.1 million<\/span>) or 27.4%. The decrease in gross profit from oilfield environmental protection was primarily due to decreased production of oily sludge and oily wastewater.<\/p>\n

– For the six months ended December 31, 2022<\/span> and 2023, gross profit from platform outsourcing services was approximately RMB2.8 million<\/span> and RMB1.5 million<\/span> ($0.2 million<\/span>), respectively, representing a decrease of approximately RMB1.3 million<\/span> ($0.2 million<\/span>) or 46.6%, primarily due to lower sales as a result of lower demand.<\/p>\n

Operating expenses<\/p>\n

Selling expenses increased by 13.1%, or RMB0.5 million<\/span> ($0.1 million<\/span>), from RMB4.0 million<\/span> for the six months ended December 31, 2022 to RMB4.5 million<\/span> ($0.6 million<\/span>) in the same period of 2023.<\/p>\n

General and administrative expenses decreased by 15.9%, or RMB4.2 million<\/span> ($0.6 million<\/span>), from RMB26.2 million<\/span> for the six months ended December 31, 2022 to RMB22.0 million<\/span> ($3.1 million<\/span>) in the same period of 2023.<\/p>\n

The Company also recorded a net recovery of credit losses of RMB7.1 million<\/span> for the six months ended December 31, 2022 as compared to net provision for credit losses of RMB1.6 million<\/span> ($0.2 million<\/span>) for the same period in 2023.<\/p>\n

Research and development expenses remained relatively stable with a slight increase by 32.4%, or RMB1.7 million<\/span> ($0.2 million<\/span>) from RMB5.1 million<\/span> for the six months ended December 31, 2022 to RMB6.8 million<\/span> ($1.0 million<\/span>) for the same period of 2023.<\/p>\n

Loss from operations<\/p>\n

Loss from operations was RMB22.8 million<\/span> ($3.2 million<\/span>) for the six months ended December 31, 2023, compared to a loss of RMB15.1 million<\/span> for the same period of 2022. This RMB7.7 million<\/span> ($1.1 million<\/span>) increase in loss from operations was primarily due to the increase in operating expense as discussed above.<\/p>\n

Change in fair value of warrant liability<\/p>\n

The Company classified the warrants issued in connection with common share offering as liabilities at their fair value and adjusted the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Loss in fair value changes of warrant liability was RMB20.1million<\/span> and RMB0.22 million<\/span> ($0.03 million<\/span>) for the six months ended December 31, 2022<\/span> and 2023, respectively. On December 14, 2023<\/span>, the Company  redeemed an aggregate of 17,953,269 (997,404 warrants post 2024 Reverse Split) warrants from the Sellers, and the difference between the repurchase price and fair value of the warrants, a difference of RMB1.72 million<\/span> ($0.24 million<\/span>),<\/span> was recognized as loss in fair value changes of warrant liability.<\/p>\n

Interest income<\/p>\n

Net interest income was RMB10.4 million<\/span> ($1.5 million<\/span>) for the six months ended December 31, 2023, compared to net interest income of RMB5.0 million<\/span> for the same period of 2022. The RMB5.4 million<\/span> ($0.8 million<\/span>) increase in net interest income was primarily due to the increased short-term investments we invested during the six months ended December 31,2023.<\/p>\n

Other income (expenses), net.<\/p>\n

Other net expenses was RMB8.6 million<\/span> ($1.2 million<\/span>) for the six months ended December 31, 2023<\/span>, compared to other net income of RMB0.3 million<\/span> for the same period of 2022. The RMB8.9 million<\/span> ($1.2<\/span> million) increase in other net expenses was primarily due to an increase in other expenses of RMB8.9 million<\/span> ($1.2 <\/span>million) as we accrued an estimated liability based on the potential for future significant transaction compensation in contracts to repurchase investor warrants during the six months ended December 31, 2023<\/span>. On December 14, 2023<\/span>, the Company redeemed an aggregate of 17,953,269 (997,404 warrants post 2024 Reverse Split) warrants from the Sellers. The Warrant Purchase Agreement stipulated that “The Company has agreed that if the Company repurchases any other warrants prior to June 14, 2024<\/span> at a higher purchase price per Warrant than the purchase price per Warrant stated in the Warrant Purchase Agreement, then the Company shall pay Sellers the difference between the purchase prices per Warrant. Similarly, if the Company enters into or announces any Fundamental Transactions as defined in the Warrants, and the Black-Scholes Value is a purchase price per Warrant that is higher than the purchase price per Warrant stated in the Warrant Purchase Agreement, then the Company shall pay Sellers the difference between the Black-Scholes Value purchase price per Warrant and the stated purchase price per Warrant in the Warrant Purchase Agreement”. The Company accrued an estimated liability of $1.2 million<\/span> based on the potential for future significant transaction compensation in contracts to repurchase investor warrants during the six months ended December 31, 2023<\/span>.<\/p>\n

Net loss<\/p>\n

As a result of the factors described above, net loss was RMB23<\/span>.1 million ($3<\/span>.3 million) for the six months ended December 31, 2023, an increase of RMB6<\/span>.8 million ($1.0 million<\/span>) from net loss of RMB29.9 million<\/span> for the same period of 2022.<\/p>\n

Cash and short-term investment<\/p>\n

As of June 30, 2023, we had cash in the amount of approximately RMB104.1 million<\/span> ($14<\/span>.7 million) and short-term investment in bank fixed income product of approximately RMB184.2 million<\/span> ($25<\/span>.9 million). As of December 31, 2023, we had cash in the amount of approximately RMB121<\/span>.8 million ($17.2 million<\/span>) and short-term investment in bank fixed income product of approximately RMB134<\/span>.0 million ($18.9 million<\/span>).<\/p>\n

About Recon Technology, Ltd (“RCON”)<\/b><\/p>\n

Recon Technology, Ltd (NASDAQ: RCON) is the People’s Republic of China’s<\/span> first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China’s<\/span> largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http:\/\/www.recon.cn\/<\/a>.<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

Recon includes “forward-looking statements” within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “scheduled,” “may,” “will,” “could,” “should,” “would,” “expect,” “believe,” “anticipate,” “project,” “plan,” “estimate,” “forecast,” “goal,” “objective,” “committed,” “intend,” “continue,” or “will likely result,” and similar expressions that concern Recon’s strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon’s operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under “Risk Factors” in Recon’s most recent Annual Report on Form 20\u2011F and any subsequent half-year financial filings on Form 6\u2011K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.<\/p>\n

For more information, please contact:<\/b><\/p>\n

The Company
Ms. Liu Jia<\/span>
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn<\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RECON TECHNOLOGY, LTD<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(UNAUDITED)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

As of June, 30<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

As of December, 31<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

As of December, 31<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

RMB<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

US Dollars<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

ASSETS<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current assets<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

104,125,800<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

121,848,777<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

17,162,041<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted cash<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

731,545<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,904<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

550<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Short-term investments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

184,184,455<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

133,950,650<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,866,554<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Notes receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,742,390<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,532,717<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,765,196<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts receivable, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

27,453,415<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

30,813,885<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,340,045<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Inventories, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,330,701<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,855,535<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

261,347<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other receivables, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,185,733<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,184,778<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

589,414<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

123,055,874<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

79,374,144<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11,179,614<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Purchase advances, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,680,456<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,996,413<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

281,189<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract costs, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

49,572,685<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

37,323,824<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,256,951<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

350,119<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

295,384<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

41,603<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease right-of-use assets, net – current (including \u00a5nil and \u00a5113,361 ($15,967) from a related party as of June 30,
     2023 and December 31, 2023, respectively)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

879,288<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

123,845<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total current assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

504,413,173<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

425,059,299<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

59,868,349<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Property and equipment, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

24,752,864<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

23,492,024<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,308,782<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long-term other receivables, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,640<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long-term loan to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,500,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,605,671<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease right-of-use assets, net – non-current (including <\/span>\u00a5335,976<\/span> and \u00a5nil from a related party as of June 30, 2023 and
     December 31, 2023, respectively)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,654,900<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

16,204,906<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,282,413<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Assets<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

531,824,577<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

483,256,229<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

68,065,215<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

LIABILITIES AND EQUITY<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current liabilities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Short-term bank loans<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

12,451,481<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

12,336,285<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,737,529<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,791,721<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,062,861<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,699,018<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payables <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,819,010<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,688,166<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

237,773<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payable- related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,592,395<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,209,017<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

311,134<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,748,365<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,888,749<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

688,566<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued payroll and employees’ welfare<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,382,516<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,399,919<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

338,022<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Taxes payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,163,006<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,702,898<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

239,848<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Short-term borrowings – related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

20,018,222<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

20,019,889<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,819,742<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease liabilities – current (including <\/span>\u00a5335,976<\/span> and \u00a5113,361 ($15,967) from a related party as of June 30, 2023 and
     December 31, 2023, respectively)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,066,146<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,038,354<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

146,248<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Warrant liability – current<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\n

8,519,880<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,200,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Current Liabilities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

61,032,862<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

66,866,018<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,417,880<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Operating lease liabilities – non-current (including \u00a5<\/span>nil<\/span> and \u00a5nil from a related party as of June 30, 2023 and December 31,
     2023, respectively)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

25,144<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

25,869<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,644<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Warrant liability – non-current<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

31,615,668<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

993,986<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

140,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Liabilities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

92,673,674<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

67,885,873<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,561,524<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Commitments and Contingencies<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Equity<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Class A Ordinary Shares, <\/span>$0.0001<\/span> US dollar par value, 500,000,000 shares authorized; 2,306,295 shares and 2,371,573 shares
    issued and outstanding as of June 30, 2023 and December 31, 2023, respectively*<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

26,932<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

27,791<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,914<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Class B Ordinary Shares, <\/span>$0.0001<\/span> US dollar par value, 80,000,000 shares authorized; 7,100,000 shares and 7,100,000 shares
    issued and outstanding as of June 30, 2023 and December 31, 2023, respectively*<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,693<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,693<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

661<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Additional paid-in capital*<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

580,340,061<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

584,275,905<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

82,293,540<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Statutory reserve<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,148,929<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,148,929<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

584,364<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated deficit<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(170,440,826)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(192,994,848)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(27,182,756)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated other comprehensive income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

35,127,173<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

30,517,774<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,298,339<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total shareholders’ equity<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

449,206,962<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

425,980,244<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

59,998,062<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Non-controlling interests<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(10,056,059)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(10,609,888)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,494,371)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total equity<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

439,150,903<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

415,370,356<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

58,503,691<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Liabilities and Equity<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

531,824,577<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

483,256,229<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

68,065,215<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\n\n\n\n
\n

 <\/span><\/p>\n

*       Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024 and change in capital structure on March 29, 2024.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RECON TECHNOLOGY, LTD<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(UNAUDITED)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the six months ended<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

December 31,<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

RMB<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

USD<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Revenue<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Revenue<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

45,559,591<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

45,256,672<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

6,374,269<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

45,559,591<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

45,256,672<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,374,269<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cost of revenue<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cost of revenue<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

32,427,772<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,150,930<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,669,211<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cost of revenue<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

32,427,772<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,150,930<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,669,211<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Gross profit<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

13,131,819<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,105,742<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,705,058<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Selling and distribution expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,021,899<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,547,115<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

640,448<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

General and administrative expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

26,212,540<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

22,042,042<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,104,557<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Allowance for (net recovery of) credit losses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(7,141,708)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,553,364<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

218,787<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Research and development expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,109,302<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,765,287<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

952,871<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating expenses<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

28,202,033<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

34,907,808<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,916,663<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Loss from operations<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(15,070,214)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(22,802,066)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,211,605)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Other income (expenses)<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Subsidy income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

85,602<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

131,428<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,511<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Interest income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,187,649<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,060,640<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,698,706<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Interest expense<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(169,091)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,683,289)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(237,086)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Loss in fair value changes of warrants liability<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(20,097,665)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,941,195)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(273,412)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Foreign exchange transaction gain (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

42,455<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(76,040)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(10,710)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

157,753<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(8,701,288)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,225,550)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other income, net<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(14,793,297)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(209,744)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(29,541)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Loss before income tax<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(29,863,511)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(23,011,810)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,241,146)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income tax expenses <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,180<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

96,041<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

13,527<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net loss<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(29,872,691)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(23,107,851)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,254,673)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Less: Net loss attributable to non-controlling interests<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,727<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(553,829)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(78,005)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net loss attributable to Recon Technology, Ltd<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(29,876,418)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(22,554,022)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(3,176,668)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Comprehensive income (loss)<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net loss<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(29,872,691)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(23,107,851)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,254,673)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Foreign currency translation adjustment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,663,701<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,609,399)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(649,220)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive loss<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(20,208,990)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(27,717,250)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,903,893)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Less: Comprehensive Income (loss) attributable to non- controlling interests       <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,727<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(553,829)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(78,005)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive loss attributable to Recon Technology, Ltd<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(20,212,717)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(27,163,421)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(3,825,888)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Loss per share – basic and diluted*<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(15.46)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(8.27)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(1.16)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Weighted – average shares -basic and diluted*<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,932,544<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,728,056<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,728,056<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\n\n\n\n
\n

 <\/span><\/p>\n

*       Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RECON TECHNOLOGY, LTD<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(UNAUDITED)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the six months ended December 31,<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

RMB<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

US Dollars<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from operating activities:<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net loss<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(29,872,691)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

(23,107,851)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(3,254,673)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjustments to reconcile net loss to net cash used in operating activities:<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Depreciation and amortization<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,952,625<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,426,971<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

200,985<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Loss (gain) from disposal of equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(12,782)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

32,252<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,543<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gain in fair value changes of warrants liability<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

20,097,665<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,461,075<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,473,412<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Allowance for (net recovery of) credit losses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(7,141,708)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,553,364<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

218,787<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Allowance for slow moving inventories<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

245,990<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(350,637)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(49,386)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Amortization of right of use assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,627,888<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

570,959<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

80,418<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted shares issued for management and employees<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,796,417<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,866,560<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

403,747<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted shares issued for services<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,304,857<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,070,143<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

150,726<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued interest income from loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,757,041)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,415,298)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(621,882)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued interest income from short-term investment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,352,250)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(331,307)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Changes in operating assets and liabilities:<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Notes receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,356,367<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(8,790,327)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,238,092)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(12,501,742)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,412,034)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(621,422)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Inventories<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,158,138)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,863,435<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

685,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,673,906)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,465,227<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

769,761<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Purchase advances<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(449,477)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

558,040<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

78,598<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract costs<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,765,091<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,442,916<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,470,854<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expense<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,345<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

54,734<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,709<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expense – related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

275,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,619,168)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,027,067)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(285,506)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

247,387<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,271,140<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

179,036<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,414,691)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,103,150)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(577,918)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payables-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

231,133<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(383,378)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(53,998)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,945,877)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,140,385<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

301,467<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued payroll and employees’ welfare<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

27,710<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

17,399<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,451<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Taxes payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

677,510<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

537,591<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

75,718<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in operating activities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(25,931,236)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(6,609,801)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(930,972)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from investing activities:<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Purchases of property and equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(821,272)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(216,082)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(30,435)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from disposal of equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

31,950<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

20,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,817<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Purchase of land use right<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(15,000,251)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,112,741)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

25,194,900<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

44,613,948<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,283,743<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Payments made for loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(58,488,100)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(16,600,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,338,061)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Payments for short-term investments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(131,598,400)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(18,535,247)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Redemption of short-term investments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

180,338,865<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

25,400,198<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash (used in) generated by investing activities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(34,082,522)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

61,558,080<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,670,274<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from financing activities:<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Proceeds from short-term bank loans<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,000,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of short-term bank loans<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(123,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(17,324)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from short-term borrowings-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,000,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,000,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,408,471<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of short-term borrowings-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,000,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(10,018,222)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,411,037)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of long-term borrowings-related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(476,927)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Redemption of warrants<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(31,866,604)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,488,317)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash provided by (used in) financing activities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,523,073<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(32,007,826)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,508,207)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Effect of exchange rate fluctuation on cash and restricted cash<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,633,748<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(5,945,117)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(837,352)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net increase (decrease) in cash and restricted cash<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(47,856,937)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

16,995,336<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,393,743<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash at beginning of year<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

317,698,417<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

104,857,345<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

14,768,848<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash at end of year<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

269,841,480<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

121,852,681<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

17,162,591<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Supplemental cash flow information<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash paid during the year for interest<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

624,321<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

468,440<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

64,601<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash paid during the year for taxes<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

9,180<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

16,505<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

2,276<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Reconciliation of cash and restricted cash, beginning of year <\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash   <\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

316,974,857<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

104,125,800<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

14,665,812<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted cash <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

723,560<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

731,545<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

103,036<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash, beginning of year <\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

317,698,417<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

104,857,345<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

14,768,848<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Reconciliation of cash and restricted cash, end of year <\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash   <\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

269,111,420<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

121,848,777<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

17,162,041<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted cash <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

730,060<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,904<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

550<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash, end of year <\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

269,841,480<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

\n

121,852,681<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

17,162,591<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Non-cash investing and financing activities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Right-of-use assets obtained in exchange for operating lease obligations<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

298,783<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

41,204<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

43,881<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Inventories transferred to and used as fixed assets<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

(65,456)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a5<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements
<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n","protected":false},"excerpt":{"rendered":"

BEIJING, June 28, 2024 \/PRNewswire\/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for the first six months of fiscal year 2024. First Six Months of Fiscal 2024 Financial Highlights: – Total revenue […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-27517","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nRecon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2024 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=27517\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2024 - My Blog\" \/>\n<meta property=\"og:description\" content=\"BEIJING, June 28, 2024 \/PRNewswire\/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for the first six months of fiscal year 2024. 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