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on the evening of september 30, yitong century (300310) disclosed an announcement that an important contract of its wholly-owned subsidiary would expire and would not be renewed. the cooperation between the two parties began 10 years ago. the cooperation period will expire at the end of this year and will not be renewed after expiration.

the announcement shows that aiyun information technology (beijing) co., ltd. (hereinafter referred to as "aiyun information"), a wholly-owned subsidiary of yitong century, recently received an email notification from jasper technologies, llc (hereinafter referred to as "jasper"), and the two parties signed an agreement. the "agency agreement" will not be renewed after expiration on december 31, 2024.

the relationship between aiyun information and jasper began ten years ago. that is, in october 2014, the two parties signed an "agency agreement", agreeing that aiyun information would serve as jasper's exclusive agent in mainland china and provide internet of things platform services to china united network communications co., ltd.

in december 2019, aiyun information renewed the "agency agreement" with jasper, agreeing that aiyun information will serve as jasper's designated agent in mainland china and provide internet of things platform services to china united network communications co., ltd. the agreement will be valid until december 2024. 31st.

it is reported that most iot data needs to be transmitted with the help of network resources controlled by telecom operators. telecom operators play an extremely important role in the iot industry chain because they control a large number of users and network resources. to a certain extent, the operator market is the commanding heights of the iot market. at that time, aiyun information's cooperation with jasper and china unicom in the field of internet of things helped aiyun information seize the commanding heights of the internet of things industry and promote the company's future expansion of the internet of things business.

therefore, after signing the cooperation agreement at that time, yitong century expected that it would have a positive impact on the company's operating performance and operating cash flow in 2020 and subsequent years.

data shows that aiyun information’s unaudited operating income in the first half of 2024 was 99.9794 million yuan and net profit was 3.8484 million yuan. the book value of goodwill of this asset group in the company's consolidated statements is 31.2721 million yuan.

the announcement shows that in view of the fact that the "agency agreement" between aiyun information and jasper will expire on december 31, 2024, aiyun information and jasper have communicated and negotiated many times on the renewal of the agreement. however, due to the adjustment of some cooperation terms by both parties, there were disagreements and no agreement could be reached. the company recently received an email notification from jasper, reporting that the agency agreement will not be renewed after it expires on december 31, 2024.

yitong century stated that the reason why the "agency agreement" has expired and will not be renewed is because there are differences in some cooperation terms and they cannot meet their respective commercial demands and cannot reach an agreement. neither party has violated the original agreement or its related agreements and has not incurred any liability for breach of contract.

it is reported that yitong century's main business covers communication network technology services, system solutions, communication equipment production and sales, internet of things platforms and solutions, and ict business. the upstream mainly includes technical equipment providers and labor service providers, while the downstream mainly includes china mobile, china unicom, china telecom, the three major communication operators, china tower, radio and television network and communication equipment manufacturers.

there is a large market space in the field of communication network technology services. the technical services market is a rigid demand for expenditures by major operators, and operators are in a strong position. yitong century mainly adopts the business model of directly serving communication operators. its operating performance is greatly affected by the capital expenditure, construction rhythm and procurement content adjustments of communication operators.

data shows that from 2020 to 2023, yitong century achieved net profits attributable to the parent company of 20.77 million yuan, 53.81 million yuan, 19.76 million yuan, and 48.19 million yuan respectively. in the first half of 2024, the company achieved operating income of 1.2 billion yuan and net profit attributable to the parent company of 35.86 million yuan.