[一季报]熵基科技(301330):熵基科技股份有限公司2026年第一季度报告(英文版)

时间:2026年05月19日 23:21:17 中财网

原标题:熵基科技:熵基科技股份有限公司2026年第一季度报告(英文版)

StockCode:301330 AbbreviationofSecurities:ZKTECO AnnouncementNo.:2026-045ZKTECOCO.,LTD.
20261stQuarterReport
TheCompanyandallmembersoftheBoardofDirectorsguaranteethat theinformationdisclosedistrue,accurateandcomplete,withoutanyfalse records,misleadingstatementsormaterialomissions.Importantcontenttips:
1.TheBoardofDirectors,anddirectors,seniormanagementguaranteethattheinformationpresentedinthisreportistrue,
accurateandcompletewithoutanyfalserecords,misleadingstatementsormaterialomissions,andwillundertakeindividualand
jointlegalliabilities.
2.TheCompany'slegalrepresentative,thepersoninchargeoftheaccountingwork,andthepersoninchargeofaccounting
institution(accountingsupervisor)herebydeclarethatthefinancialinformationinthisreportistrue,accurateandcomplete.
3.Whetherthe1stquarterreporthasbeenaudited
□Yes?No
I.KeyFinancialData
(I)MainAccountingDataandFinancialIndicators
WhethertheCompanyperformedaretroactiveadjustmentorrestatementofthepreviousaccountingdata
 CurrentreportingperiodThesameperiodlastyearIncrease/decreaseinthis reportingperiodcomparedto thesameperiodlastyear
Operatingrevenue(RMB)450,896,341.86413,684,716.159.00%
Netprofitattributableto shareholdersofthecompany (RMB)12,645,835.4529,462,660.08-57.08%
Netprofitsattributableto shareholdersofthecompany afterdeductingnon-recurring profitsandlosses(RMB)9,544,360.7625,649,468.40-62.79%
Netcashflowsfromoperating activities(RMB)6,334,638.48116,640,635.50-94.57%
BasicEPS(RMB/share)0.05400.1518-64.43%
DilutedEPS(RMB/share)0.05380.1518-64.56%
Weightedaveragereturnon netassets0.36%0.88%-0.52%
 Attheendofthisreporting periodAttheendoftheprevious periodIncrease/decreaseinthis reportingperiodcomparedto thesameperiodlastyear
Totalassets(RMB)4,955,864,747.684,954,810,629.480.02%
Owner'sequityattributableto shareholdersofthelisted company(RMB)3,471,354,388.333,481,488,420.71-0.29%
(II)ItemsandAmountsofNon-recurringGainsandLosses
?Applicable□Notapplicable

ItemAmountduringthisreportingperiodRemarks
Lossesandgainsfromdisposalofnon- currentassets(includingtheoffsetting portionoftheprovisionforasset impairment)-70,605.25 
Governmentsubsidiesincludedin currentprofitsandlosses(exceptthose closelyrelatedtothenormalbusinessof theCompany,whichareinlinewith nationalpoliciesandregulations,enjoyed accordingtodeterminedstandards,and haveacontinuousimpactonthe Company'sprofitsandlosses)323,904.22 
Profitsandlossesfromfairvalue changesarisingfromtheholdingof financialassetsandfinancialliabilities bynon-financialenterprises,aswellas thegainsandlossesarisingfromthe4,311,309.15Mainlyduetoinvestmentincomeand fairvaluechangesgeneratedbyfinancial products
disposaloffinancialassetsandfinancial liabilitiesexceptforeffectivehedging businessrelatedtothenormaloperation oftheCompany  
Othernon-operatingincomeand expensesotherthantheaboveitems-1,048,917.35 
Less:incometaximpact361,617.55 
Minorityinterestimpact(aftertax)52,598.53 
Total3,101,474.69--
Detailsofotherprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitsandlosses□Applicable?Notapplicable
TheCompanydoesnothaveotherspecificconditionsofprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitsand
losses.
Explanationsonclassifyinganynon-recurringgain/lossitemmentionedinthe"ExplanatoryAnnouncementforInformation
DisclosurebyCompaniesthatIssueSecuritiestothePublicNo.1-Non-recurringGainsandLosses"asrecurringprofitandloss
items
□Applicable?Notapplicable
TheCompanydoesnotclassifyanynon-recurringgain/lossitemmentionedinthe"ExplanatoryAnnouncementforInformation
DisclosurebyCompaniesthatIssueSecuritiestothePublicNo.1-Non-recurringProfitsandLosses"aredefinedasrecurring
profitandlossitems.
(III)ChangesandReasonsforChangesinKeyAccountingDataandFinancialIndicators?Applicable□Notapplicable

BalanceSheetItemsMarch31,2026January1,2026ChangeratioReasons
Tradingfinancialassets383,189,807.37800,444,410.21-52.13%Mainlyduetotheincreaseinredemptions ofwealthmanagementproductssuchas structureddepositsinthecurrentperiod.
Prepayments27,820,800.1518,032,290.0554.28%Mainlyduetotheincreaseinprepayments formaterialsinthecurrentperiod.
Othernon-currentassets5,096,067.25423,995.071101.92%Mainlyduetotheincreaseinprepayments forequipmentinthecurrentperiod.
Othercurrentliabilities11,296,632.6218,771,142.30-39.82%Mainlyduetothedecreaseinsalesrebates payableinthecurrentperiod.
IncomeStatementItemsJanuary-March2026January-March2025ChangeratioReasons
Financialexpenses11,576,889.90-11,609,600.23199.72%Mainlyduetotheexchangelosses resultingfromfluctuationsinexchange ratesinthecurrentperiod(thesameperiod lastyearwasaforeignexchangegain).
Investmentincome2,818,640.921,490,066.1789.16%Mainlyduetotheincreaseinincome arisingfromwealthmanagementproducts inthecurrentperiod.
Lossesfromcreditimpairment3,189,397.70-838,788.09480.24%Mainlyduetothereversalofprovisionfor baddebtsresultingfromthedecreasein accountsreceivableinthecurrentperiod.
Lossesfromimpairmentof assets-5,165,094.64-3,635,668.31-42.07%Mainlyduetotheincreaseinprovisionfor inventoryimpairmentinthecurrent period.
CashFlowStatementItemsJanuary-March2026January-March2025ChangeratioReasons
Netcashflowsfromoperating activities6,334,638.48116,640,635.50-94.57%Mainlyduetotheincreaseincashflow fromthepurchaseofgoodsandacceptance ofservicesinthecurrentperiod
Netcashflowsfrominvesting activities391,478,529.26-39,479,863.461091.59%Mainlyduetotheincreaseincashflow fromtheredemptionofwealth managementproductsinthisperiod.
Netcashflowsfromfinancing-15,655,359.21-7,042,837.04-122.29%Mainlyduetothedecreaseincashflow
activities   fromtherepaymentofloansinthisperiod.
Netincreaseincashandcash equivalents367,040,377.0271,574,920.27412.81%Mainlyduetothecombinedimpactofthe netcashflowsgeneratedfromoperating activities,investingactivitiesand financingactivities.
II.ShareholderInformation
(I)TableoftheTotalNumberofCommonShareholdersandtheNumberofPreferredShareholderswithResumedVotingRightsandInformationaboutTopTenShareholders
Unit:share

Totalnumberofcommon shareholdersattheendofthe reportingperiod25,251Totalnumberofpreferredshareholderswhosevoting rightshavebeenrecoveredattheendofthereporting period(ifany)0   
Particularsaboutthetop10shareholders(excludingshareslentthroughrefinancing)      
Nameof shareholderNatureof shareholderSharehol ding percenta ge(%)Numberofshares heldNumberof shareswith trading restrictionsPledge,markingorfrozen 
     SharestatusAmount
ShenzhenZKTeco TimesInvestment Co.,Ltd.Domesticnon state-owned corporation29.83%70,200,0000Notapplicable0.00
CheQuanhongDomestic individual17.35%40,826,76030,620,070Notapplicable0.00
ShenzhenJYHY Investment Enterprise(Limited Partnership)Domesticnon state-owned corporation5.94%13,978,5124,176,315Notapplicable0
ShenzhenJYSJ Investment Enterprise(Limited Partnership)Domesticnon state-owned corporation5.92%13,938,8564,232,280Notapplicable0
DongguanLX Investment Partnership Enterprise (Limited Partnership)Domesticnon state-owned corporation5.04%11,856,0000Notapplicable0
ShenzhenJYLX Consulting Enterprise(Limited Partnership)Domesticnon state-owned corporation1.56%3,662,7451,424,514Notapplicable0
ZKTECOCO., LTD.-2025 EmployeeStock OwnershipPlanothers0.57%1,336,5600Notapplicable0
ShenzhenJYQL Investmentand Consulting Enterprise(Limited Partnership)Domesticnon state-owned corporation0.44%1,033,260528,840Notapplicable0
HongKong SecuritiesClearing CompanyLimitedOverseas corporation0.41%968,8710Notapplicable0
HanXiaoDomestic individual0.40%939,9850Notapplicable0
Particularsaboutthetop10shareholdersnotsubjecttotradingrestrictions (excludingshareslentthroughrefinancingandexecutivelockupshares)      
NameofshareholderNumberofsharesnotsubjecttotrading restrictionsTypesofshares    
  TypesAmount   
ShenzhenZKTecoTimesInvestment Co.,Ltd.70,200,000RMB denominated ordinaryshares70,200,000   
DongguanLXInvestmentPartnership Enterprise(LimitedPartnership)11,856,000RMB denominated ordinaryshares11,856,000   
CheQuanhong10,206,690RMB denominated ordinaryshares10,206,690   
ShenzhenJYHYInvestment Enterprise(LimitedPartnership)9,802,197RMB denominated ordinaryshares9,802,197   
ShenzhenJYSJInvestmentEnterprise (LimitedPartnership)9,706,576RMB denominated ordinaryshares9,706,576   
ShenzhenJYLXConsulting Enterprise(LimitedPartnership)2,238,231RMB denominated ordinaryshares2,238,231   
ZKTECOCO.,LTD.-2025Employee StockOwnershipPlan1,336,560RMB denominated ordinaryshares1,336,560   
HongKongSecuritiesClearing CompanyLimited968,871RMB denominated ordinaryshares968,871   
HanXiao939,985RMB denominated ordinaryshares939,985   
ShenzhenJYQLInvestmentand ConsultingEnterprise(Limited Partnership)504,420RMB denominated ordinaryshares504,420   
Explanationsontheaboveshareholder's associationorconcertedactionShareholderCheQuanhongiselderbrotherofshareholderCheQuanzhong fromShenzhenZKTecoTimesInvestmentCo.,Ltd. (hereinafterreferredto as "ZKTeco Times"), and son of Che Jun, partner of Dongguan LX Investment Partnership Enterprise (Limited Partnership) (hereinafter referredtoas"LixinInvestment"). TheshareholderCheQuanhongholds76.02%of theequityofZKTeco Times,beingthecontrollingshareholderofZKTecoTimes.Meanwhile,Che Quanhong holds 1.18% of the property share of shareholder Lixin Investmentand8.65%ofthepropertyshareofshareholderShenzhenJYLX ConsultingEnterprise(limitedPartnership). CheQuanzhong,theyoungerbrotherofshareholderCheQuanhong,holdsa 23.98%stakeinZKTecoTimes. CheJun,thefatherofshareholderCheQuanhong,holds98.68%ofthe propertyshareofLixinInvestment. Inaddition,thereisnoaffiliatedrelationshipbetweentheothershareholders oftheCompany.     
InformationonTop10shareholdersof participatinginmargintradingandshortselling business(ifany)Notapplicable     
Note:AsofMarch31,2026,theCompany'srepurchasedspecialsecuritiesaccountholds1,116,200ordinaryshares,accountingfor
Company.
Participationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersof
outstandingsharesnotsubjecttotradingrestrictionsinthelendingofsharesthroughrefinancing□Applicable?Notapplicable
Changestothetop10shareholdersandthetop10shareholdersofoutstandingsharesnotsubjecttotradingrestrictionscompared
tothepreviousperiodduetoreasonsrelatedtolending/repaymentthroughrefinancing□Applicable?Notapplicable
(II)TableoftheTotalNumberofPreferredShareholdersoftheCompanyandtheShareholdingoftheTop10PreferredShareholders
□Applicable?Notapplicable
(III)ChangesinRestrictedShares
?Applicable □Notapplicable
Unit:share

Nameof shareholderNumberof restrictedshares atthebeginning oftheperiodNumberofshares releasedfrom tradingrestrictions inthisperiodIncreasein restricted sharesinthis periodNumberof restrictedshares attheendofthe periodReasonfor restrictionsDateofreleasingfrom tradingrestrictions
ShenzhenZKTeco TimesInvestment Co.,Ltd.70,200,00070,200,00000Restricted sharesbefore IPOReleasedon24February 2026
CheQuanhong40,826,76040,826,76030,620,07030,620,070Executives lockup sharesDuringthetenureofdirectors andseniorexecutives,25%of thetotalnumberofshares heldwillbeunlocked annually,whilethe remaining75%willbe automaticallylocked
Total119,712,18822,217,94823,942,439121,436,679----
III.OtherImportantEvents
?Applicable□Notapplicable
1.Listingandcirculationofrestrictedshares
OnFebruary24,2026,thelockupperiodofsomeofthesharesissuedbythecompanybeforeitsinitialpublicofferingexpiredandwerelistedforcirculation.Twoshareholderswerereleasedfromthelockupperiod,withatotalof111,026,760shares,
accountingfor47.17%ofthecompany'stotalsharecapitalatthetimeofthereleaseofthelockup.2.Mattersconcerningthereplacementoftheboardofdirectors
TheCompanyheldthe25thmeetingofthethirdboardofdirectorsonMarch10,2026,deliberatedandpassedthe"Proposal
ontheElectionoftheBoardofDirectorsandtheNominationofNon-independentDirectorCandidatesfortheFourthBoardof
Directors"andthe"ProposalontheElectionoftheBoardofDirectorsandNominationofIndependentDirectorCandidatesforthe
FourthBoardofDirectors",andheldthefirstextraordinaryshareholders'meetingin2026onMarch26,2026,agreeingtoelectMr.
CheQuanhong,Mr.JinHairongandMr.GaoBenheasnon-independentdirectorsofthefourthboardofdirectors,andagreedto
ThecompanyheldageneralmeetingofemployeesonMarch25,2026,andafterdiscussionanddemocraticvotingbytheparticipatingemployeerepresentatives,Mr.FuZhiqianwaselectedastheemployeerepresentativedirectorofthefourthboardof
directorsofthecompany.Theemployeerepresentativedirectorselectedthistimewillformthefourthboardofdirectorsofthe
companytogetherwiththesixnon-employeerepresentativedirectorselectedatthecompany'sfirstextraordinaryshareholders'
meetingin2026,andthetermofofficewillbefromthedateofdeliberationandapprovalofthefirstextraordinaryshareholders'
meetingin2026totheexpirationofthetermofthefourthboardofdirectors.Fordetails,pleaserefertotheannouncemententitled"AnnouncementonCompletionoftheBoardofDirectorsElectionand
AppointmentofSeniorManagement,SecuritiesAffairsRepresentativeandInternalAuditHead",publishedbytheCompanyon
CNINFO(http://www.cninfo.com.cn)onMarch26,2026(AnnouncementNo.:2026-024).IV.QuarterlyFinancialStatements
(I)FinancialStatements
1.ConsolidatedBalanceSheet
Preparedby:ZKTECOCO.,LTD.
March31,2026

ItemMarch31,2026January1,2026
Currentassets:  
Monetaryfunds1,626,401,474.071,243,119,411.23
Depositreservationforbalance  
Lendingstobanksandotherfinancial institutions  
Tradingfinancialassets383,189,807.37800,444,410.21
Derivativefinancialassets  
Notesreceivable495,428.93538,349.21
Accountsreceivable618,125,254.01676,383,210.14
Receivablefinancing  
Prepayments27,820,800.1518,032,290.05
Premiumsreceivable  
Reinsuranceaccountsreceivable  
Reservesforreinsurancecontract receivable  
Otherreceivables35,860,299.4152,567,928.29
Including:interestreceivable  
Dividendsreceivable  
Buyingbackthesaleoffinancialassets  
Inventories577,515,343.73468,837,064.12
Including:Dataresources  
Contractassets21,503.4326,949.78
Held-for-saleassets  
Non-currentassetsduewithinoneyear2,529,314.562,320,265.60
Othercurrentassets106,461,456.65104,567,979.67
Totalcurrentassets3,378,420,682.313,366,837,858.30
Non-currentassets:  
Loansandadvancestocustomers  
Debtinvestment29,465,159.0828,977,331.32
Otherdebtinvestment  
Long-termreceivables18,957,463.2617,932,540.32
Long-termequityinvestment24,791,861.4325,112,854.58
Otherequityinstrumentinvestments  
Othernon-currentfinancialassets  
Investmentrealestate19,452,851.6719,863,144.69
Fixedassets707,941,752.97723,300,476.82
Constructioninprogress121,871,608.52113,147,627.97
Productivebiologicalassets  
Oilandgasassets  
Right-of-useassets51,008,613.6155,789,456.58
Intangibleassets266,258,665.71271,465,068.24
Including:Dataresources  
Developmentexpenditures  
Including:Dataresources  
Goodwill239,059,014.47239,061,688.95
Long-termdeferredexpenses10,032,037.9810,365,428.72
Deferredincometaxassets83,508,969.4282,533,157.92
Othernon-currentassets5,096,067.25423,995.07
Totalnon-currentassets1,577,444,065.371,587,972,771.18
Totalassets4,955,864,747.684,954,810,629.48
Currentliabilities:  
Short-termloan81,101,188.0081,101,188.00
BorrowingsfromtheCentralBank  
Borrowingsfrombanksandotherfinancial institutions  
Tradingfinancialliabilities208,175,000.00208,175,000.00
Derivativefinancialliabilities  
Notespayable281,209,887.62239,870,823.79
Accountspayable390,159,582.99404,450,021.92
Advancesfromcustomer  
Contractliabilities94,298,875.1776,516,595.89
Financialassetssoldforrepurchase  
Depositfromcustomersandinterbank  
Actingtradingsecurities  
Actingunderwritingsecurities  
Payrollpayable45,578,964.6862,261,494.07
Taxespayable34,067,173.6938,878,015.23
Otherpayables70,945,143.4271,479,362.71
Including:interestpayable  
Dividendspayable556,900.00556,900.00
Handlingchargesandcommissions payable  
Reinsuranceaccountsreceivable  
Liabilitiesheldforsale  
Non-currentliabilitiesduewithinoneyear22,473,093.5130,859,013.86
Othercurrentliabilities11,296,632.6218,771,142.30
Totalcurrentliabilities1,239,305,541.701,232,362,657.77
Non-currentliabilities:  
Reservesforinsurancecontracts  
Long-termloan117,268.95139,871.08
Bondspayable  
Including:preferredstock  
Perpetualbonds  
Leaseliabilities21,711,038.5525,370,074.36
Long-termpayables  
Long-termpayrollpayable  
Estimatedliabilities  
Deferredincome1,353,792.701,364,769.40
Deferredincometaxliabilities29,907,465.7129,991,667.84
Othernon-currentliabilities  
Totalnon-currentliabilities53,089,565.9156,866,382.68
Totalliabilities1,292,395,107.611,289,229,040.45
Owner'sequity:  
Sharecapital235,351,550.00235,351,550.00
Otherequityinstruments  
Including:preferredstock  
Perpetualbonds  
Capitalreserve2,075,018,799.862,068,821,395.02
Less:treasurystock44,078,890.1044,078,890.10
Othercomprehensiveincome10,822,557.0039,799,829.67
Specialreserve  
Surplusreserves67,458,631.4367,458,631.43
Generalriskreserves  
Undistributedprofits1,126,781,740.141,114,135,904.69
Totalowner'sequityattributabletotheparent company3,471,354,388.333,481,488,420.71
Minorityinterests192,115,251.74184,093,168.32
Totalowner'sequity3,663,469,640.073,665,581,589.03
Totalliabilitiesandowner'sequity4,955,864,747.684,954,810,629.48
LegalRepresentative:JinHairong.Personinchargeoftheaccountingwork:WangYouwu.Personinchargeofaccounting
institution:XuPing
2.ConsolidatedIncomeStatement
Unit:RMB

Item2026Q12025Q1
I.Totaloperatingrevenue450,896,341.86413,684,716.15
Including:operatingrevenue450,896,341.86413,684,716.15
Interestincome  
Premiumearned  
Revenuefromhandling chargesandcommissions  
II.Totaloperatingcost424,748,800.66374,138,409.35
Including:operatingcost214,851,854.59202,864,863.26
Interestexpenses  
Expensesfromhandling chargesandcommissions  
Surrendervalue  
Netpaymentsforinsurance claims  
Netprovisionsforreservesin insuranceliabilitycontracts  
Policydividendexpenses  
Reinsuranceexpenses  
Taxesandsurcharges5,833,379.345,202,318.68
Sellingexpenses112,492,019.1998,332,471.89
Administrativeexpenses36,084,998.8827,600,797.59
R&Dexpenses43,909,658.7651,747,558.16
Financialexpenses11,576,889.90-11,609,600.23
Including:interestexpenses804,674.81886,929.78
Interestincome5,906,040.368,267,941.54
Plus:otherincome1,491,354.722,494,924.29
Investmentincome(loss expressedwith"-")2,818,640.921,490,066.17
Including:incomefrom investmentinassociatesandjoint ventures961,149.82513,545.83
Gainsfrom derecognitionoffinancialassets measuredatamortizedcost  
Gainsfromforeignexchange (lossexpressedwith"-")  
Gainsfromnetexposurehedging (lossexpressedwith"-")  
Gainsfromchangesinfairvalue (lossexpressedwith"-")2,592,790.713,699,270.41
Lossesfromcreditimpairment (lossexpressedwith"-")3,189,397.70-838,788.09
Lossesfromimpairmentofassets (lossexpressedwith"-")-5,165,094.64-3,635,668.31
Gainsfromdisposalofassets (lossexpressedwith"-")47,671.9376,764.11
III.Operatingprofit(lossexpressedwith "-")31,122,302.5442,832,875.38
Plus:non-operatingrevenue507,218.71223,295.97
Less:non-operatingexpenditure1,674,413.141,135,460.23
IV.Totalprofit(lossexpressedwith"-")29,955,108.1141,920,711.12
Less:incometaxexpenses8,316,846.156,153,847.08
V.Netprofit(lossexpressedwith"-")21,638,261.9635,766,864.04
(I)Classificationbybusiness continuity  
1.Netprofitfromcontinuing operations(netlossexpressedwith"-")21,638,261.9635,766,864.04
2.Netprofitfromdiscontinued operations(netlossexpressedwith"-")  
(II)Classificationbyownership  
1.Netprofitsattributableto shareholdersoftheparentcompany12,645,835.4529,462,660.08
2.Minorityshareholders'profitand loss8,992,426.516,304,203.96
VI.Othercomprehensiveincome-after tax-29,089,269.30570,522.83
Netoftaxofothercomprehensive incomeattributabletotheownerofthe parentcompany-28,977,272.67-310,955.25
(I)Othercomprehensiveincome thatcannotbetransferredtoprofitorloss  
1.Changesinre-measurementof thedefinedbenefitplan  
2.Othercomprehensiveincome thatcannotbetransferredtoprofitorloss undertheequitymethod  
3.Changesinfairvalueofother  
equityinstrumentinvestments  
4.Changesinthefairvalueofthe Company'sowncreditrisk  
5.Other  
(II)Othercomprehensiveincome thatwillbereclassifiedintoprofitorloss-28,977,272.67-310,955.25
1.Othercomprehensiveincome thatcanbetransferredtoprofitorloss undertheequitymethod  
2.Changesinfairvalueofother debtinvestments  
3.Amountoffinancialassets reclassifiedintoothercomprehensive income  
4.Provisionforcreditimpairment ofotherdebtinvestments  
5.Cashflowhedgingreserve  
6.Translationdifferenceof foreigncurrencyfinancialstatements-28,977,272.67-310,955.25
7.Others  
After-taxnetamountofother comprehensiveincomeattributabletothe minorityshareholders-111,996.63881,478.08
VII.Totalcomprehensiveincome-7,451,007.3436,337,386.87
Totalcomprehensiveincome attributabletoownersoftheparent company-16,331,437.2229,151,704.83
Totalcomprehensiveincome attributabletominorityshareholders8,880,429.887,185,682.04
VIII.Earningspershare(EPS):  
(I)BasicEPS0.05400.1518
(II)DilutedEPS0.05380.1518
Intheeventofamergerofenterpriseunderthesamecontrolinthecurrentperiod,thenetprofitrealizedbythecombinedparty(未完)
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