Group 1 - Sichuan Gold achieved a net profit of 209 million yuan in the first half of 2025, a year-on-year increase of 48.41% [1] - Hai Xin Co. reported a net profit of 108 million yuan, up 5.62% year-on-year, despite a revenue decline of 8.35% [1] - Shanhe Pharmaceutical Auxiliary's net profit decreased by 2.61% to 93.04 million yuan, with a revenue increase of 4.65% [2] Group 2 - Donghua Software's net profit fell by 15.78% to 244 million yuan, with a slight revenue decline of 1.76% [2] - Zhongyuan Haike reported a significant net profit drop of 91.21% to 9.83 million yuan, alongside a revenue decrease of 9.97% [3] - Xingxin New Materials experienced a net profit decline of 21.72% to 33.64 million yuan, with a minimal revenue growth of 0.02% [4] Group 3 - Longban Media's net profit increased by 13.28% to 120 million yuan, despite a revenue drop of 24.01% [6] - Guangge Technology reported a net loss of 31.38 million yuan, worsening from a loss of 20.17 million yuan in the previous year, with a revenue increase of 71.44% [7] - Ge Ke Wei's net profit decreased by 61.59% to 29.76 million yuan, despite a revenue growth of 30.33% [8] Group 4 - Shaoyang Hydraulic's net profit fell by 31.68% to 7.11 million yuan, with a revenue decline of 12.84% [9] - Qianjiang Biochemical achieved a net profit of 107 million yuan, a year-on-year increase of 30.24%, despite a revenue decline of 9.64% [10] - Jianhui Information's net profit dropped by 82.99% to 502.52 million yuan, with a revenue increase of 9.03% [11] Group 5 - Nobon Co. reported a net profit of 65.33 million yuan, up 48.33% year-on-year, with a revenue increase of 33.35% [12] - Proya's net profit increased by 13.80% to 799 million yuan, with a revenue growth of 7.21% [13] - Huayuan Holdings reported a net loss of 22.48 million yuan, improving from a loss of 39.2 million yuan in the previous year, with a revenue decline of 94.74% [15] Group 6 - Chihong Zn & Ge's net profit increased by 3.27% to 932 million yuan, with a revenue growth of 7.67% [17] - Dae Oriental's net profit decreased by 45.33% to 59.04 million yuan, with a revenue decline of 5.20% [19] - Zhongnong Lihua's net profit fell by 10.06% to 142 million yuan, despite a revenue increase of 3.27% [20] Group 7 - Triangle Tire's net profit decreased by 35.31% to 396 million yuan, with a revenue decline of 4.50% [21] - Lianchuang Optoelectronics reported a net profit of 263 million yuan, up 15.18% year-on-year, with a revenue increase of 6.51% [22] - Taijing Technology's net profit fell by 61.59% to 22.04 million yuan, despite a revenue growth of 16.73% [23] Group 8 - Congsheng Co. announced plans to establish a wholly-owned subsidiary with an investment of 5 million yuan [24] - Yilian Network's net profit decreased by 8.84% to 1.24 billion yuan, with a slight revenue decline of 0.64% [25] - Weichuang Electric's net profit increased by 4.87% to 141 million yuan, with a revenue growth of 16.39% [26] Group 9 - Liuyuan Chemical reported a net loss of 149 million yuan, worsening from a profit of 29.37 million yuan in the previous year, with a revenue increase of 3.10% [28] - Luxshare Precision achieved a net profit of 6.644 billion yuan, a year-on-year increase of 23.13%, with a revenue growth of 20.18% [29] - Jiangfeng Electronics reported a net profit of 253 million yuan, up 56.79% year-on-year, with a revenue increase of 28.71% [30] Group 10 - Hongqiao Technology reported a net loss of 22.97 million yuan, worsening from a profit of 21.96 million yuan in the previous year, with a revenue decline of 11.76% [31] - Hong Sifang's net profit decreased by 47.10% to 43.97 million yuan, with a revenue decline of 8.18% [32] - Huaxia Happiness reported a net loss of 6.827 billion yuan, worsening from a loss of 4.849 billion yuan in the previous year, with a revenue decline of 50.90% [35] Group 11 - Watson Bio's net profit decreased by 74.69% to 43.16 million yuan, with a revenue decline of 19.47% [37] - Huayang Lianzhong's controlling shareholder plans to increase its stake by 1% to 2% [39] - Lanhua Ketech's net profit decreased by 89.58% to 57.48 million yuan, with a revenue decline of 26.05% [41] Group 12 - Aike Optoelectronics reported a net profit increase of 127.40% to 36.04 million yuan, with a revenue growth of 64.39% [43] - Guojia Automobile's net profit decreased by 14.32% to 21.3 million yuan, with a revenue decline of 11.64% [44] - Yingjia Gongjiu's net profit decreased by 18.19% to 1.13 billion yuan, with a revenue decline of 16.89% [46] Group 13 - China Shipbuilding Technology reported a net loss of 574 million yuan, worsening from a loss of 81.71 million yuan in the previous year, with a revenue increase of 30.79% [48] - Dayang Electric's net profit increased by 34.41% to 602 million yuan, with a revenue growth of 7.66% [49] - Shoukai Co. reported a net loss of 1.839 billion yuan, improving from a loss of 1.948 billion yuan in the previous year, with a revenue increase of 105.19% [51]

联创光电(600363.SH)披露2025年半年度报告，报告期公司实现营收16.48亿元，同比增长6.51%;归母净 利润2.63亿元，同比增长15.18%;扣非净利润2.37亿元，同比增长14.01%;基本每股收益0.58元。 ...

证券代码：600363 证券简称：联创光电 编号：2025-065 江西联创光电科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 公司于 2025 年 8 月 25 日召开了第八届董事会第二十四次会议，审议通过了关于 公司《2025 年半年度报告及其摘要》的议案。具体内容详见公司于 2025 年 8 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的《2025 年半年度报告及其摘要》。 一、说明会类型 根据《上海证券交易所上市公司自律监管指南第 3 号——信息披露咨询、业绩说 明会等服务》等相关规定，为便于广大投资者更加全面、深入地了解公司情况，公司 决定通过上海证券报中国证券网路演中心召开 2025 年半年度业绩说明会，本次投资 者说明会以网络互动形式召开，就投资者关注的公司经营业绩、发展规划等事项与广 大投资者进行充分交流。 1、会议召开时间：2025 年 9 月 4 日（星期四）下午 15:30-16:30 2、会议召 ...

证券代码：600363 证券简称：联创光电 编号：2025-064 江西联创光电科技股份有限公司 第八届监事会第十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2025 年 8 月 15 日，江西联创光电科技股份有限公司（以下简称"公司"）以书面形 式发出《关于召开第八届监事会第十九次会议的通知》，并以邮件、直接呈送等方式送 达各位监事。 2025 年 8 月 25 日上午 11:00，在公司总部五楼第一会议室以现场方式召开第八届监 事会第十九次会议，应到监事 5 人，实到监事 5 人，会议由监事会主席辜洪武先生主持。 本次会议召开符合《公司法》及《公司章程》的有关规定。 会议审议通过了以下议案，并形成了决议： （4）公司在《2025 年半年度报告及其摘要》的编制过程中，未发现公司参与半年 度报告编制和审议的人员有违反保密规定的行为。 一、审议通过了关于公司《2025 年半年度报告及其摘要》的议案 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 具体内容详见公司于 2025 年 8 ...

2025 年 8 月 15 日，江西联创光电科技股份有限公司（以下简称"公司"）以书面 形式发出《关于召开第八届董事会第二十四次会议的通知》，并以邮件、直接呈送等 方式送达各位董事、监事、高管。 证券代码：600363 证券简称：联创光电 编号：2025-063 江西联创光电科技股份有限公司 第八届董事会第二十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2025 年 8 月 25 日上午 10:00，在公司总部五楼第一会议室以现场+通讯方式召 开第八届董事会第二十四次会议。应到董事 9 人，实到董事 9 人。本次董事会会议 的召集和召开程序符合《公司法》及《公司章程》的有关规定。会议由董事长伍锐 先生主持，公司监事和高级管理人员列席了会议。会议审议通过了以下议案，并形 成了决议： 一、审议通过了关于公司《2025 年半年度报告及其摘要》的议案 具体内容详见公司于2025年8 月27 日在上海证券交易所网站（www.sse.com.cn） 披露的《2025 年半年度报告及其摘要》。 表决结果：同意 9 ...

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms and entities used in the report, including company names, controlling shareholders, regulatory bodies, subsidiaries/associates, and specialized technical vocabulary, providing a foundational understanding of the report's content - Defines "Lianchuang Optoelectronic / the Company / this Company" as Jiangxi Lianchuang Optoelectronic Technology Co., Ltd[14](index=14&type=chunk) - Clarifies "Electronics Group" as Jiangxi Provincial Electronics Group Co., Ltd., the Company's controlling shareholder[14](index=14&type=chunk) - Explains "reporting period / this period" as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - Lists the meanings of specialized technical terms such as LED, pump source, fast steering mirror, ATP, optocoupler, tokamak, MiniLED, and COG[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the Company's basic information, contact details, stock summary, and key accounting data and financial indicators for the first half of 2025, including revenue, net profit, EPS, and non-recurring items [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This subsection provides the Company's legal Chinese name, abbreviation, foreign name, and legal representative information - The Company's Chinese name is Jiangxi Lianchuang Optoelectronic Technology Co., Ltd., and its legal representative is Wu Rui[16](index=16&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This subsection lists the contact details for the Company's Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is Zhou Jiahe, the Securities Affairs Representative is Hu Renhui, and the contact address for both is No. 168 Jingdong Avenue, High-tech Industrial Development Zone, Nanchang City, Jiangxi Province[17](index=17&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This subsection introduces the Company's registered and office addresses, website, and email, noting no changes during the reporting period - The Company's registered and office addresses are both located at No. 168 Jingdong Avenue, High-tech Industrial Development Zone, Nanchang City, Jiangxi Province[18](index=18&type=chunk) - The Company's website is www.lianovation.com.cn, and its email address is 600363@lianovation.com.cn[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This subsection specifies the Company's chosen newspapers for information disclosure, the website for semi-annual reports, and document custody locations, with no changes noted - The newspapers selected by the Company for information disclosure include "Shanghai Securities News", "China Securities Journal", "Securities Daily", "Securities Times", and "Economic Information Daily"[19](index=19&type=chunk) - The website address for publishing semi-annual reports is the Shanghai Stock Exchange website (www.sse.com.cn)[19](index=19&type=chunk) [V. Company Stock Summary](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This subsection provides basic information about the Company's A-shares, including listing exchange, stock abbreviation, and code - The Company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation "Lianchuang Optoelectronic" and stock code "600363"[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This subsection details the Company's key accounting data and financial indicators for H1 2025, showing revenue and profit growth but a significant decrease in operating cash flow [(I) Key Accounting Data](index=6&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) Key Accounting Data for H1 2025 (Consolidated Statements) | Key Accounting Data | This Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,647,540,657.03 | 1,546,787,527.22 | 6.51 | | Total Profit | 310,212,502.51 | 266,588,323.65 | 16.36 | | Net Profit Attributable to Shareholders of the Listed Company | 263,263,529.57 | 228,565,396.90 | 15.18 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Gains and Losses) | 237,354,532.33 | 208,182,298.00 | 14.01 | | Net Cash Flow from Operating Activities | -25,979,143.82 | 25,756,369.05 | -200.86 | | Net Assets Attributable to Shareholders of the Listed Company (End of Reporting Period / Prior Year-End) | 4,390,845,038.36 | 4,152,294,656.58 | 5.75 | | Total Assets (End of Reporting Period / Prior Year-End) | 8,447,249,531.43 | 8,101,716,853.56 | 4.26 | [(II) Key Financial Indicators](index=6&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Key Financial Indicators for H1 2025 (Consolidated Statements) | Key Financial Indicators | This Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.58 | 0.50 | 16.00 | | Diluted Earnings Per Share (CNY/share) | 0.58 | 0.50 | 16.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (CNY/share) | 0.52 | 0.46 | 13.04 | | Weighted Average Return on Net Assets (%) | 6.16 | 5.60 | increased by 0.56 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 5.56 | 5.08 | increased by 0.48 percentage points | - The change in net cash flow from operating activities was primarily due to a decrease in other cash received related to operating activities during this period[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This subsection itemizes the Company's non-recurring gains and losses for H1 2025, totaling **CNY 25,908,997.24**, primarily from government subsidies and asset disposals Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the reversal of impairment provisions for assets | 146,404.36 | | Government subsidies recognized in current profit or loss, excluding those closely related to the Company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the Company's profit or loss | 18,899,262.73 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding those related to effective hedging activities associated with the Company's normal business operations | 607,762.53 | | Reversal of impairment provisions for receivables for which impairment tests are conducted individually | 3,261,269.48 | | Gains arising from the investment cost of acquiring subsidiaries, associates, and joint ventures being less than the fair value of the identifiable net assets of the investee at the time of acquisition | 280,836.71 | | Other non-operating income and expenses apart from the above items | 4,854,734.47 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 9,515,273.46 | | Less: Income tax impact | 1,374,415.88 | | Impact on minority interests (after tax) | 10,282,130.62 | | **Total** | **25,908,997.24** | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section reviews the Company's H1 2025 operations, covering industry analysis, business performance, R&D, core competitiveness, and risks, highlighting progress in strategic emerging industries and "quality improvement" initiatives [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This subsection explains the Company's main business, products, operating model, and industry overview, including laser, high-temperature superconductivity, intelligent controllers, backlights, and optoelectronic cables [(I) Main Business, Products, or Services](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) - The Company's main business involves the R&D, production, and sales of laser series and traditional LED chip products, intelligent control series products, backlight and application products, and optoelectronic communication and intelligent equipment cables and metal material products[30](index=30&type=chunk) - Laser series products are widely used in domestic special fields, remote control, indicator lights, and other areas; intelligent control products are applied in home appliance control, new energy vehicle electronics, photovoltaics, and industrial control[30](index=30&type=chunk) [(II) Main Operating Model](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) - The Company adopts a parent-subsidiary matrix strategic management structure, achieving a model of strategic control by the Company headquarters and flexible operation by subsidiaries[31](index=31&type=chunk) - The Company conducts R&D, production, and sales activities around its main business product series, with no significant changes in production, procurement, or sales models during the reporting period[31](index=31&type=chunk) [(III) Industry Overview](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) - The laser industry, as a strategic emerging industry, receives strong national support and is expected to gradually replace traditional industrial manufacturing technologies in the future[32](index=32&type=chunk) - The global laser weapon market size is projected to grow from **$6.7 billion in 2024** to **$33.4 billion in 2034**, with a compound annual growth rate of **17.6%**[34](index=34&type=chunk) - High-temperature superconductivity technology is listed as a national key frontier technology, possessing immense development potential in fields such as induction heating, magnetic Czochralski silicon single crystal growth, controlled nuclear fusion, and electromagnetic launch[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - China's intelligent controller market size is approximately **CNY 3,806.1 billion in 2024**, with an average annual compound growth rate of **12.5%** over the past five years, significantly higher than the global growth rate of **5%**[40](index=40&type=chunk) - Competition in the backlight industry is fierce, with leading enterprises shifting towards MiniLED and COG integrated backlights[41](index=41&type=chunk) - The optoelectronic communication and intelligent equipment cable industry faces challenges such as slowing macroeconomic growth, overcapacity, and intense market competition[42](index=42&type=chunk) [II. Discussion and Analysis of Operating Performance](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This subsection analyzes H1 2025 operating results, including revenue, net profit, and gross margin growth, detailing performance across laser, intelligent control, backlight, and cable segments, alongside R&D breakthroughs and patent achievements [(I) Main Business](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) - From January to June 2025, the Company achieved main business revenue of **CNY 1,617.4357 million**, a **7.15%** increase year-on-year; net profit attributable to shareholders of the listed company was **CNY 263.2635 million**, a **15.18%** increase year-on-year; the comprehensive gross profit margin was **19.08%**, an increase of **0.38 percentage points** year-on-year[44](index=44&type=chunk) - The laser series and traditional LED chip segment achieved main business revenue of **CNY 127.9468 million**, a significant year-on-year increase of **176.87%**, primarily benefiting from technological innovation and global market expansion[44](index=44&type=chunk)[45](index=45&type=chunk) - The intelligent control series products segment achieved main business revenue of **CNY 820.6069 million**, a year-on-year decrease of **7.07%**, but the Company reduced costs through product transformation and upgrading and the launch of the SAP system[46](index=46&type=chunk) - The backlight and application products segment achieved main business revenue of **CNY 595.5335 million**, a year-on-year increase of **17.95%**, primarily benefiting from product structure optimization and improved production efficiency[46](index=46&type=chunk)[47](index=47&type=chunk) - The optoelectronic communication and intelligent equipment cable and metal material products segment achieved main business revenue of **CNY 73.3485 million**, a year-on-year decrease of **2.54%**, but internal refined management effectively controlled costs and expenses[47](index=47&type=chunk) [(II) Technology R&D](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91) - The laser industry achieved significant breakthroughs in projects such as high-performance pump sources, ten-kilowatt quasi-single-mode continuous fiber lasers, and kilowatt-level narrow-linewidth polarization-maintaining fiber lasers, and successfully developed the "Light Blade Series" laser counter-UAV system[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - The high-temperature superconductivity industry achieved technological optimization, upgrading, and product iteration in induction heating equipment, magnetic Czochralski silicon single crystal growth furnaces, and high-temperature superconducting fusion magnets, with the superconducting magnet technology for photovoltaic-grade magnetic Czochralski silicon single crystal growth devices reaching international leading levels[52](index=52&type=chunk) - The intelligent control industry achieved major breakthroughs in product development such as Vcsel infrared laser packaging devices, medium and high-power drive controllers, ultra-strong safety optocouplers, and ultra-thin display modules[54](index=54&type=chunk) - The backlight and cable industries made progress in core technology research for leaky coaxial cables for subway and tunnel wireless communication, RF coaxial cables for medical equipment, and medium-to-large size LED backlights and automotive LED backlights[55](index=55&type=chunk) - During the reporting period, the Company obtained **38** patent authorizations (**15** invention patents, **23** utility model patents) and **1** software copyright; as of the end of June 2025, the Company had accumulated **478** patent authorizations and **134** software copyrights[56](index=56&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This subsection details the Company's core competitiveness, encompassing strong R&D, an excellent talent team, diversified industrial layout, robust brand and partnerships, and leading sustainable development capabilities through ESG integration [1. Strong Technological Innovation and R&D Capabilities](index=13&type=section&id=1.%E5%BC%BA%E5%A4%A7%E7%9A%84%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0%E5%8F%8A%E7%A0%94%E5%8F%91%E5%AE%9E%E5%8A%9B) - As of June 30, 2025, the Company had accumulated **478** patent authorizations, including **122** invention patents, **334** utility model patents, and **22** design patents; **38** new patents and **1** software copyright were added during the reporting period[58](index=58&type=chunk) - In the field of high-temperature superconductivity, the Company successfully broke through full-series high-temperature superconducting magnet technology, possessing the capability to design and manufacture ultra-large aperture high-temperature superconducting magnets with central magnetic field strengths exceeding **15T**[59](index=59&type=chunk) - In the field of laser counter-UAVs, the independently developed "Light Blade Series" system achieves rapid and precise interception through technologies such as intelligent image recognition algorithm optimization[59](index=59&type=chunk) - In the intelligent controller field, Hualian Electronics' automotive-grade ultra-high voltage intelligent control series products demonstrate excellent performance, featuring strong anti-interference capability, high safety voltage resistance, and relatively high signal transmission energy[59](index=59&type=chunk) [2. Excellent Management and Technical Talent Team](index=14&type=section&id=2.%E5%8D%93%E8%B6%8A%E7%9A%84%E7%AE%A1%E7%90%86%E5%8F%8A%E6%8A%80%E6%9C%AF%E4%BA%BA%E6%89%8D%E5%9B%A2%E9%98%9F) - The Company's core management team upholds pragmatism, efficiency, innovation, and excellence as core values, with core leadership teams in each business possessing rich industry experience and professional technical expertise[60](index=60&type=chunk) - The Company has attracted professional talents from various fields such as optoelectronics, machinery, electrical engineering, materials, physics, and optical engineering, building a professional R&D team[60](index=60&type=chunk) - In the laser and superconductivity industries, the Company has established partnership relationships with core technical teams, binding them through equity to promote deep integration of technology and talent[60](index=60&type=chunk) [3. Diversified Industrial Layout](index=14&type=section&id=3.%E5%A4%9A%E5%85%83%E7%9A%84%E4%BA%A7%E4%B8%9A%E5%B8%83%E5%B1%80) - The Company adopts a diversified development strategy, establishing an industrial layout "based on the intelligent control industry, with a strong focus on the two major industries of laser and high-temperature superconductivity"[61](index=61&type=chunk) - While consolidating its leading position in the smart home appliance sector, the intelligent control industry has also achieved significant in-depth expansion in industrial control and automotive electronics[61](index=61&type=chunk) - The high-temperature superconductivity industry focuses on three main application areas: high-temperature superconducting induction heating equipment, high-temperature superconducting magnetic Czochralski silicon single crystal equipment, and high-temperature superconducting controlled nuclear fusion engineering equipment, with a new key layout in commercial aerospace electromagnetic launch in 2025, forming a "3+N" high-temperature superconducting product matrix[61](index=61&type=chunk) [4. Strong Brand and Collaborative Resources](index=14&type=section&id=4.%E8%89%AF%E5%A5%BD%E7%9A%84%E5%93%81%E7%89%8C%E4%B8%8E%E5%90%88%E4%BD%9C%E8%B5%84%E6%BA%90) - The Company has successively been recognized as a "National 863 Program Achievement Industrialization Base" and a "National Intellectual Property Advantage Enterprise", and possesses two "Postdoctoral Research Workstations" and one "National Enterprise Technology Center"[62](index=62&type=chunk) - Its subsidiaries have passed certifications such as ISO9001, ISO14001, ISO45001, GJB9100C, and IATF16949, and products have passed 3C, UL, and CQC certifications[62](index=62&type=chunk) - The Company engages in industry-university-research collaboration with top domestic state-owned research institutions, authoritative research institutions directly managed by central enterprises, large central enterprises, renowned universities, institutes, and enterprises[62](index=62&type=chunk) [5. Deep Integration of ESG Principles, Leading Sustainable Development Capabilities](index=14&type=section&id=5.%E6%B7%B1%E5%85%A5%E8%B7%B5%E8%A1%8C%20ESG%20%E7%90%86%E5%BF%B5%EF%BC%8C%E5%8F%AF%E6%8C%81%E7%BB%AD%E5%8F%91%E5%B1%95%E8%83%BD%E5%8A%9B%E9%A2%86%E5%85%88) - The Company adopts "Innovation-led, Green Harmony, Value Sharing, Co-creating the Future" as its ESG mission, and formulates an ESG strategic plan of "Green Innovation, People-oriented, Compliance and Win-win"[64](index=64&type=chunk) - The application of high-temperature superconductivity in metal induction heating has increased electrothermal conversion efficiency to a maximum of **90%**, becoming an excellent case for green and low-carbon production transformation in traditional high-energy-consuming industries[64](index=64&type=chunk) - Applications in controlled nuclear fusion are expected to provide virtually limitless clean, safe, and affordable energy, reducing greenhouse gas and pollutant emissions at the source[64](index=64&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=15&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This subsection analyzes H1 2025 financial statement changes, asset/liability status, and investment, noting revenue and profit growth, a significant drop in operating cash flow, and stable asset structure [(I) Main Business Analysis](index=15&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Analysis Table of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,647,540,657.03 | 1,546,787,527.22 | 6.51 | Primarily due to increased sales of backlight and laser series products | | Operating Cost | 1,327,310,641.91 | 1,257,550,740.38 | 5.55 | Primarily due to increased revenue | | Selling Expenses | 40,807,809.77 | 38,987,590.57 | 4.67 | Primarily due to increased sales personnel compensation | | Administrative Expenses | 111,511,463.06 | 106,442,440.78 | 4.76 | Primarily due to increased management personnel compensation | | Financial Expenses | 30,687,699.89 | 22,997,941.59 | 33.44 | Primarily due to increased interest expenses in this period | | R&D Expenses | 80,632,358.27 | 73,412,251.12 | 9.84 | Primarily due to increased R&D personnel compensation | | Net Cash Flow from Operating Activities | -25,979,143.82 | 25,756,369.05 | -200.86 | Primarily due to a decrease in other cash received related to operating activities in this period | | Net Cash Flow from Investing Activities | -11,431,067.10 | -34,161,404.64 | Not applicable | Primarily due to the recovery of engineering funds unfrozen from litigation in the prior period | | Net Cash Flow from Financing Activities | 117,732,234.43 | -91,214,821.02 | Not applicable | Primarily due to increased borrowings and reduced share repurchases compared to the prior period | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Changes in Assets and Liabilities (June 30, 2025 vs. Prior Year-End) | Item | End of Reporting Period (CNY) | Prior Year-End (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 402,900.00 | 8,960.20 | 4,396.55 | Primarily due to the new purchase of forward foreign exchange settlement products in this period | | Investment Properties | 68,912,550.51 | 32,306,115.12 | 113.31 | Primarily due to increased factory rentals to external parties in this period | | Long-term Equity Investments | 3,027,940,885.57 | 2,773,507,358.42 | 9.17 | | | Construction in Progress | 57,887,783.44 | 173,357,910.18 | -66.61 | Primarily due to the completion and transfer of construction in progress to fixed assets in this period | | Other Non-current Assets | 18,167,854.20 | 13,788,796.33 | 31.76 | Primarily due to increased prepayments for equipment engineering | | Short-term Borrowings | 859,300,079.70 | 695,189,069.56 | 23.61 | | | Derivative Financial Liabilities | 118,880.46 | 230,410.00 | -48.40 | Primarily due to changes in the fair value of forward foreign exchange settlement products in this period | | Contract Liabilities | 34,383,298.67 | 76,657,919.60 | -55.15 | Primarily due to the settlement of advance receipts for goods delivered in this period | | Long-term Payables | 35,230,081.32 | 51,475,023.88 | -31.56 | Primarily due to the reclassification of long-term payables due within one year to non-current liabilities due within one year in this period | - Overseas assets amounted to **CNY 59,432,936.99**, accounting for **0.70%** of total assets[69](index=69&type=chunk) - Details of major restricted assets as of the end of the reporting period can be found in Section VIII Financial Report, Note 31, Assets with Restricted Ownership or Use Rights[70](index=70&type=chunk) [(IV) Analysis of Investment Status](index=17&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) - External equity investment during the reporting period was **CNY 12.3926 million**, a year-on-year change of **-34.30%**[73](index=73&type=chunk) - The Company's controlled subsidiary, Hualian Electronics, made an additional investment of **CNY 12 million** in HLE(THAILAND)CO.,LTD. through Hualian International Investment Co., Ltd[73](index=73&type=chunk) - The Thailand production base project has accumulated expenditures of **THB 18.565 million**, with a project progress of **1.31%**[74](index=74&type=chunk) Financial Assets Measured at Fair Value (Period-End) | Asset Category | Amount (CNY) | | :--- | :--- | | Investments in Other Equity Instruments | 803,988.00 | | Other Non-current Financial Assets | 21,339,281.42 | | **Total** | **22,143,269.42** | [(VI) Analysis of Major Controlled and Invested Companies](index=18&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major Subsidiaries and Invested Companies with Over 10% Impact on the Company's Net Profit (Unit: CNY 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen Hualian Electronics Co., Ltd. | Subsidiary | Electronic Components | 12,929.00 | 214,581.73 | 105,621.06 | 84,544.54 | 6,854.92 | 5,988.53 | | Jiangxi Lianchuang Zhiguang Technology Co., Ltd. | Subsidiary | Electronic Components | 18,500.00 | 71,600.44 | -17,687.88 | 43,908.91 | -890.81 | -764.17 | | Jiangxi Lianchuang Cable Technology Co., Ltd. | Subsidiary | Cables | 26,314.00 | 18,206.45 | 12,492.57 | 5,311.40 | -282.10 | -280.83 | | Shenzhen Lianzhi Optoelectronic Technology Co., Ltd. | Subsidiary | Electronic Components | 2,000.00 | 11,729.33 | 4,050.58 | 15,907.73 | 183.51 | 181.27 | | Zhongjiu Optoelectronic Industry Co., Ltd. | Subsidiary | Electronic Components | 20,000.00 | 42,354.25 | 24,068.92 | 11,415.40 | 1,763.50 | 1,762.38 | | Xiamen Hongfa Electroacoustic Co., Ltd. | Invested Company | Electronic Components | 96,290.68 | 2,115,407.38 | 1,401,818.07 | 834,705.99 | 151,262.45 | 131,549.90 | [V. Other Disclosure Matters](index=18&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This subsection discloses potential risks like macroeconomic shifts, transformation challenges, exchange rate volatility, raw material prices, and accounts receivable, alongside progress on the "quality improvement, efficiency enhancement, and return focus" action plan [(I) Potential Risks](index=18&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) - Macroeconomic environment risk: Complex and volatile international situations may affect industry supply and demand structure and product selling prices[79](index=79&type=chunk) - Transformation and management risk: Uncertainties in business and product transformation and upgrading pose higher requirements for operational decisions, talent acquisition, and capital management[80](index=80&type=chunk) - Exchange rate fluctuation risk: Export business involves foreign exchange receipts and payments, and fluctuations in the RMB against the USD exchange rate may result in exchange gains or losses[82](index=82&type=chunk) - Raw material price fluctuation risk: Rising prices of various raw materials will pose risks to the Company's production and operations[83](index=83&type=chunk) - Accounts receivable risk: Expanding sales scale leads to a continuous increase in accounts receivable, posing a risk of bad debts[84](index=84&type=chunk) [(II) Other Disclosure Matters](index=19&type=section&id=%28%E4%BA%8C%29%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) - The Company continued its "quality improvement, efficiency enhancement, and return focus" initiative, with operating revenue growing by **6.51%**, total profit by **16.36%**, and net profit attributable to shareholders of the listed company by **15.18%** in the first half of 2025[86](index=86&type=chunk) - During the reporting period, the Company obtained **38** patent authorizations and **1** software copyright; as of the end of June 2025, the Company had accumulated **478** patent authorizations and **134** software copyrights[87](index=87&type=chunk) - The Company implemented a cash dividend of **CNY 24.4837 million** for the year 2024, with the cumulative cash dividends over the past three fiscal years accounting for **30.42%** of the average annual net profit[91](index=91&type=chunk) - The Company has implemented two share repurchase plans in the past two years, cumulatively repurchasing **3,424,700 shares** of the Company, with a total payment of **CNY 146,222,440.45**[92](index=92&type=chunk) - The Company has established a comprehensive ESG management system, released its second sustainability report, and achieved an **A-rating** in the WindESG rating in July 2025[95](index=95&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in directors, supervisors, and senior management, confirms no semi-annual profit distribution, lists subsidiaries for environmental disclosure, and details efforts in poverty alleviation and rural revitalization [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This subsection details personnel changes among directors, supervisors, and senior management during the reporting period, including resignations, appointments, and elections - Ms. Deng Huixia resigned as Board Secretary, was appointed as Vice President of the Company, and was subsequently elected as a Director of the Company[98](index=98&type=chunk) - Mr. Wang Tao resigned from his positions as Director and member of the Board's Nomination Committee due to personal reasons; Mr. Zeng Qingxun resigned from his position as Supervisor of the Company due to personal reasons[98](index=98&type=chunk) - Mr. Tao Qi is unable to perform his duties as Supervisor due to personal reasons, and the Company intends to remove him from his supervisor position[99](index=99&type=chunk) - Mr. Fu Dagong was elected as a member of the Board's Nomination Committee; Mr. Xu Min and Mr. Liu Jiaming were elected as Supervisors of the Company; Mr. Zhou Jiahe was appointed as Board Secretary of the Company[98](index=98&type=chunk)[99](index=99&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This subsection confirms the Company's semi-annual plan not to distribute profits or convert capital reserves into share capital - The Company will not carry out profit distribution or capital reserve conversion into share capital for the semi-annual period[100](index=100&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=23&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) This subsection lists the Company's subsidiaries required to disclose environmental information by law and provides their report inquiry indexes - Xiamen Hualian Electronics Co., Ltd. and Nanchang Xinlei Optoelectronic Technology Co., Ltd. have been included in the list of enterprises required to disclose environmental information by law[101](index=101&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=23&type=section&id=%E4%BA%94%E3%80%81%E5%B7%B1%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) This subsection describes the Company's social responsibility efforts in poverty alleviation and rural employment through labor projects - In the first half of 2025, the Company employed **1,235 migrant workers**, and as of now, has paid approximately **CNY 16.7364 million** in wages to migrant workers[101](index=101&type=chunk) [Section V Significant Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant matters during the reporting period, including commitment fulfillment, alleged violations by directors/supervisors, major related-party transactions, significant guarantees, and project progress like building renovation and subsidiary equity changes [I. Fulfillment of Commitments](index=24&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This subsection lists commitments by the actual controller, controlling shareholder, and related parties, covering competition avoidance, related-party transactions, independence, and share/profit distribution, all strictly fulfilled - The actual controller, Mr. Wu Rui, committed to avoiding horizontal competition, standardizing related-party transactions, and ensuring the Company's independence in personnel, assets, finance, organization, and business, all of which have been strictly fulfilled[103](index=103&type=chunk) - The controlling shareholder, Electronics Group, committed to avoiding horizontal competition with the Company, and has strictly fulfilled this commitment[103](index=103&type=chunk) - Ms. Deng Huixia committed not to reduce her holdings of the Company's shares during the share increase implementation period and legal holding period; as of the end of this reporting period, her share increase plan has been completed[103](index=103&type=chunk) - The Company committed that the cumulative profits distributed in cash from 2024-2026 should not be less than **30%** of the average annual distributable profit achieved in the most recent three years, and has strictly fulfilled this commitment[103](index=103&type=chunk) [VII. Major Litigation and Arbitration Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This subsection states that the Company had no major litigation or arbitration matters during the reporting period - The Company had no major litigation or arbitration matters during this reporting period[104](index=104&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification by the Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=25&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) This subsection discloses that the Company's Director Mr. Wang Tao and Supervisor Mr. Tao Qi were under detention due to personal reasons, clarifying that the matters involved are unrelated to the Company. The Company has adjusted positions and elected replacements for the relevant personnel - On April 27, 2025, the Company received notification that Director Mr. Wang Tao and Supervisor Mr. Tao Qi were under detention, and the matters involved are unrelated to Lianchuang Optoelectronic[104](index=104&type=chunk) - As of the end of the reporting period, neither Mr. Wang Tao nor Mr. Tao Qi held Company shares, and the Company had not received any notification from relevant authorities nor been requested to assist in investigations[104](index=104&type=chunk) - Mr. Wang Tao and Mr. Zeng Qingxun have resigned from their positions, Mr. Tao Qi has been removed from his supervisor position, and the Company has elected Ms. Deng Huixia as a Director, Mr. Fu Dagong as a member of the Board's Nomination Committee, and Mr. Xu Min and Mr. Liu Jiaming as Supervisors[105](index=105&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=25&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This subsection confirms that the Company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled commitments or public censures during the reporting period - During the reporting period, the Company, its controlling shareholder, and actual controller had no instances of failing to repay large debts on time, failing to fulfill commitments, or being publicly censured by the China Securities Regulatory Commission or the Shanghai Stock Exchange[106](index=106&type=chunk) [X. Major Related-Party Transactions](index=25&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This subsection discloses daily operational related-party transactions, primarily involving the Company providing guarantees for an invested company, with relevant proposals approved [(I) Related-Party Transactions Related to Daily Operations](index=25&type=section&id=%28%E4%B8%80%29%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) - The proposal for the Company to provide guarantees for its invested company, Jiangxi Lianchuang Superconducting Technology Co., Ltd., as a related-party transaction, has been approved by the Board of Directors, Board of Supervisors, and the General Meeting of Shareholders[108](index=108&type=chunk) - On June 27, 2025, the Company signed a "Maximum Principal Guarantee Contract" with China Construction Bank Corporation Nanchang Donghu Branch, providing a guarantee for Lianchuang Superconducting's **CNY 30 million** financing according to its shareholding ratio, with a maximum guarantee limit of **CNY 12 million**[108](index=108&type=chunk) [XI. Major Contracts and Their Fulfillment](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This subsection details the Company's major guarantees, both fulfilled and outstanding, provided as guarantor for subsidiaries and associated companies, including amounts and statuses [(II) Major Guarantees Performed and Unfulfilled During the Reporting Period](index=28&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) - The Company's total external guarantees (excluding guarantees for subsidiaries) amounted to **CNY 59,980,000.00**, all of which were guarantees for the associated company Jiangxi Lianchuang Superconducting Technology Co., Ltd[111](index=111&type=chunk) - The total amount of guarantees provided by the Company to its subsidiaries was **CNY 201,762,255.78**, and the total outstanding guarantee balance for subsidiaries at the end of the reporting period was **CNY 345,336,724.31**[111](index=111&type=chunk) - The Company's total guarantees (including those for subsidiaries) amounted to **CNY 405,316,724.31**, accounting for **9.23%** of the Company's net assets[111](index=111&type=chunk) - The amount of guarantees provided for shareholders, actual controllers, and their related parties was **CNY 59,980,000.00**[112](index=112&type=chunk) [XIII. Explanation of Other Significant Matters](index=30&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) This subsection explains other important operating and investment activities of the Company during the reporting period, including the completion of building renovation and special equipment projects, the launch of the Thailand production base, and subsidiary equity transfers and repurchases [1. 101 Building Renovation Project](index=30&type=section&id=1%E3%80%81101%20%E5%A4%A7%E6%A5%BC%E6%8F%90%E5%8D%87%E6%94%B9%E9%80%A0%E9%A1%B9%E7%9B%AE) - The Company launched the 101 Building renovation project in January 2024, with a renovation area of **12,444.80 square meters** and a total project building area of **31,018.82 square meters**[113](index=113&type=chunk) - As of June 30, 2025, the project progress has reached **100%** completion[113](index=113&type=chunk) [2. Special Equipment Project](index=30&type=section&id=2%E3%80%81%E7%89%B9%E7%A7%8D%E8%A3%85%E5%A4%87%E9%A1%B9%E7%9B%AE) - The Company commenced the construction of a steel frame structure factory for the special equipment project in April 2024[114](index=114&type=chunk) - As of June 30, 2025, the project progress has reached **100%** completion[114](index=114&type=chunk) [3. Thailand Production Base Project](index=30&type=section&id=3%E3%80%81%E6%B3%B0%E5%9B%BD%E7%94%9F%E4%BA%A7%E5%9F%BA%E5%9C%B0%E9%A1%B9%E7%9B%AE) - Hualian Electronics commenced the piling foundation work for the factory construction of the Thailand production base project in March 2025[115](index=115&type=chunk) - As of June 30, 2025, the project progress has reached **1.31%** completion[115](index=115&type=chunk) [4. Litigation Explanation](index=30&type=section&id=4%E3%80%81%E8%AF%89%E8%AE%BC%E8%AF%B4%E6%98%8E) - As of June 30, 2025, the cumulative total amount of litigation and arbitration cases involving the Company accounted for approximately **4.75%** of the absolute value of the most recently audited net assets[116](index=116&type=chunk) - The litigation amount did not reach **10%** of the absolute value of the Company's most recently audited net assets and will not have a significant impact on the Company's daily operations[116](index=116&type=chunk) [5. Equity Transfer of Subsidiary Jiangxi Lianchuang Cable Co., Ltd.](index=30&type=section&id=5%E3%80%81%E5%AD%90%E5%85%AC%E5%8F%B8%E6%B1%9F%E8%A5%BF%E8%81%94%E5%88%9B%E7%94%B5%E7%BC%86%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E8%BD%AC%E8%AE%A9) - On July 1, 2025, the Company signed an "Equity Transfer Agreement" with Yuan Zuoshuo, a shareholder of Jiangxi Lianchuang Cable Co., Ltd., to acquire his **6.7%** equity stake for **CNY 100,000** in cash[117](index=117&type=chunk) - Upon completion of the transaction, the Company holds **100%** equity in Jiangxi Lianchuang Cable Co., Ltd. and has completed the industrial and commercial change registration procedures[117](index=117&type=chunk)[118](index=118&type=chunk) [6. Repayment of Borrowings and Repurchase of Minority Equity in Subsidiary Lianchuang Display](index=30&type=section&id=6%E3%80%81%E5%81%BF%E8%BF%98%E5%80%9F%E6%AC%BE%E6%9A%A8%E5%9B%9E%E8%B4%AD%E5%AD%90%E5%85%AC%E5%8F%B8%E8%81%94%E5%88%9B%E6%98%BE%E7%A4%BA%E5%B0%91%E6%95%B0%E8%82%A1%E6%9D%83) - The Company intends to repurchase the **33.0229%** equity stake in Lianchuang Display held by Nanchang Lingkong Industrial Equity Investment Management Co., Ltd. for **CNY 100 million**, after which Lianchuang Display will revert to being a wholly-owned subsidiary of the Company[119](index=119&type=chunk) - The **CNY 100 million** paid for this repurchase is essentially the repayment of a creditor's right to Lingkong Industrial Investment Company[119](index=119&type=chunk) - This transaction has not yet been formally signed, nor have the public listing and transfer procedures at the Jiangxi Provincial Property Rights Exchange been completed[120](index=120&type=chunk) [7. Shareholder Lianfa Group of Subsidiary Hualian Electronics Intends to Transfer Its Shares](index=31&type=section&id=7%E3%80%81%E5%AD%90%E5%85%AC%E5%8F%B8%E5%8D%8E%E8%81%94%E7%94%B5%E5%AD%90%E8%82%A1%E4%B8%9C%E8%81%94%E5%8F%91%E9%9B%86%E5%9B%A2%E6%8B%9F%E8%BD%AC%E8%AE%A9%E5%85%B6%E6%89%80%E6%8C%81%E8%82%A1%E4%BB%BD) - The Company's controlled subsidiary, Hualian Electronics, received notification from its shareholder, Lianfa Group Co., Ltd., that Lianfa Group intends to publicly list and transfer its **44.591 million shares** of Hualian Electronics, accounting for **34.49%** of the total share capital[121](index=121&type=chunk) - This transfer will not result in a change of Hualian Electronics' controlling shareholder or actual controller, nor will it affect its normal production and operation activities[121](index=121&type=chunk) [Section VI Changes in Share Capital and Shareholder Information](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the Company's share capital changes, primarily a reduction due to repurchased share cancellation, and lists total shareholders, top ten shareholders' holdings, and shareholding changes of directors, supervisors, and senior management [I. Changes in Share Capital](index=32&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This subsection details the reasons and results of the Company's share capital changes, primarily a reduction in total share capital due to the cancellation of repurchased shares [1. Table of Changes in Share Capital](index=32&type=section&id=1%E3%80%81%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) Table of Changes in Share Capital (Unit: shares) | Item | Quantity Before This Change | Proportion Before This Change (%) | Increase/Decrease in This Change (+, -) Subtotal | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00 | 0 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 455,225,750 | 100.00 | -1,711,300 | 453,514,450 | 100.00 | | 1. RMB Ordinary Shares | 455,225,750 | 100.00 | -1,711,300 | 453,514,450 | 100.00 | | III. Total Shares | 455,225,750 | 100.00 | -1,711,300 | 453,514,450 | 100.00 | [2. Explanation of Changes in Share Capital](index=32&type=section&id=2%E3%80%81%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) - The Company approved a share repurchase plan on February 4, 2024, which was completed by April 30, 2024, with a cumulative repurchase of **1,711,300 shares** of the Company[124](index=124&type=chunk) - The Company approved proposals to change the purpose of repurchased shares and cancel them, thereby reducing registered capital, on August 5, 2024, and December 30, 2024[124](index=124&type=chunk) - Upon the Company's application, all **1,711,300 repurchased shares** were cancelled at China Securities Depository and Clearing Corporation Limited on February 17, 2025[125](index=125&type=chunk) - After the completion of this share cancellation, the Company's total share capital changed from **455,225,750 shares** to **453,514,450 shares**, and its registered capital changed from **CNY 455,225,750** to **CNY 453,514,450**[125](index=125&type=chunk) - On June 18, 2025, the Company completed the industrial and commercial information change procedures for the reduction of registered capital due to the cancellation of the aforementioned repurchased shares[126](index=126&type=chunk) [II. Shareholder Information](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This subsection discloses the total number of ordinary shareholders as of the end of the reporting period, as well as the shareholding status of the top ten shareholders and top ten unrestricted tradable shareholders, including their shareholding quantity, proportion, and share status [(I) Total Number of Shareholders](index=33&type=section&id=%28%E4%B8%80%29%20%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0) - As of the end of the reporting period, the total number of ordinary shareholders was **44,594 accounts**[127](index=127&type=chunk) [(II) Table of Shareholdings of Top Ten Shareholders and Top Ten Tradable Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period](index=33&type=section&id=%28%E4%BA%8C%29%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) Shareholdings of Top Ten Shareholders as of the End of the Reporting Period (Unit: shares) | Shareholder Name | Increase/Decrease During Reporting Period | Period-End Shareholding Quantity | Proportion (%) | Quantity of Restricted Shares Held | Pledge, Mark, or Freeze Status of Shares | Quantity of Pledged, Marked, or Frozen Shares | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Provincial Electronics Group Co., Ltd. | 0 | 94,736,092 | 20.89 | 0 | Pledged | 75,331,645 | Domestic Non-State-Owned Legal Person | | Huang Shilin | 1,116,600 | 12,437,000 | 2.74 | 0 | None | 0 | Domestic Natural Person | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 5,402,793 | 5,402,793 | 1.19 | 0 | None | 0 | Other | | Qian Xufeng | 125,800 | 4,975,138 | 1.10 | 0 | None | 0 | Domestic Natural Person | | Guo Youquan | 274,000 | 4,676,100 | 1.03 | 0 | None | 0 | Domestic Natural Person | | Bank of Communications Co., Ltd. - Fuguo Balanced Selection Mixed Securities Investment Fund | 269,800 | 4,498,900 | 0.99 | 0 | None | 0 | Other | | Ruizhong Life Insurance Co., Ltd. - Proprietary Funds | 27,000 | 4,269,955 | 0.94 | 0 | None | 0 | Other | | China Construction Bank Co., Ltd. - Guotai CSI Military Industry ETF | 1,235,650 | 4,214,151 | 0.93 | 0 | None | 0 | Other | | National Social Security Fund 107 Portfolio | 4,157,300 | 4,157,300 | 0.92 | 0 | None | 0 | Other | | Agricultural Bank of China Co., Ltd. - Fuguo Growth Leading Mixed Securities Investment Fund | 135,300 | 4,009,100 | 0.88 | 0 | None | 0 | Other | - Jiangxi Provincial Electronics Group Co., Ltd. is the Company's controlling shareholder and has no associated relationship or concerted action relationship with other shareholders[131](index=131&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=34&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This subsection discloses shareholding changes of current and resigned directors, supervisors, and senior management, primarily involving share increases by Director and Vice President Deng Huixia [(I) Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period](index=34&type=section&id=%28%E4%B8%80%29%20%E7%8E%B0%E4%BB%BB%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%A6%BB%E4%BB%BB%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period (Unit: shares) | Name | Position | Beginning-of-Period Shareholding | Period-End Shareholding | Change in Shareholding During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Deng Huixia | Director, Vice President | 176,000 | 185,700 | +9,700 | Increased holdings via secondary market | - On April 8, 2025, Ms. Deng Huixia, then Board Secretary of the Company, increased her holdings of the Company's A-shares by **9,700 shares** through centralized bidding on the secondary market, with an increase amount of **CNY 505,900**[133](index=133&type=chunk) - On July 29, 2025, Ms. Deng Huixia, Director and Vice President of the Company, again increased her holdings of the Company's A-shares by **6,300 shares**, with an increase amount of **CNY 351,000**, holding **192,000 shares** of the Company after the increase[134](index=134&type=chunk) [Section VII Bond-Related Information](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the Company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The Company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[137](index=137&type=chunk) - The Company has no convertible corporate bonds[137](index=137&type=chunk) [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the Company's H1 2025 financial report, including unaudited statements, basic information, accounting policies, taxation, detailed notes to consolidated financial items, R&D, consolidation changes, equity in other entities, government grants, financial instrument risks, fair value disclosures, related parties, share-based payments, commitments, post-balance sheet events, other matters, and parent company notes [I. Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This subsection states that the Company's semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk) [II. Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This subsection provides the Company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Consolidated Balance Sheet](index=37&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,038,081,195.99 | 2,065,998,092.51 | | Accounts Receivable | 1,023,076,103.39 | 928,787,290.56 | | Inventories | 709,067,473.44 | 665,615,891.62 | | Long-term Equity Investments | 3,027,940,885.57 | 2,773,507,358.42 | | Fixed Assets | 869,718,617.08 | 783,734,048.82 | | Total Assets | 8,447,249,531.43 | 8,101,716,853.56 | | Short-term Borrowings | 859,300,079.70 | 695,189,069.56 | | Accounts Payable | 955,583,449.20 | 963,984,644.82 | | Total Liabilities | 3,381,903,093.11 | 3,309,990,451.55 | | Total Equity Attributable to Owners of the Parent Company | 4,390,845,038.36 | 4,152,294,656.58 | | Minority Interests | 674,501,399.96 | 639,431,745.43 | | Total Equity | 5,065,346,438.32 | 4,791,726,402.01 | [Consolidated Income Statement](index=41&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,647,540,657.03 | 1,546,787,527.22 | | Of which: Operating Revenue | 1,647,540,657.03 | 1,546,787,527.22 | | II. Total Operating Costs | 1,601,321,232.20 | 1,510,167,702.94 | | Of which: Operating Costs | 1,327,310,641.91 | 1,257,550,740.38 | | Selling Expenses | 40,807,809.77 | 38,987,590.57 | | Administrative Expenses | 111,511,463.06 | 106,442,440.78 | | R&D Expenses | 80,632,358.27 | 73,412,251.12 | | Financial Expenses | 30,687,699.89 | 22,997,941.59 | | III. Operating Profit | 305,273,689.91 | 266,987,102.44 | | IV. Total Profit | 310,212,502.51 | 266,588,323.65 | | V. Net Profit | 299,740,003.27 | 259,785,367.42 | | Net Profit Attributable to Shareholders of the Parent Company | 263,263,529.57 | 228,565,396.90 | | Minority Interests Income/Loss | 36,476,473.70 | 31,219,970.52 | | VIII. Earnings Per Share: Basic Earnings Per Share (CNY/share) | 0.58 | 0.50 | | VIII. Earnings Per Share: Diluted Earnings Per Share (CNY/share) | 0.58 | 0.50 | [Consolidated Cash Flow Statement](index=45&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Net Cash Flow from Operating Activities | -25,979,143.82 | 25,756,369.05 | | II. Net Cash Flow from Investing Activities | -11,431,067.10 | -34,161,404.64 | | III. Net Cash Flow from Financing Activities | 117,732,234.43 | -91,214,821.02 | | IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents | 2,061,151.10 | 803,353.91 | | V. Net Increase in Cash and Cash Equivalents | 82,383,174.61 | -98,816,502.70 | | VI. Cash and Cash Equivalents at End of Period | 1,923,928,521.68 | 1,587,132,994.54 | [III. Company Basic Information](index=55&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This subsection outlines the Company's establishment, registration, share capital, ultimate actual controller, and main business activities - The Company is a joint-stock limited company established by Jiangxi Provincial Electronics Group Co., Ltd. and other initiators, approved by the Jiangxi Provincial Joint Review Group for Shareholding System Reform and Stock Issuance (Gan Gu [1999] No. 06), and listed on the Shanghai Stock Exchange on March 29, 2001[168](index=168&type=chunk) - As of June 30, 2025, the Company's cumulative total issued share capital was **453.51445 million shares**, and its registered capital was **CNY 453.51445 million**[169](index=169&type=chunk) - The Company's ultimate actual controller: Wu Rui[169](index=169&type=chunk) - The Company's main business involves the R&D, production, and sales of laser series and traditional LED chip products, intelligent control series products, backlight and application products, and optoelectronic communication and intelligent equipment cables and metal material products[30](index=30&type=chunk)[170](index=170&type=chunk) [IV. Basis of Financial Statement Preparation](index=55&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This subsection states that the financial statements adhere to Accounting Standards for Business Enterprises and CSRC rules, confirming no significant doubts about the Company's going concern ability - The Company prepares its financial statements in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public – General Provisions on Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[171](index=171&type=chunk) - The Company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period, found no matters or circumstances that cast significant doubt on its ability to continue as a going concern, and the financial statements are prepared on a going concern basis[172](index=172&type=chunk)[174](index=174&type=chunk) [V. Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This subsection details the Company's significant accounting policies and estimates for financial instruments, revenue, inventories, long-term equity investments, fixed assets, intangible assets, employee compensation, provisions, and government grants - The Company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[201](index=201&type=chunk) - The revenue recognition principle is to recognize revenue at the transaction price allocated to a performance obligation when the customer obtains control of the related goods or services[288](index=288&type=chunk) - Inventories are valued using the weighted average method at month-end when issued, and impairment provisions for inventories are made[231](index=231&type=chunk)[232](index=232&type=chunk) - Long-term equity investments are accounted for using the cost method or the equity method, depending on whether control, joint control, or significant influence can be exercised[238](index=238&type=chunk)[239](index=239&type=chunk) - Fixed assets are depreciated using the straight-line method, and intangible assets are amortized using the straight-line method[252](index=252&type=chunk)[263](index=263&type=chunk) - Government grants are classified into asset-related government grants and income-related government grants, and are accounted for using either the gross method or the net method based on the substance of the economic transaction[298](index=298&type=chunk)[300](index=300&type=chunk) [VI. Taxation](index=84&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This subsection details the main tax types, tax rates, and tax preferential policies applicable to the Company and its subsidiaries, particularly regarding corporate income tax preferences for high-tech enterprises and small low-profit enterprises Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Property Tax | 70% of the original value of the property (or rental income)

格隆汇8月26日丨联创光电(600363.SH)公布2025年半年度报告，报告期实现营业收入16.48亿元，同比增 长6.51%；归属于上市公司股东的净利润2.63亿元，同比增长15.18%；归属于上市公司股东的扣除非经 常性损益的净利润2.37亿元，同比增长14.01%；基本每股收益0.58元。 ...

联创光电公告，2025年上半年营业收入16.48亿元，同比增长6.51%。净利润2.63亿元，同比增长 15.18%。公司半年度不进行利润分配或资本公积金转增股本。 ...

Summary of Lianchuang Optoelectronics Conference Call Company Overview - **Company**: Lianchuang Optoelectronics - **Industry**: Focused on controllable nuclear fusion, high-temperature superconductors, commercial aerospace, and laser technology Key Points Industry and Market Position - Lianchuang Optoelectronics is actively involved in the controllable nuclear fusion sector, particularly through the participation in the Spark One project, which is expected to enter the main equipment construction phase by 2026-2027, potentially generating orders worth approximately 5.1 billion yuan for the company [2][9] - The company collaborates with Shanghai Superconductor, which holds over 80% market share in the domestic second-generation high-temperature superconductor tape market. This market is projected to exceed 10 billion yuan by 2030, with an expected annual compound growth rate of over 50% in the coming years [2][3][8] - Lianchuang has made progress in the commercial aerospace sector based on high-temperature superconducting magnet technology and has entered the anti-drone laser business, securing a 19.6 million yuan order from the Ziyang Commercial Aerospace Launch Technology Research Institute [2][4][10] Financial Performance and Projections - The company’s traditional business, including backlight sources and smart controllers, has shown stable growth through production optimization and market expansion, contributing to overall performance stability [2][6][12] - Future net profit projections for Lianchuang Optoelectronics are 580 million yuan, 720 million yuan, and 880 million yuan for the next three years, with year-on-year growth rates of 142%, 24%, and 21%, respectively. Corresponding price-to-earnings ratios are expected to be 47x, 38x, and 31x, indicating significant valuation upside potential [2][14] Emerging Business Opportunities - The controllable nuclear fusion sector presents significant growth opportunities, with the company expected to complete system and device debugging by 2028-2029, entering the demonstration power generation phase [9] - The commercial aerospace market is anticipated to grow at 15% annually from 2024 to 2034, with superconducting magnet technology being a key application area [10] - The laser business, particularly the "Guangren" product, is expected to drive future growth, supported by a rapidly expanding global and Chinese laser weapon market [11][16] Risks and Challenges - Key risks include the potential underperformance of the nuclear fusion industry, disappointing market performance of laser products, and inherent risks in traditional business operations, which could impact overall profitability and market performance [4][15] Investment Recommendations - Investors are encouraged to monitor Lianchuang Optoelectronics due to its growth potential across both traditional and emerging business segments. The company’s current valuation presents a significant upside opportunity compared to peers [17]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [1]. Core Views - The company is expected to benefit from improvements in its traditional business and significant growth potential in emerging sectors such as laser technology and nuclear fusion [6][11]. - The report highlights the company's deep technical expertise in high-temperature superconducting magnets, which positions it well to capitalize on future industry developments [7][8]. Financial Summary - Projected total revenue for 2024 is 31.04 billion, with a year-on-year decrease of 4.2%. Revenue is expected to grow to 35.96 billion in 2025, 40.02 billion in 2026, and 45.06 billion in 2027, with respective growth rates of 15.8%, 11.3%, and 12.6% [2][11]. - The company's net profit attributable to shareholders is projected to be 2.41 billion in 2024, down 27.9% year-on-year, but expected to rebound to 5.83 billion in 2025, 7.21 billion in 2026, and 8.75 billion in 2027, with growth rates of 141.6%, 23.7%, and 21.3% respectively [2][11]. - The earnings per share (EPS) is forecasted to be 0.53 in 2024, increasing to 1.29 in 2025, 1.59 in 2026, and 1.93 in 2027 [2]. Business Segments - The company divides its operations into traditional and emerging businesses. Traditional business includes smart control products and backlight source products, while emerging business encompasses high-temperature superconducting magnets and laser products [6][10]. - The smart control products are expected to account for approximately 60% of revenue in 2024, with a focus on improving efficiency and profitability [10][34]. - The backlight source business is undergoing structural adjustments, shifting from low-margin consumer electronics to higher-margin applications in larger displays [10][34]. Growth Potential - The nuclear fusion market is projected to reach 10.5 billion by 2030, with a compound annual growth rate (CAGR) of 53.9% from 2024 to 2030. The company is actively involved in the construction of the "Spark One" project, which is expected to generate future orders [8][11]. - The global commercial space launch market is also expected to grow significantly, with the company having secured a project for electromagnetic launch magnets, positioning it to enter a market worth hundreds of billions [8][11]. - The laser weapon market is anticipated to grow from 5 billion in 2023 to 24 billion by 2030, with the company's "Blade" series expected to benefit from this expansion [9][11].