证券代码：600703 股票简称：三安光电 编号：临 2025-045 三安光电股份有限公司 | 2、本期使用金额及当前余额 | | --- | | | | | | 项目 | 金额（万元） | | --- | --- | --- | --- | --- | --- | | 截至 2024 | 年 | 12 | 月 31 | 日募集资金专户余额 | 492,947.98 | | 减：本期投入募集资金总额 | | | | | 11,013.71 | | 加：利息收入 | | | | | 7,821.93 | | 减：银行手续费 | | | | | 0.15 | | 截至 2025 月 30 | 年 | 6 | | 日募集资金专户余额 | 489,756.05 | 二、募集资金管理情况 关于公司募集资金存放与实际使用情况的专项报告 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法律责任。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》和上海证券交易所发布的《上海证券交易所上市公司自律监管指引 第 ...

[Definitions](index=4&type=section&id=First%20Section%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter lists common terms and their definitions used in the report, covering company entities, subsidiaries, related parties, and industry technical terms (e.g., LED, Micro LED, Mini LED, integrated circuits, RF, power devices, SiC, GaN, GaAs, InP), aiming to help readers understand the report content - The report provides detailed definitions of the company and its main subsidiaries, such as Sanan Optoelectronics, Anhui Sanan, and Xiamen Sanan Technology[12](index=12&type=chunk) - The report explains key technical terms, including LED, Micro LED, and Mini LED light-emitting diode technologies[12](index=12&type=chunk)[13](index=13&type=chunk) - The report also covers professional terms in the integrated circuit field, such as RF, power devices, and compound semiconductor materials like SiC, GaN, GaAs, and InP[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance metrics for the reporting period [Company Information](index=6&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative Basic Company Registration Information | Indicator | Content | | :--- | :--- | | Chinese Name | Sanan Optoelectronics Co., Ltd. | | Chinese Abbreviation | Sanan Optoelectronics | | Foreign Name | SANAN OPTOELECTRONICS CO.,LTD | | Legal Representative | Lin Zhiqiang | [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides the name, contact address, telephone, fax, and email of the company's Board Secretary Board Secretary Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Li Xuetan | No. 1721-1725 Luling Road, Siming District, Xiamen City, Fujian Province | 0592-5937117 | 0592-5937117 | 600703@sanan-e.com | [Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section describes changes in the company's basic information, including registered address, office address, postal code, company website, and email - The company's registered address is No. 131 Dongfang Avenue, Jingzhou Development Zone, Jingzhou City, Hubei Province, and its office address is No. 1721-1725 Luling Road, Siming District, Xiamen City, Fujian Province[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section discloses the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the report placement locations - The company's designated newspapers for information disclosure are "Shanghai Securities News", "China Securities Journal", and "Securities Times", with reports published on www.sse.com.cn[18](index=18&type=chunk) [Company Stock Summary](index=6&type=section&id=V.%20Company%20Stock%20Summary) This section provides an overview of the company's stock type, listing exchange, stock abbreviation, and code Company Stock Summary | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Sanan Optoelectronics | 600703 | ST Sanan | [Other Relevant Information](index=6&type=section&id=VI.%20Other%20Relevant%20Information) This section discloses information about the accounting firm engaged by the company and the sponsor institution fulfilling continuous supervision duties during the reporting period - The company engaged ZhongShen ZhongHuan Certified Public Accountants (Special General Partnership), with signing accountants Xiao Feng and Wu Yumei[20](index=20&type=chunk) - During the reporting period, CITIC Securities Co., Ltd. served as the sponsor institution for continuous supervision, with sponsor representatives Zhao Yao and Ai Hua[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for the current and prior reporting periods, along with disclosures of non-recurring gains and losses Key Accounting Data (January-June) | Indicator | Current Period (CNY) | Prior Period (CNY) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,987,392,518.77 | 7,679,459,857.53 | 17.03 | | Total Profit | 292,028,002.58 | 287,205,540.94 | 1.68 | | Net Profit Attributable to Shareholders of Listed Company | 176,490,534.38 | 184,298,280.60 | -4.24 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -100,348,906.50 | -288,376,187.62 | 65.20 | | Net Cash Flow from Operating Activities | 944,390,757.66 | 1,535,781,425.97 | -38.51 | Key Financial Indicators (January-June) | Indicator | Current Period | Prior Period | Period-over-Period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.04 | 0.04 | / | | Diluted Earnings Per Share (CNY/share) | 0.04 | 0.04 | / | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | -0.02 | -0.06 | **Increased by 66.67%** | | Weighted Average Return on Net Assets (%) | 0.48 | 0.49 | **Decreased by 0.01 percentage points** | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.27 | -0.77 | **Increased by 0.50 percentage points** | Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 4,610,371.53 | | Government Grants Recognized in Current Profit or Loss | 299,362,600.22 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 100,000.00 | | Other Non-Operating Income and Expenses | 3,447,917.95 | | Less: Income Tax Impact | 29,511,733.21 | | Impact on Minority Interests (After Tax) | 1,169,715.61 | | Total | 276,839,440.88 | - Net profit after deducting the impact of share-based payments was **CNY 177,193,132.41**, a **3.86% year-on-year decrease**[25](index=25&type=chunk) - Controlled subsidiary Anrui Optoelectronics implemented an equity incentive plan, with the company allocating **CNY 702,598.03** in share-based payment expenses during the reporting period[25](index=25&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section analyzes the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period [Industry and Main Business Overview](index=9&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's main business, product scope, materials, product series, and application areas, along with an analysis of the market conditions and development trends in the LED and integrated circuit industries - The company primarily engages in the R&D, production, and sales of compound semiconductor materials and devices, with its core business focusing on epitaxial wafers and chips made from new compound semiconductor materials such as sapphire, gallium arsenide, gallium nitride, silicon carbide, indium phosphide, and aluminum nitride[28](index=28&type=chunk) Main Products and Application Areas | Product Range | Material | Main Products | Main Uses/Application Areas | | :--- | :--- | :--- | :--- | | LED Epitaxial Wafers and Chips | GaAs, GaN | LED Epitaxial Wafers, LED Chips | Lighting, Display, Backlight, Automotive, AI/AR Glasses, etc. | | LED Application Products | GaAs, GaN | LED Automotive Lighting | Automotive OEM Vehicle Assembly | | Integrated Circuit Chips | GaAs, GaN, LT/LN | RF Chips, Filter Chips | Mobile Terminals, Communication Base Stations, Smart Wearables, Automotive Intelligent Driving, IoT, Satellite Communication, etc. | | Integrated Circuit Chips | SiC, GaN | Power Electronic Chips | New Energy Vehicles, Charging Piles, Photovoltaic Energy Storage, Data Centers and AI Servers, Industrial Automation, Home Appliances, AI/AR Glasses, etc. | | Integrated Circuit Chips | GaAs, InP | Optical Communication Chips, Non-Optical Communication Chips | 5G Networks, Access Networks, Data Centers, AI Application Scenarios, 3D Recognition, Automotive Intelligent Driving, Laser Beauty Devices, etc. | - The company operates on a "technology + talent" industrialization model for scientific and technological achievements, with a procurement model of "direct procurement + consignment procurement", a production model of "order + market forecast", and a sales model primarily based on direct sales[30](index=30&type=chunk) - The global LED lighting market is projected to recover and grow to **USD 56.626 billion** in 2025, with a **CAGR of 2.7%** from 2024-2029, while high-end niche markets like Mini/Micro LED, automotive lighting, and plant lighting offer significant growth opportunities[31](index=31&type=chunk) - Mini LED backlight TV shipments are expected to exceed **10 million units** in 2025, with a penetration rate over **5%**, and the Micro LED market size is projected to reach **USD 4.44 billion** by 2030[32](index=32&type=chunk)[34](index=34&type=chunk) - The automotive LED market is expected to grow to **USD 3.451 billion** in 2025, with accelerating domestic substitution, and the plant lighting market is projected to reach **USD 2.056 billion** by 2029[34](index=34&type=chunk)[35](index=35&type=chunk) - The global semiconductor market size is projected to reach **USD 700.9 billion** in 2025, a **11.2% year-on-year increase**, with the silicon carbide power device market expected to reach **USD 10.385 billion** by 2030, growing at a **CAGR of approximately 20%**[35](index=35&type=chunk) - The gallium nitride power device market is projected to grow from **USD 260 million** in 2023 to **USD 2.01 billion** in 2029, achieving a **CAGR of 41%**[36](index=36&type=chunk) - The global RF front-end market size is expected to grow from **USD 51.3 billion** in 2024 to **USD 69.7 billion** in 2030[37](index=37&type=chunk) - The global optical chip market size is expected to grow from **USD 3.5 billion** in 2024 to over **USD 11 billion** by 2030, with a **CAGR of approximately 17%**[38](index=38&type=chunk) [Analysis of Operating Performance](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company's operating revenue increased by **17.03%** year-on-year, while net profit attributable to the parent company decreased by **4.24%**, with detailed analysis of LED and integrated circuit businesses (RF front-end, power electronics, optical technology) operations, technological progress, market expansion, and progress on "quality improvement, efficiency enhancement, and return focus" Key Operating Performance for H1 2025 | Indicator | Amount (CNY 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 89.87 | 17.03 | | Net Profit Attributable to Shareholders of Listed Company | 1.76 | -4.24 | - LED epitaxial wafer and chip main business revenue **decreased by 3.97%** year-on-year, while gross profit margin **increased by 6.68 percentage points** year-on-year, primarily due to a higher proportion of high-end products and cost reduction measures[38](index=38&type=chunk) - Mini LED has been applied in TVs, monitors, laptops, automotive displays, and VR, while Micro LED chips have deep collaborations with leading domestic and international consumer and technology companies, with products used in wearables, AR glasses, automotive displays, high-end TVs, and commercial displays[39](index=39&type=chunk) - The company's automotive LED product portfolio is comprehensive with internationally leading technology, showing continuous growth in supply to renowned domestic and international automakers and Tier 1 clients; in plant lighting, close collaboration with leading domestic and international enterprises has led to year-on-year shipment growth; infrared and ultraviolet series products continue to increase market share in wearables, mobile remote controls, industrial curing, healthcare, and industrial water treatment[39](index=39&type=chunk) - Anrui Optoelectronics' automotive lighting business achieved steady revenue growth, completing **12 new project nominations** in H1 2025, breakthrough acquisition of DLP automotive lighting projects from multiple automakers, and expanding overseas markets with Europe as the center[39](index=39&type=chunk)[40](index=40&type=chunk) - Integrated circuit products' main business revenue **increased by 7.64%** year-on-year, benefiting from recovering end-market demand and customer supply chain shifts, with gallium arsenide RF foundry and filter revenue achieving year-on-year growth; silicon carbide focuses on automotive-grade applications, accelerating SiC MOSFET technology iteration; the optical technology segment, focusing on data communication and optical sensing as core growth engines, also achieved steady revenue growth[40](index=40&type=chunk) - Gallium nitride RF products continue to optimize 5G application processes, actively invest in 6G application process pre-research, expand overseas markets, and initiate the construction of an RF silicon-based gallium nitride foundry platform[41](index=41&type=chunk) - Gallium arsenide RF product capacity reached **18,000 wafers/month**, with high-reliability, high-linearity HP36/56 process performance products already in small-batch shipments to strategic customers, and continuous investment in copper pillar process performance improvement and capacity expansion[42](index=42&type=chunk) - Filter products cover mainstream domestic and international 4/5G frequency bands, with a capacity of **150 KK/month**, and the development of Bonding TC-SAW and Wafer-Level Packaging (WLP) products[43](index=43&type=chunk) - Hunan Sanan's silicon carbide power device industry chain is vertically integrated, with a **6-inch SiC supporting capacity of 16,000 wafers/month**, **8-inch substrate capacity of 1,000 wafers/month**, **epitaxial capacity of 2,000 wafers/month**, and the **8-inch SiC chip production line has commenced operation**[44](index=44&type=chunk) - Silicon carbide products are widely used in new energy vehicles, photovoltaic energy storage, charging piles, AI and data center servers, white goods, etc., and the Chongqing 8-inch silicon carbide project, a joint venture with STMicroelectronics, **commenced operation in February 2025**[45](index=45&type=chunk)[46](index=46&type=chunk) - Optical technology products can be applied in access networks, data communication, smart AI, automotive LiDAR, and consumer industrial sectors, with a capacity of **2,750 wafers/month**, continuous increase in **400G product shipments**, and **800G products beginning small-batch shipments**[47](index=47&type=chunk)[48](index=48&type=chunk) - The company actively implements "quality improvement, efficiency enhancement, and return focus" measures, promotes a global and platform-based strategic layout, strengthens cooperation with high-quality domestic and international enterprises, and expands business in emerging application areas such as AI/AR glasses, data centers and servers, automotive intelligent driving, and satellite communication[48](index=48&type=chunk)[49](index=49&type=chunk) - During the reporting period, a total of **121,424,405 shares** were repurchased, utilizing **CNY 1,498,799,462.54**; on July 1, 2025, the company distributed a cash dividend of **CNY 0.02 per share** (tax inclusive) to all shareholders, totaling **CNY 94,119,574.10** (tax inclusive)[50](index=50&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section elaborates on the company's core competitive advantages in R&D technology, talent reserves, economies of scale and full industry chain layout, brand marketing, and customer accumulation - As a leading enterprise in China's compound semiconductor field, the company possesses profound technological accumulation and internationally advanced R&D capabilities, holding over **4,300 patents** (including applications) as of June 30, 2025, with **2,631 authorized patents**[52](index=52&type=chunk) - The company boasts a national postdoctoral research workstation, a national enterprise technology center, and an academician workstation, having undertaken key R&D programs from the Ministry of Science and Technology and major projects from the National Development and Reform Commission, and has been awarded two First Prizes for National Science and Technology Progress[53](index=53&type=chunk) - The company has long prioritized talent cultivation and team building, possessing a technical R&D team and a high-caliber management team composed of top global compound semiconductor talents[53](index=53&type=chunk) - The company is a nationally recognized "leading enterprise in semiconductor lighting engineering", holding the top position in production and sales scale within China's compound semiconductor field, with a vertical industry chain layout, actively deploying raw material substrates upstream to achieve partial self-sufficiency[54](index=54&type=chunk) - The company's "Sanan" brand has established a market image of high technology, high quality, and excellent service within the industry, with a marketing network spanning major global regions and long-term, stable cooperative relationships with key domestic and international packaging enterprises and downstream application manufacturers[54](index=54&type=chunk)[55](index=55&type=chunk) [Key Operating Performance](index=17&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the reasons for changes in key financial statement items during the reporting period and explains significant changes in the company's business types, profit composition, or sources of profit for the current period Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 8,987,392,518.77 | 7,679,459,857.53 | 17.03 | Increase in sales revenue from integrated circuit products, LED application products, material scrap, etc. | | Operating Cost | 7,624,978,634.16 | 6,797,297,481.46 | 12.18 | Year-on-year increase in LED application product sales volume, and increase in sales volume and unit price of material scrap | | Selling Expenses | 78,827,339.47 | 90,820,394.13 | -13.21 | Decrease in employee compensation and advertising expenses | | Administrative Expenses | 453,982,686.36 | 396,309,865.18 | 14.55 | Increase in employee compensation, amortization, and depreciation expenses | | Financial Expenses | 25,216,393.68 | 68,897,816.12 | -63.40 | Year-on-year decrease in bank loan interest expenses and net exchange losses | | R&D Expenses | 399,683,810.48 | 299,715,638.68 | 33.35 | Increase in expensed R&D projects year-on-year | | Net Cash Flow from Operating Activities | 944,390,757.66 | 1,535,781,425.97 | -38.51 | Year-on-year decrease in government grants and increase in precious metal procurement prices | | Net Cash Flow from Investing Activities | -949,962,874.14 | -1,135,301,610.53 | 16.33 | Decrease in construction expenditures for Hunan Sanan Semiconductor's SiC project | | Net Cash Flow from Financing Activities | 958,586,398.01 | -587,216,160.71 | 263.24 | Increase in cash received from borrowings and increase in recovery of acceptance and letter of credit deposits | Analysis of Significant Changes in Profit Composition | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 399,683,810.48 | 299,715,638.68 | 33.35 | Increase in expensed R&D projects year-on-year | | Financial Expenses | 25,216,393.68 | 68,897,816.12 | -63.40 | Year-on-year decrease in bank loan interest expenses and net exchange losses | | Other Income | 379,561,507.16 | 598,207,556.07 | -36.55 | Decrease in government grants related to income | | Investment Income | -135,775,837.94 | -29,304,296.13 | -363.33 | Adjustment of precious metal scrap sales settlement | | Gains from Changes in Fair Value | -19,228,684.09 | 694,581.86 | -2,868.38 | Impact of fair value changes in financial assets held for trading | | Credit Impairment Losses | 110,440.14 | 2,565,939.54 | -95.70 | Increase in impairment losses on accounts receivable | | Gains from Asset Disposal | 5,332,020.25 | 8,250,844.48 | -35.38 | Decrease in gains from disposal of non-current assets | | Non-Operating Income | 7,236,211.88 | 3,060,553.47 | 136.43 | Receipt of compensation for economic losses from patent litigation | | Non-Operating Expenses | 4,509,942.65 | 28,234,757.70 | -84.03 | Amount of scrapped product losses less than prior period | [Other Disclosure Matters](index=28&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks, including management, industry and technological change, performance volatility, product quality control, and high inventory balance risks, along with significant litigation and the proposed acquisition of Lumileds Holding B.V. equity - The company faces management risks arising from scale expansion and industry and technological change risks due to rapid technological updates in the semiconductor industry[91](index=91&type=chunk) - The company faces performance volatility risks, with some integrated circuit businesses still in the capacity ramp-up phase, potentially facing continuous losses in its main business[92](index=92&type=chunk) - The company has a high inventory balance, which, if sales revenue does not increase, could affect capital turnover efficiency and lead to inventory impairment risks[94](index=94&type=chunk) - The company is involved in an LED product sales contract dispute, with Huainan Housing and Urban-Rural Development Bureau filing a lawsuit; the Hubei Provincial High People's Court ruled in the first instance that the company bears **30%** of the refund amount, and the company has appealed[95](index=95&type=chunk) - The company plans to jointly acquire **100%** equity of Lumileds Holding B.V. with overseas investor Inari for **USD 239 million** in cash; upon completion, the company will indirectly hold **74.5%** of the target company's equity[96](index=96&type=chunk) - The acquisition of Lumileds Holding B.V. will help the company enrich its product lines, accelerate overseas capacity layout, and leverage the target company's brand customer channels to enter high-quality customer supply chains, thereby increasing sales revenue and long-term profitability[97](index=97&type=chunk) [Corporate Governance, Environment and Society](index=30&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental information disclosure, and rural revitalization efforts [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period - During the reporting period, the status of changes in the company's directors, supervisors, and senior management was "not applicable", indicating no changes[99](index=99&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve to share capital conversion plan is "none" Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution or Conversion | No | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (CNY) (tax inclusive) | 0 | | Number of Shares Converted from Capital Reserve per 10 Shares (shares) | 0 | [Equity Incentive and Employee Stock Ownership Plans](index=30&type=section&id=III.%20Status%20and%20Impact%20of%20the%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section discloses the implementation status of the company's third, fourth, and fifth employee stock ownership plans, including the number of shares held, their proportion of total share capital, and lock-up periods - The company's third employee stock ownership plan holds **76,017,479 shares**, accounting for **1.52%** of the total share capital, with the term extended to November 10, 2025[100](index=100&type=chunk) - The company's fourth employee stock ownership plan holds **46,040,615 shares**, accounting for **0.92%** of the total share capital, with the term extended to December 20, 2025[101](index=101&type=chunk)[102](index=102&type=chunk) - The company's fifth employee stock ownership plan holds **138,467,713 shares**, accounting for **2.78%** of the total share capital, with the 2023 performance assessment met, allowing for full unlocking of rights upon expiration of the lock-up period[103](index=103&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section lists 8 subsidiaries included in the list of enterprises required to disclose environmental information by law, along with their environmental information disclosure report query indexes - The company has **8 subsidiaries** included in the list of enterprises required to disclose environmental information by law, including Tianjin Sanan, Anhui Sanan, Xiamen Sanan, Fujian Jingan, Xiamen Sanan Integrated Circuit, Quanzhou Sanan Semiconductor, Hubei Sanan, and Hunan Sanan Semiconductor[104](index=104&type=chunk) - Environmental information disclosure reports for each subsidiary can be queried through the enterprise environmental information disclosure system in their respective provinces and cities[104](index=104&type=chunk) [Poverty Alleviation and Rural Revitalization](index=31&type=section&id=V.%20Specific%20Situations%20Regarding%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) During the reporting period, the company had no specific situations requiring disclosure regarding consolidating and expanding poverty alleviation achievements or rural revitalization - During the reporting period, the company had no applicable situations regarding consolidating and expanding poverty alleviation achievements or rural revitalization efforts[105](index=105&type=chunk) [Significant Matters](index=32&type=section&id=Fifth%20Section%20Significant%20Matters) This section details the fulfillment of commitments, related party transactions, guarantees, audit status, and other significant events during the reporting period [Fulfillment of Commitments](index=32&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the commitments made by the company's actual controller, shareholders, related parties, and the company itself regarding share reform, major asset restructuring, refinancing, and other matters, along with their fulfillment status, indicating all commitments were strictly and timely met - Sanan Group's commitment to a "one-year lock-up, two-year gradual release" for its shares during the share reform has been fulfilled[107](index=107&type=chunk) - Sanan Group's profit forecast and compensation commitment for net profits from 2008-2010 during the major asset restructuring has been fulfilled[107](index=107&type=chunk) - Gree Electric Appliances and Pioneer High-Tech's commitments regarding share lock-up and funding sources in refinancing have all been fulfilled[107](index=107&type=chunk)[109](index=109&type=chunk) - The company's directors, senior management, and major shareholders have fulfilled their commitments regarding compensation measures and not harming the company's interests[109](index=109&type=chunk) - All subscribers to the company's 2021 non-public issuance of shares have fulfilled their share lock-up commitments[109](index=109&type=chunk) - Sanan Group committed to fully compensate Sanan Optoelectronics for any liability arising from the final judgment of the photovoltaic project litigation, and this commitment has been fulfilled[109](index=109&type=chunk) [Non-Operating Fund Occupation by Related Parties](index=34&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, the company was not subject to non-operating fund occupation by controlling shareholders or other related parties[110](index=110&type=chunk) [Illegal Guarantees](index=34&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[110](index=110&type=chunk) [Semi-Annual Report Audit Status](index=34&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Matters Involving Non-Standard Audit Opinions](index=34&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year's%20Annual%20Report) During the reporting period, there were no changes or handling situations regarding matters involving non-standard audit opinions in the company's prior year's annual report - During the reporting period, there were no changes or handling situations regarding matters involving non-standard audit opinions in the company's prior year's annual report[110](index=110&type=chunk) [Matters Related to Bankruptcy Reorganization](index=34&type=section&id=VI.%20Matters%20Related%20to%20Bankruptcy%20Reorganization) During the reporting period, the company had no matters related to bankruptcy reorganization - During the reporting period, the company had no matters related to bankruptcy reorganization[110](index=110&type=chunk) [Significant Litigation and Arbitration Matters](index=34&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - During the reporting period, the company had no significant litigation or arbitration matters[110](index=110&type=chunk) [Violations and Penalties](index=34&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20Status%20of%20the%20Listed%20Company%20and%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers - During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers[110](index=110&type=chunk) [Explanation of Integrity Status](index=34&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholders%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, there were no situations requiring explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers - During the reporting period, there were no situations requiring explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers[110](index=110&type=chunk) [Significant Related Party Transactions](index=34&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section discloses daily operating related transactions between the company and its related parties during the reporting period, including leasing, procurement of goods/acceptance of services, and sales of goods/provision of services, totaling **CNY 57.6025 million** - The company's estimated related party transactions for 2025 have been approved by the 19th meeting of the 11th Board of Directors and the 12th meeting of the 11th Board of Supervisors[110](index=110&type=chunk) Actual Transaction Amounts with Related Parties During the Reporting Period | Related Party Transaction Type | Related Party | Related Party Transaction Content | Actual Amount (CNY 10,000) for Jan-Jun 2025 | | :--- | :--- | :--- | :--- | | Related party as lessor | Sanan International Holdings Co., Ltd. | Lease of office premises | 132.71 | | Related party as lessee | Fujian Zhongke Bio-Tech Co., Ltd. | Lease of staff dormitories, laboratories, etc. | 32.86 | | Related party as lessee | Xiamen Xinying Display Technology Co., Ltd. | Lease of factory buildings, staff dormitories | 1.33 | | Related party as lessee | Sanan STMicroelectronics Co., Ltd. | Lease of vehicles | 0.53 | | Procurement of goods/acceptance of services from related parties | Fujian Zhongke Bio-Tech Co., Ltd. | Purchase of goods, acceptance of technical services, etc. | 12.98 | | Procurement of goods/acceptance of services from related parties | Suzhou Zhangchi Optoelectronics Technology Co., Ltd. | Purchase of raw materials, etc. | 603.17 | | Procurement of goods/acceptance of services from related parties | Xiamen Xinying Display Technology Co., Ltd. | Purchase of electronic components, etc. | 83.63 | | Procurement of goods/acceptance of services from related parties | Fujian Sanan Group Co., Ltd. | Advance payment for rent, property management, utilities | 62.68 | | Procurement of goods/acceptance of services from related parties | Sanan STMicroelectronics Co., Ltd. | Acceptance of power services, etc. | 842.83 | | Sale of goods/provision of services to related parties | Jingzhou Hongsheng Optoelectronics Technology Co., Ltd. | Sale of LED epitaxial wafers and chips | 1,897.60 | | Sale of goods/provision of services to related parties | Xiamen Xinying Display Technology Co., Ltd. | Sale of LED epitaxial wafers and chips, LED applications | 194.62 | | Sale of goods/provision of services to related parties | Xiamen Qijun IoT Technology Co., Ltd. | Sale of integrated circuit chips | 116.57 | | Sale of goods/provision of services to related parties | Cree Venture LED Company Limited | Sale of LED epitaxial wafers and chips | 1,087.72 | | Sale of goods/provision of services to related parties | Sanan STMicroelectronics Co., Ltd. | Sale of SiC substrates, LED application products, equipment, provision of labor services, etc. | 654.50 | | **Total** | | | **5,760.25** | [Significant Contracts and Their Fulfillment](index=36&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's leasing and significant guarantee situations during the reporting period, including external guarantees and guarantees for subsidiaries, with the total guarantee amount accounting for **44.71%** of the company's net assets Leasing Situation as Lessor | Lessee Name | Type of Leased Asset | Lease Start Date | Lease End Date | Lease Income (CNY) | Related Party Transaction | Related Party Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Zhongke Bio-Tech Co., Ltd. | Factory buildings, staff dormitories | 2025/1/1 | 2025/12/31 | 199,999.98 | Yes | Other related parties | | Fujian Zhongke Bio-Tech Co., Ltd. | Laboratory | 2025/1/1 | 2025/12/31 | 128,571.42 | Yes | Other related parties | | Sanan STMicroelectronics Co., Ltd. | Vehicles | 2025/1/1 | 2025/12/31 | 5,309.73 | Yes | Associate company | | Xiamen Xinying Display Technology Co., Ltd. | Staff dormitories | 2025/1/1 | 2025/12/31 | 13,288.23 | Yes | Associate company | | Hong Kong Sanan Optoelectronics Co., Ltd. | Office premises | 2024/3/1 | 2025/2/28 | 1,327,086.72 | Yes | Wholly-owned subsidiary of parent company | | Hong Kong Sanan Optoelectronics Co., Ltd. | Office premises | 2025/3/1 | 2026/2/28 | (Undisclosed) | Yes | Wholly-owned subsidiary of parent company | Total Company Guarantee Situation | Indicator | Amount (CNY 100 million) | Percentage of Company's Net Assets (%) | | :--- | :--- | :--- | | Total Guarantees (A+B) | 158.49 | 44.71 | | Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 16.94 | | - The company provided guarantees of **CNY 1.854 billion** for Sanan Group and Sanan Electronics to pay China Development Fund Co., Ltd. investment income, equity repurchases, and other obligations, with the guarantee balance at the end of the reporting period being **CNY 1.694 billion**[115](index=115&type=chunk)[120](index=120&type=chunk) - The company provided guarantees for borrowings from financial institutions by its wholly-owned subsidiaries Anhui Sanan, Fujian Jingan, Hubei Sanan, Hunan Sanan, Quanzhou Sanan, Xiamen Sanan, Sanan Integrated, Tianjin Sanan, and controlled subsidiary Anrui Optoelectronics, with a total guarantee amount of **CNY 14.155 billion**[121](index=121&type=chunk) [Progress of Raised Funds Utilization](index=39&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Utilization%20of%20Raised%20Funds) This section details the overall utilization of the company's raised funds and specific investment projects, including the Hubei Sanan Mini/Micro Display Industrialization Project and working capital replenishment, along with the status of idle raised funds used for cash management Overall Utilization of Raised Funds | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total Raised Funds | 790,000.00 | | Net Raised Funds | 786,958.92 | | Total Investment Committed in Prospectus or Offering Document | 786,958.92 | | Total Raised Funds Cumulatively Invested as of End of Reporting Period | 317,298.20 | | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | 40.32 | | Amount Invested This Year | 11,013.71 | Detailed Utilization of Raised Fund Investment Projects | Project Name | Planned Total Investment of Raised Funds (CNY 10,000) | Amount Invested This Year (CNY 10,000) | Total Raised Funds Cumulatively Invested as of End of Reporting Period (CNY 10,000) | Cumulative Investment Progress as of End of Reporting Period (%) | Date Project Reaches Intended Usable State | Benefits Achieved This Year (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Sanan Optoelectronics Co., Ltd. Mini/Micro Display Industrialization Project | 690,000.00 | 11,013.71 | 220,398.20 | 31.94 | June 2026 | 8,756.50 | | Replenishment of Working Capital | 96,958.92 | 0 | 96,900.00 | 99.94 | Not applicable | Not applicable | - The date for Hubei Sanan Optoelectronics Co., Ltd.'s Mini/Micro Display Industrialization Project to reach its intended usable state has been extended[125](index=125&type=chunk) - As of the end of the reporting period, Hubei Sanan possesses a chip capacity of **125,000 wafers/month**, special packaging capacity of **1,000 KK/month**, and **153 patents** (including **88 authorized patents**)[125](index=125&type=chunk) - During the reporting period, the company cumulatively used raised funds to replace funds paid for investment projects through acceptance bills, letters of credit, self-owned funds, and foreign exchange, totaling **CNY 85.2823 million**[128](index=128&type=chunk) - The balance of idle raised funds used for cash management is **CNY 4.09 billion**, all in bank time deposits[131](index=131&type=chunk) [Other Significant Matters](index=42&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - During the reporting period, the company had no other significant matters requiring explanation[132](index=132&type=chunk) [Share Changes and Shareholder Information](index=43&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, shareholder structure, and information on directors, supervisors, and senior management [Changes in Share Capital](index=43&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[134](index=134&type=chunk) [Shareholder Information](index=43&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of common shareholders, the top ten shareholders, and the top ten shareholders with unrestricted shares as of the end of the reporting period Total Number of Common Shareholders as of the End of the Reporting Period | Indicator | Number (accounts) | | :--- | :--- | | Total Common Shareholders | 351,044 | | Total Preferred Shareholders with Restored Voting Rights | 0 | Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Pledged, Marked, or Frozen Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xiamen Sanan Electronics Co., Ltd. | 1,213,823,341 | 24.33 | Pledged 605,750,000 | Domestic Non-State-Owned Legal Person | | Hunan Zhentai Equity Investment Management Partnership (Limited Partnership) - Changsha Pioneer High-Tech Investment Partnership (Limited Partnership) | 286,368,843 | 5.74 | None 0 | Other | | Sanan Optoelectronics Co., Ltd. Repurchase Special Securities Account | 283,040,022 | 5.67 | None 0 | Other | | Fujian Sanan Group Co., Ltd. | 256,633,542 | 5.14 | Pledged 128,200,000 | Domestic Non-State-Owned Legal Person | | Sanan Optoelectronics Co., Ltd. - Fifth Employee Stock Ownership Plan | 138,467,713 | 2.78 | None 0 | Other | | Zhuhai Gree Electric Appliances Co., Ltd. | 114,547,537 | 2.30 | None 0 | Other | | National Integrated Circuit Industry Investment Fund Co., Ltd. | 113,727,232 | 2.28 | None 0 | State-Owned Legal Person | | Changsha Fuxin Industry Investment Partnership (Limited Partnership) | 96,774,193 | 1.94 | None 0 | Other | | National Social Security Fund 103 Portfolio | 80,009,914 | 1.60 | None 0 | Other | | Sanan Optoelectronics Co., Ltd. - Third Employee Stock Ownership Plan | 76,017,479 | 1.52 | None 0 | Other | - The company's repurchase special securities account holds **283,040,022 shares**, deposited in the company's repurchase special securities account[138](index=138&type=chunk) - Fujian Sanan Group Co., Ltd. is the controlling shareholder of Xiamen Sanan Electronics Co., Ltd[138](index=138&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=44&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no significant matters requiring disclosure regarding changes in shareholdings or equity incentives granted to the company's directors, supervisors, and senior management - During the reporting period, the shareholding changes of the company's directors, supervisors, and senior management were "not applicable"[139](index=139&type=chunk) - During the reporting period, the equity incentives granted to the company's directors, supervisors, and senior management were "not applicable"[140](index=140&type=chunk) [Change in Controlling Shareholder or Actual Controller](index=45&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, the status of changes in the company's controlling shareholder or actual controller was "not applicable"[140](index=140&type=chunk) [Preferred Share Information](index=45&type=section&id=V.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred share-related information - During the reporting period, the company had no preferred share-related information[140](index=140&type=chunk) [Bond-Related Information](index=46&type=section&id=Seventh%20Section%20Bond-Related%20Information) This section provides information on the company's bonds, debt financing instruments, and convertible corporate bonds [Corporate Bonds and Debt Financing Instruments](index=46&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[142](index=142&type=chunk) [Convertible Corporate Bonds](index=46&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[142](index=142&type=chunk) [Financial Report](index=47&type=section&id=Eighth%20Section%20Financial%20Report) This section includes the audit report, financial statements, company background, accounting policies, tax information, and detailed notes on consolidated financial statement items [Audit Report](index=47&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[144](index=144&type=chunk) [Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section includes the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - The company's consolidated and parent company balance sheets as of June 30, 2025, are provided[144](index=144&type=chunk)[148](index=148&type=chunk) - The company's consolidated and parent company income statements for January-June 2025 are provided[151](index=151&type=chunk)[155](index=155&type=chunk) - The company's consolidated and parent company cash flow statements for January-June 2025 are provided[157](index=157&type=chunk)[161](index=161&type=chunk) - The company's consolidated and parent company statements of changes in owners' equity for January-June 2025 are provided[162](index=162&type=chunk)[167](index=167&type=chunk) [Company Basic Information](index=63&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's historical evolution, main business, and the approval status of its financial statements - The company's predecessor was Tianyi Technology Co., Ltd., which was renamed Sanan Optoelectronics Co., Ltd. on June 27, 2008[169](index=169&type=chunk) - The company primarily engages in the R&D, production, and sales of new compound semiconductor materials, epitaxial wafers, and devices[169](index=169&type=chunk) - These financial statements were approved for issuance by the company's Board of Directors on August 26, 2025[169](index=169&type=chunk) [Basis of Financial Statement Preparation](index=63&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section clarifies that the company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission - The financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and the China Securities Regulatory Commission's "Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[170](index=170&type=chunk) - Accounting is based on the accrual basis, and except for certain financial instruments, all items are measured at historical cost[170](index=170&type=chunk) [Significant Accounting Policies and Estimates](index=63&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section comprehensively discloses the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation methods, joint arrangements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, financing for receivables, other receivables, inventories, contract assets, non-current assets held for sale or disposal groups, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, other significant accounting policies and estimates, and critical accounting judgments and estimates - The financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[173](index=173&type=chunk) - The accounting period is the calendar year, the operating cycle is **12 months**, the functional currency is CNY, and overseas subsidiaries use HKD, USD, JPY, GBP, EUR, etc[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) - Detailed accounting methods for business combinations under common control and non-common control are elaborated[178](index=178&type=chunk)[179](index=179&type=chunk) - The scope of consolidation for consolidated financial statements is determined based on control, and the preparation methods for consolidated financial statements are explained[183](index=183&type=chunk)[185](index=185&type=chunk) - Detailed explanations are provided for the classification, recognition, and measurement of financial assets, including those measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) - Detailed explanations are provided for the classification, recognition, and measurement of financial liabilities, including those measured at fair value through profit or loss and other financial liabilities[197](index=197&type=chunk)[198](index=198&type=chunk) - Detailed explanations are provided for the recognition methods of financial asset impairment provisions, including the general approach for measuring expected credit losses and criteria for judging significant increases in credit risk[203](index=203&type=chunk)[204](index=204&type=chunk) - Detailed explanations are provided for determining credit losses for various financial assets (notes receivable, accounts receivable and contract assets, financing for receivables, other receivables)[206](index=206&type=chunk)[207](index=207&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[213](index=213&type=chunk) - Inventories are valued at actual cost, measured using the weighted average method upon issuance, and at the lower of cost or net realizable value at period-end, with impairment provisions recognized accordingly[214](index=214&type=chunk)[215](index=215&type=chunk) - Long-term equity investments are accounted for using either the cost method or the equity method, depending on whether the company has control, joint control, or significant influence over the investee[226](index=226&type=chunk)[227](index=227&type=chunk) - Fixed assets are initially measured at cost, depreciated using the straight-line method, with an estimated net salvage value rate of **5%**[233](index=233&type=chunk)[234](index=234&type=chunk) - Intangible assets are initially measured at cost, and those with finite useful lives are amortized on a straight-line basis over their useful lives[240](index=240&type=chunk)[241](index=241&type=chunk) - R&D expenditures are divided into research phase expenditures and development phase expenditures; research phase expenditures are recognized in current profit or loss, while development phase expenditures are recognized as intangible assets when conditions are met[242](index=242&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, with detailed criteria for revenue recognition provided[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in current profit or loss, respectively[264](index=264&type=chunk)[266](index=266&type=chunk) - Deferred income tax assets and liabilities are recognized using the balance sheet liability method[268](index=268&type=chunk) - Significant accounting judgments and estimates are disclosed, including revenue recognition, financial asset impairment, inventory impairment provisions, fair value of financial instruments, impairment provisions for long-term assets, depreciation and amortization, development expenditures, deferred income tax assets, income tax, provisions, and fair value measurement[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type

证券代码：600703 股票简称：三安光电 编号：临 2025-047 三安光电股份有限公司 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法律责任。 三安光电股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第十 一届董事会第二十二次会议及第十一届监事会第十三次会议，审议通过了《关于 修订〈公司章程〉及部分公司制度的议案》，该议案尚需提交公司股东大会审议， 现将具体情况公告如下： 一、公司不再设立监事会 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司章程 指引（2025 年修订）》等相关法律法规及规范性文件的规定，结合公司实际情况， 公司不再设立监事会，由董事会审计委员会履行《公司法》规定的监事会职权， 公司《监事会议事规则》等监事会相关制度相应废止，并对《公司章程》及相关 制度中涉及监事会的条款进行修订。 在公司股东大会审议通过不再设立监事会事项前，公司第十一届监事会仍将 严格按照《公司法》《中华人民共和国证券法》等法律法规和规范性文件的要求， 勤勉尽责履行监督职能，继续对公司经营、公司财务及公 ...

证券代码：600703 股票简称：三安光电 编号：临 2025-048 三安光电股份有限公司 鉴于部分募集资金专户资金已使用完毕，为方便账户管理，公司已办理完毕在国 家开发银行厦门市分行开设的募集资金专户(账号：35200109000000000017)销户手续， 签署的《募集资金专户存储三方监管协议》随之终止。 | 账户名称 | 开户行 | 账号 | 存续状态 | | --- | --- | --- | --- | | 三安光电股 份有限公司 | 国家开发银行厦门市分行 | 35200109000000000017 | 本次注销 | | 湖北三安光 | 浙商银行股份有限公司福州分行 | 3910000010120100062862 | 存续 | | 电有限公司 | 泉州银行股份有限公司厦门分行营业部 | 2010011200002260150 | 存续 | 截至本公告日，公司募集资金专项账户情况如下： | 国家开发银行厦门市分行 | 35200109000000000024 | 存续 | | --- | --- | --- | | 兴业银行股份有限公司厦门湖里支行 | 129920100100514335 ...

证券之星消息，8月26日光学光电子板块较上一交易日上涨1.82%，爱克股份领涨。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。光学光电子板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002456 | 欧菲光 | 6.04亿 | 8.54% | -3.59 Z | -5.07% | -2.45 Z | -3.47% | | 600703 | 三安光电 | 2.93 Z | 5.68% | -9484.94万 | -1.84% | -1.99 Z | -3.84% | | 002273 水晶光电 | | 2.77 Z | 6.89% | -2.28 Z | -5.67% | -4923.07万 | -1.22% | | 000100 | TCL科技 | 9797.85万 | 5.13% | -6832.16万 | -3.58% | -2965 ...

Market Overview - On August 26, A-shares experienced a collective decline, with the Shanghai Composite Index dropping by 0.36% during intraday trading [1] - The beauty care, media, and computer sectors showed positive performance, while steel and real estate sectors faced significant declines [1] Chip Sector Performance - The chip ETF (159995) fell by 1.13% as of 9:48 AM, with notable gains in some component stocks: Sanan Optoelectronics increased by 5.15%, Lattice Semiconductor by 2.93%, Geke Micro by 1.70%, and Tuojing Technology by 1.50% [1] - Conversely, Haiguang Information and Cambrian-U performed poorly, with declines of -4.01% and -3.53% respectively [1] Computing Power Development - According to the "2025 Comprehensive Computing Power Index" released at the 2025 China Computing Power Conference, as of June 30, 2025, China's operational computing power center rack total reached 10.85 million standard racks, with intelligent computing power at 788 EFLOPS (FP16) [3] - The integration of computing power platforms across ten provinces and regions in China has been completed, establishing a new pattern of computing power development characterized by "overall overview and regional collaboration" [3] Investment Opportunities in Computing Power - Longcheng Securities reports that the ongoing global AI wave is driving an exponential increase in computing power demand, with domestic models like DeepSeek advancing rapidly [3] - The construction of domestic computing power infrastructure and the gradual improvement of AI chip technology are expected to create significant opportunities for domestic computing power autonomy [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambrian, Changdian Technology, and Northern Huachuang [3]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [5] Core Insights - The report discusses the challenges in data center link technologies, emphasizing the trade-offs between transmission distance, power consumption, and reliability. Copper cables offer high efficiency and reliability but are limited to distances of less than 2 meters, while optical links provide longer distances at the cost of higher power consumption and lower reliability [1][11]. - The introduction of the MOSAIC optical transmission technology by Microsoft aims to overcome the limitations of both optical and copper links, achieving long-distance transmission, low power consumption, and high reliability without requiring hardware changes [2][18]. - MOSAIC utilizes a wide-and-slow architecture with numerous parallel channels operating at lower data rates, employing Micro LEDs as transmitters to achieve high data rates [3][26]. Summary by Sections 1. Challenges in Current Link Technologies - Data center networks face fundamental trade-offs in transmission distance, power consumption, and reliability, with copper cables being limited in distance and optical links suffering from high power consumption [1][11]. - The performance of copper cables declines rapidly with increased data rates, while optical links experience significant power increases [12][15]. 2. MOSAIC Technology Overview - MOSAIC is designed to be backward compatible with existing standards and interfaces, allowing seamless integration into current network architectures [2][18]. - The architecture employs a large number of parallel channels, each operating at a lower data rate of 2 Gbps, to achieve higher aggregate speeds [3][26]. - MOSAIC has demonstrated the ability to maintain stable data transmission over distances of up to 30 meters, significantly exceeding traditional copper cable capabilities [32]. 3. Component Increment from MOSAIC - The implementation of MOSAIC is expected to benefit several components, including Micro LEDs, multi-core imaging fibers, TIR lenses, CMOS sensors, and Micro LED optical connectors [4][42]. - The report highlights specific companies that could benefit from this technology, such as Zhaochi Co., Sanan Optoelectronics, and Longfly Fiber [5][64]. 4. Investment Recommendations - The report suggests focusing on companies involved in the MOSAIC supply chain, particularly those producing Micro LEDs and related optical components, as they are likely to see significant growth with the adoption of this technology [4][64].

Core Viewpoint - The New Materials 50 ETF has shown strong performance, with significant increases in both its index and constituent stocks, indicating a positive trend in the new materials sector [3][4]. Performance Summary - As of August 22, 2025, the CSI New Materials Theme Index (H30597) rose by 2.41%, with key stocks such as China National Materials Technology up by 10.01% and Huayou Cobalt up by 6.63% [3]. - The New Materials 50 ETF (516710) increased by 2.36%, with a latest price of 0.56 yuan, and has accumulated a 3.77% increase over the past week [3]. - The ETF's trading volume showed a turnover rate of 5.84%, with a total transaction value of 2.23 million yuan [3]. - Over the past year, the New Materials 50 ETF has achieved a net value increase of 40.51%, ranking in the top two among comparable funds [3]. - The ETF's highest monthly return since inception was 25.40%, with an average monthly return of 7.07% during rising months [3]. Risk and Recovery Metrics - The New Materials 50 ETF has a relative drawdown of 0.19% year-to-date, the lowest among comparable funds, with a recovery period of 106 days [4]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, both of which are the lowest in its category [4]. - The tracking error for the ETF over the past year is 0.025%, indicating high tracking precision compared to its benchmark [4]. Top Holdings Performance - The top ten holdings of the New Materials 50 ETF include: - North Huachuang: up 5.19%, weight 9.89% - CATL: up 2.06%, weight 9.86% - Wanhua Chemical: up 2.21%, weight 7.17% - Jiangxi Green Energy: up 1.73%, weight 6.38% - Huayou Cobalt: up 6.63%, weight 3.54% [6].

格隆汇8月21日丨三安光电(600703.SH)在互动平台表示，目前安意法的芯片产品已交付意法半导体进入 可靠性验证阶段。 ...

Key Points - The main focus of the article is on the significant outflow of capital from specific stocks as of August 21, with the top 20 stocks experiencing the largest withdrawals [1][2] Group 1: Capital Outflow - The stock with the highest capital outflow is Wolong Electric Drive, with a withdrawal of 1.34 billion [1] - Shenghong Technology follows closely with an outflow of 1.29 billion [1] - Other notable stocks with significant outflows include Inspur Information (1.25 billion), Northern Rare Earth (1.23 billion), and Industrial Fulian (0.88 billion) [1]