Core Insights - The company reported a total revenue of 1.936 billion yuan and a net profit attributable to shareholders of 275 million yuan for the first half of 2025 [1] - Operating cash flow decreased by 157 million yuan, representing a year-on-year decline of 30.06% [1] Financial Performance - The latest asset-liability ratio stands at 33.60%, ranking 82nd among disclosed peers, with an increase of 1.79 percentage points from the previous quarter and 5.54 percentage points from the same period last year [1] - The gross profit margin is 29.74%, ranking 71st among disclosed peers, with a decrease of 0.64 percentage points from the previous quarter and 1.78 percentage points from the same period last year [1] - Return on equity (ROE) is 4.05%, down by 0.22 percentage points compared to the same period last year [1] - The diluted earnings per share are 1.15 yuan [1] Operational Efficiency - The total asset turnover ratio is 0.19 times [1] - The inventory turnover ratio is 0.95 times, ranking 68th among disclosed peers [1] Shareholder Structure - The number of shareholders is 53,900, with the top ten shareholders holding 148 million shares, accounting for 61.81% of the total share capital [1] - The largest shareholder is Hong Kong Sda Holdings Limited, holding 41.6 million shares [1]

Core Insights - The power semiconductor industry in China has developed a complete ecosystem with leading companies specializing in various segments, including IGBT modules, diodes, and traditional devices, contributing to the import substitution process in key areas like automotive electronics and renewable energy [1][8]. Company Overview - New Energy and Stada Semiconductor focus on IGBT modules, leading in the renewable energy sector [1]. - Jiejie Microelectronics and Suzhou Good focus on diodes and thyristors, serving home appliances and industrial automation markets [1]. - Huazhong Microelectronics and Silan Microelectronics are IDM leaders covering the entire industry chain [1]. - Wentai Technology has expanded into automotive-grade products through the acquisition of Anshi Semiconductor [1]. - Yangjie Technology leads in discrete devices, while Dongwei Semiconductor and Hongwei Technology focus on high-end MOSFET and IGBT research [1]. - Pairui Technology specializes in high-voltage devices, and Zhenhua Technology and Huami Electronics have advantages in military and industrial sectors [1]. - Galaxy Microelectronics, Xindao Technology, and Kaiweite focus on miniaturized devices in niche markets [1]. Performance Comparison - In Q1 2025, most power semiconductor companies reported gross margins between 10% and 45%, indicating good profitability [5]. - Wentai Technology led in revenue with 13.1 billion yuan, although its year-on-year growth rate declined [5]. - Pairui Technology achieved the highest gross margin at 58.4%, showcasing its cost control and efficiency [5]. Revenue and Gross Margin Data - New Energy reported Q1 2025 revenue of 450 million yuan with a gross margin of 36.6% [6]. - Jiejie Microelectronics had revenue of 700 million yuan and a gross margin of 39.9% [6]. - Huazhong Microelectronics reported 2.35 billion yuan in revenue with a gross margin of 25.3% [6]. - Wentai Technology's revenue was 13.1 billion yuan with a gross margin of 14.0% [6]. - Silan Microelectronics had revenue of 3 billion yuan and a gross margin of 21.3% [6]. - Stada Semiconductor reported 920 million yuan in revenue with a gross margin of 30.4% [6]. - Suzhou Good achieved 900 million yuan in revenue with a gross margin of 10.8% [6]. - Yangjie Technology reported 1.58 billion yuan in revenue with a gross margin of 34.6% [6]. - Galaxy Microelectronics had revenue of 220 million yuan and a gross margin of 24.0% [6]. - Pairui Technology's revenue was 30 million yuan with a gross margin of 58.4% [6]. - Hongwei Technology reported 300 million yuan in revenue with a gross margin of 16.4% [6]. - Dongwei Semiconductor achieved 280 million yuan in revenue with a gross margin of 13.6% [7]. - Taiji Technology reported 70 million yuan in revenue with a gross margin of 29.0% [7]. - Zhenhua Technology had revenue of 910 million yuan and a gross margin of 42.5% [7]. - Huami Electronics reported 640 million yuan in revenue with a gross margin of 28.0% [7]. Regional Distribution - Domestic sales dominate, with most companies having over 70% of their sales in China, except Wentai Technology, which has a balanced global presence [8]. - The East and South China regions are core areas for companies like Stada Semiconductor, Silan Microelectronics, and New Energy, while North and Central China focus on industrial and power applications [8]. - Companies like Zhenhua Technology and Huami Electronics leverage local bases to expand into surrounding areas [8]. Future Business Plans - The industry aims to build competitive barriers through capacity expansion, automotive certification, and domestic substitution [16]. - Leading companies are accelerating the expansion of automotive-grade IGBT modules and focusing on the photovoltaic storage market [16]. - Companies are also enhancing their technology capabilities, with a focus on 12-inch wafer production and third-generation semiconductor layouts [16].

Group 1 - The company reported a revenue of 1,935.61 million yuan for the first half of 2025, representing a 26.25% increase compared to the same period in 2024 [1] - The net profit attributable to shareholders reached 275.45 million yuan, showing a slight increase of 0.26% year-on-year [1] - The net profit excluding non-recurring gains and losses was 260.66 million yuan, which is a decrease of 2.72% compared to the previous year [1]

证券代码：603290 证券简称：斯达半导 公告编号：2025-031 斯达半导体股份有限公司 第五届监事会第十次会议决议公告 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。 表决结果：3 票同意、0 票反对、0 票弃权。 二、审议并通过了《关于公司前次募集资金使用情况的专项报告的议案》 该议案具体内容详见同日刊登在《中国证券报》《上海证券报》《证券时报》 及上海证券交易所网站（http://www.sse.com.cn）上的公司《前次募集资金使 用情况的专项报告》。 表决结果：3 票同意、0 票反对、0 票弃权。 1 特此公告。 斯达半导体股份有限公司监事会 斯达半导体股份有限公司（以下简称"公司"）第五届监事会第十次会议于 2025 年 08 月 19 日以书面、邮件、电话等方式发出通知，并于 2025 年 08 月 27 日以现场方式召开。本次会议应到监事 3 人，实到监事 3 人，本次会议由监事会 主席刘志红先生主持，本次监事会的召开符合《中华人民共和国公司法》和《斯 达半导体股份有限公司章程》的规定。经与会监事 ...

表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案已经公司第五届董事会审计委员会 2025 年第三次会议审议通过。 二、审议并通过了《关于公司前次募集资金使用情况的专项报告的议案》 证券代码：603290 证券简称：斯达半导 公告编号：2025-030 斯达半导体股份有限公司 第五届董事会第十次会议决议公告 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。 斯达半导体股份有限公司（以下简称"公司"）第五届董事会第十次会议于 2025 年 08 月 19 日以书面、邮件、电话等方式发出通知，并于 2025 年 08 月 27 日以现场和通讯结合的方式召开。本次会议应到董事 7 人，实到董事 7 人，本次 会议由董事长沈华先生主持，本次董事会的召开符合《中华人民共和国公司法》 和《斯达半导体股份有限公司章程》的规定。经与会董事认真审议，以记名投票 表决方式一致通过以下决议： 一、审议并通过了《关于公司 2025 年半年度报告及其摘要的议案》 该议案具体内容详见同日刊登在《中国证券报》《上海证券报》《证券时报》 及上海 ...

Core Viewpoint - The report highlights the financial performance and operational developments of StarPower Semiconductor Ltd. for the first half of 2025, showcasing growth in revenue and strategic advancements in the semiconductor industry, particularly in power semiconductor devices. Company Overview and Financial Indicators - StarPower Semiconductor Ltd. specializes in the design, research, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC [2][3] - The company reported a revenue of approximately 1.94 billion RMB, a 26.25% increase compared to the same period last year [6][7] - The net profit attributable to shareholders was approximately 275.45 million RMB, reflecting a slight increase of 0.26% year-on-year [6][7] - The total assets of the company reached approximately 10.39 billion RMB, a 7.73% increase from the previous year [6][7] Business and Industry Analysis - The main business focus is on power semiconductor devices, including IGBT, SiC MOSFET, and GaN HEMT, which are essential for energy-efficient and intelligent applications [3][4] - The global power semiconductor market is projected to grow from 50.3 billion USD in 2023 to 59.6 billion USD by 2027, with China being a significant market [5][6] - The company has established a strong presence in various sectors, including new energy vehicles, industrial control, and AI server power supplies, enhancing its market share [8][10] Operational Highlights - The company has expanded its product offerings and market reach, particularly in the new energy sector, with significant revenue growth in related industries [7][8] - StarPower has adopted a "Fabless + IDM" hybrid business model, allowing for efficient chip design and production while minimizing investment risks [14][15] - The company has made substantial investments in R&D, with a focus on high-end and customized products to meet market demands [12][14] Competitive Advantages - StarPower Semiconductor has developed a competitive edge through its technological expertise, rapid response to customer needs, and a strong focus on R&D [11][12] - The company has established strategic partnerships with major Tier 1 suppliers, enhancing its position in the global market [13][14] - The talent pool within the company, comprising experienced professionals in semiconductor technology, supports its ongoing innovation and development efforts [14]

Core Viewpoint - The report summarizes the financial performance of SIDA Semiconductor Co., Ltd. for the first half of 2025, highlighting significant growth in total assets and operating income, while noting a slight decline in total profit and net profit. Financial Performance - Total assets at the end of the reporting period reached CNY 10,391.16 million, an increase of 7.73% compared to the previous year [1] - Operating income for the reporting period was CNY 1,935.61 million, reflecting a year-on-year increase of 26.25% [1] - Total profit amounted to CNY 318.01 million, showing a decrease of 2.19% compared to the same period last year [1] - Net profit attributable to shareholders was CNY 267.95 million, with a decrease of 2.72% from the previous year [1] - The net cash flow from operating activities was reported, but specific figures were not provided in the summary [1] Shareholder Information - The top shareholder, Hong Kong SIDA Holdings Limited, holds 41.66% of the shares, amounting to 99,773,520 shares [3] - Other significant shareholders include Zhejiang Xingdeli Textile Co., Ltd. with 12.32% and Jiaxing Furide Investment Partnership with 3.12% [3] - The total number of shareholders at the end of the reporting period was 53,935 [1]

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides crucial declarations regarding the report's authenticity, audit status, financial report responsibility, forward-looking statements, and significant risk factors [Statement on Report Authenticity](index=2&type=section&id=Statement%20on%20Report%20Authenticity) The Board of Directors, Supervisory Board, and all senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal liabilities - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3](index=3&type=chunk) [Audit Status](index=2&type=section&id=Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Statement by Financial Report Responsible Persons](index=2&type=section&id=Statement%20by%20Financial%20Report%20Responsible%20Persons) The company's head, chief accountant, and head of accounting department declare the truthfulness, accuracy, and completeness of the financial report within the semi-annual report - Company head Shen Hua, chief accountant Zhang Zhe, and head of accounting department Cen Shu declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking descriptions regarding future plans and development strategies in this report do not constitute substantial commitments, urging investors to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute substantial commitments to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has detailed potential risk factors and countermeasures in the Board of Directors' report for investors' review - The company has detailed potential risk factors in this report; please refer to the section on risk factors and countermeasures in the Board of Directors' report concerning the company's future development discussion and analysis[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for common terms used throughout the report, ensuring clarity and accurate understanding for readers [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms, including company names, subsidiaries, investment institutions, government departments, and semiconductor industry specific terms like Fabless, IDM, IGBT, MOSFET, BJT, IPM, Tier1, FRD, GaN HEMT, and MCU, to ensure accurate understanding of the report content - The report defines several semiconductor industry terms, such as Fabless (fabless manufacturing), IDM (integrated device manufacturer), IGBT (insulated gate bipolar transistor), MOSFET (metal-oxide-semiconductor field-effect transistor), BJT (bipolar junction transistor), IPM (intelligent power module), Tier1 (direct supplier to vehicle manufacturers), FRD (fast recovery diode), GaN HEMT (gallium nitride high electron mobility transistor), and MCU (microcontroller unit)[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%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=5&type=section&id=Company%20Information) This section lists the company's basic information, including its Chinese name "斯达半导体股份有限公司", abbreviation "斯达半导", English name "StarPower Semiconductor Ltd.", abbreviation "StarPower", and legal representative "沈华" - The company's Chinese name is StarPower Semiconductor Co., Ltd., abbreviated as StarPower, with Shen Hua as the legal representative[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary Zhang Zhe and Securities Affairs Representative Li Junyue, including address, phone, fax, and email, for investor communication - The company's Board Secretary is Zhang Zhe, and the Securities Affairs Representative is Li Junyue, both located at No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, with the email investor-relation@powersemi.com[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office address is No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, postal code 314006, website www.powersemi.com, and email investor-relation@powersemi.com, with no changes during the reporting period - The company's registered and office address is No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, with no changes during the reporting period[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily" for information disclosure, with the semi-annual report published on www.sse.com.cn and available at the Board Secretary's office, with no changes during the reporting period - The company's information disclosure newspapers include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily", with reports published on www.sse.com.cn, and no changes during the reporting period[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=Brief%20Introduction%20to%20Company%20Shares) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "斯达半导" and stock code 603290 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation: StarPower, stock code: 603290[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **26.25%** to **CNY 1.936 billion**, net profit attributable to shareholders slightly increased by **0.26%** to **CNY 275 million**, but non-recurring net profit decreased by **2.72%**; net cash flow from operating activities decreased by **30.06%**, while total assets and net assets attributable to shareholders both grew Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | 26.25 | | Total Profit | 311,057,346.57 | 318,007,799.47 | -2.19 | | Net Profit Attributable to Shareholders | 275,449,577.27 | 274,740,249.40 | 0.26 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 260,655,325.01 | 267,947,241.48 | -2.72 | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | -30.06 | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders | 6,808,872,842.89 | 6,681,947,061.23 | 1.90 | | Total Assets | 10,391,162,878.80 | 9,645,676,460.22 | 7.73 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | 1.15 | 1.15 | 0.00 | | Diluted EPS (CNY/share) | 1.15 | 1.15 | 0.00 | | Basic EPS (Excluding Non-Recurring Items) (CNY/share) | 1.09 | 1.12 | -2.68 | | Weighted Average ROE (%) | 4.05 | 4.24 | Decrease of 0.19 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | 3.84 | 4.13 | Decrease of 0.29 percentage points | - In the first half of 2025, the company's operating revenue was **CNY 1.936 billion**, a **26.25%** year-on-year increase; net profit attributable to shareholders was **CNY 275 million**, a **0.26%** year-on-year increase; net profit excluding non-recurring items was **CNY 261 million**, a **2.72%** year-on-year decrease[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In the first half of 2025, the company's total non-recurring gains and losses amounted to **CNY 14.7943 million**, primarily from government subsidies, fair value changes in financial assets, and other non-operating income and expenses, positively impacting net profit after tax and minority interests Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -102,681.22 | | Government subsidies recognized in current profit or loss | 12,016,458.19 | | Gains or losses from changes in fair value of financial assets and liabilities, and investment income from disposal of financial assets and liabilities (excluding effective hedging activities related to the company's normal business operations) | 4,537,441.21 | | Other non-operating income and expenses apart from the above | 59,001.10 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 459,891.21 | | Less: Income tax impact | 1,909,301.32 | | Minority interest impact (after tax) | 266,556.91 | | Total | 14,794,252.26 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's industry, main business operations, financial performance, core competencies, and risk factors during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main business involves the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, serving high-growth sectors like new energy vehicles, industrial control, and AI servers, operating under a "Fabless+IDM dual-driven" hybrid model - The company's main business is the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, operating in the semiconductor discrete device manufacturing industry[27](index=27&type=chunk) - The company's product portfolio covers power semiconductor devices such as IGBT, SiC MOSFET, GaN HEMT, and fast recovery diodes, as well as automotive and industrial grade MCUs and gate driver IC chips, widely applied in new energy, new energy vehicles, industrial control and power, white goods, AI server power supplies, data centers, robotics, and low/high-altitude aircraft[28](index=28&type=chunk) - The company's operating model consists of three stages: chip and module design, chip manufacturing (primarily outsourced, with self-built SiC and high-voltage power chip production lines completed), and module production, with sales primarily conducted through direct channels[30](index=30&type=chunk)[31](index=31&type=chunk) [Main Business and Industry](index=8&type=section&id=Main%20Business%20and%20Industry) The company specializes in the design, R&D, production, and sales of power semiconductor chips and modules, including IGBT and SiC, expanding into MCU and gate driver IC products to form a "brain-heart-nerve" collaborative architecture, serving high-growth sectors like new energy vehicles, industrial control, and AI servers - The company's main business is the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC[27](index=27&type=chunk) - The company's product portfolio covers IGBT, SiC MOSFET, GaN HEMT, fast recovery diodes, and other power semiconductor devices, as well as automotive and industrial grade MCUs and gate driver IC chips[28](index=28&type=chunk) - The synergy of MCU, power semiconductors, and gate driver ICs forms a crucial "brain-heart-nerve" collaborative architecture in intelligent systems, enhancing the company's ability to provide system-level solutions to customers[29](index=29&type=chunk) [Operating Model](index=8&type=section&id=Operating%20Model) The company's operating model encompasses chip and module design, chip manufacturing (primarily outsourced, with self-built SiC and high-voltage power chip production lines operational), and module production, utilizing a direct sales approach for rapid customer response, achieving an annual production capacity of **60,000 6-inch automotive-grade SiC MOSFET chips** and **300,000 6-inch 3300V+ high-voltage power chips** - The company's product manufacturing process is mainly divided into three stages: chip and module design, chip manufacturing, and module production[30](index=30&type=chunk) - The company's chip manufacturing primarily relies on third-party foundries, while its fundraising projects have been completed, forming a production capacity of **60,000 6-inch automotive-grade SiC MOSFET chips** and **300,000 6-inch 3300V+ high-voltage specialty power chips** annually[30](index=30&type=chunk) - The company's sales primarily adopt a direct sales approach, with sales liaison offices and subsidiaries in China and Europe responsible for international market operations[31](index=31&type=chunk) [Industry Status](index=8&type=section&id=Industry%20Status) The global power semiconductor market is projected to reach **$59.6 billion** by 2027, with China's market growing significantly faster than the global average; demand from new energy vehicles is driving rapid growth in IGBT and SiC wide-bandgap semiconductor devices, with the SiC power device market expected to exceed **$10 billion** by 2027, at a CAGR of nearly **40%** - Power semiconductors are core devices for electrical energy processing, widely used in new energy, new energy vehicles, industrial control, and other fields[33](index=33&type=chunk) Power Semiconductor Market Size Forecast | Indicator | 2023 | 2024 | 2026 | 2027 | | :--- | :--- | :--- | :--- | :--- | | Global Power Semiconductor Market Size | 50.3 billion USD | - | 59.6 billion USD (forecast) | 59.6 billion USD (forecast) | | China Power Semiconductor Market Size | - | 175.255 billion CNY (15.3% YoY growth) | - | - | | Global IGBT Market Size | 9 billion USD | - | 12.1 billion USD (forecast) | - | | China IGBT Market Size | 3.2 billion USD | - | 4.2 billion USD (forecast) | - | | SiC Power Device Market Size | - | - | - | Over 10 billion USD (forecast) | - The SiC power device market is driven by demand from industries such as new energy vehicles, with a projected CAGR of nearly **40%** from 2018-2027[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved **CNY 1.936 billion** in operating revenue, a **26.25%** year-on-year increase, and **CNY 275 million** in net profit attributable to shareholders, a **0.26%** year-on-year increase, driven by strong growth in the new energy sector and strategic expansion into AI servers and robotics, despite a decline in industrial control - In the first half of 2025, the company achieved operating revenue of **CNY 1.936 billion**, a **26.25%** year-on-year increase; net profit attributable to shareholders was **CNY 275 million**, a **0.26%** year-on-year increase[35](index=35&type=chunk) Main Business Revenue by Segment for H1 2025 | Segment | Operating Revenue (CNY 10k) | YoY Change (%) | | :--- | :--- | :--- | | New Energy Sector | 121,322.75 | 52.82 | | Industrial Control and Power Sector | 50,616.26 | -16.52 | | Variable Frequency White Goods and Other Sectors | 21,500.74 | 63.31 | - The company's new energy vehicle sector continued rapid growth, with operating revenue increasing by **25.80%** year-on-year; the new energy power generation sector saw demand recovery, with operating revenue increasing by over **200%** year-on-year[36](index=36&type=chunk) - The company completed the equity transfer of Meiken Semiconductor, gaining control of **80%** of its shares, which will accelerate market expansion in variable frequency white goods[43](index=43&type=chunk) - The company achieved breakthrough progress in emerging sectors such as AI server power supplies, data centers, robotics, and low/high-altitude aircraft, with multiple projects secured and mass production commencing[44](index=44&type=chunk) [Overview of Operations](index=9&type=section&id=Overview%20of%20Operations) In the first half of 2025, the company achieved **CNY 1.936 billion** in operating revenue, a **26.25%** year-on-year increase, and **CNY 275 million** in net profit attributable to shareholders, a **0.26%** year-on-year increase, driven by strong demand in new energy vehicles and power generation, while consolidating technological advantages and expanding into home appliance and emerging industries - In the first half of 2025, the company's operating revenue was **CNY 1.9356104 billion**, a **26.25%** increase compared to the same period in 2024; net profit attributable to shareholders was **CNY 275.4496 million**, a **0.26%** increase compared to the previous year[35](index=35&type=chunk) - The company continued to consolidate its technological and brand advantages, steadily increasing market share in key industries such as new energy vehicles, new energy power generation (wind, solar, storage), and industrial control and power[34](index=34&type=chunk) - The company actively expanded into the home appliance industry, entering the IPM market for white goods, and continuously explored emerging industries such as AI server power supplies, data centers, robotics, and low/high-altitude aircraft[34](index=34&type=chunk) [Analysis of Operations by Segment](index=9&type=section&id=Analysis%20of%20Operations%20by%20Segment) The new energy sector's revenue grew by **52.82%**, with new energy vehicles up **25.80%** and new energy power generation over **200%**, driven by increased shipments of automotive-grade IGBT and SiC MOSFET modules and overseas market expansion; industrial control and power revenue declined by **16.52%** due to macroeconomic factors; variable frequency white goods and other sectors saw a **63.31%** increase, boosted by the acquisition of Meiken Semiconductor; breakthroughs were also made in emerging sectors like AI servers and robotics - Operating revenue from the new energy sector was **CNY 1.213 billion**, a **52.82%** year-on-year increase; specifically, the new energy vehicle sector grew by **25.80%**, and the new energy power generation sector grew by over **200%** year-on-year[35](index=35&type=chunk)[36](index=36&type=chunk) - The company's automotive-grade IGBT modules continued to increase in volume, with Plus version chips mass-installed in vehicles and continuous large-volume deliveries to European Tier1 brands, securing multiple new IGBT and SiC MOSFET main motor controller project platforms[37](index=37&type=chunk) - Operating revenue from the industrial control and power sector was **CNY 506.16 million**, a **16.52%** year-on-year decrease, primarily due to macroeconomic influences[35](index=35&type=chunk)[41](index=41&type=chunk) - Operating revenue from variable frequency white goods and other sectors was **CNY 215.01 million**, a **63.31%** year-on-year increase, as the company completed the equity transfer of Meiken Semiconductor, accelerating market expansion[35](index=35&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company's automotive-grade IGBT and SiC MOSFET modules secured multiple low-altitude aircraft projects and began mass installation, with SiC MOSFET modules entering the commercial aviation sector for the first time[44](index=44&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include strong technological advantages, rapid response to customized customer needs, leading position in niche markets, first-mover advantage, talent pool, a balanced "Fabless+IDM dual-driven" business model, and robust market development capabilities, collectively forming a competitive barrier in power semiconductors - The company possesses a high-caliber international R&D team, having achieved mass production of proprietary IGBT chips, fast recovery diode chips, SiC MOSFET chips, and large-scale production and sales of IGBT and SiC modules[45](index=45&type=chunk) - The company adopts a direct sales model, with design and application experts for IGBT, SiC MOSFET, and other chips and modules, enabling rapid and accurate understanding and conversion of customized customer needs into hundreds of personalized products[46](index=46&type=chunk) - The company holds significant competitive advantages in niche markets such as new energy vehicles, new energy power generation, and industrial control, serving as a major domestic supplier of automotive-grade IGBT/SiC modules and establishing strategic partnerships with leading enterprises[47](index=47&type=chunk)[48](index=48&type=chunk) - The company's chip production adopts a "Fabless+IDM dual-driven" hybrid business model, balancing rapid response and control over key processes through collaboration with leading foundries and self-built production lines[51](index=51&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset-liability status, investment activities, and the operating performance of major subsidiaries; operating revenue and costs significantly increased, as did management and R&D expenses; fixed assets surged due to construction in progress being capitalized, and goodwill increased from the acquisition of Meiken Semiconductor - Operating revenue increased by **26.25%** year-on-year, operating costs increased by **29.53%** year-on-year, management expenses and R&D expenses grew by **51.56%** and **51.89%** respectively, while financial expenses significantly decreased by **277.87%** due to increased exchange gains[54](index=54&type=chunk)[55](index=55&type=chunk) - Fixed assets at period-end increased by **59.82%** (an increase of **CNY 1.496 billion**) compared to the end of the previous year, primarily due to the capitalization of construction in progress; construction in progress decreased by **38.39%** (a decrease of **CNY 1.175 billion**) at period-end, mainly due to continuous capitalization[57](index=57&type=chunk)[58](index=58&type=chunk) - Goodwill at period-end increased by **100%** (an increase of **CNY 51.597 million**) primarily due to the company's acquisition of **80%** equity in Meiken Semiconductor Technology Co., Ltd. during the current period[58](index=58&type=chunk) - Shanghai Daozhi Technology Co., Ltd. reported operating revenue of **CNY 1.171 billion** and net profit of **CNY 246 million** during the reporting period; Jiaxing StarPower Microelectronics Co., Ltd. reported operating revenue of **CNY 214 million** and net loss of **CNY 67.4795 million**, being in the implementation phase of its fundraising projects[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) [Analysis of Main Business](index=12&type=section&id=Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue increased by **26.25%**, and operating costs increased by **29.53%**; both management and R&D expenses surged by over **50%** due to business expansion, increased personnel, and continuous R&D investment; financial expenses significantly decreased due to higher exchange gains Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | 26.25 | | Operating Cost | 1,359,980,480.73 | 1,049,933,179.95 | 29.53 | | Selling Expenses | 15,580,507.84 | 13,308,485.43 | 17.07 | | Administrative Expenses | 62,492,060.32 | 41,231,300.51 | 51.56 | | Financial Expenses | -24,149,150.70 | -6,390,905.25 | -277.87 | | R&D Expenses | 229,679,094.42 | 151,210,038.94 | 51.89 | | Taxes and Surcharges | 10,860,669.65 | 6,297,394.65 | 72.46 | | Credit Impairment Losses | 195,032.02 | -565,416.67 | 134.49 | | Asset Impairment Losses | -5,079,146.67 | -444,149.00 | -1,043.57 | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | -30.06 | | Net Cash Flow from Investing Activities | -473,620,861.35 | -1,396,236,672.49 | 66.08 | | Net Cash Flow from Financing Activities | 111,358,918.53 | 171,936,288.47 | -35.23 | - The change in administrative expenses was mainly due to company expansion, increased personnel, and higher administrative operating costs; the change in financial expenses was primarily due to increased exchange gains; the change in R&D expenses was mainly due to the company's continuous increase in R&D investment[55](index=55&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **CNY 10.391 billion**, a **7.73%** year-on-year increase; fixed assets significantly grew by **59.82%** due to the capitalization of construction in progress, which consequently decreased by **38.39%**; goodwill increased by **CNY 51.597 million** due to the acquisition of Meiken Semiconductor; overseas assets accounted for **1.40%** of total assets; certain assets, including monetary funds and notes receivable, were restricted at period-end Changes in Assets and Liabilities | Item | Current Period-End (CNY) | Share of Total Assets at Period-End (%) | Prior Year-End (CNY) | Share of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Prepayments | 29,348,861.29 | 0.28 | 8,276,021.65 | 0.09 | 254.63 | | Other Current Assets | 82,655,338.19 | 0.80 | 32,250,954.65 | 0.33 | 156.29 | | Fixed Assets | 3,997,813,133.91 | 38.47 | 2,501,475,980.08 | 25.93 | 59.82 | | Construction in Progress | 1,884,940,837.75 | 18.14 | 3,059,489,709.76 | 31.72 | -38.39 | | Goodwill | 51,596,953.76 | 0.50 | - | 0.00 | 100.00 | | Other Non-Current Assets | 182,272,102.70 | 1.75 | 112,531,176.56 | 1.17 | 61.79 | | Payroll Payable | 38,557,521.50 | 0.37 | 57,119,313.96 | 0.59 | -32.50 | | Other Payables | 86,205,735.23 | 0.83 | 15,165,444.50 | 0.16 | 468.44 | | Deferred Income | 336,492,398.99 | 3.24 | 230,494,844.14 | 2.39 | 45.99 | - Fixed assets at period-end increased by **59.82%** (an absolute increase of **CNY 1.496 billion**) compared to the end of the previous year, primarily due to the capitalization of construction in progress during the current period; construction in progress at period-end decreased by **38.39%** (an absolute decrease of **CNY 1.175 billion**), mainly due to continuous capitalization of construction in progress during the current period[57](index=57&type=chunk)[58](index=58&type=chunk) - Goodwill at period-end increased by **100%** (an absolute increase of **CNY 51.597 million**) primarily due to the company's acquisition of **80%** equity in Meiken Semiconductor Technology Co., Ltd. during the current period[58](index=58&type=chunk) Major Restricted Assets at Period-End | Item | Book Value at Period-End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 20,384,723.21 | Margin deposits, frozen funds | | Notes Receivable | 5,971,824.40 | Asset pledge | | Total | 26,356,547.61 | | [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) At period-end, the company held other equity instrument investments of **CNY 572,000**, notes receivable financing of **CNY 308 million**, and trading financial assets of **CNY 2.825 billion**; during the current period, both purchases and sales of trading financial assets amounted to **CNY 2.825 billion**, while notes receivable financing decreased by **CNY 99.8095 million** Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Purchases in Current Period (CNY) | Sales/Redemptions in Current Period (CNY) | Other Changes (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 571,988.55 | - | - | - | 571,988.55 | | Notes Receivable Financing | 408,027,953.03 | - | - | -99,809,513.34 | 308,218,439.69 | | Trading Financial Assets | - | 2,825,000,000.00 | 2,825,000,000.00 | - | - | | Total | 408,599,941.58 | 2,825,000,000.00 | 2,825,000,000.00 | -99,809,513.34 | 308,790,428.24 | [Analysis of Major Holding and Associate Companies](index=17&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Shanghai Daozhi Technology Co., Ltd. is a significant profitable subsidiary with total assets of **CNY 1.937 billion** and net profit of **CNY 246 million**; Jiaxing StarPower Microelectronics Co., Ltd., with total assets of **CNY 5.041 billion** and a net loss of **CNY 67.4795 million**, is the implementing entity for fundraising projects; during the reporting period, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. and established new subsidiaries, StarPower Semiconductor (Chongqing) Co., Ltd. and StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A Financial Data of Major Subsidiaries | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Daozhi Technology Co., Ltd. | Subsidiary | 210,300,000.00 | 1,936,655,549.70 | 1,622,214,465.28 | 1,171,253,758.08 | 245,864,186.01 | | Jiaxing StarPower Microelectronics Co., Ltd. | Subsidiary | 2,109,331,600.00 | 5,041,062,917.13 | 1,943,215,954.59 | 213,967,776.75 | -67,479,455.74 | - Jiaxing StarPower Microelectronics Co., Ltd is the implementing entity for the company's fundraising projects, "R&D and Industrialization of High-Voltage Specialty Power Chips" and "R&D and Industrialization of SiC Chips"[65](index=65&type=chunk) - During the reporting period, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. through a non-common control business combination, and established new subsidiaries, StarPower Semiconductor (Chongqing) Co., Ltd. and StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A[67](index=67&type=chunk) [Other Disclosures](index=20&type=section&id=Other%20Disclosures) The company faces risks from macroeconomic fluctuations, new energy vehicle market volatility, and exchange rate changes; to address these, the company is implementing a "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, emphasizing core business, R&D investment, shareholder returns, investor communication, governance improvement, and ESG management for high-quality sustainable development - The company faces risks from macroeconomic fluctuations, new energy vehicle market volatility, and exchange rate fluctuations[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - The company continuously increased R&D investment, with R&D expenses of **CNY 230 million** in the first half of 2025, accounting for **11.87%** of sales revenue, and established three domestic and two overseas R&D centers[76](index=76&type=chunk) - The company highly values investor returns, with cumulative cash dividends of **CNY 670 million** over the past three years (2022-2024), representing **30%** of net profit attributable to parent company shareholders[77](index=77&type=chunk) - The company actively promotes ESG management, committed to sustainable development, and strengthens the fulfillment of responsibilities and risk prevention for controlling shareholders, actual controllers, directors, supervisors, and senior management[82](index=82&type=chunk)[83](index=83&type=chunk) [Potential Risks](index=20&type=section&id=Potential%20Risks) The company faces risks from macroeconomic fluctuations impacting downstream industries, potential slowdown in new energy vehicle market penetration, and adverse effects from foreign currency exchange rate fluctuations (Euro, Swiss Franc, US Dollar) on asset values and operating performance in overseas business - Macroeconomic fluctuations may negatively impact the overall profitability of the company's main application industries (new energy vehicles, new energy, industrial control and power, variable frequency white goods, etc.)[69](index=69&type=chunk) - The new energy vehicle market may face risks of slowing penetration, and factors such as changes in industrial policies, supply chain support, infrastructure construction, and customer acceptance may adversely affect the company's profitability[70](index=70&type=chunk) - The company's overseas procurement and sales are priced and settled in foreign currencies, and exchange rate fluctuations in the foreign exchange market may affect the value of the company's monetary funds and operating performance[71](index=71&type=chunk) ["Quality Improvement, Efficiency Enhancement, and Return Focus" Action Plan Progress](index=20&type=section&id=Progress%20of%20%22Quality%20Improvement%2C%20Efficiency%20Enhancement%2C%20and%20Return%20Focus%22%20Action%20Plan) The company actively implements its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan by focusing on its core power semiconductor business, continuously increasing R&D investment (R&D expenses accounted for **11.87%** of revenue in H1), prioritizing shareholder returns (cumulative cash dividends of **30%** of net profit over the past three years), enhancing investor communication, improving corporate governance, and promoting ESG management to achieve high-quality development - The company focuses on the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, with products widely applied in new energy vehicles, new energy, industrial control and power, and other fields[73](index=73&type=chunk) - In the first half of 2025, the company's R&D expenses amounted to **CNY 230 million**, accounting for **11.87%** of sales revenue, continuously launching market-demanded products and solutions through sustained R&D investment[76](index=76&type=chunk) - Over the past three years (2022-2024), the company's cumulative cash dividends distributed to shareholders amounted to **CNY 670 million**, representing **30%** of the net profit attributable to listed company shareholders from 2022-2024[77](index=77&type=chunk) - The company actively fulfills its social responsibilities, establishing a complete ESG management system, and strengthening the performance of duties and risk prevention for controlling shareholders, actual controllers, directors, supervisors, and senior management[82](index=82&type=chunk)[83](index=83&type=chunk) [Section IV Corporate Governance, Environment and Society](index=23&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, and the status and impact of equity incentive plans and employee stock ownership plans [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period - During the reporting period, there were no changes in the company's directors, supervisors, and senior management, indicated as "not applicable"[85](index=85&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "No", meaning no profit distribution or capital reserve conversion will occur for this reporting period - The proposed semi-annual profit distribution plan and capital reserve conversion plan are "No", with zero bonus shares, dividends, or conversion shares per share[85](index=85&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The third exercise period of the company's 2021 stock option incentive plan saw **100,570 shares** exercised and registered by March 31, 2025, representing **30.05%** of the exercisable total; on April 25, 2025, the Board of Directors resolved to cancel the remaining **234,086** unexercised stock options - The third exercise period of the company's 2021 stock option incentive plan was from April 23, 2024, to April 22, 2025; as of March 31, 2025, a cumulative total of **100,570 shares** were exercised and registered, accounting for **30.05%** of the total exercisable stock options[86](index=86&type=chunk) - The company held a Board of Directors meeting on April 25, 2025, and approved the cancellation of **234,086** unexercised stock options from the third exercise period that had expired[86](index=86&type=chunk) [Section V Significant Matters](index=25&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, absence of non-operating fund occupation by controlling shareholders, lack of irregular guarantees, and information on significant contracts, particularly guarantees for subsidiaries [Fulfillment of Commitments](index=25&type=section&id=Fulfillment%20of%20Commitments) The company's actual controllers, Shen Hua and Hu Wei, and shareholders Dai Zhizhan and Tang Yi, strictly fulfilled their IPO share lock-up commitments, including transferring no more than **25%** of their total shares annually during their tenure and not transferring shares within six months after resignation, with no violations reported - The company's actual controllers, Shen Hua and Hu Wei, committed that after the lock-up period expires, they would not transfer more than **25%** of the total shares directly or indirectly held by them annually during their tenure, and would not transfer shares within six months after resignation, which they have strictly fulfilled[90](index=90&type=chunk) - Shareholders Dai Zhizhan and Tang Yi also made similar share lock-up commitments, including that the reduction price would not be lower than the issue price within two years after the lock-up period expires, and that they would not transfer more than **25%** of their shares annually during their tenure, which they have strictly fulfilled[90](index=90&type=chunk)[91](index=91&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=26&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the company[92](index=92&type=chunk) [Irregular Guarantees](index=26&type=section&id=Irregular%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[92](index=92&type=chunk) [Significant Litigation and Arbitration Matters](index=27&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) There were no significant litigation or arbitration matters for the company during this reporting period - There were no significant litigation or arbitration matters for the company during this reporting period[93](index=93&type=chunk) [Significant Contracts and Their Fulfillment](index=28&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company primarily involved guarantees for its subsidiaries; as of the end of the reporting period, the total guarantee balance for subsidiaries was **CNY 2.27 billion**, accounting for **33%** of the company's net assets Company's Guarantees for Subsidiaries | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During Reporting Period | 231,354,176.71 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 2,270,000,000.00 | | Total Guarantee Amount (A+B) | 2,270,000,000.00 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 33 | [Section VI Share Changes and Shareholder Information](index=31&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to equity incentive plan exercises and provides an overview of shareholder structure, including the total number of shareholders and the top ten shareholders [Changes in Share Capital](index=31&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's share capital increased by **4,452 shares** due to the exercise of the 2021 stock option incentive plan, raising the total share capital from **239,469,014 shares** to **239,473,466 shares**, all of which are unrestricted tradable shares Table of Share Changes | | Quantity Before Change (shares) | Increase/Decrease in Current Change (subtotal) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 239,469,014.00 | 4,452.00 | 239,473,466.00 | | III. Total Shares | 239,469,014.00 | 4,452.00 | 239,473,466.00 | - From January 1, 2025, to June 30, 2025, the company's 2021 stock option incentive plan saw a cumulative exercise of **4,452 options**, resulting in an actual increase of **4,452** RMB A-shares[102](index=102&type=chunk) [Shareholder Information](index=32&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **53,935** common shareholders; among the top ten shareholders, StarPower Holdings (Hong Kong) Co., Ltd. held **41.66%**, Zhejiang Xingdeli Textile Co., Ltd. held **12.32%**, and Jiaxing Furide Investment Partnership (Limited Partnership) held **3.12%**; all top ten shareholders held unrestricted tradable shares - As of the end of the reporting period, the total number of common shareholders was **53,935** households[103](index=103&type=chunk) Top Ten Shareholders' Holdings at Period-End | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | StarPower Holdings (Hong Kong) Co., Ltd. | 99,773,520 | 41.66 | Overseas Legal Person | | Zhejiang Xingdeli Textile Co., Ltd. | 29,493,471 | 12.32 | Domestic Non-State-Owned Legal Person | | Jiaxing Furide Investment Partnership (Limited Partnership) | 7,481,230 | 3.12 | Domestic Non-State-Owned Legal Person | | Hong Kong Securities Clearing Company Limited | 4,279,448 | 1.79 | Other | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 1,814,940 | 0.76 | Domestic Non-State-Owned Legal Person | | SDIC Chuanghe Investment Management Co., Ltd. - Advanced Manufacturing Industry Investment Fund Phase II (Limited Partnership) | 1,272,726 | 0.53 | Domestic Non-State-Owned Legal Person | | Guotai Junan Securities Co., Ltd. - Guolian An CSI All-Index Semiconductor Products and Equipment ETF | 1,271,070 | 0.53 | Domestic Non-State-Owned Legal Person | | Li Xiaochun | 915,216 | 0.38 | Domestic Natural Person | | Fujian Tianbao Mining Investment Group Co., Ltd. | 899,900 | 0.38 | Domestic Non-State-Owned Legal Person | | Dai Zhizhan | 807,986 | 0.34 | Overseas Natural Person | [Information on Directors, Supervisors, and Senior Management](index=33&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's Deputy General Managers Dai Zhizhan and Tang Yi remained unchanged, at **807,986 shares** and **496,500 shares** respectively Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Dai Zhizhan | Deputy General Manager | 807,986 | 807,986 | 0 | / | | Tang Yi | Deputy General Manager | 496,500 | 496,500 | 0 | / | [Section VII Bond-Related Information](index=35&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of company bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [Company Bonds and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=Company%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no information regarding company bonds (including corporate bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no information regarding company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[111](index=111&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[111](index=111&type=chunk) [Section VIII Financial Report](index=36&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and specific financial items [Audit Report](index=36&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[113](index=113&type=chunk) [Financial Statements](index=36&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025; the consolidated statements show total assets of **CNY 10.391 billion**, net assets attributable to parent company shareholders of **CNY 6.809 billion**; operating revenue of **CNY 1.936 billion** and net profit attributable to parent company shareholders of **CNY 275 million** for the first half; and net cash flow from operating activities of **CNY 364 million** Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 10,391,162,878.80 | 9,645,676,460.22 | | Total Liabilities | 3,491,684,040.86 | 2,901,998,166.17 | | Total Owners' Equity Attributable to Parent Company | 6,808,872,842.89 | 6,681,947,061.23 | | Minority Interests | 90,605,995.05 | 61,731,232.82 | | Total Owners' Equity | 6,899,478,837.94 | 6,743,678,294.05 | Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | | Total Operating Costs | 1,654,443,662.26 | 1,255,589,494.23 | | Total Profit | 311,057,346.57 | 318,007,799.47 | | Net Profit | 279,110,671.29 | 278,957,271.85 | | Net Profit Attributable to Parent Company Shareholders | 275,449,577.27 | 274,740,249.40 | | Minority Interest Income/Loss | 3,661,094.02 | 4,217,022.45 | | Total Comprehensive Income | 283,915,887.66 | 277,012,928.97 | | Basic EPS (CNY/share) | 1.15 | 1.15 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | | Net Cash Flow from Investing Activities | -473,620,861.35 | -1,396,236,672.49 | | Net Cash Flow from Financing Activities | 111,358,918.53 | 171,936,288.47 | | Net Increase in Cash and Cash Equivalents | 23,009,686.37 | -706,513,061.87 | [Company's Basic Information](index=57&type=section&id=Company%27s%20Basic%20Information) StarPower Semiconductor Co., Ltd., formerly Jiaxing StarPower Semiconductor Co., Ltd., was listed on the Shanghai Stock Exchange in February 2020; as of June 30, 2025, its registered capital was **CNY 239,473,466.00**, primarily engaged in semiconductor discrete device manufacturing and sales, with StarPower Holdings (Hong Kong) Co., Ltd. as its parent company and Shen Hua and Hu Wei as actual controllers - StarPower Semiconductor Co., Ltd. was listed on the Shanghai Stock Exchange in February 2020[145](index=145&type=chunk) - As of June 30, 2025, the company's total issued share capital was **239,473,466.00 shares**, with a registered capital of **CNY 239,473,466.00**[147](index=147&type=chunk) - The company's main business includes semiconductor discrete device manufacturing, sales, integrated circuit chip design and services, with StarPower Holdings (Hong Kong) Co., Ltd. as its parent company and Shen Hua and Hu Wei as the actual controllers[147](index=147&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with management assessing that the company can continue as a going concern for 12 months from the end of the reporting period, in compliance with enterprise accounting standards - The company's financial statements are prepared on a going concern basis[148](index=148&type=chunk) - The company's management assesses that the company can continue as a going concern for 12 months from the end of the reporting period[149](index=149&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, notes receivable financing, 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, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[151](index=151&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with an operating cycle of 12 months, and the functional currency is RMB[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - The company's financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[164](index=164&type=chunk)[166](index=166&type=chunk) - The company recognizes revenue when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services, primarily from the sale of IGBT modules[219](index=219&type=chunk)[222](index=222&type=chunk) [Taxation](index=77&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax; the company and several subsidiaries enjoy a **15%** corporate income tax rate as high-tech enterprises, with some also benefiting from small and micro-enterprise income tax concessions (**20%** rate) and VAT input tax deduction policies Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 6%, 9%, 10%, 13%, 7.7%, 19% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 8%, 8.5%, 15%, 16.5%, 17%, 20%, 24%, 25% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | StarPower Semiconductor Co., Ltd. | 15% | | Shanghai Daozhi Technology Co., Ltd. | 15% | | StarPower Europe AG | 8%, 8.5%, 15% | | Jiaxing StarPower Electronics Technology Co., Ltd. | 20% | | Zhejiang Gulan Electronics Technology Co., Ltd. | 15% | | Jiaxing StarPower Microelectronics Co., Ltd. | 15% | | Jiaxing StarPower Integrated Circuit Co., Ltd. | 25% | | Chongqing Anda Semiconductor Co., Ltd. | 25% | | StarPower Semiconductor (Shanghai) Co., Ltd. | 25% | | StarPower Semiconductor (Hong Kong) Co., Ltd. | 16.5% | | Meiken Semiconductor Technology Co., Ltd. | 15% | | StarPower Semiconductor (Chongqing) Co., Ltd. | 25% | | StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A | 17% | | StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A | 24% | - The company and several subsidiaries (e.g., Shanghai Daozhi, Zhejiang Gulan, Jiaxing StarPower Microelectronics, Meiken Semiconductor) enjoy a preferential corporate income tax rate of **15%** as high-tech enterprises[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[242](index=242&type=chunk) - The company and Jiaxing StarPower Microelectronics Co., Ltd. benefit from a preferential policy allowing R&D expenses for integrated circuit enterprises to be additionally deducted at **120%** (if no intangible assets are formed) or **220%** (if intangible assets are formed)[238](index=238&type=chunk)[241](index=241&type=chunk) [Notes to Consolidated Financial Statement Items](index=79&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses; period-end monetary funds were **CNY 1.189 billion**, accounts receivable **CNY 926 million**, and inventories **CNY 1.574 billion**; fixed assets totaled **CNY 3.998 billion**, and construction in progress **CNY 1.885 billion**; short-term borrowings were **CNY 11.15 million**, and long-term borrowings **CNY 1.838 billion**; operating revenue was **CNY 1.936 billion**, operating costs **CNY 1.360 billion**; R&D expenses were **CNY 230 million**, and financial expenses were negative **CNY 24.1492 million**; total non-recurring gains and losses amounted to **CNY 14.7943 million** Period-End Balances of Major Asset Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Monetary Funds | 1,189,453,072.75 | | Accounts Receivable | 926,253,707.44 | | Notes Receivable Financing | 308,218,439.69 | | Inventories | 1,574,232,978.75 | | Fixed Assets | 3,997,813,133.91 | | Construction in Progress | 1,884,940,837.75 | | Goodwill | 51,596,953.76 | Period-End Balances of Major Liability Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Short-Term Borrowings | 11,151,672.47 | | Accounts Payable | 1,017,874,262.44 | | Contract Liabilities | 43,757,452.95 | | Payroll Payable | 38,557,521.50 | | Taxes Payable | 31,651,408.14 | | Other Payables | 86,205,735.23 | | Long-Term Borrowings | 1,838,048,253.91 | | Provisions | 11,203,600.00 | | Deferred Income | 336,492,398.99 | Current Period Amounts of Major Profit/Loss and Expense Items | Item | Current Period Amount (CNY) | | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | | Operating Cost | 1,359,980,480.73 | | Selling Expenses | 15,580,507.84 | | Administrative Expenses | 62,492,060.32 | | R&D Expenses | 229,679,094.42 | | Financial Expenses | -24,149,150.70 | | Other Income | 32,784,844.33 | | Investment Income | 2,033,523.46 | | Credit Impairment Losses | 195,032.02 | | Asset Impairment Losses | -5,079,146.67 | | Total Profit | 311,057,346.57 | | Income Tax Expense | 31,946,675.28 | | Net Profit | 279,110,671.29 | | Total Non-Recurring Gains and Losses | 14,794,252.26 | [R&D Expenses](index=136&type=section&id=R%26D%20Expenses) In the first half of 2025, the company's total R&D expenditure was **CNY 230 million**, all expensed; the main components included employee compensation, material consumption, depreciation and amortization, and other expenses, with employee compensation and material consumption being the largest portions R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 95,600,392.40 | 50,619,027.43 | | Material Consumption | 85,503,996.01 | 69,184,763.08 | | Depreciation and Amortization | 26,543,631.25 | 16,391,789.24 | | Other Expenses | 22,031,074.76 | 15,014,459.19 | | Total | 229,679,094.42 | 151,210,038.94 | | Of which: Expensed R&D Expenditure | 229,679,094.42 | 151,210,038.94 | | Capitalized R&D Expenditure | - | - | [Changes in Consolidation Scope](index=137&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. for a cash consideration of **CNY 162.4 million** through a non-common control business combination, resulting in goodwill of **CNY 51.597 million**; additionally, the company established new subsidiaries: StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A, StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A, and StarPower Semiconductor (Chongqing) Co., Ltd., further expanding its consolidation scope - On January 15, 2025, the company acquired **80%** equity in Meiken Semiconductor Technology Co., Ltd. for **CNY 162.4 million** in cash, gaining control and forming goodwill of **CNY 51.597 million**[392](index=392&type=chunk)[393](index=393&type=chunk) - Meiken Semiconductor Technology Co., Ltd. generated revenue of **CNY 68.3934 million** and net profit of **CNY 3.4925 million** from the acquisition date to period-end[392](index=392&type=chunk) - The company established StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A in January 2025, StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A in February, and StarPower Semiconductor (Chongqing) Co., Ltd. in June, all with **100%** shareholding[397](index=397&type=chunk) [Interests in Other Entities](index=141&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in multiple wholly-owned and controlled subsidiaries operating in manufacturing, wholesale, trade R&D, and investment holding across Jiaxing, Shanghai, Switzerland, Chongqing, Hong Kong, Singapore, and Malaysia; Shanghai Daozhi Technology Co., Ltd. is a significant non-wholly-owned subsidiary with a **0.50%** minority interest, contributing **CNY 1.2293 million** to minority shareholders' profit for the current period Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | :--- | | Jiaxing StarPower Electronics Technology Co., Ltd. | Zhejiang Jiaxing | 10,000,000.00 CNY | Wholesale | 100.00 | | Zhejiang Gulan Electronics Technology Co., Ltd. | Zhejiang Haining | 12,500,000.00 CNY | Manufacturing | 100.00 | | Shanghai Daozhi Technology Co., Ltd. | Shanghai | 210,300,000.00 CNY | Manufacturing | 99.50 | | StarPower Europe AG | Switzerland | 600,000.00 CHF | Trade R&D | 70.00 | | Jiaxing StarPower Microelectronics Co., Ltd. | Zhejiang Jiaxing | 2,109,331,600.00 CNY | Manufacturing | 100.00 | | Jiaxing StarPower Integrated Circuit Co., Ltd. | Zhejiang Jiaxing | 50,000,000.00 CNY | Manufacturing | 100.00 | | Chongqing Anda Semiconductor Co., Ltd. | Chongqing | 150,000,000.00 CNY | Manufacturing | 70.00 | | StarPower Semiconductor (Shanghai) Co., Ltd. | Shanghai | 50,000,000.00 CNY | Wholesale | 100.00 | | StarPower Semiconductor (Hong Kong) Co., Ltd. | Hong Kong | 100,000.00 USD | Trade R&D and Investment Holding | 100.00 | | StarPower Semiconductor (Chongqing) Co., Ltd. | Chongqing | 50,000,000.00 CNY | Manufacturing | 100.00 | | Meiken Semiconductor Technology Co., Ltd. | Chongqing | 200,000,000.00 CNY | Manufacturing | 80.00 | | StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A | Singapore | 3,000.00 SGD | Trade R&D and Investment Holding | 100.00 (Indirect) | | StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A | Malaysia | 2,500,000.00 MYR | Manufacturing | 100.00 (Indirect) | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (CNY) | Minority Interests Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Daozhi Technology Co., Ltd. | 0.50% | 1,229,320.93 | 8,111,098.34 | [Government Grants](index=144&type=section&id=Government%20Grants) At the end of the reporting period, the balance of government grants in deferred income was **CNY 336 million**, with **CNY 118 million** in new grants received and **CNY 11.6076 million** transferred to other income during the current period; total government grants recognized in current profit or loss amounted to **CNY 53.6802 million**, comprising **CNY 11.6076 million** related to assets and **CNY 42.0726 million** related to income Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | New Grants Received in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 230,494,844.14 | 117,605,110.00 | 11,607,555.15 | 336,492,398.99 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-Related | 11,607,555.15 | 7,972,914.32 | | Income-Related | 42,072,646.47 | 27,012,326.66 | | Total | 53,680,201.62 | 34,985,240.98 | [Fair Value Disclosures](index=147&type=section&id=Fair%20Value%20Disclosures) The company's total assets measured at fair value on a recurring basis amounted to **CNY 309 million**, primarily comprising other equity instrument investments of **CNY 572,000** and notes receivable financing of **CNY 308 million**, both measured using Level 3 fair value; other equity instrument investments are valued using the discounted future cash flow method, while notes receivable financing's fair value is similar to its book value due to its short maturity Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 571,988.55 | 571,988.55 | | Notes Receivable

证券代码：603290 证券简称：斯达半导 公告编号：2025-032 斯达半导体股份有限公司 关于召开 2025 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法律责任。 重要内容提示： 投资者可于 2025 年 08 月 26 日（星期二）至 09 月 01 日（星期一）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor-relation@powersemi.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 斯达半导体股份有限公司（以下简称"公司"）已于 2025 年 08 月 27 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 09 月 02 日（星期二）13:00-14:00 举行 2025 半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体 ...

斯达半导体股份有限公司 截至 2025 年 6 月 30 日止 前次募集资金使用情况报告及 鉴证报告 目 录 | | | | 一、 | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | --- | --- | --- | | 二、 | 前次募集资金使用情况报告 | 1-7 | 关于斯达半导体股份有限公司 截至2025年6月30日止 前次募集资金使用情况报告的鉴证报告 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对前次募集资金使用情 况报告发表鉴证结论。 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史 财务信息审计或审阅以外的鉴证业务》的规定执行了鉴证业务。该准 则要求我们遵守中国注册会计师职业道德规范，计划和实施鉴证工 鉴证报告 第1页 信会师报字[2025]第ZA14871号 斯达半导体股份有限公司全体股东： 我们接受委托，对后附的斯达半导体股份有限公司（以下简称"斯 达半导"）截至2025年6月30日止前次募集资金使用情况报告（以下简 称"前次募集资金使用情况报告"）执行了合理保证的鉴证业务。 一、管理层的责任 斯达半导管理层的责任是按照中国证券监督管理委员会 ...