Core Viewpoint - The company, Huaxing Yuanchuang (688001.SH), has announced a share buyback program, indicating a commitment to enhancing shareholder value through capital return strategies [1] Group 1: Share Buyback Details - The company repurchased a total of 1.2107 million shares, which represents 0.2718% of its total share capital [1] - The highest price paid for the shares was 34.78 CNY per share, while the lowest price was 22.66 CNY per share [1] - The total amount spent on the buyback was approximately 33.5099 million CNY, excluding transaction fees such as stamp duty and commissions [1]

Core Viewpoint - The article highlights the financial performance and growth prospects of several companies in the display technology and materials sector, emphasizing their revenue growth and profitability despite challenges in the market. Group 1: Company Performance - Shanshan Co., Ltd. achieved a revenue of 9.858 billion yuan, a year-on-year increase of 11.78%, and a net profit of 207 million yuan, a significant increase of 1,079.59% [2][3] - Huaxing Yunchuang reported a revenue of 915 million yuan, up 9.27% year-on-year, with a net profit of 78.52 million yuan, reflecting a growth of 152.40% [6][7] - Jingzhida's revenue reached 444 million yuan, marking a 22.68% increase, while its net profit was 31 million yuan, down 19.94% [9][10] - Kaisheng Technology recorded a revenue of 2.765 billion yuan, a 24.70% increase, and a net profit of 51.51 million yuan, up 23.70% [12][13] Group 2: Business Segments and Innovations - Shanshan Co., Ltd. focuses on lithium battery anode materials and polarizer business, with stable shipments of high-value products like OLED polarizers [4][5] - Huaxing Yunchuang specializes in testing equipment and solutions for LCD and OLED displays, benefiting from a mild recovery in the consumer electronics industry [6][8] - Jingzhida is engaged in semiconductor testing equipment, with significant growth in its semiconductor business, which saw a revenue increase of 376.52% [9][10][11] - Kaisheng Technology's display materials business is showing positive trends, with key projects in large-size displays and flexible glass materials [12][13]

Core Insights - The company Huaxing Yuanchuang (688001) reported a total revenue of 915 million yuan for the first half of 2025, representing a year-on-year increase of 9.27% [1] - The net profit attributable to shareholders reached 78.52 million yuan, a significant increase of 152.4% compared to the previous year [1] - The second quarter alone saw a revenue of 649 million yuan, up 16.65% year-on-year, and a net profit of 109 million yuan, up 66.31% year-on-year [1] Financial Performance - Total revenue for 2024 was 838 million yuan, while for 2025 it increased to 915 million yuan, marking a 9.27% growth [1] - The net profit for 2024 was 31.11 million yuan, which surged to 78.52 million yuan in 2025, reflecting a 152.4% increase [1] - The gross margin for 2025 was 49.88%, a slight decrease of 1.79% from the previous year, while the net margin improved significantly to 8.58%, an increase of 130.99% [1] Cash Flow and Debt Analysis - The company reported a significant increase in accounts receivable, which rose by 29.44% to 1.525 billion yuan [1] - The total interest-bearing debt increased by 39.19% to 1.218 billion yuan, indicating a growing leverage [1] - The cash flow situation is concerning, with cash and cash equivalents at 425 million yuan, down 28.94% from the previous year [1][2] Market Position and Analyst Expectations - Analysts expect the company's performance for 2025 to reach a net profit of 191 million yuan, with an average earnings per share of 0.43 yuan [2] - The company has shown a historical median ROIC of 10.19%, although the worst year recorded a ROIC of -10.48% [1] - The company has been included in the top holdings of several funds, indicating growing interest from institutional investors [3]

Core Insights - The company reported a revenue of 915.48 million yuan for the first half of the year, representing a year-on-year growth of 9.27% [1] - The net profit attributable to shareholders reached 78.52 million yuan, showing a significant year-on-year increase of 152.40% [1] - The company successfully delivered the first domestically produced G8.6 generation AMOLEDTSPOS testing equipment, achieving self-sufficiency in core detection equipment and filling a technological gap in China's high-generation line detection field for flat panel displays [1]

Core Viewpoint - The company, Suzhou Huaxing Yuanchuang Technology Co., Ltd., is set to hold a half-year performance briefing on September 15, 2025, to discuss its operational results and financial status for the first half of 2025 [8][9]. Group 1: Company Overview - The company has not conducted any profit distribution or capital increase from reserves during the reporting period [5]. - The board of directors and all members have confirmed the authenticity, accuracy, and completeness of the half-year report [2][3]. Group 2: Financial Data - The half-year report has been disclosed on August 30, 2025, providing insights into the company's operational results and financial condition [9]. - The report is not audited, and the company emphasizes the importance of reviewing the full report for comprehensive understanding [4][1]. Group 3: Investor Engagement - The performance briefing will be conducted in an interactive online format, allowing investors to submit questions from September 8 to September 12, 2025 [9][10]. - Key personnel attending the briefing include the Chairman and General Manager, the Vice General Manager and CFO, the Board Secretary, and an Independent Director [10].

Core Viewpoint - Huaxing Yuanchuang reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 915 million yuan, a year-on-year increase of 9.27% [1]. - The net profit attributable to shareholders was 78.52 million yuan, up 152.40% year-on-year [1]. - The non-recurring net profit was 74.51 million yuan, showing a remarkable increase of 1542.92% year-on-year [1]. - Basic earnings per share stood at 0.18 yuan [1]. Profitability Metrics - The gross profit margin for the first half of 2025 was 49.88%, a decrease of 1.03 percentage points year-on-year [2]. - The net profit margin was 8.58%, an increase of 4.86 percentage points compared to the same period last year [2]. - In Q2 2025, the gross profit margin improved to 50.27%, up 1.45 percentage points year-on-year and 1.34 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 2025 was 16.77%, an increase of 5.01 percentage points year-on-year and 28.17 percentage points quarter-on-quarter [2]. Expense Management - Total operating expenses for the first half of 2025 were 401 million yuan, a decrease of 17.56 million yuan compared to the previous year [2]. - The expense ratio was 43.81%, down 6.16 percentage points year-on-year [2]. - Sales expenses decreased by 15.96%, while management expenses increased by 3.42% [2]. - R&D expenses decreased by 12.70%, and financial expenses surged by 1025.02% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 10,900, an increase of 8.60% from the previous quarter [2]. - The average market value per shareholder decreased from 1.3343 million yuan to 1.0284 million yuan, a decline of 22.93% [2]. Company Overview - Huaxing Yuanchuang, established on June 15, 2005, is located in Suzhou, Jiangsu Province, and was listed on July 22, 2019 [3]. - The company specializes in the research, development, production, and sales of testing equipment for flat panel displays and integrated circuits [3]. - The revenue composition includes testing equipment (57.78%), fixtures and accessories (28.30%), assembly equipment (8.40%), and others (5.42%) [3]. - The company belongs to the machinery and equipment sector, specifically in general equipment and instrumentation [3].

苏州华兴源创科技股份有限公司 关于 2025 年度提质增效重回报专项行动方案的 半年度评估报告 苏州华兴源创科技股份有限公司（以下简称"公司"）为切实维护公司全体 股东利益，全方位推动上市公司治理规范升级，持续推动公司创新发展并提升核 心竞争力，于 2025 年 4 月制定了《2025 年度"提质增效重回报"行动方案》（以 下简称"行动方案"）。公司根据行动方案内容，积极开展和落实各项工作，现 将 2025 年上半年的主要工作成果报告如下： 一、 聚焦经营主业，提升经营质量 公司是行业领先的工业自动化测试设备与整线系统解决方案提供商。基于在 电子、光学、声学、射频、机器视觉、机械自动化等多学科交叉融合的核心技术 为客户提供芯片、SiP、模块、系统、整机各个工艺节点的自动化测试设备。公 司产品主要应用于消费电子、半导体集成电路、新能源汽车电子等行业。 作为一家专注于全球化专业检测领域的高科技企业，公司坚持在技术研发、 产品质量、技术服务上为客户提供具有竞争力的解决方案，在各类数字、模拟、 射频等高速、高频、高精度信号板卡、基于平板显示检测的机器视觉图像算法， 以及配套各类高精度自动化与精密连接组件的设计制造能力 ...

证券代码：688001 证券简称：华兴源创 公告编号：2025-035 苏州华兴源创科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于 9 月 8 日（星期一）至 9 月 12 日（星期五）16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过邮件、电话等形式将需要了解和 关注的问题提交给苏州华兴源创科技股份有限公司（以下简称"公司"）。公司 将在文字互动环节对投资者普遍关注的问题在信息披露允许的范围内进行回复。 公司已于 2025 年 8 月 30 日披露《2025 年半年度报告》及其摘要，为方便 广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况和发展理 念，公司计划于 2025 年 9 月 15 日下午 16:00-17:00 举行 2025 年半年度业绩说 明会。 一、说明会类型 本次投资者说明会以网络文字 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, highlighting key risks and stating no profit distribution or capital reserve conversion for the period - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - The company's major risks are disclosed in "Management Discussion and Analysis", urging investors' attention[3](index=3&type=chunk) - No profit distribution or capital reserve conversion to share capital will be made for this reporting period[4](index=4&type=chunk) - Forward-looking statements involve uncertainties and do not constitute substantive commitments, so investors should be aware of investment risks[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, reporting periods, laws and regulations, and various technical terms to ensure accurate understanding of the report's content - Defines the company's abbreviation "HYC" as Suzhou HYC Technology Co., Ltd[11](index=11&type=chunk) - Clarifies the "Reporting Period" as January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Provides detailed explanations of key technical terms in the flat panel display and semiconductor industries, such as Micro-LED, Micro-OLED, AOI, SoC, and SiP[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's basic information, contact details, information disclosure channels, and key accounting data and financial indicators for the reporting period, showing significant growth in revenue and net profit, but negative operating cash flow [I. Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides basic information about Suzhou HYC Technology Co., Ltd., including its Chinese name, abbreviation, English name, legal representative, registered and office addresses, website, and email address - Company's Chinese name: Suzhou HYC Technology Co., Ltd., abbreviation: HYC[15](index=15&type=chunk) - Legal Representative: Chen Wenyuan[15](index=15&type=chunk) - Company website: http://www.hyc.com, email: ir@hyc.com[16](index=16&type=chunk) [II. Contact Person and Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the name, contact address, telephone, fax, and email of the company's Board Secretary (domestic representative for information disclosure), Feng Xiujun, and Securities Affairs Representative, Jin Yutong - Board Secretary: Feng Xiujun, contact number: 0512-88168694[17](index=17&type=chunk) - Securities Affairs Representative: Jin Yutong, contact address: No. 8 Qingqiu Lane, Suzhou Industrial Park[17](index=17&type=chunk) [III. Information Disclosure and Changes in Document Custody Location](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section discloses the company's designated newspapers for information disclosure ("China Securities Journal", "Shanghai Securities News", "Securities Times"), the website for semi-annual reports (http://www.sse.com.cn/), and the location for semi-annual report custody (Company Board Office) - Information disclosure newspapers: "China Securities Journal", "Shanghai Securities News", "Securities Times"[18](index=18&type=chunk) - Report publication website: http://www.sse.com.cn/[18](index=18&type=chunk) - Report custody location: Company Board Office[18](index=18&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section briefly introduces the company's A-shares listed on the Shanghai Stock Exchange STAR Market, with stock ticker "HYC" and stock code "688001", noting no changes to the previous stock ticker during the reporting period - Stock type: A-shares[19](index=19&type=chunk) - Listing exchange and board: Shanghai Stock Exchange STAR Market[19](index=19&type=chunk) - Stock ticker: HYC, stock code: 688001[19](index=19&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 9.27%, while total profit and net profit attributable to shareholders significantly grew by 132.67% and 152.40% respectively, driven by market expansion and cost control, though operating cash flow remained negative 主要会计数据 (2025年1-6月 vs 上年同期) | 指标 | 本报告期 (1-6月) | 上年同期 | 同期增减 (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 915,481,428.79 | 837,795,448.08 | 9.27 | | Total Profit (CNY) | 66,362,276.47 | 28,522,517.33 | 132.67 | | Net Profit Attributable to Shareholders (CNY) | 78,519,450.48 | 31,108,555.52 | 152.40 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 74,514,076.16 | 4,535,471.62 | 1,542.92 | | Net Cash Flow from Operating Activities (CNY) | -30,029,754.47 | -94,741,100.15 | Not applicable | | **Current Period End vs. Prior Year End:** | | | | | Net Assets Attributable to Shareholders (CNY) | 3,464,155,787.71 | 3,424,013,180.40 | 1.17 | | Total Assets (CNY) | 5,589,477,621.51 | 5,263,978,646.05 | 6.18 | 主要财务指标 (2025年1-6月 vs 上年同期) | 指标 | 本报告期 (1-6月) | 上年同期 | 同期增减 (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.18 | 0.07 | 157.14 | | Diluted Earnings Per Share (CNY/share) | 0.18 | 0.07 | 157.14 | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | 0.17 | 0.01 | 1,600.00 | | Weighted Average Return on Net Assets (%) | 2.27 | 0.79 | Increased by 1.48 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 2.15 | 0.11 | Increased by 2.04 percentage points | | R&D Investment as % of Operating Revenue (%) | 17.83 | 22.32 | Decreased by 4.49 percentage points | - Net profit and non-recurring net profit significantly increased, primarily due to market expansion and cost control[22](index=22&type=chunk) - Net cash flow from operating activities increased by **CNY 64.71 million**, mainly due to a decrease in cash paid for goods and services in the current period[23](index=23&type=chunk) [VIII. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 4.01 million**, primarily comprising government subsidies and gains/losses from disposal of non-current assets 非经常性损益项目和金额 | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/losses from disposal of non-current assets | -224,234.51 | | Government subsidies recognized in current profit/loss | 5,234,469.54 | | Other non-operating income and expenses | -281,150.18 | | Less: Income tax impact | 723,710.53 | | **Total** | **4,005,374.32** | [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's industry, main business, operating results, core competitiveness, and risk factors, showing overall improved performance, increased R&D investment, and active expansion into the new energy vehicle market, despite risks like high customer concentration and talent loss [I. Industry and Main Business Overview for the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is an industrial automation test equipment and full-line system solution provider for consumer electronics, semiconductor integrated circuits, and new energy vehicle electronics, maintaining its market position through continuous innovation in a rapidly developing industry [(I) Main Business, Products, or Services](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) The company primarily provides automated test equipment for various process nodes, including chips, SiP, modules, systems, and complete machines, widely applied in consumer electronics, semiconductor integrated circuits, and new energy vehicle electronics - The company provides automated test equipment for various process nodes, including chips, SiP, modules, systems, and complete machines[28](index=28&type=chunk) - Products are primarily applied in consumer electronics, semiconductor integrated circuits, and new energy vehicle electronics industries[29](index=29&type=chunk) - The company holds competitive advantages in high-speed, high-frequency, high-precision digital, analog, and RF signal board cards, machine vision image algorithms, and automated component design and manufacturing[29](index=29&type=chunk) - The report details product models and functional introductions across multiple fields, including flat panel display testing, semiconductor testing, wearable device testing, and new energy vehicle electronics testing[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [(II) Industry Overview](index=25&type=section&id=(%E4%BA%8C)%20%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the rapidly developing flat panel display testing, wearable electronics smart equipment, and integrated circuit testing industries, driven by new display technologies, AI applications, and national policy support, which foster innovation and market demand [1. Industry Development Stage, Characteristics, and Key Technical Barriers](index=25&type=section&id=1%E3%80%81%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%8F%91%E5%B1%95%E9%98%B6%E6%AE%B5%E3%80%81%E5%9F%BA%E6%9C%AC%E7%89%B9%E7%82%B9%E3%80%81%E4%B8%BB%E8%A6%81%E6%8A%80%E6%9C%AF%E9%97%A8%E6%A7%9B) The flat panel display testing industry faces high technical barriers due to evolving display technologies, while the wearable electronics and integrated circuit testing sectors are driven by AI, national policies, and increasing demand, with the new energy vehicle testing industry also expanding due to market growth and improved standards - The flat panel display testing industry has high technical barriers, requiring comprehensive application of multidisciplinary technologies to address high resolution, high refresh rates, and complex signal transmission[46](index=46&type=chunk) - The industrialization of new display technologies (OLED, Mini/Micro-LED) is accelerating, creating new demands for testing equipment, with Micro LED display shipments projected to exceed **17 million units by 2027**[48](index=48&type=chunk)[49](index=49&type=chunk) - The wearable device industry is supported by national policies and driven by AI technology and sports health demands, with AR/VR products promoting the commercialization of micro-display technology[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - The integrated circuit testing equipment industry faces high technical barriers, with national policies supporting domestic substitution, making mainland China the **third-largest chip testing equipment market globally**[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The steady growth in new energy vehicle ownership, continuous improvement of standard systems, and release of policy dividends are driving increased demand for testing equipment[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [2. Analysis of the Company's Industry Position and Changes](index=29&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D%E5%88%86%E6%9E%90%E5%8F%8A%E5%85%B6%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) The company has established strong industry competitiveness in flat panel display testing, wearable device assembly testing, and integrated circuit testing through continuous R&D innovation and long-term partnerships with leading domestic and international clients, achieving a leading position in SiP advanced packaging module testing and becoming a designated supplier for major EV manufacturers - The company provides customized testing equipment and fixtures for customers in the flat panel display, wearable electronics, and new energy vehicle industries[67](index=67&type=chunk) - In the semiconductor testing equipment sector, the company has launched two generations of SoC testers, with the second-generation model's performance parameters comparable to popular models from Advantest and Teradyne[68](index=68&type=chunk) - The company is the first domestic manufacturer to independently develop Sub-6G RF vector signal transceiver board cards and provide a solution for 128-site parallel testing system modules with配套分选机 (matching sorters)[68](index=68&type=chunk) - The company has become a designated supplier for the largest electric vehicle manufacturer in the United States and is actively expanding into high-quality domestic new energy vehicle clients[69](index=69&type=chunk) - The company has established close and stable cooperative relationships with renowned domestic and international enterprises such as Apple, Samsung, Sony, LG, and BOE[70](index=70&type=chunk) [3. Development and Future Trends of New Technologies, Industries, Business Forms, and Models in the Reporting Period](index=30&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%96%B0%E6%8A%80%E6%9C%AF%E3%80%81%E6%96%B0%E4%BA%A7%E4%B8%9A%E3%80%81%E6%96%B0%E4%B8%9A%E6%80%81%E3%80%81%E6%96%B0%E6%A8%A1%E5%BC%8F%E7%9A%84%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5%E5%92%8C%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E8%B6%8B%E5%8A%BF) The flat panel display testing industry is driven by OLED penetration into larger sizes and the development of MicroLED/MicroOLED micro-display technologies, while wearable electronics demand higher precision assembly and testing due to chip, sensing, IoT, and 5G integration, and the integrated circuit testing sector sees accelerated domestic substitution and SiP technology adoption, with new energy vehicles' electrification and intelligence creating new ADAS testing needs - OLED screens are penetrating into medium and large sizes (e.g., iPad), driving investment in 8.6-generation OLED factories and demand for testing equipment[71](index=71&type=chunk) - New micro-display technologies like MicroLED and MicroOLED are being applied in VR/AR head-mounted devices, leading to increased demand for supporting testing equipment[72](index=72&type=chunk)[73](index=73&type=chunk) - The rich functionality and optimized design of wearable devices impose higher requirements on the precision, speed, and parameter design of assembly and testing equipment[74](index=74&type=chunk)[75](index=75&type=chunk) - Domestic semiconductor equipment is becoming a necessary choice, with most mid-to-low-end analog testers and sorters achieving domestic substitution, and the substitution process for high-end testers accelerating[76](index=76&type=chunk) - SiP technology is widely applied in consumer electronics, driving demand for PXIe architecture small testers that balance testing efficiency and cost advantages[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - The electrification and intelligent development of new energy vehicles, particularly ADAS technology, are creating new demands for the testing industry[80](index=80&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=32&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company steadily advanced its strategic goals, achieving a 9.27% increase in operating revenue and a 152.40% increase in net profit attributable to shareholders, driven by a global consumer electronics recovery and AI development, while also making significant strides in R&D, cost control, and the successful delivery of the first domestic G8.6 AMOLED TSP OS testing equipment - During the reporting period, the company achieved operating revenue of **CNY 915.48 million**, a year-on-year increase of **9.27%**; net profit attributable to shareholders was **CNY 78.52 million**, a year-on-year increase of **152.40%**[81](index=81&type=chunk) - The company successfully delivered the first domestic G8.6 generation AMOLED TSP OS testing equipment, achieving domestic substitution of core testing equipment[81](index=81&type=chunk) - R&D investment during the reporting period was **CNY 163.23 million**, accounting for **17.83%** of operating revenue, and **102 domestic and international intellectual property rights** were applied for[82](index=82&type=chunk)[83](index=83&type=chunk) - The company actively executed its share repurchase plan, repurchasing **999,673 shares** for **CNY 26.49 million**, intended for equity incentives or employee stock ownership plans[83](index=83&type=chunk) - The company continuously improved its internal control system, enhancing corporate governance, with ESG ratings of A/AA[83](index=83&type=chunk) - The company organized an ISO27001 information security management system re-audit to ensure compliance with international standards[84](index=84&type=chunk) [III. Analysis of Core Competitiveness in the Reporting Period](index=33&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its strong R&D team, multidisciplinary core technologies, comprehensive product line, extensive customer base, and stable trust, providing industry-leading solutions in flat panel display testing, semiconductor testing, smart wearable device testing, and new energy vehicle testing, with long-term partnerships with global clients [(I) Core Competitiveness Analysis](index=33&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company boasts a nearly 800-strong R&D team with multidisciplinary core technologies in optics, acoustics, electronics, RF, mechanics, software, intelligence, and automation, achieving domestic leadership in OLED display testing, G8.6 AMOLED TSP OS testing, ATE and PXIe architecture SoC/RF testing, smart wearable device testing, and new energy vehicle testing solutions - The company has a research and development team of nearly **800 people**, with **102 newly approved intellectual property rights** during the reporting period[85](index=85&type=chunk) - The company successfully developed OLED flat panel display testing equipment and Mura compensation technology, assisting the largest domestic flat panel display manufacturer in achieving mass production of flexible OLED panels[86](index=86&type=chunk) - The company's independently developed first domestic G8.6 generation AMOLED TSP OS testing equipment has been delivered to customers, filling a domestic technological gap[86](index=86&type=chunk) - The company is one of the few global enterprises that independently develops both ATE architecture SoC testers and PXIe architecture RF and system module testers[87](index=87&type=chunk) - The company's second-generation SoC tester, the T7600 series, has technical parameters reaching industry mid-range levels and has achieved mass production in testing chips such as fingerprint, image sensing, MCU, and TOF[87](index=87&type=chunk) - The company's testing solution, based on the PXIe architecture tester and a matching four-layer parallel 128-site SLT sorter EP3000, is in a leading position in the industry[87](index=87&type=chunk) - The company comprehensively covers multiple core testing technologies in smart wearable device testing, including display, touch, optics, signal, acoustics, RF, and automation[88](index=88&type=chunk) - The company has developed in-vehicle computer testers, body controller testing platforms, and ADAS sensor-related equipment for leading new energy vehicle customers, and independently developed a general software and hardware testing platform for automotive products[88](index=88&type=chunk) - The company has established long-term and stable cooperative relationships with internationally renowned flat panel manufacturers such as Samsung, Sharp, LG, BOE, and JDI[90](index=90&type=chunk) - The company has been a qualified supplier for Apple Inc. since 2013, with its testing solutions used in Apple's main products, including iPhones, iPads, watches, headphones, and smart speakers[92](index=92&type=chunk)[93](index=93&type=chunk) [(III) Core Technologies and R&D Progress](index=35&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company possesses numerous core technological achievements in industrial vision algorithms, advanced optical design, laser-induced breakdown spectroscopy, precision drive control, AI inspection, and high-speed digital/analog signal testing board cards, with continuous R&D investment, 102 intellectual property applications, and multiple ongoing projects in cutting-edge fields like new displays, battery analysis, AR/VR, MicroLED, SoC testing, and new energy vehicle testing [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=35&type=section&id=1%E3%80%81%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E5%8F%8A%E5%85%B6%E5%85%88%E8%BF%9B%E6%80%A7%E4%BB%A5%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) The company's core technologies, many of which are industry-leading, encompass flexible OLED Mura compensation, machine vision, display and touch detection, brightness uniformity and color difference measurement, flicker/chromaticity/brightness sensing, CIE color coordinate and brightness data acquisition algorithms, screen touch electrode electrical performance testing, MLOps platform, high-pixel CIS chip testing, mobile terminal battery management system chip testing, T7600 large-scale mixed-signal SoC test platform, PXIe architecture test equipment, 3D 128-site high-parallel sorting, DP128 digital board, DPS64 power board, MX32 analog board, FVI32 high-precision power board, UHC24 power board, precise temperature control for chip testing, 5G RF front-end chip testing, patterned wafer bright/dark field defect detection, flexible OLED crack defect detection, high-precision temperature control for MicroOLED products, MicroOLED TP scratch AI detection, MicroOLED high-precision pressing, optical characteristics and defect detection for MicroLED/OLED near-eye displays, acoustic detection, airtightness testing, body controller module test platform, automotive-grade high-voltage relay tester, large-size OLED display panel Mura detection and repair, 3DAOI detection, AR/VR detection, LIBS (Laser-Induced Breakdown Spectroscopy) online detection, 0.01% precision battery cycle charge-discharge testing, PM2.5 environmental detection, electronic wire control braking testing, and thermal management assembly testing - The company possesses complete flexible OLED Mura compensation technology, achieving Mura less than **3% Lever** after compensation, position compensation accuracy less than **0.5 pixels**, and a pass rate of approximately **98%**[95](index=95&type=chunk) - Flexible OLED machine vision detection technology can detect defects in **4K UHD resolution OLED products**, improving detection accuracy through deep learning algorithms[96](index=96&type=chunk) - Flexible OLED display and touch detection technology achieves intelligent, high-precision detection through planar detection, FPGA embedded protocol architecture, and simulated human hand variable pressure testing[96](index=96&type=chunk) - The T7600 SoC tester hardware reaches **400MHz**, with a maximum of **2304 channels**, capable of meeting most SoC testing requirements[99](index=99&type=chunk) - The PXIe architecture test equipment platform adopts a modular design, enabling rapid development of test boards for measuring high-voltage diodes and achieving parallel high-speed flash read/write testing[99](index=99&type=chunk) - The company's developed 5G RF front-end chip testing technology achieves a maximum transmit/receive frequency of **6GHz** and a testing accuracy of **±0.1dB**, breaking foreign monopolies[100](index=100&type=chunk) - Patterned wafer bright/dark field defect detection equipment innovatively developed an integrated bright/dark field optical system and sub-micron defect automatic recognition algorithm, solving the problem of difficult microscopic defect imaging[100](index=100&type=chunk) - High-precision temperature control technology in the MicroOLED product field can keep product temperature constant within **±0.5℃** in a very short response time, far exceeding industry standards[101](index=101&type=chunk) - LIBS (Laser-Induced Breakdown Spectroscopy) online detection technology, combined with a galvanometer system, achieves high-speed point sampling with high precision and minimal damage, applicable for quantitative detection[103](index=103&type=chunk) - **0.01% precision** battery cycle charge-discharge testing technology achieves industry-leading voltage and current accuracy and supports energy recovery[103](index=103&type=chunk) - The company has been recognized as a national "Specialized, Refined, and New Little Giant" enterprise, and its optoelectronic product defect detection and repair intelligent equipment has been recognized as a "Single Champion Product"[104](index=104&type=chunk) [2. R&D Achievements During the Reporting Period](index=44&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%BE%97%E7%9A%84%E7%A0%94%E5%8F%91%E6%88%90%E6%9E%9C) During the reporting period, the company and its controlled subsidiaries applied for a total of **102 domestic and international intellectual property rights**, with **102 new approved intellectual property rights**, including **35 invention patents**, **60 utility model patents**, **4 design patents**, and **3 software copyrights** - During the reporting period, the company and its controlled subsidiaries applied for a total of **102 domestic and international intellectual property rights**, with **102 new approved intellectual property rights**[105](index=105&type=chunk)[107](index=107&type=chunk) - Newly approved intellectual property rights include **35 invention patents**, **60 utility model patents**, **4 design patents**, and **3 software copyrights**[105](index=105&type=chunk)[107](index=107&type=chunk) [3. R&D Investment Table](index=45&type=section&id=3%E3%80%81%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5%E6%83%85%E5%86%B5%E8%A1%A8) During the reporting period, the company's total R&D investment was **CNY 163.23 million**, a year-on-year decrease of **12.70%**, accounting for **17.83%** of operating revenue, a decrease of **4.49 percentage points** 研发投入情况 | 指标 | 本期数 (元) | 上年同期数 (元) | 变化幅度 (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment (CNY) | 163,232,662.92 | 186,971,547.49 | -12.70 | | Capitalized R&D Investment (CNY) | 0 | 0 | 0 | | **Total R&D Investment (CNY)** | **163,232,662.92** | **186,971,547.49** | **-12.70** | | Total R&D Investment as % of Operating Revenue (%) | 17.83 | 22.32 | Decreased by 4.49 percentage points | [4. R&D Project Status](index=47&type=section&id=4%E3%80%81%E5%9C%A8%E7%A0%94%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company has over **30 R&D projects** covering cutting-edge fields such as new displays, battery analysis, AR/VR, MicroLED, SoC testing, and new energy vehicle testing, with an estimated total investment of **CNY 869.39 million** and **CNY 143.87 million** invested in the current period, many of which are industry-leading with broad application prospects - The company has over **30 R&D projects**, with an estimated total investment of **CNY 869.39 million** and **CNY 143.87 million** invested in the current period[112](index=112&type=chunk)[119](index=119&type=chunk) - The project "Research on Demura Intelligent (AI) Compensation System for New Displays" aims to achieve chromaticity and brightness compensation for display modules, with compensation effects no worse than traditional algorithms[112](index=112&type=chunk) - The project "Research and Development of Online High-Resolution Laser Spectroscopy Detection Technology for Battery Component Analysis" aims to achieve rapid, accurate, and non-destructive detection of key components in lithium batteries[112](index=112&type=chunk) - The project "Research and Development of AR/VR Complete Machine System Demura Repair Technology" aims to repair image quality defects such as rainbow effects in AR/VR virtual images[112](index=112&type=chunk) - The project "Research and Development of 5G RF Chip Testing Technology Based on Independent Board Cards" aims to fill a domestic gap in this field and achieve international leading levels[115](index=115&type=chunk) - The project "Research and Development of Low-Voltage High-Current Output and Measurement Technology" aims to cover the testing of high-power, high-current chips such as AI and GPU, reaching international leading levels[115](index=115&type=chunk) - The project "Research on High-Speed PCB Interconnection and Testing" aims to achieve automated loading, interconnection, and testing processes for PCBA&EPD, with a production cycle of **0.6 seconds/piece**[117](index=117&type=chunk) [5. R&D Personnel Information](index=55&type=section&id=5%E3%80%81%E7%A0%94%E5%8F%91%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **783 R&D personnel**, accounting for **35.54%** of the total workforce, with total R&D personnel compensation of **CNY 116.43 million**; the R&D team's educational background is primarily undergraduate (60.66%), and the age structure is mainly 30-40 years old (45.21%) 研发人员基本情况 | 指标 | 本期数 | 上年同期数 | | :--- | :--- | :--- | | Number of R&D Personnel (People) | 783 | 891 | | Proportion of R&D Personnel to Total Employees (%) | 35.54 | 37.03 | | Total R&D Personnel Compensation (CNY 10,000) | 11,642.82 | 13,355.95 | | Average R&D Personnel Compensation (CNY 10,000) | 14.87 | 14.99 | 研发人员教育程度 | 学历构成 | 数量（人） | 比例 (%) | | :--- | :--- | :--- | | Doctoral | 10 | 1.28 | | Master's | 103 | 13.15 | | Bachelor's | 475 | 60.66 | | Other | 195 | 24.91 | | **Total** | **783** | **100.00** | 研发人员年龄结构 | 年龄区间 | 数量（人） | 比例 (%) | | :--- | :--- | :--- | | Under 30 | 332 | 42.40 | | 30-40 | 354 | 45.21 | | 40-50 | 85 | 10.86 | | 50-60 | 9 | 1.15 | | 60 and above | 3 | 0.38 | | **Total** | **783** | **100.00** | [IV. Risk Factors](index=55&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks related to R&D capability, talent retention, high customer concentration, management challenges from expansion, terminal client performance, potential loss of Apple supplier status, large accounts receivable, inventory impairment, exchange rate and raw material price fluctuations, tax policy changes, goodwill impairment, increased depreciation, market competition, new market development, chip supply uncertainty, macroeconomic environment, product quality control, and improper control by actual controllers [(I) Core Competitiveness Risks](index=55&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E9%A3%8E%E9%99%A9) The company faces risks from its R&D capabilities not keeping pace with rapidly iterating customer product and technology innovations, and the loss of technical talent due to intensifying industry competition, which could adversely affect its operating performance - Risk of R&D capabilities not matching customer demands: If the company's design R&D capabilities and rapid product iteration cannot match the innovation speed of downstream industry customers, it may lead to customer loss, impacting revenue and profitability[122](index=122&type=chunk) - Risk of technical talent loss: The industry in which the company operates is talent-intensive, and technical personnel are crucial for new product R&D, cost control, and technical services; intensifying market competition may lead to the loss of technical talent[123](index=123&type=chunk)[124](index=124&type=chunk) [(II) Operating Risks](index=56&type=section&id=(%E4%BA%8C)%20%E7%BB%8F%E8%90%A5%E9%A3%8E%E9%99%A9) The company faces operating risks from high customer concentration (especially Apple and its supply chain), management efficiency challenges due to scale expansion, significant impact from changes in major terminal client performance, and the potential cancellation or non-continuation of its qualified supplier status with Apple, in addition to financial risks from large accounts receivable and inventory impairment - Operating risk of high customer concentration: The operating performance of major customer Apple Inc. and its supply chain manufacturers significantly impacts the company; unfavorable changes in cooperation or a decline in order demand will materially affect performance[125](index=125&type=chunk) - Management risk from company scale expansion: Rapid expansion of personnel and asset scale places higher demands on human resources, legal, and financial management capabilities; if management efficiency does not improve synchronously, it will constrain long-term development[126](index=126&type=chunk) - Risk of major terminal client performance changes affecting company operations: If Apple Inc. cannot maintain its competitive advantage or brand reputation, unfavorable changes in its product operations may have a material adverse impact on the company's performance[127](index=127&type=chunk) - Risk of Apple Inc.'s qualified supplier status being revoked or not sustained: If the company's R&D capabilities or product iteration cannot match customer demands, or if Apple Inc.'s strategy changes, it may lead to the revocation of supplier qualification, impacting revenue and profitability[128](index=128&type=chunk)[129](index=129&type=chunk) [(III) Financial Risks](index=57&type=section&id=(%E4%B8%89)%20%E8%B4%A2%E5%8A%A1%E9%A3%8E%E9%99%A9) The company faces financial risks including bad debt from large accounts receivable, inventory impairment, exchange rate fluctuations (USD and JPY), raw material price volatility, changes in high-tech enterprise income tax preferential policies, export tax rebate policy changes, goodwill impairment from the acquisition of HYC Oritong, and increased depreciation and amortization pressure on performance after capital expenditure projects are put into use - Risk of large accounts receivable: As of the end of the reporting period, the net book value of accounts receivable was **CNY 1.52 billion**; if customer credit conditions change unfavorably, the company faces bad debt risk[130](index=130&type=chunk) - Inventory impairment risk: As of the end of the reporting period, the net book value of inventory was **CNY 957.29 million**; if customers cancel orders or demand changes, the net realizable value of inventory may fall below cost[131](index=131&type=chunk) - Exchange rate fluctuation risk: The company uses USD for exports and JPY for imports, so RMB exchange rate fluctuations may affect performance[132](index=132&type=chunk) - Risk of major raw material price fluctuations: Significant increases in prices of mechanical parts, electrical, and electronic components may adversely affect operating performance[133](index=133&type=chunk) - Risk of corporate income tax incentives: If the high-tech enterprise qualification is not successfully re-certified, it will adversely affect after-tax profit[134](index=134&type=chunk) - Risk of export tax rebate policy changes: If the export tax rebate rate is lowered, it will affect the company's exports and operating performance[135](index=135&type=chunk) - Goodwill impairment risk: The acquisition of HYC Oritong resulted in goodwill of **CNY 291.03 million**; if its operating performance deteriorates, there is a risk of goodwill impairment[136](index=136&type=chunk)[137](index=137&type=chunk) - Risk of increased depreciation and amortization due to expanded fixed asset scale: After capital expenditure projects are put into use, depreciation of **CNY 62.79 million** was accrued in the current reporting period; if market demand is unfavorable or market expansion is hindered, depreciation and amortization will put pressure on performance[138](index=138&type=chunk) [(IV) Industry Risks](index=58&type=section&id=(%E5%9B%9B)%20%E8%A1%8C%E4%B8%9A%E9%A3%8E%E9%99%A9) The company faces risks from intensifying market competition in flat panel display testing, smart wearable device testing, and integrated circuit testing, as well as challenges in expanding into new markets like new energy vehicle testing, compounded by global chip supply uncertainties that could adversely affect the company and its downstream customers - Risk of intensifying market competition: Domestic and international manufacturers face fierce competition; if the company cannot maintain its advantages in technology, R&D, and brand, it will face the risk of market share decline[139](index=139&type=chunk) - Risk of new industry market expansion: Expanding into new fields such as new energy vehicle testing requires significant resource investment; if strategies are inappropriate or marketing services do not meet customer needs, the company will face the risk of market expansion being hindered[140](index=140&type=chunk) - Risk of chip supply uncertainty adversely affecting the company's industry and downstream customers: International trade frictions may lead to chip supply disruptions, negatively impacting the company and downstream industries such as consumer electronics and integrated circuits[141](index=141&type=chunk) [(V) Macroeconomic Environment Risks](index=59&type=section&id=(%E4%BA%94)%20%E5%AE%8F%E8%A7%82%E7%8E%AF%E5%A2%83%E9%A3%8E%E9%99%A9) Cyclical fluctuations in the global economy and the complexity of the international political and economic environment may lead to a slowdown in demand for consumer electronics, indirectly affecting the company's performance, while escalating international trade frictions could also transmit along the supply chain, adversely impacting operating results - A slowdown in global economic growth may adversely affect demand for consumer electronics products, indirectly impacting the company's performance[142](index=142&type=chunk) - Escalating international trade frictions may affect demand for downstream customers' terminal products, transmitting along the supply chain and impacting the company's operating performance[142](index=142&type=chunk) [(VI) Other Significant Risks](index=59&type=section&id=(%E5%85%AD)%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9) The company faces product quality control risks due to the complex manufacturing processes and customized designs of its testing equipment, as well as the risk of improper control by its actual controllers, which could harm the interests of other shareholders - Product quality control risk: Testing equipment production processes are complex, and customized products involve many innovative designs; if quality control is neglected, leading to problems, it will affect brand image, market expansion, and operating performance[143](index=143&type=chunk) - Risk of improper control by actual controllers: The actual controllers, Mr. Chen Wenyuan and Ms. Zhang Qian, may use their controlling position to exert unfavorable influence on the company's finances, personnel, and strategy, harming the interests of other shareholders[144](index=144&type=chunk) [V. Major Operating Conditions During the Reporting Period](index=59&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company achieved operating revenue of **CNY 915.48 million**, a year-on-year increase of **9.27%**, and net profit attributable to shareholders of **CNY 78.52 million**, a year-on-year increase of **152.40%**, with this section detailing financial statement item changes, asset and liability status, and investment conditions [(I) Main Business Analysis](index=59&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 9.27% and operating costs by 11.30%, with financial expenses significantly rising by 1025.02% due to exchange rate fluctuations; operating cash flow improved, but investing cash flow decreased due to increased time deposits, while financing cash flow substantially increased from new borrowings for working capital, and both credit impairment and asset impairment losses saw significant changes [1. Analysis Table of Financial Statement Related Item Changes](index=59&type=section&id=1%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) During the reporting period, the company's operating revenue increased by 9.27%, total profit and net profit attributable to shareholders significantly grew by 132.67% and 152.40% respectively, financial expenses surged by 1025.02% due to exchange rate fluctuations, operating cash flow improved, but investing cash flow decreased due to increased time deposits, while financing cash flow substantially increased from new borrowings for working capital, and both credit impairment and asset impairment losses saw significant changes 财务报表科目变动 (2025年1-6月 vs 上年同期) | 科目 | 本期数 (元) | 上年同期数 (元) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 915,481,428.79 | 837,795,448.08 | 9.27 | | Operating Cost (CNY) | 458,793,831.70 | 412,227,062.47 | 11.30 | | Selling Expenses (CNY) | 86,631,522.39 | 102,110,215.23 | -15.16 | | Administrative Expenses (CNY) | 134,814,619.93 | 130,354,736.33 | 3.42 | | Financial Expenses (CNY) | 16,399,518.07 | -1,772,884.44 | 1,025.02 | | R&D Expenses (CNY) | 163,232,662.92 | 186,971,547.49 | -12.70 | | Net Cash Flow from Operating Activities (CNY) | -30,029,754.47 | -94,741,100.15 | Not applicable | | Net Cash Flow from Investing Activities (CNY) | -213,758,919.87 | -150,098,986.45 | Not applicable | | Net Cash Flow from Financing Activities (CNY) | 152,847,174.90 | -32,504,182.06 | 570.24 | | Credit Impairment Loss (CNY) | 27,441,750.20 | 5,501,845.98 | 398.77 | | Asset Impairment Loss (CNY) | -24,973,791.82 | -1,027,652.95 | -2,330.18 | - Financial expenses increased by **CNY 18.17 million**, mainly due to exchange rate fluctuations, with lower exchange gains compared to the prior year[147](index=147&type=chunk)[148](index=148&type=chunk) - Net cash flow from operating activities increased by **CNY 64.71 million**, primarily due to a decrease in cash paid for goods and services in the current period[148](index=148&type=chunk) - Net cash flow from investing activities decreased by **CNY 63.66 million**, mainly due to an increase in purchases of time deposits[148](index=148&type=chunk) - Net cash flow from financing activities increased by **CNY 185.35 million**, primarily due to new borrowings for working capital in the current period[148](index=148&type=chunk) - Credit impairment loss increased by **398.77%**, mainly due to strengthened efforts in accounts receivable collection[148](index=148&type=chunk) - Asset impairment loss increased by **2330.18%**, mainly due to increased provision for inventory depreciation in the current period[148](index=148&type=chunk) [(III) Analysis of Assets and Liabilities](index=60&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets were **CNY 5.59 billion**, up **6.18%** year-on-year, with total liabilities of **CNY 2.13 billion** and an asset-liability ratio of **38.02%**; trading financial assets decreased by 100% due to maturity and redemption, while notes receivable and accounts receivable financing significantly increased from received bills, other current assets grew by 80.32% due to increased time deposits, short-term borrowings rose by 72.75% for working capital, and contract liabilities increased by 146.98% from higher advance receipts [1. Asset and Liability Status](index=60&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) As of the end of the reporting period, the company's total assets were **CNY 5.59 billion**, up **6.18%** year-on-year, with total liabilities of **CNY 2.13 billion** and an asset-liability ratio of **38.02%**; trading financial assets decreased by 100% due to maturity and redemption, while notes receivable and accounts receivable financing significantly increased from received bills, other current assets grew by 80.32% due to increased time deposits, short-term borrowings rose by 72.75% for working capital, and contract liabilities increased by 146.98% from higher advance receipts 资产及负债状况变动 (本期期末 vs 上年度末) | 项目名称 | 本期期末数 (元) | 本期期末数占总资产的比例 (%) | 上年期末数 (元) | 上年期末数占总资产的比例 (%) | 本期期末金额较上年度末变动比例 (%) | 情况说明 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (CNY) | - | - | 11,413,267.14 | 0.22 | -100.00 | Held wealth management products matured and redeemed | | Notes Receivable (CNY) | 13,348,263.86 | 0.24 | 3,972,438.17 | 0.08 | 236.02 | Increase in non-bank acceptance bills received | | Accounts Receivable Financing (CNY) | 70,031,191.35 | 1.25 | 12,247,707.75 | 0.23 | 471.79 | Increase in bills received from D-Chain | | Other Current Assets (CNY) | 384,234,084.04 | 6.87 | 213,082,268.69 | 4.05 | 80.32 | Increase in purchases of time deposits | | Construction in Progress (CNY) | 8,490,910.11 | 0.15 | 5,961,330.06 | 0.11 | 42.43 | Increase in production equipment awaiting installation | | Other Non-current Assets (CNY) | 5,300,091.40 | 0.09 | 3,521,531.22 | 0.07 | 50.51 | Increase in warranty deposits over 1 year | | Short-term Borrowings (CNY) | 478,527,731.77 | 8.56 | 277,011,575.43 | 5.26 | 72.75 | Increase in borrowings for working capital | | Notes Payable (CNY) | 92,857,923.74 | 1.66 | 54,362,747.72 | 1.03 | 70.81 | Increase in payments settled by bills | | Other Payables (CNY) | 29,520,632.92 | 0.53 | 21,037,955.45 | 0.40 | 40.32 | Increase in unpaid investment funds | | Employee Benefits Payable (CNY) | 38,481,079.31 | 0.69 | 56,349,449.04 | 1.07 | -31.71 | Organizational structure optimization and job efficiency improvement | | Contract Liabilities (CNY) | 109,183,184.35 | 1.95 | 44,208,019.57 | 0.84 | 146.98 | Increase in advance receipts for goods | | Taxes Payable (CNY) | 43,957,154.95 | 0.79 | 17,466,632.98 | 0.33 | 151.66 | Increase in taxes awaiting payment | | Other Current Liabilities (CNY) | 9,000,503.29 | 0.16 | 2,553,535.96 | 0.05 | 252.47 | Increase in estimated taxes for advance receipts | [2. Overseas Assets](index=61&type=section&id=2%E3%80%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's overseas assets amounted to **CNY 247.56 million**, representing **4.43%** of total assets - Overseas assets totaled **CNY 247.56 million**, accounting for **4.43%** of total assets[152](index=152&type=chunk) [3. Major Asset Restrictions as of the End of the Reporting Period](index=62&type=section&id=3%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's restricted monetary funds amounted to **CNY 2.38 million**, primarily for letter of guarantee deposits, and restricted notes receivable amounted to **CNY 4.48 million**, representing endorsed but unmatured bank acceptance bills 主要资产受限情况 | 项目 | 2025年06月30日账面价值 (元) | 受限原因 | | :--- | :--- | :--- | | Monetary Funds (CNY) | 2,383,636.28 | Letter of guarantee deposits, etc | | Notes Receivable (CNY) | 4,483,772.98 | Notes receivable endorsed or discounted and not yet due as of the balance sheet date | [(IV) Investment Status Analysis](index=63&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total external equity investment was **CNY 7 million**, primarily in Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership (Limited Partnership) and Suzhou Industrial Park Mint Venture Capital Management Partnership (Limited Partnership); financial assets measured at fair value totaled **CNY 222.66 million** at period-end, an increase from the beginning of the period, mainly due to changes in the fair value of other non-current financial assets and an increase in accounts receivable financing [1. Overall Analysis of External Equity Investments](index=63&type=section&id=1%E3%80%81%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) During the reporting period, the company's total external equity investment was **CNY 7 million**, primarily in Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership (Limited Partnership) and Suzhou Industrial Park Mint Venture Capital Management Partnership (Limited Partnership) - During the reporting period, the company planned to invest **CNY 10 million** in Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership (Limited Partnership) and has already invested **CNY 5 million**[157](index=157&type=chunk) - The company planned to invest **CNY 5 million** in Suzhou Industrial Park Mint Venture Capital Management Partnership (Limited Partnership) and has already invested **CNY 2 million**[157](index=157&type=chunk) [(3). Financial Assets Measured at Fair Value](index=63&type=section&id=(3).%20%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) As of the end of the reporting period, the company's financial assets measured at fair value totaled **CNY 222.66 million**, an increase from the beginning of the period, mainly due to changes in the fair value of other non-current financial assets and an increase in accounts receivable financing 以公允价值计量的金融资产变动 (本期期末 vs 期初) | 资产类别 | 期初数 (元) | 本期公允价值变动损益 (元) | 本期购买金额 (元) | 本期出售/赎回金额 (元) | 期末数 (元) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (CNY) | 11,413,267.14 | - | - | 11,413,267.14 | - | | Other Non-current Financial Assets (CNY) | 128,046,834.65 | 9,590,755.61 | 15,000,000.00 | - | 152,628,630.71 | | Accounts Receivable Financing (CNY) | 12,247,707.75 | - | - | - | 70,031,191.35 | | **Total (CNY)** | **151,707,809.54** | **9,590,755.61** | **15,000,000.00** | **11,413,267.14** | **222,659,822.06** | - The investment amount for the reporting period was **CNY 7 million**, a decrease of **89.95%** compared to the prior period[160](index=160&type=chunk) [(4). Private Equity Fund Investment Status](index=64&type=section&id=(4).%20%E7%A7%81%E5%8B%9F%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company has invested in several private equity funds, including Shanghai Jishi Jicai Private Equity Investment Fund Partnership, Suzhou Qingshan Zhiyuan Venture Capital Partnership, Suzhou Kaifeng Chuangxin Venture Capital Partnership, Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership, and Suzhou Industrial Park Mint Venture Capital Management Partnership, primarily focusing on integrated circuit materials, the semiconductor industry, strategic emerging industries, life sciences, and healthcare - The company has invested in multiple private equity funds, such as Shanghai Jishi Jicai Private Equity Investment Fund Partnership, with investment areas including integrated circuit materials and the semiconductor industry[162](index=162&type=chunk) - The private equity funds invested by the company primarily focus on strategic emerging industries such as the semiconductor industry chain, new materials, new energy, life sciences, and healthcare[162](index=162&type=chunk)[163](index=163&type=chunk) [(VI) Analysis of Major Controlled and Invested Companies](index=66&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major controlled subsidiaries include HYC (Chengdu) Technology Co., Ltd. and Suzhou HYC Oritong Automation Technology Co., Ltd.; HYC (Chengdu) Technology Co., Ltd. reported operating revenue of **CNY 70.87 million** and net profit of **CNY 18.08 million** for the reporting period, while Suzhou HYC Oritong Automation Technology Co., Ltd. reported operating revenue of **CNY 136.80 million** and net profit of **CNY 21.75 million** 主要子公司财务数据 (2025年1-6月) | 公司名称 | 注册资本 (万元) | 总资产 (万元) | 净资产 (万元) | 营业收入 (万元) | 营业利润 (万元) | 净利润 (万元) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HYC (Chengdu) Technology Co., Ltd. | 7,500.00 | 48,883.05 | 17,814.82 | 7,086.87 | 1,893.52 | 1,808.03 | | Suzhou HYC Oritong Automation Technology Co., Ltd. | 34,500.00 | 90,021.24 | 70,651.56 | 13,679.87 | 2,272.30 | 2,175.44 | [Section IV Corporate Governance, Environment, and Society](index=68&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section primarily discloses the identification of the company's directors, supervisors, senior management, and core technical personnel, as well as the profit distribution or capital reserve conversion plan and the implementation of the employee stock ownership plan; during the reporting period, there were no changes in core technical personnel, no profit distribution, and the 2024 employee stock ownership plan's share transfer was completed [I. Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=68&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Based on their professional experience and contributions to the company's core technology and business development, the company identified Chen Wenyuan, Yin Jiandong, Cao Zhenjun, Lai Haitao, and Miao Liang as its five core technical personnel, with no changes or new technical leaders during the reporting period - The company's core technical personnel are Chen Wenyuan, Yin Jiandong, Cao Zhenjun, Lai Haitao, and Miao Liang, totaling **5 individuals**[168](index=168&type=chunk) - There were no changes in the company's core technical personnel during the reporting period[168](index=168&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=68&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During this reporting period, the company's board of directors resolved not to distribute profits or convert capital reserves into share capital - No profit distribution or capital reserve conversion to share capital will be made for this reporting period[169](index=169&type=chunk) - The number of bonus shares, dividends, and conversion shares per 10 shares is **0**[169](index=169&type=chunk) [III. Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=68&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company completed the share transfer for its 2024 employee stock ownership plan on September 12, 2024, with **98 employees** subscribing to **888,000 shares** at a transfer price of **CNY 12.00 per share**, under a plan with a maximum duration of **36 months** and a **12-month lock-up period** - The company completed the share transfer for its 2024 employee stock ownership plan on September 12, 2024[171](index=171&type=chunk) - **98 employees** actually participated in the subscription, including **12 directors, supervisors, senior management, and core technical personnel**[170](index=170&type=chunk) - The subscribed shares totaled **888,000 shares**, with a transfer price of **CNY 12.00 per share**[171](index=171&type=chunk) - The employee stock ownership plan has a maximum duration of **36 months** and a lock-up period of **12 months**[171](index=171&type=chunk) [Section V Important Matters](index=70&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses the fulfillment of commitments by the company's actual controllers, shareholders, related parties, and the company during or continuing into the reporting period, as well as the company's integrity status, confirming that all commitments were strictly fulfilled and the company, its controlling shareholder, and actual controllers maintain good integrity [I. Fulfillment of Commitments](index=70&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controllers, controlling shareholders, directors, supervisors, senior management, and relevant parties of the target company strictly fulfilled all commitments during the reporting period, including resolving horizontal competition, maintaining company independence, avoiding fund occupation, regulating related party transactions, ensuring truthful, accurate, and complete information disclosure, and share lock-up - The company's controlling shareholder and actual controllers committed to resolving horizontal competition, and no such issues occurred[173](index=173&type=chunk) - The company's controlling shareholder and actual controllers committed to maintaining the company's independence, and its independence was not affected[174](index=174&type=chunk) - The company's controlling shareholder and actual controllers committed not to occupy company funds, and no such fund occupation occurred[174](index=174&type=chunk) - The company's actual controllers, directors, supervisors, and senior management committed to regulating related party transactions, avoiding and reducing them[174](index=174&type=chunk)[175](index=175&type=chunk) - The company and relevant parties committed to truthful, accurate, and complete information disclosure and assume legal responsibility[175](index=175&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk) - The company's directors, supervisors, senior management, and core technical personnel strictly adhered to share lock-up commitments[177](index=177&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers During the Reporting Period](index=82&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity, with no unfulfilled obligations from effective court legal documents or large outstanding debts that were due and unpaid - During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity[186](index=186&type=chunk) - There were no unfulfilled obligations from effective court legal documents[186](index=186&type=chunk) - There were no large outstanding debts that were due and unpaid[186](index=186&type=chunk) [Section VI Share Changes and Shareholder Information](index=85&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the company's share capital changes, total number of shareholders, and top ten shareholders' holdings; during the reporting period, the total share capital slightly increased due to convertible bond conversion, the top ten shareholder structure remained stable, and controlling shareholder Suzhou Yuanhua Chuangxing Investment Management Co., Ltd. held 51.86% of shares [I. Share Capital Changes](index=85&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased by **38 shares** from **445,377,805 shares** to **445,377,843 shares**, all of which are unrestricted tradable shares, primarily due to the conversion of convertible corporate bonds 股份变动情况 | 项目 | 本次变动前数量 (股) | 本次变动前比例 (%) | 本次变动增减 (股) | 本次变动后数量 (股) | 本次变动后比例 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00 | 0 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 445,377,805 | 100.00 | 38 | 445,377,843 | 100.00 | | **III. Total Shares** | **445,377,805** | **100.00** | **38** | **445,377,843** | **100.00** | - During the reporting period, the company's convertible corporate bond "HYC Convertible Bond" converted **38 shares**, all of which are unrestricted tradable shares[193](index=193&type=chunk) [II. Shareholder Information](index=86&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **10,944 common shareholders**; among the top ten shareholders, Suzhou Yuanhua Chuangxing Investment Management Co., Ltd. held **51.86%** as the controlling shareholder, and Mr. Chen Wenyuan held **12.89%**, with disclosed explanations of related party relationships or concerted actions among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **10,944**[195](index=195&type=chunk) 前十名股东持股情况 | 股东名称 | 期末持股数量 (股) | 比例 (%) | 股东性质 | | :--- | :--- | :--- | :--- | | Suzhou Yuanhua Chuangxing Investment Management Co., Ltd. | 230,976,000 | 51.86 | Domestic Non-State-Owned Legal Person | | Chen Wenyuan | 57,404,033 | 12.89 | Domestic Natural Person | | Suzhou Yuanke Enterprise Management Partnership (Limited Partnership) | 31,981,000 | 7.18 | Domestic Non-State-Owned Legal Person | | Suzhou Yuanfen Enterprise Management Partnership (Limited Partnership) | 31,981,000 | 7.18 | Domestic Non-S

Group 1 - The core viewpoint of the articles highlights the positive performance of the semiconductor sector in China's stock market, driven by abundant domestic liquidity and advancements in AI technology [1][2] - The Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Index rose by 0.36% as of August 26, 2025, with notable increases in constituent stocks such as Shengmei Shanghai (up 9.30%) and Anji Technology (up 4.12%) [1] - HSBC Research has raised its year-end target for the A-share market indices, predicting a potential increase of 5% to 7%, with specific targets for the Shanghai Composite Index adjusted from 3700 points to 4000 points [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) tracks the Semiconductor Materials and Equipment Index, focusing on companies in semiconductor equipment (59%) and materials (25%), which are crucial for domestic substitution [2] - The semiconductor materials ETF (562590) also emphasizes the importance of the semiconductor upstream sector, with a similar focus on equipment and materials [2] - The semiconductor industry is positioned to benefit from the AI revolution, with increasing demand and ongoing technological advancements in lithography [2]