Market Overview - On September 2, the Jiangsu state-owned enterprise reform sector fell by 0.85% compared to the previous trading day, with Lianhuan Pharmaceutical leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Huami Environmental Energy (600475) with a closing price of 23.86, up 10.00% [1] - Zhongsheng High-Tech (002778) with a closing price of 20.94, up 5.23% [1] - Nanjing Port (002040) with a closing price of 10.03, up 3.62% [1] - Major decliners included: - Lianhuan Pharmaceutical (600513) with a closing price of 21.96, down 6.63% [2] - Tongxingbao (301339) with a closing price of 16.73, down 4.35% [2] - Nanjing Chemical Fiber (600889) with a closing price of 15.16, down 4.29% [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 720 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2][3] - The capital flow for specific stocks showed: - Huami Environmental Energy (600475) had a net inflow of 1.421 billion yuan from institutional investors [3] - Jiangsu Jinzhu (002091) had a net inflow of 12.13 million yuan from institutional investors [3] - Nanjing Travel (600250) had a net inflow of 10.72 million yuan from institutional investors [3]

8月27日，龙腾光电主力资金净流入424.72万元，近五日主力资金净流入416.04万元。 风险提示：市场有风险，投资需谨慎。（本内容由AI生成，仅供参考，不构成投资建议。） 截至2025年8月27日收盘，龙腾光电股价报4.20元，较前一交易日下跌5.62%。 龙腾光电主要从事液晶显示面板的研发、生产与销售，产品主要应用于笔记本电脑、车载、工控、手机 等终端领域。公司所属板块包括光学光电子、MiniLED、国产芯片等。 8月26日晚间，龙腾光电发布2025年半年度报告，上半年实现营业收入12.89亿元，同比下降27.91%；归 母净利润亏损1.21亿元，同比收窄0.74%。公司表示，受全球经济复苏缓慢影响，中小尺寸显示产品价 格仍处于低位，终端需求不稳定性增强，但通过降本增效等措施，亏损有所收窄。此外，公司越南生产 基地已进入试生产阶段，下半年将加快推进量产进程。 ...

Group 1: Longteng Optoelectronics - Longteng Optoelectronics reported a revenue of 1.289 billion yuan, a decrease of 27.91% year-on-year [2][4] - The net profit attributable to shareholders was -152 million yuan, an improvement of 74 million yuan compared to the same period last year [2][4] - The company is focusing on new development opportunities in AI, ESG, and low-altitude economy, while enhancing its product structure through innovation [5] Group 2: Qingyue Technology - Qingyue Technology achieved a total revenue of 329 million yuan, a year-on-year increase of 9.49% [6] - The net profit attributable to the parent company was -30.76 million yuan, a reduction in loss by 8.12 million yuan compared to the previous year [6][7] - The company is actively expanding new applications for its PMOLED products in various fields, including drones and smart homes [7][8] Group 3: Nanjing Panda - Nanjing Panda reported a revenue of 1.043 billion yuan, a decrease of 16.61% year-on-year [9][10] - The net profit attributable to shareholders was -45.58 million yuan [9][10] - The company is undergoing a transition in its industrial internet and smart manufacturing businesses, with a focus on upgrading its green service-oriented electronic manufacturing [11] Group 4: Vision Source - Vision Source achieved a revenue of 10.565 billion yuan, a year-on-year increase of 4.39% [12][13] - The net profit attributable to shareholders was 397.68 million yuan, a decrease of 19.66% compared to the previous year [12][13] - The company is expanding its LED product offerings and has seen a 52.26% year-on-year growth in LED business revenue [13]

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]

Core Viewpoint - Longteng Optoelectronics (688055) reported a significant decline in revenue and a net loss for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved an operating revenue of 1.289 billion yuan in the first half of 2025, representing a year-on-year decrease of 27.91% [1] - The net profit attributable to the parent company was -121 million yuan, indicating a loss [1] - The basic earnings per share were -0.036 yuan, reflecting the company's financial difficulties [1]

每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王晓波） 每经AI快讯，龙腾光电（SH 688055，收盘价：4.45元）8月26日晚间发布半年度业绩报告称，2025年上 半年营业收入约12.89亿元，同比减少27.91%；归属于上市公司股东的净利润亏损约1.21亿元；基本每 股收益亏损0.036元。2024年同期营业收入约17.89亿元；归属于上市公司股东的净利润亏损约1.22亿 元；基本每股收益亏损0.037元。 截至发稿，龙腾光电市值为148亿元。 ...

格隆汇8月26日丨龙腾光电(688055.SH)发布中报，2025上半年实现营业总收入12.89亿元，同比下降 27.91%；归属母公司股东净利润-1.21亿元，较上年同期亏损减少90.9万元；基本每股收益为-0.036元。 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Kunshan Longteng Optoelectronics Co., Ltd. for the first half of 2025, emphasizing the challenges faced in the display panel industry and the company's efforts to innovate and expand its market presence [1][2]. Financial Performance - The company's revenue for the first half of 2025 was approximately 1.29 billion RMB, a decrease of 27.91% compared to the same period last year [6]. - The total profit for the period was a loss of approximately 152 million RMB, showing a slight improvement from a loss of 156 million RMB in the previous year [6]. - The net profit attributable to shareholders was approximately -121 million RMB, compared to -122 million RMB in the same period last year [6]. - The net cash flow from operating activities increased by 73.72% to approximately 181 million RMB, attributed to reduced cash payments for goods and services [7]. Industry Overview - The display panel industry is characterized by rapid technological advancements and a shift towards diverse display technologies, including TFT-LCD, AMOLED, and Mini LED, driven by consumer demand for high-quality displays [8][9]. - The industry is capital and technology-intensive, with significant barriers to entry due to the complex production processes involved [9]. Business Operations - The company specializes in the research, development, and manufacturing of TFT-LCD panels, focusing on small to medium-sized applications in laptops, automotive displays, and industrial control [10]. - The company has established a strong market position in the dynamic privacy display sector and is actively exploring new display technologies such as full-color electronic paper and 3D displays [10][11]. Strategic Initiatives - The company is enhancing its global market presence by establishing overseas production bases and optimizing its supply chain to improve operational resilience [11]. - It is also focusing on innovation in display technologies, with significant investments in R&D, amounting to approximately 9.89 million RMB, which represents 7.67% of its revenue [12]. Competitive Advantages - The company has developed several proprietary technologies, including dynamic privacy displays and integrated touch solutions, which provide a competitive edge in the market [14][19]. - It maintains a robust patent portfolio with 3,313 authorized patents, reflecting its commitment to innovation and technology leadership [14]. ESG Commitment - The company is dedicated to sustainable development, implementing an ESG management system and focusing on reducing carbon emissions through the development of low-carbon products [13][17].

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms and professional jargon used in the report, including company names, controlling shareholders, related subsidiaries, and core display technologies like TFT-LCD, AMOLED, and Mini LED, providing a foundation for understanding the report content - Defines the company and its main related parties, such as Kunshan Longteng Optoelectronics Co., Ltd., Guochuang Group, and Longteng Holdings[12](index=12&type=chunk) - Explains various display technology terms, including TFT-LCD, AMOLED, a-Si, metal oxide, LTPS, MLED, Mini LED, and Micro LED[12](index=12&type=chunk) - Covers key processes and product technologies such as Cell, In-cell, On-cell, IPS, HVA, PET, GOA, CNC, IC, TED, BM, HUD, and AI/AIPC[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) [I. Company's 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 outlines the company's registered name, abbreviation, legal representative, registered and office addresses, website, and email, confirming no changes during the reporting period - Company's Chinese name: Kunshan Longteng Optoelectronics Co., Ltd., abbreviation: Longteng Optoelectronics[15](index=15&type=chunk) - Legal Representative: Tao Yuan[15](index=15&type=chunk) - Registered and Office Address: No. 1 Longteng Road, Kunshan Development Zone, Jiangsu Province[15](index=15&type=chunk) [II. Contact Persons and Information](index=6&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 names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication - Board Secretary: Cai Zhicheng; Securities Affairs Representative: Zhu Li[16](index=16&type=chunk) - Contact Address: No. 1 Longteng Road, Kunshan Development Zone, Jiangsu Province[16](index=16&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=6&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 lists the company's designated information disclosure newspapers, the website address for the semi-annual report, and the report's custody location, confirming no changes during the reporting period - Information Disclosure Newspapers: "China Securities Journal" and "Shanghai Securities News"[17](index=17&type=chunk) - Website for Publication: http://www.sse.com.cn[17](index=17&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&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 introduces the company's A-share stock type, listing exchange and board, stock abbreviation, and code, confirming no depositary receipts - Stock Type: A-shares[18](index=18&type=chunk) - Listing Exchange and Board: Shanghai Stock Exchange STAR Market[18](index=18&type=chunk)[19](index=19&type=chunk) - Stock Abbreviation: Longteng Optoelectronics; Stock Code: **688055**[18](index=18&type=chunk) [VI. Company's 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) This section details the key accounting data and financial indicators for the first half of 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, comparing them with the prior year period and highlighting significant growth in operating cash flow Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Metric | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,289,473,040.29 | 1,788,686,688.22 | -27.91 | | Total Profit | -152,018,418.31 | -156,224,847.32 | N/A | | Net Profit Attributable to Shareholders of Listed Company | -121,150,606.37 | -122,059,566.11 | N/A | | Net Cash Flow from Operating Activities | 181,144,378.37 | 104,271,881.99 | 73.72 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Metric | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | -0.036 | -0.037 | N/A | | R&D Investment as % of Operating Revenue (%) | 7.67 | 6.42 | Increased by 1.25 percentage points | - Net cash flow from operating activities increased by **73.72%**, primarily due to a decrease in cash paid for goods and services[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items 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) This section lists the non-recurring gains and losses items and their amounts for the reporting period, totaling **2,079,457.13 yuan**, primarily including government subsidies and gains/losses from disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,929,854.05 | | Government Subsidies Included in Current Profit/Loss | 3,374,003.76 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 230,839.27 | | Other Non-Operating Income and Expenses | 772,462.18 | | Less: Income Tax Impact | 367,994.03 | | **Total** | **2,079,457.13** | [Section III Management Discussion and Analysis](index=10&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) [I. Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section describes the development status and trends of the new display panel industry, noting that TFT-LCD remains mainstream while AMOLED and MLED technologies coexist, with the company focusing on small and medium-sized TFT-LCD panels and actively developing new display products based on production and sales orders - New display panels serve as a core human-machine interaction medium, driving upgrades in consumer electronics, smart IoT applications, and digital economy transformation[26](index=26&type=chunk) - Display technologies are diversifying, with TFT-LCD remaining mature, stable, cost-effective, and holding the largest market share, while oxide technology and Mini LED continue to innovate and upgrade[26](index=26&type=chunk) - The company was established in 2005, becoming one of the first high-tech enterprises in China specializing in TFT-LCD R&D and manufacturing, focusing on the research, production, and sales of liquid crystal display panels for small and medium-sized applications[28](index=28&type=chunk) - The company's market position continues to grow, becoming a leader in the dynamic privacy display industry, while actively expanding into new display products such as full-color e-paper and 3D stereoscopic displays[28](index=28&type=chunk) [(I) Industry Development Overview](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The new display panel industry, as a core human-machine interaction medium, is undergoing diversified technological development, with TFT-LCD remaining mainstream while oxide and Mini LED technologies continuously innovate, influenced by "dual carbon" goals, ESG principles, 5G/6G, and AI, leading to emerging application scenarios, despite high technological, capital, and talent barriers and cyclical fluctuations - New display panels are the core medium for human-machine interaction, driving upgrades in consumer electronics, smart IoT applications, and digital economy transformation[26](index=26&type=chunk) - Display technologies are diversifying, with TFT-LCD being mature, stable, cost-effective, and holding the largest market share, while oxide technology and Mini LED continue to innovate and upgrade[26](index=26&type=chunk) - The industry is influenced by the integration of "dual carbon" goals, ESG principles, 5G/6G, AI, IoT, and big data, giving rise to new application scenarios[27](index=27&type=chunk) [(II) Company's Main Business, Products, and Operating Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Established in 2005, the company is a high-tech enterprise specializing in TFT-LCD R&D and manufacturing, primarily engaged in the research, production, and sales of liquid crystal display panels, focusing on small and medium-sized applications, and is a leader in dynamic privacy display technology, actively expanding into full-color e-paper and 3D stereoscopic displays, operating on a build-to-order and make-to-stock model to provide customized display solutions - The company was established in 2005, becoming one of the first high-tech enterprises in China specializing in TFT-LCD R&D and manufacturing[28](index=28&type=chunk) - Main business: R&D, production, and sales of liquid crystal display panels, deeply rooted in small and medium-sized applications, with products primarily used in laptops, automotive displays, industrial control, mobile phones, and smart interconnected display terminals[28](index=28&type=chunk) - Market position: A leader in the dynamic privacy display industry, actively expanding into new products such as full-color e-paper and 3D stereoscopic displays[28](index=28&type=chunk) [II. Discussion and Analysis of Operations](index=11&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, facing a complex international trade environment and fierce market competition, the company capitalized on opportunities in AI, ESG, and the low-altitude economy, strategically developing new display products, accelerating overseas production base construction, and implementing cost reduction and efficiency improvement measures, resulting in a narrower loss year-on-year and a stable financial structure, driven by strategic layout, technological innovation, and management innovation, while deepening ESG initiatives to enhance overall competitiveness - The company actively seizes new development opportunities in AI, ESG, and the low-altitude economy, intensifying its efforts to develop new display forms such as full-color e-paper and 3D stereoscopic displays[29](index=29&type=chunk) - Accelerating the progress of its overseas production base, with the project now in trial production, enhancing global supply chain flexibility and operational resilience[29](index=29&type=chunk) - Continuously making high R&D investments for innovative upgrades and forward-looking layouts in technologies such as dynamic privacy protection, oxide, touch integration, low blue light eye protection displays, TED low power consumption, ESG displays, Mini LED, smart displays, HUD head-up displays, full-color e-paper, and 3D stereoscopic displays[31](index=31&type=chunk) - During the reporting period, the company's R&D investment was **98.95 million yuan**, accounting for **7.67%** of operating revenue, with a cumulative total of **3,313** authorized patents as of June 30, 2025[31](index=31&type=chunk) - Adhering to sustainable development principles, the company has established a top-down ESG management system and is committed to becoming a leading example in the industry's sustainable development sector[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This section details the company's core competencies in technological innovation, customer resources, supply chain, quality management, production operations, and talent, highlighting core technologies and R&D progress, including advanced technologies and patent achievements during the reporting period - The company possesses multiple industry-leading core technologies, such as dynamic privacy protection, touch integration, oxide, and Mini LED, and maintains high R&D investment[34](index=34&type=chunk)[44](index=44&type=chunk) - Accumulated extensive customer resources with renowned domestic and international brands, and collaborates deeply with upstream and downstream partners to build a resilient supply chain[35](index=35&type=chunk)[37](index=37&type=chunk) - Implements comprehensive quality management, drives digital transformation for refined and efficient production operations, and boasts an experienced management team with a robust talent development system[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - Achieved significant ESG construction results, contributing to sustainable development through clean energy, low-carbon products, and carbon reduction measures[41](index=41&type=chunk)[42](index=42&type=chunk) [(I) Core Competitiveness Analysis](index=12&type=section&id=%28%E4%B8%80%29%20%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 is demonstrated across seven areas: innovation-driven technological advantages (high R&D investment, multiple industry-leading technologies, 3,313 authorized patents), extensive customer resources (partnerships with HP, Lenovo, BYD, Mitsubishi, etc.), deep upstream and downstream collaboration (resilient supply chain, diversified suppliers), comprehensive quality management (high standards, high reliability products), refined and efficient production operations (100% automation, smart factory), excellent talent and organizational team (20 years of industry experience in management, equity incentives), and significant ESG achievements (low-carbon products, carbon reduction, improved ratings) - As of June 30, 2025, there are **1,205** R&D technical personnel, accounting for **40.71%** of the company's total employees; the company possesses multiple differentiated technologies such as dynamic privacy protection, touch integration, oxide, Mini LED, healthy eye protection displays, TED low power consumption, full-color e-paper, HUD head-up displays, ESG displays, and 3D stereoscopic displays, with many core technologies remaining industry-leading[34](index=34&type=chunk) - In consumer display applications, the company has established long-term strategic partnerships with renowned brands like HP and Lenovo; in automotive display products, it maintains stable collaborations with well-known domestic and international Tier 1 automotive manufacturers such as Panasonic, JVCK, Pioneer, Desay, Huayang, and Beidou, with end customers including major car manufacturers like BYD, Geely, Changan, SAIC, Toyota, Honda, and Chery[35](index=35&type=chunk) - The company focuses on full-factor, full-process, and full-ecosystem digital transformation, continuously increasing investment in automation equipment and information management construction, achieving **100%** automation rate in core process manufacturing[39](index=39&type=chunk) - The company boasts a professional management team with **20 years** of industry experience, dedicated to building a talent development system encompassing "attraction, cultivation, utilization, and retention," and implementing equity incentives[40](index=40&type=chunk) - The company consistently practices and acts on ESG principles, reducing carbon emissions through the use of clean energy, development of low-carbon products like full-color e-paper and TED, and utilization of recyclable materials, achieving ISO 50001 energy management certification and ISO 14064 carbon verification certification[41](index=41&type=chunk) [(III) Core Technologies and R&D Progress](index=14&type=section&id=%28%E4%B8%89%29%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) Leveraging deep technological expertise, the company masters 17 core technologies, including the world's first dynamic privacy display technology and industry-leading full-color e-paper and TED technologies; during the reporting period, the company actively implemented "AI+ESG+Display" concepts, with full-color e-paper products achieving mass production and winning an innovation gold award, and 3D stereoscopic display and other AI technologies successfully mass-produced; the company maintained high R&D investment, with **98.95 million yuan** invested this period, accounting for **7.67%** of revenue, securing **41** new authorized patents for a cumulative total of **3,313**, and has **484** R&D personnel working on projects such as thin and light cover plates, reflective displays, and HUD - The company masters multiple core technologies, such as dynamic privacy display technology (globally pioneering, one-click switching between wide and narrow viewing angles), full-color e-paper technology (bistable ultra-low power consumption, full-color, high reflectivity), and TED technology (IC integration, low power consumption, thin and light)[43](index=43&type=chunk) - Actively implementing the "AI+ESG+Display" development philosophy, full-color e-paper products have achieved mass production and delivery to customers, with the 11.6-inch new color e-paper display winning the DIC EXPO (2025) Display Device Innovation Gold Award[44](index=44&type=chunk) R&D Investment (Current Period vs. Prior Year Period) | Metric | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 98,949,920.78 | 114,795,258.15 | -13.80 | | Total R&D Investment | 98,949,920.78 | 114,795,258.15 | -13.80 | | Total R&D Investment as % of Operating Revenue (%) | 7.67 | 6.42 | Increased by 1.25 percentage points | - The company has **7** R&D projects underway, including thin and light cover plate technology, reflective technology, BM Free technology, HUD technology, ESG technology, new color e-paper technology, and automotive thermal screen technology, with several projects completed or in trial mass production[51](index=51&type=chunk)[52](index=52&type=chunk) - The company has **484** R&D personnel, accounting for **16.35%** of the total workforce; total R&D personnel compensation was **54.54 million yuan**, with an average compensation of **112,700 yuan**[53](index=53&type=chunk) [IV. Risk Factors](index=19&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) This section details 12 major risks faced by the company, including performance losses, technological iteration, core technology leakage and talent loss, customer loss, supply chain, intellectual property, accounts receivable recovery, inventory impairment, industry, macroeconomic environment, exchange rate, and environmental protection risks, along with corresponding mitigation measures - During the reporting period, the company's operating revenue decreased by **27.91%**, and net profit remained negative, though losses narrowed year-on-year, facing challenges such as slow global economic recovery, uncertain trade policies, low product prices, and fierce market competition[54](index=54&type=chunk) - a-Si TFT-LCD technology may face updates and iterations, while new display technologies such as metal oxide, AMOLED, MLED, and e-paper are developing rapidly, prompting the company to continuously increase R&D investment to consolidate its advantages[56](index=56&type=chunk) - The company relies on imports for some raw materials and equipment, and international trade frictions could have a negative impact; accounts receivable totaled **290.03 million yuan** and inventory **593.08 million yuan** at period-end, posing recovery and impairment risks[59](index=59&type=chunk)[60](index=60&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Macroeconomic factors such as global geopolitical conflicts and international trade disputes bring uncertainty; the company's overseas revenue accounts for a certain proportion, and overseas sales are primarily settled in USD, exposing it to exchange rate fluctuation risks[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Increased national environmental regulation and higher environmental standards, along with the EU carbon tariff policy, may adversely affect exports[68](index=68&type=chunk) [V. Key Operating Performance During the Reporting Period](index=22&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) This section summarizes the company's operating strategies and financial performance in a complex market environment during the reporting period, including decreased operating revenue but narrowed losses, significantly increased operating cash flow, and a detailed analysis of key financial statement items, asset-liability status, and investment conditions - The company actively responded to challenges by strategically developing new displays, advancing overseas bases, and implementing cost reduction and efficiency improvement measures, resulting in a narrowed loss year-on-year in the first half[69](index=69&type=chunk) - Operating revenue decreased by **27.91%** year-on-year, net profit attributable to parent company narrowed its loss by **0.74%**, and the asset-liability ratio remained stable at **37.55%**[69](index=69&type=chunk) - Net cash flow from operating activities significantly increased by **73.72%**, net cash flow from investing activities grew by **72.04%**, and net cash flow from financing activities surged by **413.44%**[71](index=71&type=chunk)[72](index=72&type=chunk) [(I) Main Business Analysis](index=22&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This period, the company's operating revenue decreased by **27.91%** year-on-year, and operating costs decreased by **27.94%**; financial expenses significantly increased by **745.10%** due to reduced interest income, while R&D expenses decreased by **13.80%**; net cash flow from operating activities increased by **73.72%**, primarily driven by reduced cash payments for goods and services, and net cash flows from investing and financing activities also saw substantial increases of **72.04%** and **413.44%**, respectively Analysis of Changes in Financial Statement Items (Current Period vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,289,473,040.29 | 1,788,686,688.22 | -27.91 | | Operating Cost | 1,201,795,791.05 | 1,667,729,632.19 | -27.94 | | Financial Expenses | 22,037,471.75 | -3,416,122.29 | 745.10 | | R&D Expenses | 98,949,920.78 | 114,795,258.15 | -13.80 | | Net Cash Flow from Operating Activities | 181,144,378.37 | 104,271,881.99 | 73.72 | | Net Cash Flow from Investing Activities | -232,562,200.72 | -831,906,406.54 | 72.04 | | Net Cash Flow from Financing Activities | 128,120,145.94 | -40,875,772.52 | 413.44 | - The change in financial expenses was primarily due to a decrease in interest income during the reporting period[72](index=72&type=chunk) - The change in net cash flow from operating activities was primarily due to a decrease in cash paid for goods and services during the reporting period[72](index=72&type=chunk) [(III) Analysis of Assets and Liabilities](index=23&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's monetary funds increased by **54.02%** year-on-year due to changes in daily operating capital, while notes receivable decreased by **100%** due to fewer bank acceptance bills held; other receivables grew by **67.05%** due to increased security deposits, and derivative financial liabilities rose by **55.31%** due to fair value changes in forward foreign exchange contracts; notes payable significantly increased by **234.21%** due to more bank acceptance bills issued, with deferred income tax assets and long-term borrowings also increasing, and overseas assets accounting for **0.59%** of total assets Changes in Assets and Liabilities (Current Period End vs. Prior Year End) | Item Name | Current Period End (yuan) | Prior Year End (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 218,381,757.12 | 141,783,946.97 | 54.02 | Due to changes in daily operating capital | | Notes Receivable | 0 | 15,320,184.07 | -100.00 | Due to a decrease in bank acceptance bills held | | Accounts Receivable | 290,025,382.50 | 408,834,154.65 | -29.06 | | | Other Receivables | 5,366,849.12 | 3,212,689.03 | 67.05 | Due to an increase in security deposits | | Other Current Assets | 1,889,161,427.61 | 1,690,196,382.39 | 11.77 | | | Short-Term Borrowings | 898,581,310.97 | 790,935,838.88 | 13.61 | | | Derivative Financial Liabilities | 1,158,439.45 | 745,873.26 | 55.31 | Due to fair value changes in forward foreign exchange contracts | | Notes Payable | 262,579,002.06 | 78,567,254.38 | 234.21 | Due to an increase in bank acceptance bills issued | | Deferred Income Tax Assets | 168,299,963.72 | 136,906,162.53 | 22.93 | | | Long-Term Borrowings | 208,641,698.67 | 176,481,628.96 | 18.22 | | - Overseas assets totaled **39.19 million yuan**, accounting for **0.59%** of total assets[77](index=77&type=chunk) [(IV) Investment Analysis](index=26&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's external equity investment decreased by **64.00%** year-on-year; regarding financial assets measured at fair value, the company primarily engaged in derivative investments for hedging purposes, specifically forward foreign exchange contracts; the fair value change loss for derivative financial liabilities was **-604,366.19 yuan** this period, but hedging activities collectively impacted total profit by **1.35 million yuan**, effectively mitigating exchange rate fluctuations; the company adheres to legal, prudent, safe, and effective principles for derivative transactions and has established strict management systems to control risks Overall Analysis of External Equity Investments | Metric | Investment Amount This Period (yuan) | Investment Amount Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 5,000,000.00 | 13,887,516.66 | -64.00% | - The company engages in derivative investments for hedging purposes, primarily forward foreign exchange contracts[81](index=81&type=chunk)[83](index=83&type=chunk) - During the reporting period, the fair value change loss for derivative financial liabilities was **-604,366.19 yuan**[81](index=81&type=chunk) - Hedging activities collectively impacted total profit by **1.35 million yuan**, effectively reducing the impact of exchange rate fluctuations[83](index=83&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=29&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) [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%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) During the reporting period, the company's board of directors completed its re-election, with independent directors Xue Wenjin and Geng Aihua stepping down due to term expiration, and Shi Xiaoqin and Xing Kai elected as new independent directors; Shen Zhihao resigned as director, and Gu Liping was elected as a new director; Zhu Chunmei was elected as an employee representative director, while the company's core technical personnel identification standards remain clear with no changes during the reporting period - On June 27, 2025, the company convened its 2024 Annual General Meeting to amend the "Articles of Association," abolish the Board of Supervisors, and elect the third Board of Directors[86](index=86&type=chunk) - Independent directors Mr. Xue Wenjin and Ms. Geng Aihua resigned due to term expiration, and Ms. Shi Xiaoqin and Mr. Xing Kai were elected as independent directors of the third Board of Directors[86](index=86&type=chunk) - Mr. Shen Zhihao resigned due to term expiration, and Ms. Gu Liping was elected as a director of the third Board of Directors; Ms. Zhu Chunmei was elected as an employee representative director of the third Board of Directors[86](index=86&type=chunk) - The company's core technical personnel are primarily identified based on factors such as having over **15 years** of experience in the liquid crystal display industry or a doctoral degree, leading technical roles in provincial-level or higher key projects, and being inventors of core patents[87](index=87&type=chunk) - There were no changes in the company's core technical personnel during the reporting period[88](index=88&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=29&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) The company has no profit distribution plan or capital reserve conversion plan for the semi-annual period - The company's proposed semi-annual profit distribution plan or capital reserve conversion plan is "none"[89](index=89&type=chunk)[90](index=90&type=chunk) [III. Status and Impact of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&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 canceled a portion of the granted but unvested restricted shares from its 2021 restricted stock incentive plan - The company canceled a portion of the granted but unvested restricted shares from its 2021 restricted stock incentive plan[91](index=91&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=30&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company has been included in the list of enterprises required to disclose environmental information by law and provides a query index for the Enterprise Environmental Information Disclosure System (Jiangsu) - The company has been included in the list of enterprises required to disclose environmental information by law, with **1** enterprise listed[92](index=92&type=chunk) - The query index for the environmental information disclosure report is a specific URL on the Enterprise Environmental Information Disclosure System (Jiangsu)[92](index=92&type=chunk) [Section V Significant Matters](index=31&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) [I. Fulfillment of Commitments](index=31&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) During the reporting period, all committing parties, including the company's actual controller, controlling shareholder, shareholders holding 5% or more, directors, supervisors, and senior management, strictly fulfilled their commitments, covering share lock-up, reduction intentions, share repurchases, fraudulent issuance share buybacks, measures to mitigate dilution of immediate returns, profit distribution policies, legal liability for compensation, constraints for unfulfilled commitments, avoidance of horizontal competition and related-party transactions, and prevention of fund occupation, with equity incentive-related commitments also being fulfilled - Controlling shareholder Guochuang Group committed to a **36-month** share lock-up, with a reduction price not lower than the issuance price within **2 years** after expiration, and compliance with reduction regulations[95](index=95&type=chunk) - The company, controlling shareholder, and actual controller Kunshan State-owned Assets Supervision and Administration Commission committed to share repurchases and buybacks of shares issued through fraudulent means[96](index=96&type=chunk) - The company, actual controller, controlling shareholder, directors, and senior management committed to measures to mitigate dilution of immediate returns, including actively implementing fundraising projects, strengthening capital management, enhancing core competitiveness, and optimizing profit distribution policies[97](index=97&type=chunk) - Controlling shareholder Guochuang Group, shareholders holding **5%** or more Longteng Holdings, directors, supervisors, and senior management committed to resolving horizontal competition and regulating related-party transactions[100](index=100&type=chunk) - All commitments were strictly fulfilled during the reporting period, with no specific reasons for unfulfilled commitments[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of company funds by controlling shareholders or other related parties - There was no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[7](index=7&type=chunk)[102](index=102&type=chunk) [III. Irregular Guarantees](index=37&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - There were no instances of providing external guarantees in violation of prescribed decision-making procedures during the reporting period[8](index=8&type=chunk)[102](index=102&type=chunk) [VII. Major Litigation and Arbitration Matters](index=38&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters during this reporting period[103](index=103&type=chunk) [X. Major Related-Party Transactions](index=38&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no major related-party transactions related to daily operations, no related-party transactions involving asset or equity acquisition/disposal, no major related-party transactions for joint external investments, no related-party creditor-debtor relationships, and no financial business with finance companies - There were no related-party transactions related to daily operations during the reporting period[104](index=104&type=chunk) - There were no related-party transactions involving asset or equity acquisition/disposal during the reporting period[104](index=104&type=chunk) - There were no major related-party transactions for joint external investments during the reporting period[105](index=105&type=chunk) - There were no related-party creditor-debtor relationships during the reporting period[105](index=105&type=chunk) - There was no financial business between the company and related finance companies, or between the company's controlled finance companies and related parties during the reporting period[105](index=105&type=chunk) [XI. Major Contracts and Their Fulfillment](index=40&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the company's major guarantees, both fulfilled and unfulfilled, during the reporting period, primarily joint liability guarantees provided by the company to its wholly-owned subsidiary Kunshan Longteng Electronics Co., Ltd., with the total guaranteed amount representing **0.32%** of the company's net assets Guarantees Provided by the Company and Its Subsidiaries to Subsidiaries | Guarantor | Guaranteed Party | Guaranteed Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kunshan Longteng Optoelectronics Co., Ltd. | Kunshan Longteng Electronics Co., Ltd. | 180,000,000.00 | 2022/7/28 | 2032/7/27 | Joint Liability Guarantee | No | | Kunshan Longteng Optoelectronics Co., Ltd. | Kunshan Longteng Electronics Co., Ltd. | 100,000,000.00 | 2024/12/29 | 2027/12/28 | Joint Liability Guarantee | No | - Total guarantee balance for subsidiaries at the end of the reporting period was **13.52 million yuan**[107](index=107&type=chunk) - The company's total guarantee amount (including guarantees to subsidiaries) was **13.52 million yuan**, accounting for **0.32%** of the company's net assets[107](index=107&type=chunk) [Section VI Share Changes and Shareholder Information](index=42&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) [I. Share Capital Changes](index=42&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, there were no changes in the company's total ordinary shares or share capital structure, nor any changes in restricted shares - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[110](index=110&type=chunk) - There were no changes in restricted shares during the reporting period[111](index=111&type=chunk) [II. Shareholder Information](index=42&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 **20,796** ordinary shareholders; among the top ten shareholders, Kunshan Guochuang Investment Group Co., Ltd. and InfoVision Optoelectronics Holdings Limited were the top two, holding **45.90%** and **43.72%** respectively; some shareholders held shares through both ordinary securities accounts and credit trading accounts, and strategic investor Dongwu Securities - Pudong Development Bank - Dongwu Securities Longteng Optoelectronics STAR Market Strategic Placement Collective Asset Management Plan became a top ten shareholder due to new share placement - Total number of ordinary shareholders at the end of the reporting period: **20,796**[111](index=111&type=chunk) Top Ten Shareholders' Shareholding (Shares Held at Period End) | Shareholder Name | Shares Held at Period End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Kunshan Guochuang Investment Group Co., Ltd. | 1,530,000,000 | 45.90 | State-owned Legal Person | | InfoVision Optoelectronics Holdings Limited | 1,457,220,000 | 43.72 | Overseas Legal Person | | Hong Kong Securities Clearing Company Limited | 3,408,219 | 0.10 | Overseas Legal Person | | Lin Mingjian | 3,362,559 | 0.10 | Domestic Natural Person | | Dongwu Securities - Pudong Development Bank - Dongwu Securities Longteng Optoelectronics STAR Market Strategic Placement Collective Asset Management Plan | 3,300,000 | 0.10 | Other | - Mr. Lin Mingjian held **2,260,955** shares through an ordinary securities account and **1,101,604** shares through a securities company client credit trading guarantee securities account, totaling **3,362,559** shares of the company's stock[113](index=113&type=chunk) - Strategic investor Dongwu Securities - Pudong Development Bank - Dongwu Securities Longteng Optoelectronics STAR Market Strategic Placement Collective Asset Management Plan became a top ten shareholder due to new share placement[118](index=112&type=chunk) [III. Information on Directors, Senior Management, and Core Technical Personnel](index=46&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%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%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of current and resigned directors, senior management, and core technical personnel; additionally, the company approved the cancellation of a portion of the granted but unvested restricted shares from its 2021 restricted stock incentive plan - During the reporting period, there were no changes in the shareholdings of current and resigned directors, senior management, and core technical personnel[119](index=119&type=chunk) - On April 25, 2025, the company's second Board of Directors' twelfth meeting and second Board of Supervisors' eleventh meeting reviewed and approved the "Proposal on Canceling a Portion of Granted but Unvested Restricted Shares from the 2021 Restricted Stock Incentive Plan"[120](index=120&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=47&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - There were no changes in the company's controlling shareholder or actual controller during the reporting period[121](index=121&type=chunk) [Section VII Bond-Related Information](index=48&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=48&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[123](index=123&type=chunk) [II. Convertible Corporate Bonds](index=48&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) The company has no convertible corporate bonds - The company has no convertible corporate bonds[123](index=123&type=chunk) [Section VIII Financial Report](index=49&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=49&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=49&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in owners' equity for January-June 2025, comprehensively presenting the company's financial position, operating results, and cash flows Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Current Assets | 3,013,516,265.24 | | Total Non-Current Assets | 3,659,067,527.17 | | **Total Assets** | **6,672,583,792.41** | | Total Current Liabilities | 2,242,193,338.17 | | Total Non-Current Liabilities | 263,516,580.19 | | **Total Liabilities** | **2,505,709,918.36** | | Total Owners' Equity Attributable to Parent Company | 4,166,873,874.05 | | **Total Liabilities and Owners' Equity** | **6,672,583,792.41** | Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 1,289,473,040.29 | | Total Operating Costs | 1,410,842,866.91 | | Total Profit | -152,018,418.31 | | Net Profit | -121,150,606.37 | | Net Profit Attributable to Parent Company Owners | -121,150,606.37 | | Basic EPS (yuan/share) | -0.036 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 181,144,378.37 | | Net Cash Flow from Investing Activities | -232,562,200.72 | | Net Cash Flow from Financing Activities | 128,120,145.94 | | Net Increase in Cash and Cash Equivalents | 76,597,810.15 | | Cash and Cash Equivalents at Period End | 218,381,757.12 | [Consolidated Balance Sheet](index=49&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were **6,672,583,792.41 yuan**, comprising **3,013,516,265.24 yuan** in current assets and **3,659,067,527.17 yuan** in non-current assets; total liabilities amounted to **2,505,709,918.36 yuan**, with total owners' equity attributable to the parent company being **4,166,873,874.05 yuan** Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 6,672,583,792.41 | | Total Liabilities | 2,505,709,918.36 | | Total Owners' Equity Attributable to Parent Company | 4,166,873,874.05 | [Parent Company Balance Sheet](index=52&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **6,641,366,448.64 yuan**, including **2,600,526,800.70 yuan** in current assets and **4,040,839,647.94 yuan** in non-current assets; total liabilities amounted to **2,411,490,582.93 yuan**, with total owners' equity being **4,229,875,865.71 yuan** Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 6,641,366,448.64 | | Total Liabilities | 2,411,490,582.93 | | Total Owners' Equity | 4,229,875,865.71 | [Consolidated Income Statement](index=55&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the company's total consolidated operating revenue was **1,289,473,040.29 yuan**, total operating costs were **1,410,842,866.91 yuan**, total profit was **-152,018,418.31 yuan**, and net profit was **-121,150,606.37 yuan**; net profit attributable to parent company owners was **-121,150,606.37 yuan**, with basic earnings per share of **-0.036 yuan/share** Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 1,289,473,040.29 | | Total Profit | -152,018,418.31 | | Net Profit | -121,150,606.37 | | Basic EPS (yuan/share) | -0.036 | [Parent Company Income Statement](index=57&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the parent company's operating revenue was **1,208,122,118.64 yuan**, total profit was **-145,794,129.39 yuan**, and net profit was **-116,251,789.18 yuan** Key Data from Parent Company Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 1,208,122,118.64 | | Total Profit | -145,794,129.39 | | Net Profit | -116,251,789.18 | [Consolidated Cash Flow Statement](index=59&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the company's net cash flow from operating activities was **181,144,378.37 yuan**, net cash flow from investing activities was **-232,562,200.72 yuan**, and net cash flow from financing activities was **128,120,145.94 yuan**; cash and cash equivalents at period-end totaled **218,381,757.12 yuan** Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 181,144,378.37 | | Net Cash Flow from Investing Activities | -232,562,200.72 | | Net Cash Flow from Financing Activities | 128,120,145.94 | | Cash and Cash Equivalents at Period End | 218,381,757.12 | [Parent Company Cash Flow Statement](index=61&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the parent company's net cash flow from operating activities was **42,830,120.88 yuan**, net cash flow from investing activities was **-55,217,610.38 yuan**, and net cash flow from financing activities was **30,662,660.80 yuan**; cash and cash equivalents at period-end totaled **147,525,030.53 yuan** Key Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 42,830,120.88 | | Net Cash Flow from Investing Activities | -55,217,610.38 | | Net Cash Flow from Financing Activities | 30,662,660.80 | | Cash and Cash Equivalents at Period End | 147,525,030.53 | [Consolidated Statement of Changes in Owners' Equity](index=63&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For January-June 2025, the company's total consolidated owners' equity decreased by **121,085,874.01 yuan**, primarily due to a total comprehensive income of **-121,385,496.89 yuan** and an increase of **299,622.88 yuan** from owners' contributions and capital reductions Consolidated Owners' Equity Changes (Jan-Jun 2025) | Item | Change Amount (yuan) | | :--- | :--- | | Change in Amount for Current Period | -121,085,874.01 | | Total Comprehensive Income | -121,385,496.89 | | Owners' Contributions and Capital Reductions | 299,622.88 | [Parent Company Statement of Changes in Owners' Equity](index=67&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For January-June 2025, the parent company's total owners' equity decreased by **115,952,166.30 yuan**, primarily due to a total comprehensive income of **-116,251,789.18 yuan** and an increase of **299,622.88 yuan** from owners' contributions and capital reductions Parent Company Owners' Equity Changes (Jan-Jun 2025) | Item | Change Amount (yuan) | | :--- | :--- | | Change in Amount for Current Period | -115,952,166.30 | | Total Comprehensive Income | -116,251,789.18 | | Owners' Contributions and Capital Reductions | 299,622.88 | [III. Company's Basic Information](index=71&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces the company's establishment, stock listing, registered capital, unified social credit code, domicile, legal representative, business scope, and changes in the scope of consolidated financial statements - The company was wholly restructured from Kunshan Longteng Optoelectronics Co., Ltd. in August 2019 and listed on the Shanghai Stock Exchange on August 17, 2020, with stock code **688055**[158](index=158&type=chunk) - As of June 30, 2025, the registered capital and paid-in capital (share capital) amounted to **3.33 billion yuan**[159](index=159&type=chunk) - The main business is the R&D, production, and sales of Thin Film Transistor Liquid Crystal Display (TFT-LCD) panels, with no changes during the reporting period[162](index=162&type=chunk) - Subsidiaries included in the scope of consolidation for this period are Kunshan Longteng Electronics Co., Ltd., Longteng Optoelectronics International (Hong Kong) Co., Ltd., and Longteng Optoelectronics Technology (Vietnam) Co., Ltd[163](index=163&type=chunk)[164](index=164&type=chunk) [IV. Basis of Financial Statement Preparation](index=72&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, complying with enterprise accounting standards, with the accounting year running from January 1 to December 31, and the recording currency being RMB - The company's financial statements are prepared on a going concern basis, complying with the requirements of enterprise accounting standards[165](index=165&type=chunk)[168](index=168&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar[169](index=169&type=chunk) - The company and its domestic subsidiaries use RMB as their bookkeeping currency[171](index=171&type=chunk) [V. Significant Accounting Policies and Estimates](index=72&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions and statement translation, financial instruments, notes receivable, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[168](index=168&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[190](index=190&type=chunk)[191](index=191&type=chunk) - For receivables arising from transactions governed by "Enterprise Accounting Standard No. 14 – Revenue" (regardless of whether they contain a significant financing component), the company adopts a simplified approach, always measuring loss provisions based on expected credit losses over the entire lifetime[201](index=201&type=chunk)[205](index=205&type=chunk)[211](index=211&type=chunk)[215](index=215&type=chunk) - The company recognizes revenue when it fulfills its performance obligations in a contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation; the company's main business is the sale of Thin Film Transistor Liquid Crystal Display (TFT-LCD) panels[279](index=279&type=chunk)[280](index=280&type=chunk) - Share-based payments are classified into equity-settled share-based payments and cash-settled share-based payments; equity-settled share-based payments are measured at the fair value of the equity instruments granted to employees[273](index=273&type=chunk)[274](index=274&type=chunk) [VI. Taxation](index=100&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, and details the tax incentives enjoyed by the company, such as VAT super deduction for advanced manufacturing enterprises, high-tech enterprise income tax preferential treatment, and offshore exemption for Hong Kong profits tax Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 10%, 9%, 6%, 5%, 3%, 0% | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 25%, 20%, 16.5%, 15% | - The company (parent company) is classified as an advanced manufacturing enterprise and is eligible for a **5%** VAT super deduction policy during the reporting period[100](index=100&type=chunk) - Subsidiary Kunshan Longteng Electronics Co., Ltd., located in Kunshan Comprehensive Free Trade Zone, is eligible for VAT exemption on export sales revenue[101](index=101&type=chunk) - The company (parent company) is recognized as a high-tech enterprise and enjoys a preferential corporate income tax rate of **15%** during the reporting period[101](index=101&type=chunk) - Subsidiary Longteng Hong Kong is registered in Hong Kong, and its recognized income during the reporting period qualifies for offshore exemption, thus not subject to profits tax[101](index=101&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=101&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and analysis for each asset, liability, owners' equity, revenue, cost, and expense item in the consolidated financial statements, including period-end balances, beginning balances, current period changes, reasons for changes, and provisions for bad debts and inventory impairment - Monetary funds at period-end totaled **218.38 million yuan**, an increase of **54.02%** from the beginning of the period, with **39.19 million yuan** deposited overseas[125](index=125&type=chunk)[320](index=320&type=chunk) - Accounts receivable book balance at period-end was **294.45 million yuan**, with a bad debt provision of **4.42 million yuan**, primarily for receivables within **1 year**[325](index=325&type=chunk)[326](index=326&type=chunk)[328](index=328&type=chunk) - Inventory book value at period-end was **593.08 million yuan**, with an inventory impairment provision of **153.06 million yuan**, and **70.47 million yuan** accrued this period[350](index=350&type=chunk)[352](index=352&type=chunk) - Construction in progress book value at period-end was **522.12 million yuan**, with major projects including new technology introduction (oxide), IPS capacity expansion, and LCM capacity enhancement[373](index=373&type=chunk) - Operating revenue and operating costs for the current period were **1.29 billion yuan** and **1.20 billion yuan** respectively, with a high proportion of main business revenue[434](index=434&type=chunk) - Financial expenses for the current period were **22.04 million yuan**, a significant increase from **-3.42 million yuan** in the prior period, primarily due to reduced interest income[439](index=439&type=chunk) - Investment income for the current period was **31.37 million yuan**, a significant increase from **2.61 million yuan** in the prior period, mainly from interest income on wealth management products[444](index=444&type=chunk)[445](index=445&type=chunk) [VIII. R&D Expenses](index=158&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the composition of the company's R&D expenses by nature for the reporting period, including employee compensation, experimental materials, depreciation and amortization, and confirms that all R&D expenses are expensed R&D Expenses by Nature (Current Period vs. Prior Period) | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 54,542,369.25 | 59,678,854.41 | | Experimental Materials | 17,254,706.96 | 22,418,282.79 | | Depreciation and Amortization | 13,304,904.17 | 13,026,279.56 | | Auxiliary Fees | 6,627,007.38 | 10,418,265.47 | | Indirect Materials | 3,306,914.79 | 4,447,603.19 | | Office Expenses | 608,937.67 | 749,078.73 | | Other | 3,305,080.56 | 4,056,894.00 | | **Total** | **98,949,920.78** | **114,795,258.15** | - All R&D expenses are expensed, with no capitalized R&D expenditures[471](index=471&type=chunk) [IX. Changes in Consolidation Scope](index=158&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the scope of consolidation due to non-same-entity business combinations, same-entity business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - During the reporting period, there were no changes in the scope of consolidation due to non-same-entity business combinations, same-entity business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[472](index=472&type=chunk)[473](index=473&type=chunk) [X. Equity in Other Entities](index=159&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the composition of the enterprise group, including three wholly-owned subsidiaries: Kunshan Longteng Electronics Co., Ltd., Longteng Optoelectronics International (Hong Kong) Co., Ltd., and Longteng Optoelectronics Technology (Vietnam) Co., Ltd - Subsidiaries included in the scope of consolidation for this period are Kunshan Longteng Electronics Co., Ltd., Longteng Optoelectronics International (Hong Kong) Co., Ltd., and Longteng Optoelectronics Technology (Vietnam) Co., Ltd[163](index=163&type=chunk)[164](index=164&type=chunk) - All three subsidiaries are wholly-owned, with a **100%** shareholding ratio[473](index=473&type=chunk) [XI. Government Grants](index=161&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the liability items related to government grants at the end of the reporting period and the amount of government grants recognized in current profit or loss, totaling **3,242,103.78 yuan**, of which **3,019,103.76 yuan** is income-related and **223,000.02 yuan** is asset-related Liability Items Involving Government Grants (Period-End Balance) | Financial Statement Item | Beginning Balance (yuan) | New Subsidies This Period (yuan) | Amount Recognized as Non-Operating Income This Period (yuan) | Amount Transferred to Other Income (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,121,999.88 | 0 | 0 | 223,000.02 | 2,898,999.86 | Asset Related | | Deferred Income | 800,000.00 | 0 | 0 | 800,000.00 | 0 | Income Related | | **Total** | **3,921,999.88** | **0** | **0** | **1,023,000.02** | **2,898,999.86** | / | Government Grants Recognized in Current Profit or Loss (Current Period vs. Prior Period) | Type | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Income Related | 3,019,103.76 | 14,563,012.51 | | Asset Related | 223,000.02 | 223,000.02 | | **Total** | **3,242,103.78** | **14,786,012.53** | [XII. Risks Related to Financial Instruments](index=161&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section outlines the financial instrument risks faced by the company, primarily credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk), and describes the company's risk management measures, including credit assessment, fund monitoring, and forward foreign exchange contracts, with the goal of balancing risk and return to minimize negative impacts - The company's risk management objective is to strike a balance between risk and return, minimizing the negative impact of risks on the company's operating performance to maximize shareholder interest

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