证券日报网讯9月2日晚间，美迪凯发布公告称，公司计划于2025年9月10日(星期三)09：00-10：00举行 2025年半年度业绩说明会。 ...

证券代码：688079 证券简称：美迪凯 公告编号：2025-028 杭州美迪凯光电科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 03 日（星期三）至 09 月 09 日（星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 ipo@chinamdk.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 杭州美迪凯光电科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 10 日（星期三）09:00-10:00 举行 2025 ...

据证券之星公开数据整理，近期美迪凯（688079）发布2025年中报。根据财报显示，美迪凯增收不增 利。截至本报告期末，公司营业总收入2.91亿元，同比上升35.05%，归母净利润-5063.48万元，同比下 降0.09%。按单季度数据看，第二季度营业总收入1.41亿元，同比上升42.08%，第二季度归母净利 润-3464.28万元，同比下降28.16%。 建议关注公司债务状况（有息资产负债率已达33.31%） | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.15亿 | 2.91亿 | 35.05% | | 归母净利润(元) | -5059万 | -5063.48万 | -0.09% | | 扣非净利润(元) | -4020.62万 | -5236.33万 | -30.24% | | 货币资金(元) | 1.17亿 | 8276.11万 | -29.25% | | 应收账款(元) | 6215万 | 8920.05万 | 43.52% | | 有息负债 (元) | 8.6亿 | 14.16 乙 | 64.64 ...

杭州美迪凯光电科技股份有限公司 2025年是公司实现重点领域经营成果转化的关键之年。公司聚焦主营业务，以科 技创新为核心战略，通过优化资源配置与组织管理效能，实现运营质量提升与规模 效益突破。公司专注于光学光电子和半导体行业的细分领域，核心业务涵盖精密光 学、微纳光学、半导体声光学、半导体微纳电路（主要为MEMS）、半导体封测及智 慧终端的研发、制造与销售。依托跨领域技术协同能力，公司深度融合光学与半导 体技术，致力于为客户提供更具创新性与系统性的解决方案。 2025年上半年，公司实现营业收入29,071.18万元，同比增长35.05%；归属于上 市公司股东的净利润为-5,063.48万元；扣除股份支付影响后,净利润为-3,449.47万 元,亏损额同比收窄1,920.44万元；公司经营活动产生的现金流量净额达到7,715.90 万元，同比增长55.74%。综上，公司主营业务保持了稳定的发展态势。 （一） 聚焦光电半导体核心赛道，构建垂直整合业务生态 公司立足于目前主营业务，坚持产品差异化策略，积极完善业务和产品结构，投 资布局精密光学、微纳光学、半导体声光学、半导体微纳电路（主要为MEMS）、半 导体封测及 ...

Section I Definitions The report provides definitions of terms related to the company, subsidiaries, shareholders, and industry-specific technical terms, laying the foundation for understanding the report's content - The reporting period is from January 1, 2025, to June 30, 2025[11](index=11&type=chunk) Common Term Definitions Example | Term | Meaning | | :--- | :--- | | Company, Hangzhou Medico, Medico | Hangzhou Medico Optoelectronic Technology Co., Ltd | | Actual Controller | Ge Wenzhi | | CCD | Charge-Coupled Device | | CMOS | Complementary Metal-Oxide-Semiconductor | | CIS | CMOS Image Sensor | | AR | Augmented Reality | | MR | Mixed Reality | | PVD | Physical Vapor Deposition | | CVD | Chemical Vapor Deposition | | TTV | Total Thickness Variation | | ToF | Time of Flight | | CMP | Chemical Mechanical Polishing | | Reporting Period | January 1, 2025, to June 30, 2025 | Section II Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the reporting period, including revenue growth, net profit loss, and increased net cash flow [I. Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) The company's full Chinese name is Hangzhou Medico Optoelectronic Technology Co., Ltd., abbreviated as Medico, with Ge Wenzhi as the legal representative, registered in Hangzhou Economic and Technological Development Zone, and with an office in Haining City, Jiaxing, Zhejiang Province - The company's full Chinese name is Hangzhou Medico Optoelectronic Technology Co., Ltd., abbreviated as Medico, with Ge Wenzhi as the legal representative[13](index=13&type=chunk) - The company's registered address is Building 3, No. 578, 20th Street, Hangzhou Economic and Technological Development Zone, and its office address is No. 15, Xinchao Road, Chang'an Town (High-tech Zone), Haining City, Jiaxing, Zhejiang Province[13](index=13&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Wang Yiwei, and the Securities Affairs Representative is Xue Lianke, both reachable at 0571-56700355 - The Board Secretary is Wang Yiwei, and the Securities Affairs Representative is Xue Lianke, both reachable at **0571-56700355**[15](index=15&type=chunk) [III. Information Disclosure and Location Change Overview](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Location%20Change%20Overview) The company's designated information disclosure newspaper is "Shanghai Securities News", and the semi-annual report is published on the Shanghai Stock Exchange website - The company's designated information disclosure newspaper is "Shanghai Securities News", and the website address for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Medico and stock code 688079 - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Medico and stock code **688079**[17](index=17&type=chunk) [VI. Company Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 35.05% year-on-year, and net cash flow from operating activities increased by 55.74%, but net profit attributable to shareholders remained in a loss-making state Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 290,711,840.42 | 215,265,156.70 | 35.05 | | Total Profit | -62,620,417.73 | -64,175,779.35 | Not applicable | | Net Profit Attributable to Listed Company Shareholders | -50,634,834.44 | -50,590,047.21 | Not applicable | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | -52,363,327.15 | -40,206,151.16 | Not applicable | | Net Cash Flow from Operating Activities | 77,158,974.52 | 49,542,877.64 | 55.74 | Key Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.13 | -0.13 | Not applicable | | Diluted Earnings Per Share (CNY/share) | -0.13 | -0.13 | Not applicable | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | -0.13 | -0.10 | Not applicable | | Weighted Average Return on Net Assets (%) | -3.77 | -3.52 | Decrease of **0.25 percentage points** | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -3.90 | -2.80 | Decrease of **1.10 percentage points** | | R&D Investment as Percentage of Operating Revenue (%) | 22.82 | 23.50 | Decrease of **0.68 percentage points** | - Operating revenue increased by **35.05%**, primarily due to increased sales revenue from semiconductor acousto-optics and semiconductor packaging[24](index=24&type=chunk) - Net cash flow from operating activities increased by **55.74%**, mainly due to increased cash received from sales of goods and provision of services[24](index=24&type=chunk) [VIII. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 1,728,492.71, primarily including gains/losses from disposal of non-current assets and government subsidies Non-recurring Gains and Losses Items and Amounts (Unit: CNY) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/losses from disposal of non-current assets | 245,319.27 | | Government grants recognized in current profit or loss | 1,653,646.57 | | Fair value changes and disposal gains/losses of financial assets and liabilities, excluding hedging activities | -29,087.99 | | Other non-operating income and expenses | 57,034.13 | | Less: Income tax impact | 186,559.61 | | Minority interest impact (after tax) | 11,859.66 | | Total | 1,728,492.71 | [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact](index=8&type=section&id=IX.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) During the reporting period, the company's net profit after deducting the impact of share-based payments was CNY -34,494,652.17 Net Profit After Deducting Share-based Payment Impact (Unit: CNY) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | -34,494,652.17 | -53,699,011.33 | Not applicable | Section III Management Discussion and Analysis This section details the company's industry status, main business, operating model, operating results for the reporting period, technological R&D progress, project construction, product structure optimization, talent development strategies, and risk factors - During the reporting period, the company's operating revenue was **CNY 290.71184 million**, a year-on-year increase of **35.05%**; net profit attributable to listed company shareholders was **CNY -50.6348 million**, a decrease of **CNY 44,800** compared to the same period last year[100](index=100&type=chunk) [I. Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in niche areas of the optoelectronics and semiconductor industries, covering R&D, manufacturing, and sales of semiconductor acousto-optics, micro-nano optics, semiconductor micro-nano circuits (MEMS), semiconductor packaging, and smart terminals [(I) Industry Overview](index=8&type=section&id=(I)%20Industry%20Overview) The optoelectronics industry is driven by 5G, smart terminals, AR/VR, and automotive LiDAR, with accelerating technological iteration and expanding applications into emerging fields, while the semiconductor industry is accelerating domestic substitution - The optoelectronics industry is driven by 5G, smart terminals, AR/VR, and automotive LiDAR, with accelerating technological iteration and expanding applications into medical imaging, industrial non-destructive testing, low-altitude economy, and other emerging fields[29](index=29&type=chunk) - The semiconductor industry is undergoing an accelerated period of domestic substitution, with development relying on breakthroughs across the entire chain, including design, wafer manufacturing, and packaging and testing, while high-precision thin-film deposition, 3D integrated circuit stacking, and TGV glass through-hole technologies are reshaping the industry landscape[30](index=30&type=chunk) - The cross-integration of optical and semiconductor technologies is opening up innovative avenues in AR/MR devices, automotive LiDAR, and smart terminal multi-spectral sensing, highlighting the increasing importance of interdisciplinary integration capabilities and ecological synergy[31](index=31&type=chunk) [(II) Main Business, Products, or Services](index=9&type=section&id=(II)%20Main%20Business,%20Products,%20or%20Services) The company primarily engages in R&D, manufacturing, and sales of semiconductor acousto-optics, micro-nano circuits (MEMS), semiconductor packaging, precision optics, micro-nano optics, and smart terminals, with products widely used in various fields - The company primarily engages in R&D, manufacturing, and sales of semiconductor acousto-optics, semiconductor micro-nano circuits (MEMS), semiconductor packaging, precision optics, micro-nano optics, and smart terminals[32](index=32&type=chunk) - Products are widely applied in communication and consumer electronics, smart cars, metaverse, low-altitude economy, artificial intelligence, Internet of Things, and other fields[32](index=32&type=chunk) Main Product/Service Types | Product/Service Type | Main Use | | :--- | :--- | | Ultra-thin under-screen fingerprint sensor complete acoustic layer solution | New generation ultrasonic 3D fingerprint recognition | | Image sensor (CIS) complete optical path layer solution | Image sensor optical solution | | RF filter (SAW Filter) | Semiconductor chip for communication system equipment and mobile terminal devices | | Wafer-level packaging and testing, chip-level packaging and testing | Communication system equipment, mobile terminal devices, new energy, energy storage, white goods, fast-moving consumer goods, and other fields | | Precision processing service for semiconductor glass substrates | Temporary bonding carrier substrates and advanced packaging glass substrates in semiconductor chip manufacturing | | Smartphone camera filter assembly | Camera modules, color difference correction, restoring true image colors | | Metasurface optical devices | Face ID, smart door locks, sweeping robots, and other structured light, 3D depth sensing applications | | SMT and assembly of medical devices such as ECG recorders and heart rate recorders | Real-time display and monitoring of physiological parameters such as ECG, heart rate, blood pressure, and pulse rate | [(III) Main Operating Model](index=13&type=section&id=(III)%20Main%20Operating%20Model) The company prioritizes technological innovation, conducting forward-looking and applied research, collaborating with industry partners and research institutions, and operating with customized procurement, order-based production, and direct sales models - The company adheres to technological innovation as its core, conducting forward-looking research and applied development, and collaborating with upstream and downstream enterprises in the industrial chain, as well as universities and research institutions for R&D[46](index=46&type=chunk) - The procurement model strictly follows supplier management, procurement management, and procurement process management systems, with the procurement department responsible for supplier development, management, and material and equipment procurement[48](index=48&type=chunk) - The production model combines "order-based" and "customer demand plan-based" approaches, producing small-batch products according to orders, and organizing production for high-volume and stable demand products based on customer plans, while pre-stocking conventional semi-finished products[49](index=49&type=chunk) - The sales model is primarily direct sales, with products featuring customization, requiring customer evaluation and certification, signing framework agreements with long-term cooperative customers, and participating in customers' early-stage product R&D[50](index=50&type=chunk) [II. Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company actively optimized its business and revenue structure, focusing investments in semiconductor acousto-optics, micro-nano circuits, and semiconductor packaging, with multiple products achieving mass production or entering development stages [(I) Operating Business](index=14&type=section&id=(I)%20Operating%20Business) Through diversified strategic layout, the company optimized its business and revenue structure, achieving significant progress in semiconductor acousto-optics, micro-nano circuits, semiconductor packaging, glass wafer precision processing, precision optical components, and micro-nano optics - The company optimizes its business and revenue structure, investing in semiconductor acousto-optics, micro-nano circuits (MEMS), semiconductor packaging, precision optics, micro-nano optics, and smart terminal manufacturing, enhancing its risk resistance capabilities[51](index=51&type=chunk) - In the semiconductor acousto-optics field, the first and second generations of ultrasonic fingerprint chip acoustic layers and back-end packaging processes have achieved mass production; image sensor (CIS) optical path layer solutions are in mass production, with high-pixel solutions entering development; ambient light chip optical path layer products are in batch production; multi-channel spectrometer chip optical path layer products are continuously being sampled; and semiconductor process bonding prisms have been successfully developed and recognized by customers[52](index=52&type=chunk) - In the micro-nano circuit field, SAW filter wafers are in batch production; BAW filter resonator performance has passed customer verification, and full-process engineering sample preparation has begun; MicroLED project full-process technology development has been successful, with small-batch production initiated; MEMS devices such as uncooled infrared sensors, pressure sensors, microfluidic chips, and LiDAR are in the process selection and development stage[54](index=54&type=chunk) - In the semiconductor packaging and testing field, RF filters have completed full-process delivery from wafer manufacturing to packaging and testing; in the power chip field, the company possesses packaging technologies from TO to TOLL and PDFN (CLIP) and has achieved batch production, covering IGBT, SGT, SiC, and GaN power devices[55](index=55&type=chunk) - In the glass wafer precision processing field, semiconductor and AR/MR glass wafer products continue to be mass-produced and shipped[56](index=56&type=chunk) - In the precision optical components field, automotive LiDAR patch prisms have been successfully developed and mass-produced; photolithography mask substrate production process development has been completed and samples are gradually being sent; hard disk drive (HDD) glass substrates are entering the development stage[57](index=57&type=chunk) - In the micro-nano optics field, the company has developed diffractive optical elements (DOE), homogenizers, microlens arrays (MLA), wafer optical modules, and optical wafer micro-packaging products, some of which are in small-batch production and applied in communication and consumer electronics, smart cars, and other fields[58](index=58&type=chunk) [(II) Technology Research and Development](index=15&type=section&id=(II)%20Technology%20Research%20and%20Development) The company continued to increase R&D investment in MicroLED, uncooled infrared MEMS devices, medical microelectrode MEMS devices, and third-generation compound semiconductor devices, with R&D expenses reaching CNY 66.3301 million, accounting for 22.82% of sales revenue - The company continues to increase research and development in MicroLED full-color solutions, uncooled infrared MEMS devices, medical microelectrode MEMS devices, and GaN/SiC and other third-generation compound semiconductor devices[64](index=64&type=chunk) R&D Investment and Personnel Situation During the Reporting Period | Indicator | Value | | :--- | :--- | | Cumulative R&D Expenses (CNY ten thousand) | 6,633.01 | | R&D Expenses as Percentage of Sales Revenue (%) | 22.82 | | Number of Full-time R&D Personnel (persons) | 156 | | R&D Personnel as Percentage of Total Employees (%) | 12.83 | | Cumulative Applications for Domestic and International Patents | 358 | | Authorized Patents | 269 | | Valid Patents | 239 | [(III) Project Construction](index=16&type=section&id=(III)%20Project%20Construction) The company's project to build an annual production capacity of 2 billion semiconductor devices (pieces, sets) is progressing orderly, with construction engineering completing planning acceptance in June 2025 - The company's project to build an annual production capacity of **2 billion units (pieces, sets)** of semiconductor devices is progressing orderly, with construction engineering completing planning acceptance in June 2025[65](index=65&type=chunk) [(IV) Product Structure](index=16&type=section&id=(IV)%20Product%20Structure) The company adheres to a product differentiation strategy, actively improving its business and product structure, with a focus on developing semiconductor acousto-optics, semiconductor micro-nano circuits (MEMS), and semiconductor packaging products, whose proportion is continuously increasing - The company adheres to a product differentiation strategy, investing in and deploying businesses such as semiconductor acousto-optics, semiconductor micro-nano circuits (MEMS), semiconductor packaging, precision optics, micro-nano optics, and smart terminal manufacturing, with the proportion of semiconductor acousto-optics, micro-nano circuits, and semiconductor packaging products continuously increasing[66](index=66&type=chunk) [(V) Talent Development](index=16&type=section&id=(V)%20Talent%20Development) The company systematically plans its talent team construction, adhering to a merit-based employment philosophy, and enhances team stability through performance evaluation, differentiated development plans, and a "performance incentive + equity incentive" dual-track system - The company systematically plans its talent team construction, adhering to a merit-based employment philosophy, and comprehensively conducts talent performance evaluation and efficiency diagnosis to formulate differentiated talent development plans[67](index=67&type=chunk) - The company promotes salary system reform, implements a "performance incentive + equity incentive" dual-track incentive system, strengthens employee welfare protection, and enhances team stability[67](index=67&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=17&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness spans five key areas: talent, technology, industrial chain, customer resources, and operational management, solidifying its leading position in niche optoelectronics and semiconductor sectors through continuous innovation and optimization [(I) Core Competitiveness Analysis](index=17&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company has established strong comprehensive competitiveness in the optoelectronics and semiconductor industry segments, leveraging its five major advantages: talent, technology, industrial chain, customer resources, and operational management - Talent Advantage: The company has built a core team covering R&D, management, production, and marketing through external recruitment and internal training, and binds the core team through employee stock ownership plans and equity incentives[69](index=69&type=chunk) - Technology Advantage: The company possesses core technologies in semiconductor acousto-optics, micro-nano circuits (MEMS), semiconductor packaging, precision optics, micro-nano optics, and smart terminal manufacturing, continuously iterating and upgrading them, earning recognition from international first-class customers[70](index=70&type=chunk) - Industrial Chain Advantage: The company has built a complete business system from R&D, manufacturing to sales, possessing a full-process technology platform and large-scale mass production capabilities, enabling it to provide one-stop solutions to customers[71](index=71&type=chunk) - Customer Resource Advantage: The company focuses on leading manufacturers in downstream industries, establishing long-term strategic partnerships with major customers such as Goodix Technology, Kyocera Group, and New Sound Semiconductor, and has business cooperation with renowned enterprises like Canon, Nikon, and AMS[72](index=72&type=chunk) - Operational Advantage: The operational management team possesses many years of industry experience, employs key indicator management, and collaborates closely with customer R&D departments, participating in early-stage product R&D[73](index=73&type=chunk) [(III) Core Technologies and R&D Progress](index=18&type=section&id=(III)%20Core%20Technologies%20and%20R&D%20Progress) The company has established a complete technological innovation system, continuously updating its core technologies in semiconductor acousto-optics, micro-nano circuits, semiconductor packaging, precision optics, micro-nano optics, and surface mount technology, and has been recognized as a national "specialized, refined, unique, and new" small giant enterprise - The company has established a complete technological innovation system, continuously updating its core technologies, and has set up a precision analysis laboratory to provide accurate testing and analysis services[74](index=74&type=chunk) Core Technologies, Their Advanced Features and Application Products | No. | Core Technology Name | Technical Features and Advanced Nature | Application Products/Services | Technology Source | | :--- | :--- | :--- | :--- | :--- | | 1 | Semiconductor Acousto-Optics | Ultra-thin under-screen fingerprint chip acoustic layer processing technology, multi-channel spectrometer chip optical path layer processing technology, Metalens technology | Ultra-thin under-screen fingerprint sensors, image sensors, ambient light sensors, etc | Independent R&D | | 2 | Semiconductor Micro-Nano Circuits | RF chip micro-nano circuit processing, high-precision thin-film deposition, 3D integrated circuit stacking, TGV glass through-hole technology | RF chips (SAW, BAW, etc.), power device chips, optical sensing chips, pressure sensor chips, etc | Independent R&D | | 3 | Semiconductor Packaging and Testing | Wafer-level packaging (LGA, WLCSP), back-end wafer-level packaging (TSV, TGV), chip-level packaging (DFN, QFN, SOT, IGBT, TO, PDFN, TOLL series), Cu Clip packaging, etc | RF filters, image sensors, power devices, switch circuit power management, MEMS devices, RF modules, and other chip packaging | Independent R&D | | 4 | Precision Optics | Multi-wire cutting technology, high-precision contour processing, grinding and polishing (including CMP) technology, wafer Notch end-face polishing process, PVD/PEALD optical film deposition process | Various imaging optical components, biometric components and precision processing services, AR/MR optical component precision processing services, etc | Independent R&D | | 5 | Micro-Nano Optics | Metasurface optical device processing technology, grayscale lithography technology for 3D microlens array master fabrication, wafer imprint packaging process | Biometric components, AR/VR components, medical detection, smart home, 3D depth sensing applications, etc | Independent R&D | | 6 | Surface Mount Technology (SMT) | Solder paste printing, SPI, component placement, vacuum reflow soldering, wave soldering, AOI inspection, and other processes | Industrial cameras, security cameras, medical devices, etc | Independent R&D | - The company has been recognized as a national "specialized, refined, unique, and new" small giant enterprise, with its product name being optoelectronic components, recognized in 2022[76](index=76&type=chunk) Intellectual Property Rights During the Reporting Period | Intellectual Property Type | New Applications in Current Period (units) | New Grants in Current Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 4 | 4 | 114 | 37 | | Utility Model Patents | 0 | 20 | 244 | 232 | | Design Patents | 0 | 0 | 0 | 0 | | Software Copyrights | 0 | 0 | 0 | 0 | | Other | 0 | 0 | 9 | 8 | | Total | 4 | 24 | 367 | 277 | R&D Investment (Unit: CNY) | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 66,330,104.57 | 50,596,466.87 | 31.10 | | Total R&D Investment | 66,330,104.57 | 50,596,466.87 | 31.10 | | Total R&D Investment as Percentage of Operating Revenue (%) | 22.82 | 23.50 | Decrease of **0.68 percentage points** | - Total R&D investment increased by **31.10%** compared to the same period last year, primarily due to increased R&D investment in new projects and increased share-based payment expenses from equity incentives[81](index=81&type=chunk) R&D Project Status (Unit: CNY ten thousand) | No. | Project Name | Estimated Total Investment Scale | Current Period Investment Amount | Cumulative Investment Amount | Progress or Phased Achievements | Target Objectives | Specific Application Prospects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | R&D of PVD Process for Automotive Film Color Patterns | 583 | 277.93 | 665.42 | Mass production achieved | Thin film without pinholes, clear patterns, high quality yield, etc | Automotive and other fields | | 2 | R&D of BAW Filter Silicon Cavity Etching Process | 1652 | 620.7 | 1712.44 | Samples sent | Achieve silicon etching angle targets for product design, enable high-quality signal transmission performance for BAW filters | Consumer electronics, base stations, IoT, etc | | 3 | R&D of Multi-channel Optical Film Deposition Process for Small Aperture Optical Sensing Devices | 398 | 199.39 | 566.26 | Samples sent | Achieve small aperture filling film deposition of about 10um, enhance product resolution | Sensors and other fields | | 4 | R&D of RF Filter Wafer-Level Flip-Chip (Wafer-to-Wafer) Process | 709 | 308.15 | 811.97 | Mass production achieved | Achieve product miniaturization, low power consumption, high performance, etc | Consumer electronics, smartphones, etc | | 5 | Micro LED Microdisplay Chip Complete Optical Path Layer Design and Development Project | 1352 | 485.76 | 1574.88 | Samples sent | Achieve complete Micro LED processing | Smartwatches, smart wearables, etc | | 6 | R&D of Ultra-High Flatness Surface Processing Technology for Mask Substrates | 283 | 237.86 | 330.08 | Engineering verification | Achieve ultra-strict appearance, flatness, TTV, and other requirements for mask substrates | Photolithography masks | | 7 | R&D of High-End Image Sensor (CIS) Complete Optical Path Layer and Related Technologies | 652 | 589.6 | 691.55 | Engineering verification | Significantly improve the optical performance of image sensors (CIS), achieve higher resolution and smaller size, while improving color reproduction and sensitivity | Image sensors (CIS) and other fields | | 8 | R&D of Temperature Compensated RF Filter (TC-SAW) Piston Complete Process Technology | 1325 | 911.15 | 1425.73 | Engineering verification | Enhance RF filter temperature stability and Q value, achieve better temperature compensation characteristics and higher energy transmission efficiency for RF filters | Smartphones, automotive, IoT, etc | | 9 | R&D of Microfluidic Chip Nanoimprint Process | 175 | 162.06 | 226.38 | Engineering verification | Integrate micro- or nano-scale fluid control technology onto chips to achieve efficient operations in biological and chemical experiments | Biomedical field | | 10 | R&D of Cylindrical Lens Tilted Grating Nanoimprint Process | 184 | 108.94 | 123.4 | Engineering verification | Develop 3D cylindrical lens gratings for AR HUD, achieve 3D naked-eye effects, enhance situational awareness and immersive interaction | Automotive HUD field | | 11 | R&D of BAW Filter Piezoelectric Layer AlScN Deposition Process | 815 | 363.22 | 363.22 | Engineering verification | Optimize AlScN film quality to meet design specifications for high-performance BAW filters | Consumer electronics, base stations, IoT, etc | | 12 | R&D of Ultrasonic Side Fingerprint Recognition Chip Complete Acoustic Layer Process | 957 | 251.12 | 251.12 | Engineering verification | Achieve complete acoustic layer processing for ultrasonic side fingerprint recognition chips | Smartphones and other fields | | 13 | R&D of DAR Glass Coating Encapsulation Substrate | 637 | 49.56 | 49.56 | Engineering verification | Effectively improve film quality, significantly enhance signal transmittance, reduce reflection noise, and improve imaging quality | Sensors and other fields | | 14 | R&D of Semiconductor Process Bonded Prism Cutting Surface Polishing Process | 392 | 93.83 | 93.83 | Customer sampling | Control adhesive seam unevenness within ±10nm | Smartphones and other fields | | 15 | R&D of Smart Automotive Display Module Process Technology | 263 | 35.49 | 35.49 | Engineering verification | Achieve low reflection effect on glass surface and automotive-grade glass strength requirements | Automotive display screens | | 16 | R&D of Uncooled Infrared Chip Process | 1932 | 658.19 | 658.19 | Engineering verification | Complete full micro-nano circuit processing for the back-end of uncooled infrared chips | Night vision devices, infrared cameras, etc | | 17 | R&D of MEMS Chip Packaging Project | 327 | 58.51 | 58.51 | Engineering verification | Achieve chip miniaturization, high precision, and high reliability | E-cigarettes and other fields | | 18 | R&D of Microelectrode Chip Product Process | 1853 | 136.91 | 136.91 | Engineering verification | Achieve microelectrode processing | Medical devices, etc | | 19 | R&D of GaN Power Device Source/Drain Etching Process | 172 | 43.4 | 43.4 | Engineering verification | Achieve product performance with high breakdown electric field strength, high electron mobility, and ultra-fast switching speed | Consumer electronics fast charging, data centers and communication power, new energy vehicles and charging, etc | | 20 | R&D of 3D Capacitor Device Silicon Deep Trench Etching Process | 163 | 38.11 | 38.11 | Engineering verification | Meet process requirements for high aspect ratio and excellent silicon trench morphology, thereby achieving high unit area capacitance required for 3D capacitor devices | High-performance computing, 5G communication, new energy vehicles, medical electronics, etc | | 21 | R&D of PDFN3333 and PDFN5060 Aluminum Strip Product Solder Paste Die Attach Product | 97 | 10.36 | 10.36 | Small-batch trial production | Reduce equipment energy consumption while ensuring product die attach quality, with frame PAD area utilization rate exceeding 95% | Automotive & smart home, etc | | 22 | R&D of High-Voltage Dual-GATE Wire Bonding Product TOLL Packaging Process and Frame Used | 114 | 11.39 | 11.39 | Engineering verification | Meet high reliability requirements for products and improve process yield | Automotive & smart home, etc | R&D Personnel Situation (Unit: CNY ten thousand, persons) | Indicator | Current Period Amount | Prior Year Period Amount | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 156 | 140 | | R&D Personnel as Percentage of Total Company Employees (%) | 12.83 | 14.4 | | Total R&D Personnel Compensation (CNY ten thousand) | 1291.53 | 1312.77 | | Average R&D Personnel Compensation (CNY ten thousand) | 8.28 | 9.38 | R&D Personnel Education Background (persons) | Education Background | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Doctoral Degree | 1 | 0.64 | | Master's Degree | 4 | 2.56 | | Bachelor's Degree | 53 | 33.97 | | Associate Degree | 55 | 35.26 | | High School and Below | 43 | 27.56 | | Total | 156 | 100.00 | R&D Personnel Age Structure (persons) | Age Range | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Under 30 (excluding 30) | 52 | 33.33 | | 30-40 (including 30, excluding 40) | 80 | 51.28 | | 40-50 (including 40, excluding 50) | 21 | 13.46 | | 50-60 (including 50, excluding 60) | 3 | 1.92 | | 60 and above | 0 | 0.00 | | Total | 156 | 100.00 | [IV. Risk Factors](index=25&type=section&id=IV.%20Risk%20Factors) The company faces various risks including product technology iteration, loss of key personnel and technical secrets, failure of technology to commercialize, customer concentration, financial risks, international trade friction, new project delays, intensified industry competition, and macroeconomic environment impacts - Product technology iteration risk: The company's product technology iterates rapidly, and failure to respond promptly to market demand or technological updates may lead to a decrease in market share[91](index=91&type=chunk) - Loss of key personnel and technical secret leakage risk: Intense talent competition in the industry means that the loss of key technical personnel or leakage of technical secrets will have an adverse impact on the company[92](index=92&type=chunk) - Risk of technology failing to form products or industrialization: High investment intensity, high development difficulty, and long industrialization cycles may lead to changes in R&D direction, replacement by new technologies, or market demand uncertainty, causing technology achievements to face industrialization failure risks[93](index=93&type=chunk) - Customer concentration risk: During the reporting period, sales to the top five customers accounted for **60.31%** of operating revenue; a reduction in procurement demand or cessation of cooperation by major customers would have a significant adverse impact on operating performance[94](index=94&type=chunk) - Financial risk: A high proportion of overseas business means that fluctuations in the exchange rates of Japanese Yen and US Dollar against RMB may affect the company's export business and financial expenses[95](index=95&type=chunk) - International trade friction risk: The industrial chain is highly globalized, and the complex international trade situation and uncertainty in China-US trade relations may lead to restrictions on raw material and equipment supply and impact downstream demand[96](index=96&type=chunk) - Risk of new project progress not meeting expectations: New project construction is affected by multiple factors such as funding, market, and policies, which may lead to progress not meeting expectations or economic benefits falling short of expectations[97](index=97&type=chunk) - Intensified industry competition risk: As industry technology matures and investment willingness increases, market competition may intensify; if the company cannot maintain its advantages, its profitability may be impaired[98](index=98&type=chunk) - Risk of significant performance decline or loss: The construction of multiple projects will lead to a substantial increase in fixed asset depreciation; if the economic benefits of the projects do not meet expectations, it may lead to a significant decline in performance or losses[100](index=100&type=chunk) [V. Key Operating Performance During the Reporting Period](index=26&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by 35.05% year-on-year, with a net loss of CNY 50.6348 million; analysis of key operating activities shows increased revenue from semiconductor acousto-optics and packaging businesses, and growth in net cash flow from operating activities [(I) Main Business Analysis](index=26&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 35.05% year-on-year, primarily due to growth in semiconductor acousto-optics and packaging businesses, with a significant increase in net cash flow from operating activities but a decrease in net cash flow from financing activities Financial Statement Related Items Fluctuation Analysis Table (Unit: CNY) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 290,711,840.42 | 215,265,156.70 | 35.05 | | Operating Cost | 230,915,932.49 | 169,069,948.96 | 36.58 | | Selling Expenses | 4,682,395.10 | 2,804,120.30 | 66.98 | | Administrative Expenses | 26,500,999.88 | 22,227,729.59 | 19.22 | | Financial Expenses | 17,534,848.52 | 13,622,780.10 | 28.72 | | R&D Expenses | 66,330,104.57 | 50,596,466.87 | 31.10 | | Net Cash Flow from Operating Activities | 77,158,974.52 | 49,542,877.64 | 55.74 | | Net Cash Flow from Investing Activities | -198,732,256.44 | -355,183,098.98 | Not applicable | | Net Cash Flow from Financing Activities | 110,265,917.99 | 294,342,873.04 | -62.54 | - Operating revenue increased by **35.05%**, primarily due to increased sales revenue from semiconductor acousto-optics and semiconductor packaging businesses[103](index=103&type=chunk) - Selling expenses increased by **66.98%**, mainly due to increased share-based payment expenses and employee compensation[103](index=103&type=chunk) - Net cash flow from operating activities increased by **55.74%**, mainly due to increased cash received from sales of goods and provision of services[103](index=103&type=chunk) - Net cash flow from financing activities decreased by **62.54%**, mainly due to increased cash paid for debt repayment[103](index=103&type=chunk) [(III) Analysis of Assets and Liabilities](index=27&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 3.53% year-on-year, while net assets attributable to shareholders slightly decreased, with significant increases in notes receivable, other non-current assets, short-term borrowings, and deferred income Asset and Liability Status Changes (Unit: CNY) | Item Name | Period-end Amount | Percentage of Total Assets (%) | Prior Year-end Amount | Percentage of Total Assets (%) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 82,761,090.67 | 2.63 | 142,333,629.28 | 4.68 | -41.85 | Decrease in bank deposits at period-end | | Notes Receivable | 10,422,972.81 | 0.33 | 4,579,056.11 | 0.15 | 127.62 | Increase in bank acceptance bills receivable at period-end | | Other Non-current Assets | 99,066,182.62 | 3.15 | 67,470,649.33 | 2.22 | 46.83 | Mainly due to increased prepaid equipment and engineering costs at period-end | | Short-term Borrowings | 350,858,816.10 | 11.15 | 213,935,738.87 | 7.04 | 64.00 | Mainly due to increased bank borrowings | | Deferred Income | 43,357,163.68 | 1.38 | 28,661,575.98 | 0.94 | 51.27 | Increase in government grants related to assets received in the current period | - Overseas assets amounted to **CNY 4,685,156.41**, accounting for **0.15%** of total assets[106](index=106&type=chunk) Main Asset Restrictions as of the End of the Reporting Period (Unit: CNY) | Item | Period-end Book Balance | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,644.78 | Frozen, Pledged | Margin deposits for opening letters of credit, conducting forward foreign exchange transactions, etc | | Fixed Assets | 770,710,518.20 | Mortgage | Mortgage set for borrowings | | Construction in Progress | 509,372,637.95 | Mortgage | Mortgage set for borrowings | | Intangible Assets | 140,376,609.45 | Mortgage | Mortgage set for borrowings | | Total | 1,420,461,410.38 | | | [(IV) Investment Status Analysis](index=30&type=section&id=(IV)%20Investment%20Status%20Analysis) During the reporting period, the company's financial assets measured at fair value primarily consisted of derivative financial liabilities, with a fair value change loss of CNY -29,227.99 for the period Financial Assets Measured at Fair Value (Unit: CNY) | Asset Category | Beginning Balance | Fair Value Change Gain/Loss for Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | | Derivative Financial Liabilities | 0.00 | -29,227.99 | 29,227.99 | | Total | 0.00 | -29,227.99 | 29,227.99 | [(VI) Analysis of Major Holding and Participating Companies](index=31&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company holds several controlling subsidiaries primarily engaged in optoelectronic devices, semiconductor manufacturing, R&D, and sales, with Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. contributing the highest operating revenue but incurring a net loss Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit (Unit: CNY ten thousand) | Company Name | Company Type | Main Business | Registered Capital (CNY ten thousand) | Total Assets (CNY ten thousand) | Net Assets (CNY ten thousand) | Operating Revenue (CNY ten thousand) | Operating Profit (CNY ten thousand) | Net Profit (CNY ten thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Medico Modern Optoelectronics Co., Ltd. | Subsidiary | R&D, manufacturing, sales of optoelectronic products, smart automotive components, new materials; import and export of goods and technology | 1,275 | 14,240.66 | 14,200.04 | 238.65 | 7.00 | 7.00 | | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | Subsidiary | Optoelectronic device manufacturing; electronic component manufacturing; integrated circuit chip and product manufacturing; semiconductor discrete device manufacturing, etc | 100,888.8889 | 200,363.90 | 102,156.15 | 17,125.55 | -4,585.38 | -3,488.96 | | Medico (Japan) Co., Ltd. | Subsidiary | Purchase, sale, and trade of products; research and development of new technologies and products; all businesses incidental to the above | 5,000 Japanese Yen | 462.01 | 105.55 | 610.89 | -36.51 | -36.50 | | Gemfu (Zhejiang) Optoelectronics Co., Ltd. | Subsidiary | Optoelectronic device and other electronic device manufacturing; R&D, production, and sales of optical electronic components | 725 million US dollars | 6,194.95 | 5,218.79 | 2,628.87 | 281.15 | 282.42 | | Medico (Zhejiang) Smart Optoelectronics Technology Co., Ltd. | Subsidiary | Optoelectronic device manufacturing; new material technology R&D; technical glass product manufacturing; optical glass manufacturing; mirror and similar product processing, etc | 1,200 million US dollars | 5,826.24 | 4,357.43 | 249.82 | -417.31 | -416.80 | | Medico (Singapore) Smart Optoelectronics Technology Co., Ltd. | Subsidiary | R&D of optoelectronic technology products and expansion of overseas markets | 700 thousand Singapore Dollars | 6.51 | 6.51 | 0.00 | -3.74 | -3.74 | | Hangzhou Medico Microelectronics Co., Ltd. | Subsidiary | Integrated circuit chip and product manufacturing; optical glass manufacturing; optical instrument sales; mirror and similar product processing, etc | 20,000 | 85,824.72 | 17,894.02 | 382.82 | -599.37 | -599.37 | | Zhejiang Medico Automotive Medical Co., Ltd. | Subsidiary | Technical services, technical development, technical consulting, technical exchange, technology transfer, technology promotion; import and export of goods; automotive parts and accessories manufacturing, etc | 1,000 | 151.91 | -286.77 | 1.31 | -148.98 | -148.98 | | Zhejiang Meixin Semiconductor Co., Ltd. | Subsidiary | Semiconductor discrete device manufacturing; technical services, technical development, technical consulting, technical exchange, technology transfer, technology promotion, etc | 3,000 | 9,953.95 | -730.31 | 3,146.53 | -1,093.57 | -1,093.57 | - Medico (Singapore) Smart Optoelectronics Technology Co., Ltd. was deregistered in July 2025[117](index=117&type=chunk) Section IV Corporate Governance, Environment, and Society This section discloses changes in the company's directors, senior management, and core technical personnel, as well as the progress of its equity incentive plan [I. Changes in Company Directors, Senior Management, and Core Technical Personnel](index=36&type=section&id=I.%20Changes%20in%20Company%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company completed the re-election of its third board of directors in June 2025, with former independent directors Han Hongling and Xu Hanbiao, and former non-independent director Li Xiao, leaving office upon term expiration, and Ge Wenqin newly appointed as employee representative director Changes in Directors and Senior Management | Name | Position Held | Change Situation | | :--- | :--- | :--- | | Han Hongling | Independent Director | Resigned | | Xu Hanbiao | Independent Director | Resigned | | Li Xiao | Non-Independent Director | Resigned | | Ge Wenqin | Non-Independent Director | Resigned | | Ge Wenqin | Employee Representative Director | Elected | | Qiu Yizheng | Independent Director | Elected | | Liu Chenglin | Independent Director | Elected | | Wang Guopu | Non-Independent Director | Elected | - The company completed the re-election of its third board of directors in June 2025, with former independent directors Han Hongling, Xu Hanbiao, and former non-independent director Li Xiao leaving office upon term expiration, and Ge Wenqin newly appointed as employee representative director[120](index=120&type=chunk)[121](index=121&type=chunk) - The company no longer has a supervisory board, and its functions are exercised by the board's audit committee[121](index=121&type=chunk) - The company's core technical personnel, including Weng Qinsheng, Yajima Yamato, Ge Wenqin, and Yamamoto Akira, remained unchanged during the reporting period[122](index=122&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=37&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company approved the repurchase and cancellation of some restricted shares and the cancellation of some stock options in June 2025, requiring the repurchase and cancellation of 21,000 restricted shares and 21,000 stock options due to the departure of two incentive recipients - On June 6, 2025, the company approved the repurchase and cancellation of some restricted shares and the cancellation of some stock options, requiring the repurchase and cancellation of **21,000 restricted shares** and **21,000 stock options** due to the departure of two incentive recipients[124](index=124&type=chunk) Section V Significant Matters This section details the fulfillment of various commitments made by the company's actual controller, shareholders, and senior management, as well as significant related-party transactions and guarantees during the reporting period [I. Fulfillment of Commitments](index=38&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, other shareholders, directors, senior management, and core technical personnel have all strictly fulfilled their share lock-up commitments made prior to the initial public offering and pledged to implement stable stock price plans and reduce related-party transactions - Actual controller Ge Wenzhi committed not to transfer shares issued before the initial public offering within **36 months** from the date of the company's stock listing, and not to transfer more than **25%** of his total shares annually during his tenure[127](index=127&type=chunk) - The controlling shareholder and other shareholders (Medico Self-Funded, Medico Group, Hangzhou Beizeng, Hangzhou Zengliang, Hangzhou Zengying, Haining Medico) committed not to transfer shares issued before the initial public offering within **36 months** from the date of the company's stock listing[128](index=128&type=chunk) - Directors, senior management, and core technical personnel (Wang Yiwei, Hua Chaohua, Weng Qinsheng, Yajima Yamato) committed not to transfer shares issued before the initial public offering within **12 months** from the date of the company's stock listing, and not to transfer more than **25%** of their total shares annually during their tenure[129](index=129&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - The company, its controlling shareholder, actual controller, directors, and senior management committed to implement the company's stock price stabilization plan, taking measures such as share repurchases and share increases when the stock price triggers the conditions[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - The controlling shareholder, actual controller, and other related parties committed to reduce and regulate related-party transactions, adhering to the principles of openness, fairness, and impartiality, and not to obtain improper benefits through related-party transactions[137](index=137&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=51&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or significant overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or significant overdue debts[144](index=144&type=chunk) [X. Significant Related-Party Transactions](index=51&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in intercompany borrowings and related-party creditor-debtor transactions with affiliated parties, including a loan from Medico Holding Group Co., Ltd. to its controlling subsidiary Meixin Semiconductor for production and operations Related-Party Creditor-Debtor Transactions (Unit: CNY) | Related Party | Related Relationship | Beginning Balance | Amount Incurred in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | | Medico Holding Group Co., Ltd. | Shareholder holding over 5% | 30,000,000.00 | 0.00 | 30,000,000.00 | | Total | | 30,000,000.00 | 0.00 | 30,000,000.00 | - The related-party creditor-debtor transaction arose because controlling subsidiary Meixin Semiconductor borrowed **CNY 30 million** from Medico Group in the prior year for production and operations; in the current period, subsidiary Optoelectronic Semiconductor borrowed **CNY 9.9 million** interest-free from Medico Group and has since repaid it[148](index=148&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=53&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The total guarantee amount provided by the company and its subsidiaries to subsidiaries is CNY 883,370,814.84, representing 66.54% of the company's net assets, with most being joint liability guarantees, and some guaranteed entities having a debt-to-asset ratio exceeding 70% Company and its Subsidiaries' Guarantees to Subsidiaries (Unit: CNY) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 50,000,000.00 | 2025.1.8 | 2025.3.28 | Joint liability guarantee | Yes | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 30,000,000.00 | 2023.3.1 | 2025.2.28 | Joint liability guarantee | Yes | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 20,000,000.00 | 2023.3.1 | 2025.2.28 | Joint liability guarantee | Yes | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 50,000,000.00 | 2025.4.2 | 2027.4.1 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 22,541,860.00 | 2023.1.17 | 2026.1.17 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 41,121,631.20 | 2023.1.17 | 2026.1.17 | Joint liability guarantee | Yes | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 50,000,000.00 | 2024.9.19 | 2026.9.19 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 115,957,463.30 | 2024.2.21 | 2027.2.27 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 48,414,145.67 | 2024.7.11 | 2030.7.11 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 34,998,037.60 | 2024.11.22 | 2030.11.27 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | 7,653,125.74 | 2024.8.27 | 2030.8.18 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Meixin Semiconductor Co., Ltd. | 17,661,059.10 | 2024.12.9 | 2030.12.8 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Zhejiang Meixin Semiconductor Co., Ltd. | 10,000,000.00 | 2025.4.28 | 2028.4.27 | Joint liability guarantee | No | | Zhejiang Medico Optoelectronic Semiconductor Co., Ltd. | Hangzhou Medico Microelectronics Co., Ltd. | 516,145,123.43 | 2023.3.06 | 2041.3.5 | Joint liability guarantee | No | | Hangzhou Medico Optoelectronic Technology Co., Ltd. | Medico (Zhejiang) Smart Optoelectronics Technology Co., Ltd. | 10,000,000.00 | 2023.4.12 | 2026.4.11 | Joint liability guarantee | No | Company Total Guarantee Amount (Including Guarantees to Subsidiaries) (Unit: CNY) | Indicator | Amount | | :--- | :--- | | Total Guarantee Amount (A+B) | 883,370,814.84 | | Total Guarantee Amount as Percentage of Company Net Assets (%) | 66.54 | | Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% (D) | 543,806,182.53 | | Amount of Total Guarantee Exceeding 50% of Net Assets (E) | 219,575,545.08 | | Total of the Above Three Guarantee Amounts (C+D+E) | 763,381,727.61 | - The above guarantees are all maximum amount guarantees, with the guarantee amount calculated based on the actual borrowing amount[155](index=155&type=chunk) Section VI Share Changes and Shareholder Information This section introduces the company's share capital structure, total number of shareholders, top ten shareholders' holdings, and changes in shareholdings and equity incentives for directors, senior management, and core technical personnel during the reporting period [I. Share Capital Changes](index=58&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[158](index=158&type=chunk) [II. Shareholder Information](index=58&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 10,758 ordinary shareholders, with Hangzhou Medico Self-Funded Investment Partnership (Limited Partnership) holding the largest stake at 40.61% Total Number of Ordinary Shareholders as of the End of the Reporting Period | Indicator | Number (households) | | :--- | :--- | | Total Number of Ordinary Shareholders | 10758 | | Total Number of Preferred Shareholders with Restored Voting Rights | 0 | | Total Number of Shareholders Holding Special Voting Rights Shares | 0 | Top Ten Shareholders' Holdings as of the End of the Reporting Period (Excluding Shares Lent Through Securities Lending) (Unit: shares) | Shareholder Name | Increase/Decrease in Current Period | Period-end Holding Quantity | Proportion (%) | Quantity of Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Medico Self-Funded Investment Partnership (Limited Partnership) | 0 | 165,196,355 | 40.61 | 0 | Other | | Hong Kong Fengsheng Jiamei (International) Investment Co., Ltd. | 0 | 32,890,291 | 8.09 | 0 | Overseas Legal Person | | Medico Holding Group Co., Ltd. | 0 | 28,634,177 | 7.04 | 0 | Domestic Non-State-Owned Legal Person | | Hangzhou Beizeng Self-Funded Investment Partnership (Limited Partnership) | 0 | 19,510,584 | 4.80 | 0 | Other | | SDIC Innovation Investment Management Co., Ltd. - Yueguan Advanced Manufacturing Industry (Dongguan) Equity Investment Fund (Limited Partnership) | 0 | 9,885,057 | 2.43 | 0 | Other | | Hangzhou Zengliang Self-Funded Investment Partnership (Limited Partnership) | 0 | 5,525,747 | 1.36 | 0 | Other | | Hangzhou Zengying Self-Funded Investment Partnership (Limited Partnership) | 0 | 2,762,874 | 0.68 | 0 | Other | | Wang Zhongwei | 2,720,313 | 2,720,313 | 0.67 | 0 | Other | | Haining Medico Enterprise Management Consulting Partnership (Limited Partnership) | 0 | 2,592,404 | 0.64 | 0 | Other | | Zhuhai Chengtong Equity Investment Fund Partnership (Limited Partnership) | 0 | 2,506,795 | 0.62 | 0 | Other | - Medico Holding Group Co., Ltd., Hangzhou Medico Self-Funded Investment Partnership (Limited Partnership), Hangzhou Beizeng Self-Funded Investment Partnership (Limited Partnership), Hangzhou Zengliang Self-Funded Investment Partnership (Limited Partnership), Hangzhou Zengying Self-Funded Investment Partnership (Limited Partnership), and Haining Medico Enterprise Management Consulting Partnership (Limited Partnership) are all controlled by the actual controller Ge Wenzhi[163](index=163&type=chunk) Top Ten Shareholders with Restricted Shares and Restriction Conditions (Unit: shares) | No. | Shareholder Name with Restricted Shares | Quantity of Restricted Shares Held | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Ge Wenzhi | 200,000 | Equity incentive lock-up period | | 2 | Hua Chaohua | 100,000 | Equity incentive lock-up period | | 3 | Wang Yiwei | 100,000 | Equity incentive lock-up period | | 4 | Weng Qinsheng | 100,000 | Equity incentive lock-up period | | 5 | Yajima Yamato | 100,000 | Equity incentive lock-up period | | 6 | Liu Weiwei | 75,000 | Equity incentive lock-up period | | 7 | Zhang Chengshi | 75,000 | Equity incentive lock-up period | | 8 | Cheng Li | 75,000 | Equity incentive lock-up period | | 9 | Su Liguo | 75,000 | Equity incentive lock-up period | | 10 | Zhu Baosheng | 75,000 | Equity incentive lock-up period | [III. Information on Directors, Senior Management, and Core Technical Personnel](index=62&type=section&id=III.%20Information%20on%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) During the reporting period, no changes in shareholdings or equity incentives for the company's directors, senior management, and core technical personnel were disclosed - During the reporting period, no changes in shareholdings or equity incentives for the company's directors, senior management, and core technical personnel were disclosed[167](index=167&type=chunk) Section VII Bond-Related Information During the reporting period, the company had no information related to corporate bonds or convertible corporate bonds - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[169](index=169&type=chunk) - During the reporting period, the company had no convertible corporate bonds[169](index=169&type=chunk) Section VIII Financial Report This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with notes on significant accounting policies, taxes, and financial statement items [I. Audit Report](index=64&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=64&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - During the reporting period, the company provided consolidated balance sheets, parent company balance sheets, consolidated income statements, parent company income statements, consolidated statements of changes in owners' equity, and parent company statements of changes in owners' equity[171](index=171&type=chunk)[174](index=174&type=chunk)[179](index=179&type=chunk)[183](index=183&type=chunk)[192](index=192&type=chunk)[205](index=205&type=chunk) [III. Company Basic Information](index=91&type=section&id=III.%20Company%20Basic%20Information) Hangzhou Medico Optoelectronic Technology Co., Ltd. was registered on July 29, 2019, listed on the STAR Market of the Shanghai Stock Exchange on March 2, 2021, and primarily engages in R&D, production, sales, and processing services for semiconductor acousto-optics, micro-nano circuits, semiconductor packaging, precision optics, micro-nano optics, and smart terminals - The company was registered with the Hangzhou Administration for Market Regulation on July 29, 2019, with its headquarters located in Hangzhou, Zhejiang Province[210](index=210&type=chunk) - The company's registered capital is **CNY 406,737,698**, with a total of **406,737,698 shares**, and its stock was listed on the STAR Market of the Shanghai Stock Exchange on March 2, 2021[210](index=210&type=chunk) - The company's main business includes the R&D, production, sales, and processing services of semiconductor acousto-optics, semiconductor micro-nano circuits (MEMS), semiconductor packaging, precision optics, micro-nano optics, and smart terminals[210](index=210&type=chunk) [IV. Basis of Financial Statement Preparation](index=91&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubts about its ability to continue as a going concern - The company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubts about its ability to continue as a going concern within **12 months** from the end of the reporting period[211](index=211&type=chunk)[212](index=212&type=chunk) [V. Significant Accounting Policies and Estimates](index=91&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company has established specific accounting policies and estimates

Group 1 - The core viewpoint of the news highlights the trading performance and financing activities of Meidike, indicating a net financing purchase of 4.37 million yuan on August 26, with a total financing balance of 114 million yuan, representing 2.15% of the circulating market value, which is at a high level compared to the past year [1] - Meidike's main business involves the research, manufacturing, and sales of optical optoelectronics, semiconductor optics, and related components, with the largest revenue contributions coming from precision optical components (19.06%) and semiconductor components and precision processing services (17.13%) [2] - As of March 31, the number of shareholders of Meidike was 10,200, a decrease of 7.13% from the previous period, while the average circulating shares per person increased by 7.67% to 39,046 shares [2] Group 2 - In the first quarter of 2025, Meidike achieved operating revenue of 149 million yuan, representing a year-on-year growth of 29.02%, while the net profit attributable to the parent company was -15.99 million yuan, showing a year-on-year increase of 32.12% [2] - Since its A-share listing, Meidike has distributed a total of 73.68 million yuan in dividends, with no dividends paid in the last three years [3]

Group 1 - The core point of the article highlights the financing activities of Meidike, indicating a net selling position in the recent trading days [1] - On August 25, Meidike had a financing buy amount of 0.31 billion yuan, ranking 1017th in the market, with a financing repayment amount of 0.32 billion yuan, resulting in a net sell of 95.98 thousand yuan [1] - Over the last three trading days from August 21 to August 25, Meidike recorded financing buys of 0.22 billion yuan, 0.28 billion yuan, and 0.31 billion yuan respectively [1] Group 2 - In terms of securities lending, on the same day, there were no shares sold or net sold, indicating no activity in this area [2]

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Viewpoints - The company is a leading player in the optical semiconductor industry, with its product matrix entering a harvest phase [1][2]. - The company has made significant breakthroughs in semiconductor processes, enhancing its product offerings and market potential [2][38]. - The company is expected to improve its profitability gradually, with projected net profits turning positive by 2025 [8][25]. Financial Summary - Revenue is projected to grow from 321 million yuan in 2023 to 1.4 billion yuan in 2027, with a CAGR of approximately 40% [1]. - The net profit is expected to shift from a loss of 84 million yuan in 2023 to a profit of 266 million yuan in 2027 [1]. - The company's EPS is forecasted to improve from -0.21 yuan in 2023 to 0.65 yuan in 2027 [1]. Business Development - The company has a stable and clear shareholding structure, with significant stock option and restricted stock incentive plans to boost employee motivation [14][22]. - The company has developed advanced packaging technologies, such as TGV technology, to meet the growing demands of AI development [7][8]. - The company has expanded its product matrix to include various optical semiconductor solutions, which have already passed customer certifications and entered mass production [2][38]. Market Position - The company has established a strong presence in the semiconductor optical packaging substrate and precision processing services, with partnerships with major clients like Sony and Canon [38]. - The company is actively optimizing its business and revenue structure, aiming to enhance its market share and brand recognition [8][25].

Core Viewpoint - Hangzhou Meidi Kai Optoelectronics Technology Co., Ltd. has implemented a stock option and restricted stock incentive plan for 2024, which includes the repurchase and cancellation of certain restricted stocks due to the departure of some incentive targets [1][4]. Group 1: Implementation Process and Information Disclosure - On September 27, 2024, the company held its 18th board meeting and 15th supervisory board meeting to review and approve the incentive plan [2] - The internal announcement for the proposed incentive targets was conducted from September 29 to October 8, 2024, with no objections received [2] - The first extraordinary general meeting of shareholders on October 14, 2024, approved the relevant proposals of the incentive plan [2] - On June 6, 2025, the company approved the repurchase and cancellation of 21,000 restricted stocks and stock options due to the departure of certain incentive targets [2] Group 2: Repurchase and Cancellation Details - The repurchase and cancellation were due to the provisions in the incentive plan that restrict unexercised stock options and unlifted restricted stocks from being exercised or lifted upon the departure of incentive targets [4] - The repurchase price was set at 3.69 yuan per share, totaling 77,490 yuan for the repurchase of 21,000 restricted stocks, funded by the company's own resources [4] - Following the cancellation, the company's total share capital will decrease from 406,737,698 shares to 406,716,698 shares [4][3]

Core Viewpoint - The legal opinion letter confirms that Hangzhou Meidike Optoelectronics Technology Co., Ltd. has complied with necessary legal procedures and regulations regarding the repurchase and cancellation of certain restricted stocks as part of its 2024 stock option and restricted stock incentive plan [2][11]. Group 1: Legal Compliance and Procedures - The law firm conducted a thorough review based on existing facts and relevant laws, ensuring that the legal opinion is accurate and complete [3][5]. - The company has provided all necessary documents and information to the law firm, confirming their authenticity and completeness [4][5]. - The company has followed the required decision-making procedures and disclosed relevant information regarding the repurchase and cancellation of restricted stocks [6][9]. Group 2: Repurchase and Cancellation Details - The repurchase involves 21,000 shares of restricted stock and 21,000 stock options due to the departure of two incentive plan participants [9][10]. - The repurchase price for the restricted stock is set at 3.69 yuan per share, with a total payment of 77,490.00 yuan sourced from the company's own funds [10][11]. - The cancellation of the restricted stocks is expected to be completed by August 27, 2025, resulting in a reduction of the company's total share capital from 406,737,698 shares to 406,716,698 shares [10][11].