Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 3.786 billion yuan, a year-on-year growth of 54.11% [1] - The net profit attributable to shareholders was 397 million yuan, reflecting a substantial year-on-year increase of 164.93% [1] - Basic earnings per share stood at 0.99 yuan [1] Business Segments - In the smartphone sector, the company experienced notable revenue growth [1] - The smart security segment saw a rise in sales due to the launch of upgraded products with superior performance and competitiveness, leading to a significant increase in revenue from high-end security products [1] - In the automotive electronics sector, the company reported a substantial year-on-year increase in the shipment of new generation products used in intelligent driving applications, including surround view, panoramic view, and in-cabin systems [1]

证券代码：688213 证券简称：思特威 公告编号：2025-033 思特威（上海）电子科技股份有限公司 2023 年限制性股票激励计划预留授予部分 第一个归属期符合归属条件的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 思特威（上海）电子科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第二届董事会第八次会议及第二届监事会第七次会议，审议通过了 《关于公司 2023 年限制性股票激励计划预留授予部分第一个归属期符合归属条 件的议案》。根据公司 2023 年限制性股票激励计划（以下简称"本激励计划" 或"《激励计划》"）的规定和公司 2023 年第一次临时股东大会授权，现对有 关事项说明如下： 一、本激励计划批准及实施情况 （一）本激励计划方案及履行的程序 1、本激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （6）任职期限和业绩考核要求 ①激励对象满足各归属期任职期限要求 （2）授予数量：本激励计划授予激励对象的限制性股票数量为 815.5603 万 股，占本激励 ...

证券代码：688213 证券简称：思特威 公告编号：2025-032 思特威（上海）电子科技股份有限公司 关于调整 2023 年限制性股票激励计划 授予价格的公告 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、准确性和完整性依法承担法律责任。 思特威（上海）电子科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第二届董事会第八次会议及第二届监事会第七次会议，审议通过了 《关于调整 2023 年限制性股票激励计划授予价格的议案》。现将有关事项说明 如下： 一、公司 2023 年限制性股票激励计划（以下简称"本激励计划"）已履行 的决策程序和信息披露情况 （一）2023 年 9 月 22 日，公司召开第一届董事会第十八次会议，审议通过 了《关于<公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于 <公司 2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东 大会授权董事会办理公司股权激励计划相关事宜的议案》等相关议案。 同日，公司召开第一届监事会第十六次会议，审议通过了《关于<公司 2023 年限制 ...

北京市汉坤律师事务所上海分所 关于 思特威（上海）电子科技股份有限公司 2023 年限制性股票激励计划调整及预留授予部分归属 相关事项的 法律意见书 汉坤（证）字[2025]第 37094-4-O-7 号 中国上海市静安区石门一路 288 号兴业太古汇香港兴业中心二座 33 层 200041 电话：(86 21) 6080 0909；传真：(86 21) 6080 0999 北京 上海 深圳 香港 海口 武汉 新加坡 纽约 硅谷 www.hankunlaw.com 北京市汉坤律师事务所上海分所 法律意见书 北京市汉坤律师事务所上海分所 关于思特威（上海）电子科技股份有限公司 北京市汉坤律师事务所上海分所 法律意见书 2023 年限制性股票激励计划调整及预留授予部分归属相关事 项的 法律意见书 汉坤（证）字[2025]第 37094-4-O-7 号 致：思特威（上海）电子科技股份有限公司 北京市汉坤律师事务所上海分所（以下简称"本所"）接受思特威（上海）电 子科技股份有限公司（以下简称"公司"或"思特威"）的委托，担任公司 2023 年限制性股票激励计划（以下简称"本激励计划"）的专项法律顾问，并根据《中 华人 ...

[Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) This section defines key terms used throughout the report, including company names, subsidiaries, industry technologies, and financial and legal terminology - This section defines key terms used throughout the report, including company names, subsidiaries, industry technologies (e.g., CMOS image sensors, Fabless, BSI, FSI, RS, GS, SFCPixel®, NIR+, HDR), and financial and legal terminology[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section details the company's fundamental information, contact details, disclosure practices, stock overview, and key financial performance metrics [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section outlines SmartSens Technology (Shanghai) Co., Ltd.'s basic information, including its Chinese name, abbreviation, English name, legal representative, registered and office addresses, website, and email - The company's Chinese name is SmartSens Technology (Shanghai) Co., Ltd., abbreviated as SmartSens, with Xu Chen as the legal representative[14](index=14&type=chunk) - The company's registered address is Room 612, 6th Floor, Building 3, No. 111 Xiangke Road, China (Shanghai) Pilot Free Trade Zone, and its office address is Building 8, Phase IV, Technology Green Oasis, No. 889 Tianlin Road, Minhang District, Shanghai[14](index=14&type=chunk) [II. Contact Information](index=6&type=section&id=II.%20Contact%20Information) This section provides the contact details for Huang Minjun, the company's Board Secretary (domestic representative for information disclosure) - The Board Secretary (domestic representative for information disclosure) is Huang Minjun, contact number 021-64853572, email ir@smartsenstech.com[15](index=15&type=chunk)[16](index=16&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section lists the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report custody, noting no changes during the reporting period - The company's information disclosure newspapers include "Shanghai Securities News", "China Securities Journal", "Securities Times", "Securities Daily", with reports published on www.sse.com.cn[17](index=17&type=chunk) - The company's semi-annual report is available at the company's Board Office, with no changes during the reporting period[17](index=17&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=7&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) This section introduces the company's A-share listing exchange and board, stock abbreviation, and code, clarifying the absence of depositary receipts - The company's A-shares are listed on the Shanghai Stock Exchange STAR Market, with stock abbreviation "SmartSens" and stock code "688213"[18](index=18&type=chunk) - The company has no depositary receipts[19](index=19&type=chunk) [V. Other Relevant Information](index=7&type=section&id=V.%20Other%20Relevant%20Information) This section discloses information about the accounting firm and sponsor engaged by the company, including their names, office addresses, and signing personnel - The accounting firm engaged by the company is Ernst & Young Hua Ming LLP (Special General Partnership), with signing accountants Yang Xiaoyan and Wang Runxin[19](index=19&type=chunk) - The sponsor is China Securities Co., Ltd., with signing representatives Li Chongyang and Dong Junfeng, and the continuous supervision period is from May 20, 2022, to December 31, 2025[19](index=19&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company achieved significant growth in operating revenue and net profit, with increases in total assets and net assets, but net cash flow from operating activities was a net outflow primarily due to increased inventory preparation 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,786,399,097.63 | 2,456,889,524.16 | 54.11 | | Total Profit | 441,137,077.89 | 155,986,140.32 | 182.81 | | Net Profit Attributable to Shareholders of Listed Company | 396,863,571.69 | 149,801,172.02 | 164.93 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 395,700,064.00 | 152,542,463.56 | 159.40 | | Net Cash Flow from Operating Activities | -1,710,721,084.90 | -308,463,647.63 | N/A | | Net Assets Attributable to Shareholders of Listed Company (Period End) | 4,616,409,088.55 | 4,188,852,138.40 | 10.21 | | Total Assets (Period End) | 10,165,184,209.84 | 7,830,383,371.76 | 29.82 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.99 | 0.37 | 167.57 | | Diluted Earnings Per Share (RMB/share) | 0.99 | 0.37 | 167.57 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | 0.99 | 0.38 | 160.53 | | Weighted Average Return on Net Assets (%) | 9.06 | 3.89 | Increased by 5.17 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 9.03 | 3.96 | Increased by 5.07 percentage points | | R&D Expenses as % of Operating Revenue (%) | 6.72 | 8.09 | Decreased by 1.37 percentage points | - Operating revenue increased by **54.11%** year-over-year, primarily driven by a significant increase in product shipments in the smartphone, smart security, and automotive electronics sectors[23](index=23&type=chunk) - Net profit experienced substantial growth, mainly due to expanded revenue scale and improved profitability[24](index=24&type=chunk) - Net cash flow from operating activities was a net outflow of **RMB 1.711 billion**, an increase in net outflow compared to the prior period, primarily due to large advance payments to suppliers for inventory in response to expanded sales[25](index=25&type=chunk) [VII. Accounting Data Differences Under Domestic and Overseas Accounting Standards](index=9&type=section&id=VII.%20Accounting%20Data%20Differences%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that the company has no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[26](index=26&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling **RMB 1,163,507.69** 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit or loss | 4,403,838.91 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -2,680,444.35 | | Other non-operating income and expenses apart from the above | -378,621.95 | | Less: Income tax impact | 181,264.92 | | **Total** | **1,163,507.69** | [IX. Net Profit After Deducting Share-Based Payment Impact (Optional for Companies with Equity Incentive/Employee Stock Ownership Plans)](index=10&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact%20%28Optional%20for%20Companies%20with%20Equity%20Incentive%2FEmployee%20Stock%20Ownership%20Plans%29) This section discloses the net profit after deducting the impact of share-based payments, which was **RMB 427.016 million** in the first half of 2025, representing a **109.90%** year-over-year increase Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 427,015,537.03 | 203,434,946.18 | 109.90 | [X. Explanation of Non-GAAP Financial Measures](index=10&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Financial%20Measures) The company selects net profit attributable to shareholders of the listed company after excluding share-based payment expenses as a non-GAAP financial measure to more objectively reflect actual operating results and profitability Non-GAAP Financial Measures | Indicator | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | GAAP Indicator: Net Profit Attributable to Shareholders of Listed Company | 396,863,571.69 | 149,801,172.02 | | Adjustment Item: Share-Based Payment Expenses | 30,151,965.34 | 53,633,774.16 | | Non-GAAP Financial Indicator: Net Profit Attributable to Shareholders of Listed Company (Excluding Share-Based Payment Expenses) | 427,015,537.03 | 203,434,946.18 | - Net profit after excluding share-based payment expenses increased by **109.90%** year-over-year, primarily due to significant business growth and enhanced profitability[31](index=31&type=chunk) - The company believes that excluding share-based payment expenses provides a more objective reflection of actual operating results, helping investors evaluate core business profitability and operational efficiency[30](index=30&type=chunk) [Section III Management Discussion and Analysis](index=11&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's industry, business operations, core competitiveness, risk factors, and key operating performance [I. Industry and Main Business Overview](index=11&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview) The company's main business involves R&D, design, and sales of high-performance CMOS image sensor chips, widely used in security, machine vision, smartphones, and automotive electronics, operating under a Fabless model with in-house final testing [(I) Company's Industry](index=11&type=section&id=%28I%29%20Company%27s%20Industry) The company's main business is the R&D, design, and sales of high-performance CMOS image sensor chips, widely applied in high-tech fields such as security, machine vision, smartphones, automotive electronics, and industrial sensing - The company's main business is the research, design, and sales of high-performance CMOS image sensor chips[33](index=33&type=chunk) - Products are widely applied in security, machine vision, smartphones, automotive electronics, industrial sensing, and other fields[33](index=33&type=chunk) - The company's industry is "Integrated Circuit Design," belonging to the "Semiconductor and Integrated Circuit" sector within "New Generation Information Technology"[33](index=33&type=chunk) [(II) Industry Development](index=11&type=section&id=%28II%29%20Industry%20Development) The global semiconductor industry is projected to grow by **11.2%** to **USD 700.9 billion** in 2025, driven by AI, IoT, and automotive electronics, while China's chip design sector is expected to grow by **11.9%** to **RMB 646.04 billion** in 2024, with the global CMOS image sensor market reaching **USD 30.1 billion** by 2030 - Global semiconductor sales reached **USD 627.6 billion** in 2024, a **19.1%** year-over-year increase, with an **11.2%** growth projected for 2025 to **USD 700.9 billion**[33](index=33&type=chunk) - China's chip design industry sales are projected to reach **RMB 646.04 billion** in 2024, a **11.9%** year-over-year increase[34](index=34&type=chunk) - The global CIS market is expected to grow at a CAGR of **4.4%** from **USD 23.2 billion** in 2024 to **USD 30.1 billion** by 2030[34](index=34&type=chunk) [(III) Company's Business Model](index=11&type=section&id=%28III%29%20Company%27s%20Business%20Model) The company operates on a Fabless model, focusing on R&D, design, and sales of CMOS image sensors, outsourcing wafer production and packaging, but conducting most final testing in its self-built test facility - The company adopts a Fabless business model, focusing on the R&D, design, and sales of CMOS image sensors[34](index=34&type=chunk) - Major production stages such as wafer fabrication and packaging are outsourced to external companies, but the company's self-built test facility completes most of the final testing (FT testing) stages[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company focused on smart security, smartphones, and automotive electronics, achieving **RMB 3.786 billion** in operating revenue, a **54.11%** year-over-year increase, and **RMB 397 million** in net profit attributable to the parent, a **164.93%** year-over-year increase [Operating Performance Overview](index=12&type=section&id=Operating%20Performance%20Overview) In the first half of 2025, the company's operating revenue reached **RMB 3.786 billion**, a **54.11%** year-over-year increase, and net profit attributable to the parent company was **RMB 397 million**, a **164.93%** year-over-year increase, with all three major business segments showing growth 2025 H1 Revenue by Application Scenario | Application Scenario | Revenue (CNY 10,000) | YoY Growth (%) | % of Main Business Revenue | | :--- | :--- | :--- | :--- | | Smartphones | 175,491.02 | 40.49 | 46.35 | | Smart Security | 154,985.03 | 58.77 | 40.93 | | Automotive Electronics | 48,163.86 | 107.97 | 12.72 | | **Total** | **378,639.91** | **54.11** | **100.00** | - The company's operating revenue increased by **54.11%** year-over-year, and net profit attributable to the parent company increased by **164.93%** year-over-year[35](index=35&type=chunk) [(I) Smartphone Segment](index=12&type=section&id=%28I%29%20Smartphone%20Segment) Revenue in the smartphone segment grew significantly due to deeper customer collaboration and a substantial increase in shipments of high-end 50-megapixel and cost-effective products, with the company launching new domestic 50-megapixel CIS products and Lofic HDR® 2.0 technology - Operating revenue in the smartphone segment grew significantly, primarily due to a substantial increase in shipments of high-end 50-megapixel products and cost-effective products[37](index=37&type=chunk) - The company launched fully domestically produced 50-megapixel smartphone CIS products, SC595XS (flagship main camera) and SC532HS (mainstream main camera and telephoto)[37](index=37&type=chunk) - Innovative Lofic HDR® 2.0 technology was developed, achieving ultra-high dynamic range through single-exposure three-frame fusion, addressing challenges in backlit and other difficult shooting conditions[38](index=38&type=chunk)[39](index=39&type=chunk) [(II) Smart Security Segment](index=13&type=section&id=%28II%29%20Smart%20Security%20Segment) Sales revenue in the smart security segment increased significantly, maintaining the company's global market leadership, with machine vision products holding significant technological influence and market position, and the company launching a new high-performance industrial global shutter image sensor - Sales revenue in the smart security segment increased significantly, and the company continues to maintain its global market leadership position[39](index=39&type=chunk) - In 2024, the company ranked first globally in the drone CIS market with a **46.2%** market share, and shipments increased by **13%** year-over-year[40](index=40&type=chunk) - The company launched the industrial area array high-performance global shutter image sensor SC136HGS, featuring high sensitivity, high dynamic range, and no distortion, for applications such as AGVs and industrial cameras[40](index=40&type=chunk) [(III) Automotive Electronics Segment](index=13&type=section&id=%28III%29%20Automotive%20Electronics%20Segment) Shipments of new-generation products in the automotive electronics segment increased significantly year-over-year, driven by deeper collaboration with mainstream automakers and enhanced industry solution capabilities, with the company also expanding into new products for AI glasses and medical applications - Shipments of new-generation products for intelligent driving and in-cabin applications in the automotive electronics segment increased significantly year-over-year[41](index=41&type=chunk) - The company launched the 3-megapixel high-performance automotive-grade image sensor SC360AT, utilizing CarSens®-XR Gen 2 process technology and supporting LED flicker suppression[41](index=41&type=chunk) - The company actively expanded into new product areas, including the 12-megapixel AI glasses CMOS image sensor SC1200IOT and the ultra-small medical application CMOS image sensor SC1400ME[42](index=42&type=chunk) [Honors and Development Outlook](index=14&type=section&id=Honors%20and%20Development%20Outlook) During the reporting period, the company received multiple industry awards, including "Top Ten IC Design Sales in Shanghai 2024" and "Top 100 Chinese IoT Enterprises 2024," demonstrating its technological leadership and R&D strength, and plans to continue increasing R&D investment to optimize its product matrix and expand into new application areas - The company received multiple awards, including "Top Ten IC Design Sales in Shanghai 2024," "Top 100 Chinese IoT Enterprises 2024," and "Top Ten Chinese IC Design Companies"[43](index=43&type=chunk) - The company will adhere to the "research one generation, mass-produce one generation, pre-research one generation" product development philosophy, continuously increasing R&D investment and optimizing its product matrix[44](index=44&type=chunk) - In the future, the company will further consolidate its market share in smart security, smartphones, and automotive electronics, and expand into new application areas[44](index=44&type=chunk) [III. Analysis of Core Competitiveness](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness stems from its customer-centric technological innovation, efficient chip R&D capabilities, robust intellectual property system, outstanding R&D team, and strong customer base, supported by continuous high R&D investment and stable supply chain partnerships [(I) Core Competitiveness Analysis](index=14&type=section&id=%28I%29%20Core%20Competitiveness%20Analysis) The company's core competitiveness includes its customer-centric technological innovation, efficient chip R&D capabilities, robust intellectual property system, outstanding R&D team, and strong customer resource system, forming unique competitive advantages through rapid customer response, continuous R&D investment, patent accumulation, talent development, and close customer relationships - The company possesses strong technological innovation capabilities closely aligned with customer needs, developing a diverse and differentiated full range of products[46](index=46&type=chunk) - The company adheres to the "research one generation, mass-produce one generation, pre-research one generation" philosophy, achieving efficient chip R&D and rapid market response[47](index=47&type=chunk) - As of June 30, 2025, the company had accumulated **528** authorized patents (including **101** overseas patents), with R&D personnel accounting for **46.43%** of the total workforce[47](index=47&type=chunk) - The company boasts an outstanding R&D team led by Dr. Xu Chen and has cultivated a strong customer base including Hikvision, Xiaomi, OPPO, VIVO, Samsung, and BYD[48](index=48&type=chunk) - The company has established close strategic partnerships with wafer foundries and packaging and testing plants such as TSMC, Hefei Nexchip, and Samsung Electronics, adopting a multi-regional supply chain layout strategy[50](index=50&type=chunk) [(III) Core Technologies and R&D Progress](index=16&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) Several of the company's core technologies, including SFCPixel®, NIR+ near-infrared sensitivity, night vision full-color technology, and global shutter technology, have entered mass production or pilot production stages, supported by **RMB 255 million** in R&D investment and a growing R&D team Core Technology Progress | No. | Core Technology Name | Progress | | :--- | :--- | :--- | | 1 | SFCPixel® patented technology | Mass production | | 2 | Near-infrared sensitivity NIR+ technology | Third-generation technology in mass production | | 3 | Low-light full-color night vision technology based on FSI process | Fourth-generation technology in mass production | | 4 | Starlight-level full-color night vision technology based on BSI process for ultra-low illumination | Third-generation technology in mass production | | 5 | Global shutter technology based on back-illuminated process | Third-generation technology in pilot production | | 9 | Flicker suppression technology LED | Second-generation technology in pilot production | | 14 | Smart sensor platform AI | Under development | | 17 | Chip design technology meeting automotive ASIL D functional safety certification requirements | Second-generation technology in pilot production | | 24 | Ultra-high resolution (200MP) CIS design technology | Pilot production | - During the reporting period, the company filed **68** new intellectual property applications (including **36** invention patents) and obtained **104** authorizations (including **26** invention patents)[53](index=53&type=chunk) R&D Investment | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 254,594,218.37 | 198,675,508.90 | 28.15 | | Total R&D Investment | 254,594,218.37 | 198,675,508.90 | 28.15 | | Total R&D Investment as % of Operating Revenue (%) | 6.72 | 8.09 | Decreased by 1.37 percentage points | - The company's R&D personnel increased to **585**, accounting for **46.43%** of the total workforce, with **327** holding master's degrees or above, representing **53.16%** of R&D personnel[60](index=60&type=chunk) - The company has multiple ongoing R&D projects, including CIS for emerging fields, industrial sensing and low-altitude economy CIS, CIS design for consumer electronics applications, high-performance consumer electronics CIS, high-end process CIS, and automotive-grade CIS, with a total investment scale of **RMB 2.16 billion**[55](index=55&type=chunk)[56](index=56&type=chunk)[58](index=58&type=chunk) [IV. Risk Factors](index=21&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including core competitiveness risks such as technological iteration, R&D failure, core technology leakage, and talent loss; operational risks related to its Fabless model, high supplier and customer concentration, and slower-than-expected expansion into new application areas; financial risks including inventory impairment, accounts receivable recovery, exchange rate fluctuations, gross margin volatility, and changes in tax incentives; and industry, market competition, and macroeconomic environment risks, in addition to governance risks from special voting rights [(I) Core Competitiveness Risks](index=21&type=section&id=%28I%29%20Core%20Competitiveness%20Risks) The company faces risks from rapid technological iteration, potential R&D failures despite significant investment, core technology leakage, and loss of key technical talent, all of which could impact its market competitiveness and sustainable development - The integrated circuit design industry experiences rapid technological iteration, requiring continuous innovation to avoid risks of price reductions, gross margin decline, and loss of development opportunities[61](index=61&type=chunk) - Chip development is highly technical, long-cycle, and capital-intensive, posing risks of R&D failure due to incorrect strategic judgment, inability to break through key technologies, or products not meeting market demand[62](index=62&type=chunk) - Improper management of core technical information or loss of key technical talent could lead to technology leakage, adversely affecting the company's core competitiveness[62](index=62&type=chunk)[63](index=63&type=chunk) [(II) Operating Risks](index=22&type=section&id=%28II%29%20Operating%20Risks) The company's Fabless operating model relies on external foundries, posing risks of rising wafer and packaging prices or insufficient capacity, while high supplier and customer concentration could impact performance if key partners face instability, and slower-than-expected expansion into new application areas or failure to maintain high growth also constitute operational risks - The Fabless operating model demands high stability and cooperation from wafer foundries and packaging plants, posing risks of increased procurement prices or insufficient capacity affecting profitability and shipments[63](index=63&type=chunk) - High concentration of suppliers and customers means that fluctuations in cooperation with major clients could lead to decreased sales volume and difficulties in collecting payments[64](index=64&type=chunk) - Slower-than-expected expansion into new product application areas or R&D progress could impact the company's operating performance growth rate[64](index=64&type=chunk) - The company's operating performance is influenced by upstream capacity supply and downstream terminal demand fluctuations, posing a risk of not maintaining high growth in the future[65](index=65&type=chunk) [(III) Financial Risks](index=23&type=section&id=%28III%29%20Financial%20Risks) The company faces financial risks including inventory impairment, accounts receivable recovery, exchange rate fluctuations, gross margin volatility, and changes in tax incentive policies, all of which could adversely affect its operating performance and profitability - Inventory scale increases with business expansion, and changes in market demand or mismanagement could lead to product obsolescence, inventory buildup, and impairment risks[65](index=65&type=chunk) - Accounts receivable balances may increase with business scale, and failure to collect them promptly would impact capital utilization efficiency and operating performance[65](index=65&type=chunk) - The company has overseas sales and procurement, and significant fluctuations in the RMB-USD exchange rate could impact performance[65](index=65&type=chunk) - Gross margin is influenced by various factors such as downstream demand, product pricing, costs, and technological levels, posing a risk of volatility[66](index=66&type=chunk) - The company enjoys a 15% corporate income tax preferential rate as a high-tech enterprise, and changes in policy or failure to meet qualification criteria could lead to reduced tax benefits[66](index=66&type=chunk) [(IV) Industry Risks](index=24&type=section&id=%28IV%29%20Industry%20Risks) The integrated circuit design industry, in which the company operates, is subject to macroeconomic and downstream application cyclical fluctuations, while periodic shortages or oversupply of wafer production and packaging capacity, along with intensifying market competition, could adversely affect the company's performance and market share - The integrated circuit design industry, in which the company operates, is affected by macroeconomic and downstream application cyclical fluctuations, which may lead to insufficient product demand support[66](index=66&type=chunk) - Cyclical fluctuations in wafer production and packaging capacity may lead to unstable product delivery and reduced gross margins[67](index=67&type=chunk) - The CMOS image sensor market is highly competitive, and if the company fails to continuously enhance its technology and product R&D capabilities, it may face the risk of losing market share[67](index=67&type=chunk) [(V) Macroeconomic Environment Risks](index=24&type=section&id=%28V%29%20Macroeconomic%20Environment%20Risks) Macroeconomic environment risks primarily refer to the possibility of relevant countries or regions imposing trade barriers through trade policies, tariffs, or import/export restrictions due to trade protectionism or geopolitical reasons, thereby limiting the business operations of the company's customers and terminal brand manufacturers, which could lead to reduced demand for the company's chips - Relevant countries or regions may impose trade barriers through trade policies, tariffs, or import/export restrictions, limiting the business operations of the company's customers[68](index=68&type=chunk) - Trade barriers may lead to reduced demand for the company's chips, but the overall impact on the company's operating performance is limited[69](index=69&type=chunk) [(VI) Risks of Special Corporate Governance Structure with Special Voting Rights](index=25&type=section&id=%28VI%29%20Risks%20of%20Special%20Corporate%20Governance%20Structure%20with%20Special%20Voting%20Rights) The company has a special voting rights arrangement where controlling shareholder and actual controller Xu Chen's A-shares carry five times the voting power of other shareholders' B-shares, resulting in a **44.13%** voting power for Xu Chen, which could limit the influence of minority shareholders on major decisions and pose a risk of misalignment between his interests and those of minority shareholders - The company has a special voting share arrangement where the A-shares held by controlling shareholder and actual controller Xu Chen carry five times the voting power of other shareholders' B-shares[69](index=69&type=chunk) - As of the end of the reporting period, Mr. Xu Chen directly held **13.64%** of the company's shares, and through the special voting rights arrangement, his voting power ratio was **44.13%**[69](index=69&type=chunk) - The special voting rights mechanism may limit the influence of shareholders other than Xu Chen on major company decisions and poses a risk that his interests may not align with those of minority shareholders[70](index=70&type=chunk) [V. Key Operating Performance](index=25&type=section&id=V.%20Key%20Operating%20Performance) During the reporting period, the company's operating revenue and net profit both increased significantly, driven by market expansion in consumer electronics, smart security, and automotive electronics, while total assets and net assets also grew, but prepayments and short-term borrowings increased substantially, with investment activities primarily involving financial derivative transactions and investments in other equity instruments [(I) Main Business Analysis](index=25&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue reached **RMB 3.786 billion**, a **54.11%** year-over-year increase, and net profit attributable to the parent company was **RMB 397 million**, a **164.93%** year-over-year increase, driven by market penetration and product sales in consumer electronics, smart security, and automotive electronics Financial Statement Item Fluctuation Analysis | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,786,399,097.63 | 2,456,889,524.16 | 54.11 | | Operating Cost | 2,909,394,131.57 | 1,937,747,904.21 | 50.14 | | Selling Expenses | 64,700,605.41 | 45,876,806.05 | 41.03 | | Administrative Expenses | 61,658,094.74 | 42,194,305.03 | 46.13 | | Financial Expenses | 17,653,438.94 | 47,054,801.24 | -62.48 | | R&D Expenses | 254,594,218.37 | 198,675,508.90 | 28.15 | | Net Cash Flow from Operating Activities | -1,710,721,084.90 | -308,463,647.63 | N/A | | Net Cash Flow from Investing Activities | -286,564,749.30 | -275,581,747.45 | N/A | | Net Cash Flow from Financing Activities | 1,831,591,817.60 | 775,715,460.98 | 136.12 | - The increase in operating revenue is primarily due to the company's continued deep cultivation in the consumer electronics, smart security, and automotive electronics sectors, along with strengthened product R&D and market promotion[73](index=73&type=chunk) - Financial expenses decreased significantly by **62.48%**, mainly due to lower bank loan interest rates, increased interest income, and foreign exchange gains[73](index=73&type=chunk) [(III) Analysis of Assets and Liabilities](index=26&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **RMB 10.165 billion**, a **29.82%** year-over-year increase, and net assets attributable to the parent company were **RMB 4.616 billion**, a **10.21%** year-over-year increase, with significant increases in accounts receivable and prepayments, and substantial changes in short-term borrowings and derivative financial liabilities Asset and Liability Status Changes | Item Name | Current Period End (RMB) | Current Period End % of Total Assets | Prior Period End (RMB) | Prior Period End % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 710,481.84 | 0.01 | 190,311.75 | 0.00 | 273.33 | | Accounts Receivable | 1,383,613,581.12 | 13.61 | 609,285,565.90 | 7.78 | 127.09 | | Prepayments | 1,728,463,177.21 | 17.00 | 192,733,247.28 | 2.46 | 796.82 | | Construction in Progress | 191,229,938.60 | 1.88 | 128,119,870.03 | 1.64 | 49.26 | | Short-term Borrowings | 3,715,958,922.01 | 36.56 | 1,621,675,720.45 | 20.71 | 129.14 | | Derivative Financial Liabilities | 9,917,834.60 | 0.10 | 452,220.16 | 0.01 | 2,093.14 | | Contract Liabilities | 25,555,009.77 | 0.25 | 263,715,328.39 | 3.37 | -90.31 | | Non-current Liabilities Due Within One Year | 60,204,755.80 | 0.59 | 307,846,093.31 | 3.93 | -80.44 | - Prepayments increased significantly by **796.82%**, primarily due to large advance payments to suppliers for inventory preparation[76](index=76&type=chunk) - Short-term borrowings increased by **129.14%**, mainly due to increased borrowing to support expanded business operations[77](index=77&type=chunk) - As of the end of the reporting period, **RMB 22.7004 million** in monetary funds were restricted, and **RMB 643 million** in fixed assets and **RMB 186 million** in intangible assets were pledged as collateral for borrowings[80](index=80&type=chunk) [(IV) Investment Status Analysis](index=29&type=section&id=%28IV%29%20Investment%20Status%20Analysis) During the reporting period, the company's investment amounted to **RMB -33,578.56**, a year-over-year change of **-99.48%**, with the company holding financial assets measured at fair value, including financial derivatives and other equity instrument investments, and engaging in foreign exchange derivative transactions for hedging purposes, achieving a realized investment income of **RMB 3.422 million** Investment Amount for the Reporting Period | Investment Amount for the Reporting Period (RMB) | Investment Amount for the Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | | -33,578.56 | -6,450,430.88 | -99.48% | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Amount Purchased for Current Period (RMB) | Amount Sold/Redeemed for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Derivatives | 190,311.75 | 520,170.09 | 1,244,488,770.00 | 251,283,000.00 | 710,481.84 | | Other Equity Instrument Investments | 14,854,320.00 | - | - | - | 14,854,320.00 | | Other Non-current Financial Assets | 8,099,869.21 | - | - | - | 8,066,290.65 | | **Total** | **23,144,500.96** | **520,170.09** | **1,244,488,770.00** | **251,283,000.00** | **23,631,092.49** | - The company engaged in foreign exchange derivative transactions for hedging purposes, achieving a realized investment income of **RMB 3.422 million** during the reporting period, thus achieving its hedging objective[88](index=88&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=33&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the operating performance of the company's major holding subsidiaries, including Kunshan SmartSens, Hefei SmartSens, SmartSens Technology (Hong Kong) Limited, and Xinxing Micro, which contribute to chip testing, operational entities, and sales, generating operating revenue and net profit Operating Performance of Major Holding Subsidiaries | Company Name | Company Type | Main Business | Registered Capital | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kunshan SmartSens | Subsidiary | Chip testing business | CNY 150 million | 68,655.18 | 20,020.14 | 10,503.96 | 8.83 | 8.83 | | Hefei SmartSens | Subsidiary | Hefei regional operating entity | CNY 100 million | 14,792.37 | 10,456.43 | 3,972.60 | 105.47 | 79.07 | | SmartSens Technology (Hong Kong) Limited | Subsidiary | Sales of CMOS image sensor chips | USD 60.75 million | 89,059.12 | 49,994.22 | 95,208.34 | 3,250.94 | 2,731.55 | | Xinxing Micro | Subsidiary | Sales of CMOS image sensor chips | CNY 1 million | 88,215.77 | 195.70 | 63,674.27 | 48.51 | 47.64 | [Section IV Corporate Governance, Environment, and Social Responsibility](index=34&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Social%20Responsibility) This section outlines corporate governance, including personnel changes, profit distribution, equity incentives, environmental disclosures, and social responsibility [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=34&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section states that there were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period - There were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[93](index=93&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=34&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section discloses that the company's proposed semi-annual profit distribution or capital reserve conversion plan is not applicable, meaning no distribution or conversion will occur - The company's proposed semi-annual profit distribution or capital reserve conversion plan is not applicable, meaning no distribution or conversion will occur[93](index=93&type=chunk) [III. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=34&type=section&id=III.%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) This section discloses that the first vesting period shares of the company's 2023 Restricted Stock Incentive Plan for the second type of restricted stock have been listed for trading, and the company approved the cancellation of some unvested restricted shares from the 2022 Restricted Stock Incentive Plan - On January 8, 2025, the shares from the first vesting period of the company's 2023 Restricted Stock Incentive Plan for the second type of restricted stock were listed for trading[94](index=94&type=chunk) - On April 19, 2025, the company approved the cancellation of **5,046,957** unvested restricted shares from the 2022 Restricted Stock Incentive Plan[94](index=94&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=35&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section states that the company is not included in the list of enterprises required to disclose environmental information by law - The company is not included in the list of enterprises required to disclose environmental information by law[96](index=96&type=chunk) [V. Specific Work on Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=35&type=section&id=V.%20Specific%20Work%20on%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company actively fulfills its social responsibilities by providing employment opportunities for people with disabilities and deepening strategic collaborations with universities like Tsinghua and Zhejiang University to establish scholarship and aid funds for integrated circuit industry talent development - The company actively practices fairness by proactively employing people with disabilities through employment assistance programs[97](index=97&type=chunk) - The company continues to deepen its cooperation with universities, establishing the "SmartSens Scholarship and Aid Fund" and sponsoring the "Electronic Star" scholarship at Tsinghua University, and sponsoring scholarships at Zhejiang University's Micro-Nano Electronics College to support talent development[97](index=97&type=chunk) [Section V Significant Matters](index=36&type=section&id=Section%20V%20Significant%20Matters) This section covers commitment fulfillment, absence of irregular fund occupation or guarantees, audit status, major related party transactions, significant contracts, and other key events [I. Fulfillment of Commitments](index=36&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments made by the company's actual controller, shareholders, related parties, and the company itself during its initial public offering, including share lock-up, share price stability, share repurchase, profit distribution, resolution of horizontal competition, and related party transactions, all of which were timely and strictly fulfilled during the reporting period - The controlling shareholder, actual controller Xu Chen, and other shareholders holding **5%** or more of the shares, all committed not to transfer pre-IPO shares within **36 months** from the date of the company's stock listing[99](index=99&type=chunk)[102](index=102&type=chunk)[105](index=105&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk)[119](index=119&type=chunk) - The company, its controlling shareholder, and its directors, supervisors, and senior management all committed to taking appropriate measures to stabilize the share price when the conditions for initiating the share price stabilization plan are met[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - The company, its controlling shareholder, and actual controller committed to repurchasing shares in accordance with the law if the prospectus contains false records or other similar circumstances[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) - The controlling shareholder and actual controller committed to resolving horizontal competition and related party transactions to avoid harming the interests of the company and other shareholders[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) - The concerted action agreement originally signed by Mr. Xu Chen and Mr. Mo Yaowu automatically terminated upon its expiration on May 20, 2025[137](index=137&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=51&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section states that there was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - There was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[138](index=138&type=chunk) [III. Irregular Guarantees](index=51&type=section&id=III.%20Irregular%20Guarantees) This section states that there were no instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period - There were no instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period[138](index=138&type=chunk) [IV. Semi-Annual Report Audit Status](index=52&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This section states that this semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Annual Report](index=52&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Annual%20Report) This section states that the company's previous annual report did not involve matters with non-standard audit opinions - The company's previous annual report did not involve matters with non-standard audit opinions[139](index=139&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=52&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company had no bankruptcy or reorganization-related matters during the reporting period - The company had no bankruptcy or reorganization-related matters during the reporting period[139](index=139&type=chunk) [VII. Major Litigation and Arbitration Matters](index=52&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This section states that the company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[139](index=139&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of Listed Companies and Their Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=52&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Companies%20and%20Their%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) This section states that the company and its directors, supervisors, senior management, controlling shareholders, and actual controllers had no alleged violations, penalties, or rectification situations during the reporting period - The company and its directors, supervisors, senior management, controlling shareholders, and actual controllers had no alleged violations, penalties, or rectification situations during the reporting period[139](index=139&type=chunk) [IX. Explanation of the Integrity Status of the Company and Its Controlling Shareholder and Actual Controller During the Reporting Period](index=52&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholder%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) This section states that the company and its controlling shareholder and actual controller maintained a good integrity status during the reporting period - The company and its controlling shareholder and actual controller maintained a good integrity status during the reporting period[139](index=139&type=chunk) [X. Major Related Party Transactions](index=52&type=section&id=X.%20Major%20Related%20Party%20Transactions) This section discloses the company's major related party transactions during the reporting period, primarily involving related party guarantees, where Xu Chen provided a **RMB 310 million** guarantee for a company bank loan, which was repaid on January 13, 2025, fulfilling the guarantee Related Party Guarantees | Guarantor | Guarantee Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Xu Chen | 310,000,000.00 | 2021/12/7 | 2028/12/8 | Yes | - Xu Chen's guarantee of **RMB 310 million** for the company's bank loan was repaid on January 13, 2025, and the guarantee has been fulfilled[142](index=142&type=chunk) [XI. Major Contracts and Their Performance](index=53&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) This section discloses the company's and its subsidiaries' major guarantees for subsidiaries during the reporting period, with a total guarantee amount of **RMB 384 million** incurred and an outstanding balance of **RMB 307 million** at period-end, representing **6.65%** of the company's net assets Company and Its Subsidiaries' Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | SmartSens Technology Co., Ltd. | SmartSens Technology (Hong Kong) Limited | 29,000,000.00 | 2024/5/10 | 2025/01/22 | Yes | | SmartSens Technology Co., Ltd. | SmartSens Technology (Hong Kong) Limited | 48,000,000.00 | 2024/5/10 | 2025/03/17 | Yes | | SmartSens Technology Co., Ltd. | SmartSens Technology (Hong Kong) Limited | 43,000,000.00 | 2024/5/10 | 2025/8/18 | No | | SmartSens Technology Co., Ltd. | SmartSens Technology (Hong Kong) Limited | 43,000,000.00 | 2024/5/10 | 2025/9/15 | No | | SmartSens Technology Co., Ltd. | SmartSens Technology (Hong Kong) Limited | 50,000,000.00 | 2025/4/11 | 2025/10/15 | No | | SmartSens Technology Co., Ltd. | Kunshan SmartSens Integrated Circuit Co., Ltd. | 55,000,000.00 | 2023/12/27 | 2030/1/16 | No | | SmartSens Technology Co., Ltd. | Kunshan SmartSens Integrated Circuit Co., Ltd. | 31,650,000.00 | 2023/12/27 | 2031/7/16 | No | | SmartSens Technology Co., Ltd. | Kunshan SmartSens Integrated Circuit Co., Ltd. | 21,900,000.00 | 2023/12/27 | 2032/7/16 | No | | SmartSens Technology Co., Ltd. | Kunshan SmartSens Integrated Circuit Co., Ltd. | 62,448,000.00 | 2025/1/6 | 2033/1/17 | No | - During the reporting period, the total amount of guarantees provided to subsidiaries was **RMB 384 million**, with an outstanding guarantee balance of **RMB 307 million** at period-end[143](index=143&type=chunk) - The total guarantee amount represents **6.65%** of the company's net assets, with **RMB 171 million** exceeding **50%** of net assets[143](index=143&type=chunk)[144](index=144&type=chunk) [XII. Progress of Raised Funds Utilization](index=57&type=section&id=XII.%20Progress%20of%20Raised%20Funds%20Utilization) This section states that the company had no progress in the utilization of raised funds during the reporting period - The company had no progress in the utilization of raised funds during the reporting period[146](index=146&type=chunk) [XIII. Explanation of Other Significant Matters](index=57&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section states that the company had no other significant matters during the reporting period - The company had no other significant matters during the reporting period[146](index=146&type=chunk) [Section VI Share Changes and Shareholder Information](index=57&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details share capital changes, shareholder structure, holdings of directors and executives, and information on special voting rights [I. Share Capital Changes](index=57&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by **2,129,375 shares** due to the registration of shares from the first vesting period of the 2023 Restricted Stock Incentive Plan for the second type of restricted stock, from **399,712,197 shares** to **401,841,572 shares** Share Capital Changes | Share Class | Quantity Before Change (shares) | % Before Change | Increase/Decrease During Change (shares) | Quantity After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 78,797,299 | 19.71 | 0 | 78,797,299 | 19.61 | | II. Unrestricted Tradable Shares | 320,914,898 | 80.29 | 2,129,375 | 323,044,273 | 80.39 | | **III. Total Shares** | **399,712,197** | **100.00** | **2,129,375** | **401,841,572** | **100.00** | - The company's total share capital increased from **399,712,197 shares** to **401,841,572 shares**, primarily due to the registration of shares from the first vesting period of the 2023 Restricted Stock Incentive Plan for the second type of restricted stock[149](index=149&type=chunk) [II. Shareholder Information](index=58&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **13,241** common shareholders and **1** shareholder holding special voting rights shares, with Xu Chen holding **13.64%** and Mo Yaowu holding **5.96%** of the shares, and their concerted action agreement terminated on May 20, 2025 - As of the end of the reporting period, the total number of common shareholders was **13,241**, and the total number of shareholders holding special voting rights shares was **1**[150](index=150&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Ending Holding Quantity (shares) | % | Quantity of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xu Chen | 54,828,443 | 13.64 | 54,828,443 | Overseas Natural Person | | Huaxin Investment Management Co., Ltd. - National Integrated Circuit Industry Investment Fund II Co., Ltd. | 26,931,603 | 6.70 | 0 | State-owned Legal Person | | Mo Yaowu | 23,968,856 | 5.96 | 23,968,856 | Domestic Natural Person | | Brizan China Holdings Limited | 20,066,230 | 4.99 | 0 | Overseas Legal Person | | China Merchants Bank Co., Ltd. - Huaxia SSE STAR Market 50 ETF | 15,594,197 | 3.88 | 0 | Other | | Ma Weijian | 15,027,114 | 3.74 | 0 | Domestic Natural Person | | Gongqingcheng Sizhiwei Technology Industry Investment Partnership (Limited Partnership) | 12,910,441 | 3.21 | 0 | Other | | Industrial and Commercial Bank of China Co., Ltd. - E Fund SSE STAR Market 50 ETF | 11,646,662 | 2.90 | 0 | Other | | Forebright Smart Eyes Technology Limited | 8,035,853 | 2.00 | 0 | Overseas Legal Person | | CITIC Securities Co., Ltd. - Harvest SSE STAR Market Chip ETF | 6,682,409 | 1.66 | 0 | Other | - The concerted action agreement originally signed by controlling shareholder and actual controller Mr. Xu Chen and Mr. Mo Yaowu automatically terminated upon its expiration on May 20, 2025[154](index=154&type=chunk) - The restricted shares held by Mr. Xu Chen and Mr. Mo Yaowu have not yet been listed for trading and remain under restriction[156](index=156&type=chunk) [III. Directors, Supervisors, Senior Management, and Core Technical Personnel Information](index=63&type=section&id=III.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel%20Information) This section discloses changes in shareholdings of directors, supervisors, senior management, and core technical personnel during the reporting period, specifically noting a decrease for Ma Weijian due to secondary market sales and an increase for CFO Li Bingjing due to equity incentive vesting, along with details of restricted stock granted to key executives Shareholding Changes of Current and Resigned Directors, Supervisors, Senior Management, and Core Technical Personnel During the Reporting Period | Name | Position | Beginning Holding Quantity (shares) | Ending Holding Quantity (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ma Weijian | Director, Deputy General Manager, Core Technical Personnel | 16,404,798 | 15,027,114 | -1,377,684 | Secondary market sale | | Li Bingjing | Chief Financial Officer | 0 | 18,127 | 18,127 | Equity incentive vesting | Restricted Stock Granted to Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Quantity of Restricted Stock Granted at Beginning of Period (shares) | Quantity Vested (shares) | Quantity of Restricted Stock Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Xu Chen | Chairman, General Manager, Core Technical Personnel | 501,000 | 0 | 501,000 | | Mo Yaowu | Deputy General Manager, Core Technical Personnel | 270,000 | 0 | 270,000 | | Ma Weijian | Director, Deputy General Manager, Core Technical Personnel | 240,000 | 0 | 240,000 | | Li Bingjing | Chief Financial Officer | 53,316 | 18,127 | 53,316 | | **Total** | / | **1,103,382** | **18,127** | **1,103,382** | [IV. Changes in Controlling Shareholder or Actual Controller](index=64&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - There were no changes in the company's controlling shareholder or actual controller during the reporting period[165](index=165&type=chunk) [V. Implementation and Changes of Depositary Receipt Arrangements](index=64&type=section&id=V.%20Implementation%20and%20Changes%20of%20Depositary%20Receipt%20Arrangements) This section states that there were no implementation or changes in depositary receipt arrangements during the reporting period - There were no implementation or changes in depositary receipt arrangements during the reporting period[165](index=165&type=chunk) [VI. Special Voting Right Shares](index=64&type=section&id=VI.%20Special%20Voting%20Right%20Shares) The company has a special voting rights arrangement where controlling shareholder and actual controller Xu Chen's A-shares carry five times the voting power of other shareholders' B-shares, resulting in a **44.13%** voting power for Xu Chen, which changed from **44.26%** due to an increase in total share capital during the reporting period, and A-shares are not tradable on the secondary market [(I) Special Voting Right Arrangement](index=64&type=section&id=%28I%29%20Special%20Voting%20Right%20Arrangement) The company's share capital comprises A-shares with special voting rights and B-shares with ordinary voting rights, where controlling shareholder and actual controller Xu Chen's A-shares carry five times the voting power of B-shares, and as of the end of the reporting period, Xu Chen held **54,714,036** special voting rights shares, totaling **273,684,587** voting rights, representing **44.13%** of the total voting power, with A-shares not tradable on the secondary market - The company's share capital consists of A-shares with special voting rights and B-shares with ordinary voting rights, where the A-shares held by Xu Chen carry five times the voting power of B-shares[165](index=165&type=chunk)[168](index=168&type=chunk) Special Voting Right Holdings | Shareholder Name | Position | Quantity of Special Voting Right Shares Held (shares) | Voting Rights per Special Voting Right Share | Total Voting Rights Held (shares) | Total Voting Rights (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Chen | Chairman, General Manager | 54,714,036 | 5 | 273,684,587 | 44.13 | - A-shares are not tradable on the secondary market but can be transferred in accordance with relevant regulations of the Shanghai Stock Exchange[169](index=169&type=chunk) [(II) Changes in Voting Right Differential Arrangement During the Reporting Period](index=65&type=section&id=%28II%29%20Changes%20in%20Voting%20Right%20Differential%20Arrangement%20During%20the%20Reporting%20Period) During the reporting period, the company's total share capital increased due to the registration of equity incentive shares, leading to a change in controlling shareholder and actual controller Mr. Xu Chen's special voting rights ratio from **44.26%** to **44.11%** - During the reporting period, the company's total share capital increased, causing the special voting rights ratio of controlling shareholder and actual controller Mr. Xu Chen to change from **44.26%** to **44.11%**[170](index=170&type=chunk) [VII. Preferred Share Information](index=65&type=section&id=VII.%20Preferred%20Share%20Information) This section states that the company had no preferred share-related information during the reporting period - The company had no preferred share-related information during the reporting period[171](index=171&type=chunk) [Section VII Bond-Related Information](index=66&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=66&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[173](index=173&type=chunk) [II. Convertible Corporate Bonds](index=66&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[173](index=173&type=chunk) [Section VIII Financial Report](index=67&type=section&id=Section%20VIII%20Financial%20Report) This section contains the unaudited financial report, encompassing statements, accounting policies, tax information, and detailed notes on various financial items and risks [I. Audit Report](index=67&type=section&id=I.%20Audit%20Report) This section states that this semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [II. Financial Statements](index=67&type=section&id=II.%20Financial%20Statements) This section includes 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, comprehensively presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=67&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets amounted to **RMB 10.165 billion**, total liabilities to **RMB 5.549 billion**, and total owners' equity to **RMB 4.616 billion**, with both total assets and liabilities showing significant growth compared to the end of 2024, primarily due to expanded business scale and increased borrowings Consolidated Balance Sheet Key Data | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 1,068,391,325.33 | 1,225,869,813.66 | | Accounts Receivable | 1,383,613,581.12 | 609,285,565.90 | | Prepayments | 1,728,463,177.21 | 192,733,247.28 | | Inventories | 3,750,575,155.20 | 3,618,199,003.74 | | Total Current Assets | 8,260,736,856.83 | 5,960,073,912.58 | | **Total Assets** | **10,165,184,209.84** | **7,830,383,371.76** | | Short-term Borrowings | 3,715,958,922.01 | 1,621,675,720.45 | | Total Current Liabilities | 4,875,183,601.61 | 3,056,302,787.44 | | **Total Liabilities** | **5,548,775,121.29** | **3,641,531,233.36** | | Total Owners' Equity Attributable to Parent Company | 4,616,409,088.55 | 4,188,852,138.40 | [Parent Company Balance Sheet](index=69&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets amounted to **RMB 10.850 billion**, total liabiliti

Core Insights - The company reported a revenue of 3.786 billion yuan for the first half of 2025, representing a year-on-year growth of 54.11% [1] - The net profit for the same period reached 397 million yuan, showing a significant year-on-year increase of 164.93% [1] Financial Performance - Revenue for the first half of 2025: 3.786 billion yuan [1] - Year-on-year revenue growth: 54.11% [1] - Net profit for the first half of 2025: 397 million yuan [1] - Year-on-year net profit growth: 164.93% [1]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of the year, indicating strong financial performance and operational efficiency [1] Financial Performance - The company achieved a revenue of 3.786 billion yuan in the first half of the year, representing a year-on-year increase of 54.11% [1] - The net profit attributable to shareholders reached 397 million yuan, showing a remarkable year-on-year growth of 164.93% [1] - The basic earnings per share were reported at 0.99 yuan [1]

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 10.63% and a trading volume of 3.502 billion yuan, indicating active market trading [3] - Over the past week, the average daily trading volume of the Sci-Tech Chip ETF reached 2.858 billion yuan, ranking first among comparable funds [3] - The ETF's net asset value has increased by 100.39% over the past year, ranking first among comparable funds and placing it in the top 2.22% of index equity funds [3] Group 2: Fund Growth Metrics - The Sci-Tech Chip ETF has seen a scale increase of 583 million yuan over the past week, leading among comparable funds [3] - In terms of shares, the ETF has grown by 46.5 million shares over the past three months, also ranking first among comparable funds [3] - The latest margin buying amount for the ETF reached 230 million yuan, with a margin balance of 1.419 billion yuan [3] Group 3: GPU Market Insights - The development of AI is heavily reliant on GPUs, with the domestic semiconductor industry making significant advancements in GPU manufacturing since 2023 [4] - The market size for domestic GPUs is estimated to be in the hundreds of billions, with production ramping up significantly [4] - Nvidia's revenue in mainland China is projected to be approximately 17.1 billion USD in 2024, exceeding 100 billion yuan [4] Group 4: Top Stocks in Chip Index - The top ten weighted stocks in the Sci-Tech Chip Index account for 57.59% of the index, including companies like Cambricon, SMIC, and Haiguang Information [4] - Notable stock performances include SMIC with a rise of 10.80% and Haiguang Information with a rise of 20.00% [6] Group 5: Investment Opportunities - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [7]

Core Viewpoint - The article discusses the performance of the Kexin Chip 50 ETF (588750) and its major holdings, highlighting the fluctuations in stock prices of key companies within the ETF [1] Group 1: ETF Performance - The Kexin Chip 50 ETF (588750) opened with a decline of 0.67%, priced at 1.193 yuan [1] - Since its establishment on December 18, 2024, the ETF has achieved a return of 19.90%, with a one-month return of 17.49% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 0.69% - Haiguang Information (海光信息) down 0.33% - Cambrian (寒武纪) down 1.16% - Lanke Technology (澜起科技) up 0.65% - Zhongwei Company (中微公司) down 0.01% - Chipone (芯原股份) down 1.74% - Hushi Silicon Industry (沪硅产业) down 0.51% - Hengxuan Technology (恒玄科技) down 0.20% - Sitaiwei (思特威) down 0.04% - Huahai Qingke (华海清科) up 0.39% [1]

中证网讯 8月18日早盘，A股高开高走，其中通信板块一马当先。截至午盘，科创芯片ETF（588200） 成分股寒武纪-U大涨超5%，科创芯片ETF（588200）跟涨2.95%。此外，中兴通讯涨停，作为成份股带 动通信ETF（159695）涨4.93%、科技ETT嘉实（515860）涨2.85%。 MACD金叉信号形成，这些股涨势不错！ 据同花顺iFinD数据显示，截至8月18日午间收盘，科创芯片ETF（588200）近5日涨超11.48%，其跟踪 的上证科创板芯片指数的前十大权重股分别为寒武纪-U、中芯国际、海光信息、澜起科技、中微公 司、芯原股份、沪硅产业、恒玄科技、华海清科和思特威-W。（魏昭宇） ...