证券代码：688260 证券简称：昀冢科技 公告编号：2025-025 本公司董事会及全体董事保证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。 苏州昀冢电子科技股份有限公司（以下简称"公司"或"昀冢科技"）于 2025 年 8 月 11 日召开了第二届董事会第二十三次会议和第二届监事会第二十次 会议，审议通过了《关于作废部分已授予尚未归属的限制性股票的议案》，现将 有关事项公告如下： 一、2022 年限制性股票激励计划已履行的相关审批程序 1、2022 年 1 月 21 日，公司召开的第一届董事会第十七次会议通过了《关 于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公司股东大 会授权董事会办理股权激励相关事宜的议案》等议案。公司独立董事就本次激励 计划相关事项发表了明确同意的独立意见。 同日，公司召开第一届监事会第十三次会议，审议通过了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2022 年限制性股 票激励计划实施考核 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于苏州昀冢电子科技股份有限公司 2022 年限制性股票激励计划 第二个归属期归属条件未成就 及相关限制性股票作废事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于苏州昀冢电子科技股份有限公司 2022 年限制性股票激励计划 第二个归属期归属条件未成就及相关限制性股票作废事项的 上海市锦天城律师事务所 法律意见书 法律意见书 致：苏州昀冢电子科技股份有限公司 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"）受苏州昀冢电子科技股份有限 公司（以下简称"昀冢科技"或"公司"）的委托，就公司 2022 年限制性股票激励计 划第二个归属期归属条件未成就及相关限制性股票作废的有关事宜，根据《中华 人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简 称"《证券法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）《《科 创板上市 ...

公司简称：昀冢科技 证券代码：688260 上海荣正企业咨询服务（集团）股份有限公司 关于 苏州昀冢电子科技股份有限公司 作废部分限制性股票相关事项 之 独立财务顾问报告 2025 年 8 月 1 | 一、释义 | 3 | | | --- | --- | --- | | 二、声明 | 5 | | | 三、基本假设 | 6 | | | 四、独立财务顾问意见 | 7 | | | （一）本次作废部分限制性股票的审批程序 | | 7 | | （二）作废部分限制性股票相关事项的说明 | | 10 | | （三）结论性意见 | | 11 | | 五、备查文件及咨询方式 | 12 | | | （一）备查文件 | | 12 | | （二）咨询方式 | | 12 | 3.2022 年第二期股权激励计划：指《苏州昀冢电子科技股份有限公司 2022 年第 二期限制性股票激励计划（草案）》。 4.限制性股票、第二类限制性股票：符合激励计划授予条件的激励对象，在满 足相应的获益条件后分次获得并登记的公司 A 股普通股股票。 5.激励对象：按照本激励计划规定，获得限制性股票的公司管理骨干及技术骨 干/董事、高级管理人员、核心技术人员及业 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于苏州昀冢电子科技股份有限公司 2022 年第二期限制性股票激励计划 第二个归属期归属条件未成就 及相关限制性股票作废事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于苏州昀冢电子科技股份有限公司 2022 年第二期限制性股票激励计划 第二个归属期归属条件未成就及相关限制性股票作废事项的 法律意见书 致：苏州昀冢电子科技股份有限公司 第一部分 引言 上海市锦天城律师事务所（以下简称"本所"）受苏州昀冢电子科技股份有限 公司（以下简称"昀冢科技"或"公司"）的委托，就公司 2022 年第二期限制性股票 激励计划第二个归属期归属条件未成就及相关限制性股票作废的有关事宜，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》 （以下简称"《证券法》"）《上市公司股权激励管理办法》（以下简称《管理办法》 " "） 《《科创板上市公司自律监管指 ...

苏州昀冢电子科技股份有限公司（以下简称"公司"）为贯彻落实科创板上 市公司"提质增效重回报"专项行动的倡议，践行以"投资者为本"的发展理念， 提高上市公司质量，树立良好的市场形象，基于对未来发展前景的信心以及对公 司长期投资价值的认可, 为维护全体股东利益，于 2025 年 4 月 26 日披露了公司 《2025 年度"提质增效重回报"行动方案》（以下简称"行动方案"）。2025 年上 半年，行动方案主要举措的落实及成效情况具体如下： 苏州昀冢电子科技股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报告 一、聚焦经营主业，加快推进新业务 2025 年上半年，公司在深耕消费电子主营业务的基础上，积极顺应市场趋 势与行业变革，稳步推进中长期业务拓展，电子陶瓷、汽车电子业务实现强劲增 长，为公司构建了更具韧性与竞争力的业务生态。 在电子陶瓷领域，公司所布局的 MLCC 和 DPC 业务协同发力，2025 年上半年， 其发展态势良好，营业收入由去年同期的 1,215.97 万元增长至 6,674.57 万元， 同比大幅增长 448.91%，核心竞争力进一步凸显。 随着公司 MLCC 业务进入小批量量 ...

证券代码：688260 证券简称：昀冢科技 公告编号：2025-027 苏州昀冢电子科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、说明会类型 苏州昀冢电子科技股份有限公司（以下简称"公司"）已于2025年8月13日在上海 证券交易所网站（www.sse.com.cn）披露了《2025年半年度报告》及《2025年半年度 报告摘要》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况， 公司定于2025年8月21日（星期四）10:00-11:00在"价值在线"（www.ir-online.cn）举 办公司2025年半年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见 和建议。 会议召开方式：网络互动方式 三、参加人员 董事长、总经理王宾先生，董事会秘书、财务总监陈艳女士，独立董事刘海燕女 士（如遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 投 资 者 可 于 2025 年 8 月 21 日 （ 星 期 四 ） 1 ...

证券代码：688260 证券简称：昀冢科技 公告编号：2025-026 苏州昀冢电子科技股份有限公司 关于2025年半年度计提资产减值准备的公告 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。 一、本次计提资产减值准备情况概述 1 2025年半年度公司计提各类信用减值损失及资产减值损失共计2,199.27万元，其中 计提信用减值损失-244.68万元，计提资产减值损失2,443.95万元，具体如下表： 单位：人民币/万元 | | 项目 | 计提减值准备金额 | | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | -198.61 | | | 其他应收款坏账损失 | -46.07 | | 资产减值损失 | 存货跌价损失 | 2,443.95 | | | 合计 | 2,199.27 | 注：合计数与各明细数直接相加之和在尾数上存在差异为四舍五入所致。 二、本次计提资产减值准备事项的具体说明 （一）信用减值损失 公司以预期信用损失为基础，对应收账款、其他应收款进行减值测试并确认损失 准备。经测试，本 ...

证券代码：688260 证券简称：昀冢科技 公告编号：2025-024 苏州昀冢电子科技股份有限公司 第二届监事会第二十次会议决议公告 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 经审议，监事会认为：公司 2025 年半年度报告的编制和审议程序符合相关 法律法规及《公司章程》等的各项规定；公司 2025 年半年度报告的内容与格式 符合中国证券监督管理委员会和上海证券交易所的各项规定，所包含的信息能从 各方面客观、真实、公允地反映出公司 2025 年半年度的经营成果和财务状况等 事项；公司 2025 年半年度报告所披露的信息真实、准确和完整，不存在任何虚 假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年半年度报告》和《2025 年半年度报告摘要》。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 苏州昀冢电子科技股份有限公司（以下简称"公司"）第二 ...

苏州昀冢电子科技股份有限公司 第二届董事会第二十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688260 证券简称：昀冢科技 公告编号：2025-023 一、董事会会议召开情况 苏州昀冢电子科技股份有限公司（以下简称"公司"）第二届董事会第二十 三次会议通知于 2025 年 8 月 8 日送达全体董事，并于 2025 年 8 月 11 日在公司 会议室以现场结合通讯方式召开。本次会议由公司董事长王宾先生主持，应参会 董事 9 人，实际参会董事 9 人，会议的召集、召开符合《中华人民共和国公司法》 等法律法规和《公司章程》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 经与会董事审议，形成决议如下： （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 经审议，董事会认为：公司 2025 年半年度报告的编制和审议程序符合相关 法律法规及《公司章程》等的各项规定；公司 2025 年半年度报告的内容与格式 符合中国证券监督管理委员会和上海证券交易所的各项规定，所包含的信息能从 各 ...

[Definitions](index=4&type=section&id=第一节%20释义) This section defines company abbreviations, technical terms (e.g., CCM, VCM, CMI), key customers, and partners, specifying the reporting period as January 1 to June 30, 2025 [Definitions of Common Terms](index=4&type=section&id=1.1%20常用词语释义) This chapter defines company entity abbreviations, professional terms (such as CCM, VCM, CMI), and key customers and partners used in the report, clarifying the reporting period from January 1 to June 30, 2025 - The reporting period is defined as January 1 to June 30, 2025[11](index=11&type=chunk) - The report provides detailed explanations of core technical terms such as CCM (Camera Module), VCM (Voice Coil Motor), and CMI (Chip Mounting Integration), aiding in understanding the technical composition of the company's main business[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=第二节%20公司简介和主要财务指标) This section provides the company's basic information, contact details, disclosure channels, and stock overview, along with key financial data and indicators [Company Basic Information](index=5&type=section&id=2.1%20公司基本情况) This chapter provides the company's basic business registration information, contact details, information disclosure channels, and stock overview, with the company abbreviated as Yunzhuo Technology and stock code 688260 listed on the STAR Market of the Shanghai Stock Exchange Company Basic Information | Item | Information | | :--- | :--- | | **Company Full Chinese Name** | Suzhou Yunzhuo Electronic Technology Co., Ltd. | | **Company Chinese Abbreviation** | Yunzhuo Technology | | **Stock Exchange** | Shanghai Stock Exchange STAR Market | | **Stock Code** | 688260 | [Key Accounting Data and Financial Indicators](index=6&type=section&id=2.2%20主要会计数据和财务指标) During the reporting period, the company's operating revenue decreased by 17.66% year-on-year to $246.16 million, and net profit attributable to parent company shareholders expanded to a loss of -$99.94 million, primarily due to delayed consumer electronics orders and MLCC project investments Key Accounting Data and Financial Indicators | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | $246,157,614.49 | $298,950,164.35 | -17.66% | | Net Profit Attributable to Shareholders of Listed Company | -$99,936,540.66 | -$27,549,222.02 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | -$104,182,022.70 | -$85,105,302.68 | Not Applicable | | Net Cash Flow from Operating Activities | -$24,226,355.62 | -$53,495,212.73 | Not Applicable | | **Key Financial Indicators** | **Current Period (Jan-Jun)** | **Prior Year Period** | **YoY Change** | | Basic Earnings Per Share ($/share) | -0.8328 | -0.2296 | Not Applicable | | Weighted Average Return on Net Assets (%) | -57.29% | -8.43% | Decrease of 48.86 percentage points | | R&D Investment as % of Operating Revenue (%) | 20.04% | 19.18% | Increase of 0.86 percentage points | - The primary reasons for the company's revenue decline and expanded losses include delayed release of new consumer electronics models, the company's proactive optimization of customer orders, the de-consolidation of Chizhou Yunsan's revenue, and significant upfront investment and high fixed costs for the MLCC project[21](index=21&type=chunk) - Despite the overall revenue decline, Q2 revenue reached **$146 million**, representing a **45.37% sequential growth**, reversing the Q1 downturn[20](index=20&type=chunk) - Net cash flow from operating activities improved, mainly due to the company's focus on its core business, optimization of the semiconductor lead frame business (relinquishing control of Chizhou Yunsan), and strengthened cash management[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=2.3%20非经常性损益项目和金额) During the reporting period, the company's total non-recurring gains and losses amounted to $4.25 million, primarily from government grants of $4.56 million recognized in current profit or loss Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount ($) | | :--- | :--- | | Disposal gains and losses of non-current assets | 328,231.64 | | Government grants recognized in current profit or loss | 4,563,405.42 | | Other non-operating income and expenses | -75,493.71 | | Less: Income tax impact | 235,513.16 | | Less: Impact on minority interests (after tax) | 335,148.15 | | **Total** | **4,245,482.04** | [Management Discussion and Analysis](index=8&type=section&id=第三节%20管理层讨论与分析) This section discusses the industry, main business operations, core competencies, and risk factors, providing an in-depth analysis of the company's performance [Industry and Main Business Overview](index=8&type=section&id=3.1%20行业及主营业务情况) The company operates in the precision electronic components manufacturing industry, with its main business covering consumer electronics, electronic ceramics, and automotive electronics, where consumer electronics is a pillar industry primarily serving smartphone camera modules - The company's main business is divided into three segments: consumer electronics (pillar industry), electronic ceramics, and automotive electronics[27](index=27&type=chunk) - Consumer electronics products primarily include Voice Coil Motors (VCM) and Camera Module (CCM) components for smartphones, with CMI parts as core products, now in their fourth generation, maintaining an industry-leading position[27](index=27&type=chunk)[28](index=28&type=chunk) - Automotive electronics products mainly consist of controllers for chassis-by-wire braking systems (ABS, ESC, ONE-BOX) and steering system components[29](index=29&type=chunk) - The electronic ceramics business is divided into MLCC (Multi-Layer Ceramic Capacitors) and DPC (Direct Plated Copper Ceramic Substrates), covering consumer electronics, automotive electronics, communications, and laser applications[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=3.2%20经营情况讨论与分析) During the reporting period, the company's total revenue was $246.16 million, a 17.66% year-on-year decrease (8.96% decrease after excluding consolidation impact), but Q2 saw a 45.37% sequential growth, indicating business recovery, with electronic ceramics and automotive electronics emerging as new growth drivers - Consumer electronics business experienced a significant recovery in Q2, with sequential sales revenue growth of approximately **48%**, primarily driven by substantial revenue growth in core CMI and CCMI businesses[37](index=37&type=chunk) - Electronic ceramics business (MLCC and DPC) saw synergistic growth, with operating revenue increasing from $12.16 million in the prior year period to **$66.75 million**, a substantial year-on-year increase of **448.91%**, with DPC business achieving profitability[39](index=39&type=chunk)[40](index=40&type=chunk) - Automotive electronics business achieved operating revenue of **$38.44 million**, a year-on-year increase of approximately **30.95%**, having passed certifications with customers like BYD and Nexteer, and secured orders from leading domestic new energy vehicle clients[38](index=38&type=chunk)[41](index=41&type=chunk) - Subsidiary Chizhou Yunsan introduced external investors, including local state-owned capital, through capital increase and share expansion, receiving **$55 million** from a Guoyuan Equity fund, which will support the development of MLCC and other projects[41](index=41&type=chunk)[42](index=42&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=3.3%20核心竞争力分析) The company's core competitiveness lies in its technology and R&D, product barriers, customer resources, and talent advantages, possessing full-chain technical capabilities and equipment self-development, with high technical barriers for its CMI products and strong relationships with leading customers - The company possesses full-chain technical capabilities in injection molding, stamping, SMT packaging, and automated testing, along with independent equipment development capabilities, resulting in significant manufacturing cost advantages[43](index=43&type=chunk) - The core CMI product has been developed to the fourth generation, featuring high technical barriers, with no domestic or international competitors since the second generation, demonstrating a clear differentiated competitive advantage[43](index=43&type=chunk) - During the reporting period, HD-CMI (fourth-generation CMI) products continued commercialization; CCMI products achieved mass production with a "multi-coil + multi-Hall + dual-driver IC" architecture; high thermal conductivity ceramic heat sink product yield improved by **10%**; and subsidiary Chizhou Yunsan obtained IATF 16949 automotive industry quality management system certification[54](index=54&type=chunk)[55](index=55&type=chunk) R&D Investment | R&D Investment | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | $49,334,828.78 | $57,346,444.23 | -13.97% | | Total R&D Investment as % of Operating Revenue (%) | 20.04% | 19.18% | Increase of 0.86 percentage points | Intellectual Property | Intellectual Property | New Acquisitions (Units) in Current Period | Cumulative Acquisitions (Units) | | :--- | :--- | :--- | | Invention Patents | 8 | 65 | | Utility Model Patents | 9 | 199 | | Software Copyrights | 1 | 13 | | Others (Trademarks) | 6 | 95 | | **Total** | **24** | **372** | [Risk Factors](index=24&type=section&id=3.4%20风险因素) The company faces multiple risks, including performance decline due to high MLCC project investment, intensified industry competition, rapid product iteration, raw material price fluctuations, high customer concentration, and significant financial risks related to accounts receivable and fixed asset investments - **Performance Risk**: The MLCC project involves substantial upfront investment and high depreciation costs, leading to the company's current loss-making status and the risk of continued performance decline[70](index=70&type=chunk) - **Operational Risk**: The company faces risks such as raw material price fluctuations, slower-than-expected expansion into new markets (e.g., automotive electronics), product price reductions, and high concentration of direct and end customers[72](index=72&type=chunk)[73](index=73&type=chunk) - **Financial Risk**: As of the end of the reporting period, accounts receivable had a book value of **$153 million**, accounting for **10.41%** of total assets; fixed assets had a book value of **$836 million**, accounting for **56.91%** of total assets, both posing risks. Additionally, short-term borrowings of **$347 million** and long-term borrowings of **$497 million** indicate certain debt repayment pressure and liquidity risk[76](index=76&type=chunk)[77](index=77&type=chunk) - **Macro-environmental Risk**: Uncertainties in the international trade environment may affect end-customer demand, adversely impacting the company's performance growth[77](index=77&type=chunk) [Analysis of Main Business](index=26&type=section&id=3.5%20主营业务分析) This chapter further elaborates on the company's operational performance through an analysis of financial statement item changes and asset-liability status, showing a decrease in operating revenue while operating costs remained largely stable, and various expenses declined Key Financial Statement Items | Item | Current Period Amount ($) | Prior Year Period Amount ($) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 246,157,614.49 | 298,950,164.35 | -17.66 | | Operating Cost | 243,301,183.69 | 242,514,999.08 | 0.32 | | Administrative Expenses | 26,678,484.74 | 35,267,785.65 | -24.35 | | R&D Expenses | 49,334,828.78 | 57,346,444.23 | -13.97 | | Net Cash Flow from Financing Activities | 60,656,943.54 | 148,665,265.56 | -59.20 | - The balance sheet shows that the ending balance of construction in progress increased by **47.44%** compared to the end of the previous year, mainly due to increased investment in equipment and other fixed assets. Other payables increased by **2309.57%**, primarily due to increased borrowings from shareholders[82](index=82&type=chunk)[83](index=83&type=chunk) - The company's significant non-equity investment is the "Multi-Layer Ceramic Capacitor Project," with a total investment of **$1.124 billion**, of which **$36.53 million** was invested during the reporting period, bringing the cumulative investment to **$633 million**[86](index=86&type=chunk) [Corporate Governance, Environment, and Society](index=32&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in corporate governance, including board member adjustments, and outlines the company's half-year profit distribution and equity incentive plans [Corporate Governance Status](index=32&type=section&id=4.1%20公司治理情况) During the reporting period, there was a change in the company's board of directors, with Mr. Fang Hao resigning due to personal reasons and Mr. Ji Chunyong being elected as a new non-independent director; the company has no half-year profit distribution or capital reserve to share capital increase plan, nor has it implemented new equity incentive plans - Director Fang Hao resigned, and Ji Chunyong was elected as a new director[92](index=92&type=chunk) - The board of directors resolved not to distribute profits for this half-year, nor is there a plan for capital reserve to share capital increase[93](index=93&type=chunk) [Significant Matters](index=34&type=section&id=第五节%20重要事项) This section details the fulfillment of commitments, significant litigation, related-party transactions, and major contracts, including guarantees for subsidiaries [Fulfillment of Commitments](index=34&type=section&id=5.1%20承诺事项履行情况) During the reporting period, the company and related parties strictly fulfilled various commitments made during the initial public offering and subsequent equity incentive plans, including share lock-up, share price stability, profit distribution, and standardized related-party transactions, with no breaches of commitments - The commitments made by the company's actual controller, shareholders, related parties, and the company itself, either during or continuing into the reporting period, have all been strictly fulfilled[97](index=97&type=chunk) [Significant Litigation and Arbitration Matters](index=49&type=section&id=5.2%20重大诉讼、仲裁事项) The company sued Suzhou Shengxin Precision Technology Co., Ltd. and others for infringement of trade secrets, seeking $50 million in damages; the first-instance judgment ordered the defendants to cease infringement and pay $4.79 million, but the company, dissatisfied with the ruling, has appealed to the Jiangsu Provincial High People's Court - The company filed a lawsuit for trade secret infringement, and the first-instance judgment awarded **$4.79 million** in compensation, but the company, dissatisfied with the ruling, has appealed, requesting a revised judgment to support all claims (compensation of **$50 million**)[134](index=134&type=chunk) [Significant Related-Party Transactions](index=50&type=section&id=5.3%20重大关联交易) During the reporting period, a significant related-party transaction occurred where Mr. Wang Bin, the company's controlling shareholder and actual controller, provided all proceeds from a partial stock inquiry transfer as an interest-free financial aid to the company to support its development - Mr. Wang Bin, the company's controlling shareholder and actual controller, provided the proceeds from a partial stock inquiry transfer as interest-free financial assistance to the company, with a validity period of no less than one year[138](index=138&type=chunk) [Significant Contracts and Their Performance](index=51&type=section&id=5.4%20重大合同及其履行情况) As of the end of the reporting period, the company's total guarantee balance for subsidiaries was $613 million, accounting for 365.18% of the company's net assets, with $603 million provided for guaranteed entities (primarily Chizhou Yunsan) with an asset-liability ratio exceeding 70% Total Guarantee Amount | Total Guarantee Amount | Amount ($) | | :--- | :--- | | **Total Guarantees (A+B)** | **612,953,088.85** | | Total Guarantees as % of Company's Net Assets (%) | 365.18% | | Of which: Debt Guarantees Provided for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 602,953,088.85 | [Share Changes and Shareholder Information](index=56&type=section&id=第六节%20股份变动及股东情况) This section provides an overview of the company's shareholder structure, including the total number of shareholders and changes in holdings by directors, supervisors, senior management, and core technical personnel [Shareholder Information](index=56&type=section&id=6.1%20股东情况) As of the end of the reporting period, the company had a total of 6,153 common shareholders, with Suzhou Yunsan, Wang Bin, Suzhou Yun'er, Suzhou Yunsi, and Suzhou Yunyi being the main holders, all holding tradable shares, and Wang Bin and his four controlled partnerships forming a concerted action relationship - As of the end of the reporting period, the company had a total of **6,153** common shareholders[149](index=149&type=chunk) Top Five Shareholders | Shareholder Name (Top Five) | Shares Held at Period End (Shares) | Percentage (%) | | :--- | :--- | :--- | | Suzhou Yunsan Enterprise Management Consulting Partnership (Limited Partnership) | 10,064,830 | 8.39 | | Wang Bin | 10,023,220 | 8.35 | | Suzhou Yun'er Enterprise Management Consulting Partnership (Limited Partnership) | 9,911,830 | 8.26 | | Suzhou Yunsi Enterprise Management Consulting Partnership (Limited Partnership) | 9,556,490 | 7.96 | | Suzhou Yunyi Enterprise Management Consulting Partnership (Limited Partnership) | 7,865,650 | 6.55 | [Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel](index=59&type=section&id=6.2%20董事、监事、高级管理人员和核心技术人员持股变动) During the reporting period, some directors, supervisors, senior management, and core technical personnel experienced changes in their shareholdings, with Chairman Wang Bin reducing his holdings by 3.3 million shares through inquiry transfer, and Director Fang Hao and Supervisor Wang Qingjing reducing their holdings by 519,000 and 393,000 shares respectively through secondary market sales Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Change in Shares Held During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | | Wang Bin | Chairman, General Manager, Core Technical Personnel | -3,300,000 | Inquiry Transfer | | Fang Hao | Director | -519,000 | Secondary Market Sale | | Wang Qingjing | Supervisor | -393,000 | Secondary Market Sale | [Bond-Related Information](index=60&type=section&id=第七节%20债券相关情况) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Bond Information](index=60&type=section&id=7.1%20债券情况) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds or convertible corporate bonds[159](index=159&type=chunk) [Financial Report](index=61&type=section&id=第八节%20财务报告) This section presents the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity [Financial Statements](index=61&type=section&id=8.1%20财务报表) This chapter provides the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity, showing total assets of $1.469 billion, total liabilities of $1.318 billion, and total owner's equity attributable to the parent company of $168 million as of the end of the reporting period - The financial report for this half-year is unaudited[5](index=5&type=chunk)[161](index=161&type=chunk) Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | June 30, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Total Assets | 1,468,831,952.82 | 1,531,650,235.44 | | Total Liabilities | 1,317,997,833.77 | 1,332,925,327.24 | | Total Equity Attributable to Parent Company Owners | 167,850,671.91 | 222,913,009.96 | [Basis of Financial Statement Preparation and Accounting Policies](index=83&type=section&id=8.2%20财务报表编制基础与会计政策) The financial statements are prepared on a going concern basis, with the company noting that current liabilities exceed current assets by $414 million, indicating short-term debt pressure, but the board believes various financing channels will ensure continued operations; this chapter also details the accounting standards followed and specific accounting policies for revenue recognition, R&D expenses, and financial instruments - The company prepares its financial statements on a going concern basis but discloses that current liabilities exceed current assets by **$414 million**, indicating liquidity risk. The company plans to address this by increasing financing channels, obtaining government support, and strengthening cash flow management[194](index=194&type=chunk)[456](index=456&type=chunk) - The company's revenue recognition policies are: domestic sales of precision electronic components and lead frames are recognized upon customer acceptance and verification; export sales are recognized upon completion of export customs declaration; mold development is recognized upon customer approval; electroplating processing is recognized upon completion of service and verification; MLCC sales are recognized upon customer acceptance[263](index=263&type=chunk) [Notes to Consolidated Financial Statement Items](index=100&type=section&id=8.3%20合并财务报表项目注释) This chapter provides detailed notes to the consolidated financial statements, categorizing and explaining major items in the balance sheet, income statement, and cash flow statement, highlighting accounts receivable of $166 million (with $13.02 million in bad debt provisions), inventory of $109 million, fixed assets of $836 million, construction in progress of $83.76 million (mainly for production base expansion and MLCC project), short-term borrowings of $347 million, and long-term borrowings of $497 million - The ending book balance of accounts receivable is **$166 million**, with **90.9%** being within one year. The top five accounts receivable by debtor collectively account for **54.67%** of the total[290](index=290&type=chunk)[296](index=296&type=chunk) - The ending book value of inventory is **$109 million**, an increase from the beginning of the period, with raw materials, work-in-progress, and finished goods all showing varying degrees of growth. The ending balance of inventory impairment provisions is **$23.88 million**[317](index=317&type=chunk) - The ending balance of construction in progress is **$83.76 million**, with major projects including Kunshan factory building (**$47.26 million**), automotive electronics and MLCC Phase I project (**$24.16 million**), and production base expansion (**$9.34 million**)[335](index=335&type=chunk)