证券日报网讯 8月12日晚间，臻镭科技发布公告称，为保障股份回购方案的顺利实施，公司将股份回购 价格上限由38.13元/股（含）调整为74元/股（含）。 （文章来源：证券日报） ...

Mergers and Acquisitions - Jin Chengzi plans to issue shares and pay cash to acquire 55% stake in Samit from eight parties including Wang Yongyang and Huang Meng, while also raising matching funds [1] - Quzhou Development intends to purchase 95.46% of Xian Dao Electronic Technology Co., Ltd. through share issuance and will raise matching funds [2] Earnings Disclosure - Zhuyue Group reported a net profit of 585 million yuan for the first half of 2025, representing a year-on-year increase of 57.83%, with total revenue of 10.412 billion yuan, up 14.89% [3] - Zhenlei Technology announced a net profit of 62.32 million yuan for the first half of 2025, a staggering year-on-year growth of 1006.99%, with revenue of 205 million yuan, increasing by 73.64% [4] Shareholding Changes - Baichuan Co., Ltd. major shareholder Zheng Tiejiang plans to reduce his stake by up to 3%, amounting to no more than 17.83 million shares, due to personal financial needs, from September 4 to December 3, 2025 [5] - Taiping Bird's shareholder Chen Hongchao intends to reduce his stake by no more than 3%, equivalent to 14.13 million shares, for personal financial reasons, from August 19 to November 18, 2025 [6] - Kanghua Biology's shareholder Chuanfa Selected No. 3 plans to reduce his stake by up to 3%, or 389,840 shares, within three months from the 15th trading day after the announcement [7] Risk Matters - *ST Huamei announced that it failed to rectify fund occupation issues within the mandated period, leading to a suspension of its stock starting August 13, 2025, with potential delisting risks if not resolved within two months [8] - Ruikang Pharmaceutical reported that its director and board secretary Li Zhe has had his detention lifted and is now under a directive to be monitored, with normal business operations continuing [9]

（文章来源：证券日报） 证券日报网讯 8月12日晚间，臻镭科技发布公告称，公司第二届监事会第十一次会议审议通过了《关于 公司2025年半年度报告及其摘要的议案》等多项议案。 ...

Group 1: Resumption of Trading - Jin Chengzi plans to acquire 55% stake in Samit and will resume trading tomorrow; Samit specializes in high-precision fast-reflecting mirror business [1] - Quzhou Development intends to purchase 95.4559% of Xian Dao Electronics and will resume trading tomorrow; Xian Dao focuses on the R&D of sputtering targets and evaporation materials for vacuum coating [1] Group 2: Mergers, Acquisitions, and Capital Increases - China Shipbuilding's dissenting shareholders' acquisition request price is set at 30.02 yuan per share [2] - Jiangsu Suopu plans to raise no more than 1.5 billion yuan through a private placement for the ethylene acetate and EVA integration project (Phase I) [3] - Guangli Microelectronics is acquiring 100% of LUCEDA NV to strategically position itself in silicon photonics technology [4] Group 3: Share Buybacks, Increases, and Equity Transfers - Zhenlei Technology has raised its share buyback price from 38.13 yuan per share to 74 yuan per share [5] - Fuanna has conducted its first buyback of 1 million shares [6] - Shaanxi Jinye plans to repurchase shares worth between 40 million and 70 million yuan, with loans not exceeding 63 million yuan [7] - Donghua Energy's controlling shareholder's concerted action party has received a commitment letter for a special loan to increase holdings, not exceeding 225 million yuan [8] - Taimusi's controlling shareholder intends to transfer 29.99% of the company's shares, with Guangzhou State-owned Assets Supervision and Administration Commission becoming the actual controller [9] Group 4: External Investments and Daily Operations - Haikang obtained the clinical trial approval notice for the innovative drug HSK47977 tablets [10] - Rundou Co., Ltd. received approval for the listing application of glucosamine sulfate sodium chloride compound as a chemical raw material drug [11] - Beilu Pharmaceutical's subsidiary Haichang Pharmaceutical's iodine mepivacaine chemical raw material drug has been approved for listing [12] - Baiyun Airport signed a cooperation contract with China Duty Free Group for the operation of the T3 terminal's outbound duty-free project [13] - Guoshield Quantum plans to sign a sales contract worth 76.5418 million yuan with China Telecom Quantum Group for the sale of quantum key distribution hardware and software [14] Group 5: Performance Changes - Zhenlei Technology's net profit for the first half of 2025 is 62.3197 million yuan, a year-on-year increase of 1006.99%; the company continues to strengthen its advantages in special fields such as data links, electronic countermeasures, wireless communication terminals, next-generation radios, and phased array communications, achieving significant growth in orders and projects [15] - Jingchen Co., Ltd. reported a net profit of 497 million yuan for the first half of the year, a year-on-year increase of 37.12% [16] - China Unicom's net profit for the first half of 2025 is 6.349 billion yuan, a year-on-year increase of 5.1% [17] - Shuanghui Development's net profit for the first half of the year is 2.323 billion yuan, a year-on-year increase of 1.17%; the company plans to distribute 6.5 yuan per 10 shares [18] - Jinlongyu's net profit for the first half of the year is 1.756 billion yuan, a year-on-year increase of 60.07% [19]

Group 1 - Jishi Media (吉视传媒) clarifies that it does not engage in "State-owned Cloud" related businesses and does not invest in currently released films [1] - Haishi Pharmaceutical (海思科) received approval for clinical trials of its innovative drug HSK47977, a potential First-In-Class treatment for non-Hodgkin lymphoma [2] - Baiyun Airport (白云机场) signed a 10-year cooperation contract with China Duty Free Group for operating the T3 terminal's outbound duty-free project [3] Group 2 - ST Huamei (ST华微) announced that it failed to rectify fund occupation issues by the deadline, leading to a stock suspension starting August 13, 2025 [4] - Zhenlei Technology (臻镭科技) reported a 73.64% increase in revenue to 205 million yuan and a 1006.99% increase in net profit to approximately 62.32 million yuan for the first half of 2025 [5] - Jiangte Electric (江特电机) announced a change in actual controllers to Wang Xin and Zhu Jun following a share transfer [6] Group 3 - ST Shengtun (ST盛屯) will remove other risk warnings and change its stock name to "Shengtun Mining" effective August 14, 2025, with a trading limit increase from 5% to 10% [7] - Jin Chengzi (金橙子) plans to acquire 55% of Samit Optoelectronics through a share issuance and cash payment, with stock resuming trading on August 13 [8][9] - China Unicom (中国联通) proposed a cash dividend of 1.112 yuan per 10 shares, totaling approximately 3.477 billion yuan [10] Group 4 - China Shipbuilding (中国船舶) announced the buyout price for dissenting shareholders at 30.02 yuan per share, with a premium of 28.25% over the closing price [11] - Shuangyi Technology (双一科技) disclosed plans by its controlling shareholder to reduce holdings by up to 1.31 million shares, representing 0.7923% of total shares [12] - ST Xiachuang (ST峡创) will remove other risk warnings and change its stock name to "Haixia Innovation" effective August 14, 2025 [13] Group 5 - Yuhua Tian (玉禾田) stated that the small shareholding of Zhiyuan Innovation in its subsidiary does not significantly impact its operations [14] - Baichuan Co. (百川股份) announced that its chairman plans to reduce his stake by up to 3% due to personal financial needs [14]

臻镭科技2025半年报 ...

Core Viewpoint - The company achieved significant growth in revenue and net profit in the first half of 2025, driven by favorable market conditions and strategic positioning in emerging industries [1] Financial Performance - The company reported operating revenue of 205 million yuan, representing a year-on-year increase of 73.64% [1] - The net profit attributable to shareholders reached 62.32 million yuan, marking a substantial year-on-year growth of 1006.99% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 52.89 million yuan [1] - Basic earnings per share stood at 0.29 yuan [1] Market Position and Strategy - The company capitalized on the recovery of downstream industries and sustained demand, strengthening its advantages in specialized fields such as data chains, electronic countermeasures, wireless communication terminals, next-generation radios, and phased array communications [1] - The company experienced a significant increase in orders and projects on hand compared to the previous year, supported by strong technical capabilities, a good industry reputation, and high-quality customer service [1] - The company is actively pursuing opportunities in strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, leveraging its advanced research layout and technological barriers to align closely with customer needs [1]

一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 根据中国证券监督管理委员会下发的《关于同意浙江臻镭科技股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕4031 号），公司获准向社 会公开发行人民币普通股 2,731 万股，每股发行价格为人民币 61.88 元，募集资 金 168,994.28 万元，扣除发行费用合计 15,363.18 万元（不含增值税金额）后， 实际募集资金净额为 153,631.10 万元，上述募集资金已全部到位。天健会计师 事务所（特殊普通合伙）对本公司本次公开发行新股的募集资金到位情况进行了 审验，并出具了天健验〔2022〕37 号《验资报告》。 （二）募集资金使用及结余情况 公司 2025 年半年度实际使用募集资金 14,950.76 万元。截至 2025 年 6 月 30 日，募集资金余额为 13,606.58 万元（包括累计收到的银行存款利息扣除银 行手续费等的净额）。截至 2025 年 6 月 30 日，募集资金实际使用及结余情况如 下： 证券代码：688270 证券简称:臻镭科技 公告编号：2025-036 浙江臻镭科技股份有限公司 关于2025年 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company names, reporting periods, financial measurement units, and professional technical terms in integrated circuits, radar, and communication, ensuring a clear understanding of the report content - The company's full name "Zhejiang Great Microwave Technology Co., Ltd." is abbreviated as "**Great Microwave Technology**"[10](index=10&type=chunk) - The reporting period refers to **January to June 2025**[10](index=10&type=chunk) - **Fabless mode** refers to the business model of fabless integrated circuit companies, which only engage in chip design, R&D, application, and sales, while manufacturing, packaging, and testing are outsourced[10](index=10&type=chunk) - **Phased array radar** uses electronic technology to control antenna beam direction, featuring large target capacity, high data rate, multi-functionality, and strong anti-interference capabilities[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, legal representative, registered address, historical changes, office address, and official website - The company's Chinese name is Zhejiang Great Microwave Technology Co., Ltd., abbreviated as **Great Microwave Technology**[14](index=14&type=chunk) - The legal representative is **Zhang Bing**[14](index=14&type=chunk) - The company's registered address was changed on **January 24, 2024**, to Floors 1-3, Building 7 & 8, YunChuangJiaGu R&D Center, No. 428 Zhiqiang Road, Xihu District, Hangzhou City, Zhejiang Province[14](index=14&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary (domestic representative for information disclosure) Li Na and Securities Affairs Representative Sun Feifei, including contact address, phone, fax, and email - The Board Secretary (domestic representative for information disclosure) is **Li Na**, and the Securities Affairs Representative is **Sun Feifei**[15](index=15&type=chunk) - The contact number is **0571-81023677**, and the email address is **ir@greatmicrowave.com**[15](index=15&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 and websites for information disclosure, as well as the location for semi-annual report custody, ensuring investors can access public company information in a timely manner - The company's selected newspapers for information disclosure include **Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily**[16](index=16&type=chunk) - The website address for publishing the semi-annual report is **www.sse.com.cn**[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=8&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) This section briefly introduces the company's stock listing status, including stock type, listing exchange and board, stock abbreviation, and code - The company's stock is **A-shares**, listed on the **STAR Market of the Shanghai Stock Exchange**[17](index=17&type=chunk) - The stock abbreviation is **Great Microwave Technology**, and the stock code is **688270**[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue and net profit both achieved substantial growth, driven by downstream industry recovery, improved market demand, and active expansion in specialized and emerging industries, with net cash flow from operating activities turning positive Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 204,867,001.88 CNY | 117,985,952.43 CNY | 73.64 | | Total Profit | 62,319,652.83 CNY | 5,629,647.90 CNY | 1,006.99 | | Net Profit Attributable to Shareholders of Listed Company | 62,319,652.83 CNY | 5,629,647.90 CNY | 1,006.99 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 52,894,987.00 CNY | -605,600.99 CNY | Not applicable | | Net Cash Flow from Operating Activities | 10,211,387.10 CNY | -4,305,956.82 CNY | Not applicable | | **Current Period End vs Prior Year End** | | | | | Net Assets Attributable to Shareholders of Listed Company | 2,199,601,123.84 CNY | 2,141,434,056.34 CNY | 2.72 | | Total Assets | 2,339,683,067.27 CNY | 2,236,565,115.12 CNY | 4.61 | Key Financial Indicators (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.29 | 0.03 | 866.67 | | Diluted Earnings Per Share (CNY/share) | 0.29 | 0.03 | 866.67 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.25 | - | Not applicable | | Weighted Average Return on Net Assets (%) | 2.87 | 0.26 | Increased by 2.61 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.43 | -0.03 | Increased by 2.46 percentage points | | R&D Investment as % of Operating Revenue (%) | 32.51 | 56.98 | Decreased by 24.47 percentage points | - In the first half of 2025, the company's **operating revenue increased by 73.64%**, and **total profit and net profit attributable to shareholders of the listed company both increased by 1006.99%**, primarily due to significant growth in main business revenue[19](index=19&type=chunk) - The company continues to consolidate its advantages in specialized fields such as data links, electronic countermeasures, wireless communication terminals, new-generation radios, and phased array communication, while seizing development opportunities in strategic emerging industries like commercial aerospace, low-altitude economy, and deep-sea technology[19](index=19&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 details the non-recurring gains and losses items and their amounts for the reporting period, totaling 9,424,665.83 CNY, primarily including government grants and fair value changes in financial assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -59,582.45 | | Government grants recognized in current profit or loss | 2,521,500.00 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to the company's normal business operations | 6,978,168.28 | | Other non-operating income and expenses apart from the above items | -15,420.00 | | **Total** | **9,424,665.83** | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business During the Reporting Period](index=11&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of integrated circuit chips and microsystems, with products including RF transceivers, power management chips, and microsystems, widely used in specialized fields and civil applications like satellite internet, playing a crucial role in domestic equipment and satellite miniaturization and lightweighting [(I) Industry](index=11&type=section&id=%28I%29%20Industry) The company belongs to the "Computer, Communication and Other Electronic Equipment Manufacturing" industry and is recognized by the National Bureau of Statistics as part of the strategic emerging industries "New Electronic Components and Equipment Manufacturing" and "Integrated Circuit Manufacturing" - The company's industry is "Computer, Communication and Other Electronic Equipment Manufacturing (Classification Code: C39)" as per the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies (2012 Revision)"[25](index=25&type=chunk) - The company's industry is classified by the National Bureau of Statistics' "Strategic Emerging Industries Classification (2018)" as "**New Electronic Components and Equipment Manufacturing**" (Classification Code: 1.2.1) and "**Integrated Circuit Manufacturing**" (Classification Code: 1.2.4)[25](index=25&type=chunk) [(II) Description of Main Business](index=11&type=section&id=%28II%29%20Description%20of%20Main%20Business) The company's main business involves the R&D, production, sales, and technical services of integrated circuit chips and microsystems, with products primarily used in specialized fields such as data links, electronic countermeasures, wireless communication terminals, new-generation radios, and phased array communication, as well as civil applications like mobile communication systems and satellite internet, serving as a key supplier of domestic basic components - The company's main products include **RF transceiver chips and high-speed high-precision ADC/DAC chips, power management chips, microsystems, and modules**[26](index=26&type=chunk) - The company's products are widely used in data links, electronic countermeasures, wireless communication terminals, new-generation radios, and phased array communication in specialized fields, as well as mobile communication systems and satellite internet in civil applications[26](index=26&type=chunk) - In the satellite internet sector, the company's products have promoted the miniaturization and lightweighting of satellite and payload systems, becoming one of the most important suppliers of domestic basic components[26](index=26&type=chunk) [(III) Company's Main Products](index=12&type=section&id=%28III%29%20Company%27s%20Main%20Products) The company's main product lines include RF transceiver chips, high-speed high-precision ADC/DAC chips, digital beamformers, operational amplifiers, clock distributors, power management chips, power chipsets and modules, and microsystems and modules, which offer significant advantages in functionality, integration, power consumption, and radiation resistance, widely applied in aerospace, radar, and communication high-tech fields - **RF transceiver chips and high-speed high-precision ADC/DAC chips**: Employing SDR design principles, featuring software reconfigurability, multi-mode concurrency, wide/narrowband signal compatibility, fast frequency hopping, low power consumption, and miniaturization, such as the multi-channel integrated RF transceiver chip **CX9840** for direct-to-mobile satellite communication payloads[30](index=30&type=chunk)[31](index=31&type=chunk) - **Digital beamformers, operational amplifiers, and clock distributors/generators**: Digital beamformers feature software reconfigurability, low power consumption, high integration, and strict multi-chip synchronous operation, such as the radiation-hardened **CX1620DF** used in low-earth orbit satellite prototypes[32](index=32&type=chunk)[33](index=33&type=chunk) - **Power management chips**: Product line includes 8 major categories such as point-of-load power chips, low-dropout linear regulators, T/R power management chips, and solid-state electronic switches, characterized by small size, radiation resistance, high efficiency, high reliability, and high integration, making it one of the most comprehensive suppliers of space-grade power chips in China[34](index=34&type=chunk)[35](index=35&type=chunk) - **Power chipsets and power modules**: Divided into aerospace-grade point-of-load modules, micro-modules, and aerospace-grade secondary power systems, possessing technical advantages such as high power density, high reliability, and radiation resistance, widely used in electronic systems for satellites, rockets, and UAVs[36](index=36&type=chunk)[37](index=37&type=chunk) - **Microsystems and modules**: Utilizing 3D heterogeneous integration technology to achieve high integration, high efficiency, low noise, high reliability, miniaturization, and lightweighting, competitive in spaceborne and specialized fields, significantly promoting the development of satellite internet[38](index=38&type=chunk)[39](index=39&type=chunk) [II. Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved significant growth in operating revenue and net profit, primarily driven by downstream industry recovery, a substantial increase in specialized sector orders, and strategic deployment and batch delivery in emerging industries like commercial aerospace and low-altitude economy. The company is actively expanding new customers and application areas to increase market share - During the reporting period, the company's **operating revenue reached 204.867 million CNY, a year-on-year increase of 73.64%**[39](index=39&type=chunk) - **Net profit attributable to owners of the parent company was 62.3197 million CNY, a year-on-year increase of 1006.99%**[39](index=39&type=chunk) - Growth drivers include downstream industry recovery, substantial year-on-year growth in existing orders and projects in specialized fields, and seizing development opportunities in strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology[40](index=40&type=chunk) - Some products have transitioned from 2024's small-batch, experimental satellite stages to continuous batch delivery[41](index=41&type=chunk) - The company is actively developing new customers and projects, entering new application areas, and improving its full-chain product capabilities and multi-product line synergistic layout[41](index=41&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Leveraging its "chip-module-system" full-chain forward design and R&D capabilities, the company has established leading domestic and internationally advanced technological and first-mover advantages in RF transceivers, power management, and microsystems. During the reporting period, the company continued R&D investment, obtained multiple patents, made significant progress in ongoing projects, and optimized its R&D personnel structure, providing solid support for its core competitiveness [(I) Core Competitiveness Analysis](index=15&type=section&id=%28I%29%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its "chip-module-system" full-chain product capabilities and multi-product line synergistic layout, achieving leading domestic and internationally advanced technical performance. By comparing product performance with comparable companies, the company demonstrates excellent or comparable performance indicators in several star products, especially in radiation resistance, low power consumption, and high integration - The company's products are categorized into four major business lines: RF transceiver and high-speed high-precision ADC/DAC chips, power management chips, terminal RF front-end chips, and microsystems and modules[42](index=42&type=chunk) - The **ADC spurious-free dynamic range of the high-speed high-precision RF direct sampling transceiver CX8845 is superior** to benchmark products[42](index=42&type=chunk) - The **gain adjustment range and precision of the high-precision RF direct sampling receiver CX74E1N are superior** to benchmark products, and its **power consumption is significantly better**[44](index=44&type=chunk) - The **integration, IF bandwidth, channel-to-channel isolation, frequency synthesizer integrated phase noise, and operating temperature of the wide/narrowband integrated RF transceiver CX9261A are superior** to benchmark products[46](index=46&type=chunk) - The **receiver NSD, SNR, SFDR, and maximum SerDes interface rate of the wideband RF direct sampling transceiver CX8242KA are superior** to benchmark products, and its **power consumption and package size are smaller**[47](index=47&type=chunk) - The **integration, phase noise, receiver IIP3, and power consumption of the radiation-hardened RF transceiver CX9840/CX9840AN are significantly superior** to benchmark products[51](index=51&type=chunk) - The **rated operating voltage, turn-on/off delay time, short-circuit protection time, and radiation resistance of the solid-state electronic switch chip M49307RH are superior** to benchmark products[53](index=53&type=chunk) - The **point-of-load power module MS1244ARH has strong radiation resistance**, a capability not present in benchmark products[58](index=58&type=chunk) - The **gain, noise figure, and power consumption of the four-beam SIP module CSIP-Ka-16-03 are superior** to benchmark products[60](index=60&type=chunk) [(III) Core Technologies and R&D Progress](index=25&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company adheres to a full forward design R&D path, building a "chip-module-system" full-chain product capability with leading domestic and internationally advanced technical performance. During the reporting period, the company continuously innovated in 14 core technologies, including wide/narrowband signal compatibility, low spurious/noise emission, multi-chip synchronization, radiation-hardened low-power transceivers, wideband DBF, hierarchical design, radiation-hardened miniature magnetically isolated solid-state electronic switches, radiation-hardened T/R power management chips, multi-phase parallel current-sharing point-of-load power chips, high-power density micro-power modules, radiation-hardened isolated switching power supply control chips, 3D heterogeneous microsystem passive structure and multi-physical field integrated design, multi-channel T/R RF microsystem digital, analog, RF isolation optimization, and millimeter-wave tile-type active phased array antenna system input/output isolation optimization. It obtained 45 patents and 11 software copyrights. R&D investment accounted for 32.51% of operating revenue, with 157 R&D personnel, over 50% of whom hold master's degrees or above, providing strong support for the company's core competitiveness - The company adheres to a full forward design R&D technical path, building a "chip-module-system" full-chain product capability and multi-product line synergistic layout[66](index=66&type=chunk) - The company possesses **14 core technologies**, including wide/narrowband signal compatible large dynamic range receiver channel design, low spurious/noise emission, multi-chip synchronization, radiation-hardened low-power transceiver, low-power fractional delay filter reuse, hierarchical design, radiation-hardened miniature magnetically isolated solid-state electronic switch, radiation-hardened T/R component power management system process integration, multi-phase parallel current-sharing, radiation-hardened, high-efficiency point-of-load power chip, high-power density micro-power module, radiation-hardened isolated switching power supply control chip, 3D heterogeneous microsystem passive structure and multi-physical field integrated design, multi-channel T/R RF microsystem digital, analog, RF isolation optimization, and millimeter-wave tile-type active phased array antenna system input/output isolation optimization[67](index=67&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - As of June 30, 2025, the company and its controlled subsidiaries hold **45 granted patents** (44 invention patents, 1 utility model patent) and **11 software copyrights**[72](index=72&type=chunk) R&D Investment (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 66,601,789.40 CNY | 67,227,877.17 CNY | -0.93 | | Total R&D Investment | 66,601,789.40 CNY | 67,227,877.17 CNY | -0.93 | | Total R&D Investment as % of Operating Revenue (%) | 32.51 | 56.98 | Decreased by 24.47 percentage points | - The company's **9 ongoing R&D projects** include aerospace high-reliability precision power system chipsets, multi-channel RF direct sampling transceiver chips and synchronous transceiver systems, wideband high-linearity high-efficiency RF front-end chips, integrated phased array microsystems, baseband RF integrated SDR microsystems, high-reliability precision micro-power modules, clock distributors/generators, radiation-hardened high-performance RF direct sampling transceivers, and digital beamforming chips[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) R&D Personnel (Jan-Jun 2025) | Indicator | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Total R&D personnel | 157 | - | | R&D personnel as % of total company personnel | 58.15 | - | | PhD students | 16 | 10.19 | | Master's students | 68 | 43.31 | | Bachelor's | 66 | 42.04 | | Junior college | 7 | 4.46 | | Under 30 years old | 82 | 52.23 | | 30-40 years old | 67 | 42.67 | | 40-50 years old | 8 | 5.10 | [IV. Risk Factors](index=31&type=section&id=IV.%20Risk%20Factors) The company faces core competitiveness risks, such as rapid technological iteration and insufficient innovation; operational risks, including small operating scale, discontinuous orders, supplier management, and gross margin fluctuations; and financial risks, such as accounts receivable recovery, inventory impairment, and changes in tax policies, all of which could adversely affect the company's future operating performance [(I) Core Competitiveness Risks](index=31&type=section&id=%28I%29%20Core%20Competitiveness%20Risks) The integrated circuit design industry is technology-intensive with rapid iteration, and customer demands are personalized. The company must continuously innovate in R&D to maintain technological advancement and product competitiveness. Failure to accurately grasp market trends or maintain innovation capabilities could impact market position and operating performance - The integrated circuit design industry, where the company operates, is technology-intensive with **rapid technological upgrades and product iteration speeds**[81](index=81&type=chunk) - Customer demand for product personalization is continuously increasing, requiring the company to continuously engage in R&D innovation to maintain technological advancement and product competitiveness[81](index=81&type=chunk) [(II) Operational Risks](index=32&type=section&id=%28II%29%20Operational%20Risks) The company's operating scale is relatively small, potentially limiting its ability to undertake all

Core Viewpoint - Zhenray Technology (SH 688270, closing price: 59.25 yuan) reported a significant increase in its half-year performance for 2025, indicating strong growth in revenue and net profit [2] Financial Performance - The company's revenue for the first half of 2025 is approximately 205 million yuan, representing a year-on-year increase of 73.64% [2] - The net profit attributable to shareholders of the listed company is approximately 62.32 million yuan, showing a remarkable year-on-year increase of 1006.99% [2] - Basic earnings per share are reported at 0.29 yuan, which is an increase of 866.67% year-on-year [2]