人民财讯8月22日电，瑞华泰(688323)8月22日晚间披露2025年半年报，公司上半年实现营业收入1.82亿 元，同比增长37.86%；归母净利润为亏损3373.42万元。营收增长主要原因系嘉兴募投项目产能逐步释 放，销量增长。 ...

Section I Definitions Provides definitions of common terms, company names, competitors, partners, and key technologies like PI and CPI film, essential for understanding the report [Definitions of Common Terms](index=4&type=section&id=常用词语释义) Defines key terms used throughout the report, including company names, subsidiaries, competitors, partners, and technical terms like PI and CPI film, to ensure clarity - Company full name: Shenzhen Rayitek Film Technology Co., Ltd., abbreviated as Rayitek[11](index=11&type=chunk) - Reporting period: January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - PI: Polyimide, a high molecular compound containing imide groups, one of the three advanced polymer materials[11](index=11&type=chunk) - CPI film: Colorless transparent PI film, a type of colorless and transparent PI film, used for flexible display components like screen covers[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators Presents an overview of the company's basic information and key financial performance indicators for the reporting period [I. Company Basic Information](index=5&type=section&id=一、公司基本情况) Outlines Shenzhen Rayitek Film Technology Co., Ltd.'s fundamental details, including its name, legal representative, registered address, website, and email, providing a company overview - Company Chinese name: Shenzhen Rayitek Film Technology Co., Ltd., abbreviated as Rayitek[14](index=14&type=chunk) - Legal representative: Tang Changdan; registered and office address: Huamei Industrial Park, Songgang Street, Bao'an District, Shenzhen[14](index=14&type=chunk) - Company website: www.rayitek.com, email: ir@rayitek.cn[14](index=14&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) Provides contact details for the company's Board Secretary Li Tao and Securities Affairs Representative Liu Nanzhou, facilitating investor inquiries and communication - Board Secretary (Domestic Information Disclosure Representative): Li Tao; Securities Affairs Representative: Liu Nanzhou[15](index=15&type=chunk) - Contact number: 0755-29712290, email: ir@rayitek.cn[15](index=15&type=chunk) [III. Brief Introduction to Changes in Information Disclosure and Document Availability Locations](index=6&type=section&id=三、信息披露及备置地点变更情况简介) Specifies the company's designated newspapers and website for information disclosure, along with the location for semi-annual report availability, ensuring timely access to public information - Designated newspapers for information disclosure: "China Securities Journal", "Securities Times", "Shanghai Securities News"[16](index=16&type=chunk) - Website for semi-annual report: www.sse.com.cn[16](index=16&type=chunk) - Semi-annual report availability location: Company Board Secretary's Office[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=6&type=section&id=四、公司股票/存托凭证简况) Briefly describes the company's stock information, including type, listing exchange, and code, while confirming the absence of depositary receipts - Stock type: RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange STAR Market[17](index=17&type=chunk) - Stock abbreviation: Rayitek, stock code: 688323[17](index=17&type=chunk) - The company has no depositary receipts[18](index=18&type=chunk) [V. Other Relevant Information](index=6&type=section&id=五、其他有关资料) Discloses information about the company's domestic accounting firm, including its name, office address, and signing accountants, ensuring transparency - Domestic accounting firm: Daxin Certified Public Accountants (Special General Partnership)[18](index=18&type=chunk) - Office address: 1st Floor, Academy International Building, No. 22 Zhichun Road, Haidian District, Beijing[18](index=18&type=chunk) - Signing accountants: Lian Wei, Liu Jiaona[18](index=18&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=6&type=section&id=六、公司主要会计数据和财务指标) Presents the company's key accounting data and financial indicators for the first half of 2025, showing a 37.86% increase in operating revenue and a 164.65% increase in net cash flow from operating activities, despite continued losses 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,931,302.33 | 131,972,166.76 | 37.86 | | Total Profit | -38,688,911.43 | -37,050,274.65 | Not applicable | | Net Profit Attributable to Listed Company Shareholders | -33,734,236.57 | -36,131,893.43 | Not applicable | | Net Cash Flow from Operating Activities | 93,856,972.78 | 35,464,823.00 | 164.65 | | Net Assets Attributable to Listed Company Shareholders | 909,386,908.35 | 943,121,144.92 | -3.58 | | Total Assets | 2,631,720,914.73 | 2,563,947,151.17 | 2.64 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.19 | -0.20 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.19 | -0.20 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.19 | -0.20 | Not applicable | | Weighted Average Return on Net Assets (%) | -3.64 | -3.68 | Increased by 0.04 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -3.68 | -3.75 | Increased by 0.07 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 9.41 | 12.77 | Decreased by 3.36 percentage points | - Operating revenue increased by **37.86%** year-on-year, mainly due to the gradual release of production capacity from the Jiaxing fundraising project and increased sales[22](index=22&type=chunk) - Net cash flow from operating activities increased by **164.65%** year-on-year, primarily due to a **46.07 million yuan** increase in government subsidies and expanded business scale[22](index=22&type=chunk) [VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=七、境内外会计准则下会计数据差异) 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[23](index=23&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=八、非经常性损益项目和金额) Details the non-recurring gains and losses items and their amounts for the reporting period, totaling **348,525.43 yuan**, with explanations for government subsidies and VAT input tax deductions 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -902.03 | | Government grants recognized in profit or loss (excluding those closely related to the company's normal business operations and continuously enjoyed) | 1,098,065.33 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | -217,004.33 | | Other non-operating income and expenses apart from the above | -399,937.88 | | Less: Income tax impact | 131,695.66 | | Total | 348,525.43 | - **1,989,994.80 yuan** in other income relates to asset-related government subsidies, and **1,913,974.95 yuan** relates to VAT input tax deductions[26](index=26&type=chunk) [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=九、存在股权激励、员工持股计划的公司可选择披露扣除股份支付影响后的净利润) States that the company has no equity incentive or employee stock ownership plans - The company has no equity incentive or employee stock ownership plans[27](index=27&type=chunk) [X. Explanation of Non-GAAP Performance Indicators](index=8&type=section&id=十、非企业会计准则业绩指标说明) States that the company has no non-GAAP performance indicators to explain - The company has no non-GAAP performance indicators to explain[27](index=27&type=chunk) Section III Management Discussion and Analysis Provides a comprehensive review of the company's operations, financial performance, industry trends, and risk factors during the reporting period [I. Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=一、报告期内公司所属行业及主营业务情况说明) Details the company's industry, main business, products, and operating model, analyzing industry development, technical barriers, market position, and future trends, emphasizing PI film's strategic importance [(I) Main Business, Products, or Services](index=8&type=section&id=(一)%20主要业务、主要产品或服务情况) Focuses on the R&D, production, and sales of high-performance PI films, including thermal control, electronic, and electrical PI films, with new products like aerospace MAM and flexible display CPI films, filling domestic gaps and serving strategic emerging industries - Main business: R&D, production, and sales of high-performance PI films, including thermal control PI film, electronic PI film, and electrical PI film series[28](index=28&type=chunk) - Many products fill domestic gaps, recognized by Siemens, Bombardier, CRRC, and applied in flexible printed circuit boards, consumer electronics, high-speed rail, wind power, 5G communication, flexible displays, and aerospace[28](index=28&type=chunk)[29](index=29&type=chunk) - The company has mastered core technologies for high-performance PI film preparation, including formulation, process, and equipment, breaking foreign technical blockade and market monopoly[29](index=29&type=chunk) - Flexible display CPI film has achieved sample sales for terminal brand manufacturers and their suppliers, with an optical-grade pilot line for flexible OLED CPI film under development[30](index=30&type=chunk)[37](index=37&type=chunk) [(II) Main Operating Model](index=10&type=section&id=(二)%20主要经营模式) Describes the company's operating model, which involves independent R&D, raw material procurement, production based on sales orders and demand forecasts, and a direct sales approach to downstream manufacturers or agents - Main products: High-performance PI films, used in flexible printed circuit boards, consumer electronics, high-speed rail, wind power, and other fields[38](index=38&type=chunk) - Operating model: Independent R&D, raw material procurement for production, combining make-to-order and demand forecasting[38](index=38&type=chunk) - Sales model: Primarily direct sales to downstream manufacturers or agents for profit[38](index=38&type=chunk) [(III) Industry Overview](index=10&type=section&id=(三)%20所处行业情况) Positions the company within the rubber and plastic products industry, specifically polyimide nanofilm, a critical material for high-tech industries, facing urgent domestic substitution needs against foreign monopolies, with strong growth prospects in AI, 5/6G, and flexible displays - Industry: Rubber and plastic products manufacturing (C29), sub-industry: plastic products manufacturing (C292), product: polyimide nanofilm, a cutting-edge new material[39](index=39&type=chunk) - PI film, known as "golden film," is one of three critical polymer materials restricting China's high-tech industry, with a market size in the tens of billions, corresponding to a hundred-billion flexible printed circuit board market and trillion-dollar electronic smart terminal market[40](index=40&type=chunk) - Domestic high-performance PI film market is dominated by foreign manufacturers like DuPont (US), Kaneka (Japan), and PIAM (Korea), creating an urgent need for domestic substitution[41](index=41&type=chunk) - High-performance PI film preparation involves complex core technologies in formulation, process, and equipment; the company possesses complete technical advantages from R&D to process and equipment[42](index=42&type=chunk)[43](index=43&type=chunk) - The company is one of the largest multi-category high-performance PI film manufacturers in China, breaking foreign technical monopolies[44](index=44&type=chunk) - Future PI film products will evolve towards high performance and multi-functionality; AI phones, AI PCs, computing infrastructure, and 5/6G construction will significantly boost demand for high thermal conductivity graphite[46](index=46&type=chunk)[47](index=47&type=chunk) - Market demand and penetration for flexible display CPI film will grow substantially, with ongoing R&D for CPI and UTG combination solutions[52](index=52&type=chunk) [II. Discussion and Analysis of Operations](index=13&type=section&id=二、经营情况的讨论与分析) Reviews the company's operational status for the first half of 2025, covering financial performance, R&D investment, convertible bond status, fundraising project progress, talent development, and information disclosure, highlighting progress in capacity release and new product development despite continued losses [(I) Key Operating Performance](index=13&type=section&id=(一)%20主要经营情况) In H1 2025, operating revenue reached **181.9313 million yuan**, up **37.86%** YoY; net loss attributable to parent company shareholders was **33.7342 million yuan**, a **2.3977 million yuan** reduction in loss YoY, driven by Jiaxing production base capacity release and new product breakthroughs 2025 H1 Key Operating Data | Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 181.93 | +37.86% | | Net Profit Attributable to Parent Company Shareholders | -33.73 | Loss reduced by 2.40 million yuan | - Jiaxing production base capacity is gradually ramping up, with steady improvements in production efficiency[57](index=57&type=chunk) - Ultra-thick thermal control PI film has completed customer evaluations and achieved sales; TPI film has passed customer batch evaluations, with order volumes continuously increasing[57](index=57&type=chunk) - As of June end 2025, total assets were **2,631.7209 million yuan**, and net assets attributable to listed company shareholders were **909.3869 million yuan**, largely stable compared to year-end[57](index=57&type=chunk) [(II) R&D Status](index=13&type=section&id=(二)%20研发情况) R&D expenses were **17.1157 million yuan** in H1 2025, a **1.53%** increase YoY, representing **9.41%** of operating revenue, with continued focus on new product development for semiconductors, new energy, and low-orbit satellites 2025 H1 R&D Investment | Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | R&D Expenses | 17.12 | +1.53% | | R&D Expenses as Percentage of Operating Revenue | 9.41% | -3.36 percentage points | - The company is actively expanding new product evaluations in semiconductors, new energy, and low-orbit satellite applications[58](index=58&type=chunk) - Continuous R&D on special functional polyimide films (5/6G low dielectric, flexible optoelectronics, high thermal conductivity, fluorine-free) and insulation varnishes/high-temperature adhesives for new energy vehicles[58](index=58&type=chunk) [(III) Convertible Corporate Bonds](index=13&type=section&id=(三)%20可转换公司债券情况) The company issued **430 million yuan** in convertible bonds ("Ruike Convertible Bonds," code 118018) on August 18, 2022, with an adjusted conversion price of **30.91 yuan/share**; as of June 30, 2025, **224 shares** were converted, and credit ratings remain A with a stable outlook - The company issued **430 million yuan** in convertible corporate bonds on August 18, 2022, with the bond abbreviation "Ruike Convertible Bonds" and code "118018"[59](index=59&type=chunk) - Initial conversion price: **30.98 yuan/share**, later adjusted to **30.91 yuan/share**[59](index=59&type=chunk) - As of June 30, 2025, cumulative converted shares totaled **224**, representing **0.000124%** of the total shares issued before conversion[59](index=59&type=chunk) - The company's main credit rating is A, "Ruike Convertible Bonds" rating is A, with a "stable" outlook[59](index=59&type=chunk) [(IV) Progress of Fundraising Projects](index=13&type=section&id=(四)%20募投项目进展) The Jiaxing 1,600-ton fundraising project's factory construction is complete, with four production lines operational since September 2023, one wide-width chemical method line in trial production, and a second chemical method line being installed for Q4 trial production, enhancing capacity and market competitiveness - Jiaxing 1,600-ton fundraising project's factory construction is complete, with new production lines and public utility systems running stably[60](index=60&type=chunk) - Four production lines have been gradually put into operation since September 2023; one independently designed wide-width chemical method production line is in trial production[60](index=60&type=chunk) - The second chemical method production line is accelerating the installation and debugging of auxiliary facilities, aiming for trial production in Q4[60](index=60&type=chunk) [(V) Talent Development](index=13&type=section&id=(五)%20人才建设) The company prioritizes talent development in high-performance polyimide materials, continuously strengthening R&D, engineering, and application technology teams, and exploring joint training programs with universities to enhance management and operational capabilities - The company, positioned as a materials science company with high-performance polyimide materials at its core, highly values R&D, engineering, and application technology capabilities[61](index=61&type=chunk) - Continuously building multi-disciplinary technical teams at various levels, exploring enhanced joint training of high-end R&D technical talent with universities[61](index=61&type=chunk) - Focusing on cultivating production and operation management teams through grassroots development and talent acquisition to continuously improve management and operational capabilities[61](index=61&type=chunk) [(VI) Information Disclosure and Insider Trading Prevention](index=13&type=section&id=(六)%20信息披露及防范内幕交易) The company strictly adheres to information disclosure regulations, ensuring truthfulness, accuracy, completeness, timeliness, and fairness, maintaining operational transparency through various channels, and actively preventing insider trading through regular warnings and education for relevant personnel - The company strictly complies with laws, regulations, and regulatory requirements, fulfilling information disclosure obligations truthfully, accurately, completely, timely, and fairly[63](index=63&type=chunk) - Maintains operational transparency through listed company announcements, earnings calls, investor conferences, SSE e-interaction, and phone calls[63](index=63&type=chunk) - Highly prioritizes insider trading prevention, managing insider information registration and educating relevant personnel regularly[63](index=63&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=三、报告期内核心竞争力分析) Analyzes the company's core competitiveness in technology, products, talent, and quality, detailing the advanced nature of its core technologies, R&D progress, new patents, and ongoing projects [(I) Core Competitiveness Analysis](index=14&type=section&id=(一)%20核心竞争力分析) The company's core competitiveness lies in its technology (complete PI film preparation from resin synthesis to production), products (diversity, stability, cost-effectiveness, market alignment), talent (experienced R&D team), and quality (strict standards and certifications) - The company independently masters core technologies for high-performance PI film, forming a complete preparation technology from specialized resin synthesis to continuous biaxial stretching film production[64](index=64&type=chunk) - Product diversity covers dielectric, functional, and structural materials, with many products breaking foreign market monopolies[67](index=67&type=chunk) - Product quality is stable, with thickness deviation within **±5%** and continuous roll length over **5,000 meters**, recognized by internationally renowned enterprises[68](index=68&type=chunk) - Compared to imported products, the company has cost advantages in labor and equipment investment, offering outstanding cost-effectiveness[69](index=69&type=chunk) - The company possesses domestic capacity and multi-production line advantages; future competition will be based on multi-series product solutions, new product industrialization efficiency, and capacity assurance[72](index=72&type=chunk) - The company has an R&D team rich in experience, strong engineering technical capabilities, and extensive practical experience[73](index=73&type=chunk) - The company is certified with ISO9001, ISO14001, ISO45001, and QC080000 systems, and its products are UL safety certified, complying with REACH and RoHS environmental directives[74](index=74&type=chunk) [(II) Events Seriously Affecting Core Competitiveness, Impact Analysis, and Countermeasures During the Reporting Period](index=15&type=section&id=(二)%20报告期内发生的导致公司核心竞争力受到严重影响的事件、影响分析及应对措施) States that the company's core competitiveness was not seriously affected during the reporting period - The company's core competitiveness was not seriously affected during the reporting period[75](index=75&type=chunk) [(III) Core Technologies and R&D Progress](index=15&type=section&id=(三)%20核心技术与研发进展) The company's core technologies, focused on PI film formulation, process, and equipment, are self-developed and unchanged. It gained **1 new patent** (total **38**), invested **17.1157 million yuan** in R&D (up **1.53%**), and has **14 ongoing projects** in advanced fields with **89 R&D personnel** - The company's core technology system includes polyimide molecular structure formulation design, PAA resin synthesis process, PI film manufacturing process, thermoplastic film preparation, film post-treatment, chemical environmentally friendly solvent systems, and non-standard dedicated production line design and control integration capabilities[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - During the reporting period, the company obtained **1 new patent**; as of June 30, 2025, the company held **38 patents**, including **30 invention patents** and **8 utility model patents**[78](index=78&type=chunk)[79](index=79&type=chunk) 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 17,115,668.42 | 16,858,443.27 | 1.53 | | Total R&D Investment | 17,115,668.42 | 16,858,443.27 | 1.53 | | Total R&D Investment as Percentage of Operating Revenue (%) | 9.41 | 12.77 | Decreased by 3.36 percentage points | - The company has **14 ongoing R&D projects**, including 100-micron ultra-thick high thermal conductivity graphite film precursors, C-type black polyimide film, PI film for high-frequency/high-speed transmission, next-generation ultra-high modulus polyimide film for foldable covers, and high-performance polyimide HY film development for COF applications[83](index=83&type=chunk)[84](index=84&type=chunk) 2025 Semi-Annual R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 89 | 82 | | R&D Personnel as Percentage of Total Company Personnel (%) | 16.06 | 15.44 | | Total R&D Personnel Compensation (million yuan) | 8.38 | 8.19 | | Average R&D Personnel Compensation (million yuan) | 0.97 | 0.99 | [IV. Risk Factors](index=20&type=section&id=四、风险因素) Discloses various risks, including performance decline, insufficient core competitiveness, operational management, financial, industry competition, macroeconomic fluctuations, absence of a controlling shareholder, fundraising project capacity digestion, and convertible bond-related risks [(I) Risk of Significant Performance Decline or Loss](index=20&type=section&id=(一)%20业绩大幅下滑或亏损的风险) The company faces risks of significant performance decline or loss; despite reduced losses in the reporting period, macroeconomic volatility, market demand decline, intensified competition, or insufficient market expansion could negatively impact performance - During the reporting period, the net loss attributable to parent company shareholders was **33.7342 million yuan**, a **2.3977 million yuan** reduction in loss year-on-year[87](index=87&type=chunk) - Future significant fluctuations in the macroeconomic or industry cycle, declining demand in terminal sub-markets, intensified competition in the high-end new materials industry, or insufficient market development capabilities could lead to performance decline[87](index=87&type=chunk) [(II) Core Competitiveness Risk](index=20&type=section&id=(二)%20核心竞争力风险) The company faces the risk of technological innovation and product development lagging market demand, given the long R&D cycles and high investment for high-performance PI films, potentially leading to market share loss and uncertainty from evolving product structures - High-performance PI film R&D requires significant investment and long cycles; if new product R&D does not progress smoothly or technological innovation fails to keep pace with market demand, products may become outdated, leading to market share loss[88](index=88&type=chunk) - With the Jiaxing project's production and new product development, the proportion of revenue from new products in smart electronics, flexible substrates, flexible displays, and new energy sectors may increase, posing risks of product structure changes[89](index=89&type=chunk) [(III) Operational Risks](index=21&type=section&id=(三)%20经营风险) Operational risks include raw material price fluctuations (PMDA and ODA price increases could impact gross margin) and safety production accidents due to complex manufacturing processes, potentially leading to losses or production halts - Price fluctuations of key raw materials PMDA and ODA could adversely affect the company's operating performance; if their unit prices both increase by **10%**, the gross profit margin of the main business would decrease by approximately **1-3 percentage points**[90](index=90&type=chunk) - The company's complex production process, involving multiple steps and sophisticated equipment, carries the risk of major safety production accidents due to operational errors or unforeseen factors, potentially causing losses or production halts[90](index=90&type=chunk) [(IV) Financial Risks](index=21&type=section&id=(四)%20财务风险) The company faces debt repayment risks due to significant new debt, with substantial short-term, long-term, and current non-current liabilities totaling **65.45%** asset-liability ratio as of June end 2025, alongside high accounts receivable balances posing collection risks Debt Situation as of June End 2025 | Debt Type | Amount (million yuan) | | :--- | :--- | | Short-term Borrowings | 169.03 | | Long-term Borrowings | 552.21 | | Non-current Liabilities Due Within One Year | 264.59 | | Asset-Liability Ratio | 65.45% | - The company's accounts receivable balance is **87.9934 million yuan**, with a bad debt provision of **4.5129 million yuan**, posing collection risks[91](index=91&type=chunk) [(V) Industry Risks](index=21&type=section&id=(五)%20行业风险) The company faces intensified market competition in the expanding high-performance PI film market; its smaller business scale compared to international players like DuPont and Kaneka makes it more vulnerable to increased competition or reduced downstream demand - The high-performance PI film market is growing, but the company's business scale is smaller, making it less resilient to risks than international players like DuPont and Kaneka[92](index=92&type=chunk) - Increased industry competition from new entrants or price wars by existing players could adversely affect the company's production and operations[92](index=92&type=chunk) [(VI) Macroeconomic Environment Risks](index=21&type=section&id=(六)%20宏观环境风险) Downstream industries are sensitive to macroeconomic and economic cycle changes; failure to adjust operating strategies in response to policy shifts, slower growth, or cyclical fluctuations could negatively impact the company's future development - The company's downstream industries, covering flexible printed circuit boards, consumer electronics, high-speed rail, wind power, 5G communication, flexible displays, and aerospace, are sensitive to domestic and international macroeconomic changes[93](index=93&type=chunk) - Changes in macroeconomic policies, slower economic growth, or cyclical fluctuations could negatively impact the company's future development[93](index=93&type=chunk) [(VII) Other Significant Risks](index=21&type=section&id=(七)%20其他重大风险) Risks include the absence of a controlling shareholder (potentially affecting decision-making or control), difficulty in digesting new capacity from fundraising projects, and convertible bond risks such as principal and interest repayment, non-conversion, and credit rating downgrades, noting the bonds are unsecured - The company has no controlling shareholder or actual controller, and its equity is relatively dispersed, which could lead to reduced decision-making efficiency or changes in control[94](index=94&type=chunk)[95](index=95&type=chunk) - Fundraising projects plan to add **1,600 tons** of high-performance PI film capacity; if market development is insufficient, there is a risk that the new capacity may be difficult to absorb[95](index=95&type=chunk) - Convertible bonds face risks of principal and interest repayment, non-conversion during the conversion period, potential adverse changes in credit ratings, and are unsecured credit bonds[95](index=95&type=chunk)[96](index=96&type=chunk) [V. Key Operating Performance During the Reporting Period](index=22&type=section&id=五、报告期内主要经营情况) Directs readers to "Section III Management Discussion and Analysis," "II. Discussion and Analysis of Operations" for detailed information on the company's key operating performance during the reporting period - For detailed information on the company's key operating performance during the reporting period, please refer to "Section III Management Discussion and Analysis," "II. Discussion and Analysis of Operations"[97](index=97&type=chunk) [(I) Main Business Analysis](index=22&type=section&id=(一)%20主营业务分析) Analyzes the company's main business, focusing on changes in financial statement items, explaining variations in operating revenue, operating costs, administrative expenses, and financial expenses [1. Analysis Table of Changes in Financial Statement Items](index=22&type=section&id=1、财务报表相关科目变动分析表) Details changes in key financial statement items, with operating revenue up **37.86%** due to Jiaxing project capacity release, net cash flow from operating activities up **164.65%** due to government subsidies and business expansion, and financial expenses up **58.13%** due to increased interest expenses 2025 Semi-Annual Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,931,302.33 | 131,972,166.76 | 37.86 | | Operating Cost | 143,970,447.12 | 109,012,530.43 | 32.07 | | Selling Expenses | 3,348,655.88 | 3,284,248.15 | 1.96 | | Administrative Expenses | 27,938,325.42 | 22,794,107.08 | 22.57 | | Financial Expenses | 26,113,307.38 | 16,514,165.79 | 58.13 | | R&D Expenses | 17,115,668.42 | 16,858,443.27 | 1.53 | | Net Cash Flow from Operating Activities | 93,856,972.78 | 35,464,823.00 | 164.65 | | Net Cash Flow from Investing Activities | -36,043,824.37 | -60,662,369.03 | Not applicable | | Net Cash Flow from Financing Activities | 13,538,064.25 | 16,080,556.00 | -15.81 | - Operating revenue increased by **37.86%** year-on-year, mainly due to the gradual commissioning of the Jiaxing fundraising project and increased sales[98](index=98&type=chunk) - Net cash flow from operating activities increased by **164.65%** year-on-year, primarily due to a **46.07 million yuan** increase in government subsidies and expanded business scale[101](index=101&type=chunk) - Financial expenses increased by **58.13%**, mainly due to increased interest expenses on borrowings[99](index=99&type=chunk) [2. Detailed Explanation of Significant Changes in Company Business Type, Profit Structure, or Profit Sources During the Current Period](index=23&type=section&id=2、本期公司业务类型、利润构成或利润来源发生重大变动的详细说明) States that there were no significant changes in the company's business type, profit structure, or profit sources during the current period - There were no significant changes in the company's business type, profit structure, or profit sources during the current period[102](index=102&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Core Business](index=23&type=section&id=(二)%20非主营业务导致利润重大变化的说明) States that there were no significant profit changes caused by non-core business activities - There were no significant profit changes caused by non-core business activities[102](index=102&type=chunk) [(III) Analysis of Assets and Liabilities](index=23&type=section&id=(三)%20资产、负债情况分析) Analyzes the company's assets and liabilities at period-end compared to year-end, noting significant increases in monetary funds, notes receivable, inventory, deferred income tax assets, short-term borrowings, notes payable, contract liabilities, taxes payable, and deferred income due to government subsidies, business expansion, capacity release, and increased financing, while construction in progress and retained earnings decreased [1. Asset and Liability Status](index=23&type=section&id=1、资产及负债状况) Period-end monetary funds increased **44.03%** to **219.2291 million yuan** due to government subsidies and operating cash inflows. Notes receivable rose **51.53%** to **46.2590 million yuan**, and inventory increased **34.87%** to **97.8323 million yuan**, both from business expansion and capacity release. Construction in progress decreased **33.47%** to **438.1978 million yuan** due to equipment capitalization. Short-term borrowings surged **151.02%** to **169.0265 million yuan** from increased short-term operating financing. Deferred income grew **71.64%** to **122.5039 million yuan** from asset-related government subsidies. Retained earnings fell **44.82%** to **41.5396 million yuan** due to current period losses 2025 June End Asset and Liability Status Changes | Project Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 219,229,050.99 | 8.33 | 152,211,590.34 | 5.94 | 44.03 | | Notes Receivable | 46,259,015.16 | 1.76 | 30,528,080.77 | 1.19 | 51.53 | | Inventory | 97,832,303.53 | 3.72 | 72,537,207.89 | 2.83 | 34.87 | | Construction in Progress | 438,197,805.40 | 16.65 | 658,659,284.61 | 25.69 | -33.47 | | Deferred Income Tax Assets | 22,878,517.33 | 0.87 | 12,921,831.50 | 0.50 | 77.05 | | Short-term Borrowings | 169,026,545.87 | 6.42 | 67,334,597.47 | 2.63 | 151.02 | | Notes Payable | 20,500,000.00 | 0.78 | 12,342,205.67 | 0.48 | 66.10 | | Contract Liabilities | 495,324.47 | 0.02 | 225,934.35 | 0.01 | 119.23 | | Taxes Payable | 9,874,442.60 | 0.38 | 5,428,778.45 | 0.21 | 81.89 | | Non-current Liabilities Due Within One Year | 264,619,237.94 | 10.05 | 166,427,670.20 | 6.49 | 59.00 | | Deferred Income | 122,503,901.23 | 4.65 | 71,373,296.03 | 2.78 | 71.64 | | Retained Earnings | 41,539,631.97 | 1.58 | 75,273,868.54 | 2.94 | -44.82 | [2. Overseas Assets](index=24&type=section&id=2、境外资产情况) States that the company has no overseas assets - The company has no overseas assets[106](index=106&type=chunk) [3. Major Asset Restrictions as of the End of the Reporting Period](index=24&type=section&id=3、截至报告期末主要资产受限情况) As of the reporting period end, major restricted assets include fixed assets and intangible assets, totaling **1.285 billion yuan** in book value, primarily pledged for borrowings, with Jiaxing Rayitek's land, factory buildings, and machinery serving as collateral for an **800 million yuan** syndicated loan 2025 June End Major Restricted Assets | Item | Period-End Book Value (yuan) | Restriction Reason | | :--- | :--- | :--- | | Fixed Assets | 1,236,842,584.35 | Pledged for borrowings | | Intangible Assets | 48,534,413.53 | Pledged for borrowings | - Jiaxing Rayitek's land, factory buildings, and completed machinery and equipment are pledged as collateral for an **800 million yuan** syndicated loan contract, with the company providing joint liability guarantee[116](index=116&type=chunk) [(IV) Investment Analysis](index=26&type=section&id=(四)%20投资状况分析) Analyzes the company's investment status, with zero equity investments during the reporting period, but a **7.25%** increase in total investment balance to **58.8363 million yuan** at period-end due to additional investments in H2 2024. Financial assets measured at fair value totaled **61.1112 million yuan**, including private equity funds and other non-current financial assets [1. Overall Analysis of External Equity Investments](index=26&type=section&id=1、对外股权投资总体分析) External equity investment during the reporting period was **0**, but the investment balance at period-end was **58.8363 million yuan**, a **7.25%** increase YoY, mainly due to an additional **4.5 million yuan** investment in H2 2024 and other equity changes External Equity Investment Situation | Indicator | Amount (million yuan) | | :--- | :--- | | Investment Amount in Current Period | 0.00 | | Investment Amount in Prior Year Period | 13.63 | | Investment Balance as of Period-End | 58.84 | | YoY Increase | 7.25% | - The increase in investment balance is mainly due to an additional investment of **4.5 million yuan** from H2 2024 to the end of the reporting period, other equity changes, and investment losses of **0.5219 million yuan**[110](index=110&type=chunk) [(1). Significant Equity Investments](index=26&type=section&id=(1).%20重大的股权投资) States that the company has no significant equity investments - The company has no significant equity investments[111](index=111&type=chunk) [(2). Significant Non-Equity Investments](index=26&type=section&id=(2).%20重大的非股权投资) States that the company has no significant non-equity investments - The company has no significant non-equity investments[111](index=111&type=chunk) [(3). Financial Assets Measured at Fair Value](index=26&type=section&id=(3).%20以公允价值计量的金融资产) Period-end financial assets measured at fair value totaled **61.1112 million yuan**, primarily comprising private equity funds and other non-current financial assets (e.g., accounts receivable financing), with a fair value change loss of **0.2170 million yuan** for the period 2025 June End Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (million yuan) | Fair Value Change Gain/Loss in Current Period (million yuan) | Purchase Amount in Current Period (million yuan) | Sale/Redemption Amount in Current Period (million yuan) | Ending Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Private Equity Funds | 19.35 | 0.00 | 0 | 0 | 19.36 | | Other Non-current Financial Assets | 4.19 | -0.22 | 0 | 0 | 3.97 | | Other (Accounts Receivable Financing) | 30.69 | 0 | 37.78 | 30.69 | 37.78 | | Total | 54.24 | -0.22 | 37.78 | 30.69 | 61.11 | [(4). Private Equity Fund Investment](index=27&type=section&id=(4).%20私募股权投资基金投资情况) The company invested **20 million yuan** in Shenyang Weishi Advanced Materials Angel Investment Fund I (Limited Partnership) to incubate early-stage projects in new materials and innovative applications, with a cumulative profit impact of **-0.6430 million yuan** for the reporting period - The company invested in Shenyang Weishi Advanced Materials Angel Investment Fund I (Limited Partnership), with a planned total investment of **20 million yuan**, and **20 million yuan** invested at period-end[115](index=115&type=chunk) - Investment purpose: to incubate early-stage projects around the new materials industry chain and innovative applications, empowering future new business development[115](index=115&type=chunk) - As of the end of the reporting period, the capital contribution ratio was **26.32%**, with a cumulative profit impact of **-0.6430 million yuan**[115](index=115&type=chunk) [(V) Significant Asset and Equity Sales](index=27&type=section&id=(五)%20重大资产和股权出售) States that the company has no significant asset and equity sales - The company has no significant asset and equity sales[117](index=117&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=27&type=section&id=(六)%20主要控股参股公司分析) Analyzes the company's major subsidiaries, Jiaxing Rayitek and Rayitek Application, disclosing their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Financial Performance of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Rayitek | Subsidiary | R&D, production, and sales of PI film series | 500.00 | 1,735.18 | 440.35 | 94.93 | -28.72 | -23.84 | | Rayitek Application | Subsidiary | R&D and manufacturing of advanced polyimide polymer materials for 5/6G high-frequency/high-speed substrates, flexible optoelectronic displays, integrated circuits and semiconductor packaging, oxygen-resistant low-orbit satellites, and new energy industries | 30.00 | 57.50 | 29.33 | 0.00 | -0.67 | -0.50 | [(VII) Structured Entities Controlled by the Company](index=28&type=section&id=(七)%20公司控制的结构化主体情况) States that the company has no structured entities under its control - The company has no structured entities under its control[119](index=119&type=chunk) [VI. Other Disclosure Matters](index=28&type=section&id=六、其他披露事项) States that the company has no other matters requiring disclosure - The company has no other matters requiring disclosure[119](index=119&type=chunk) Section IV Corporate Governance, Environment, and Society Covers changes in the company's directors, senior management, and core technical personnel, profit distribution plans, environmental information disclosure, and rural revitalization efforts [I. Changes in Company Directors, Senior Management, and Core Technical Personnel](index=29&type=section&id=一、公司董事、高级管理人员和核心技术人员变动情况) Reports changes in directors (Luo Chao, Teng Chao, Li Yin elected; Zhai Jun, Yuan Tong, Xie Lan Jun resigned) and senior management (Li Tao appointed Board Secretary; Huang Zehua resigned), while core technical personnel remained unchanged Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Luo Chao | Director | Election | | Teng Chao | Independent Director | Election | | Li Yin | Independent Director | Election | | Li Tao | Board Secretary | Appointment | | Zhai Jun | Director | Resignation | | Yuan Tong | Independent Director | Resignation | | Xie Lan Jun | Independent Director | Resignation | | Huang Zehua | Board Secretary | Resignation | - Due to the expiration of the second board of directors' term, Zhai Jun, Yuan Tong, and Xie Lan Jun resigned as directors, and Huang Zehua no longer concurrently served as Board Secretary[121](index=121&type=chunk) - Luo Chao, Teng Chao, and Li Yin were elected as directors of the third board of directors, and Li Tao was appointed as Board Secretary of the third board of directors[121](index=121&type=chunk)[122](index=122&type=chunk) - The company's core technical personnel Tang Changdan, Yuan Shunqi, He Zhibin, Lin Zhanshan, Xu Fei, and Wang Zhenzhong remained unchanged during the reporting period[123](index=123&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=二、利润分配或资本公积金转增预案) States that the company's semi-annual profit distribution or capital reserve conversion plan is "none" - The company's semi-annual profit distribution or capital reserve conversion plan is "none"[124](index=124&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) States that the company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[125](index=125&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=30&type=section&id=四、纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) The company and its subsidiaries, Shenzhen Rayitek Film Technology Co., Ltd. and Jiaxing Rayitek Film Technology Co., Ltd., are on the environmental information disclosure list, primarily consuming electricity and natural gas, emitting CO₂, and treating DMAc solvent emissions to meet standards - The company and its subsidiaries, Shenzhen Rayitek Film Technology Co., Ltd. and Jiaxing Rayitek Film Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[125](index=125&type=chunk) - The company primarily consumes electricity and natural gas, with CO₂ as the main emission[125](index=125&type=chunk) - DMAc solvent used in PI film preparation is recovered and recycled through a recovery system, with a small amount of tail gas treated by spray absorption to meet standards before discharge[125](index=125&type=chunk) [V. Specific Situation Regarding Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=30&type=section&id=五、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) States that the company has no specific situation regarding consolidating and expanding poverty alleviation achievements or rural revitalization efforts - The company has no specific situation regarding consolidating and expanding poverty alleviation achievements or rural revitalization efforts[126](index=126&type=chunk) Section V Significant Matters Details the fulfillment of commitments, absence of non-operating fund occupation, illegal guarantees, and major litigation, along with information on convertible bonds and fundraising project progress [I. Fulfillment of Commitments](index=31&type=section&id=一、承诺事项履行情况) Discloses the strict fulfillment of all commitments made by the company, its shareholders, directors, supervisors, and senior management during initial public offerings and refinancing, covering share lock-ups, shareholding intentions, buybacks, diluted return compensation, profit distribution, liability, and avoidance of competition and related party transactions - Shareholders Hangke New Century, SDIC High-Tech, Taijuyukun, Hangzhou Taida, etc., committed not to transfer or entrust others to manage their directly and indirectly held shares issued before the company's IPO for **36 months** from the listing date[128](index=128&type=chunk)[129](index=129&type=chunk) - The company's directors, senior management, and core technical personnel all committed to strictly comply with share lock-up and reduction regulations, both during their tenure and after resignation[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - The company and major shareholders committed to initiating share repurchase procedures if there are any instances of fraudulent issuance and listing[135](index=135&type=chunk) - The company and relevant parties committed to taking measures to compensate for diluted immediate returns, including strengthening fundraising management, accelerating fundraising project progress, enhancing operational management and internal control, and strengthening investor return mechanisms[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Company shareholders committed to avoiding horizontal competition and regulating and reducing related party transactions[142](index=142&type=chunk)[143](index=143&type=chunk) - All commitments have specified fulfillment periods and were strictly fulfilled during the reporting period[128](index=128&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=37&type=section&id=二、报告期内控股股东及其他关联方非经营性占用资金情况) States that there was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[149](index=149&type=chunk) [III. Illegal Guarantees](index=37&type=section&id=三、违规担保情况) States that there were no illegal guarantees during the reporting period - There were no illegal guarantees during the reporting period[149](index=149&type=chunk) [IV. Semi-Annual Report Audit Status](index=38&type=section&id=四、半年报审计情况) States that the company's semi-annual report was unaudited - The company's semi-annual report was unaudited[4](index=4&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=38&type=section&id=五、上年年度报告非标准审计意见涉及事项的变化及处理情况) States that there were no changes or handling of matters related to non-standard audit opinions in the previous year's annual report - There were no changes or handling of matters related to non-standard audit opinions in the previous year's annual report[150](index=150&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=38&type=section&id=六、破产重整相关事项) States that the company has no bankruptcy and reorganization matters - The company has no bankruptcy and reorganization matters[150](index=150&type=chunk) [VII. Major Litigation and Arbitration Matters](index=38&type=section&id=七、重大诉讼、仲裁事项) States that there were no major litigation or arbitration matters during the reporting period - There were no major litigation or arbitration matters during the reporting period[150](index=150&type=chunk) [VIII. Listed Company, Its Directors, Senior Management, Controlling Shareholders, and Actual Controllers Suspected of Violations, Penalties, and Rectification](index=38&type=section&id=八、上市公司及其董事、高级管理人员、控股股东、实际控制人涉嫌违法违规、受到处罚及整改情况) States that the company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subject to penalties, or undergoing rectification - The company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subject to penalties, or undergoing rectification[150](index=150&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=38&type=section&id=九、报告期内公司及其控股股东、实际控制人诚信状况的说明) States that there is no explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period - There is no explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period[150](index=150&type=chunk) [X. Significant Related Party Transactions](index=38&type=section&id=十、重大关联交易) States that the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party debt/credit, financial services with related financial companies, or other major related party transactions - The company had no related party transactions not disclosed in temporary announcements related to daily operations[150](index=150&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals[150](index=150&type=chunk) - The company had no significant related party transactions involving joint external investments[151](index=151&type=chunk) - The company had no related party debt or credit transactions[151](index=151&type=chunk) - The company had no financial business with related financial companies or financial companies controlled by the company and related parties[151](index=151&type=chunk) - The company had no other significant related party transactions[151](index=151&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=39&type=section&id=十一、重大合同及其履行情况) Discloses the fulfillment of significant contracts, particularly major guarantees for subsidiaries. The company provided multiple joint liability guarantees totaling **640 million yuan** for its subsidiary Jiaxing Rayitek, representing **70.39%** of its net assets [(I) Custody, Contracting, and Leasing Matters](index=39&type=section&id=(一)%20托管、承包、租赁事项) States that the company has no custody, contracting, or leasing matters - The company has no custody, contracting, or leasing matters[151](index=151&type=chunk) [(II) Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=40&type=section&id=(二)%20报告期内履行的及尚未履行完毕的重大担保情况) During the reporting period, the company provided multiple joint liability guarantees for its subsidiary Jiaxing Rayitek, with a total guarantee amount of **57.3870 million yuan** incurred and an outstanding balance of **640.0745 million yuan** at period-end, representing **70.39%** of the company's net assets, primarily for project fixed asset syndicated loans and other bank loans 2025 Semi-Annual Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Rayitek | Jiaxing Rayitek | 12,386,981.30 | November 6, 2024 | October 29, 2029 | Joint Liability Guarantee | | Shenzhen Rayitek | Jiaxing Rayitek | 45,000,000.00 | April 26, 2025 | April 25, 2031 | Joint Liability Guarantee | - Total guarantee amount incurred for subsidiaries during the reporting period was **57.38698130 million yuan**[154](index=154&type=chunk) - Total outstanding guarantee balance for subsidiaries at period-end was **640.07448130 million yuan**, representing **70.39%** of the company's net assets[154](index=154&type=chunk)[155](index=155&type=chunk) - Jiaxing Rayitek signed an **800 million yuan** syndicated loan contract on September 3, 2020, with the company providing joint liability guarantee; as of the reporting period end, the outstanding balance of the utilized credit was **582.6875 million yuan**[155](index=155&type=chunk) [(III) Other Significant Contracts](index=41&type=section&id=(三)%20其他重大合同) States that the company has no other significant contracts - The company has no other significant contracts[156](index=156&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=42&type=section&id=十二、募集资金使用进展说明) Details the use of raised funds, totaling **430 million yuan** (net **422.58 million yuan**), with **426.03 million yuan** invested (100.82% progress). The Jiaxing high-performance polyimide film project's factory is complete, with multiple lines operational or in trial production, enhancing capacity. Funds were also loaned to a subsidiary for project implementation [(I) Overall Use of Raised Funds](index=42&type=section&id=(一)%20募集资金整体使用情况) As of the reporting period end, the company's convertible bond fundraising totaled **430 million yuan** (net **422.58 million yuan**). Cumulative investment reached **426.03 million yuan**, representing **100.82%** of the planned investment, with **11.1564 million yuan** invested this year Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Investment Promised in Prospectus (million yuan) | Cumulative Investment as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | Investment Amount in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 430.00 | 422.58 | 430.00 | 426.04 | 100.82 | 11.16 | [(II) Details of Fundraising Projects](index=42&type=section&id=(二)%20募投项目明细) The Jiaxing high-performance polyimide film project, with a planned investment of **330 million yuan**, has seen **332.89 million yuan** invested (100.88% progress). Its factory is complete, four lines are operational, one wide-width chemical line is in trial production, and a second is being installed. Jiaxing Rayitek generated **94.9302 million yuan** in revenue and a **-23.8357 million yuan** net profit in H1 2025, still in capacity ramp-up Details of Fundraising Project Use | Project Name | Planned Total Investment of Raised Funds (million yuan) | Investment Amount in Current Year (million yuan) | Cumulative Investment as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | | Jiaxing High-Performance Polyimide Film Project | 330.00 | 11.15 | 332.90 | 100.88 | | Replenishment of Working Capital and Repayment of Bank Loans | 92.58 | 0.00 | 93.14 | 100.60 | - Jiaxing high-performance polyimide film project's factory construction is complete, with new production lines and public utility systems running stably; four production lines have been gradually put into operation since September 2023[158](index=158&type=chunk) - Jiaxing Rayitek, the implementing entity for the high-performance polyimide film project, achieved operating revenue of **94.9302 million yuan** and a net loss of **23.8357 million yuan** in H1 2025; the project is still in the capacity ramp-up and production efficiency improvement stage[159](index=159&type=chunk) [(III) Changes or Termination of Fundraising Projects During the Reporting Period](index=44&type=section&id=(三)%20报告期内募投变更或终止情况) States that there were no changes or termination of fundraising projects during the reporting period - There were no changes or termination of fundraising projects during the reporting period[161](index=161&type=chunk) [(IV) Other Uses of Raised Funds During the Reporting Period](index=45&type=section&id=(四)%20报告期内募集资金使用的其他情况) The company approved on September 5, 2022, to provide a loan of up to **330 million yuan** from raised funds to its wholly-owned subsidiary Jiaxing Rayitek for the "Jiaxing High-Performance Polyimide Film Project" - The company approved the use of a portion of the raised funds to provide a loan of up to **330 million yuan** to its wholly-owned subsidiary Jiaxing Rayitek for the "Jiaxing High-Performance Polyimide Film Project"[162](index=162&type=chunk) [(V) Conclusive Opinions of Intermediary Agencies on the Storage and Use of Raised Funds](index=45&type=section&id=(五)%20中介机构关于募集资金存储与使用情况的专项核查、鉴证的结论性意见) States that there are no conclusive opinions from intermediary agencies regarding the storage and use of raised funds - There are no conclusive opinions from intermediary agencies regarding the storage and use of raised funds[163](index=163&type=chunk) [(VI) Subsequent Rectification of Unauthorized Changes in Use of Raised Funds and Illegal Occupation of Raised Funds](index=45&type=section&id=(六)%20擅自变更募集资金用途、违规占用募集资金的后续整改情况) States that there is no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds - There is no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds[163](index=163&type=chunk) [XIII. Explanation of Other Significant Matters](index=45&type=section&id=十三、其他重大事项的说明) States that the company has no other significant matters requiring explanation - The company has no other significant matters requiring explanation[163](index=163&type=chunk) Section VI Share Changes and Shareholder Information Provides details on share capital changes, restricted shares, and shareholder information, including the top ten shareholders and their relationships [I. Share Capital Changes](index=45&type=section&id=一、股本变动情况) Reports no changes in the company's ordinary share capital or structure during the reporting period, with no other share changes impacting financial indicators or requiring disclosure [1. Share Change Table](index=45&type=section&id=1、股份变动情况表) During the reporting period, there were no changes in the company's total ordinary share capital or share structure - During the reporting period, there were no changes in the company's total ordinary share capital or share structure[164](index=164&type=chunk) [2. Explanation of Share Changes](index=45&type=section&id=2、股份变动情况说明) States that there is no explanation of share changes - There is no explanation of share changes[165](index=165&type=chunk) [3. Impact of Share Changes on Financial Indicators such as EPS and Net Assets per Share from the End of the Reporting Period to the Disclosure Date of the Semi-Annual Report (if any)](index=45&type=section&id=3、报告期后到半年报披露日期间发生股份变动对每股收益、每股净资产等财务指标的影响（如有）) States that share changes from the end of the reporting period to the semi-annual report disclosure date had no impact on financial indicators such as EPS and net assets per share - Share changes from the end of the reporting period to the semi-annual report disclosure date had no impact on financial indicators such as EPS and net assets per share[165](index=165&type=chunk) [4. Other Information Deemed Necessary by the Company or Required by Securities Regulatory Agencies](index=46&type=section&id=4、公司认为必要或证券监管机构要求披露的其他内容) States that there is no other information deemed necessary by the company or required by securities regulatory agencies - There is no other information deemed necessary by the company or required by securities regulatory agencies[166](index=166&type=chunk) [(II) Changes in Restricted Shares](

格隆汇8月22日丨瑞华泰(688323.SH)公布2025年半年度报告，上半年实现营业收入1.82亿元，同比增长 37.86%；归属于上市公司股东的净利润-3373.42万元；基本每股收益-0.19元。 ...

瑞华泰公告，2025年上半年营业收入1.82亿元，同比增长37.86%。归属于上市公司股东的净利 润-3373.42万元，上年同期为-3613.19万元。 ...

（编辑 姚尧） 证券日报网讯 8月19日晚间，瑞华泰发布公告称，公司2025年第一次临时股东大会于2025年8月19日召 开，审议通过了《关于取消监事会、调整董事会人数、修订并办理工商变更登记的议案》等多项议案。 ...

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 | 证券代码：688323 | 证券简称：瑞华泰 公告编号：2025-036 | | --- | --- | | 转债代码：118018 | 转债简称：瑞科转债 | 深圳瑞华泰薄膜科技股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 8 月 19 日 （二） 股东大会召开的地点：深圳市宝安区松岗街道办华美工业园深圳瑞华泰 薄膜科技股份有限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 46 | | --- | --- | | 普通股股东人数 | 46 | | 2、出席会议的股东所持有的表决权数量 | 75,375,259 | | 普通股股东所持有表决权数量 | 75,375,259 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 41.8750 ...

北京市中伦（深圳）律师事务所 关于深圳瑞华泰薄膜科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年八月 北京市中伦（深圳）律师事务所 2025 年第一次临时股东大会的 法律意见书 致：深圳瑞华泰薄膜科技股份有限公司 根据中国证监会发布的《上市公司股东会规则》（下称"《股东会规则》"）、 上海证券交易所发布的《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作（2025 年 5 月修订）》（下称"《规范运作指引》"）等法律、法规 和规范性文件的有关规定，北京市中伦（深圳）律师事务所接受深圳瑞华泰薄膜 科技股份有限公司（下称"公司"）的委托，指派律师出席公司 2025 年第一次 临时股东大会（下称"本次股东大会"），并就本次股东大会的召集和召开程序、 召集人资格、出席和列席会议人员资格、表决程序及表决结果等事宜发表法律意 见。 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 7 月 25 日在上海证券交易所网 站（www.sse.com.cn）上公告了会议通知，会议通知载明了会议的召开方式、召 开时间和召开地点，对会议议题的内容进行了充分披露 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

天眼查商业履历信息显示，深圳瑞华泰薄膜科技股份有限公司，成立于2004年，位于深圳市，是一家以 从事研究和试验发展为主的企业。企业注册资本18000万人民币，实缴资本9844.2972万人民币。公司法 定代表人为汤昌丹。 通过天眼查大数据分析，深圳瑞华泰薄膜科技股份有限公司共对外投资了6家企业，参与招投标项目17 次，知识产权方面有商标信息4条，专利信息43条，此外企业还拥有行政许可41个。 金融界消息 截至2025年8月14日收盘，瑞华泰（688323）报收于16.4元，下跌4.37%，换手率2.03%，成 交量3.65万手，成交金额6070.13万元。 资金流向方面，今日主力资金净流出1143.56万元，占比成交额18.84%。其中，超大单净流出507.59万 元、占成交额8.36%，大单净流出635.98万元、占成交额10.48%，中单净流出流入651.20万元、占成交 额10.73%，小单净流入492.36万元、占成交额8.11%。 瑞华泰最新一期业绩显示，截至2025一季报，公司营业总收入7925.69万元、同比增长44.88%，归属净 利润1841.49万元，同比减少11.10%，扣非净利润188 ...

格隆汇8月13日丨瑞华泰(688323.SH)在互动平台表示，公司研发有布局PSPI方向，但尚处于初期研发阶 段，敬请广大投资者理性投资，注意投资风险。 ...