Core Insights - *ST Tianwei (688511) reported significant growth in its 2025 mid-year financial results, with total revenue reaching 84.01 million yuan, a year-on-year increase of 87.37%, and a net profit attributable to shareholders of 30.82 million yuan, up 2119.12% [1] Financial Performance - Total revenue for the second quarter was 43.56 million yuan, reflecting a substantial year-on-year increase of 459.92% [1] - The net profit for the second quarter was 13.48 million yuan, which is a year-on-year increase of 264.77% [1] - The gross profit margin decreased to 56.53%, down 11.25% year-on-year, while the net profit margin increased to 35.47%, up 1045.29% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 10.15 million yuan, accounting for 12.08% of revenue, a decrease of 64.83% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 264 million yuan, a rise of 114.79% year-on-year [1] - Accounts receivable stood at 165 million yuan, an 18.52% increase year-on-year, with accounts receivable representing 212.5% of total revenue [1] - The company maintained its interest-bearing debt at 8.1 million yuan, unchanged from the previous year [1] Earnings Per Share - Earnings per share rose significantly to 0.30 yuan, a year-on-year increase of 1600.57% [1] - The net asset value per share decreased to 8.17 yuan, down 24.71% year-on-year [1] - Operating cash flow per share was -0.09 yuan, a decline of 176.51% year-on-year [1] Business Evaluation - The company has shown a historical median ROIC of 8.26%, with the worst year being 2024 at -3.65% [2] - The company has experienced one loss year since its listing, indicating a need for further investigation into potential special circumstances [2] Debt and Inventory Management - The company has a healthy cash position, but attention is needed on accounts receivable and inventory levels, with inventory reaching 105.22% of revenue [2]

Core Viewpoint - The appointment of Ju Wanfu as the new deputy general manager of Sichuan Tianwei Electronics Co., Ltd. (*ST Tianwei) has sparked discussions regarding the company's governance structure, particularly the implications of family governance models in the context of its operational challenges and market position [1][3]. Group 1: Company Background and Governance - Ju Wanfu, born in 1975, has a background in real estate management and has worked for companies such as Shenzhen Xianke Real Estate Development Co. and Baoneng Holdings [2]. - Ju Wanfu is the younger brother of current shareholder Ju Wanzhen and the brother of chairman Ju Wanli, which raises concerns about family governance due to the close relationships among key stakeholders [3]. - The family governance structure is not uncommon in the A-share market, especially among small and medium-sized enterprises, and may indicate a tightening control over the company amid its ongoing struggles [4]. Group 2: Financial Performance - For the first half of 2025, *ST Tianwei reported a revenue of approximately 84 million CNY, a significant increase of 87.37% compared to the same period last year [6]. - The total profit for the same period was approximately 33 million CNY, showing a substantial recovery from previous losses [6]. - Despite a slight improvement in financial performance, the company has been labeled as "high risk" and "shell protection," indicating ongoing concerns about its ability to recover fully [6]. Group 3: Market Reactions and Future Outlook - The timing of the personnel adjustment suggests a strategic repositioning, potentially indicating a shift towards new business areas or a consolidation of governance within the family [5]. - The market remains skeptical about whether family control will serve as a remedy for the company's governance and operational issues, especially given the regulatory scrutiny on family-run enterprises [7]. - As of August 29, *ST Tianwei's stock closed at 23.91 CNY per share, with a year-to-date increase of 53.56%, reflecting some market optimism despite underlying challenges [8].

Group 1 - The company *ST Tianwei (SH 688511) announced the appointment of Mr. Ju Wanfu as the new deputy general manager [1] - The revenue composition for *ST Tianwei in 2024 is as follows: Other manufacturing accounts for 95.01%, other businesses for 3.79%, and technical services for 1.2% [1] - As of the report, *ST Tianwei has a market capitalization of 2.5 billion yuan [1] Group 2 - The company has undergone a review process by its nomination committee regarding the qualifications of senior management personnel [1]

Core Points - The board of directors of Sichuan Tianwei Electronics Co., Ltd. held its 16th meeting on August 29, 2025, where several key resolutions were passed [1][2][3] Group 1: Financial Reporting - The board approved the 2025 semi-annual report, confirming that the preparation and review processes complied with legal and regulatory requirements, and accurately reflected the company's financial status and operational results [1][2] - The board also approved a special report on the storage and actual use of raised funds, ensuring compliance with relevant regulations and confirming that the actual use of funds matched previously disclosed information [2][3] Group 2: Governance and Board Structure - A resolution was passed to establish a system for accountability regarding significant errors in annual report disclosures, aimed at enhancing the quality and transparency of information [3] - The board proposed the nomination of Mr. Ju Wanfu as a non-independent director to fill the vacancy left by the recent passing of Mr. Yang Youxin, ensuring compliance with the company's governance structure [4][5] - The board approved adjustments to the specialized committee members, including Mr. Ju Wanfu's appointment to the strategic committee [4][5] Group 3: Management Appointments and Compensation - The board approved the appointment of Mr. Ju Wanfu as the deputy general manager, with a term lasting until the end of the current board's tenure [6] - A compensation plan for Mr. Ju Wanfu was established, with a salary of 330,000 yuan per year, which includes performance-based pay [6][7] - The board agreed to convene the second extraordinary general meeting of 2025 on September 18, 2025, to discuss certain resolutions that require shareholder approval [7]

Meeting Information - The shareholder meeting is scheduled for September 18, 2025, at 14:30 [1] - The meeting will be held at the Southwest Airport Economic Development Zone, Chengdu, Sichuan, China [1] - Voting will be conducted through a combination of on-site and online methods [1] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system [1] - Voting will be available from 9:15 to 15:00 on the day of the meeting [1] - Shareholders must complete identity verification to vote online for the first time [2] Agenda Items - The meeting will discuss the proposal regarding the non-independent director's allowance [2] - The proposal has been approved by the company's second board of directors [2] - Related shareholders must abstain from voting on the proposal [2] Attendance Requirements - Shareholders registered by the close of trading on September 15, 2025, are eligible to attend [3] - Both individual and corporate shareholders can appoint proxies to attend the meeting [3] - Specific documentation is required for registration, including identification and authorization letters [4] Registration Process - Registration for on-site attendance must be completed by September 17, 2025 [4] - Registration can be done via email with required documents [4] Additional Information - Contact details for inquiries include a phone number and email address [6] - The company has provided templates for authorization letters and voting instructions [5][6]

Core Viewpoint - The company has established a responsibility accountability system for the disclosure of annual report information to ensure its authenticity, accuracy, completeness, and timeliness, in compliance with relevant laws and regulations [1][2]. Group 1: General Provisions - The system aims to enhance the quality and transparency of annual report information disclosure [1]. - It applies to major stakeholders including controlling shareholders, directors, senior management, and other relevant personnel [1]. Group 2: Major Errors in Disclosure - Major errors in annual report information disclosure include significant accounting errors in financial reports, major omissions, and discrepancies in performance forecasts [2]. - Specific situations classified as major errors include violations of accounting laws, significant discrepancies in performance forecasts, and other failures to comply with disclosure regulations [2]. Group 3: Standards for Identifying Major Errors - Standards for identifying major accounting errors include discrepancies in asset, liability, income, and profit figures exceeding 5% of the audited totals, with absolute amounts over 5 million [3][4]. - Major errors in financial statement disclosures are identified based on similar thresholds and include failures to disclose significant accounting policy changes or tax information [4][5]. Group 4: Responsibility Accountability - The company implements a responsibility accountability system that categorizes responsibilities into direct and leadership responsibilities [11]. - Consequences for major errors in disclosure can include corrective actions, reprimands, demotions, or even legal actions depending on the severity of the error [12][13]. Group 5: Procedures for Accountability - The internal audit department is responsible for collecting evidence, investigating causes, and proposing penalties for major errors in disclosure [17]. - The board of directors must consider the opinions of responsible individuals before making decisions on penalties [18]. Group 6: Amendments and Compliance - Any corrections to previously disclosed financial reports must be audited by a qualified accounting firm [19]. - The company must promptly issue supplementary announcements for any major omissions or inaccuracies in annual report disclosures [21].

Summary of Key Points Core Viewpoint The report provides an overview of the fundraising activities and the actual usage of the raised funds by Sichuan Tianwei Electronics Co., Ltd. It highlights the total amount raised, the management of the funds, and the current status of investment projects. Group 1: Fundraising Overview - The company raised a total of RMB 561.8 million through the issuance of 20 million shares at a price of RMB 28.09 per share, with a net amount of RMB 508.54 million after deducting issuance costs [1][2] - As of June 30, 2025, the remaining balance of the raised funds was RMB 360.63 million, with RMB 120 million temporarily allocated for principal-protected financial investments [2][3] Group 2: Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations, which has been approved by the board and supervisory committee [2][4] - A tripartite supervision agreement has been signed with several banks to ensure the proper storage and usage of the raised funds [2][3] Group 3: Fund Usage - The total amount invested in fundraising projects during the current year was RMB 6.14 million, with a cumulative investment of RMB 180.99 million [4][5] - There were no instances of using idle funds to temporarily supplement working capital during the reporting period [4][5] Group 4: Project Status - The company has not changed the use of the raised funds for investment projects, and there are no significant changes in the feasibility of the projects [4][5] - The completion date for several projects has been postponed to July 30, 2026, due to various factors including market conditions and project dependencies [5]

《上海证券交易所科创板股 票上市规则》（以下简称"《上市规则》"）等法律法规、规范性文件以及《四川天微电子 股份有限公司章程》 四川天微电子股份有限公司 第二届董事会提名委员会关于聘任公司副总经理的 审查意见 根据《中华人民共和国公司法》 （以下简称"《公司法》"） （以下简称"《公司章程》"） 《董事会提名委员会工作细则》等公司制 度的有关规定，我们作为四川天微电子股份有限公司（以下简称"公司"）第二届董事会 提名委员会委员，本着对公司及全体股东负责的态度，基于审慎独立判断的立场，认真 审核了公司副总经理候选人的个人履历等相关资料，现就聘任巨万夫先生担任公司副总 经理事项发表审查意见如下： 经审查，本次聘任的公司副总经理候选人巨万夫先生具备《公司法》 《规范运作》等 规定的关于担任公司高级管理人员的资格和能力，符合相关法律法规规定的任职资格等 条件要求。巨万夫先生不存在《公司法》等法律法规规定不得担任高级管理人员的情形； 不存在被中国证监会采取不得担任上市公司高级管理人员的市场禁入措施且期限尚未届 满，或被证券交易所公开认定为不适合担任上市公司高级管理人员且期限尚未届满的情 形；不存在《上海证券交易所科创板 ...

证券代码：688511 证券简称：*ST天微 公告编号：2025-037 四川天微电子股份有限公司 关于补选公司第二届董事会非独立董事并调整 专门委员会委员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 四川天微电子股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召开 第二届董事会第十六次会议，审议通过了《关于补选公司第二届董事会非独立董 事的议案》《关于调整公司第二届董事会专门委员会委员的议案》，同意提名巨 万夫先生为公司第二届董事会非独立董事候选人，同意调整公司第二届董事会专 门委员会委员。现就相关事项的具体情况公告如下： 一、补选非独立董事的情况 董事会 附件： 因公司外部董事杨有新先生逝世离任，导致公司董事人数低于公司章程规定， 为保证公司董事会的规范运作，根据《中华人民共和国公司法》及《公司章程》 等相关规定，公司董事会提名委员会于 2025 年 8 月 19 日审议通过《关于补选公 司第二届董事会非独立董事的议案》，对非独立董事候选人巨万夫先生的任职资 格进行审查，同意提交董事会审议， ...

Core Viewpoint - Sichuan Tianwei Electronics Co., Ltd. has appointed Mr. Ju Wanfu as the new Vice President to enhance its governance structure and management level [1][2]. Group 1: Appointment Details - The Board of Directors held its 16th meeting on August 29, 2025, where the appointment of Mr. Ju Wanfu as Vice President was approved [1]. - Mr. Ju's term will last from the date of the board's approval until the end of the current board's term [1]. Group 2: Qualifications and Background - Mr. Ju Wanfu meets the qualifications required for his position, in accordance with the Company Law and relevant regulations [2]. - His professional background includes various engineering and managerial roles in real estate and investment companies from 1997 to 2025, showcasing extensive experience in the industry [4]. - Mr. Ju does not hold any shares in the company and has no disqualifying relationships with major shareholders or other executives [5].