Core Insights - The company reported a revenue of 2,016.87 million, an increase of 8.88% compared to the same period last year, while net profit attributable to shareholders decreased by 10.20% to 942.41 million [1][2] - The semiconductor business revenue share increased to 57%, indicating a strong focus on the semiconductor industry and successful expansion into emerging markets [2] - The company has a robust contract backlog, which supports the expectation of continued performance growth throughout the year [2][3] Financial Performance - Revenue for the first half of the year was 2,016,868,258.75, up from 1,852,329,471.27, reflecting an 8.88% increase [1] - Net profit attributable to shareholders was 94,240,854.86, down 10.20% from 104,944,006.07 [1] - The net profit after deducting non-recurring gains and losses was 58,801,885.63, a significant decline of 48.45% from 114,063,784.25 [1] Strategic Developments - The company is actively expanding its presence in the semiconductor sector while also venturing into advanced manufacturing markets, which now account for 18.5% of its revenue [2] - The acquisition of a 62.23% stake in Liaoning Hanjing Semiconductor Materials Co., Ltd. is expected to enhance the company's capabilities in core semiconductor components and drive growth in OPEX business [3] - The company aims to strengthen its core competitiveness by focusing on domestic alternatives in high-consumption components [2][3]

Core Viewpoint - Zhengfan Technology (688596.SH) reported a revenue of 2.017 billion yuan for the first half of 2025, reflecting a year-on-year growth of 8.88% [1] Financial Performance - The net profit attributable to shareholders of the listed company was 94.24 million yuan, representing a year-on-year decline of 10.20% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 58.80 million yuan, showing a significant year-on-year decrease of 48.45% [1] - The basic earnings per share stood at 0.33 yuan [1]

一、监事会会议召开情况 上海正帆科技股份有限公司（以下简称"公司"）第四届监事会第十三次会议 于 2025 年 8 月 29 日以现场方式召开，经会议召集人说明，全体监事一致同意豁 免本次监事会会议的提前通知期限，会议通知于 2025 年 8 月 27 日以电话和邮件 方式送达全体监事。本次会议应到监事三名，实到监事三名，会议由监事会主席 周明峥召集和主持，符合《中华人民共和国公司法》和《上海正帆科技股份有限 公司章程》有关规定，会议决议合法、有效。 二、监事会会议审议情况 | 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：118053 | 转债简称：正帆转债 | | 上海正帆科技股份有限公司 第四届监事会第十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （3）未发现参与公司年度报告编制和审议的人员有违反保密规定的行为。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）披露的《2025 年半年 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board of Directors, Supervisory Board, and Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's Board of Directors, Supervisory Board, and senior management declare the semi-annual report content is true, accurate, and complete, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3](index=3&type=chunk) - This semi-annual report has not been audited[4](index=4&type=chunk) - Company head YU DONG LEI, chief accountant ZHENG HONGLIANG, and head of accounting department ZHENG HONGLIANG declare that the financial report in the semi-annual report is true, accurate, and complete[4](index=4&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential operating risks and countermeasures in the report, advising investors to be aware of investment risks - The company has elaborated on various risks and countermeasures it may face in its operations in Section III, "Management Discussion and Analysis," Subsection IV, "Risk Factors" of this report, urging investors to be aware of investment risks[3](index=3&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The Board of Directors did not approve a profit distribution or capital reserve conversion plan for the reporting period - None[5](index=5&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AB%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding the company's future plans and development strategies in this report do not constitute substantial commitments, and investors should be aware of investment risks - Forward-looking statements in this report concerning the company's future plans and development strategies do not constitute substantial commitments to investors; investors are advised to be aware of investment risks[6](index=6&type=chunk) [Controlling Shareholder and Related Party Fund Occupation](index=2&type=section&id=%E4%B9%9D%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of company funds by controlling shareholders or other related parties - No[7](index=7&type=chunk) [External Guarantees](index=2&type=section&id=%E5%8D%81%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%BF%9D%E5%8F%8D%E8%A7%84%E5%AE%9A%E5%86%B3%E7%AD%96%E7%A8%8B%E5%BA%8F%E5%AF%B9%E5%A4%96%E6%8F%90%E4%BE%9B%E6%8B%85%E4%BF%9D%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, there were no external guarantees provided in violation of prescribed decision-making procedures - No[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms used in the report, covering company names, related parties, industry-specific vocabulary, and financial/legal concepts for accurate interpretation - Zhengfan Technology/Company/This Company refers to Shanghai Zhengfan Technology Co., Ltd[11](index=11&type=chunk) - Pan-semiconductor refers to the collective term for the solar photovoltaic, flat panel display, semiconductor lighting, and optical fiber manufacturing industries[11](index=11&type=chunk) - MRO refers to Maintenance, Repair, and Operation, providing technical renovation engineering, equipment manufacturing, integrated spare parts procurement, and operation services for customers' completed projects[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's basic information, including its Chinese and English names, legal representative, registered and office addresses, website, and email - The company's Chinese name is Shanghai Zhengfan Technology Co., Ltd., abbreviated as Zhengfan Technology, with YU DONG LEI as the legal representative[14](index=14&type=chunk) - The company's registered address is Building 2, No. 55 Chunyong Road, Minhang District, Shanghai, and its office address is No. 55 Chunyong Road, Minhang District, Shanghai[14](index=14&type=chunk) - The company's website is www.gentechindustries.com, and its email address is ir@gentech-online.com[14](index=14&type=chunk) [Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for ZHENG HONGLIANG, the company's Board Secretary (domestic representative for information disclosure), including address, phone, fax, and email - The Board Secretary (domestic representative for information disclosure) is ZHENG HONGLIANG, with a contact address at No. 55 Chunyong Road, Minhang District, Shanghai[15](index=15&type=chunk) - The contact phone number is 021-54428800, fax is 021-54428811, and email is ir@gentech-online.com[15](index=15&type=chunk) [Information Disclosure and Document Custody Location](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates "Shanghai Securities News" and "Securities Times" for information disclosure, with the semi-annual report available on www.sse.com.cn and at the Board Office - The company's designated information disclosure newspapers are "Shanghai Securities News" and "Securities Times," and the website for the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) - The company's semi-annual report is available at the Board Office, No. 55 Chunyong Road, Minhang District, Shanghai[16](index=16&type=chunk) [Company Stock Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Zhengfan Technology and stock code 688596 Company Stock Overview | Stock Type | Stock Exchange and Board | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange STAR Market | Zhengfan Technology | 688596 | [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue increased by **8.88%** to **2.017 billion yuan**, but total profit and net profit attributable to parent company shareholders decreased by **39.01%** and **10.20%** respectively, mainly due to intensified market competition, increased depreciation, and share-based payment expenses. Net profit attributable to parent company shareholders after deducting non-recurring gains and losses decreased by **48.45%** Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,016,868,258.75 yuan | 1,852,329,471.27 yuan | 8.88 | | Total Profit | 72,476,816.06 yuan | 118,828,327.40 yuan | -39.01 | | Net Profit Attributable to Listed Company Shareholders | 94,240,854.86 yuan | 104,944,006.07 yuan | -10.20 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 58,801,885.63 yuan | 114,063,784.25 yuan | -48.45 | | Net Cash Flow from Operating Activities | -191,491,540.56 yuan | -122,328,745.08 yuan | N/A | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 3,705,724,111.73 yuan | 3,451,490,737.34 yuan | 7.37 | | Total Assets (Period-End) | 10,110,044,156.67 yuan | 9,357,432,565.16 yuan | 8.04 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.33 | 0.38 | -13.16 | | Diluted Earnings Per Share (yuan/share) | 0.33 | 0.37 | -10.81 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.21 | 0.41 | -48.78 | | Weighted Average Return on Net Assets (%) | 2.60 | 3.41 | Decrease of 0.81 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.62 | 3.71 | Decrease of 2.09 percentage points | | R&D Investment as % of Operating Revenue (%) | 7.95 | 8.43 | Decrease of 0.48 percentage points | - Total profit decreased by **39.01%** year-on-year, and net profit attributable to shareholders after deducting non-recurring gains and losses decreased by **48.45%** year-on-year, primarily due to intensified market competition, increased fixed asset depreciation, and higher share-based payment expenses[21](index=21&type=chunk) Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 124,007.08 | | Government grants recognized in current profit or loss | 35,714,006.14 | | 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 | 1,973,222.49 | | Other non-operating income and expenses | -662,391.55 | | Less: Income tax impact | 1,523,334.83 | | Minority interest impact (after tax) | 186,540.10 | | Total | 35,438,969.23 | Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 118,954,675.03 | 130,915,787.15 | -9.14 | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily serves integrated circuit, pan-semiconductor, biopharmaceutical, new energy, and advanced manufacturing industries, with OPEX business revenue share increasing to **37.3%** and benefiting from AI chip demand and localization [Industry Overview](index=8&type=section&id=%28%E4%B8%80%29%20%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) Company's specialized equipment manufacturing industry serves integrated circuit, pan-semiconductor, and biopharmaceutical sectors, with new energy and new materials revenue exceeding **10%** - The company's industry classification is "C35, Special Equipment Manufacturing" according to the China Association for Public Companies' Industry Classification Guidelines[28](index=28&type=chunk) Global Semiconductor Market Size Forecast | Year | Market Size (billion USD) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | 2025 H1 | 34.60 | 18.9 | | 2025 Full Year (Forecast) | 72.80 | 15.4 | | 2026 (Forecast) | >80.00 | 9.9 | - From January to June 2025, China's integrated circuit exports amounted to **650.26 billion yuan**, a year-on-year increase of **20.3%**, with export volume reaching **167.77 billion units**, up **20.6%** year-on-year[32](index=32&type=chunk) - From January to June 2025, China's biopharmaceutical market size was approximately **1.25 trillion yuan**, a year-on-year increase of about **15%**, with the full-year market expected to reach **2.5 trillion yuan**[36](index=36&type=chunk) - During the reporting period, the company's revenue from new energy, new materials, and other advanced manufacturing industries exceeded **10%** of total revenue[37](index=37&type=chunk) [Main Business Operations](index=10&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) Company's main business includes non-equipment (OPEX) and equipment (CAPEX) categories, with OPEX revenue share rising to **37.3%**, covering core components, gases, advanced materials, and MRO services - During the reporting period, non-equipment (OPEX) business revenue proportion further increased to **37.3%**, with a significantly faster growth rate than equipment (CAPEX) business[39](index=39&type=chunk) - The company's core components primarily include Gas Box, Chemical Box, and Bubbler, which have been supplied in bulk to leading domestic semiconductor equipment manufacturers[40](index=40&type=chunk) - The company completed the acquisition of Hanking Semiconductor equity, extending its core component business into high-precision quartz and advanced ceramic material manufacturing technologies[41](index=41&type=chunk) - The company possesses core capabilities in synthesis, purification, blending, filling, analysis, and testing, making it one of the few domestic enterprises capable of stable mass production of electronic-grade arsine and phosphine, and stable supply of silane, diborane, germane, and most other electronic specialty gases[44](index=44&type=chunk) - The company's precursor manufacturing base, invested in at the Tongling electronic materials production base, has entered the trial production phase and will cover over **20** types of precursor products[45](index=45&type=chunk) - The company's high-purity media supply system holds a leading position in China, serving top pan-semiconductor industry clients including SMIC, YMTC, CXMT, BOE, HC SemiTek, Jinko, and Longi[55](index=55&type=chunk) - Zhengfan Baotai (Suzhou) Technology Co., Ltd., the company's biopharmaceutical business subsidiary, successfully acquired Qingdao Kenuosai Bio in 2024, officially entering the biopharmaceutical OPEX business of raw and auxiliary materials and consumables[56](index=56&type=chunk) [Discussion and Analysis of Operations](index=16&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, operating revenue increased by **8.88%**, OPEX business share rose to **37.3%**, semiconductor business revenue jumped to **57%**, and new energy/materials business grew to **18.5%**, with overseas expansion exceeding expectations 2025 H1 Operating Performance | Indicator | Amount (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 2,016.87 | 8.88 | - OPEX business accounted for **37.3%**, a significant increase from the end of the previous year, demonstrating the effectiveness of the company's strategy to "expand OPEX business based on CAPEX business"[58](index=58&type=chunk)[59](index=59&type=chunk) - In the first half of 2025, semiconductor business revenue share surged to **57%**; advanced manufacturing, represented by new energy and new materials, grew to **18.5%** as an emerging market for the company[60](index=60&type=chunk) - The company completed the acquisition of **62.2318%** equity in Liaoning Hanking Semiconductor Materials Co., Ltd., further extending its industrial chain layout and strengthening domestic substitution[61](index=61&type=chunk) - During the reporting period, the company's overseas business expansion progress and order acquisition exceeded expectations, opening up incremental markets for future development[63](index=63&type=chunk) Convertible Bond Issuance | Total Issuance Amount | Listing Date | | :--- | :--- | | 1,041.10 million yuan | April 3, 2025 | - The company launched its second employee stock ownership plan, granting **6.1046 million shares** to employees to attract, incentivize, and retain core talent[66](index=66&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Company core competitiveness stems from its unique "three-in-one" business model, homologous technology spillover for multi-industry application, and strong R&D capabilities in fluid systems and new materials - The company's business encompasses both equipment-based system equipment and non-equipment-based core components, gases and advanced materials, and MRO services, forming a unique "three-in-one" business model[67](index=67&type=chunk) - The company benefits from the spillover effect of its core technologies across industries, with business spanning integrated circuits, pan-semiconductors, biopharmaceuticals, new energy, and carbon reduction emerging markets[69](index=69&type=chunk) - Fluid system design and simulation technology, along with advanced material synthesis and purification technology, are core technologies developed over years, with R&D capabilities rapidly enhanced through organizational and R&D innovation[70](index=70&type=chunk) - The company continuously implements and improves various incentive mechanisms, including stock options and employee stock ownership plans, to foster rapid growth of high-potential talent and attract external senior talent[72](index=72&type=chunk) [Core Technologies and R&D Progress](index=19&type=section&id=%28%E4%B8%89%29%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) Company developed six core technologies including micro-pollution control, fluid system design, and advanced material synthesis, with **160.42 million yuan** in R&D investment and multiple ongoing projects - The company has developed six underlying core technologies: micro-pollution control technology for media supply systems, fluid system design and simulation technology, life safety assurance and process monitoring technology, high-purity material synthesis and separation/purification technology, material composition analysis and trace detection technology, and critical process material regeneration and recycling technology[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) National Specialized, Refined, Unique, and New "Little Giant" Enterprise Certification | Certified Entity | Certification Title | Certification Year | | :--- | :--- | :--- | | Zhengfan Technology | National Specialized, Refined, Unique, and New "Little Giant" Enterprise | 2023 | | Hefei Zhengfan | National Specialized, Refined, Unique, and New "Little Giant" Enterprise | 2023 | Intellectual Property Acquired During the Reporting Period | IP Type | New Applications (units) | New Grants (units) | Cumulative Quantity (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 19 | 14 | 66 | | Utility Model Patents | 19 | 26 | 261 | | Design Patents | 3 | 3 | 24 | | Software Copyrights | 10 | 15 | 67 | R&D Investment Overview | Indicator | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 160,419,938.02 | 156,168,491.52 | 2.72 | | Total R&D Investment | 160,419,938.02 | 156,168,491.52 | 2.72 | | R&D Investment as % of Operating Revenue | 7.95 | 8.43 | Decrease of 0.48 percentage points | Selected R&D Projects | No. | Project Name | Estimated Total Investment (million yuan) | Current Period Investment (million yuan) | Progress or Stage Results | | :--- | :--- | :--- | :--- | :--- | | 1 | Ultra-high Pressure Online Boosting and Delivery System | 14.50 | 4.95 | System solution optimization stage | | 5 | Precursor Dispensing and Sampling Analysis System | 6.00 | 1.69 | Pilot test stage | | 13 | High-precision Silane Filling System | 9.50 | 2.69 | System solution optimization stage | | 26 | Total | 253.00 | 78.44 | / | R&D Personnel Information | Indicator | Current Period (persons) | Prior Period (persons) | | :--- | :--- | :--- | | Number of R&D Personnel | 546 | 544 | | R&D Personnel as % of Total Employees | 28.90 | 29.45 | | Total R&D Personnel Compensation (million yuan) | 84.84 | 80.55 | | Average R&D Personnel Compensation (million yuan) | 0.16 | 0.15 | [Risk Factors](index=27&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) Company faces multiple risks including core competitiveness (technology, talent), operational (supply chain, market competition), financial (depreciation, tax, inventory, receivables), industry (downstream volatility), and macro-environmental (trade friction) - The company's industry is typically technology-intensive and interdisciplinary, with high technical barriers, posing risks of technology being surpassed or replaced[88](index=88&type=chunk) - The core parts of the company's main raw materials and components still need to be procured from foreign suppliers, leading to risks of supply shortages, delayed deliveries, and significant price increases[88](index=88&type=chunk) - The industry in which the company operates is highly competitive, with rapid growth of domestic peers, which may lead to a decline in market position and profitability[88](index=88&type=chunk)[89](index=89&type=chunk) - The company faces financial risks such as increased fixed asset depreciation, changes in tax preferential policies, inventory impairment, and bad debts from accounts receivable[90](index=90&type=chunk) - The company's business development relies on the prosperity of downstream industries such as integrated circuits, pan-semiconductors, and biopharmaceuticals, as well as fixed asset investments, posing a risk of revenue decline due to industry downturns[90](index=90&type=chunk) - International trade frictions, especially between China and the US, may impact the company's market sales and product supply[91](index=91&type=chunk) [Key Operating Performance During the Reporting Period](index=28&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's operating performance, including changes in key financial statement items, asset-liability structure, external equity investments, and subsidiary performance [Main Business Analysis](index=28&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, operating revenue increased by **8.88%**, operating cost by **13.65%**, selling expenses by **48.74%**, administrative expenses by **23.36%**, financial expenses by **200.78%**, and net cash flow from operating activities decreased Financial Statement Item Fluctuation Analysis | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,016,868,258.75 | 1,852,329,471.27 | 8.88 | | Operating Cost | 1,538,718,131.78 | 1,353,881,159.11 | 13.65 | | Selling Expenses | 47,837,692.50 | 32,161,018.66 | 48.74 | | Administrative Expenses | 170,379,775.14 | 138,118,199.26 | 23.36 | | Financial Expenses | 32,834,599.52 | 10,916,344.69 | 200.78 | | R&D Expenses | 160,419,938.02 | 156,168,491.52 | 2.72 | | Net Cash Flow from Operating Activities | -191,491,540.56 | -122,328,745.08 | N/A | | Net Cash Flow from Investing Activities | -703,774,032.71 | -197,658,660.86 | -256.06 | | Net Cash Flow from Financing Activities | 798,981,650.51 | 603,850,931.57 | 32.31 | - Operating revenue increased by **8.88%** year-on-year, primarily due to the continuous improvement in the company's market competitiveness[93](index=93&type=chunk) - Financial expenses increased by **200.78%** year-on-year, mainly due to increased interest on convertible bonds and long-term payables during the reporting period[94](index=94&type=chunk) - The change in net cash flow from operating activities was primarily due to a decrease in sales collections during the reporting period[94](index=94&type=chunk) - The change in net cash flow from investing activities was primarily due to the purchase of wealth management products during the reporting period[94](index=94&type=chunk) - The change in net cash flow from financing activities was primarily due to the issuance of convertible bonds during the reporting period[95](index=95&type=chunk) [Asset and Liability Analysis](index=29&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets and net assets attributable to parent company owners increased, with significant rises in trading financial assets, other equity instrument investments, other non-current financial assets, and other non-current assets, while notes payable, taxes payable, and other payables decreased, and bonds payable and other equity instruments increased due to convertible bond issuance Asset and Liability Status Changes (Period-End) | Item | Current Period-End (yuan) | Current Period-End as % of Total Assets | Prior Year-End (yuan) | Prior Year-End as % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 429,390,202.69 | 4.25 | - | - | N/A | Primarily due to an increase in structured deposits | | Notes Receivable Financing | 43,652,527.62 | 0.43 | 90,698,776.89 | 0.97 | -51.87 | Primarily due to a decrease in bank acceptance bills | | Other Equity Instrument Investments | 93,401,200.00 | 0.92 | 69,401,200.00 | 0.74 | 34.58 | Primarily due to new investments in Guoxin Ultra-High Purity (Jiangsu) Materials Co., Ltd. and Maishuo Jixin (Shanghai) Technology Co., Ltd. | | Other Non-current Financial Assets | 346,386,847.90 | 3.43 | 221,720,000.00 | 2.37 | 56.23 | Primarily due to the purchase of trust wealth management products | | Other Non-current Assets | 56,830,898.67 | 0.56 | 35,646,643.63 | 0.38 | 59.43 | Primarily due to an increase in equipment prepayments as per contract | | Notes Payable | 149,330,438.27 | 1.48 | 301,054,334.41 | 3.22 | -50.40 | Primarily due to reduced settlement by bank acceptance bills during the reporting period | | Taxes Payable | 13,399,621.14 | 0.13 | 30,956,538.32 | 0.33 | -56.71 | Primarily due to a decrease in corporate income tax payable at the end of the reporting period | | Other Payables | 28,524,073.79 | 0.28 | 212,356,121.87 | 2.27 | -86.57 | Primarily due to payment of equity for the acquisition of Hongge Semiconductor's minority interest in the current period | | Other Current Liabilities | 15,551,968.80 | 0.15 | 4,014,670.76 | 0.04 | 287.38 | Primarily due to an increase in advance receipts for goods (VAT to be transferred) at the end of the reporting period | | Bonds Payable | 892,163,693.06 | 8.82 | - | - | N/A | Primarily due to the issuance of convertible bonds during the reporting period | | Other Equity Instruments | 122,264,717.61 | 1.21 | - | N/A | - | Primarily due to the issuance of convertible bonds (equity portion) during the reporting period | Major Asset Restrictions as of Report End | Item | Book Balance as of June 30, 2025 (yuan) | Book Value as of June 30, 2025 (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 11,767,059.89 | 11,767,059.89 | Frozen | Frozen due to court enforcement for litigation | | Monetary Funds | 1,600.00 | 1,600.00 | Frozen | Deposit ETC | | Fixed Assets | 113,116,043.45 | 93,588,637.92 | Mortgage | Loan mortgage | | Intangible Assets | 14,514,289.97 | 11,809,299.67 | Mortgage | Loan mortgage | | Total | 139,398,993.31 | 117,166,597.48 | - | - | [Investment Status Analysis](index=31&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's external equity investment amounted to **65.72 million yuan**, a year-on-year increase of **119.07%**, primarily due to increased equity investments in Guoxin Ultra-High Purity (Jiangsu) Materials Co., Ltd. and Hefei Jinghui Chuangxin Equity Investment Partnership (Limited Partnership) Overall Analysis of External Equity Investments | Indicator | Amount (yuan) | Change (%) | | :--- | :--- | :--- | | Investment Amount in Reporting Period | 65,721,200.00 | 119.07 | - During the reporting period, the company's external equity investment amounted to **65.72 million yuan**, primarily due to increased equity investments in Guoxin Ultra-High Purity (Jiangsu) Materials Co., Ltd. and Hefei Jinghui Chuangxin Equity Investment Partnership (Limited Partnership)[103](index=103&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss in Current Period (yuan) | Purchase Amount in Current Period (yuan) | Sale/Redemption Amount in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | - | 2,428,119.36 | 2,044,900,000.00 | 1,465,900,000.00 | 581,428,119.36 | | Funds | 221,720,000.00 | 1,739,484.95 | 41,721,200.00 | 70,831,753.72 | 194,348,931.23 | | Other Equity Instrument Investments | 69,401,200.00 | - | 24,000,000.00 | - | 93,401,200.00 | | Total | 291,121,200.00 | 4,167,604.31 | 2,110,621,200.00 | 1,536,731,753.72 | 869,178,250.59 | Private Equity Fund Investment Status | Private Equity Fund Name | Investment Purpose | Planned Total Investment (million yuan) | Investment Amount in Current Period (million yuan) | Cumulative Investment Amount as of Report End (million yuan) | Capital Contribution Ratio as of Report End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Jinghui Chuangxin Equity Investment Partnership (Limited Partnership) | Strategic layout and business synergy | 50.00 | 25.00 | 25.00 | 14.2653 | [Analysis of Major Holding and Participating Companies](index=33&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists financial information for major holding and participating companies, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, highlighting significant net profit contributions from Hong Kong Zhengfan, Hongge Semiconductor, and Fengzhan Hongtu Major Subsidiary Financial Data (2025 H1) | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Zhengfan | Subsidiary | Production and sales of semiconductor equipment and accessories, power electronic components, etc. | 10.00 | 437.44 | 83.51 | 222.82 | 8.58 | 7.45 | | Hefei Zhengfan | Subsidiary | Production, processing, sales, and wholesale of ultra-pure gases, industrial gases, medical gases, electronic specialty gases, and mixed gases; leasing, sales, installation, and technical services for gas production equipment and gas application devices, etc. | 220.00 | 424.39 | 237.26 | 150.12 | 12.61 | 11.79 | | Hong Kong Zhengfan | Subsidiary | Electromechanical, stainless steel, instrumentation, plastics, chemicals, environmental products and equipment, etc. | 40.00 million HKD | 350.04 | 251.90 | 443.46 | 133.08 | 132.68 | | Hongge Semiconductor | Controlled Subsidiary | Manufacturing and sales of electronic special equipment, optoelectronic devices, semiconductor discrete devices, and semiconductor device special equipment; sales of mechanical and electrical equipment, etc. | 157.95 | 882.51 | 432.32 | 304.39 | 26.95 | 25.34 | | Fengzhan Hongtu | Subsidiary | Technical services, promotion; software sales; information system operation and maintenance services, etc. | 10.00 | 296.10 | 274.28 | 135.39 | 49.99 | 49.99 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal | Impact on Overall Production, Operation, and Performance | | :--- | :--- | :--- | | Hangzhou Xintesi Semiconductor Technology Co., Ltd. | Investment establishment | No significant impact | | Hefei Zhengfan Advanced New Materials Technology Co., Ltd. | Investment establishment | No significant impact | | Wuhu Zhengfan New Materials Technology Co., Ltd. | Investment establishment | No significant impact | [Section IV Corporate Governance, Environment, and Society](index=35&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel - No changes occurred in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[111](index=111&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=35&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed half-yearly profit distribution or capital reserve conversion plan is "No," with no related plans for this reporting period Half-Yearly Profit Distribution Plan | Whether to Distribute or Convert | No | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | / | | Dividend per 10 Shares (yuan) (tax inclusive) | / | | Number of Capital Reserve Conversions per 10 Shares (shares) | / | | Explanation of Profit Distribution or Capital Reserve Conversion Plan | None | [Equity Incentive and Employee Stock Ownership Plans](index=35&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company adjusted the 2021 second phase stock option incentive plan's exercise price from **21.58 yuan/share** to **21.30 yuan/share**, and completed its second employee stock ownership plan, with **63** employees subscribing for **6.1046 million shares** totaling **119.04 million yuan**, with shares transferred and an **84-month** duration, unlocking in three phases - The company's Board of Directors and Supervisory Board approved the adjustment of the exercise price for the 2021 second phase stock option incentive plan from **21.58 yuan/share** to **21.30 yuan/share**[112](index=112&type=chunk) - The company's second employee stock ownership plan involved **63** employees subscribing for **6,104,603 shares**, with a total subscription amount of **119,039,758.50 yuan**; these shares were transferred on March 3, 2025, at an transfer price of **19.50 yuan/share**[113](index=113&type=chunk) - The employee stock ownership plan has a duration of **84 months** from the date the last batch of underlying shares is transferred to the plan, with unlocking in three phases at **40%**, **35%**, and **25%** respectively[113](index=113&type=chunk)[114](index=114&type=chunk) [Poverty Alleviation and Rural Revitalization](index=36&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively fulfills social responsibility by participating in a village-enterprise pairing assistance project in Suijiang County, Yunnan, and providing stable employment for over **20** disabled individuals through specialized planting in Huade County, Inner Mongolia, supporting poverty alleviation and rural revitalization - The company actively fulfills its social responsibilities by participating in the village-enterprise pairing assistance project in Suijiang County, Yunnan Province[114](index=114&type=chunk) - In Huade County, Ulanqab City, Inner Mongolia, the company leverages local resource advantages to develop specialized planting, providing stable employment for over **20** disabled individuals, contributing to poverty alleviation and rural revitalization[114](index=114&type=chunk) [Section V Significant Matters](index=37&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=37&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company, its controlling shareholders, actual controllers, directors, supervisors, and senior management strictly fulfilled all commitments during the reporting period, including those related to share reduction, non-detriment to company interests, information disclosure, competition, related party transactions, dividend policy, profitability, raised funds management, and equity incentives - Controlling shareholders and actual controllers committed to long-term shareholding, with a lock-up period of two years after which the reduction price will not be lower than the issue price, and strict adherence to reduction regulations[119](index=119&type=chunk) - Controlling shareholders, actual controllers, and all directors and senior management committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and not to use company assets for investments or consumption unrelated to their duties[120](index=120&type=chunk) - Controlling shareholders, actual controllers, and all directors, supervisors, and senior management committed that the prospectus and other information disclosure materials contain no false records, misleading statements, or major omissions[122](index=122&type=chunk) - Controlling shareholders and actual controllers committed not to directly or indirectly engage in any business or operating activities that compete or potentially compete with the company's business[127](index=127&type=chunk) - The company committed to distributing no less than **20%** of the distributable profit in cash annually, provided profit distribution conditions are met[134](index=134&type=chunk) - The company committed to strengthening R&D, expanding business, and enhancing sustainable profitability; improving internal management, operational efficiency, and reducing operating costs; reinforcing management of raised funds, accelerating construction of fundraising projects, and improving efficiency of fund utilization; and perfecting profit distribution and investment return mechanisms[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) [Explanation of Integrity Status](index=46&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled effective court judgments or significant overdue debts - During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled effective court judgments or significant overdue debts[151](index=151&type=chunk) [Significant Contracts and Guarantees](index=47&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Company provided **46.03 million yuan** in guarantees for subsidiaries, representing **1.24%** of net assets, with **394.60 million yuan** for high-leverage entities, all current Company and Subsidiaries' Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Relationship with Listed Company | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhengfan Technology | Zhengfan Lishui | Wholly-owned subsidiary | 189,000,000.00 | 2023/4/18 | 2028/4/18 | No | | Zhengfan Technology | Hongge Semiconductor | Controlled subsidiary | 100,000,000.00 | 2023/11/11 | 2029/11/11 | No | | Zhengfan Technology | Tongling Zhengfan | Wholly-owned subsidiary | 7,560,000.00 | 2024/1/30 | 2028/1/15 | No | | Zhengfan Technology | Hefei Zhengfan | Wholly-owned subsidiary | 21,415,200.00 | 2024/8/30 | 2028/8/15 | No | | Zhengfan Technology | Zhengfan Baotai | Wholly-owned subsidiary | 120,000,000.00 | 2024/6/24 | 2032/6/28 | No | Total Guarantee Amount of the Company | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantee Amount (A+B) | 46,027,200.00 | | Total Guarantee Amount as % of Company's Net Assets | 1.24 | | Debt Guarantee Amount Provided for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 394,595,039.54 | | Total of the above three guarantee amounts (C+D+E) | 394,595,039.54 | [Progress of Raised Funds Utilization](index=50&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) Convertible bond issuance totaled **1.04 billion yuan**, with **568.19 million yuan** cumulatively invested (55.36% progress) in projects like Tongling precursors, Lishui specialty gases, and Taicang biopharmaceuticals Overall Utilization of Raised Funds | Source of Raised Funds | Total Raised Funds (yuan) | Net Raised Funds (yuan) | Total Committed Investment in Prospectus (yuan) | Cumulative Investment as of Report End (yuan) | Investment Amount in Current Year (yuan) | Investment Amount as % of Total in Current Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 1,041,095,000.00 | 1,026,361,509.67 | 1,026,361,509.67 | 568,188,109.39 | 568,188,109.39 | 55.36 | Details of Raised Fund Investment Projects | Project Name | Planned Total Investment of Raised Funds (yuan) | Cumulative Investment of Raised Funds as of Report End (yuan) | Cumulative Investment Progress (%) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Tongling Precursor and Mixed Gas Project | 350,000,000.00 | 221,124,137.82 | 63.18 | 2025/12/31 | | Lishui Specialty Gas Project | 400,000,000.00 | 124,571,901.59 | 31.14 | 2026/12/31 | | Taicang Biopharmaceutical Project | 116,995,000.00 | 62,980,530.20 | 53.83 | 2025/12/31 | | Replenishment of Working Capital and Repayment of Bank Loans | 159,366,509.67 | 159,511,539.78 | 100.09 | / | - The company used **366.28 million yuan** (tax inclusive) of raised funds to replace self-raised funds previously invested in fundraising projects, and **2.19 million yuan** (tax exclusive) to replace previously paid issuance expenses[166](index=166&type=chunk) Cash Management of Idle Raised Funds | Board Approval Date | Approved Amount for Cash Management of Raised Funds (million yuan) | Start Date | End Date | Cash Management Balance as of Report End (million yuan) | | :--- | :--- | :--- | :--- | :--- | | 2025/4/18 | 700.00 (inclusive) | 2025/4/18 | 2026/4/17 | 309.00 | [Section VI Share Changes and Shareholder Information](index=54&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=54&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Company shares increased from **290.29 million** to **292.54 million**, with **2.25 million** new unrestricted shares from 2021 stock option exercise, slightly impacting EPS and net assets per share Share Capital Change Table | Category | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in Current Change (+,-) (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 290,289,202 | 100 | 2,249,866 | 292,539,068 | 100 | | III. Total Shares | 290,289,202 | 100 | 2,249,866 | 292,539,068 | 100 | - The company cumulatively exercised and completed share transfer registration for **2,249,866 shares** during the first half of 2025[173](index=173&type=chunk) - From the end of the reporting period to the disclosure date of this semi-annual report, the company's share capital increased from **292,539,068 shares** to **292,923,454 shares**; calculated based on the changed share capital, the basic earnings per share for the first half of 2025 would be **0.33 yuan**, and net assets per share at the end of the first half of 2025 would be **12.65 yuan**[174](index=174&type=chunk) [Shareholder Information](index=55&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **10,235** common shareholders; Fengfan Holdings Co., Ltd. was the largest shareholder with **17.36%**, followed by Huang Yong and Zhou Mingzheng, with Shanghai Zhengfan Technology Co., Ltd. - Second Employee Stock Ownership Plan also among the top ten Total Number of Common Shareholders as of Report End | Indicator | Quantity (households) | | :--- | :--- | | Total Number of Common Shareholders as of Report End | 10,235 | Top Ten Shareholders' Shareholding (excluding shares lent through re-lending) | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Fengfan Holdings Co., Ltd. | 50,789,260 | 17.36 | Overseas Legal Person | | Huang Yong | 13,671,394 | 4.67 | Domestic Natural Person | | Zhou Mingzheng | 12,671,394 | 4.33 | Domestic Natural Person | | Agricultural Bank of China Co., Ltd. - Oriental Artificial Intelligence Theme Mixed Securities Investment Fund | 9,148,144 | 3.13 | Other | | Shanghai Zhengfan Technology Co., Ltd. - Second Employee Stock Ownership Plan | 6,104,603 | 2.09 | Other | | Shanghai Taiying Private Equity Fund Management Co., Ltd. - Laoyou Yuheng No. 1 Private Securities Investment Fund | 4,501,150 | 1.54 | Other | | Li Dongsheng | 3,601,531 | 1.23 | Domestic Natural Person | | Wang Jian | 3,412,552 | 1.17 | Domestic Natural Person | | Invesco Great Wall Fund - China Life Insurance Co., Ltd. - Dividend Insurance - Invesco Great Wall Fund China Life Shares Growth Stock Portfolio Single Asset Management Plan (Available for Sale) | 3,177,985 | 1.09 | Other | | National Social Security Fund 414 Portfolio | 2,732,803 | 0.93 | Other | [Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel](index=58&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, Director and General Manager Shi Kecheng's shareholding decreased by **544,500 shares** due to centralized bidding reduction, while Deputy General Manager, CFO, and Board Secretary ZHENG HONGLIANG's shareholding increased by **374,000 shares** through autonomous exercise of stock options Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Shi Kecheng | Director, General Manager | 2,178,000 | 1,633,500 | -544,500 | Centralized bidding reduction | | ZHENG HONGLIANG | Deputy General Manager, CFO, Board Secretary | 1,452,000 | 1,826,000 | 374,000 | Autonomous exercise of stock options | [Section VII Bond-Related Information](index=60&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Convertible Corporate Bonds](index=60&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) Company issued **1.04 billion yuan** convertible bonds (Zhengfan Convertible Bond, 118053) on March 18, 2025, listed on April 3, with **15,842** holders and a conversion price of **38.54 yuan/share** - On March 18, 2025, the company issued **10,410,950** convertible corporate bonds to unspecified investors, with a total issuance amount of **1.0411 billion yuan**[184](index=184&type=chunk) - The company's **1.0411 billion yuan** convertible corporate bonds were listed and traded on the Shanghai Stock Exchange starting April 3, 2025, with bond abbreviation "Zhengfan Convertible Bond" and bond code "118053"[184](index=184&type=chunk) Convertible Bond Holders and Guarantor Status at Period-End | Convertible Corporate Bond Name | Zhengfan Convertible Bond | | :--- | :--- | | Number of Convertible Bond Holders at Period-End | 15,842 | | Guarantor of the Company's Convertible Bonds | None | Top Ten Convertible Bond Holders | Convertible Corporate Bond Holder Name | Amount of Bonds Held at Period-End (yuan) | Holding Proportion (%) | | :--- | :--- | :--- | | Fengfan Holdings Co., Ltd. | 181,013,000 | 17.39 | | Huang Yong | 48,725,000 | 4.68 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 46,670,000 | 4.48 | | Zhou Mingzheng | 45,161,000 | 4.34 | | First Capital Securities Co., Ltd. | 30,775,000 | 2.96 | | Basic Pension Insurance Fund 115 Portfolio | 26,163,000 | 2.51 | | Taikang Asset - Postal Savings Bank - Taikang Asset - Stable Selection No. 6 (Phase II) Collective Asset Management Product | 24,818,000 | 2.38 | | China CITIC Bank Co., Ltd. - Huaxia Dingli Bond Fund (Initiated) | 18,758,000 | 1.80 | | Industrial and Commercial Bank of China Co., Ltd. - Southern Guangli Return Bond Fund | 18,384,000 | 1.77 | | National Social Security Fund 201 Portfolio | 18,106,000 | 1.74 | History of Conversion Price Adjustments | Conversion Price Adjustment Date | Adjusted Conversion Price (yuan) | | :--- | :--- | | June 27, 2025 | 38.54 | | Latest Conversion Price as of Report End | 38.54 | - According to the credit rating agency Pengyuan Credit Rating Co., Ltd., the company's main credit rating is "AA", with a "stable" outlook, and the "Zhengfan Convertible Bond" credit rating is "AA"[190](index=190&type=chunk) [Section VIII Financial Report](index=62&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=62&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[193](index=193&type=chunk) [Financial Statements](index=62&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025, providing a comprehensive overview of its half-yearly financial position and operating results Consolidated Balance Sheet (Summary) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 10,110,044,156.67 | 9,357,432,565.16 | | Total Liabilities | 6,353,434,388.53 | 5,823,175,777.52 | | Total Equity Attributable to Parent Company Owners | 3,705,724,111.73 | 3,451,490,737.34 | Consolidated Income Statement (Summary) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,016,868,258.75 | 1,852,329,471.27 | | Total Profit | 72,476,816.06 | 118,828,327.40 | | Net Profit | 95,522,456.59 | 124,415,135.41 | | Net Profit Attributable to Parent Company Shareholders | 94,240,854.86 | 104,944,006.07 | | Basic Earnings Per Share (yuan/share) | 0.33 | 0.38 | Consolidated Cash Flow Statement (Summary) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -191,491,540.56 | -122,328,745.08 | | Net Cash Flow from Investing Activities | -703,774,032.71 | -197,658,660.86 | | Net Cash Flow from Financing Activities | 798,981,650.51 | 603,850,931.57 | | Net Increase in Cash and Cash Equivalents | -97,218,713.15 | 281,487,082.11 | [Company Basic Information](index=87&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shanghai Zhengfan Technology Co., Ltd. was registered on July 8, 2015, and listed on the Shanghai Stock Exchange STAR Market, providing "three-in-one" services to high-tech industries including integrated circuits, pan-semiconductors, biopharmaceuticals, new energy, and advanced manufacturing - Shanghai Zhengfan Technology Co., Ltd. (hereinafter referred to as "the Company") was established on July 8, 2015, through a comprehensive change from Shanghai Zhengfan Technology Co., Ltd., and registered with the Shanghai Administration for Industry and Commerce[230](index=230&type=chunk) - The company's RMB ordinary A-shares are listed on the STAR Market of the Shanghai Stock Exchange[230](index=230&type=chunk) - The company is committed to serving high-tech industries such as integrated circuits, pan-semiconductors, biopharmaceuticals, new energy, and advanced manufacturing, providing customers with a "three-in-one" service of process critical systems, core process materials, and professional operation and maintenance management[230](index=230&type=chunk) [Basis of Financial Statement Preparation](index=87&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, their application guidelines, and interpretations, and comply with CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions on Financial Reports" (2023 Revision) - The company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises, their application guidelines, and interpretations[231](index=231&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no matters affecting its going concern ability, thus the preparation of financial statements on a going concern basis is reasonable[232](index=232&type=chunk) [Significant Accounting Policies and Estimates](index=87&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, covering financial instrument recognition and measurement, expected credit losses, revenue recognition, inventory valuation, fixed asset depreciation, intangible asset amortization, R&D capitalization, government grants, deferred income tax, and leases - The company classifies financial assets at initial recognition based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost, financial assets measured at fair value through profit or loss, and financial assets measured at fair value through other comprehensive income[255](index=255&type=chunk) - For financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, and contract assets, the company recognizes loss provisions based on expected credit losses[257](index=257&type=chunk) - The company recognizes revenue when it has satisfied its performance obligations in the contract, i.e., when the customer obtains control of the related goods[313](index=313&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (years) | Salvage Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20-30 | 5.00 | 3.17-4.75 | | Machinery and Equipment | Straight-line method | 5-20 | 5.00 | 4.75-19.00 | | Transportation Equipment | Straight-line method | 4 | 5.00 | 23.75 | | Electronic and Other Equipment | Straight-line method | 3-5 | 5.00 | 19.00-31.67 | - Expenditures in the development phase can only be recognized as intangible assets when they simultaneously meet conditions such as technical feasibility, intention to complete and use or sell, ability to generate economic benefits, availability of sufficient technical and financial resources, and reliable measurement of expenditures[301](index=301&type=chunk) - Government grants are recognized only when the company can meet the attached conditions and can receive the government grants[322](index=322&type=chunk) [Taxation](index=110&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section details the company's and its subsidiaries' main tax categories and applicable rates, including VAT, urban maintenance and construction tax, education surcharges, and corporate income tax, with several entities enjoying a **15%** high-tech enterprise income tax rate Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services calculated according to tax laws, after deducting deductible input VAT, the difference is VAT payable | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Turnover tax payable | 7%, 5% | | Education Surcharge | Turnover tax payable | 3% | | Local Education Surcharge | Turnover tax payable | 2% | | Corporate Income Tax | Taxable income | 12.5%, 15%, 16.5%, 20%, 17%, 25% | - The company and several subsidiaries, including Hefei Zhengfan, Jiangsu Zhengfan, Zhengfan Heta, Hongge Semiconductor, and Zhengfan Baotai, enjoy a **15%** preferential corporate income tax rate as high-tech enterprises[340](index=340&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk) - Subsidiary Fengzhan Hongtu enjoys a VAT immediate refund policy for software products and a **50%** reduction in corporate income tax based on the statutory **25%** rate[340](index=340&type=chunk)[342](index=342&type=chunk) - Sixteen subsidiaries, including Shanghai Zhengting Electronic Materials Co., Ltd., enjoyed corporate income tax benefits for small and micro-profit enterprises in the current period[342](index=342&type=chunk) [Notes to Consolidated Financial Statement Items](index=112&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for consolidated financial statement items, including monetary funds, trading financial assets, notes and accounts receivable, contract assets, inventory, fixed assets, construction in progress, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, short-term borrowings, notes and accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, bonds payable, lease liabilities, long-term payables, deferred income, share capital, other equity instruments, capital reserves, treasury stock, other comprehensive income, special reserves, surplus reserves, undistributed profits, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, other comprehensive income, cash flow statement items, and supplementary cash flow information Monetary Funds (Period-End) | Item | Ending Balance (yuan) | | :--- | :--- | | Cash on Hand | 52,539.18 | | Bank Deposits | 1,076,726,065.18 | | Other Monetary Funds | 42,097.71 | | Accrued Interest | 1,414,440.39 | | Total | 1,078,235,142.46 | | Of which: Total Funds Deposited Overseas | 24,281,615.71 | Trading Financial Assets (Period-End) | Item | Ending Balance (yuan) | | :--- | :--- | | Financial assets measured at fair value through profit or loss | 429,390,202.69 | | Of which: Structured deposit products | 429,390,202.69 | | Total | 429,390,202.69 | Accounts Receivable (Period-End) | Category | Book Balance (yuan) | Provision for Bad Debts (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Provision for bad debts by portfolio | 2,145,818,640.43 | 258,840,876.33 | 1,886,977,764.10 | | Total | 2,152,458,354.52 | 265,480,590.42 | 1,886,977,764.10 | Inventory Classification (Period-End) | Item | Book Balance (yuan) | Provision for Inventory Impairment/Contract Cost Impairment (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 753,748,263.41 | 1,686,285.30 | 752,061,978.11 | | Finished Goods | 23,336,631.71 | 1,914,550.94 | 21,422,080.77 | | Contract Costs | 2,219,594,692.64 | 17,626,757.97 | 2,201,967,934.67 | | Total | 2,999,975,130.63 | 21,227,594.21 | 2,978,747,536.42 | Fixed Assets (Period-End) | Item | Book Value (yuan) | | :--- | :--- | | Buildings and Structures | 806,776,721.86 | | Machinery and Equipment | 742,036,912.84 | | Transportation Equipment | 20,783,366.70 | | Electronic and Other Equipment | 43,414,645.78 | | Total | 1,613,011,647.18 | Construction in Progress (Period-End) | Item | Book Balance (yuan) | | :--- | :--- | | Tongling Factory Phase II | 201,624,416.94 | | Lishui Industrial Gas Project | 8,130,473.18 | | Baotai Factory | 63,557,240.38 | | On-site Gas Production Project | 14,905,361.34 | | Total | 353,136,759.67 | Accounts Payable (Period-End) | Item | Ending Balance (yuan) | | :--- | :--- | | Material Purchase Payments | 1,153,763,735.07 | | Subcontracting Payments | 491,455,234.34 | | Project Payments | 40,039,407.08 | | Equipment Payments | 154,234,554.46 | | Other | 45,456,807.92 | | Total | 1,884,949,738.87 | Bonds Payable (Period-End) | Item | Ending Balance (yuan) | | :--- | :--- | | Convertible Corporate Bonds | 891,564,706.91 | | Accrued Interest | 598,986.15 | | Total | 892,163,693.06 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 2,016,084,726.22 | 1,538,679,317.66 | | Other Business | 783,532.53 | 38,814.12 | | Total | 2,016,868,258.75 | 1,538,718,131.78 | Financial Expenses (Current Period) | Item | Amount Incurred in Current Period (yuan) | | :--- | :--- | | Interest Expense | 38,496,754.29 | | Interest Income | -7,774,775.69 | | Net Exchange Loss | 1,740,582.75 | | Bank Charges | 372,038.17 | | Total | 32,834,599.52 | [Research and Development Expenses](index=174&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) R&D expenses totale

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-056 | | --- | --- | --- | | 转债代码：118053 | 转债简称：正帆转债 | | 上海正帆科技股份有限公司 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。 上海正帆科技股份有限公司（以下简称"公司"或"正帆科技"）为践行"以 投资者为本"的上市公司发展理念，推动公司持续优化经营、规范治理和积极回 报投资者，大力提高公司质量，助力信心提振、资本市场稳定和高质量发展，制 定了《2025 年度"提质增效重回报"行动方案》，现将行动方案 2025 年上半年的 执行情况报告如下： 一、 聚焦公司主业，业绩持续增长 正帆科技长期服务于集成电路、泛半导体、生物医药、新能源和先进制造业 等高科技产业，为下游产业客户提供制程关键系统、核心工艺材料和专业运维管 理的"三位一体"服务。公司掌握超高纯流体介质和系统相关的核心技术，在复 杂多变的市场环境中，凭借清晰的战略规划与高效执行力，在市场拓展、技术创 新及管理优化等方面取得显著成效。 公 ...

根据《上市公司募集资金监管规则》《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》和《上海证券交易所科创板股票上市规则》等有 关规定，上海正帆科技股份有限公司（以下简称"公司"或"正帆科技"）董事 会对 2025 年半年度募集资金存放与实际使用情况的专项报告说明如下： 截至 2025 年 6 月 30 日，公司使用募集资金及期末余额情况如下： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 1.募集资金到位情况 根据中国证券监督管理委员会出具的《关于同意上海正帆科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕342 号）， 公司于 2025 年 3 月 18 日向不特定对象发行了 10,410,950 张可转换公司债券， 每 张 面 值 为 人 民 币 100.00 元 ， 按 面 值 发 行 ， 募 集 资 金 总 额 为 人 民 币 1,041,095,000.00 元，扣除不含税发行费用人民币 14,733,490.33 元，募集资 金净额为人 ...

Core Viewpoint - The article discusses the recent surge in mergers and acquisitions (M&A) within the semiconductor industry in China's A-share market, highlighting various companies' strategies and the underlying motivations driving these transactions [3][15][26]. Group 1: M&A Activity in Semiconductor Sector - Over 20 M&A transactions related to the semiconductor industry have been reported in the second half of the year, with companies from diverse sectors, including real estate and printing, participating in these deals [3][4]. - The acquisition of Nanjing Turnafly Electronic Technology Co., Ltd. by Yongji Co., Ltd. was terminated after a half-month suspension, leading to a 10.02% drop in its stock price upon resumption of trading [1][26]. - Greenway Technology's acquisition of Jiangsu Damo Semiconductor Technology Co., Ltd. involved a premium rate exceeding 300%, despite the company's projected net profit decline of 54% from 2022 to 2024 [3][11]. Group 2: Focus Areas in M&A - The two main focal points in the semiconductor M&A landscape are the photolithography machine and GPU industry chains, with significant investments directed towards these areas [4][6]. - Companies are targeting various segments within the photolithography machine supply chain, from foundational technologies to key materials and equipment [6][12]. Group 3: Investment Strategies - Some companies are investing in foundational technologies, such as Fudan Fuhua's investment in Lian Guang Yuan He, which focuses on optical technology and aims to develop integrated systems for communication [7][8]. - Other investments are aimed at acquiring core technologies and talent, exemplified by United Chemical's investment in Zhaoguang Rui, a startup developing projection lithography machines, led by a former ASML employee [9][10]. - Companies like Zhengfan Technology are seeking to enter the supply chains of leading international manufacturers, as seen in their acquisition of Han Jing Semiconductor, which supplies critical components for semiconductor manufacturing [10][18]. Group 4: Diverse Approaches to M&A - The article identifies two distinct paths in the M&A landscape: one led by industry players seeking to enhance their capabilities and another by cross-industry players pursuing high-risk, complex transactions [15][21]. - Traditional industry companies are attempting to pivot into the semiconductor sector, as demonstrated by Greenway Technology's acquisition of Damo Semiconductor, despite its own declining performance [22][25]. - The complexity of transactions is illustrated by Kaipu Cloud's acquisition of Jin Taike's storage business, which involves multiple steps to separate valuable assets from liabilities [23][24].

Summary of Zhengfan Technology Conference Call Company Overview - Zhengfan Technology operates in the semiconductor industry, providing high-purity media and control systems, as well as core components and materials for semiconductor equipment [2][5][19] - The company aims to balance OPEX (operational expenditure) and CAPEX (capital expenditure) through a diversified business model [2][5] Financial Performance - Revenue growth from 707 million RMB in 2017 to 5.5 billion RMB in 2024, with a compound annual growth rate (CAGR) exceeding 30% [2][11] - Integrated circuit revenue is expected to account for 50% of total revenue in 2024, while photovoltaic revenue will decrease to over 20% [2][9][10] - Gross margin has improved, with maintenance and after-sales service gross margin exceeding 40%, core components at over 30%, and electronic process equipment close to 30% [2][12] - Net profit CAGR exceeds 50%, driven by rising gross margins and effective cost control [2][12] Market Dynamics - The domestic market for process media systems is approximately 20 billion RMB, with the semiconductor segment around 10 billion RMB [4][18] - Zhengfan's market share in the semiconductor sector increased from 7-8% in 2018 to about 14% in 2023 [4][19] - The Gas Box market is projected to grow at a CAGR of 25%, significantly outpacing the global market growth of 10% [4][20] Business Strategy - Zhengfan is expanding its product line from process media systems to include core components and materials, aiming for a 3D integration of equipment, materials, and services [5][8] - The company is focusing on increasing OPEX business volume to enhance cash flow and profitability [8] - Future growth will be supported by new capacity expansions, acquisitions, and the development of precursor projects [8][27] Competitive Advantages - The company has established a diverse client base with low customer concentration, ensuring stable orders and cash flow [2][13][14] - Zhengfan's strong client relationships have been maintained even during downturns in specific sectors, such as photovoltaics [13][14] Future Outlook - Projected revenue for 2025 is expected to reach 7 billion RMB, with a net profit of approximately 650 to 700 million RMB [4][27] - The company is viewed as undervalued in the current market, presenting investment opportunities as it continues to grow [4][27] Key Products and Services - Core products include critical systems and equipment for electronic industries, core materials, and professional services [7] - Approximately 75-76% of revenue comes from electronic industrial equipment, with 60% from high-purity media supply systems [7] Industry Context - The domestic Gas Box market is primarily led by companies like UCT and Aker, with Zhengfan positioned to benefit from increased domestic collaboration due to U.S. sanctions [22] - The precursor business is expected to significantly enhance OPEX profitability, with margins projected at over 40% [26] Management and Shareholder Structure - The controlling shareholder is Windfan Holdings, holding 17-18% of shares, with key management having extensive experience in the gas and fluid control sectors [15][16] This summary encapsulates the key points from the conference call, highlighting Zhengfan Technology's financial performance, market dynamics, business strategy, competitive advantages, future outlook, and industry context.

Group 1 - The core viewpoint of the news is that Zhengfan Technology (688596) has shown a decline in stock price and a mixed performance in capital flow, despite reporting significant revenue and profit growth in its latest quarterly results [1][3]. - As of August 25, 2025, Zhengfan Technology's stock closed at 38.91 yuan, down 1.49%, with a turnover rate of 6.14% and a trading volume of 179,600 hands, amounting to 707 million yuan [1]. - The company experienced a net outflow of main funds amounting to 26.56 million yuan, which represents 3.76% of the total transaction amount, with large orders contributing to the majority of the outflow [1]. Group 2 - For the first quarter of 2025, Zhengfan Technology reported total operating revenue of 677 million yuan, reflecting a year-on-year growth of 14.94%, and a net profit attributable to shareholders of 34.42 million yuan, up 38.23% year-on-year [1]. - The company's non-recurring net profit reached 24.63 million yuan, marking a significant year-on-year increase of 50.77% [1]. - Financial ratios indicate a current ratio of 1.678, a quick ratio of 1.002, and a debt-to-asset ratio of 63.94% [1]. Group 3 - Zhengfan Technology, established in 2009 and located in Shanghai, primarily engages in the manufacturing of specialized equipment [2]. - The company has invested in 40 external enterprises and participated in 479 bidding projects, holding 76 trademark registrations and 329 patents, along with 60 administrative licenses [2].

Company Overview - Zhengfan Technology Co., Ltd. is located at 55, Chunyong Road, Minhang District, Shanghai, established on October 10, 2009, and listed on August 20, 2020 [1] - The company specializes in the design, production, and installation of gas chemical supply systems [1] Stock Performance - As of August 22, the stock price of Zhengfan Technology increased by 2.06%, reaching 38.70 CNY per share, with a total market capitalization of 11.32 billion CNY [1] - Year-to-date, the stock price has risen by 9.72%, with a 3.56% increase over the last five trading days, 7.56% over the last 20 days, and 9.97% over the last 60 days [1] Financial Performance - For the period from January to March 2025, Zhengfan Technology reported a revenue of 677 million CNY, representing a year-on-year growth of 14.94% [2] - The company has distributed a total of 222 million CNY in dividends since its A-share listing, with 163 million CNY distributed over the past three years [2] Shareholder Information - As of March 31, 2025, the number of shareholders increased to 11,100, up by 21.42%, while the average number of circulating shares per person decreased by 17.13% to 26,340 shares [2] - Among the top ten circulating shareholders, Dongfang Artificial Intelligence Theme Mixed A (005844) is the fourth largest, holding 9.83 million shares, a decrease of 1.50 million shares from the previous period [2] Industry Classification - Zhengfan Technology is classified under the Shenwan industry category of mechanical equipment, specifically in specialized equipment [1] - The company is associated with several concept sectors, including specialty gases, SMIC concepts, semiconductors, photovoltaic glass, and integrated circuits [1]