[Definitions](index=4&type=section&id=Item%201.%20Definitions) This section provides definitions for common terms and professional jargon used in the report, covering company entities, senior management, industry participants, operating models, and technical terms to ensure accurate understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms and professional jargon used in the report, covering company entities, senior management, industry participants (e.g., TI, ON Semi), operating models (e.g., Fabless, IDM), and technical terms (e.g., analog chips, fast charging, DPPM) to ensure accurate understanding of the report content - **Company**, **the Company**, **Etek** refer to Wuxi Etek Microelectronics Co., Ltd[10](index=10&type=chunk) - **This reporting period** or **this year** refers to January 1, 2025 - June 30, 2025[10](index=10&type=chunk) - Lists global leading semiconductor companies such as Texas Instruments (TI), ON Semiconductor (ON Semi), Diodes Inc. (DIODES), Richtek Technology Company (Richtek), and Monolithic Power Systems (MPS)[10](index=10&type=chunk)[11](index=11&type=chunk) - Explains key integrated circuit industry terms such as **Fabless** (design-focused model without manufacturing lines), **IDM** (operating model encompassing design, manufacturing, packaging, and testing), **Foundry** (manufacturer specializing in chip fabrication), and **analog chips** (integrated circuits processing analog signals)[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of Wuxi Etek Microelectronics Co., Ltd., including basic information, contact details, information disclosure, stock overview, and key financial performance indicators for the reporting period [Basic Company Information](index=6&type=section&id=I.%20Basic%20Company%20Information) This section outlines the basic information of Wuxi Etek Microelectronics Co., Ltd., including company name, legal representative, registered address, office address, company website, and email, providing investors with a company overview - The company's Chinese name is Wuxi Etek Microelectronics Co., Ltd., abbreviated as **Etek**[13](index=13&type=chunk) - The company's legal representative is Yuan Minmin, with both its registered and office addresses located at No. 8 Xinhui Ring Road, Wuxi New District[13](index=13&type=chunk) - The company's website is www.etek.com.cn, and its email address is lxwzqb@etek.com.cn[13](index=13&type=chunk) [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, facilitating investor inquiries and communication - The Board Secretary is Mao Chenglie, and the Securities Affairs Representative is Mao Ziyun[14](index=14&type=chunk) - The contact phone number is 0510-85217779, and the email address is lxwzqb@etek.com.cn[14](index=14&type=chunk) [Brief Introduction to Information Disclosure and Document Storage Location Changes](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section details the company's information disclosure channels and document storage locations for its semi-annual report, ensuring investors can timely access public company information - The company's designated information disclosure newspapers are "China Securities Journal" and "Securities Times"[15](index=15&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) - The company's semi-annual report is available at the Securities Department, No. 8 Xinhui Ring Road, Wuxi New District[15](index=15&type=chunk) [Overview of Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This section briefly introduces the company's stock listing status, including stock type, listing exchange, stock abbreviation, and code - The company's stock type is **A-shares**, listed on the **STAR Market of the Shanghai Stock Exchange**[16](index=16&type=chunk) - The stock abbreviation is **Etek**, and the stock code is **688601**[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period (January-June 2025), the company's operating revenue decreased by 14.62% year-on-year, and net profit attributable to shareholders decreased by 78.72% year-on-year, primarily due to intensified industry competition, varying recovery paces in downstream markets, and a significant increase in R&D expenses. Net cash flow from operating activities decreased by 63.34% year-on-year 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) (million yuan) | Prior Year Period (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 351.39 | 411.58 | -14.62 | | Total Profit | 6.11 | 81.92 | -92.54 | | Net Profit Attributable to Shareholders | 16.68 | 78.39 | -78.72 | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains/Losses | 9.58 | 73.37 | -86.94 | | Net Cash Flow from Operating Activities | 25.12 | 68.53 | -63.34 | | Net Assets Attributable to Shareholders (Period-end) | 1,229.20 | 1,265.21 | -2.85 | | Total Assets (Period-end) | 1,420.01 | 1,457.48 | -2.57 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.12 | 0.59 | -79.66 | | Diluted Earnings Per Share (yuan/share) | 0.12 | 0.59 | -79.66 | | Basic EPS Excluding Non-Recurring Gains/Losses (yuan/share) | 0.07 | 0.55 | -87.27 | | Weighted Average Return on Net Assets (%) | 1.31 | 6.09 | Decrease by 4.78 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains/Losses (%) | 0.75 | 5.70 | Decrease by 4.95 percentage points | | R&D Investment as % of Operating Revenue (%) | 26.67 | 15.05 | Increase by 11.62 percentage points | - Net profit attributable to shareholders decreased by **78.72%** year-on-year, primarily due to intensified industry competition and varying recovery paces in downstream markets, leading to a year-on-year decrease in operating revenue and gross profit margin, as well as a significant increase in R&D expenses[20](index=20&type=chunk) - Net cash flow from operating activities decreased by **63.34%** year-on-year, mainly due to reduced sales scale and increased employee compensation expenses from strengthening team building[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the detailed items and amounts of the company's non-recurring gains and losses during the reporting period, totaling **7.10 million yuan**, primarily including government subsidies and fair value changes in financial assets 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -8,287.80 | | Government Subsidies Recognized in Current Profit/Loss | 2,675,723.44 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Disposal Gains/Losses of Financial Assets and Liabilities, excluding effective hedge accounting related to normal business operations | 6,160,888.03 | | Other Non-Operating Income and Expenses Apart from the Above | -343,952.90 | | Other Income/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | 179,949.07 | | Less: Income Tax Impact | 759,292.46 | | Minority Interest Impact (After Tax) | 805,999.88 | | Total | 7,099,027.50 | [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion and analysis of the company's industry, main business operations, core competitiveness, and risk factors during the reporting period, along with a review of its major operating performance [Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) Etek specializes in R&D and sales of analog chips, primarily power management and signal chain processing chips, operating under a Fabless model. The company continues to deepen its presence in the consumer electronics market while actively expanding into industrial and automotive electronics markets. The semiconductor industry is driven by emerging fields like AI and electric vehicles, showing a clear trend of domestic substitution, intensified competition, and a core focus on technological innovation - The company focuses on the R&D and sales of **analog chips**, with main products being **analog power management chips** and **signal chain processing chips**, continuously deepening its presence in the consumer electronics market and expanding into industrial and automotive electronics markets[26](index=26&type=chunk) - The company adopts a typical **Fabless** operating model in the integrated circuit industry, focusing on chip R&D and sales, while relying on external suppliers for wafer manufacturing, packaging, and testing[27](index=27&type=chunk) - The semiconductor market is driven by the rapid development of emerging fields such as artificial intelligence and electric vehicles, leading to an increase in China's integrated circuit imports and exports, with domestic substitution becoming a long-term trend[29](index=29&type=chunk)[30](index=30&type=chunk) - The company possesses strong competitiveness in the **power management chip** sub-market, having established brand influence, especially in the consumer electronics market, with product performance metrics meeting or exceeding international and domestic competitors, serving end customers like Samsung and Xiaomi[31](index=31&type=chunk) - The company continues to increase investment in its **signal chain product line**, launching multiple small signal processing products with performance metrics reaching international advanced levels, and has achieved a certain scale of sales[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue and net profit declined year-on-year due to intensified industry competition. Despite short-term performance fluctuations, the company maintains a long-term strategic orientation, focusing on deep technological breakthroughs and customer value creation, steadily optimizing its business structure, continuously increasing R&D investment, expanding product areas and application scenarios, and intensifying overseas market development 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (million yuan) | Decrease from Prior Year Period (%) | | :--- | :--- | :--- | | Operating Revenue | 351.39 | 14.62 | | Net Profit Attributable to Parent Company Owners | 16.68 | 78.72 | | Net Profit Attributable to Parent Company Owners Excluding Non-Recurring Gains/Losses | 9.58 | 86.94 | 2025 Semi-Annual Assets and Liabilities Overview | Indicator | Amount (million yuan) | Decrease from Prior Year-End (%) | | :--- | :--- | :--- | | Total Assets | 1,420.01 | 2.57 | | Owners' Equity Attributable to Parent Company | 1,229.20 | 2.85 | - During the reporting period, the company increased R&D investment in power management and signal chain chips, with R&D expenses increasing by **31.78 million yuan** compared to the prior year period[36](index=36&type=chunk) - The company filed **10 new patent applications** (including 9 invention patents) and obtained a total of **12 intellectual property items** (including 5 invention patents)[36](index=36&type=chunk) - The company continues to prioritize talent development and team building, with **62 new R&D personnel** compared to the prior year period, and rapid expansion of its marketing team and Shanghai R&D center[38](index=38&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Etek's core competitiveness lies in its outstanding R&D capabilities (over two decades in power management chips, forming rich IP and design platforms), excellent product performance and reliability (some products surpassing international brands, with online failure rates far below customer requirements), strong customer resources (mainstream clients like Samsung, Xiaomi, BYD), and close industrial chain synergy. The company continuously increases R&D investment, expands product lines, and has been recognized as a national "Little Giant" enterprise specializing in niche sectors [Core Competitiveness Analysis](index=12&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its deep R&D accumulation, excellent product performance and reliability, stable customer resources, and efficient industrial chain synergy. The company possesses rich core technologies and IP in power management chips, with product performance competitive with international brands and recognized by mainstream customers - The company has specialized in the **power management chip** sector for over two decades, developing rich core technologies and functional module IP around trends such as low noise, high efficiency, miniaturization, and integration, demonstrating outstanding innovation capabilities[39](index=39&type=chunk) - The company's products exhibit significant performance and reliability advantages, with some product performance metrics matching or even surpassing international competitors like TI and ON Semi, and online defect rates (DPPM) far below customer requirements[42](index=42&type=chunk)[43](index=43&type=chunk) - The company boasts strong customer resources, having officially entered Samsung Electronics' supplier system in 2010 and gradually expanding into home appliance and automotive electronics sectors, with partners including renowned clients like BYD and Hyundai Motor[44](index=44&type=chunk) - The company maintains long-term stable cooperative relationships with leading global wafer manufacturing, packaging, and testing enterprises that possess advanced and mature processes, achieving dynamic transmission and effective synergy across the industrial chain from demand to process to design[46](index=46&type=chunk) [Core Technologies and R&D Progress](index=14&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company's core technologies are all self-developed, encompassing 15 technologies such as rapid EOS suppression, low-noise high power ripple rejection, and precise current-voltage detection for charge management, widely applied in OVP, LDO, and charge management chips. During the reporting period, the company continuously increased R&D investment, with R&D expenses growing by 51.31% year-on-year, adding 10 new patent applications, and actively advancing ongoing projects like high-performance power protection chips and signal chain chips Main Core Technologies and Applied Products | No. | Main Core Technology | Technology Source | Main Applied Products | | :--- | :--- | :--- | :--- | | 1 | Rapid EOS Suppression and Release Technology | Self-developed | OVP series, TVS series, partial load switches | | 2 | Low Noise and High Power Ripple Rejection Technology | Self-developed | LDO, charge management chips, current limit switches, signal chain products | | 4 | Precise Current and Voltage Detection Charge Management Technology | Self-developed | Charge management chips, signal chain products | | 8 | Low Noise High Efficiency Switching Power Conversion Technology | Self-developed | Applied in switching power conversion scenarios, designing high-efficiency power generation and application systems with low power consumption, low ripple, and low noise | | 9 | Low Input Offset, High Gain Signal Processing Technology | Self-developed | Applied in signal chain products, targeting weak signal acquisition and extraction, designing signal chain processing products with high gain, high bandwidth, high input impedance and low offset, providing high-precision small signal extraction and processing products | | 15 | High Voltage High Current Product Design Technology | Self-developed | Product design technology for industrial and automotive fields, providing high voltage, high power products | - The company has been recognized as a national-level "Little Giant" enterprise specializing in niche sectors, with its product being a portable high-reliability linear power regulator chip for the portable consumer electronics field[48](index=48&type=chunk) Intellectual Property Achievements During the Reporting Period | Type | New Applications This Period (items) | Obtained This Period (items) | Accumulated Obtained (items) | | :--- | :--- | :--- | :--- | | Invention Patents | 9 | 5 | 101 | | Utility Model Patents | - | 4 | 35 | | Design Patents | - | - | 1 | | Software Copyrights | - | - | 9 | | Others | 1 | 3 | 52 | | Total | 10 | 12 | 198 | R&D Investment Status | Indicator | Current Period Amount (million yuan) | Prior Year Period Amount (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 93.71 | 61.93 | 51.31 | | Total R&D Investment | 93.71 | 61.93 | 51.31 | | Total R&D Investment as % of Operating Revenue (%) | 26.67 | 15.05 | Increase by 11.62 percentage points | - Total R&D investment increased by **51.31%** year-on-year, primarily to continuously strengthen long-term core competitiveness and enrich the company's product series to cover more downstream application areas[53](index=53&type=chunk) Status of Major R&D Projects (Partial) | No. | Project Name | Estimated Total Investment (million yuan) | Investment This Period (million yuan) | Accumulated Investment (million yuan) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | High-Performance Power Protection Chip R&D and Industrialization Project | 170.36 | 11.15 | 122.46 | Products developed and gradually mass-produced and sold | | 2 | In-depth R&D and Industrialization of Signal Chain Chips | 100.00 | 30.64 | 77.73 | Some products developed and gradually trial-produced and sampled | | 5 | Ultra-Low Power Linear Power Conversion Chip | 30.00 | 9.05 | 25.77 | Ongoing R&D phase | | 6 | High-Frequency Low-Ripple DCDC Control Chip | 25.00 | 17.45 | 24.50 | R&D completed | R&D Personnel Status | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 299 | 237 | | R&D Personnel as % of Total Company Headcount (%) | 55.58 | 51.41 | | Total R&D Personnel Compensation (million yuan) | 60.04 | 41.70 | | Average R&D Personnel Compensation (thousand yuan) | 200.80 | 175.90 | [Risk Factors](index=21&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including product iteration, R&D failure, intensified market competition, high customer concentration, gross profit margin fluctuations, and inventory impairment risk. Macroeconomic and geopolitical factors also impact the consumer electronics market, leading to industry volatility - The company faces **product iteration risk**; failure to continuously innovate and develop products will impact market competitiveness and sustained performance growth[62](index=62&type=chunk) - **R&D failure risk** exists, with significant investment in new expansion areas and high technical exploration uncertainty, potentially leading to unrecoverable upfront R&D investments and weakened sustained competitiveness[63](index=63&type=chunk)[64](index=64&type=chunk) - **Intensified market competition risk** poses challenges from numerous domestic and international competitors; failure to accurately grasp market and industry trends may weaken competitive advantages[65](index=65&type=chunk) - **Customer concentration risk** is high, with the top five customers accounting for over **50%** of sales; significant operational difficulties or changes in procurement strategies by major customers could negatively impact the company's operating performance[66](index=66&type=chunk) - **Financial risks** include gross profit margin fluctuations and inventory impairment risk; failure to timely upgrade or develop products, or ineffective market promotion, could lead to decreased gross profit margins and inventory impairment losses[67](index=67&type=chunk)[68](index=68&type=chunk) - **Industry and macroeconomic environment risks** exist, as the integrated circuit industry is cyclical and the consumer electronics market size is impacted by the superimposed effects of geopolitical situations and inflation[69](index=69&type=chunk)[70](index=70&type=chunk) [Major Operating Performance During the Reporting Period](index=23&type=section&id=V.%20Major%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue was 351 million yuan, and net profit was 16.68 million yuan. Total assets were 1.42 billion yuan, and net assets were 1.229 billion yuan. Operating revenue decreased by 14.62% year-on-year, mainly due to industry competition and varying market demand recovery paces. R&D expenses significantly increased by 51.31%, and selling expenses grew by 24.67%. The asset-liability structure adjusted, with an increase in financial assets held for trading and a decrease in monetary funds. The company actively promoted industrial chain investment, completing a 5 million yuan external equity investment [Analysis of Main Business](index=23&type=section&id=(I)%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue decreased by 14.62% year-on-year, primarily due to intensified industry competition and varying recovery paces in downstream markets. Operating costs decreased accordingly, but selling and R&D expenses significantly increased due to market expansion and personnel growth. Net cash flow from operating activities decreased by 63.34%, mainly due to reduced sales scale and increased compensation Analysis of Changes in Financial Statement Items | Item | Current Period Amount (million yuan) | Prior Year Period Amount (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 351.39 | 411.58 | -14.62 | | Operating Cost | 206.61 | 222.70 | -7.23 | | Selling Expenses | 27.16 | 21.79 | 24.67 | | Administrative Expenses | 22.11 | 21.38 | 3.38 | | Financial Expenses | -4.86 | -5.54 | Not Applicable | | R&D Expenses | 93.71 | 61.93 | 51.31 | | Net Cash Flow from Operating Activities | 25.12 | 68.53 | -63.34 | | Net Cash Flow from Investing Activities | -61.59 | -400.82 | Not Applicable | | Net Cash Flow from Financing Activities | -51.45 | -78.91 | Not Applicable | - Operating revenue decreased by **14.62%** year-on-year, primarily due to intensified industry competition and varying recovery paces in different downstream market segments during the reporting period[74](index=74&type=chunk) - Selling expenses increased by **24.67%** year-on-year, mainly due to salary increases this period and increased travel, advertising, and sample expenses for market expansion[74](index=74&type=chunk) - R&D expenses increased by **51.31%** year-on-year, primarily due to the expansion of R&D personnel and a significant increase in their compensation[74](index=74&type=chunk) - Net cash flow from operating activities decreased by **63.34%** year-on-year, mainly due to reduced sales scale and increased employee compensation expenses from strengthening team building[74](index=74&type=chunk) [Analysis of Assets and Liabilities](index=25&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both the company's total assets and net assets slightly decreased. Monetary funds decreased by 21.07%, while financial assets held for trading increased by 20.67%, mainly due to increased purchases of wealth management products. Accounts receivable decreased by 13.56%, and inventory slightly increased by 2.75%. Deferred income tax assets significantly increased by 105.87%, primarily due to an increase in deductible temporary differences. Short-term borrowings and accounts payable also increased Changes in Assets and Liabilities (Partial) | Item Name | Current Period-End Amount (million yuan) | Proportion of Total Assets (%) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 328.52 | 23.13 | -21.07 | Mainly due to increased purchases of wealth management products at the end of this period | | Financial Assets Held for Trading | 487.14 | 34.31 | 20.67 | Mainly due to increased purchases of wealth management products at the end of this period | | Accounts Receivable | 151.01 | 10.63 | -13.56 | Mainly due to a decrease in the company's revenue scale this period, leading to a corresponding decrease in accounts receivable | | Inventory | 150.72 | 10.61 | 2.75 | Mainly due to decreased revenue this period and appropriate stocking as needed | | Deferred Income Tax Assets | 18.64 | 1.31 | 105.87 | Mainly due to an increase in deductible temporary differences this period | | Short-Term Borrowings | 18.32 | 1.29 | 9.00 | Mainly due to new bank borrowings by subsidiaries this period | | Accounts Payable | 68.35 | 4.81 | 14.33 | Mainly due to an increase in material payments owed to suppliers at the end of this period | - Overseas assets totaled **7.36 million yuan**, accounting for **0.52%** of total assets[80](index=80&type=chunk) Major Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,238,160.68 | 4,238,160.68 | Deposit | Bank acceptance bill deposit | | Notes Receivable | 613,323.59 | 613,323.59 | Used for endorsement or discounting | Notes endorsed or discounted but not yet derecognized | | Total | 4,851,484.27 | 4,851,484.27 | / | / | [Analysis of Investment Status](index=29&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company actively promoted industrial chain investment, completing a 5 million yuan external equity investment during the reporting period by increasing capital in Shanghai Coreless Semiconductor Co., Ltd., holding 5.8824% of its shares. The company held a total of 638 million yuan in financial assets measured at fair value, including financial assets held for trading and notes receivable financing, at period-end. The company also invested in multiple private equity funds, with a cumulative investment of 125.88 million yuan - During the reporting period, the company completed a **5 million yuan** external equity investment, increasing capital in Shanghai Coreless Semiconductor Co., Ltd., and holding **5.8824%** of its shares after the capital increase[84](index=84&type=chunk) Fair Value Measured Financial Assets at Period-End | Asset Category | Beginning Balance (million yuan) | Period-End Balance (million yuan) | | :--- | :--- | :--- | | Others (including financial assets held for trading, notes receivable financing, non-current assets due within one year, other debt investments, and other non-current financial assets) | 566.45 | 638.62 | | Total | 566.45 | 638.62 | Private Equity Fund Investment Status (Partial) | Private Equity Fund Name | Investment Purpose | Proposed Total Investment (million yuan) | Capital Contributed as of Period-End (million yuan) | Cumulative Profit Impact (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Wuxi Xinhe Integrated Circuit Industry Investment Center (Limited Partnership) | Industrial Synergy | 10.00 | 3.00 | -0.10 | | Suzhou Anxin Tongying Venture Capital Partnership (Limited Partnership) | Industrial Synergy | 5.00 | 5.00 | 0.15 | | Gongqingcheng Xinchang Equity Investment Partnership (Limited Partnership) | Industrial Synergy | 10.00 | 10.00 | 3.12 | | Wuxi Liding Venture Capital Partnership (Limited Partnership) | Equity Investment/Industrial Synergy | 149.00 | 95.88 | -3.54 | | Total | / | 194.00 | 125.88 | -6.01 | [Analysis of Major Holding and Participating Companies](index=31&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company owns several holding subsidiaries, including Zhong Shengchang (product sales), Sirui Micro (IC R&D and sales), Semikentuo (R&D and sales of electronic control modules for the civil explosives industry), Qianjiang Integrated Circuit (IC R&D and sales), Ketaimicro (software development and sales), Etek Micro (Shanghai) (electronic product sales, IC design), and Liding Fund (equity investment). Among these, Semikentuo, Sirui Micro, and Liding Fund reported negative net profits during the reporting period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhong Shengchang | Subsidiary | Product Sales | 0.50 | 10.75 | -1.04 | | Sirui Micro | Subsidiary | IC R&D and Sales | 10.00 | 4.92 | -1.10 | | Semikentuo | Subsidiary | R&D, design, and sales of electronic control modules, encoders, and detonator controllers for the civil explosives industry | 22.50 | 134.06 | -5.68 | | Qianjiang Integrated Circuit | Subsidiary | IC R&D and Sales | 10.00 | 41.66 | 2.69 | | Ketaimicro | Subsidiary | Software development and sales, technical development and consulting services | 700.00 (KRW) | 7.36 | 0.15 | | Etek Micro (Shanghai) | Subsidiary | Electronic product sales, IC design, technical development and consulting services | 10.00 | 13.47 | -0.54 | | Liding Fund | Subsidiary | Equity Investment | 150.00 | 87.85 | -3.57 | - The company holds less than half of Semikentuo's voting rights but exercises control over its financial and operating policies by appointing more than half of the board members, as well as key management personnel such as the chairman and CFO[624](index=624&type=chunk) [Corporate Governance, Environment, and Society](index=33&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors, supervisors, senior management, and core technical personnel, outlines profit distribution plans, and addresses the status of equity incentive plans, environmental information disclosure, and rural revitalization efforts [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=33&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, Mr. Zhou Baoming resigned from his position as Deputy General Manager due to retirement but will continue to serve as a company director and a subsidiary director, and as a company consultant in a post-retirement re-employment capacity - On February 28, 2025, Mr. Zhou Baoming applied to resign from his position as Deputy General Manager due to retirement[93](index=93&type=chunk) - After his resignation, Mr. Zhou Baoming will continue to serve as a company director, a director of the wholly-owned subsidiary Shenzhen Zhong Shengchang Electronics Co., Ltd., and as a company consultant in a post-retirement re-employment capacity[93](index=93&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=33&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is "none" - The company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is **"none"**[93](index=93&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=33&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no disclosed equity incentive matters with no subsequent progress or changes, nor did it disclose any incentive situations not covered by temporary announcements or with subsequent developments - During the reporting period, the company had no disclosed equity incentive matters with no subsequent progress or changes[94](index=94&type=chunk) - The company did not disclose any incentive situations not covered by temporary announcements or with subsequent developments, including equity incentives, employee stock ownership plans, or other incentive measures[94](index=94&type=chunk)[95](index=95&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=34&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is not included in the list of enterprises required to disclose environmental information by law, thus no related environmental information has been disclosed - The company is not included in the list of enterprises required to disclose environmental information by law[95](index=95&type=chunk) [Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=34&type=section&id=V.%20Specifics%20of%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) The company has not disclosed specific details regarding its work on consolidating and expanding poverty alleviation achievements or rural revitalization - The company has not disclosed specific details regarding its work on consolidating and expanding poverty alleviation achievements or rural revitalization[95](index=95&type=chunk) [Significant Matters](index=35&type=section&id=Item%205.%20Significant%20Matters) This section covers the fulfillment of commitments by the company and its key personnel, the integrity status of the company and its controlling shareholders, significant related-party transactions, and the progress in the use of raised funds [Fulfillment of Commitments](index=35&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel strictly fulfilled all commitments related to the initial public offering, including share lock-up, compensation liability, avoidance of horizontal competition, reduction of related-party transactions, and restrictive measures for non-fulfillment of commitments - The controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel have all strictly fulfilled their share lock-up commitments related to the initial public offering[97](index=97&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company, its controlling shareholder, actual controller, directors, supervisors, senior management, sponsor institution, and others committed to legally compensate investors for losses if application documents contain false records, misleading statements, or major omissions[107](index=107&type=chunk)[109](index=109&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - The controlling shareholder and actual controller committed to avoiding horizontal competition and regulating and reducing related-party transactions[130](index=130&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - The company, its controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel all committed that if they fail to fulfill their commitments, they will publicly explain the reasons, apologize, propose supplementary or alternative commitments, and legally compensate for losses[136](index=136&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[141](index=141&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=49&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller strictly complied with relevant laws and regulations, diligently performed their duties, acted with integrity, and had no instances of failing to execute effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller diligently and conscientiously performed their duties in strict accordance with the "Company Law," "Articles of Association," "Shanghai Stock Exchange STAR Market Stock Listing Rules," and other relevant laws and regulations, acting with honesty and integrity[144](index=144&type=chunk) - There were no instances of failing to execute effective court judgments or large overdue debts[144](index=144&type=chunk) [Significant Related-Party Transactions](index=49&type=section&id=X.%20Significant%20Related-Party%20Transactions) On March 24, 2025, the company's board of directors approved the "Proposal on Estimated Daily Related-Party Transactions for 2025," which has been disclosed on the Shanghai Stock Exchange website. During the reporting period, the company engaged in related-party transactions for purchasing goods/receiving services with Wuxi Shengrittong Electronics Co., Ltd. and Suzhou Zhongke Huaxi Semiconductor Technology Co., Ltd., and sold goods to Chenxin Semiconductor (Shenzhen) Co., Ltd - On March 24, 2025, the company's Sixth Board of Directors' Ninth Meeting approved the "Proposal on Estimated Daily Related-Party Transactions for 2025," which has been disclosed on the Shanghai Stock Exchange website[145](index=145&type=chunk) Related-Party Transactions for Purchasing Goods/Receiving Services | Related Party | Related Transaction Content | Amount This Period (million yuan) | Approved Transaction Limit (million yuan) | Exceeded Limit | Amount Prior Period (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Shengrittong Electronics Co., Ltd. | SMT, assembly processing | 2.79 | 6.00 | No | 1.70 | | Suzhou Zhongke Huaxi Semiconductor Technology Co., Ltd. | Technology development | 2.15 | 8.00 | No | - | Related-Party Transactions for Selling Goods/Providing Services | Related Party | Related Transaction Content | Amount This Period (yuan) | Amount Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Chenxin Semiconductor (Shenzhen) Co., Ltd. | Sales | 84,090.00 | - | [Explanation of Progress in Use of Raised Funds](index=53&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The net proceeds from the company's initial public offering were 512 million yuan, less than the committed total investment of 613 million yuan, indicating no over-raised funds. During the reporting period, the company completed the "High-Performance Power Conversion and Driver Chip R&D and Industrialization Project" and the "High-Performance Power Protection Chip R&D and Industrialization Project," permanently allocating the remaining raised funds to supplement working capital. Additionally, the "Development Reserve Project" completion date was extended to June 2026 to adapt to market changes and optimize resource allocation Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Cumulative Investment as of Period-End (million yuan) | Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 583.68 | 512.44 | 475.09 | 92.71 | | Total | 583.68 | 512.44 | 475.09 | / | - The company's initial public offering did not fully raise the target amount; the net raised funds of **512.44 million yuan** were less than the committed total investment of **613.30 million yuan**, indicating no over-raised funds[154](index=154&type=chunk) - The company has completed the "High-Performance Power Conversion and Driver Chip R&D and Industrialization Project" and permanently allocated the remaining **4.12 million yuan** of raised funds to supplement the company's working capital[160](index=160&type=chunk) - The company has completed the "High-Performance Power Protection Chip R&D and Industrialization Project" and permanently allocated the remaining **7.88 million yuan** of raised funds to supplement the company's working capital[161](index=161&type=chunk) - The "Development Reserve Project" target completion date has been extended to **June 2026** to better adapt to market changes and optimize resource allocation[163](index=163&type=chunk) [Share Changes and Shareholder Information](index=57&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details any changes in the company's share capital and provides an overview of its shareholder structure, including the total number of shareholders and the top ten shareholders' holdings [Changes in Share Capital](index=57&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[166](index=166&type=chunk) [Shareholder Information](index=58&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had a total of 11,222 ordinary shareholders. Among the top ten shareholders, Wuxi Yijing Investment Co., Ltd. held 40.27%, serving as the controlling shareholder. The company is unaware of any related-party relationships or concerted action among the top ten shareholders Total Ordinary Shareholders as of the End of the Reporting Period | Indicator | Number (households) | | :--- | :--- | | Total Ordinary Shareholders as of the End of the Reporting Period | 11,222 | Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wuxi Yijing Investment Co., Ltd. | 53,833,999 | 40.27 | Domestic Non-State-Owned Legal Person | | Wuxi High-Tech Venture Capital Co., Ltd. | 5,692,965 | 4.26 | State-Owned Legal Person | | Wuxi Venture Capital Group Co., Ltd. | 3,983,077 | 2.98 | State-Owned Legal Person | | PICC Property and Casualty Company Limited - Traditional - Income Portfolio | 1,488,717 | 1.11 | Domestic Non-State-Owned Legal Person | | PICC Life Insurance Company Limited - Dividend - Individual Dividend | 1,451,197 | 1.09 | Domestic Non-State-Owned Legal Person | | China Construction Bank Corporation - Xinao Advanced Manufacturing Stock Investment Fund | 1,234,587 | 0.92 | Domestic Non-State-Owned Legal Person | | Bank of China Limited - China Asset Management Industry Prosperity Mixed Securities Investment Fund | 1,090,983 | 0.82 | Domestic Non-State-Owned Legal Person | | China Construction Bank Corporation - Xinao Leading Growth Mixed Securities Investment Fund | 1,013,489 | 0.76 | Domestic Non-State-Owned Legal Person | | Zhang Jingbing | 813,154 | 0.61 | Domestic Natural Person | | Ningbo Meishan Bonded Port Area Yingling Private Equity Fund Management Partnership (Limited Partnership) - Yingling Evergreen No. 1 Private Securities Investment Fund | 697,302 | 0.52 | Domestic Non-State-Owned Legal Person | - The company's dedicated share repurchase securities account holds **930,000 ordinary shares**, which are not included in the top ten shareholders or top ten unrestricted shareholders as per regulations[171](index=171&type=chunk) - The company is unaware of any related-party relationships or concerted action among the top ten shareholders[171](index=171&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=61&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, Mr. Zhou Baoming resigned from his position as Deputy General Manager due to retirement but will continue to serve as a company director and a subsidiary director, and as a company consultant in a post-retirement re-employment capacity - During the reporting period, Mr. Zhou Baoming resigned from his position as Deputy General Manager due to retirement[93](index=93&type=chunk) - After his resignation, Mr. Zhou Baoming will continue to serve as a company director, a director of the wholly-owned subsidiary Shenzhen Zhong Shengchang Electronics Co., Ltd., and as a company consultant in a post-retirement re-employment capacity[93](index=93&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=62&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[174](index=174&type=chunk) [Bond-Related Information](index=63&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms that the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=63&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[176](index=176&type=chunk) [Convertible Corporate Bonds](index=63&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[176](index=176&type=chunk) [Financial Report](index=64&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and specific financial items [Audit Report](index=64&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[4](index=4&type=chunk) [Financial Statements](index=64&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the financial position, operating results, and cash flows at the end of the reporting period - This section includes the consolidated balance sheet, consolidated income statement, consolidated cash flow statement, and consolidated statement of changes in owners' equity[177](index=177&type=chunk)[184](index=184&type=chunk)[191](index=191&type=chunk)[197](index=197&type=chunk) - This section includes the parent company balance sheet, parent company income statement, parent company cash flow statement, and parent company statement of changes in owners' equity[181](index=181&type=chunk)[188](index=188&type=chunk)[194](index=194&type=chunk)[204](index=204&type=chunk) [Basic Company Information](index=83&type=section&id=III.%20Basic%20Company%20Information) Wuxi Etek Microelectronics Co., Ltd. was established on December 31, 2008, with a registered capital of 133.69 million yuan. The company's history includes multiple capital increases, equity transfers, and capital reserve conversions. It was listed on the STAR Market of the Shanghai Stock Exchange in June 2021. The company focuses on R&D and sales of analog chips, providing high-performance, high-reliability power management and signal chain chips - Wuxi Etek Microelectronics Co., Ltd. was registered and established on **December 31, 2008**, with Yuan Minmin as its legal representative[209](index=209&type=chunk)[211](index=211&type=chunk) - The company was listed on the **STAR Market of the Shanghai Stock Exchange** on **June 28, 2021**, with stock abbreviation "Etek" and stock code "688601"[214](index=214&type=chunk) - Following multiple capital reserve conversions, the company's registered capital changed to **133.69 million yuan**[215](index=215&type=chunk)[216](index=216&type=chunk) - The company consistently focuses on the R&D and sales of **analog chips**, providing excellent power management solutions through high-performance, high-reliability power management chips. Concurrently, the company continuously expands and refines its product lines in other categories such as signal chain chips and high-precision Hall chips[216](index=216&type=chunk) [Basis of Financial Statement Preparation](index=85&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, recognized and measured in accordance with the provisions of Accounting Standards for Business Enterprises, their application guidelines, and interpretations, and comply with the requirements of the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised 2023)" - The company prepares its financial statements on a **going concern basis**, recognizing and measuring transactions and events in accordance with the Accounting Standards for Business Enterprises, their application guidelines, and interpretations[218](index=218&type=chunk) - The company assessed its **going concern ability** for 12 months from the end of the reporting period, finding no matters affecting its ability to continue as a going concern, thus the preparation of financial statements on a going concern basis is reasonable[219](index=219&type=chunk) [Significant Accounting Policies and Estimates](index=85&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventory, long-term equity investments, fixed assets, intangible assets, employee compensation, revenue recognition, government grants, deferred income tax, and other aspects, ensuring the truthfulness, accuracy, and completeness of the financial report - Upon initial recognition, the company classifies financial assets as measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income, based on the business model for managing financial assets and their contractual cash flow characteristics[270](index=270&type=chunk) - The company values inventory issued using the **weighted average method** at month-end, and at the balance sheet date, it is measured at the lower of cost or net realizable value, with **inventory impairment provisions** made if cost exceeds net realizable value[326](index=326&type=chunk)[331](index=331&type=chunk) - The company accounts for long-term equity investments over which it can exercise control using the **cost method**; long-term equity investments in associates and joint ventures are accounted for using the **equity method**[341](index=341&type=chunk) - Fixed assets are depreciated using the **straight-line method**, with buildings depreciated over **20 years**, and machinery and electronic equipment over **3-10 years**[351](index=351&type=chunk) - Intangible assets are systematically and reasonably amortized using the **straight-line method**, with land use rights over **50 years**, software over **3-5 years**, and patent rights over **5-10 years**. R&D expenditures are divided into research and development phases, with development phase expenditures recognized as intangible assets when conditions are met[361](index=361&type=chunk)[363](index=363&type=chunk)[365](index=365&type=chunk)[367](index=367&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods. If a contract contains two or more performance obligations, the transaction price is allocated to each distinct performance obligation based on the relative standalone selling prices of the goods or services promised in each distinct performance obligation[404](index=404&type=chunk) - Government grants are classified as **asset-related** or **income-related**; asset-related grants are recognized as deferred income and amortized into profit or loss over periods, while income-related grants are recognized as deferred income or current profit or loss based on the compensation object[419](index=419&type=chunk)[420](index=420&type=chunk) - The company generally recognizes and measures the income tax impact of taxable temporary differences or deductible temporary differences as **deferred income tax liabilities** or **deferred income tax assets** using the balance sheet liability method, based on the temporary differences between the carrying amounts and tax bases of assets and liabilities at the balance sheet date[425](index=425&type=chunk) [Taxation](index=127&type=section&id=VI.%20Taxation) This section discloses the company's and its subsidiaries' main tax types and applicable tax rates, including VAT, urban maintenance and construction tax, and corporate income tax. The company and some subsidiaries enjoy a 15% corporate income tax preferential rate as high-tech enterprises, while others benefit from small and micro-enterprise income tax reductions and VAT additional deduction policies Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Sales Revenue | 6.00%, 13.00% | | Urban Maintenance and Construction Tax | Taxable Turnover Tax | 7.00% | | Corporate Income Tax | Taxable Income | 15.00%, 16.50%, 20.00%, 25.00%, 30.00% | | Education Surcharge | Taxable Turnover Tax | 3.00% | | Local Education Surcharge | Taxable Turnover Tax | 2.00% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Etek | 15.00% | | Zhong Shengchang | 20.00% | | Sirui Micro | 25.00% | | Semikentuo | 15.00% | | Qianjiang Integrated Circuit | 25.00% | | Milestone | 15.00% | | Ketaimicro | Cumulative Tax Rate | | Etek Micro (Shanghai) | 20.00% | | Liding Fund | Not Applicable | | Wuxi Ouxun | 20.00% | | WST Hong Kong Limited | 8.25%, 16.50% | | WST ENERGY(T) LIMITED | 30.00% | - The company and its subsidiaries Semikentuo and Milestone are recognized as **high-tech enterprises**, paying corporate income tax at a **15%** rate from January to June 2025[456](index=456&type=chunk) - Subsidiaries Zhong Shengchang, Milestone, Etek Micro (Shanghai), and Wuxi Ouxun qualified for small and micro-enterprise tax incentives from January to June 2025, enjoying income tax reductions and VAT additional deduction policies[457](index=457&type=chunk)[458](index=458&type=chunk) [Notes to Consolidated Financial Statement Items](index=129&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, financial assets held for trading, notes receivable, accounts receivable, inventory, long-term equity investments, fixed assets, intangible assets, goodwill, short-term borrowings, accounts payable, employee compensation payable, deferred income, operating revenue and costs, various expenses, investment income, fair value change gains, income tax expenses, and supplementary cash flow statement information, explaining the composition, reasons for changes, and related accounting treatments for each item - Monetary funds at period-end totaled **328.52 million yuan**, of which **4.24 million yuan** is restricted as bank acceptance bill deposits[460](index=460&type=chunk) - Financial assets held for trading at period-end totaled **487.14 million yuan**, primarily consisting of structured deposits and wealth management products[462](index=462&type=chunk) - Accounts receivable at period-end had a book balance of **160.73 million yuan**, with **90.29%** of the balance being within one year of aging[471](index=471&type=chunk)[473](index=473&type=chunk) - Inventory at period-end had a book value of **150.72 million yuan**, with an inventory impairment provision balance of **44.13 million yuan**; the write-off of inventory impairment provisions this period was mainly due to the sale or disposal of inventory for which provisions were previously made[501](index=501&type=chunk)[502](index=502&type=chunk) - Short-term borrowings at period-end totaled **18.32 million yuan**, including **1.50 million yuan** of pledged borrowings obtained by subsidiary Sirui Micro using patent pledges[546](index=546&type=chunk) - R&D expenses incurred this period totaled **93.71 million yuan**, an increase of **51.31%** from the prior period, mainly due to increased employee compensation and material and testing fees[591](index=591&type=chunk) - Net cash flow from operating activities was **25.12 million yuan**, a year-on-year decrease of **63.34%**, primarily due to reduced sales scale and increased employee compensation expenses from strengthening team building[74](index=74&type=chunk)[79](index=79&type=chunk) [R&D Expenditures](index=181&type=section&id=VIII.%20R%26D%20Expenditures) During the reporting period, the company's total R&D expenditures were 93.71 million yuan, all expensed, representing a 51.31% increase year-on-year. The main components included employee compensation, materials and testing fees, depreciation and amortization, and external development fees R&D Expenditures by Nature of Expense | Item | Amount This Period (million yuan) | Amount Prior Period (million yuan) | | :--- | :--- | :--- | | Employee Compensation | 60.04 | 41.70 | | Materials and Testing Fees | 18.80 | 13.74 | | Share-Based Payment Expenses | - | 4.14 | | Depreciation and Amortization | 5.23 | - | | External Development Fees | 6.05 | 0.63 | | Others | 3.60 | 1.72 | | Total | 93.71 | 61.93 | | Of which: Expensed R&D Expenditures | 93.71 | 61.93 | - Total R&D investment as a percentage of operating revenue was **26.67%**, an increase of **11.62 percentage points** from the prior year period[52](index=52&type=chunk) [Changes in Consolidation Scope](index=182&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope expanded to include two newly established subsidiaries: WST Hong Kong Limited (wholly-owned, registered in Hong Kong) and WST ENERGY(T) LIMITED (controlled subsidiary, registered in Tanzania), neither of which had paid-in capital as of period-end Changes in Consolidation Scope (Increase) | Company Name | Method of Equity Acquisition | Registered Place | Date of Equity Acquisition | Capital Contribution Amount | Capital Contribution Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | WST Hong Kong Limited | Newly established subsidiary | Hong Kong | May 2025 | 1,000.00 USD | 100.00 | | WST ENERGY(T) LIMITED | Newly established subsidiary | Tanzania | June 2025 | 200,000,000.00 TZS | 80.00 | - The newly established subsidiaries WST Hong Kong Limited and WST ENERGY(T) LIMITED had no paid-in capital as of June 30, 2025[620](index=620&type=chunk) [Interests in Other Entities](index=184&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates. The company owns multiple subsidiaries, including Zhong Shengchang, Sirui Micro, Semikentuo, Qianjiang Integrated Circuit, Milestone, Ketaimicro, Etek Micro (Shanghai), Liding Fund, and Wuxi Ouxun, and exercises control over Semikentuo despite holding less than half of its shares. The company also holds equity in associates such as Chenxin Semiconductor (Shenzhen) Co., Ltd Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Place | Registered Place | Business Nature | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhong Shengchang | Shenzhen | Shenzhen | Product Sales | 100.00 | Business combination under common control | | Sirui Micro | Wuxi | Wuxi | IC R&D and Sales | 57.9104 | Business combination not under common control | | Semikentuo | Wuxi | Wuxi | IC R&D and Sales | 38.49 | Establishment | | Qianjiang Integrated Circuit | Wenling | Wenling | IC R&D and Sales | 51.00 | Business combination not under common control | | Milestone | Wuxi | Wuxi | IC R&D and Sales | - | Business combination not under common control | | Ketaimicro | South Korea | South Korea | Software development and sales, technical development and consulting services | 100.00 | Establishment | | Etek Micro (Shanghai) | Shanghai | Shanghai | IC R&D | 100.00 | Establishment | | Liding Fund | Wuxi | Wuxi | Equity Investment | 99.33 | Establishment | | Wuxi Ouxun | Wuxi | Wuxi | Product Sales | - | Establishment | - The company holds less than half of Semikentuo's voting rights but exercises control over its financial and operating policies by appointing more than half of the board members, as well as key management personnel such as the chairman and CFO[624](index=624&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiary (Semikentuo) | Indicator | Amount This Period (million yuan) | Amount Prior Period (million yuan) | | :--- | :--- | :--- | | Operating Revenue | 38.24 | 46.79 | | Net Profit | -5.68 | 1.65 | | Total Comprehensive Income | -5.68 | 1.65 | | Cash Flow from Operating Activities | 7.74 | 5.36 | Key Financial Information of Significant Associate (Chenxin Semiconductor (Shenzhen) Co., Ltd.) | Indicator | Period-End Balance/Amount This Period (million yuan) | Beginning Balance/Amount Prior Period (million yuan) | | :--- | :--- | :--- | | Total Assets | 47.25 | 55.15 | | Total Liabilities | 1.18 | 2.08 | | Operating Revenue | 9.46 | - | | Net Profit | -7.00 | - | | Total Comprehensive Income | -7.00 | - | [Government Grants](index=189&type=section&id=XI.%20Government%20Grants) During the reporting period, the company's total government grants recognized in current profit or loss amounted to 3.03 million yuan, with 0.24 million yuan related to assets and 2.79 million yuan related to income Government Grants Recognized in Current Profit or Loss | Type | Amount This Period (million yuan) | Amount Prior Period (million yuan) | | :--- | :--- | :--- | | Asset-Related | 0.24 | 0.28 | | Income-Related | 2.79 | 2.42 | | Total | 3.03 | 2.70 | Deferred Income Items Involving Government Grants | Financial Statement Item | Beginning Balance (million yuan) | New Gra

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 351 million yuan, representing a year-on-year decrease of 14.62% [1] - The net profit for the same period was 16.68 million yuan, showing a significant year-on-year decline of 78.72% [1]

一、募集资金基本情况 经中国证券监督管理委员会《关于同意无锡力芯微电子股份有限公司首次公 开发行股票注册的批复》（证监许可[2021]1593 号）同意注册，公司首次公开发 行人民币普通股 1,600.00 万股，每股面值人民币 1.00 元，每股发行价格为人民 币 36.48 元，本次发行募集资金总额为人民币 583,680,000.00 元，扣除不含税的 发行费用人民币 71,236,470.12 元，募集资金净额为人民币 512,443,529.88 元。 上述募集资金到位情况经容诚会计师事务所（特殊普通合伙）验证，并由其 出具容诚验字[2021]230Z0102 号《验资报告》。 二、募集资金三方监管协议签订及募集资金专户开立情况 为了规范募集资金的管理和使用，保护投资者的权益，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规则适用指引第 1 号 —规范运作》以及公司《募集资金使用管理制度》等文件的要求，公司与保荐机 构及商业银行共同签署了《募集资金三方监管协议》，并分别开设募集资金专项 账户，上述募集资金专项账户开立情况如下： 证券代码：688601 证券简称：力芯微 公告 ...

无锡力芯微电子股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评价报告 现将上半年具体情况公告如下： 一、专注主营业务，培育新质生产力，引领公司高质量发展 报告期内，经营业绩有所下降，实现营业收入 351,392,747.88 元，较上年同 期下降 14.62%；实现归属于母公司所有者的净利润 16,679,986.21 元，较上年同 期下降 78.72%；归属于母公司所有者的扣除非经常性损益的净利润 9,210,030.57 元，较上年同期下降 87.45%。报告期末，公司总资产 1,420,007,035.70 元，较上 年度末下降 2.57%；归属于母公司的所有者权益 1,229,200,002.73 元，较上年度 末下降 2.85%。 短期业绩波动并未动摇公司的核心竞争力根基。面对短期业绩波动，公司以 技术纵深突破与客户价值创造为锚点，持续优化业务结构。随着全球半导体技术 的突破、新产品陆续投放市场以及公司战略转型的深入推进，通过坚持长期战略 导向、优化资源配置、聚焦核心技术突破与高价值市场拓展，公司将为下一阶段 复苏奠定有力基础。具体包括以下几个方面： 1、保持稳定研发投入，激发科技自 ...

证券代码：688601 证券简称：力芯微 公告编号：2025-030 无锡力芯微电子股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 1、实际募集资金金额及资金到账情况 经中国证券监督管理委员会《关于同意无锡力芯微电子股份有限公司首次公 开发行股票注册的批复》（证监许可[2021]1593 号）同意，公司首次公开发行人 民币普通股 1,600.00 万股，每股面值人民币 1.00 元，每股发行价格为人民币 36.48 元，本次发行募集资金总额为人民币 583,680,000.00 元，扣除不含税的发行费用 人民币 71,236,470.12 元，募集资金净额为人民币 512,443,529.88 元。上述募集资 金到位情况经容诚会计师事务所（特殊普通合伙）验证，并由其出具容诚验字 [2021]230Z0102 号《验资报告》。 2、本年度募集资金使用及结余情况 截至 2025 年 6 月 30 日，本公司首次公开发行股票募集资 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2025年09月01日（星期一） 13:00-14:00 ●会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于2025年08月25日（星期一）至08月29日（星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱lxwzqb@etek.com.cn进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 无锡力芯微电子股份有限公司（以下简称"公司"）将于2025年08月30日发布公司2025年半年度报告，为 便于广大投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年09月01日 （星期一） 13:00-14:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司 ...

证券代码：688601 证券简称：力芯微 公告编号：2025-026 无锡力芯微电子股份有限公司 ? 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ?会议召开方式：上证路演中心网络互动 ?投资者可于 2025 年 08 月 25 日 （星期一） 至 08 月 29 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 lxwzqb@etek.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 无锡力芯微电子股份有限公司（以下简称"公司"）将于 2025 年 08 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 01 日 （星期一） 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 ...

证券代码：688601 证券简称：力芯微 公告编号：2025-026 无锡力芯微电子股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 无锡力芯微电子股份有限公司（以下简称"公司"）将于 2025 年 08 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 01 日 （星期一） 13:00-14:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 09 月 01 日 （星期一） 13:00-14:00 （二） 会议召开地点：上证路演中心 会议召开时间：2025 年 ...

Group 1 - The company, Lichip Micro (688601.SH), has indicated that it has relevant power management chips applicable in AI and other scenarios [1]

Fundraising Overview - The company, Wuxi Lixin Microelectronics Co., Ltd., successfully completed its initial public offering (IPO) by issuing 16 million shares at a price of RMB 36.48 per share, raising a total of RMB 583.68 million, with a net amount of RMB 512.44 million after deducting issuance costs of RMB 71.24 million [1][2]. Fund Management - The company established a special account for the management and storage of the raised funds, in compliance with relevant laws and regulations, to enhance fund usage efficiency and protect investor interests [2]. - A tripartite supervision agreement was signed with several banks, including Bank of Communications, Ningbo Bank, China Merchants Bank, and CITIC Bank, to ensure proper management of the funds [2]. Account Closure - The company has recently closed one of its fundraising special accounts at Ningbo Bank, as the funds in that account have been fully utilized according to regulations [2].