北京市中伦（广州）律师事务所 关于广州安凯微电子股份有限公司 法律意见书 二〇二五年八月 （以下简称"《股票上市规则》"）、 《科 北京市中伦（广州）律师事务所 关于广州安凯微电子股份有限公司 法律意见书 致：广州安凯微电子股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）接受广州安凯微电子 股份有限公司（以下简称"公司"）的委托，担任公司 2025 年限制性股票激励计 划（以下简称"本次限制性股票激励计划"）的专项法律顾问，就公司本次限制 性股票激励计划（草案）相关事项出具法律意见书。 本所根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共 和国证券法》 （以下简称"《证券法》"），中国证券监督管理委员会（以下简称"中 国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》 创板上市公司自律监管指南第 4 号——股权激励信息披露》 （以下简称"《自律监 管指南》"）和《广州安凯微电子股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，就公司本次限制性股票激励计划（草案）相关事项出具本法律意见 书。 为出具本 ...

证券简称：安凯微 证券代码：688620 广州安凯微电子股份有限公司 （草案） 广州安凯微电子股份有限公司 二零二五年八月 广州安凯微电子股份有限公司 2025 年限制性股票激励计划（草案） 声 明 本公司及全体董事保证《广州安凯微电子股份有限公司 2025 年限制性股票 激励计划（草案）》（以下简称"本激励计划"）及其摘要不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责 任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 广州安凯微电子股份有限公司 2025 年限制性股票激励计划（草案） 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》《上海证券交易所科创板股票上市规则》《科创 板上市公司自律监管指南第 4 号——股权激励信息披露》和其他有关法律、法规、 规范性文件，以及《广州安凯微电子股份有限公司章程》制订。 二、 ...

| 证券简称：安凯微 证券代码：688620 | | --- | | 上海荣正企业咨询服务（集团）股份有限公司 | | 关于 | | 广州安凯微电子股份有限公司 | | 之 | | 独立财务顾问报告 | | ························································································ 2 一、释义 | | 二、声明 ························································································ 4 | | 三、基本假设 ·················································································· 5 | | 四、本次限制性股票激励计划的主要内容 ···············································6 | | （一）激励对象的范围及分配情况 ························ ...

中层管理人员、技术及其他骨干人员 （中国籍员工共 103 人） 中层管理人员、技术及其他骨干人员 （加拿大籍员工共 1 人） 合计 405.9804 100.00% 1.04% 广州安凯微电子股份有限公司 一、激励对象名单及拟授出权益分配情况 获授的限制 占授予限制 占本激励计划 一、董事、高级管理人员 小计（共 2 人） 24.30 5.99% 0.062% 二、其他激励对象 注：1、公司全部在有效期内的股权激励计划所涉及的标的股票总数累计未超过公司股本总额的 20%。 本激励计划中任何一名激励对象通过全部在有效期内的股权激励计划所获授的限制性股票数量累计均未 超 过公司股本总额的 1%。 或实际控制人及其配偶、父母、子女。 广州安凯微电子股份有限公司董事会 序号 姓名 国籍 职务 性股票数量 性股票总数 公告时股本总 （万股） 的比例 额的比例 ...

低功耗智能视觉芯片 KM01A 与 KM01W 支持 AOV（Always On Video）技 术，AOV 模式下整机功耗低于 30mW（1 秒 1 帧），解决续航痛点；拍照图片最 高分辨率达到 12MP；多目变焦产品最大可实现 16 倍数字变焦；可以接入四路 CIS，多路同步机制提升了多摄系统的协调性。KM01A 采用 QFN88、9x9mm²封 装，专攻低功耗 AOV 摄像机、4G 太阳能低功耗物联网球机、电池供电物联网 摄像机、猫眼锁、可视门铃；KM01W 集成 Wi-Fi/BLE，为 AI 眼镜提供针对性 的视觉解决方案。从智能安防到智能穿戴，以"芯片级低功耗+高清画质"配套 提供开发平台及完整解决方案，预期会给 2025 年的业绩带来一定的贡献。 广州安凯微电子股份有限公司 报告期内，基于 KM02X 的高清带屏智能视觉方案推出，该方案典型应用于 带屏摄像机、多目摄像机、AI 儿童相机等，支持 4K 视频采集与 H.264 高清解码， 适配 1280*720 分辨率显示屏，具备 2TOPS 端侧算力，可本地运行人形/车型/宠 物/客流/手势/包裹等多场景 AI 算法。音频方面，多路麦克风阵列融合声 ...

证券代码：688620 证券简称：安凯微 公告编号：2025-044 广州安凯微电子股份有限公司 第二届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 广州安凯微电子股份有限公司（以下简称"公司"）第二届董事会第十四次会 议于 2025 年 8 月 12 日 10:30-11:00 在公司会议室以现场与通讯相结合的方式召开。 本次会议的通知已于 2025 年 8 月 1 日以通讯方式送达公司全体董事。本次会议由公 司董事长 NORMAN SHENGFA HU（胡胜发）[以下简称"胡胜发"]先生主持，会 议应出席董事 7 名，实际出席董事 7 名。本次会议的召集、召开和表决程序符合 《中华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、规范性文件 和《广州安凯微电子股份有限公司章程》（以下简称"《公司章程》"）、《广州安凯 微电子股份有限公司董事会议事规则》的规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于2025年半年度报告及其摘要的议案 ...

广州安凯微电子股份有限公司 第二届董事会独立董事 2025 年第三次专门会议决议 广州安凯微电子股份有限公司（以下简称"公司"）根据《上市公司独立董 事管理办法》等法律法规及《广州安凯微电子股份有限公司章程》（以下简称 "《公司章程》"）、《广州安凯微电子股份有限公司独立董事工作制度》等有关规 定，于 2025 年 8 月 12 日 09:45-10:15 召开第二届董事会独立董事 2025 年第三 次专门会议。会议以现场召开结合通讯方式举行。会议应到独立董事 3 人，实 到独立董事 3 人，全体独立董事共同推举张海燕女士召集并主持本次会议，副 总经理兼董事会秘书李瑾懿女士记录。本次独立董事专门会议的召集、召开程 序合法、有效，形成的决议合法、有效。 我们一致同意《关于 2025 年半年度报告及其摘要的议案》，并同意将该议 案提交公司董事会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （以下无正文，下接签署页） 经与会全体独立董事审议表决，一致通过如下议案： 一、《关于 2025 年半年度报告及其摘要的议案》（议案一） 经审核，我们认为：公司 2025 年半年度报告及其摘要的编制和审议程序符 ...

（文章来源：每日经济新闻） 安凯微8月13日晚间发布半年度业绩报告称，2025年上半年营业收入约2.34亿元，同比减少3.02%；归属 于上市公司股东的净利润亏损约4925万元；基本每股收益亏损0.13元。2024年同期营业收入约2.42亿 元；归属于上市公司股东的净利润亏损约586万元；基本每股收益亏损0.01元。 ...

智通财经APP讯，安凯微(688620.SH)披露2025年半年度报告，报告期公司实现营收2.34亿元，同比下降 3.02%;归属于上市公司股东的净利润亏损4925万元;扣非净利润亏损4933万元;基本每股收益-0.13元。 报告期内，公司芯片产品的出货量实现了增长，继续保持市场份额;但半导体行业部分市场竞争加剧影 响持续，部分产品价格承压，导致综合毛利率同比下降;为持续增强技术优势和拓展产品/市场布局，公 司保持稳定略增的研发投入。 ...

Section I Definitions This section provides definitions for common terms, company names, shareholder information, and industry-specific terminology to enhance report comprehension [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms, company names, shareholder information, and industry-specific terminology to enhance report comprehension - Clarifies that "Company," "the Company," "Anyka Microelectronics," and "Anyka Micro" all refer to "Guangzhou Anyka Microelectronics Co., Ltd"[10](index=10&type=chunk) - Explains key terms in the integrated circuit design industry, such as IC (Integrated Circuit), Wafer, Packaging, Fabless, SoC (System on Chip), AIoT (Artificial Intelligence of Things), IP (Intellectual Property), EDA (Electronic Design Automation software tools), NPU (Neural Processing Unit), HMI (Human-Machine Interface), CPU (Microprocessor), BLE (Bluetooth Low Energy), LLM (Large Language Model), LVM (Large Vision Model), and XR (Extended Reality)[10](index=10&type=chunk)[11](index=11&type=chunk) - Defines the reporting period as "January 1, 2025 to June 30, 2025"[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, information disclosure, stock overview, and key financial performance, highlighting a decline in revenue and net profit due to market competition and increased R&D [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section provides an overview of Guangzhou Anyka Microelectronics Co., Ltd., detailing its basic information for investors - The company's Chinese name is Guangzhou Anyka Microelectronics Co., Ltd., abbreviated as Anyka Micro, with Hu Shengfa as the legal representative[13](index=13&type=chunk) - The company's registered and office address is 107 Bowen Road, Huangpu District, Guangzhou City; its website is www.anyka.com, and email is ir@anyka.com[13](index=13&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the Board Secretary and Securities Affairs Representative to facilitate investor communication - The Board Secretary is Li Jinyi, and the Securities Affairs Representative is Zeng Limei; both have a contact address at 107 Bowen Road, Huangpu District, Guangzhou City[14](index=14&type=chunk) - The contact telephone number is 020-32219000, fax is 020-32219258, and email is ir@anyka.com[14](index=14&type=chunk) [III. Brief Introduction to Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section outlines the company's information disclosure channels and report custody location, ensuring transparency and accessibility - The company's selected newspapers for information disclosure include Shanghai Securities News, Securities Times, Securities Daily, China Securities Journal, Financial Times, and Economic Information Daily[15](index=15&type=chunk) - The semi-annual report is published on www.sse.com.cn, and the custody location is the company's Securities Affairs Department[15](index=15&type=chunk) [IV. Overview of Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This section details the company's stock listing information on the STAR Market of the Shanghai Stock Exchange - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Anyka Micro and stock code 688620[17](index=17&type=chunk) [V. Other Relevant Information](index=7&type=section&id=V.%20Other%20Relevant%20Information) This section discloses details of the accounting firm and sponsoring institution, ensuring financial report compliance and transparency - The accounting firm engaged by the company is Huaxing Certified Public Accountants (Special General Partnership), with Yang Xinchun and Zhong Min as signing accountants[18](index=18&type=chunk) - The sponsoring institution for continuous supervision is Guotai Haitong Securities Co., Ltd., with Zhou Chengcai and Wu Yihao as signing sponsor representatives, and the continuous supervision period is from June 27, 2023, to December 31, 2026[18](index=18&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by 3.02%, with significant net losses and a 1733.05% decline in operating cash flow, driven by industry competition and R&D investment Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 234,307,061.85 CNY | 241,593,141.55 CNY | -3.02 | | Total Profit | -49,443,658.81 CNY | -17,274,573.39 CNY | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -49,250,725.30 CNY | -5,857,139.62 CNY | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -49,327,687.10 CNY | -10,596,508.89 CNY | Not Applicable | | Net Cash Flow from Operating Activities | -56,575,063.37 CNY | 3,464,383.82 CNY | -1,733.05 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 1,379,969,468.68 CNY | 1,440,998,086.47 CNY | -4.24 | | Total Assets (End of Period) | 1,605,508,542.15 CNY | 1,664,581,268.57 CNY | -3.55 | Key Financial Indicators for H1 2025 | Main Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.13 | -0.01 | Not Applicable | | Diluted Earnings Per Share (CNY/share) | -0.13 | -0.01 | Not Applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | -0.13 | -0.03 | Not Applicable | | Weighted Average Return on Net Assets (%) | -3.48 | -0.38 | Decreased by 3.10 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -3.49 | -0.69 | Decreased by 2.80 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 28.78 | 26.08 | Increased by 2.70 percentage points | - Operating revenue decreased by **3.02%** year-on-year, primarily due to intensified competition in some semiconductor market segments and product price pressure[22](index=22&type=chunk)[23](index=23&type=chunk) - Net profit and non-recurring net profit significantly declined, mainly due to a year-on-year decrease in comprehensive gross margin and stable yet slightly increased R&D investment[22](index=22&type=chunk)[23](index=23&type=chunk) - Net cash flow from operating activities decreased by **1733.05%** year-on-year, primarily due to a reduction in cash received from sales of goods and provision of services[23](index=23&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses, totaling **CNY 76,961.80**, primarily from government grants and investment income Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -2,772.21 | | Government grants recognized in current profit or loss | 8,500.00 | | Gains or losses from entrusted investments or asset management | 22,754.79 | | Other non-operating income and expenses apart from the above | 70,954.72 | | Less: Income tax impact | 22,475.50 | | **Total** | **76,961.80** | Section III Management Discussion and Analysis This section discusses the company's main business in IoT SoC chips, its "Fabless + chip final testing" model, industry trends, operating performance, core competencies, and R&D progress, while also outlining various risk factors [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=10&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company specializes in R&D, design, final testing, and sales of IoT smart hardware SoC chips, operating a "Fabless + chip final testing" model within a high-tech semiconductor industry driven by AI and cloud-edge-device collaboration - The company primarily engages in the R&D, design, final testing, and sales of core SoC chips for IoT smart hardware, with products applied in smart home, smart security, and smart office fields[29](index=29&type=chunk) - Key chip products include IoT camera chips, HMI human-machine interaction chips, and low-power Bluetooth chips, with expanded applications in smart door locks and smart terminals[29](index=29&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The business model is "Fabless + chip final testing," focusing on R&D, design, final testing, and sales, with manufacturing outsourced[35](index=35&type=chunk) - The company operates in the integrated circuit design industry, a strategic emerging industry strongly supported by the state[38](index=38&type=chunk) - SoC chip R&D involves complex technical barriers such as high integration, software-hardware co-design, and full-link verification[39](index=39&type=chunk) - AI acceleration empowers and cloud-edge-device collaborative technology reshapes the electronic information industry, building a "cloud intelligence-edge agility-device flexibility" system[42](index=42&type=chunk)[43](index=43&type=chunk) - China's smart hardware industry market size is projected to reach **CNY 2 trillion** by 2026, offering broad market prospects for the IC chip design industry[45](index=45&type=chunk) [(I) Company's Main Business and Operating Model During the Reporting Period](index=10&type=section&id=(I)%20Company%27s%20Main%20Business%20and%20Operating%20Model%20During%20the%20Reporting%20Period) The company focuses on R&D, design, final testing, and sales of IoT smart hardware SoC chips, launching new camera, Bluetooth audio, and HMI chips, and expanding into smart door lock applications, operating under a "Fabless + chip final testing" model - The company primarily engages in the R&D, design, final testing, and sales of core SoC chips for IoT smart hardware, with downstream applications including home cameras, smart door locks, and smart speakers[29](index=29&type=chunk) - Newly launched KM01A and KM01W IoT camera chip engineering samples support AOV technology, with power consumption below **30mW**, and KM01W integrates Wi-Fi/BLE, providing visual solutions for AI glasses[30](index=30&type=chunk) - The KM02X-based high-definition smart vision solution with a screen has been launched, featuring **2TOPS** edge-side computing power, capable of running multi-scenario AI algorithms locally, and integrating local vision large model technology[31](index=31&type=chunk)[32](index=32&type=chunk) - The fifth-generation Bluetooth audio chip has been officially released, supporting classic Bluetooth and BLE dual-mode, suitable for AI headphones, AI helmets, and other devices[32](index=32&type=chunk) - KM02X/Y chip applications have expanded to the human-machine interaction field, with the fifth-generation HMI application processor chip series products currently under R&D[33](index=33&type=chunk) - Smart lock solutions have achieved mass production and shipment, and the new generation BLE application processor chip AK1037 series has entered trial production[33](index=33&type=chunk)[34](index=34&type=chunk) - The smart recording pen solution based on the company's chips has achieved mass production, interfacing with large language models such as Doubao and Tongyi Qianwen[34](index=34&type=chunk) - The company is committed to multi-dimensional advancement of AI technology in edge hardware, empowering SoC chips with self-developed NPUs, developing localized small and medium models combining LLM and LVM technologies, and adapting to cloud-based large models[35](index=35&type=chunk) - The business model is "Fabless + chip final testing," focusing on R&D, design, final testing, and sales, with wafer manufacturing and packaging outsourced[35](index=35&type=chunk) [(II) Company's Industry Situation During the Reporting Period](index=12&type=section&id=(II)%20Company%27s%20Industry%20Situation%20During%20the%20Reporting%20Period) Operating in the integrated circuit design industry, a strategic emerging sector, the company leverages its high-tech and "little giant" status, with products in major supply chains, benefiting from AI-driven cloud-edge-device collaboration and a rapidly growing smart hardware market - The company operates in the "integrated circuit design" industry, a strategic emerging industry strongly supported by the state[38](index=38&type=chunk) - SoC chip R&D has high technical barriers, reflected in heterogeneous functional integration, software-hardware co-design, and a full-link verification system[39](index=39&type=chunk) - The company is a national high-tech enterprise, a "little giant" enterprise specializing in niche sectors, and an intellectual property advantage enterprise[39](index=39&type=chunk) - The company's chips have entered the supply chains of well-known clients such as ROKU, TP-LINK, Tuya Smart, and China Mobile[40](index=40&type=chunk) - In January 2025, the company's technology center was recognized as a "Provincial Enterprise Technology Center"; in March 2025, it was approved to establish a postdoctoral research workstation sub-station[40](index=40&type=chunk)[41](index=41&type=chunk) - AI acceleration empowers and cloud-edge-device collaborative technology builds a "cloud intelligence-edge agility-device flexibility" system, driving the iteration of smart hardware technology[42](index=42&type=chunk)[43](index=43&type=chunk) - Generative AI large models continue to deepen their development, with intense competition among domestic and international manufacturers in terms of efficiency, cost, multi-modality, lightweight deployment, and vertical scenario implementation[44](index=44&type=chunk) - China's smart hardware industry market size is projected to reach **CNY 2 trillion** by 2026, offering broad market prospects for the IC chip design industry[45](index=45&type=chunk) [II. Discussion and Analysis of Operations](index=15&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Operating revenue decreased by 3.02%, resulting in a **CNY 49.2507 million** net loss, driven by industry competition, price pressure, and increased R&D, while the company focused on innovation, market expansion, and governance - During the reporting period, the company's operating revenue was **CNY 234.3071 million**, a year-on-year decrease of **3.02%**; net profit attributable to shareholders of the listed company was **-CNY 49.2507 million**, a year-on-year decrease of **CNY 43.3936 million**[46](index=46&type=chunk) - The main reasons for the performance decline include intensified competition in the semiconductor industry leading to product price pressure, a decrease in comprehensive gross margin, and stable yet slightly increased R&D investment to enhance technological advantages[46](index=46&type=chunk) - During the reporting period, the company obtained **3** new authorized patents (domestic and international), **5** computer software copyrights, **3** integrated circuit layout designs, and registered **4** trademarks (domestic and international). As of June 30, 2025, the company held **374** authorized patents domestically and internationally[47](index=47&type=chunk) - R&D investment was **CNY 67.4231 million**, a year-on-year increase of **7.01%**, accounting for **28.78%** of current revenue; the number of R&D personnel increased to **267**, a year-on-year increase of **4.71%**, accounting for **66.25%** of the total employees[48](index=48&type=chunk) - The company released low-power smart vision chips KM01A and KM01W, supporting AOV technology, with system power consumption below **30mW** in AOV mode[50](index=50&type=chunk)[51](index=51&type=chunk) - Successfully developed and mass-produced various smart algorithms, including lightweight AI algorithms for voice noise reduction, image AI noise reduction, and human-vehicle-non-human detection and recognition[52](index=52&type=chunk) - Expanded market applications to smart wearables (AI glasses, AI headphones), smart office (AI smart recording pens), and smart door locks[54](index=54&type=chunk) - Implemented an integrated "edge-cloud-device" AI capability matrix strategy, achieving edge-side intelligent processing through NPU-integrated SoC chips, developing lightweight small and medium models for the edge, and adapting to cloud-based large models[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - The company's product exports (including Hong Kong) accounted for approximately **47.19%**, having entered the supply chains of well-known domestic and international brands such as ROKU, TP-LINK, and Tuya Smart[58](index=58&type=chunk) - During the reporting period, the company participated in establishing an investment fund of **CNY 30 million**, with **CNY 9 million** already paid in; completed share repurchases of **4,059,804** shares, accounting for **1.04%** of the total share capital, with a payment of **CNY 33.7163 million**[60](index=60&type=chunk)[61](index=61&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=19&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its national high-tech status, elite R&D team, extensive technological expertise, and continuous innovation in neural network, deep learning, SoC integration, low power, and multimedia processing, driving next-gen chip development - The company is a national high-tech enterprise, a "little giant" enterprise specializing in niche sectors, an intellectual property advantage enterprise, and has multiple provincial-level technology centers[63](index=63&type=chunk) - The core R&D team comprises professional talents from top domestic and international universities, includes several senior industry technical experts, and has been approved to establish a national postdoctoral research workstation sub-station[64](index=64&type=chunk)[65](index=65&type=chunk) - Successfully developed and mass-produced various smart algorithms, including lightweight AI algorithms for voice noise reduction, image AI noise reduction, and human-vehicle-non-human detection and recognition, and is advancing R&D of local deployment technologies for large language models and vision models[65](index=65&type=chunk) Company's Main Core Technologies and Their Advanced Nature | Technology Category | Core Technology Name | Technical Advanced Nature and Specific Characteristics | Technology Source | Main Applications | Progress Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Machine Learning Technology | Neural Network Engine Design Technology | Self-developed scalable neural network accelerator IP, high utilization, low power consumption, improving deep learning inference efficiency | Independent R&D | IoT Camera Products, Full Series Chips | Mass Production/Under R&D | | Machine Learning Technology | Deep Learning Algorithms | Lightweight AI algorithms for human-vehicle-non-human, pets, gestures, parcels; localized deployment of large language models and vision model application algorithms | Independent R&D | Full Product Series, IoT Camera Chips | Mass Production/Under R&D | | SoC Technology | System-Level Ultra-Large Scale Integrated Circuit Design Technology | SoC chip architecture, digital/analog circuit technology innovation, self-developed multiple IPs, enhancing independent control capabilities, multiple chips successfully taped out on first attempt | Independent R&D | Full Product Series | Mass Production | | SoC Technology | Low Power Consumption Technology | Self-developed low-power chip design methods, analog circuit digitalization technology to reduce power consumption | Independent R&D | Full Product Series | Mass Production | | ISP Technology | Image Processing Technology | Self-developed multi-level noise reduction, color enhancement, wide dynamic range, panoramic image processing, multi-camera image processing, AI ISP technology, etc | Independent R&D | IoT Camera Chips | Mass Production | | Video Related Technology | Ultra-Low Bitrate Video Codec Technology | High compression ratio video compression technology, self-developed bitrate control algorithm achieving ultra-low bitrate video codec, saving 60% network bandwidth and storage resources | Independent R&D | IoT Camera Chips | Mass Production | | Video Related Technology | AI Encoding Enhancement Technology | Utilizes machine learning to analyze video content, identify areas of interest, significantly reducing video bitrate | Independent R&D | IoT Camera Chips | Under R&D | | Audio Related Technology | Audio Algorithm Processing Technology | Self-developed sound effect algorithms, audio codec algorithm optimization, abnormal sound detection, AI speech recognition, speech enhancement, sound source localization technology | Independent R&D | Full Product Series | Mass Production | | Audio Related Technology | Audio Neural Network Accelerator Design | Vertically customized lightweight audio neural network model accelerator IP, low power consumption, independent of CPU, can operate independently | Independent R&D | Full Product Series | Under R&D | | Audio Related Technology | Audio Circuit Technology | High-quality ΣΔ DAC/ADC circuits supporting low operating voltage, self-developed noise suppression technology achieving high SNR | Independent R&D | Full Product Series | Mass Production | | Communication Technology | Bluetooth Communication Basic Technology | "All-digital phase-locked loop" and innovative technologies to reduce power consumption and increase transmit power; developed interference suppression, carrier frequency offset detection/compensation, clock synchronization algorithms | Independent R&D | IoT Application Processor Chips | Mass Production | | Communication Technology | Bluetooth Communication System Technology | Improves communication stability, optimizes communication distance, enhances audio playback quality, reduces stuttering, and shortens latency | Independent R&D | IoT Application Processor Chips | Mass Production | | System Technology | Embedded System Platform Technology | Combines SoC technology to achieve software-hardware collaboration, improving user experience in micro-memory management, low-power management, system startup, and AI applications | Independent R&D | Full Product Series | Mass Production | | System Technology | Automated Testing Technology | Utilizes efficient system simulation and AI-combined automated testing technology to shorten chip time-to-market and ensure product quality | Independent R&D | SoC Chips | Mass Production | - In July 2025, the company's Kongming series chip KM01N received the "Strong Core Leading Award" at the 2025 China Innovation IC[67](index=67&type=chunk) [(III) Core Technologies and R&D Progress](index=22&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company increased R&D investment by 7.01% and expanded its R&D team, achieving progress in IoT camera, BLE, HMI, and smart lock chip projects, with some entering trial or mass production to enhance performance and market reach - The company was recognized as a national "little giant" enterprise specializing in niche sectors (2023) and a single-item champion enterprise by the Guangdong Provincial Department of Industry and Information Technology (IoT camera chips, 2024)[69](index=69&type=chunk) - During the reporting period, **18** new patents were applied for (all invention patents), and **3** patents were granted (2 invention patents, 1 utility model patent)[70](index=70&type=chunk) List of Intellectual Property Acquired During the Reporting Period | Category | New Applications This Period (units) | New Grants This Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 18 | 2 | 581 | 343 | | Utility Model Patents | 0 | 1 | 72 | 28 | | Design Patents | 0 | 0 | 13 | 3 | | Software Copyrights | 4 | 5 | 79 | 79 | | Others | 3 | 3 | 21 | 21 | | **Total** | **25** | **11** | **766** | **474** | R&D Investment Status | Indicator | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 67,423,056.13 | 63,006,615.29 | 7.01 | | Total R&D Investment | 67,423,056.13 | 63,006,615.29 | 7.01 | | Total R&D Investment as Percentage of Operating Revenue (%) | 28.78 | 26.08 | Increased by 2.70 percentage points | - The number of R&D personnel increased to **267**, a year-on-year increase of **4.71%**, accounting for **66.25%** of the company's total employees[80](index=80&type=chunk) - Progress was made on several R&D projects, including the third-generation BLE processor chip (trial production), fourth-generation IoT camera chip (mass production), fifth-generation IoT camera chip (mass production), and smart lock solution project (mass production), aiming to enhance performance and expand application scenarios[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [IV. Risk Factors](index=26&type=section&id=IV.%20Risk%20Factors) The company faces diverse risks, including technological obsolescence, talent retention, market competition, customer and supplier concentration, operational expansion, internal control, project execution, financial performance volatility, and macroeconomic factors - Technology upgrade and new product development risks; failure to continuously enhance R&D capabilities or achieve technological breakthroughs may lead to market disadvantages[81](index=81&type=chunk)[83](index=83&type=chunk) - A technological gap exists with international leading enterprises, such as in IoT camera chip process technology (company's **12nm** under R&D, leading enterprises already at **5nm/12nm**) and BLE chip low-power indicators[84](index=84&type=chunk) - Technical risks commonly faced by high-tech enterprises, such as loss or shortage of core technical personnel, and technology leakage[85](index=85&type=chunk) - Intensified market competition and growth risks; the company has a gap with leading enterprises in product layout, market position, revenue scale, and profitability[87](index=87&type=chunk)[88](index=88&type=chunk) - Customer concentration and change risks; sales revenue concentration on the top five customers is high, and unfavorable operations or decreased purchasing demand from major customers will impact performance[89](index=89&type=chunk) - Supplier concentration and outsourced manufacturing risks; high concentration in wafer manufacturing and chip packaging, where upstream capacity constraints or quality issues will affect production and delivery[90](index=90&type=chunk)[91](index=91&type=chunk) - Product structure is relatively concentrated (IoT camera chips and application processor chips), requiring further expansion of application areas[92](index=92&type=chunk) - Business regional concentration risk; export sales account for a relatively high proportion, and unfavorable exports or hindered domestic market expansion will affect business development[93](index=93&type=chunk) - Risks of fundraising projects not meeting expectations; unfavorable macroeconomic conditions, market environment, industrial policies, or technological bottlenecks may lead to projects not being completed on schedule or not achieving expected benefits[96](index=96&type=chunk)[97](index=97&type=chunk) - Operating performance fluctuation risks, influenced by downstream industry prosperity, market competition, declining product prices and gross margins, and rising costs[98](index=98&type=chunk) - Continuous gross margin decline risk; intense competition in some sub-segments of the IoT camera chip market may lead to a continuous decline in comprehensive gross margin[99](index=99&type=chunk) - Inventory impairment risk; changes in market demand, intensified competition, or accelerated technological updates leading to product price decreases or inventory obsolescence will impact performance[101](index=101&type=chunk) - Third-party technology licensing risks; reliance on foreign vendors for EDA tools and IP licensing, where failure to renew or increased costs will affect production and operations[103](index=103&type=chunk) - Risks of insufficient capacity for fundraising projects due to wafer supply shortages; tight capacity in the wafer foundry market may affect the company's production plans[104](index=104&type=chunk) - Macroeconomic environment risks; increased uncertainty in the international trade environment, where trade frictions may adversely affect the integrated circuit industry chain[105](index=105&type=chunk) [V. Main Operating Conditions During the Reporting Period](index=32&type=section&id=V.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) Operating revenue decreased by 3.02% to **CNY 234.3071 million**, resulting in a **CNY 49.2507 million** net loss, primarily due to semiconductor industry competition and price pressure - During the reporting period, the company achieved operating revenue of **CNY 234.3071 million**, a year-on-year decrease of **3.02%**[106](index=106&type=chunk) - Net profit attributable to shareholders of the listed company was **-CNY 49.2507 million**, a decrease of **CNY 43.3936 million** compared to the same period last year[106](index=106&type=chunk) - The decrease in operating revenue was primarily influenced by intensified competition in some semiconductor market segments and product price pressure[108](index=108&type=chunk) [(IV) Analysis of Main Business](index=32&type=section&id=(IV)%20Analysis%20of%20Main%20Business) Operating revenue decreased by 3.02%, while operating costs rose by 2.15%, selling expenses fell by 14.27%, and administrative and R&D expenses increased by 9.09% and 7.01% respectively, alongside significant changes in financial items and cash flow Analysis of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 234,307,061.85 | 241,593,141.55 | -3.02 | Intensified competition in semiconductor industry, product price pressure | | Operating Cost | 198,496,878.85 | 194,317,785.15 | 2.15 | Chip product shipment volume increased by 7.57% | | Selling Expenses | 4,776,526.28 | 5,571,588.48 | -14.27 | Decrease in salaries and business promotion expenses | | Administrative Expenses | 19,628,555.11 | 17,993,302.90 | 9.09 | Increased salaries due to personnel structure adjustment, increased depreciation and amortization expenses | | Financial Expenses | -9,529,967.98 | -15,725,581.45 | Not Applicable | Increased interest expenses and exchange losses, decreased interest income | | R&D Expenses | 67,423,056.13 | 63,006,615.29 | 7.01 | Increased personnel, depreciation and amortization expenses, and technology development fees | | Credit Impairment Losses | -1,042,310.04 | 2,873,427.69 | -136.27 | Decreased collection of accounts receivable | | Other Income | 201,024.57 | 6,058,205.06 | -96.68 | Decreased government grants | | Net Cash Flow from Operating Activities | -56,575,063.37 | 3,464,383.82 | -1,733.05 | Decreased cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | 39,469,046.17 | -97,654,569.35 | Not Applicable | Increased cash paid for acquisition of fixed assets, intangible assets, and other long-term assets, increased net amount of investment recovery and income | | Net Cash Flow from Financing Activities | 18,688,167.11 | 59,102,176.16 | -68.38 | Increased cash paid for debt repayment | [(VI) Analysis of Assets and Liabilities](index=33&type=section&id=(VI)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets reached **CNY 1.605 billion** and liabilities **CNY 225 million** at period-end, with notable changes including a **CNY 10 million** increase in trading financial assets, significant decreases in prepayments and notes payable, and increases in other non-current financial assets, construction in progress, and long-term borrowings Changes in Assets and Liabilities | Item Name | Current Period End Amount (CNY) | Percentage of Total Assets at Current Period End (%) | Prior Year End Amount (CNY) | Percentage of Total Assets at Prior Year End (%) | Change Rate from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 10,000,000.00 | 0.62 | 0 | 0 | Not Applicable | Newly added structured deposits this period | | Prepayments | 1,722,811.58 | 0.11 | 9,644,230.62 | 0.58 | -82.14 | Decrease in prepayments for production orders | | Non-Current Assets Due Within One Year | 166,943,256.08 | 11.56 | 0 | 0 | Not Applicable | Reclassified large-denomination certificates of deposit expected to be redeemed within 12 months and accrued interest | | Other Current Assets | 1,147,495.09 | 0.07 | 4,637,464.70 | 0.28 | -75.26 | Decrease in input VAT credit | | Other Non-Current Financial Assets | 21,500,000.00 | 1.34 | 8,500,000.00 | 0.51 | 152.94 | New investment of **CNY 9 million** in investment funds, new second-phase contribution of **CNY 4 million** to private equity investment funds | | Construction in Progress | 41,759,354.45 | 2.60 | 11,871,121.03 | 0.71 | 251.77 | Increased photomask purchases for tape-out this period | | Right-of-Use Assets | 856,805.17 | 0.05 | 1,428,008.65 | 0.09 | -40.00 | No new leased area, balance decreased due to depreciation accrual | | Other Non-Current Assets | 473,908,895.09 | 29.52 | 735,370,148.06 | 44.18 | -35.56 | Redeemed some large-denomination certificates of deposit, and reclassified large-denomination certificates of deposit expected to be redeemed within 12 months and accrued interest to non-current assets due within one year | | Notes Payable | 0 | 0 | 26,965,706.15 | 1.62 | -100.00 | Bank acceptance bills issued were paid upon maturity | | Taxes Payable | 2,599,386.17 | 0.16 | 1,762,309.35 | 0.11 | 47.50 | Increased VAT payable, individual income tax payable, and property tax payable | | Other Payables | 1,070,865.98 | 0.07 | 1,676,750.04 | 0.10 | -36.13 | Unpaid collections on behalf of others paid as per schedule | | Long-Term Borrowings | 9,800,000.00 | 0.61 | 0 | 0 | Not Applicable | Newly added special loan for share repurchase this period | | Lease Liabilities | 0 | 0 | 326,807.65 | 0.02 | -100.00 | All lease liabilities balances reclassified to non-current liabilities due within one year this period | [(VII) Analysis of Investment Status](index=34&type=section&id=(VII)%20Analysis%20of%20Investment%20Status) Investment increased by **100%** to **CNY 13 million**, primarily in private equity funds like Shanghai Huake Zhixin and Anhui Gaoxin Yuanhe Puhua, targeting investment returns and supporting semiconductor and smart manufacturing projects Investment Amount During the Reporting Period | Indicator | Amount (CNY) | Change Rate | | :--- | :--- | :--- | | Investment Amount This Period | 13,000,000.00 | 100.00% | | Investment Amount in Prior Period | 0 | | Private Equity Investment Fund Investment Status | Private Equity Fund Name | Investment Purpose | Total Proposed Investment (CNY 10,000) | Investment Amount During Reporting Period (CNY 10,000) | Investment Amount as of End of Reporting Period (CNY 10,000) | Role | Contribution Ratio at End of Reporting Period (%) | Whether Controls or Exerts Significant Influence over the Fund | Accounting Item | Whether Related Party Relationship Exists | Fund Underlying Asset Status | Profit Impact This Period | Cumulative Profit Impact | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen Xingniu Yunyu Venture Capital Partnership (Limited Partnership) | To obtain investment returns | 500.00 | 0.00 | 250.00 | Limited Partner | 4.00 | No | Other Non-Current Financial Assets | No | Primarily invests in the upstream and downstream of the computer vision industry chain, multi-dimensional sensing smart terminals, scene interaction robots, scene cloud service software, AR digital twins, digital ID cards, and other related sectors | 0.00 | 0.00 | | Anhui Gaoxin Yuanhe Puhua Private Equity Investment Fund Partnership (Limited Partnership) | To obtain investment returns | 2,000.00 | 400.00 | 1,000.00 | Limited Partner | 1.71 | No | Other Non-Current Financial Assets | No | Focuses on supporting the development of growth-stage and mature enterprises, with key support for hard-tech projects in semiconductors and smart manufacturing, which are relevant to the company's business | 0.00 | 0.00 | | Shanghai Huake Zhixin Venture Capital Partnership (Limited Partnership) | To obtain investment returns | 3,000.00 | 900.00 | 900.00 | Limited Partner | 9.64 | No | Other Non-Current Financial Assets | Yes | Primarily invests in enterprises within China (including those located outside China but whose main operations are in China or will be transferred to China after investment) engaged in the semiconductor industry and related upstream and downstream sectors of the semiconductor industry chain, such as industrial, automotive, new energy, high-tech, and electronics (including software and service businesses) | 0.00 | 0.00 | | **Total** | / | **5,500.00** | **1,300.00** | **2,150.00** | / | / | / | / | / | / | **0.00** | **0.00** | [(IX) Analysis of Major Holding and Participating Companies](index=36&type=section&id=(IX)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section details the subsidiary Zhejiang Jinhua Kaiyu Electronics Technology Co., Ltd., a 100% owned entity in Zhejiang, engaged in computer, communication, and electronic equipment manufacturing, acquired via a non-same-control merger Basic Information of Subsidiaries | Subsidiary Name | Main Operating Location | Registered Location | Business Nature | Shareholding Ratio (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinhua Kaiyu Electronics Technology Co., Ltd. | Zhejiang | Zhejiang | Computer, Communication and Other Electronic Equipment Manufacturing | 100.00 | Non-same-control merger | Section IV Corporate Governance, Environment and Society This section covers changes in the company's board of directors and core technical personnel, and outlines the proposed profit distribution plan for the reporting period [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=38&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The board of directors saw changes with Mr. Shi Qing's resignation and Mr. Pang Bo's election as an employee representative director, while core technical personnel are identified based on R&D contributions and responsibilities - Mr. Shi Qing, a non-independent director, resigned from his positions as a non-independent director and a member of the Board's Strategy Committee due to personal reasons[121](index=121&type=chunk) - Mr. Pang Bo was elected as an employee representative director for the company's second board of directors and also serves as a member of the Board's Strategy Committee[121](index=121&type=chunk) - Criteria for identifying core technical personnel include extensive industry experience, professional background, holding important positions in the company's R&D/technical roles, participation in key scientific research projects, technical awards received, and intellectual property[123](index=123&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=38&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company proposes no profit distribution, capital reserve conversion, or other forms of distribution for the first half of 2025 - The company plans not to undertake profit distribution, capital reserve conversion to share capital, or any other forms of distribution for the first half of 2025[4](index=4&type=chunk)[124](index=124&type=chunk) Section V Significant Matters This section details the fulfillment of commitments by the company and its key personnel, confirms the integrity status, discloses significant related party transactions, and explains the progress and delays in the use of raised funds [I. Fulfillment of Commitments](index=40&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, directors, senior management, and core technical personnel have strictly fulfilled all IPO-related commitments, including share lock-up, price stability, prospectus accuracy, and related party transactions - Actual controller Hu Shengfa, major shareholders, directors, senior management, and core technical personnel all committed not to transfer shares within **36 months** from the company's stock listing date, with lock-up periods extended under specific conditions[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - The company formulated the "Plan for Stabilizing Company Stock Price Within Three Years After Initial Public Offering and Listing on the STAR Market," committing to measures such as share repurchases or director/senior management increased holdings when the stock price falls below net asset value per share[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The company, its actual controller, and major shareholders committed that the prospectus contains no false records, misleading statements, or material omissions, and will bear legal responsibility; in case of fraudulent issuance, all new shares will be repurchased[154](index=154&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) - The actual controller and major shareholders committed not to overstep their authority in interfering with the company's business operations, not to infringe upon company interests, and to regulate and minimize related party transactions[162](index=162&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) - All directors, supervisors, senior management, and core technical personnel committed to strictly fulfill all public commitments, and will accept corresponding restrictive measures if unable to fulfill them[175](index=175&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=56&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company and its actual controller maintained good integrity during the reporting period, free from unfulfilled judgments or significant debts - During the reporting period, the company and its actual controller maintained good integrity, with no adverse integrity issues such as unfulfilled effective court judgments or significant outstanding debts[185](index=185&type=chunk) [X. Significant Related Party Transactions](index=56&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company co-invested **CNY 30 million** in Shanghai Huake Zhixin Venture Capital Partnership, with **CNY 9 million** paid, and the fund completed registration - The company, as a limited partner, co-invested **CNY 30 million** of its own funds in Shanghai Huake Zhixin Venture Capital Partnership (Limited Partnership), with a subscribed capital contribution ratio of **9.71%**[187](index=187&type=chunk) - During the reporting period, the company has paid in **CNY 9 million** of investment, and the investment fund has completed its industrial and commercial change registration procedures and obtained the "Private Investment Fund Registration Certificate"[187](index=187&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=58&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) Total raised funds were **CNY 1.04664 billion**, with **CNY 369.7245 million** invested (39.97% progress); IoT chip R&D and R&D center projects were delayed for technical upgrades, and **CNY 550 million** of idle funds were used for cash management Overall Use of Raised Funds | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total Raised Funds | 104,664.00 | | Net Raised Funds | 92,495.90 | | Total Committed Investment of Raised Funds in Prospectus or Offering Memorandum | 92,495.90 | | Cumulative Total Raised Funds Invested as of End of Reporting Period | 36,972.45 | | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | 39.97 | | Amount Invested This Year | 6,148.61 | - The IoT chip R&D upgrade and industrialization project was delayed until June 2027, due to enhanced evaluation of project implementation and verification, and for technological upgrades and optimization[190](index=190&type=chunk) - The R&D center construction project was delayed until June 2028, due to the complexity and diversity of intelligent algorithms and the trend of large model local deployment, requiring continuous R&D investment and enhanced evaluation of information system construction[191](index=191&type=chunk) - The company managed idle raised funds for cash management, with a board-approved limit of **CNY 620 million**, and an end-of-period cash management balance of **CNY 550 million**[193](index=193&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, including the listing of restricted shares, and provides an overview of the shareholder structure, including the top ten shareholders and the company's share repurchase account [I. Changes in Share Capital](index=62&type=section&id=I.%20Changes%20in%20Share%20Capital) Total share capital remained **392,000,000** shares, with restricted shares decreasing by **3,920,000** and unrestricted shares increasing by the same amount due to IPO strategic placement shares becoming tradable Share Capital Change Status | Share Type | Quantity Before This Change | Percentage Before This Change (%) | Net Increase/Decrease (+,-) This Change | Quantity After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 163,601,480 | 41.74 | -3,920,000 | 159,681,480 | 40.74 | | II. Unrestricted Tradable Shares | 228,398,520 | 58.26 | +3,920,000 | 232,318,520 | 59.26 | | III. Total Shares | 392,000,000 | 100.00 | 0 | 392,000,000 | 100.00 | - On June 27, 2025, **3,920,000** strategically placed restricted shares from the company's initial public offering became tradable, accounting for **1%** of the company's total share capital[198](index=198&type=chunk) [II. Shareholder Information](index=63&type=section&id=II.%20Shareholder%20Information) At period-end, common shareholders totaled **21,460**, with Anyka Technology Co. (15.66%), Zhejiang Wuyi Kairuida (7.25%), PRIMROSE CAPITAL LIMITED (6.38%), and Hu Shengfa (4.83%) as major holders; the company's repurchase account held **4,059,804** shares (1.04%) - As of the end of the reporting period, the total number of common shareholders was **21,460**[200](index=200&type=chunk) Top Ten Shareholders' Shareholding Status as of End of Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Anyka Technology Co. | 61,382,160 | 15.66 | 61,382,160 | Overseas Legal Person | | Zhejiang Wuyi Kairuida Electronic Technology Co., Ltd. | 28,420,840 | 7.25 | 28,420,840 | Domestic Non-State-Owned Legal Person | | PRIMROSE CAPITAL LIMITED | 25,015,760 | 6.38 | 25,015,760 | Overseas Legal Person | | NORMAN SHENGFA HU (Hu Shengfa) | 18,942,000 | 4.83 | 18,942,000 | Overseas Natural Person | | Guangzhou Science and Technology Financial Innovation Investment Holdings Co., Ltd. | 17,247,160 | 4.40 | 17,247,160 | State-Owned Legal Person | | Guangdong Fucheng Venture Capital Co., Ltd. | 12,576,619 | 3.21 | 0 | Domestic Non-State-Owned Legal Person | | Wuyi Dingfeng Investment Co., Ltd. | 6,798,960 | 1.73 | 0 | Domestic Non-State-Owned Legal Person | | Guangzhou Kaijin Investment Partnership (Limited Partnership) | 6,756,760 | 1.72 | 0 | Other | | Guangzhou Kaian Computer Technology Co., Ltd. | 5,141,640 | 1.31 | 5,141,640 | Domestic Non-State-Owned Legal Person | | Guangdong Yuetai Fund Management Co., Ltd. - Guangdong Semiconductor and Integrated Circuit Industry Investment Fund Partnership (Limited Partnership) | 3,818,184 | 0.97 | 0 | Other | - As of the end of the reporting period, the company's dedicated share repurchase securities account held **4,059,804** shares, accounting for **1.04%** of the company's total share capital[205](index=205&type=chunk) - Hu Shengfa and his concerted parties collectively control **29.95%** of the company's voting rights[205](index=205&type=chunk) [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=67&type=section&id=III.%20Information%20on%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) This section omits disclosure of shareholding changes or equity incentive information for directors, supervisors, senior management, and core technical personnel Section VII Bond-Related Information This section confirms that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=68&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 [II. Convertible Corporate Bonds](index=68&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report This section presents the unaudited financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and various financial items [I. Audit Report](index=69&type=section&id=I.%20Audit%20Report) This semi-annual report remains unaudited - This semi-annual report has not been audited[4](index=4&type=chunk) [II. Financial Statements](index=69&type=section&id=II.%20Financial%20Statements) This section presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[215](index=215&type=chunk)[218](index=218&type=chunk)[223](index=223&type=chunk)[226](index=226&type=chunk)[228](index=228&type=chunk)[231](index=231&type=chunk)[234](index=234&type=chunk)[238](index=238&type=chunk) [III. Company Basic Information](index=85&type=section&id=III.%20Company%20Basic%20Information) Guangzhou Anyka Microelectronics Co., Ltd., listed on the STAR Market on June 27, 2023, with **CNY 392 million** registered capital, primarily engages in chip design and sales, alongside IoT technology and software development - The company was listed on the STAR Market on June 27, 2023, with stock code 688620, and registered and paid-in capital of **CNY 392,000,000.00**[241](index=241&type=chunk) - Business scope includes IoT technology services, software development, smart robot R&D, AI theory and algorithm software development, integrated circuit design and sales[242](index=242&type=chunk) - The main business nature is chip design and sales[243](index=243&type=chunk) [IV. Basis of Financial Statement Preparation](index=85&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, affirming the company's ability to operate for at least 12 months post-reporting period without significant issues - Financial statements are prepared on a going concern basis[244](index=244&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of this reporting period, with no significant matters affecting this ability[245](index=245&type=chunk) [V. Significant Accounting Policies and Estimates](index=85&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, covering compliance with accounting standards, financial instruments, asset recognition, revenue, government grants, and leases, ensuring financial report standardization and comparability - Financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position[247](index=247&type=chunk) - The accounting year is from January 1 to December 31 of the Gregorian calendar, the operating cycle is **12 months**, and the functional currency is RMB[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - Detailed accounting treatment methods for business combinations under common control and non-common control are specified[252](index=252&type=chunk)[253](index=253&type=chunk) - Clarifies the criteria for determining control and the methods for preparing consolidated financial statements, with the scope of consolidation determined based on control[255](index=255&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk) - Specifies the classification, recognition, measurement, transfer, and derecognition methods for financial assets and financial liabilities, as well as the recognition methods for financial asset impairment provisions[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk) - Detailed explanations are provided for the methods of accruing bad debt provisions and impairment provisions for assets such as accounts receivable, other receivables, and inventories[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk)[288](index=288&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) - Fixed assets are depreciated using the straight-line method, and construction in progress is measured at actual cost and transferred upon reaching its intended usable condition[304](index=304&type=chunk)[305](index=305&type=chunk) - Intangible assets are measured at actual cost, those with finite useful lives are amortized using the straight-line method, and R&D expenditures are accounted for by distinguishing between research and development phases[309](index=309&type=chunk)[310](index=310&type=chunk)[312](index=312&type=chunk) - Revenue recognition and measurement adopt a five-step approach, recognizing revenue when the customer obtains control of the goods, and distinguishing between principal and agent[330](index=330&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk)[335](index=335&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the carrying amount of assets or recognized as deferred income, and recorded in profit or loss over the relevant periods[338](index=338&type=chunk)[339](index=339&type=chunk)[340](index=340&type=chunk) - For lease transactions, lessees recognize right-of-use assets and lease liabilities, while lessors distinguish between operating leases and finance leases for accounting treatment[343](index=343&type=chunk)[344](index=344&type=chunk)[345](index=345&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk) [VI. Taxation](index=110&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance, education surcharges, property tax, and enterprise income tax, benefiting from "exemption, offset, and refund" for exports and a **15%** preferential income tax rate as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value-added amount generated during sales of goods or provision of taxable services | 0%、6%、9%、13% | | Urban Maintenance and Construction Tax | Levied based on VAT payable | 7%、5% | | Education Surcharge | Levied based on VAT payable | 3% | | Local Education Surcharge | Levied based on VAT payable | 2% | | Property Tax | Levied at **1.2%** of the property's residual value for ad valorem, or **12%** of rental income for rental-based | 1.2%、12% | | Enterprise Income Tax | Taxable Income | 15%、25% | - Guangzhou Anyka Microelectronics Co., Ltd., as a high-tech enterprise, enjoys a preferential Enterprise Income Tax rate of **15%**, with the preferential period from January 1, 2024, to December 31, 2026[359](index=359&type=chunk) - The company's chip product export sales are subject to the "exemption, offset, and refund" policy as per regulations[359](index=359&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=111&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides comprehensive notes to all consolidated financial statement items, detailing end-of-period balances, changes, and explanations for assets, liabilities, equity, and profit/loss, including monetary funds, receivables, inventories, fixed assets, borrowings, and various expenses - Monetary funds at period-end totaled **CNY 222,233,880.28**, including bank deposits of **CNY 221,156,629.50**, which comprise principal of fixed deposits intended to be held to maturity of **CNY 64,427,400.00**[361](index=361&type=chunk) - Trading financial assets at period-end totaled **CNY 10,000,000.00**, representing newly added structured deposits this period[363](index=363&type=chunk) - Accounts receivable at period-end had a book balance of **CNY 205,008,809.81**, with a bad debt provision of **CNY 15,220,201.86**, of which **CNY 3,727,011.14** from Shenzhen Dian Shi Wireless Technology Co., Ltd. was fully provided for as bad debt[366](index=366&type=chunk)[367](index=367&type=chunk) - Inventories at period-end had a book value of **CNY 185,629,986.43**, with an inventory impairment provision of **CNY 7,362,522.48**[391](index=391&type=chunk) - Construction in progress at period-end totaled **CNY 41,759,354.45**, primarily for tape-out projects[411](index=411&type=chunk) - Intangible assets at period-end had a book value of **CNY 34,597,937.11**, primarily including land use rights, licensed IP, and software[415](index=415&type=chunk) - Short-term borrowings at period-end totaled **CNY 145,105,208.27**, primarily credit borrowings[429](index=429&type=chunk) - Long-term borrowings at period-end totaled **CNY 9,800,000.00**, representing a newly added special loan for share repurchase this period[453](index=453&type=chunk) - Share capital at period-end totaled **CNY 392,000,000.00**, with no change[461](index=461&type=chunk) - Treasury stock at period-end totaled **CNY 33,716,339.96**, an increase of **CNY 11,773,882.14** this period, primarily due to share repurchases[465](index=465&type=chunk) - Undistributed profits at period-end totaled **CNY 3,888,372.84**, a decrease of **CNY 49,250,725.30** from the beginning of the period[469](index=469&type=chunk) - Operating revenue was **CNY 234,307,061.85**, operating cost was **CNY 198,496,878.85**, with main business revenue accounting for **98.18%**[471](index=471&type=chunk) - R&D expenses were **CNY 67,423,056.13**, a year-on-year increase of **7.01%**[481](index=481&type=chunk) - Net cash flow from operating activities was **-CNY 56,575,063.37**, net cash flow from investing activities was **CNY 39,469,046.17**, and net cash flow from financing activities was **CNY 18,688,167.11**[504](index=504&type=chunk) [VIII. R&D Expenses](index=153&type=section&id=VIII.%20R%26D%20Expenses) Expensed R&D expenditures totaled **CNY 67,423,056.13**, mainly covering employee compensation, depreciation, materials, rent, IP, and technology development R&D Expenses by Nature of Expense | Item | Amount Incurred This Period (CNY) | Amount Incurred Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 49,996,871.31 | 48,856,021.80 | | Depreciation and Amortization | 10,939,275.95 | 9,777,397.01 | | Material Costs | 1,336,037.79 | 1,440,904.42 | | Rental and Utility Fees | 887,600.56 | 891,692.42 | | Intellectual Property Fees | 1,666,575.73 | 1,299,073.88 | | Technology Development Fees | 2,304,619.77 | 345,391.66 | | Travel Expenses | 292,075.02 | 396,134.10 | | **Total** | **67,423,056.13** | **63,006,615.29** | - All R&D expenditures this period were expensed, with no capitalized R&D expenditures[512](index=512&type=chunk) [IX. Changes in Consolidation Scope](index=153&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) No significant changes occurred in the company's consolidation scope during the reporting period, including business combinations or subsidiary disposals [X. Interests in Other Entities](index=154&type=section&id=X.%20Interests%20in%20Other%20Entities) Zhejiang Jinhua Kaiyu Electronics Technology Co., Ltd. is a 100% wholly-owned subsidiary acquired via a non-same-control merger, with no significant changes in the company's interests in other entities during the period Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Location | Business Nature | Shareholding Ratio (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinhua Kaiyu Electronics Technology Co., Ltd. | Zhejiang | Zhejiang | Computer, Communication and Other Electronic Equipment Manufacturing | 100.00 | Non-same-control merger | [XI. Government Grants](index=156&type=section&id=XI.%20Government%20Grants) Deferred income from government grants totaled **CNY 2,310,945.73** at period-end, decreasing by **CNY 140,607.60** (primarily asset-related), while **CNY 149,107.60** in grants were recognized in current profit or loss Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | Decrease This Period (CNY) | End Balance (CNY) | Asset-Related/Income-Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,592,160.93 | 140,607.60 | 2,310,945.73 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred This Period (CNY) | Amount Incurred Prior Per