Core Insights - The company reported a revenue of 102 million yuan for the first half of 2025, representing a year-on-year decline of 17.68% [1] - The net profit attributable to shareholders was 338,100 yuan, down 94.51% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -4.2836 million yuan, a year-on-year decrease of 221.30% [1] - The basic earnings per share were 0.0033 yuan [1]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Shanghai Hollywave Electronic System Co., Ltd. in the first half of 2025, indicating a significant decline in revenue and profit due to project delivery delays and increased R&D expenses. Company Overview and Financial Indicators - Company Name: Shanghai Hollywave Electronic System Co., Ltd. [2] - Stock Code: 688682, listed on the Shanghai Stock Exchange [2] - Total Revenue for H1 2025: ¥102.15 million, a decrease of 17.68% compared to ¥124.09 million in H1 2024 [3] - Net Profit attributable to shareholders: ¥338,085.48, down 94.51% from ¥6.16 million in the same period last year [3] - Total Assets: ¥938.22 million, a decrease of 2.59% from ¥963.14 million at the end of the previous year [3] - R&D expenditure as a percentage of revenue: 22.48%, an increase of 5.52 percentage points from 16.96% [3] Business Segments - The company focuses on three main business segments: electromagnetic simulation and measurement technology, phased array products, and electromagnetic measurement systems [5][6] - The electromagnetic simulation analysis and verification business includes general CAE simulation software and application simulation verification software, primarily serving high-end manufacturing industries such as aerospace and automotive [5] - The electromagnetic measurement system business includes phased array calibration measurement systems and radar cross-section measurement systems, which are crucial for product development and performance validation [5][6] Industry Context - The company operates within the software and information technology services industry, specifically in industrial software and electronic measurement sectors [7] - The industrial software market in China is growing, with a projected increase in the importance of R&D design software as a foundation for industrial quality [7][8] - The CAE software market is currently dominated by international players, holding over 90% market share, indicating significant growth potential for domestic companies like Hollywave [8] Technological Advancements - The integration of AI with CAE (AI+CAE) is seen as a key development area, enhancing the capabilities of engineering simulations and enabling more efficient problem-solving [9][10] - The company is leveraging its expertise in electromagnetic simulation and measurement to develop advanced phased array technologies, which are essential for modern radar and communication systems [6][10] Market Demand - There is a growing demand for electronic measurement systems in sectors such as special equipment, satellites, and automotive, driven by the increasing complexity of products and the need for precise measurement solutions [11][12] - The phased array radar and stealth equipment markets are expected to maintain high demand, with calibration measurement systems becoming increasingly critical for performance validation [13][17]

Core Viewpoint - Shanghai Hollywave Electronic System Technology Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the previous year [1]. Financial Summary - Total assets at the end of the reporting period were CNY 938.22 million, a decrease of 2.59% from CNY 963.14 million at the end of the previous year [1]. - Net assets attributable to shareholders decreased by 2.14% to CNY 636.47 million from CNY 650.38 million [1]. - Operating revenue for the period was CNY 102.15 million, down 17.68% from CNY 124.09 million in the same period last year [1]. - Total profit was reported at a loss of CNY 145.32 thousand, a decline of 103.10% from a profit of CNY 4.68 million [1]. - Net profit attributable to shareholders was CNY 338.09 thousand, a decrease of 94.51% from CNY 6.16 million [1]. - The net profit after deducting non-recurring gains and losses was a loss of CNY 4.28 million, a decline of 221.30% from a profit of CNY 3.53 million [1]. - The net cash flow from operating activities was a negative CNY 48.64 million, compared to a negative CNY 87.77 million in the previous year [1]. - The weighted average return on net assets was 0.05%, down by 0.89 percentage points from 0.94% [1]. - Basic and diluted earnings per share were CNY 0.0033, a decrease of 96.08% from CNY 0.0841 [1]. - Research and development expenses accounted for 22.48% of operating revenue, an increase of 5.52 percentage points from 16.96% [1]. Shareholder Information - As of the end of the reporting period, the total number of shareholders was 5,681 [2].

证券代码：688682 证券简称：霍莱沃 公告编号：2025-023 上海霍莱沃电子系统技术股份有限公司 2025 年半年度募集资金存放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。 上海霍莱沃电子系统技术股份有限公司（以下简称"公司"或"本公司"或 "霍莱沃"）董事会根据《上市公司募集资金监管规则》《上海证券交易所科创 板股票上市规则》以及《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作》的相关规定，公司就 2025 年半年度募集资金存放与使用情况作如 下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 本公司经中国证券监督管理委员会证监发行字[2021]893 号文核准，向社会 公开发行了人民币普通股(A 股)股票 925 万股，发行价为每股人民币为 45.72 元， 共计募集资金总额为人民币 42,291.00 万元，扣除券商承销佣金及保荐费 3,300.00 万元(不含税)后，主承销商海通证券股份有限公司于 2021 年 4 月 15 日汇入本公司募 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms, including company names, reporting period, and key technical terms like electromagnetic fields, phased array antennas, CAE, and physical AI - **Company**, **the Company**, or **Hollywave** refers to Shanghai Hollywave Electronic System Technology Co., Ltd[10](index=10&type=chunk) - **Reporting Period** or **this period** refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Key technical terms defined include electromagnetic fields, frequency, millimeter wave, hardware-in-the-loop simulation, antennas, phased array antennas, radar, CAE, low-Earth orbit satellites, radar cross-section, T/R modules, 5G base stations, low-altitude economy, AI, and physical AI[10](index=10&type=chunk)[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section details the company's basic information, including its name, legal representative, addresses, website, and email - The company's Chinese name is Shanghai Hollywave Electronic System Technology Co., Ltd., abbreviated as **Hollywave**[13](index=13&type=chunk) - The legal representative is **Li Jilong**[13](index=13&type=chunk) - The company's website is **https://www.holly-wave.com/**[13](index=13&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists contact details for the Board Secretary and Securities Affairs Representative, including names, addresses, phone, fax, and email - The Board Secretary (domestic representative for information disclosure) is **Shen Hong**[14](index=14&type=chunk) - The contact number is **021-50809715**, and the email address is **ir@holly-wave.com**[14](index=14&type=chunk) [III. Overview of Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=III.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section outlines the company's designated newspaper for disclosure, the website for semi-annual reports, and the report custody location - The company's designated newspaper for information disclosure is **Shanghai Securities News**[15](index=15&type=chunk) - The website address for publishing semi-annual reports is **www.sse.com.cn**[15](index=15&type=chunk) - The company's semi-annual reports are kept at the **Board of Directors' Office**[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 provides a brief overview of the company's share type, listing exchange, stock abbreviation, and stock code - The company's shares are **A-shares**, listed on the **STAR Market of the Shanghai Stock Exchange**[16](index=16&type=chunk) - The stock abbreviation is **Hollywave**, and the stock code is **688682**[16](index=16&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents key accounting data and financial indicators for H1 2025, showing revenue and net profit declines, but improved operating cash flow and increased R&D investment Key Accounting Data for H1 2025 | 主要会计数据 | 本报告期（1－6月） (RMB) | 上年同期 (RMB) | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 102,151,290.34 | 124,091,685.87 | -17.68 | | Total Profit | -145,321.63 | 4,680,671.37 | -103.10 | | Net Profit Attributable to Shareholders of the Listed Company | 338,085.48 | 6,160,018.79 | -94.51 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | -4,283,616.30 | 3,531,442.11 | -221.30 | | Net Cash Flow from Operating Activities | -48,641,372.92 | -87,771,632.21 | N/A (Improved) | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 636,472,048.11 | 650,383,954.30 | -2.14 | | Total Assets (Period-end) | 938,219,476.55 | 963,142,635.22 | -2.59 | Key Financial Indicators for H1 2025 | 主要财务指标 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0033 | 0.0841 | -96.08 | | Diluted Earnings Per Share (RMB/share) | 0.0033 | 0.0841 | -96.08 | | Basic EPS After Deducting Non-Recurring Gains and Losses (RMB/share) | -0.0421 | 0.0482 | -187.34 | | Weighted Average Return on Net Assets (%) | 0.05 | 0.94 | -0.89 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.66 | 0.54 | -1.20 percentage points | | R&D Investment as % of Operating Revenue (%) | 22.48 | 16.96 | 5.52 percentage points | - **Operating revenue decreased by 17.68% year-on-year**, primarily due to project delivery schedules[19](index=19&type=chunk) - **Net profit attributable to shareholders** and **net profit after deducting non-recurring gains and losses** significantly declined, mainly due to decreased operating revenue and increased R&D expenses from AI+CAE development[19](index=19&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses for the period, totaling **RMB 4.62 million**, mainly from government grants and financial asset fair value changes Non-Recurring Gains and Losses Items and Amounts | 非经常性损益项目 | 金额 (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit or Loss | 3,939,111.39 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities, and Disposal of Financial Assets and Liabilities (excluding effective hedging activities related to normal business operations) | 1,927,584.46 | | Other Non-Operating Income and Expenses Apart from the Above | 2,929.63 | | Other Income and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 81,504.64 | | Less: Income Tax Impact | 885,862.03 | | Minority Interest Impact (After Tax) | 443,566.31 | | Total | 4,621,701.78 | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Industry and Main Business Overview During the Reporting Period](index=9&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section details the company's position in electromagnetic simulation and measurement, industry trends, and its core businesses: simulation, measurement systems, phased array products, and general testing [(I) Overview of the Company's Main Business](index=9&type=section&id=(I)%20Overview%20of%20the%20Company's%20Main%20Business) The company specializes in electromagnetic simulation and measurement, serving high-end manufacturing with three business segments, possessing internationally advanced proprietary technology and mastering both simulation and measurement algorithms - The company focuses on **electromagnetic simulation and measurement technology**, building three major business segments: electromagnetic field simulation and verification, electromagnetic measurement systems, and phased array products, serving high-end manufacturing industries such as special equipment, satellite, communication, and automotive[25](index=25&type=chunk) - The company is a **national "little giant" enterprise** specializing in niche sectors, with technological achievements recognized as internationally advanced, having participated in national key projects like Chang'e lunar exploration and Beidou satellite[25](index=25&type=chunk) - The company is one of the few in the industry to master both **electromagnetic simulation design and calibration measurement algorithm technologies**, enabling high reusability and rapid technological iteration[27](index=27&type=chunk) [(II) Explanation of the Company's Industry Situation](index=9&type=section&id=(II)%20Explanation%20of%20the%20Company's%20Industry%20Situation) Operating in "Software and Information Technology Services," the company is in industrial software (CAE) and electronic measurement, driven by AI+CAE trends and increasing demand from advanced manufacturing for system-level measurement - The company operates in the **"Software and Information Technology Services" industry**, with sub-segments in **industrial software (CAE) and electronic measurement**[28](index=28&type=chunk) - In 2024, China's industrial software product revenue reached **RMB 294 billion**, a **7.4% year-on-year increase**, yet its market share is only **7.6% globally**, indicating significant potential for domestic substitution[30](index=30&type=chunk) - **AI+CAE** is a critical vehicle for physical AI implementation, leveraging artificial intelligence to empower engineering simulation, optimize algorithms, and predict results for physical problems[32](index=32&type=chunk) - Electronic measurement is gradually upgrading towards **software-hardware integrated system-level measurement** to meet the complexity and mass production demands of downstream products[35](index=35&type=chunk)[36](index=36&type=chunk) - Growing demand from advanced manufacturing sectors like special equipment, satellite, communication, and automotive is expanding the electronic measurement system market, particularly for **phased array radar and low-Earth orbit satellite measurement**[37](index=37&type=chunk)[38](index=38&type=chunk) [(III) Company's Main Products](index=12&type=section&id=(III)%20Company's%20Main%20Products) The company's main products span electromagnetic measurement systems, electromagnetic field simulation and verification, phased array products, and general testing services - Electromagnetic measurement system products include **phased array calibration measurement systems, radar cross-section measurement systems, RF measurement systems, 5G base station antenna OTA measurement systems, and automotive millimeter-wave radar measurement systems**[39](index=39&type=chunk)[40](index=40&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - Electromagnetic field simulation and verification business primarily includes **electromagnetic CAE simulation software** (e.g., 3D electromagnetic simulation software RDSim, antenna layout simulation software) and **hardware-in-the-loop simulation systems**[50](index=50&type=chunk)[53](index=53&type=chunk) - Phased array product business offers **phased array antenna systems, array antenna systems, and multi-mode antenna system products**, focusing on the R&D of new phased array technologies[54](index=54&type=chunk) - General testing business provides **general testing instruments and equipment**, integrated control software for testing instruments, and **test environment setup services**[57](index=57&type=chunk) [II. Discussion and Analysis of Operations](index=17&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Operating revenue and net profit declined due to project delays and increased R&D; the company progressed order delivery, saw satellite business growth, and advanced AI+CAE R&D and core hardware self-development [(I) Key Operating Performance](index=17&type=section&id=(I)%20Key%20Operating%20Performance) H1 2025 saw operating revenue of **RMB 102.15 million** (down 17.68%) and net profit of **RMB 0.34 million** (down 94.51%), mainly due to project delivery and increased AI+CAE R&D Key Operating Performance for H1 2025 | 指标 | 本报告期 (1-6月) (RMB 10,000) | 同比下降 (%) | | :--- | :--- | :--- | | Operating Revenue | 10,215.13 | 17.68 | | Net Profit Attributable to Parent Company Shareholders | 33.81 | 94.51 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -428.36 | 221.30 | - Increased prosperity in downstream sectors like commercial aerospace presents market opportunities, with the **electromagnetic measurement system business in the satellite sector showing positive development trends**[57](index=57&type=chunk) - The company increased R&D investment, actively deploying **AI+CAE research and development** to empower the electromagnetic auxiliary design core of electromagnetic CAE software with artificial intelligence technology[57](index=57&type=chunk) [(II) Key Work Progress](index=17&type=section&id=(II)%20Key%20Work%20Progress) The company advanced CAE marketization, launched AI+CAE R&D, and iterated simulation software; achieved mass production of self-developed core measurement hardware, expanded compact range technology to low-Earth orbit satellites, and developed low-cost phased array products for new markets - Electromagnetic field simulation and verification business: Launched **AI+CAE R&D projects** to develop a generative intelligent electromagnetic inverse design core with incremental learning capabilities, enhancing electromagnetic product design and iteration efficiency[58](index=58&type=chunk) - Electromagnetic field simulation and verification business: Continuously iterated **3D electromagnetic simulation software RDSim** (improving solution accuracy, adding new simulation scenarios) and **complex electromagnetic environment simulation software** (optimizing engines, enabling signal-level simulation pathways for multi-equipment digital prototypes)[59](index=59&type=chunk) - Electromagnetic measurement system business: Core hardware self-development and production platform has entered **stable mass production**, achieving independent R&D and scaled production of key hardware such as scanning frames, low-scattering metal test frames, and high-precision multi-degree-of-freedom turntables[61](index=61&type=chunk) - Electromagnetic measurement system business: Expanded **compact range measurement technology to low-Earth orbit satellite measurement**, improving accuracy and efficiency for millimeter-wave/terahertz band measurements[61](index=61&type=chunk) - Phased array product business: Continuously advanced the development of **low-cost, miniaturized phased array products** and actively pursued commercialization, focusing on emerging markets like the low-altitude economy[63](index=63&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=18&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its advanced R&D, dual simulation/measurement algorithms, independent development, extensive project experience, and strong high-end customer base [(I) Core Competitiveness Analysis](index=18&type=section&id=(I)%20Core%20Competitiveness%20Analysis) Core competitiveness includes R&D, algorithm, independent development, project experience (Chang'e, Beidou), and customer resources (CET, CASC, ZTE) - The company possesses an R&D team centered on **electromagnetic field simulation and calibration measurement experts**, with multiple core technologies reaching international advanced levels, and has participated in the formulation of **seven national standards**[64](index=64&type=chunk) - The company is one of the few in the industry that simultaneously masters both **simulation and measurement algorithm technologies**, enabling mutual verification and continuous algorithm optimization to enhance customer R&D and production efficiency[66](index=66&type=chunk) - The company has achieved **independent R&D of systems, software, and some key hardware** in electromagnetic measurement systems, electromagnetic field simulation and verification, and phased array product business segments[67](index=67&type=chunk) - The company has successively participated in several national key projects, including **Chang'e lunar exploration, Beidou satellite, and Gaofen satellite**, accumulating rich engineering experience[68](index=68&type=chunk) - The company boasts significant customer resource advantages, with major clients including **CET, CASC, CASIC, CSSC, AVIC, China Electronics, AECC, CAS affiliates, ZTE, and Datang Mobile**[69](index=69&type=chunk) [(III) Core Technologies and R&D Progress](index=20&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company holds 12 core technologies, many domestically advanced, with R&D investment of **RMB 22.96 million** (up 9.10%), representing **22.48% of revenue**; six projects are ongoing, and it possesses **46 patents** and **122 software copyrights** Company Core Technologies and Their Advanced Nature | No. | Core Technology Name | Source of Core Technology | Advanced Nature of Core Technology | | :--- | :--- | :--- | :--- | | 1 | 3D Full-Wave Electromagnetic Simulation Technology | Independent R&D | Has multi-algorithm fusion advantages, achieving large-scale computation with nearly 100 million mesh elements, deployed on supercomputing platforms, reaching simulation capabilities of over 10,000 cores | | 2 | Integrated Low-Cost Sparse Array Technology | Independent R&D | Employs optimal sparse array algorithm for comprehensive optimization, solving high cost and large volume issues of traditional phased arrays, achieving high gain, low sidelobe, and wide-angle electronic scanning | | 3 | Scattering Measurement Technology | Independent R&D | Combines hardware innovation and independent software R&D, based on compact range technology, capable of efficient and precise measurement of various sizes of objects under test, improving testing efficiency and accuracy | | 4 | Planar Near-Field Multi-Probe Measurement Technology | Independent R&D | Used for phased array electromagnetic beam scanning performance calibration testing, significantly improving efficiency through multi-probe testing, addressing mutual coupling effects, and ensuring testing accuracy | | 5 | Multi-Probe Mid-Field Calibration Measurement Technology | Independent R&D | Achieves far-field calibration in the mid-field through algorithms, effectively reducing anechoic chamber construction scale, and realizing automatic calibration through algorithms to reduce R&D workload | | 6 | Multi-Channel Active Parameter Measurement Technology | Independent R&D | Used for phased array scan blind zone detection, simulating real working environments through multi-channel active detection to improve detection accuracy | | 7 | In-Orbit Calibration Technology | Independent R&D | Applied to satellite-borne phased array calibration measurement, utilizing satellite-borne calibration probes to collect data, combined with embedded in-orbit calibration algorithms to complete unit radiation performance consistency calibration | | 8 | Microsecond-Level Real-Time Control Technology | Independent R&D | Based on FPGA architecture hard-trigger technology, achieves microsecond-level control of phased array calibration measurement systems, significantly improving testing efficiency | | 9 | Pattern Synthesis Optimization Technology | Independent R&D | Efficiently solves large array pattern synthesis optimization problems by optimizing the amplitude and phase combination of array antenna element excitation currents | | 10 | Phased Array Rapid Design and Optimization Technology | Independent R&D | Forms a unique phased array mathematical model, enabling rapid dimensionality reduction processing to achieve fast and accurate simulation of large phased array radiation characteristics | | 11 | Complex Electromagnetic Environment System-Level Simulation Technology | Independent R&D | Establishes electromagnetic models for complex geographical environments, comprehensively applies various electromagnetic algorithms, achieving fast dynamic simulation of electromagnetic signal propagation in real application environments | | 12 | Multi-Mode Composite Technology | Independent R&D | Conducts systematic research on antenna design in complex environments, forming systematic theoretical support and rapid iteration optimization methods to ensure antenna performance optimization | - During the reporting period, the company's total R&D investment was **RMB 22,959,496.51**, a **9.10% increase** compared to the same period last year[78](index=78&type=chunk) - Total R&D investment accounted for **22.48% of operating revenue**, an increase of **5.52 percentage points** from the same period last year[78](index=78&type=chunk) - Ongoing R&D projects include the **electrically large carrier radiation and scattering simulation platform, radar digital simulation design platform, full-scale equipment stealth testing and imaging diagnostic technology, R&D of key hardware and automation equipment for electromagnetic measurement systems, new-generation electromagnetic CAE software based on a generative intelligent inverse design core, and the development of a three-temperature sorter**[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - As of the end of the reporting period, the company had accumulated **46 domestic patents** and **122 software copyrights**[76](index=76&type=chunk) - The number of R&D personnel was **77**, accounting for **44.25% of the company's total headcount**[85](index=85&type=chunk) [IV. Risk Factors](index=28&type=section&id=IV.%20Risk%20Factors) The company faces risks from core algorithm leakage, talent loss, product obsolescence, seasonal revenue, tax policy changes, unfavorable industrial policies, market competition, and macroeconomic shifts - **Core algorithm leakage risk**: Improper management of the company's core algorithm confidential information could adversely affect R&D and technological advantages[86](index=86&type=chunk) - **Talent loss risk**: As a knowledge-intensive enterprise, the loss of core technical personnel would adversely affect the company's operations and development[87](index=87&type=chunk) - **Product upgrade and technology iteration risk**: Failure to continuously maintain technological innovation advantages or new technology results not meeting expectations would adversely affect technological and product leadership[88](index=88&type=chunk)[89](index=89&type=chunk) - **Revenue seasonality risk**: The company's revenue and profit are typically concentrated in the second half of the year[90](index=90&type=chunk) - **Financial risk**: If high-tech enterprise tax preferential policies are adjusted or the company no longer meets the eligibility criteria, it would adversely affect operating performance[91](index=91&type=chunk) - **Industrial policy risk**: Significant unfavorable changes in national strategic industrial policies for downstream special equipment, satellite, and communication sectors could impact the company's market space and development prospects[92](index=92&type=chunk) - **Increased market competition risk**: National encouragement for private capital to enter specialized fields may intensify market competition[93](index=93&type=chunk) - **Macroeconomic environment risk**: Significant unfavorable changes in the macroeconomic external environment could adversely affect the company's operating conditions[94](index=94&type=chunk) [V. Key Operating Performance During the Reporting Period](index=29&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue and net profit declined due to project delays and R&D; asset-liability structure changed with increased inventory and repaid short-term borrowings. Investment and financing cash flows decreased. Xi'an Hongjie was profitable, while Shanghai Laitian Communication and Technology incurred losses [(I) Main Business Analysis](index=29&type=section&id=(I)%20Main%20Business%20Analysis) Operating revenue fell 17.68% to **RMB 102 million**, with costs down 11.22%. Sales expenses rose 9.12%, administrative expenses fell 10.11%. Financial expenses surged 212.47% due to exchange rates, and R&D expenses increased 9.10%. Operating cash flow improved, but investing and financing cash flows declined Analysis of Changes in Key Financial Statement Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 102,151,290.34 | 124,091,685.87 | -17.68 | | Operating Cost | 71,616,882.56 | 80,664,071.07 | -11.22 | | Selling Expenses | 6,473,370.03 | 5,932,407.32 | 9.12 | | Administrative Expenses | 12,347,922.32 | 13,736,530.53 | -10.11 | | Financial Expenses | 1,155,375.27 | -1,027,307.27 | 212.47 | | R&D Expenses | 22,959,496.51 | 21,045,083.75 | 9.10 | | Net Cash Flow from Operating Activities | -48,641,372.92 | -87,771,632.21 | N/A (Improved) | | Net Cash Flow from Investing Activities | 24,198,910.25 | 102,714,109.27 | -76.44 | | Net Cash Flow from Financing Activities | -34,060,678.32 | 20,043,688.67 | -269.93 | - The decrease in operating revenue was primarily due to **project delivery schedules**[98](index=98&type=chunk) - The significant increase in financial expenses was mainly due to **exchange rate fluctuations**[99](index=99&type=chunk) - The growth in R&D expenses was primarily due to increased investment in **AI+CAE R&D deployment**[99](index=99&type=chunk) [(III) Analysis of Assets and Liabilities](index=30&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Period-end total assets and net assets slightly decreased. Monetary funds fell **46.59%**, inventory surged **96.65%**, and short-term borrowings were repaid. Paid-in capital rose **40.00%**. Overseas assets were **5.92%** of total assets, with some funds restricted Changes in Assets and Liabilities | Item Name | Current Period-end Amount (RMB) | Prior Year-end Amount (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 65,231,147.61 | 122,132,129.85 | -46.59 | Increased payments for goods, reduced wealth management redemptions, loan repayments, and cash dividend distribution | | Notes Receivable | 10,914,537.50 | 7,152,070.90 | 52.61 | Increased settlement by notes | | Prepayments | 13,991,059.53 | 31,324,410.44 | -55.33 | Goods prepaid in prior period were received in current period | | Inventories | 208,555,714.29 | 106,054,424.39 | 96.65 | Increased costs for uncompleted projects | | Short-term Borrowings | - | 17,001,844.44 | -100.00 | Loan repaid in current period | | Accounts Payable | 134,209,926.99 | 93,047,558.52 | 44.24 | Increased unsettled payments for goods | | Employee Benefits Payable | 3,336,394.07 | 14,767,382.80 | -77.41 | Bonuses accrued at prior year-end were paid in current period | | Paid-in Capital (or Share Capital) | 101,838,895.00 | 72,742,068.00 | 40.00 | Capital reserve capitalization | - **Overseas assets totaled RMB 55.51 million**, accounting for **5.92% of total assets**[103](index=103&type=chunk) - Other monetary funds at period-end included **RMB 4,595,632.79** for letters of guarantee and credit margins, which are restricted in use[104](index=104&type=chunk) [(IV) Investment Analysis](index=32&type=section&id=(IV)%20Investment%20Analysis) Financial assets measured at fair value decreased to **RMB 206 million** from **RMB 232 million**, with a fair value change gain of **RMB 0.68 million** for the period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Financial Assets Held for Trading) | 231,675,099.23 | 680,189.25 | 531,200,000.00 | 557,579,232.66 | 205,976,055.82 | [(VI) Analysis of Major Controlled and Invested Companies](index=33&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) Shanghai Laitian Communication and Technology reported net losses of **-RMB 6.46 million** and **-RMB 4.33 million**, respectively, while Xi'an Hongjie Electronic Technology achieved a net profit of **RMB 3.43 million** Financial Information of Major Controlled and Invested Companies | Company Name | Company Type | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Laitian Communication Technology Co., Ltd. | Subsidiary | 5,000.00 | 14,242.39 | 12,046.62 | 325.33 | -798.34 | -646.07 | | Xi'an Hongjie Electronic Technology Co., Ltd. | Subsidiary | 1,000.00 | 13,804.27 | 7,952.53 | 1,288.26 | 419.32 | 342.66 | | Shanghai Laitian Technology Co., Ltd. | Subsidiary | 1,000.00 | 2,163.22 | 715.63 | 1,405.71 | -454.84 | -433.21 | [Section IV Corporate Governance, Environment, and Society](index=34&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=34&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) In May 2025, the company elected its fourth board and appointed senior management: Zhou Jianhua resigned as chairman/director but remains core technical personnel; Li Jilong was elected chairman; Shen Hong, director; and Zhao Xinnan, deputy general manager Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Zhou Jianhua | Resigned as Chairman | Resigned | | Lu Danmin | Resigned as Director | Resigned | | Li Jilong | Chairman | Elected | | Shen Hong | Director | Elected | | Zhao Xinnan | Deputy General Manager | Appointed | - Mr. Zhou Jianhua remains a **core technical personnel** of the company[111](index=111&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=34&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) No profit distribution or capital reserve capitalization plan is proposed for this semi-annual period - The proposed profit distribution or capital reserve capitalization plan for this semi-annual period is **not applicable**[111](index=111&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On April 10, 2025, the company approved the cancellation of certain unvested restricted shares from its 2021, 2023, and 2024 incentive plans - On **April 10, 2025**, the company's board of directors and supervisory board approved the proposal to **cancel certain unvested restricted shares** granted under the 2021, 2023, and 2024 restricted stock incentive plans[112](index=112&type=chunk) [Section V Significant Matters](index=36&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=36&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments by the company, its controllers, shareholders, and related parties, covering share lock-up, information disclosure, profit distribution, non-competition, and equity incentives, were strictly fulfilled - All commitments made by the company's actual controllers, shareholders, related parties, acquirers, and the company itself, during or continuing into the reporting period, have been **strictly fulfilled**[116](index=116&type=chunk) - Commitment types include **share lock-up, others** (e.g., holding intentions, compensation for diluted immediate returns, information disclosure authenticity), **dividend distribution, resolution of horizontal competition, regulation of related party transactions, and equity incentive-related commitments**[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[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) [X. Significant Related Party Transactions](index=45&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company's 2025 daily related party transactions, including procurement up to **RMB 20 million** and sales up to **RMB 5 million** with Guangzhou Anbo Communication Technology, were approved - On **April 10, 2025**, the company approved the "Proposal on Estimated Daily Related Party Transactions for 2025"[155](index=155&type=chunk) - Estimated daily related party transactions with Guangzhou Anbo Communication Technology Co., Ltd. are projected to not exceed **RMB 20 million** (excluding tax) for procurement and **RMB 5 million** (excluding tax) for sales[155](index=155&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=46&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) In April 2022, the company signed a **RMB 334 million** product sales contract with a client, with some details undisclosed due to national secrecy, and it remains in performance - In **April 2022**, the company signed a product sales contract with a client for a provisional amount of **RMB 333,696,000.00** (including tax)[159](index=159&type=chunk) - Due to national secrecy, some information regarding this contract is exempt from disclosure, and it remains **in performance** as of the end of the reporting period[159](index=159&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=48&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) IPO net proceeds were **RMB 371 million**, with **RMB 183 million** invested. The "5G Antenna Testing Project" was terminated, remaining funds supplementing working capital. **RMB 50 million** idle funds were temporarily used for working capital, and **RMB 138 million** idle funds were managed Overall Use of Raised Funds | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Raised Funds | 42,291.00 | | Net Raised Funds | 37,051.01 | | Total Investment Pledged in Prospectus or Offering Document | 36,332.33 | | Total Raised Funds Cumulatively Invested as of Period-end | 18,295.95 | | Total Raised Funds Invested in Current Year | 1,699.77 | - The IPO project "**5G Large-Scale Antenna Intelligent Testing System Industrialization Project**" has been terminated, and the remaining raised funds will permanently supplement working capital for the company's daily operations[165](index=165&type=chunk) - The company used up to **RMB 50 million** of idle raised funds to temporarily supplement working capital, with **RMB 50 million** actually used as of the end of the reporting period[169](index=169&type=chunk) - The company managed idle raised funds as cash, with a period-end cash management balance of **RMB 138 million**[171](index=171&type=chunk) [Section VI Share Changes and Shareholder Information](index=52&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Changes in Share Capital](index=52&type=section&id=I.%20Changes%20in%20Share%20Capital) Total share capital increased by **40.00%** from **72,742,068 to 101,838,895 shares** due to the 2024 profit distribution and capital reserve capitalization in June 2025, with **0.4 shares transferred per share** Table of Share Changes | | Number Before This Change | Percentage Before This Change (%) | Capital Reserve Capitalization | Number After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 72,742,068 | 100.00 | 29,096,827 | 101,838,895 | 100.00 | | III. Total Shares | 72,742,068 | 100.00 | 29,096,827 | 101,838,895 | 100.00 | - In **June 2025**, the company implemented its 2024 profit distribution and capital reserve capitalization, transferring **0.4 shares per share** based on a total share capital of **72,742,068 shares**, resulting in a total transfer of **29,096,827 shares**[175](index=175&type=chunk) [II. Shareholder Information](index=53&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **5,681 common shareholders**. Top ten shareholders included **Zhou Jianhua (27.49%)** and **Lu Danmin (14.67%)**. Shanghai Laici Investment Partnership had **980,000 pledged shares** - As of the end of the reporting period, the total number of common shareholders was **5,681**[177](index=177&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Number of Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | | Zhou Jianhua | 27,996,346 | 27.49 | 0 | | Lu Danmin | 14,941,080 | 14.67 | 0 | | Shanghai Laizhen Investment Partnership (Limited Partnership) | 7,683,200 | 7.54 | 0 | | Fang Weizhong | 6,810,608 | 6.69 | 0 | | Zhou Hanqing | 3,292,800 | 3.23 | 0 | | Huang Qingqing | 2,310,013 | 2.27 | 0 | | Shanghai Laici Investment Partnership (Limited Partnership) | 2,195,200 | 2.16 | 980,000 (Pledged) | | Shanghai Science and Technology Venture Capital Co., Ltd. | 1,522,920 | 1.50 | 0 | | National Social Security Fund 114 Portfolio | 1,413,695 | 1.39 | 0 | | Ren Xiaofeng | 1,080,130 | 1.06 | 0 | - Shareholders Huang Qingqing and Ren Xiaofeng held shares through both ordinary securities accounts and securities company client credit trading guarantee securities accounts[178](index=178&type=chunk) [III. Information on Directors, Senior Management, and Core Technical Personnel](index=55&type=section&id=III.%20Information%20on%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) Shareholdings of directors, senior management, and core technical personnel increased proportionally due to capital reserve capitalization; for instance, Zhou Jianhua's holdings rose by **7,998,956 shares**, and Lu Danmin's by **4,268,880 shares** Changes in Shareholdings of Directors, Senior Management, and Core Technical Personnel | Name | Position | Beginning Shareholding (shares) | Period-end Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhou Jianhua | (Resigned) Director, Chief Technology Officer | 19,997,390 | 27,996,346 | 7,998,956 | Capital reserve capitalization | | Lu Danmin | (Resigned) Director | 10,672,200 | 14,941,080 | 4,268,880 | Capital reserve capitalization | | Li Jilong | Chairman, General Manager | 580 | 812 | 232 | Capital reserve capitalization | | Fang Weizhong | Director | 4,864,720 | 6,810,608 | 1,945,888 | Capital reserve capitalization | | Shen Hong | Director, Board Secretary | 14,700 | 20,580 | 5,880 | Capital reserve capitalization | | Zhang Jiejun | Deputy General Manager | 15,190 | 21,266 | 6,076 | Capital reserve capitalization | | Ge Luning | Deputy General Manager | 15,190 | 21,266 | 6,076 | Capital reserve capitalization | | Zhang Xu | Chief Financial Officer | 5,390 | 7,546 | 2,156 | Capital reserve capitalization | - The shareholdings of all listed personnel changed proportionally due to the company's 2024 profit distribution and capital reserve capitalization implemented in **June 2025**[184](index=184&type=chunk) [Section VII Bond-Related Information](index=57&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=57&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - **Not applicable** to corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments[188](index=188&type=chunk) [II. Convertible Corporate Bonds](index=57&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - **Not applicable** to convertible corporate bonds[188](index=188&type=chunk) [Section VIII Financial Report](index=58&type=section&id=Section%20VIII%20Financial%20Report) [II. Financial Statements](index=58&type=section&id=II.%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - This semi-annual report is **unaudited**[4](index=4&type=chunk) - 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**[190](index=190&type=chunk)[193](index=193&type=chunk)[197](index=197&type=chunk)[201](index=201&type=chunk)[204](index=204&type=chunk)[207](index=207&type=chunk)[209](index=209&type=chunk)[216](index=216&type=chunk) [III. Company Basic Information](index=75&type=section&id=III.%20Company%20Basic%20Information) This section outlines the company's establishment, listing, capital, structure, and main business activities, confirming its role in software and IT services, focusing on electromagnetic measurement, simulation, and general testing - Shanghai Hollywave Electronic System Technology Co., Ltd. was established on **July 10, 2007**, and listed on the **Shanghai Stock Exchange on April 20, 2021**[219](index=219&type=chunk) - The company's registered capital is **RMB 101,838,895**, and its total share capital is **101,838,895 shares**[219](index=219&type=chunk) - The company belongs to the **software and information technology services industry**, with main business activities including software development, IT consulting services, and technical services, and its primary products are **electromagnetic measurement systems, electromagnetic field simulation and verification, and general testing services**[220](index=220&type=chunk) [IV. Basis of Financial Statement Preparation](index=75&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to Ministry of Finance accounting standards and CSRC disclosure rules, with no significant doubts about continued operations - The company prepares its financial statements on a **going concern basis**, in accordance with actual transactions and events, and the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance[222](index=222&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's **going concern assumption** for the 12 months from the end of the reporting period[223](index=223&type=chunk) [V. Significant Accounting Policies and Estimates](index=75&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details accounting policies for financial instruments, revenue, impairment, depreciation, and amortization. A key change was reclassifying guarantee-type warranty expenses to "cost of sales," with retrospective adjustments - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[225](index=225&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, with 12 months constituting an operating cycle[226](index=226&type=chunk)[227](index=227&type=chunk) - The company and its domestic subsidiaries use **RMB as their functional currency**[228](index=228&type=chunk) - **Accounting policy change for this period**: The Ministry of Finance issued "Compilation of Application Guidelines for Enterprise Accounting Standards 2024," stipulating that guarantee-type warranty expenses should be recognized in "**cost of sales/other operating costs**" instead of "selling expenses"; the company implemented this change from **April 1, 2024**, with retrospective adjustments[345](index=345&type=chunk) Impact of Accounting Policy Change on Financial Statement Items | Financial Statement Item Significantly Affected | Impact on Consolidated Statements (RMB) | Impact on Parent Company Statements (RMB) | | :--- | :--- | :--- | | H1 2024 Income Statement Item: Cost of Sales | 678,040.18 | 612,587.30 | | H1 2024 Income Statement Item: Selling Expenses | -678,040.18 | -612,587.30 | [VI. Taxation](index=101&type=section&id=VI.%20Taxation) This section details the company's and subsidiaries' main tax types and rates, including VAT, property tax, and corporate income tax. High-tech enterprises enjoy a **15% corporate income tax rate**, and small-profit enterprises receive further tax reductions Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated from sales of goods or provision of taxable services | Calculated at tax-exempt, 6%, 9%, 13%, etc. | | Property Tax | For rental-based calculation, 12% of rental income | 12% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Corporate Income Tax | Taxable income | See explanation for details | - Shanghai Hollywave Electronic System Technology Co., Ltd., Shanghai Laitian Communication Technology Co., Ltd., and Xi'an Hongjie Electronic Technology Co., Ltd., as **high-tech enterprises**, are subject to a reduced **15% corporate income tax rate** for this period[348](index=348&type=chunk)[349](index=349&type=chunk) - Hollywave (Beijing) Electronic System Technology Co., Ltd. and other subsidiaries, as **small-profit enterprises**, will have their taxable income reduced by **25%** for 2025, pay corporate income tax at a **20% rate**, and enjoy other tax fee reductions by half[349](index=349&type=chunk)[350](index=350&type=chunk) - For sales of self-developed software products, the portion of VAT actual tax burden exceeding **3%** is subject to an **immediate refund policy**[348](index=348&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=102&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for all consolidated financial statement items, including monetary funds, financial assets, receivables, inventories, fixed assets, intangible assets, borrowings, payables, equity, revenue, costs, and various expenses - Period-end monetary funds totaled **RMB 65,231,147.61**, of which **RMB 14,700,407.76** were overseas funds, and **RMB 4,595,632.79** were restricted as guarantees and letter of credit margins[351](index=351&type=chunk)[353](index=353&type=chunk)[447](index=447&type=chunk) - Period-end financial assets held for trading totaled **RMB 205,976,055.82**, primarily consisting of bank wealth management products[353](index=353&type=chunk) - Period-end book value of accounts receivable was **RMB 137,426,805.56**, with an allowance for doubtful accounts of **RMB 34,834,054.75**[368](index=368&type=chunk) - Period-end book value of inventories was **RMB 208,555,714.29**, including **RMB 160,372,344.25** for costs of uncompleted projects[398](index=398&type=chunk) - Period-end short-term borrowings balance was **RMB 0**, as all borrowings have been repaid[449](index=449&type=chunk) - Period-end share capital was **RMB 101,838,895.00**, increasing by **RMB 29,096,827.00** due to capital reserve capitalization[473](index=473&type=chunk) - Operating revenue was **RMB 102,151,290.34**, and operating cost was **RMB 71,616,882.56**[483](index=483&type=chunk) - Net cash flow from operating activities was **-RMB 48,641,372.92**, an improvement compared to the same period last year[503](index=503&type=chunk) [VIII. R&D Expenses](index=147&type=section&id=VIII.%20R%26D%20Expenses) R&D expenses totaled **RMB 22.96 million**, up **9.10%** year-on-year, mainly from employee compensation and technical service fees, all expensed and none capitalized R&D Expenses by Nature of Expense | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 14,019,933.76 | 14,636,761.71 | | Depreciation and Amortization | 2,956,641.49 | 3,098,206.06 | | Share-based Payment | 185,518.20 | 1,486,445.23 | | Lease Expenses | 713,391.28 | 776,286.41 | | Direct Materials | 108,066.13 | 285,590.46 | | Technical Service Fees | 4,473,675.94 | 94,339.62 | | Other | 502,269.71 | 667,454.26 | | Total | 22,959,496.51 | 21,045,083.75 | | Of which: Expensed R&D Expenses | 22,959,496.51 | 21,045,083.75 | | Capitalized R&D Expenses | - | - | - All R&D expenses for this period were **expensed**, with **no capitalized R&D expenses**[517](index=517&type=chunk) [IX. Changes in Consolidation Scope](index=148&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) No changes occurred in the company's consolidation scope during the reporting period, with no business combinations or subsidiary disposals - There were **no changes in the scope of consolidation** during this period due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[518](index=518&type=chunk) [X. Interests in Other Entities](index=149&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details interests in subsidiaries and associates. Xi'an Hongjie Electronic Technology is a significant non-wholly-owned subsidiary (49% minority interest). Associate Guangzhou Anbo Communication Technology reported a net loss of **-RMB 0.05 million** Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Nature of Business | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Laitian Communication Technology Co., Ltd. | Shanghai | 5,000.00 | Software and Information Technology Services | 100.00 | Directly established | | Hong Kong Laitian Communication Technology Co., Ltd. | Hong Kong, China | 0.83 | Trading | 100.00 | Directly established | | Xi'an Hongjie Electronic Technology Co., Ltd. | Xi'an, Shaanxi | 1,000.00 | Software and Information Technology Services | 51.00 | Business combination not under common control | Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (RMB 10,000) | Period-end Minority Interest Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Xi'an Hongjie Electronic Technology Co., Ltd. | 49 | 167.90 | 3,896.70 | Summarized Financial Information of Insignificant Associates | Item | Period-end Balance/Current Period Amount (RMB 10,000) | | :--- | :--- | | Associates: Total Book Value of Investments | 863.41 | | --Net Profit | -4.71 | [XI. Government Grants](index=153&type=section&id=XI.%20Government%20Grants) New government grants totaled **RMB 2.90 million**, with **RMB 1.31 million** transferred from deferred income to current profit/loss, and **RMB 3.13 million** income-related grants directly recognized in current profit/loss Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants Added in Current Period (RMB) | Transferred to Other Income in Current Period (RMB) | Period-end Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 16,906,055.60 | 2,900,000.00 | 1,306,071.77 | 18,499,983.83 | Asset/Income Related | Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred in Current Period (RMB) | | :--- | :--- | | Asset-related | 1,306,071.77 | | Income-related | 3,127,270.38 | [XII. Risks Related to Financial Instruments](index=154&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, market (FX, interest rate), and liquidity risks through diversified investments, credit concentration management, exchange rate monitoring, and cash flow forecasting. Period-end asset-liability ratio was **28.01%** - The company's main financial instrument risks include **credit risk, market risk (foreign exchange risk, interest rate risk), and liquidity risk**[529](index=529&type=chunk) - Foreign exchange risk primarily arises from financial assets and liabilities denominated in USD, EUR, and HKD; a **5% appreciation or depreciation of RMB** against these currencies would impact the company's net profit by approximately **±RMB 0.35 million**[530](index=530&type=chunk)[531](index=531&type=chunk) - Liquidity risk is managed by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next **12 months**[536](index=536&type=chunk) - As of **June 30, 2025**, the company's **asset-liability ratio was 28.01%** (December 31, 2024: 28.61%)[539](index=539&type=chunk) - The company treats commercial acceptance bills within notes receivable as **financial assets not derecognized**, as their credit risk and deferred payment risk have not yet been transferred[541](index=541&type=chunk) [XIII. Disclosure of Fair Value](index=157&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Period-end assets measured at fair value were mainly financial assets held for trading (wealth management products) totaling **RMB 206 million**, classified as Level 2. Book values of other financial instruments closely approximated fair values Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 205,976,055.82 | 205,976,055.82 | | 1. Financial assets measured at fair value through profit or loss | 205,976,055.82 | 205,976,055.82 | | (1) Wealth management products | 205,976,055.82 | 205,976,055.82 | | Total assets continuously measured at fair value | 205,976,055.82 | 205,976,055.82 | - The book value of financial assets and liabilities not measured at fair value differs only slightly from their fair value[545](index=545&type=chunk) [XIV. Related Parties and Related Party Transactions](index=158&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses related parties, including subsidiaries, associate Guangzhou Anbo Communication Technology, and key management personnel. Related party transactions involved procurement and sales with Guangzhou Anbo and compensation to key management - Details of the company's subsidiaries are provided in Note "X. Interests in Other Entities"[547](index=547&type=chunk) - Associate **Guangzhou Anbo Communication Technology Co., Ltd.** is an associate of subsidiary Xi'an Hongjie Electronic Technology Co., Ltd[548](index=548&type=chunk) - Other related parties include **Li Jilong** (Chairman, General Manager), **Shen Hong** (Director, Board Secretary), **Ge Luning** (Deputy General Manager), **Zhang Jiejun** (Deputy General Manager), **Zhao Xinnan** (Deputy General Manager), **Zhang Xu** (Chief Financial Officer), etc[548](index=548&type=chunk) Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Party Transaction Content | Amount Incurred in Current Period (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Guangzhou Anbo Communication Technology Co., Ltd. | Purchase of goods | 64.29 | 2,000.00 | | Guangzhou Anbo Communication Technology Co., Ltd. | Sale of goods | 5.31 | 500.00 | - Compensation for key management personnel for this period totaled **RMB 2.56 million**[552](index=552&type=chunk) - Period-end accounts payable to Guangzhou Anbo Communication Technology Co., Ltd. totaled **RMB 1,179,051.47**[555](index=555&type=chunk) [XV. Share-based Payment](index=161&type=section&id=XV.%20Share-based%20Payment) Equity-settled share-based payment expenses totaled **RMB 0.35 million**, mainly from 2023 and 2024 incentive plans. **13,823.26 unvested restricted shares expired** during the period Changes in Equity Instruments | Category of Grantees | Number Expired in Current Period (shares) | Amount Expired in Current Period (RMB) | | :--- | :--- | :--- | | 2023 Equity Incentive Plan | 6,152.03 | 273,451.32 | | 2024 Equity Incentive Plan | 7,671.23 | 57,789.61 | | Total | 13,823.26 | 331,240.93 | - Total equity-settled share-based payment expenses for this period were **RMB 346,707.87**[561](index=561&type=chunk) - The fair value of equity instruments on the grant date is determined using the **Black-Scholes model**, with key parameters including underlying share price, historical volatility, risk-free interest rate, dividend yield, and grant price[560](index=560&type=chunk) [XVI. Commitments and Contingencies](index=163&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has commitments for **RMB 371 million** in raised funds, with **RMB 183 million** invested. Outstanding guarantees and letters of credit totaled **RMB 16.46 million**. No significant contingencies required disclosure Commitments Regarding Use of Raised Funds | Committed Investment Project | Committed Investment Amount (RMB 10,000) | Actual Investment Amount (RMB 10,000) | | :--- | :--- | :--- | | Digital Phased Array Test and Verification System Industrialization Project | 16,148.28 | 1,172.58 | | 5G Large-Scale Antenna Intelligent Testing System Industrialization Project | 2,559.47 | 2,559.47 | | R&D Center Upgrade and Construction Project | 10,348.39 | 6,763.34 | | Supplement Working Capital | 3,000.00 | 3,000.00 | | Permanently Supplement Working Capital | 4,276.19 | 4,800.56 | | Over-raised Funds with Undetermined Use | 718.68 | 0 | | Total | 37,051.01 | 18,295.95 | - As of **June 30, 2025**, the company's outstanding irrevocable quality maintenance guarantees, performance guarantees, warranty guarantees, customs duty multi-purpose guarantees, duty payment guarantees, and letters of credit totaled **RMB 16,462,173.26**[562](index=562&type=chunk) - The company had **no significant contingencies** requiring disclosure[563](index=563&type=chunk) [XVII. Events After the Balance Sheet Date](index=163&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events, profit distribution, or sales returns occurred between the balance sheet date and the report approval date - There were **no significant non-adjusting events, profit distribution, or sales returns**[563](index=563&type=chunk)[564](index=564&type=chunk) [XVIII. Other Significant Matters](index=164&type=section&id=XVIII.%20Other%20Significant%20Matters) No other significant matters influencing investor decisions occurred, such as prior period error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information - There were **no other significant matters** during this reporting period, such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information[564](index=564&type=chunk)[565](index=565&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=165&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Parent company accounts receivable totaled **RMB 181 million** (allowance for doubtful accounts **RMB 23.96 million**). Other receivables were **RMB 7.46 million**. Investments in subsidiaries reached **RMB 156 million** (up **RMB 5.19 million**). Operating revenue was **RMB 107 million**, cost **RMB 83.75 million**, and investment income **RMB 1.17 million** Parent Company Accounts Receivable Disclosed by Impairment Provision Method | Category | Period-end Book Balance (RMB) | Allowance for Doubtful Accounts (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Allowance for doubtful accounts provided by portfolio | 180,719,784.30 | 23,957,111.33 | 156,762,672.97 | Parent Company Other Receivables Disclosed by Aging | Aging | Period-end Book Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 6,122,084.14 | | 1 to 2 years | 59,010.00 | | 2 to 3 years | 509,236.00 | | Over 3 years | 774,500.00 | | Total | 7,464,830.14 | Parent Company Investments in Subsidiaries | Investee | Beginning Balance (Book Value) (RMB) | Changes in Current Period (RMB) | Period-end Balance (Book Value) (RMB) | | :--- | :--- | :--- | :--- | | Shanghai Laitian Communication Technology Co., Ltd. | 53,041,897.21 | 93,937.83 | 53,135,835.04 | | Xi'an Hongjie Electronic Technology Co., Ltd. | 75,597,149.08 | 98,542.73 | 75,695,691.81 | | Shanghai Laitian Technology Co., Ltd. | 4,500,000.00 | 5,000,000.00 | 9,500,000.00 | | Total | 150,312,815.59 | 5,188,649.54 | 155,501,465.13 | - Parent company operating revenue was **RMB 106,984,817.29**, and operating cost was **RMB 83,753,686.88**[593](index=593&type=chunk) - Parent company investment income was **RMB 1,169,278.57**, primarily from wealth management products[596](index=596&type=chunk) [XX. Supplementary Information](index=174&type=section&id=XX.%20Supplementary%20Information) This section includes non-recurring gains and losses (totaling **RMB 4.62 million**) and net asset return/EPS data. Weighted average return on net assets was **0.05%**, and basic EPS was **RMB 0.00/share** Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Profit or Loss | 3,939,111.39 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities, and Disposal of Financial Assets and Liabilities (excluding effective hedging activities related to normal business operations) | 1,927,584.46 | | Other Non-Operating Income and Expenses Apart from the Above | 2,929.63 | | Other Income and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 81,504.64 | | Less: Income Tax Impact | 885,862.03 | | Minority Interest Impact (After Tax) | 443,566.31 | | Total | 4,621,701.78 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 0.05 | 0.00 | 0.00 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | -0.66 | -0.04 | -0.04 |

Group 1 - The core viewpoint of the articles highlights the financial performance and trading activities of Holiwo, indicating a significant increase in revenue and net profit, alongside notable trading metrics in the stock market [1][2]. Group 2 - As of August 26, Holiwo's stock price decreased by 0.50%, with a trading volume of 116 million yuan. The financing buy-in amount was 15.57 million yuan, while the financing repayment was 12.89 million yuan, resulting in a net financing buy of 2.69 million yuan. The total financing and securities balance reached 82.72 million yuan, accounting for 2.16% of the circulating market value, which is above the 90th percentile over the past year [1]. - Holiwo's main business involves radar and wireless communication, with revenue composition being 87.23% from electromagnetic measurement, 9.30% from electromagnetic field simulation analysis, and 3.43% from other services [1]. - As of March 31, the number of Holiwo's shareholders increased to 4,629, a rise of 10.95%, while the average circulating shares per person decreased by 9.87% to 15,714 shares. For the first quarter of 2025, Holiwo achieved operating revenue of 73.10 million yuan, a year-on-year increase of 23.26%, and a net profit attributable to shareholders of 4.14 million yuan, reflecting a growth of 140.99% [2]. - Since its A-share listing, Holiwo has distributed a total of 95.90 million yuan in dividends, with 47.80 million yuan distributed over the past three years [2].

Group 1 - The company Shanghai Hollywave Electronic System Technology Co., Ltd. will hold a half-year performance briefing on September 3, 2025, from 11:00 to 12:00 [2][6][7] - The purpose of the briefing is to provide investors with a comprehensive understanding of the company's operating results and financial status for the first half of 2025 [2][3] - Investors can submit questions for the briefing from August 27 to September 2, 2025, through the Shanghai Stock Exchange Roadshow Center or via the company's email [5][8] Group 2 - The briefing will be conducted in an interactive online format, allowing for real-time communication between the company and investors [3][6] - Key personnel attending the briefing include the Chairman and General Manager Mr. Li Jilong, Independent Director Ms. Xu Xia, and Chief Financial Officer Mr. Zhang Xu [4] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [8]

Group 1 - The company Shanghai Hollywave Electronic System Technology Co., Ltd. will hold a half-year performance briefing on September 3, 2025, from 11:00 to 12:00 [1][2] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][3] - Investors can submit questions from August 27, 2025, to September 2, 2025, before 16:00, through the Roadshow Center website or via the company's email [2][3] Group 2 - Key participants in the briefing will include the company's Chairman and General Manager, Mr. Li Jilong, along with independent director Ms. Xu Xia, and CFO Mr. Zhang Xu [2] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [3]

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个别及连带责任。 重要内容提示： 证券代码：688682 证券简称：霍莱沃 公告编号：2025-022 上海霍莱沃电子系统技术股份有限公司 关于召开 2025 年半年度业绩说明会的公告 会议召开时间：2025 年 9 月 3 日（星期三）11:00-12:00 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 8 月 27 日（星期三）至 9 月 2 日（星期二）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 ir@holly-wave.com 进行提问。公司将在说明会上对投资者普遍关注的问题于信 息披露允许的范围内进行回答。 上海霍莱沃电子系统技术股份有限公司（以下简称"公司"）将于 2025 年 8 月 28 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 ...

Summary of Key Points Core Viewpoint - The financing activities of Holaivo show a mixed trend with slight net selling observed in recent trading days, indicating potential investor caution [1] Financing Activities - On August 11, Holaivo had a financing buy amount of 0.11 billion, ranking 1284th in the two markets [1] - The financing repayment amount on the same day was 0.12 billion, resulting in a net sell of 67.91 thousand [1] - Over the last three trading days (August 7-11), Holaivo recorded financing buys of 0.11 billion, 0.16 billion, and 0.11 billion respectively [1] Securities Lending - On August 11, Holaivo had no shares sold short, with a net sell of 0.00 thousand shares [1]