Core Viewpoint - The company reported a revenue of 443 million yuan in the first half of 2025, a year-on-year increase of 13.07%, while the net profit attributable to shareholders decreased by 23.66% to 42.5 million yuan, indicating a mixed performance driven by various market factors [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 232 million yuan, reflecting a year-on-year increase of 19.14% and a quarter-on-quarter increase of 9.69% [1] - The net profit attributable to shareholders in Q2 was 25.5 million yuan, showing a year-on-year increase of 3.23% and a quarter-on-quarter increase of 49.93% [1] - The decline in half-year net profit was primarily influenced by the new energy equipment sector and rising costs related to depreciation and raw materials [2] Group 2: Market Trends and Opportunities - The PCB industry is experiencing a high demand due to the rapid development of AI-related big data storage, leading to a positive outlook for future orders and a recovery in production capacity [2] - The company’s contract liabilities reached a record high of 537 million yuan, a 45.92% increase compared to the end of 2024, indicating strong order intake, particularly in vertical continuous plating equipment for PCBs [2] - The company has successfully developed a horizontal three-in-one plating device, breaking the monopoly of foreign competitors and gaining recognition in the high-end PCB market [4] Group 3: Product Development and Innovation - The company is focusing on upgrading its equipment to meet the increasing demands for high-frequency and high-density interconnect PCBs, driven by the growth in AI server industries [3] - The introduction of glass substrate-related equipment is aimed at the semiconductor packaging market, with successful deliveries of PVD, TGV, and RDL equipment to customers [5] - The company’s strategic entry into the glass substrate market is expected to provide significant profit elasticity as the industry matures [5] Group 4: Future Outlook - The company anticipates a rebound in performance supported by the expansion of domestic PCB enterprises in Southeast Asia and the industrialization of high-end HDI and glass substrate markets [5] - Projected net profits for 2025, 2026, and 2027 are estimated at 181 million, 272 million, and 337 million yuan respectively, with corresponding PE ratios indicating strong growth potential [5]

东威科技8月28日大宗交易平台出现一笔成交，成交量6.00万股，成交金额210.00万元，大宗交易成交价 为35.00元，相对今日收盘价折价21.17%。该笔交易的买方营业部为招商证券股份有限公司武汉中北路 证券营业部，卖方营业部为中信证券股份有限公司武昌证券营业部。 证券时报·数据宝统计显示，东威科技今日收盘价为44.40元，上涨3.16%，日换手率为3.19%，成交额为 4.18亿元，全天主力资金净流出241.14万元，近5日该股累计下跌1.53%，近5日资金合计净流出2062.29 万元。 两融数据显示，该股最新融资余额为4.07亿元，近5日减少4373.00万元，降幅为9.70%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是中金公司证券，8月28日中金公 司证券发布的研报预计公司目标价为45.00元。（数据宝） 8月28日东威科技大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | | 2025-08-28 | 东威科技 | 688700 | 35 210 | 招商证券股份有限 | 中信证券股份有限 公司武昌证券营业 | | | | | | 公司武汉中北路证 | | | | | | | ***** | 177 | 8月28日，东威科技大宗交易成交6万股，成交额210万元，占当日总成交额的0.5%，成交价35元，较市场收盘价44.4元折价21.17%。 ...

证券研究报告·公司点评报告·专用设备 东威科技（688700） 2025 年中报点评：Q2 业绩环比改善，有望充 分受益于高端 PCB 电镀设备需求增长 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 909.23 | 750.00 | 964.38 | 1,136.30 | 1,266.38 | | 同比（%） | (10.13) | (17.51) | 28.59 | 17.83 | 11.45 | | 归母净利润（百万元） | 151.43 | 69.27 | 147.05 | 184.69 | 224.36 | | 同比（%） | (29.01) | (54.25) | 112.28 | 25.60 | 21.48 | | EPS-最新摊薄（元/股） | 0.51 | 0.23 | 0.49 | 0.62 | 0.75 | | P/E（现价&最新摊薄） | 84.81 | 185.40 | 87.34 | ...

Group 1 - Longyang Electronics and Jin'an Guoji both hit the daily limit up in the afternoon trading session [1] - Jiangnan New Materials and Woge Optoelectronics previously reached the daily limit up [1] - Other companies such as Dongcai Technology, Fangbang Co., Jiyuan Technology, Tongguan Copper Foil, and Dongwei Technology also experienced gains [1]

Core Viewpoint - The company, Dongwei Technology, has issued a report detailing its fundraising activities and financial performance for the first half of 2025, including the issuance of Global Depositary Receipts (GDR) and the allocation of raised funds [4][5][10]. Group 1: Fundraising and Financial Data - The company issued 5,888,000 GDRs, representing 11,776,000 A-shares, at a final price of $17.80 per GDR, raising a total of approximately $104.81 million, equivalent to about ¥749.34 million [5]. - After deducting issuance costs of approximately ¥37.53 million, the net proceeds from the GDR issuance amounted to approximately ¥711.82 million [5]. - The intended use of the net proceeds includes over 50% for expanding the company's main business, around 30% for enhancing global R&D capabilities, and the remainder for working capital and general corporate purposes [5]. Group 2: Fund Management and Usage - As of June 30, 2025, the company had allocated ¥37.53 million for intermediary fees, ¥157.85 million for equipment capacity expansion, and ¥142.01 million for working capital [7]. - The company has also invested ¥400 million in financial products, generating interest income of approximately ¥14.83 million, with remaining funds of about ¥26.79 million held in domestic bank accounts [7]. - The company has approved the use of up to ¥1 billion of idle funds for cash management, including GDR proceeds, to purchase low-risk financial products [6]. Group 3: Asset Impairment - The company recognized total asset impairment and credit impairment losses of approximately ¥17.00 million for the first half of 2025, which will reduce pre-tax profits by the same amount [12]. - The impairment includes credit losses of approximately ¥13.56 million related to receivables and asset impairment losses of about ¥3.44 million for inventory [11][12].

Core Views - The company reported a total operating income of 443.38 million yuan for the first half of 2025, representing a year-on-year increase of 13.07% [3] - However, the net profit attributable to shareholders decreased by 23.66% to 42.50 million yuan, primarily due to rising raw material costs and the absence of high-margin new energy equipment revenue [3][10] - The company maintains a leading market share of over 50% in vertical continuous plating equipment in China, with significant growth in orders for this equipment [10][12] Company Overview - Kunshan Dongwei Technology Co., Ltd. specializes in high-end precision plating equipment and solutions, focusing on PCB plating, general hardware plating, and new energy plating [6][10] - The company has a strong R&D focus, with 3.79 million yuan invested in R&D during the reporting period, accounting for 8.54% of operating income [10] - The company has over 400 patents and has established a robust technical system centered on vertical continuous plating technology [13][16] Financial Performance - Total assets increased by 11.43% to 3.03 billion yuan compared to the end of the previous year [3] - The company's net assets attributable to shareholders rose by 0.90% to 1.75 billion yuan [3] - Basic earnings per share decreased by 26.32% to 0.14 yuan [3] Industry Context - The global PCB market is projected to grow by 7.6% in 2025, reaching a value of 79.1 billion USD, driven by strong demand for AI servers and related equipment [10] - The company is positioned to benefit from the increasing demand for high-value equipment in the PCB industry, particularly due to the growth of electronic products [10] - The general hardware plating sector is also expanding, with the company innovating to meet the evolving needs of various industrial applications [10][12] Innovation and Development - The company has developed a revolutionary two-stage double-sided transmission roll-type non-contact coating line, enhancing material utilization and reducing production costs [11] - Continuous innovation in product offerings, including equipment for semiconductor packaging and lithium battery materials, is a key focus for the company [11][16] - The company is actively exploring copper-to-silver technology in the photovoltaic sector to improve efficiency and reduce costs [5][11] Market Expansion - The company has established a production base in Thailand to enhance its global market presence and service capabilities [11][12] - Strategic partnerships with downstream customers have been strengthened, leading to significant order growth in the domestic market [11][12] - The company aims to enhance its brand influence and competitiveness in the global plating equipment market [11][12]

公司代码：688700 公司简称：东威科技 昆山东威科技股份有限公司 昆山东威科技股份有限公司2025 年半年度报告摘要 数量的说明 □适用 √不适用 昆山东威科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 http://www.sse.com.cn 网站仔细阅读半年度报告全文。 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 "第三节管理层讨论与分析"之"四、风险因素"。 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 人民币普通股（A股）上海证券交易所科创板 东威科技 688700 不适用 公司存托凭证简况 √适用 □不适用 公司存托凭证简况 存托凭证与基础 存托凭证上市交 存托凭证简 存托凭证 变更前存托凭 证券种类 股票的转换比例 易所及板块 称 代码 证简称 全球存托 凭证 昆山东威科技股份有限公司2025 年半年度报告摘要 名称 花旗银行 办公地址 花旗银行 存托机构 经办人 美国 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, including company names, major shareholders, subsidiaries, core technologies, processes, and industry terms, ensuring accuracy and consistency in report reading - Company's main subsidiaries include Guangde Dongwei, Dongguan Dongwei, Changshu Dongwei, Shenzhen Dongwei, and Thailand Dongwei[10](index=10&type=chunk) - Core technical terms like **VCP (Vertical Continuous Plating equipment)** are used for PCB copper plating, and **PCB (Printed Circuit Board)** is the support for electronic components[10](index=10&type=chunk) - **Plating uniformity** is a key indicator of plating quality, and **through-hole rate (TP)** refers to deep hole plating capability, with higher values indicating better plating[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) Kunshan Dongwei Technology Co., Ltd. (Dongwei Technology) is a company listed on the STAR Market of the Shanghai Stock Exchange, stock code 688700, with Liu Jianbo as legal representative, registered and office address at No. 505 Dongding Road, Bachang Town, Kunshan City - Legal representative is Liu Jianbo, registered address is No. 505 Dongding Road, Bachang Town, Kunshan City[13](index=13&type=chunk) Company Stock/Depositary Receipt Overview | Security Type | Listing Exchange and Board | Stock/Depositary Receipt Abbreviation | Stock/Depositary Receipt Code | | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | Dongwei Technology | 688700 | | Global Depositary Receipts | SIX Swiss Exchange | Not Applicable | KUDO | [Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary (domestic representative for information disclosure) is Xu Peipei, with contact address and email consistent with the company's registration information, and phone number 0512-57710500 - Board Secretary is Xu Peipei, contact number **0512-57710500**, email **DW10798@ksdwgroup.com**[14](index=14&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company designates Shanghai Securities News and Securities Times as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website (http://www.sse.com.cn), and documents stored at the company's office address - Information disclosure newspapers are Shanghai Securities News, Securities Times, website **http://www.sse.com.cn**[15](index=15&type=chunk) [Company Stock/Depositary Receipt Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's stock is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, stock code 688700, and it also issued Global Depositary Receipts (GDRs) on the SIX Swiss Exchange, code KUDO Company Stock/Depositary Receipt Overview | Security Type | Listing Exchange and Board | Stock/Depositary Receipt Abbreviation | Stock/Depositary Receipt Code | | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | Dongwei Technology | 688700 | | Global Depositary Receipts | SIX Swiss Exchange | Not Applicable | KUDO | - GDR depositary is **Citibank**, custodian is **Bank of China Limited**[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 13.07% year-on-year, primarily due to increased demand in the high-end printed circuit plating sector, while total profit and net profit decreased by 17.06% and 23.66% respectively Key Accounting Data for H1 2025 | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 443,376,759.05 yuan | 392,138,314.18 yuan | 13.07 | | Total Profit | 48,992,827.82 yuan | 59,071,382.06 yuan | -17.06 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 yuan | 55,679,524.81 yuan | -23.66 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 40,946,128.28 yuan | 49,126,477.93 yuan | -16.65 | | Net Cash Flow from Operating Activities | 30,389,155.18 yuan | -14,631,135.72 yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,749,262,222.82 yuan | 1,733,625,561.91 yuan | 0.90 | | Total Assets (Period-end) | 3,028,540,968.28 yuan | 2,717,987,693.16 yuan | 11.43 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.19 | -26.32 | | Diluted Earnings Per Share (yuan/share) | 0.14 | 0.19 | -26.32 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.14 | 0.16 | -12.50 | | Weighted Average Return on Net Assets (%) | 2.43 | 3.19 | Decrease of 0.76 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 2.34 | 2.82 | Decrease of 0.48 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | - Operating revenue increased by **13.07%** year-on-year, mainly due to a significant increase in demand for high-end printed circuit board (PCB) plating equipment[23](index=23&type=chunk) - Total profit and net profit decreased, mainly because no high-margin new energy equipment products were recognized as revenue during the reporting period, coupled with rising raw material prices and increased costs and expenses[23](index=23&type=chunk) - Net cash flow from operating activities significantly increased year-on-year, primarily due to increased orders and a substantial increase in customer payments[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 1,556,943.60 yuan, mainly including government subsidies, fair value changes in financial assets, and other non-operating income and expenses Non-recurring Gains and Losses and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -21,434.30 | | Government grants recognized in profit or loss for the current period | 1,781,120.17 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 735,194.36 | | Other non-operating income and expenses apart from the above | -666,135.41 | | Other gains and losses that meet the definition of non-recurring gains and losses | 8,400.00 | | Less: Income tax impact | 280,201.22 | | Total | 1,556,943.60 | [Net Profit After Deducting Share-based Payments](index=8&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-based%20Payments) During the reporting period, the company's net profit after deducting the impact of share-based payments was 44,828,305.50 yuan Net Profit After Deducting Impact of Share-based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) | | :--- | :--- | | Net Profit After Deducting Impact of Share-based Payments | 44,828,305.50 yuan | [Management Discussion and Analysis](index=8&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Overview of Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Overview%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in the special equipment manufacturing industry, with products covering PCB, general hardware surface treatment, and new energy sectors, providing efficient, environmentally friendly, and intelligent electroplating solutions - The company's industry is manufacturing, specifically special equipment manufacturing, with products in PCB, general hardware surface treatment, and new energy[28](index=28&type=chunk) - The PCB industry is strongly driven by artificial intelligence and high-speed network applications, with global PCB market output value projected to grow by **7.6%** to **79.1 billion USD** in 2025[30](index=30&type=chunk)[31](index=31&type=chunk) - In the new energy sector, composite current collector materials and photovoltaic copper plating equipment are key focus areas, with composite current collector materials offering low cost, high safety, and high energy density advantages, and photovoltaic copper plating equipment enabling "de-silverization" for cost reduction and efficiency improvement[33](index=33&type=chunk)[34](index=34&type=chunk) - The company is a global leading electroplating equipment manufacturer, with vertical continuous plating equipment holding over **50%** market share in China[35](index=35&type=chunk) [1. PCB Sector](index=8&type=section&id=1.%20PCB%20Sector) PCB electroplating is a critical step in printed circuit board production, where the company's product performance directly impacts PCB integration and conductivity, with global PCB market output value expected to grow by 7.6% to 79.1 billion USD in 2025 - PCB electroplating equipment is critical in PCB wet process, determining PCB product quality in integration, conductivity, and signal transmission[29](index=29&type=chunk)[30](index=30&type=chunk) - Strong demand from AI servers and high-speed network applications, coupled with a rebound in smartphone and PC shipments, supports global PCB industry growth[30](index=30&type=chunk) - Prismark forecasts global PCB market output value to grow by **7.6%** to **79.1 billion USD** in 2025, with the 18-layer and above multilayer board market growing by **41.7%**[31](index=31&type=chunk) [2. General Hardware Sector](index=9&type=section&id=2.%20General%20Hardware%20Sector) General hardware electroplating is an essential part of the industrial chain, widely applied across various industries, where the company's continuous electroplating equipment offers significant advantages in yield, cost, efficiency, and environmental protection - General hardware electroplating is an indispensable part of the industrial chain, applied in electronics, automotive, aerospace, light industry, machinery, and other sectors[32](index=32&type=chunk) - The company's continuous hardware electroplating equipment offers significant advantages in yield improvement, cost reduction, labor saving, efficiency enhancement, safety, and environmental protection[32](index=32&type=chunk) [3. New Energy Sector](index=9&type=section&id=3.%20New%20Energy%20Sector) The company's composite current collector material equipment is primarily used in power, energy storage, and consumer batteries, offering advantages of low cost, high safety, and high energy density, while its photovoltaic copper plating equipment achieves cost reduction and efficiency improvement through "de-silverization" technology - The company's composite current collector material equipment produces composite current collector materials mainly used in power batteries, energy storage batteries, and consumer batteries[33](index=33&type=chunk) - Composite current collectors adopt a "metal conductive layer - polymer composite material - metal conductive layer" structure, offering advantages of low cost, high safety, and high energy density compared to traditional materials[33](index=33&type=chunk) - The company's photovoltaic copper plating equipment reduces costs for photovoltaic enterprises through "de-silverization" technology, with copper grid lines offering stronger conductivity and improving battery conversion efficiency[34](index=34&type=chunk) [(II) Description of Main Business Operations](index=9&type=section&id=%28II%29%20Description%20of%20Main%20Business%20Operations) The company is a global leading manufacturer of high-end precision electroplating equipment, providing efficient, environmentally friendly, and intelligent electroplating solutions across PCB, general hardware, and new energy electroplating fields - The company primarily engages in R&D, design, production, and sales of high-end precision electroplating equipment and supporting equipment, providing efficient, environmentally friendly, and intelligent electroplating solutions[35](index=35&type=chunk) - The company's products mainly target PCB electroplating, general hardware electroplating, and new energy electroplating, with vertical continuous plating equipment holding over **50%** market share in China[35](index=35&type=chunk) - The company is currently the only STAR Market listed company purely focused on precision electroplating equipment and technical services in China, and has established a production base in Bangkok, Thailand[36](index=36&type=chunk) - The company has a forward-looking layout in the new energy market, being the only enterprise globally to achieve mass production of composite copper foil equipment, and actively developing composite aluminum equipment and photovoltaic copper-for-silver technology[38](index=38&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company continued to deepen its main business, with total operating revenue increasing by 13.07%, but net profit decreasing by 23.66%, mainly due to unconfirmed revenue from high-margin new energy equipment products and increased costs - During the reporting period, the company's total operating revenue was **443.38 million yuan**, a year-on-year increase of **13.07%**; net profit attributable to shareholders was **42.50 million yuan**, a year-on-year decrease of **23.66%**[39](index=39&type=chunk) - Net profit in the second quarter increased by **49.93%** quarter-on-quarter, and vertical continuous plating equipment order value increased by over **100%** year-on-year[39](index=39&type=chunk) - R&D expenses during the reporting period were **37.86 million yuan**, accounting for **8.54%** of operating revenue, with **35** new patents (including **26** invention patents)[39](index=39&type=chunk) - The company launched glass substrate related equipment for semiconductor packaging, successfully developed a two-stage double-sided roll-to-roll horizontal non-contact coating line for new energy equipment, and is actively developing composite aluminum foil vacuum evaporation plating equipment[41](index=41&type=chunk) - The company continues to deepen its market share in domestic vertical continuous plating equipment and has established a production base in Thailand to serve Southeast Asian customers and enhance global sales capabilities[41](index=41&type=chunk) [(I) Continued Deep Cultivation of Main Business, Steady Improvement in Operations](index=10&type=section&id=%28I%29%20Continued%20Deep%20Cultivation%20of%20Main%20Business%2C%20Steady%20Improvement%20in%20Operations) The company's total operating revenue increased by 13.07% during the reporting period, primarily driven by the PCB Southeast Asia investment wave and demand growth in AI intelligent related big data storage, with vertical continuous plating equipment order value increasing by over 100% H1 2025 Operating Performance | Indicator | Amount (yuan) | Year-on-Year Growth Rate (%) | | :--- | :--- | :--- | | Total Operating Revenue | 443,376,759.05 | 13.07 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 | -23.66 | - Net profit in the second quarter increased by **49.93%** quarter-on-quarter[39](index=39&type=chunk) - Vertical continuous plating equipment order value increased by over **100%** year-on-year[39](index=39&type=chunk) [(II) Significant R&D Innovation Achievements, Driving High-Quality Development](index=10&type=section&id=%28II%29%20Significant%20R%26D%20Innovation%20Achievements%2C%20Driving%20High-Quality%20Development) The company adheres to market-oriented differentiated technological innovation, with R&D expenses of 37.86 million yuan during the reporting period, accounting for 8.54% of operating revenue, and 35 new patents added H1 2025 R&D Investment | Indicator | Amount/Quantity | | :--- | :--- | | R&D Expenses | 37.86 million yuan | | R&D Expenses as Percentage of Operating Revenue | 8.54% | | Number of R&D Personnel | 192 people | | R&D Personnel as Percentage of Total Employees | 12.42% | | Number of New Patents | 35 (26 invention patents, 9 utility model patents) | [(III) Strengthening Brand Building, Continuous Equipment Innovation](index=10&type=section&id=%28III%29%20Strengthening%20Brand%20Building%2C%20Continuous%20Equipment%20Innovation) The company enhances brand influence through domestic and international exhibitions and continuously introduces innovative equipment, including glass substrate related equipment for semiconductor packaging and new energy equipment like the two-stage double-sided roll-to-roll horizontal non-contact coating line - The company enhances brand awareness and influence by participating in domestic and international industry exhibitions and technical exchange events[41](index=41&type=chunk) - Glass substrate related equipment for semiconductor packaging, including PVD, TGV, and RDL equipment, has been delivered to customers and successfully trial-produced[41](index=41&type=chunk) - New energy equipment successfully developed a two-stage double-sided roll-to-roll horizontal non-contact coating line, improving material utilization and reducing production costs[41](index=41&type=chunk) - Composite aluminum foil vacuum evaporation plating equipment has been installed and debugged at customer sites, and the company is committed to providing integrated front-to-back services for lithium battery anode and cathode materials[41](index=41&type=chunk) [(IV) Deepening Domestic Market, Expanding Company's Overseas Market](index=11&type=section&id=%28IV%29%20Deepening%20Domestic%20Market%2C%20Expanding%20Company%27s%20Overseas%20Market) The company maintains a leading position in the domestic vertical continuous plating equipment market, with order value significantly increasing year-on-year, and is building a production base in Thailand to enhance global sales capabilities and brand influence - The company maintains a leading market share in the domestic vertical continuous plating equipment market, with order value significantly increasing year-on-year during the reporting period[41](index=41&type=chunk) - A production base is being established in Thailand, having already served dozens of customers in Thailand and other Southeast Asian countries, aiming to enhance global sales capabilities and brand influence[41](index=41&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in focusing on electroplating technology and extending its application scenarios, adhering to independent R&D to strengthen innovation capabilities, achieving scaled production and efficiency improvement, providing quality services, and possessing a stable and professional management team - The company has been deeply involved in electroplating technology for **20 years**, achieving standardized design, streamlined production, and scaled industrialization, with over **50%** market share in vertical continuous plating equipment in China[42](index=42&type=chunk) - The company has formed a core technology system centered on vertical continuous plating technology, possessing over **400** patent technologies, and has extended its core technologies to general hardware and new energy electroplating fields[42](index=42&type=chunk) - Through modular segmentation technology and rhythmic production technology, production efficiency is significantly improved, and manufacturing costs are reduced[43](index=43&type=chunk) - The company has an experienced sales and after-sales service team, capable of timely responding to customer needs, and has established good cooperative relationships with numerous well-known enterprises at home and abroad[43](index=43&type=chunk)[44](index=44&type=chunk) - The company's management team is mature, stable, and professional, holding company equity, deeply aligned with the company's development, leading the company to explore new markets and develop new products[44](index=44&type=chunk) [1. Focusing on Electroplating Technology, Extending Application Scenarios](index=11&type=section&id=1.%20Focusing%20on%20Electroplating%20Technology%2C%20Extending%20Application%20Scenarios) The company has been deeply involved in electroplating technology for 20 years, holding over 50% market share in PCB electroplating equipment, and has successfully extended its technical expertise to general hardware and new energy electroplating fields - The company remains focused on and continuously innovates in the electroplating equipment market, developing into a global leading electroplating equipment enterprise[42](index=42&type=chunk) - Vertical continuous plating equipment holds over **50%** market share in China, widely used in high-performance computers, servers, big data centers, and other fields[42](index=42&type=chunk) - Leveraging deep technical expertise in PCB electroplating equipment, business has expanded to general hardware electroplating and new energy fields, achieving several domestic and industry firsts[42](index=42&type=chunk) [2. Adhering to Independent R&D, Strengthening Innovation Capabilities](index=11&type=section&id=2.%20Adhering%20to%20Independent%20R%26D%2C%20Strengthening%20Innovation%20Capabilities) The company adheres to independent R&D and innovation in high-end electroplating equipment, forming a core technology system centered on vertical continuous plating technology, possessing over 400 patent technologies, and successfully applying its core technologies to general hardware and new energy electroplating fields - The company has formed a core technology system centered on vertical continuous plating technology, possessing over **400** patent technologies, with leading technical levels[42](index=42&type=chunk) - Core technologies have been extended to general hardware electroplating and new energy electroplating fields, developing several domestic and international first-of-their-kind equipment[42](index=42&type=chunk) [3. Achieving Scaled Production, Improving Production Efficiency](index=11&type=section&id=3.%20Achieving%20Scaled%20Production%2C%20Improving%20Production%20Efficiency) The company effectively shortens product manufacturing cycles and significantly improves production efficiency through modular segmentation technology and rhythmic production technology, possessing industry-leading scaled production advantages and reducing manufacturing costs - The company significantly improves production efficiency and effectively reduces manufacturing costs through modular segmentation technology and rhythmic production technology[43](index=43&type=chunk) - The aforementioned technologies can be widely applied in the production of various electroplating equipment, possessing industry-leading scaled production advantages[43](index=43&type=chunk) [4. Providing Quality Services, Ensuring Customer Stability](index=11&type=section&id=4.%20Providing%20Quality%20Services%2C%20Ensuring%20Customer%20Stability) The company has an experienced sales and after-sales service team capable of timely responding to customer needs and ensuring stable customer production, establishing good cooperative relationships with numerous well-known enterprises at home and abroad - The company has an experienced sales and after-sales service team, capable of reliable and timely response to customer needs and service assurance[43](index=43&type=chunk) - Customers include numerous well-known enterprises in various fields at home and abroad, with products exported to Japan, South Korea, Europe, North America, and Southeast Asia[43](index=43&type=chunk)[44](index=44&type=chunk) [5. Stable Management Team, Growing Together](index=12&type=section&id=5.%20Stable%20Management%20Team%2C%20Growing%20Together) The company has a mature, stable, and professional management team with rich industry experience, holding company equity, and growing with the company, leveraging its deep technical background and profound industry understanding to formulate development strategies - The company has a mature, stable, and professional management team with rich industry experience, having served the company for many years and holding company equity[44](index=44&type=chunk) - The management team leads the company in exploring new market areas, implementing new product R&D, establishing stable cooperative relationships, and achieving industry leadership[44](index=44&type=chunk) [(III) Core Technologies and R&D Progress](index=12&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses a core technology system for vertical continuous plating in PCB special electroplating equipment, with multiple technologies at international or domestic advanced levels, leading in key indicators such as plating uniformity and through-hole rate - The company has formed a vertical continuous plating core technology system, demonstrating advanced capabilities in PCB special electroplating equipment R&D, design, and manufacturing[44](index=44&type=chunk) - Leading in key indicators such as **plating uniformity** and **through-hole rate (TP)**[44](index=44&type=chunk) - All core technologies are self-developed, covering three major business areas, including vertical continuous plating technology, stable transmission and uniform current conduction system technology, and automated clean production technology[46](index=46&type=chunk)[47](index=47&type=chunk) R&D Achievements During the Reporting Period | Intellectual Property Type | New Applications in Current Period (units) | New Acquisitions in Current Period (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 13 | 26 | 83 | | Utility Model Patents | 10 | 9 | 320 | | Design Patents | 0 | 0 | 1 | | Software Copyrights | 3 | 2 | 48 | | Other | 0 | 0 | 20 | | Total | 26 | 37 | 472 | R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | - The company has **192** R&D personnel, approximately accounting for **12.42%** of the total workforce[39](index=39&type=chunk)[60](index=60&type=chunk) [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=12&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company's core technology system is centered on vertical continuous plating technology, demonstrating advanced capabilities in PCB special electroplating equipment, with key indicators such as plating uniformity and through-hole rate at industry-leading levels - The company's core technology system is centered on vertical continuous plating technology, with key indicators such as **plating uniformity** and **through-hole rate (TP)** at industry-leading levels[44](index=44&type=chunk) - All core technologies are self-developed, covering PCB, general hardware, and new energy three major business areas, including vertical continuous plating technology, stable transmission and uniform current conduction system technology, automated clean production technology[46](index=46&type=chunk)[47](index=47&type=chunk) - The company's R&D team continuously conducts significant technological innovations in new energy coating equipment, photovoltaic equipment, gantry equipment, and high-end IC substrate equipment, forming new profit growth points[45](index=45&type=chunk) [2. R&D Achievements During the Reporting Period](index=14&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) As of June 30, 2025, the company cumulatively holds 404 patents (83 invention patents, 320 utility model patents, 1 design patent) and 48 computer software copyrights, with 23 new patent applications and 35 granted patents during the reporting period List of Intellectual Property Acquired During the Reporting Period | Intellectual Property Type | New Applications in Current Period (units) | New Acquisitions in Current Period (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 13 | 26 | 83 | | Utility Model Patents | 10 | 9 | 320 | | Design Patents | 0 | 0 | 1 | | Software Copyrights | 3 | 2 | 48 | | Other | 0 | 0 | 20 | | Total | 26 | 37 | 472 | [3. R&D Investment Overview](index=14&type=section&id=3.%20R%26D%20Investment%20Overview) During the reporting period, the company's expensed R&D investment was 37.86 million yuan, a year-on-year decrease of 8.99%, with total R&D investment accounting for 8.54% of operating revenue R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | [4. Ongoing R&D Projects](index=15&type=section&id=4.%20Ongoing%20R%26D%20Projects) The company has 33 ongoing R&D projects, with a total estimated investment of 367 million yuan, covering multiple fields such as PCB, photovoltaics, and new energy, with many technologies reaching industry-leading or domestic first-of-their-kind levels - The company has **33** ongoing R&D projects, with a total estimated investment of **367 million yuan**, and **37.86 million yuan** invested in the current period[58](index=58&type=chunk) - Multiple projects have reached industry-leading or domestic first-of-their-kind technical levels, such as horizontal continuous copper plating lines, roll-to-roll vertical continuous developing and copper plating lines, and **8000 wafers/hour** silicon wafer vertical continuous electroplating equipment[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Ongoing R&D projects cover multiple application areas with broad prospects, including PCB production, 3C/automotive touchscreens, photovoltaic cell copper-for-silver, lithium battery anode composite aluminum foil, and high-end IC packaging substrates[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [5. R&D Personnel Situation](index=20&type=section&id=5.%20R%26D%20Personnel%20Situation) The company has a total of 192 R&D personnel, accounting for 12.42% of the total workforce, with total R&D personnel compensation of 24.68 million yuan and an average compensation of 128,500 yuan Basic Information of R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 192 | 190 | | R&D Personnel as Percentage of Total Company Employees (%) | 12.42 | 14.74 | | Total R&D Personnel Compensation (10,000 yuan) | 2,467.85 | 2,471.19 | | Average R&D Personnel Compensation (10,000 yuan) | 12.85 | 13.01 | Educational Background of R&D Personnel | Educational Background | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Master's Degree | 1 | 0.52 | | Bachelor's Degree | 61 | 31.77 | | Associate's Degree | 77 | 40.10 | | High School and Below | 53 | 27.60 | | Total | 192 | 100.00 | Age Structure of R&D Personnel | Age Range | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Under 30 years old | 30 | 15.63 | | 30-40 years old | 75 | 39.06 | | 40-50 years old | 59 | 30.73 | | 50-60 years old | 23 | 11.98 | | 60 years old and above | 5 | 2.60 | | Total | 192 | 100.00 | [Risk Factors](index=20&type=section&id=IV.%20Risk%20Factors) The company faces risks such as core technology leakage, loss of technical talent, large inventory scale, accounts receivable bad debts, and changes in corporate income tax preferential policies, which may lead to fluctuations in downstream industry demand and affect operating performance - The company faces risks of core technology leakage, which could lead to reduced market competitiveness due to technology disclosure or imitation by competitors[61](index=61&type=chunk) - The talent-intensive nature of the industry leads to risks of technical talent loss, potentially affecting new product R&D and technical services[61](index=61&type=chunk) Key Financial Risk Indicators | Risk Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Inventory | 86,310.62 | | Accounts Receivable | 69,975.92 | - The company enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise; if policies change or qualifications are not renewed, it will adversely affect after-tax profit[63](index=63&type=chunk) - Downstream industries are affected by macroeconomic cycles or industrial policy adjustments, which may lead to a decline in the company's performance[64](index=64&type=chunk) [1. Core Technology Leakage Risk](index=20&type=section&id=1.%20Core%20Technology%20Leakage%20Risk) The company's various products rely on core technologies and R&D achievements; if technology or confidential information is leaked, it may be imitated by competitors, adversely affecting the company's market competitiveness - The company's products rely on core technologies accumulated through long-term R&D; technology leakage could lead to a decline in market competitiveness[61](index=61&type=chunk) [2. Technical Talent Loss Risk](index=20&type=section&id=2.%20Technical%20Talent%20Loss%20Risk) The company operates in a talent-intensive industry, where technical personnel are crucial for new product R&D, cost control, and technical services, and increased industry competition may lead to the loss of technical talent - The company operates in a talent-intensive industry, where technical personnel are crucial for new product R&D, cost control, and technical services[61](index=61&type=chunk) - Increased industry competition may lead to the loss of technical talent; if the company cannot continuously strengthen talent acquisition, incentives, and protection, it will face the risk of talent loss[61](index=61&type=chunk) [3. Risk of Large Inventory](index=20&type=section&id=3.%20Risk%20of%20Large%20Inventory) As of the end of June 2025, the company's inventory was 863.11 million yuan; if the inventory scale further expands, it may negatively impact the company's production and operations Inventory Situation | Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Inventory | 86,310.62 | - Inventory mainly consists of raw materials, work-in-progress, consigned goods, and finished goods; future expansion of scale may bring negative impacts[63](index=63&type=chunk) [4. Bad Debt Risk of Accounts Receivable](index=21&type=section&id=4.%20Bad%20Debt%20Risk%20of%20Accounts%20Receivable) As of the end of June 2025, the company's accounts receivable was 699.76 million yuan; if customer credit conditions significantly deteriorate, the company will face certain bad debt risks for accounts receivable Accounts Receivable Situation | Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Accounts Receivable | 69,975.92 | - Adverse changes in customer credit conditions may lead to bad debt risk for accounts receivable[63](index=63&type=chunk) [5. Corporate Income Tax Preferential Policy Risk](index=21&type=section&id=5.%20Corporate%20Income%20Tax%20Preferential%20Policy%20Risk) The company and its subsidiary Guangde Dongwei, as high-tech enterprises, enjoy a 15% income tax preferential rate until 2024; if policies are adjusted in the future or re-certification is not successfully passed, it will adversely affect the company's after-tax profit - The company and its subsidiary Guangde Dongwei passed the high-tech enterprise re-assessment, enjoying a **15%** corporate income tax preferential rate from 2022 to 2024[63](index=63&type=chunk) - If national income tax policies undergo significant adverse changes or high-tech enterprise qualifications are not renewed, it will adversely affect the company's after-tax profit[63](index=63&type=chunk) [6. Risk of Performance Decline Due to Macroeconomic Environment Changes](index=21&type=section&id=6.%20Risk%20of%20Performance%20Decline%20Due%20to%20Macroeconomic%20Environment%20Changes) The company's core products are applied in PCB, general hardware, and new energy fields, and these downstream industries are affected by macroeconomic cycles and industrial policies, with the complex international political and economic environment potentially leading to a decline in operating performance - The company's core products are applied in PCB, general hardware, and new energy fields; downstream industries are affected by macroeconomic cycles or industrial policy adjustments[64](index=64&type=chunk) - The complex international political and economic environment and increased external uncertainties may lead to a decline in the company's performance[64](index=64&type=chunk) - The company plans to mitigate operational risks through technological innovation, expanding main business, enhancing global R&D capabilities, and establishing overseas sales networks[64](index=64&type=chunk) [Main Operating Performance During the Reporting Period](index=21&type=section&id=V.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's total operating revenue increased by 13.07%, while net profit decreased by 23.66%, with total assets and net assets attributable to shareholders increasing by 11.43% and 0.90% respectively H1 2025 Key Operating Data | Indicator | Amount (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | | Total Operating Revenue | 443,376,759.05 | 13.07 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 | -23.66 | | Total Assets (Period-end) | 3,028,540,968.28 | 11.43 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,749,262,222.82 | 0.90 | - Operating revenue growth was mainly driven by a significant increase in demand for high-end printed circuit plating equipment[65](index=65&type=chunk) - Profit decline was mainly due to unconfirmed revenue from high-margin new energy equipment products, rising raw material prices, and increased salaries[23](index=23&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to increased orders and customer payments[66](index=66&type=chunk) - Overseas assets amounted to **26,209,443.82 yuan**, accounting for **0.87%** of total assets[73](index=73&type=chunk) [(I) Main Business Analysis](index=21&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 13.07%, primarily driven by a significant increase in demand for high-end printed circuit plating equipment, while operating costs increased by 19.07% Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 443,376,759.05 | 392,138,314.18 | 13.07 | | Operating Cost | 299,302,006.74 | 251,361,916.05 | 19.07 | | Selling Expenses | 19,516,631.62 | 19,639,210.80 | -0.62 | | Administrative Expenses | 34,174,844.13 | 27,741,402.85 | 23.19 | | Financial Expenses | 2,888,253.69 | -2,135,971.91 | Not Applicable | | R&D Expenses | 37,861,514.08 | 41,601,881.14 | -8.99 | | Net Cash Flow from Operating Activities | 30,389,155.18 | -14,631,135.72 | Not Applicable | | Net Cash Flow from Investing Activities | -20,801,869.28 | 96,824,716.34 | -121.48 | | Net Cash Flow from Financing Activities | -30,726,903.20 | -72,526,867.29 | Not Applicable | - Operating revenue increased by **13.07%**, mainly due to a significant increase in demand for high-end printed circuit board (PCB) plating equipment[65](index=65&type=chunk) - Financial expenses significantly changed, mainly due to increased exchange losses in the current reporting period[66](index=66&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to increased orders and a substantial increase in customer payments[66](index=66&type=chunk) [(III) Analysis of Assets and Liabilities](index=22&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 11.43% year-on-year, and net assets attributable to shareholders increased by 0.90% year-on-year, with significant changes in trading financial assets, notes receivable, inventory, construction in progress, and contract liabilities Changes in Assets and Liabilities | Item Name | Period-end Amount (yuan) | Period-end Percentage of Total Assets (%) | Change from Prior Year Period-end (%) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 30,018,000.00 | 0.99 | -69.04 | | Notes Receivable | 63,879,923.52 | 2.11 | 41.38 | | Accounts Receivable | 699,759,202.87 | 23.10 | 9.40 | | Accounts Receivable Financing | 13,827,842.05 | 0.46 | 57.57 | | Prepayments | 16,511,410.69 | 0.55 | 72.25 | | Inventory | 863,106,188.31 | 28.49 | 36.10 | | Construction in Progress | 36,615,446.65 | 1.21 | 194.77 | | Other Non-current Assets | 53,190,419.11 | 1.76 | 1,132.16 | | Notes Payable | 182,976,378.08 | 6.04 | 55.90 | | Contract Liabilities | 536,763,438.81 | 17.72 | 45.81 | | Other Current Liabilities | 58,551,038.91 | 1.93 | 29.84 | | Other Comprehensive Income | 1,010,787.68 | 0.03 | 151.20 | - Trading financial assets decreased by **69.04%**, mainly due to the redemption of matured bank wealth management products[70](index=70&type=chunk) - Inventory increased by **36.10%**, mainly due to increased orders and a significant increase in consigned goods[71](index=71&type=chunk) - Construction in progress increased by **194.77%**, mainly due to investment in new energy equipment expansion projects[71](index=71&type=chunk) - Contract liabilities increased by **45.81%**, mainly due to increased orders and advance receipts from contracts[72](index=72&type=chunk) [(IV) Analysis of Investment Status](index=25&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) At the end of the reporting period, the company's financial assets measured at fair value totaled 553 million yuan, including trading financial assets, accounts receivable financing, and other debt investments, with trading financial assets decreasing due to redemption of matured bank wealth management products Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Period-end Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 96,966,416.67 | 222,355.55 | 273,500,000.00 | 340,670,772.22 | 30,018,000.00 | | Accounts Receivable Financing | 8,775,864.78 | | | | 13,827,842.05 | | Other Debt Investments | 501,814,597.22 | | | | 509,123,527.14 | | Total | 607,556,878.67 | 7,531,285.47 | 273,500,000.00 | 340,670,772.22 | 552,969,369.19 | - Trading financial assets decreased by **69.04%** compared to the beginning of the year, mainly due to the redemption of matured bank wealth management products[70](index=70&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=26&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main holding subsidiaries include Guangde Dongwei, Shenzhen Dongwei, Dongguan Dongwei, Changshu Dongwei, and Dongwei Technology (Thailand) Co., Ltd., with Guangde Dongwei being the most important profit-contributing subsidiary Major Holding and Participating Companies | Company Name | Main Operating Location | Registered Capital (RMB) | Registered Address | Business Nature | Shareholding Ratio (%) - Direct | Shareholding Ratio (%) - Indirect | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangde Dongwei Technology Co., Ltd. | Guangde, Anhui | 180 million yuan | Guangde, Anhui | Production Base | 100.00 | | Newly Established | | Shenzhen Kunshan Dongwei Technology Co., Ltd. | Shenzhen, Guangdong | 70 million yuan | Shenzhen, Guangdong | After-sales Center | 100.00 | | Newly Established | | Dongguan Dongwei Technology Co., Ltd. | Dongguan, Guangdong | 50 million yuan | Dongguan, Guangdong | Production Base | 100.00 | | Newly Established | | Changshu Dongwei Technology Co., Ltd. | Changshu, Jiangsu | 405 million yuan | Changshu, Jiangsu | Production Base | 100.00 | | Newly Established | | Dongwei Technology (Thailand) Co., Ltd. | Thailand | 100 million Thai Baht | Thailand | Production Base | 20.00 | 80.00 | Newly Established | - Guangde Dongwei Technology Co., Ltd. reported operating revenue of **329 million yuan** and net profit of **63.04 million yuan** during the reporting period, making it a significant profit-contributing subsidiary for the company[80](index=80&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Senior Management, and Core Technical Personnel](index=29&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company abolished the Supervisory Board in accordance with the new "Company Law" and completed the re-election of the Board of Directors and appointment of senior management on May 16, 2025 - The company abolished the Supervisory Board in accordance with the new "Company Law" and completed the re-election of the Board of Directors and appointment of senior management on May 16, 2025[84](index=84&type=chunk) Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Lu Huaming | Independent Director | Resignation | | Nie Xiaojian | Director | Resignation | | Jiang Zejun | Director | Resignation | | Zhong Jincai | Chairman of Supervisory Board | Resignation | | Zhou Xiangrong | Deputy General Manager, Financial Controller | Resignation | | Zhang Zhen | Director | Election | | Wei Yongjun | Director | Election | | Zhao Jianbing | Director | Election | | Su Xinjian | Director | Election | | Cai Wenwu | Director | Election | | Zhang Zuqing | Financial Controller | Appointment | [Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period - The company's proposed profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period is "No"[85](index=85&type=chunk) [Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=30&type=section&id=III.%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company approved the "2025 Restricted Stock Incentive Plan (Draft)" on March 22, 2025, which was passed by the shareholders' meeting on April 10, and restricted shares were granted to incentive recipients for the first time on April 24 - The company approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary on March 22, 2025[86](index=86&type=chunk) - The shareholders' meeting approved the incentive plan on April 10, 2025[86](index=86&type=chunk) - On April 24, 2025, the company granted restricted shares to incentive recipients for the first time[86](index=86&type=chunk) [Significant Matters](index=31&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=31&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, directors, supervisors, and senior management have strictly fulfilled all commitments made during the initial public offering and other commitments, with all commitments strictly fulfilled on time during the reporting period - Actual controller Liu Jianbo committed not to transfer shares within **36 months** from the listing date and not to reduce directly held company shares in any way within the next **12 months** from June 15, 2024[89](index=89&type=chunk) - The company, actual controller, directors, supervisors, and senior management all committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and not to harm company interests[91](index=91&type=chunk) - All committing parties pledged to compensate investors for losses in accordance with the law if the prospectus contains false records, misleading statements, or major omissions[91](index=91&type=chunk)[92](index=92&type=chunk) - During the reporting period, all commitments were strictly fulfilled on time[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [Major Litigation and Arbitration Matters](index=38&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during this reporting period - The company had no major litigation or arbitration matters during this reporting period[97](index=97&type=chunk) [Major Related Party Transactions](index=38&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company had no major related party transactions related to daily operations, asset acquisition or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships - During the reporting period, the company had no related party transactions related to daily operations[97](index=97&type=chunk) - During the reporting period, the company had no related party transactions involving asset acquisition or equity acquisition/disposal[97](index=97&type=chunk) - During the reporting period, the company had no major related party transactions involving joint external investments[98](index=98&type=chunk) - During the reporting period, the company had no related party creditor-debtor relationships

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆山东威科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第三届董事会第二次会议，审议通过了《关于 2025 年半年度计提资产减值准备 的议案》。现将相关情况公告如下： 证券代码：688700 证券简称：东威科技 公告编号：2025-039 昆山东威科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 一、计提信用及资产减值概述 根据《企业会计准则第 8 号——资产减值》《企业会计准则第 22 号——金 融工具确认和计量》及相关会计政策、会计估计的相关规定，为了真实、准确地 反映公司截至 2025 年 6 月 30 日的财务状况及 2025 年半年度的经营成果，本着 谨慎性原则，公司 2025 年半年度确认资产减值损失和信用减值损失共计 17,001,782.74 元，明细如下： | 项目 | 本年发生额 | | --- | --- | | | （单位：人民币 元） | | 一、信用减值损失 | -13,560,954.01 | | 应收票据 ...