智通财经APP讯，兆驰股份(002429.SZ)发布2025年半年度报告，该公司营业收入为84.83亿元，同比减 少10.89%。归属于上市公司股东的净利润为6.61亿元，同比减少27.37%。归属于上市公司股东的扣除非 经常性损益的净利润为5.78亿元，同比减少32.69%。基本每股收益为0.15元。 ...

非经营性资金占用及其他关联资金往来情况汇总表 2025年半年度 | 编制单位：深圳市兆驰股份有限公司 | | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联 关系 | 上市公司核算的 会计科目 | 2025年期初 占用资金余额 | 2025年半年度占用累计发 生金额 （不含利息） | 2025年半年度占 用资金的利息 （如有） | 2025年半年度偿还 累计发生金额 | 2025年半年度期 末 占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | | | | | 小 计 | ...

深圳市兆驰股份有限公司 2025 年半年度财务报告 深圳市兆驰股份有限公司 Shenzhen MTC Co., Ltd. 2025 年半年度财务报告 2025 年 8 月 1 深圳市兆驰股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：深圳市兆驰股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 3,735,352,657.98 | 4,678,139,694.91 | | 结算备付金 | 0.00 | 0.00 | | 拆出资金 | 0.00 | 0.00 | | 交易性金融资产 | 173,367,996.85 | 143,988,147.93 | | 衍生金融资产 | 0.00 | 0.00 | | 应收票据 | 345,574,288.04 | 355,579,165.34 | | 应收账款 | 4,656,752,052.95 ...

Core Viewpoint - Zhaochi Co., Ltd. reported a decline in both revenue and net profit for the first half of 2025, primarily due to the impact of international trade tariff policy changes on its smart terminal business [1] Financial Performance - The company achieved an operating revenue of 8.483 billion yuan, representing a year-on-year decrease of 10.89% [1] - The net profit attributable to shareholders was 661 million yuan, down 27.37% year-on-year [1] - Basic earnings per share were reported at 0.15 yuan [1] Business Segment Analysis - The smart terminal business was the main contributor to the company's revenue and net profit [1] - The business faced challenges due to reduced shipment volumes influenced by changes in international trade policies [1]

格隆汇8月22日丨兆驰股份(002429.SZ)公布2025年半年度报告，上半年公司实现营业收入84.83亿元，同 比下降10.89%；归属于上市公司股东的净利润6.61亿元，同比下降27.37%；归属于上市公司股东的扣除 非经常性损益的净利润5.78亿元，同比下降32.69%；基本每股收益0.15元。 ...

兆驰股份公告，2025年上半年营业收入84.83亿元，同比下降10.89%。净利润6.61亿元，同比下降 27.37%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=First%20Section%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, lists the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with the company's leadership affirming the financial statements - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company head Gu Wei, chief accountant Yan Zhirong, and head of accounting Wu Yanhao declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the nine main chapters of the semi-annual report, covering company profile, management discussion, governance, and financial statements - The report comprises nine main chapters, including Company Profile, Management Discussion and Analysis, and Financial Report[7](index=7&type=chunk) [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section lists the semi-annual report's reference documents, including signed financial statements and publicly disclosed company filings, available at the Board of Directors' office - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of accounting[9](index=9&type=chunk) - Reference documents are kept at the company's Board of Directors' office[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, such as company names, industry-specific terminology, and reporting period, to ensure clear understanding - MTC, the Company, or the Company refers to Shenzhen MTC Co., Ltd[14](index=14&type=chunk) - ODM refers to Original Design Manufacture, where products are sold under the client's brand[15](index=15&type=chunk) - Mini LED refers to LED devices with chip sizes between 50-200 micrometers, an improved version of traditional LED backlighting[15](index=15&type=chunk) - Reporting Period or This Reporting Period refers to January 1, 2025 – June 30, 2025[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents key financial data and performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section details the company's fundamental information, including its stock ticker, code, listing exchange, official names, and legal representative - Stock Abbreviation: MTC, Stock Code: 002429, Stock Exchange: Shenzhen Stock Exchange[17](index=17&type=chunk) - Company's Chinese Name: Shenzhen MTC Co., Ltd., Legal Representative: Gu Wei[17](index=17&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the Board Secretary and Securities Affairs Representative, facilitating investor communication - Board Secretary: Shan Huajin, Securities Affairs Representative: Luo Liyun[18](index=18&type=chunk) - Contact Address: Building B, MTC Group Building, 128 Bulan Road, Longgang District, Shenzhen[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) This section confirms that the company's registered address, office address, website, and information disclosure channels remained unchanged during the reporting period - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - The stock exchange website and media name and URL for the company's semi-annual report disclosure, and the location for semi-annual report reference, remained unchanged during the reporting period[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents a comparative analysis of the company's key financial performance and position metrics for the current and prior reporting periods Comparison of Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Reporting Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,482,784,941.64 | 9,519,943,302.69 | -10.89% | | Net Profit Attributable to Shareholders of Listed Company | 661,459,259.59 | 910,786,618.33 | -27.37% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 578,332,394.67 | 859,173,722.02 | -32.69% | | Net Cash Flow from Operating Activities | 973,330,575.85 | -571,590,836.98 | 270.28% | | Basic Earnings Per Share (Yuan/share) | 0.15 | 0.20 | -25.00% | | Diluted Earnings Per Share (Yuan/share) | 0.15 | 0.20 | -25.00% | | Weighted Average Return on Net Assets | 3.97% | 5.81% | -1.84% | | **Period-end Indicator Comparison:** | | | | | Total Assets | 27,863,665,894.48 | 29,001,028,420.68 | -3.92% | | Net Assets Attributable to Shareholders of Listed Company | 16,067,123,737.51 | 15,885,047,116.31 | 1.15% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) This section confirms no material differences in net profit and net assets between Chinese accounting standards and international or overseas accounting standards - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[23](index=23&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[24](index=24&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the non-recurring gains and losses for the reporting period, totaling **83.13 million Yuan**, primarily from government subsidies and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets (including the write-back of asset impairment provisions) | -2,617,338.50 | | Government subsidies recognized in current profit and loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 76,305,448.59 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, other than effective hedge accounting related to the company's normal business operations | 5,982,893.82 | | Other non-operating income and expenses apart from the above items | 10,662,272.13 | | Less: Income tax impact | 4,938,323.04 | | Impact of minority interests (after tax) | 2,268,088.08 | | **Total** | **83,126,864.92** | - The company has no other specific situations of profit and loss items that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's operational performance, strategic initiatives, financial condition, and future outlook [I. Main Businesses Engaged in by the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's revenue and net profit slightly declined due to smart terminal business challenges, but it is actively expanding globally and transitioning to high-tech sectors like Mini/Micro LED and optical communication - During the reporting period, the company achieved operating revenue of **8.483 billion Yuan** and net profit attributable to shareholders of **661 million Yuan**, with a slight decline in both operating revenue and net profit[29](index=29&type=chunk) - The main reasons for the decline in operating revenue and net profit were the impact of changes in international trade tariff policies on the smart terminal business and the temporary increase in operating costs during the expansion of the Vietnam production base[29](index=29&type=chunk) - The company will stabilize its smart terminal business through global expansion and accelerate its transformation and upgrade towards high-tech fields such as Mini/Micro LED new displays, optical communication, and compound semiconductors[29](index=29&type=chunk) [(I) Smart Terminals](index=10&type=section&id=(I)%20Smart%20Terminals) The company rapidly expanded its Vietnam production base to **11 million units** annually, driving Q2 revenue growth and anticipating improved profitability in H2, while pursuing global expansion - During the reporting period, the annual production capacity of the Vietnam production base increased from **2 million units** at the beginning of the year to **11 million units** at the end of the reporting period[30](index=30&type=chunk) - With the ramp-up in capacity driving gradual growth in shipments, the company's second-quarter operating revenue increased quarter-on-quarter, and profitability is expected to continue improving in the second half of the year[30](index=30&type=chunk) - Profitability is expected to continue improving in the second half of the year[30](index=30&type=chunk) [(II) LED Full Industry Chain](index=10&type=section&id=(II)%20LED%20Full%20Industry%20Chain) The LED full industry chain business achieved **2.808 billion Yuan** in revenue, growing **8.67%**, with **403 million Yuan** in net profit, driven by Mini/Micro LED and automotive LED advancements - The LED industry chain achieved operating revenue of **2.808 billion Yuan** during the reporting period, a year-on-year increase of **8.67%**[31](index=31&type=chunk) - The LED industry chain achieved net profit of **403 million Yuan**, contributing over **60%** of total profit[31](index=31&type=chunk) - Mini RGB chips monthly shipments reached **15,000 KK sets**, with a market share exceeding **50%**[31](index=31&type=chunk) - The company's Mini/Micro LED display shipment area doubled year-on-year, with a market share exceeding **50%**[33](index=33&type=chunk) - The company plans to invest in building a dedicated PCB production line for Mini/Micro LED, accelerating cost reduction through vertical integration of the industry chain[34](index=34&type=chunk) [(III) Optical Communication Industry Chain](index=11&type=section&id=(III)%20Optical%20Communication%20Industry%20Chain) The optical communication business generated **309 million Yuan** in revenue, with improving operations and a **40%** market share for BOSA devices, aiming for profitability in H2 and advanced optical chip production by 2026 - In the first half of 2025, the company's optical communication devices and modules achieved operating revenue of **309 million Yuan**, with a slight loss, but operations improved month-on-month, expected to turn profitable in the second half of the year[35](index=35&type=chunk) - The market share of BOSA devices used in optical access networks has rapidly increased to **40%**[35](index=35&type=chunk) - The company now possesses mass production capability for **25G DFB laser chips** and plans to successively launch **50G and higher-speed optical chip products** in 2026[37](index=37&type=chunk) [(IV) Internet Video Business Segment - Beijing Funshion](index=12&type=section&id=(IV)%20Internet%20Video%20Business%20Segment%E2%80%94%E2%80%94Beijing%20Funshion) Beijing Funshion achieved net profit of **67 million Yuan**, growing over **30%** year-on-year, by focusing on content distribution, OS platforms, and AI content creation, including the launch of FunOS and "Orange Star Dream Factory" - Beijing Funshion achieved net profit of **67 million Yuan**, with a year-on-year growth exceeding **30%**[38](index=38&type=chunk) - Business focuses on three major segments: mini-program entertainment content distribution, audio-visual platforms and terminal OS, and AI content creation and distribution[38](index=38&type=chunk) - Beijing Funshion pioneered the industry's first open-source HarmonyOS TV operating system, FunOS, and the large-screen HarmonyOS official app store, "Orange AppStore"[38](index=38&type=chunk) - Beijing Funshion successfully launched the "Orange Star Dream Factory" AIGC integrated creation and development platform, providing content creation services for creators[39](index=39&type=chunk) [Development Strategy and Business Plan](index=12&type=section&id=Development%20Strategy%20and%20Business%20Plan) The company's strategic transformation towards high-tech industries, particularly Mini/Micro LED and optical communication, has yielded results, establishing new growth drivers and enhancing core competitiveness - Emerging business segments such as the LED industry chain, optical communication industry chain, and internet video operating platform have become the company's main performance contributors[41](index=41&type=chunk) - Mini/Micro LED new display technology is gradually becoming the core driving factor for the continuous growth of the entire LED industry chain and has been established as the company's second growth curve[41](index=41&type=chunk) - The company has successfully built a vertical optical communication industry chain covering optical chips, optical devices, and optical modules, achieving deeper industrial upgrading and technological breakthroughs[41](index=41&type=chunk) - In the future, the company will continue to increase its investment in high-tech industries, consolidating and enhancing its core competitiveness through continuous strategic transformation[42](index=42&type=chunk) [II. Analysis of Core Competencies](index=13&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies stem from its robust R&D, intelligent manufacturing, synergistic scale, stringent quality control, and integrated industrial ecosystem across multiple high-tech sectors - The company has established R&D centers in Shenzhen, Beijing, Wuhan, Nanchang, and other locations, forming core technological barriers in smart display, communication, LED, and other manufacturing fields[44](index=44&type=chunk) - The company was the first to pass the evaluation and certification of the China Electronics Standardization Institute, achieving Level 3 of the "Smart Manufacturing Capability Maturity" standard, realizing integrated management across the entire chain including R&D, procurement, production, cost, inventory, distribution, transportation, sales, and finance[45](index=45&type=chunk)[46](index=46&type=chunk) - The company has established five major manufacturing bases in Shenzhen Longgang, Nanchang Qingshanhu, Nanchang Gaoxin, Zhongshan, and Vietnam, achieving rapid supply chain response and efficient upstream and downstream collaboration through highly concentrated production layouts and intensive management models[47](index=47&type=chunk) - The company has established a "full-process quality control" model covering technology R&D, incoming material inspection, production manufacturing, and ex-factory testing, driving precise quality management with big data analysis[48](index=48&type=chunk) - The company has achieved deep full-industry chain layout in the LED sector, from chips and packaging to lighting and display products, and can provide devices, modules, and semiconductor laser chips in the optical communication field, forming a multi-business synergistic development strategy[49](index=49&type=chunk) [III. Analysis of Main Business](index=14&type=section&id=III.%20Analysis%20of%20Main%20Business) Operating revenue decreased by **10.89%** due to multimedia audio-visual products, while LED industry chain revenue grew **8.67%**; management and financial expenses increased significantly, but operating cash flow improved Year-on-Year Changes in Key Financial Data | Indicator | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | -10.89% | No significant change | | Operating Cost | -9.99% | No significant change | | Selling Expenses | -6.71% | No significant change | | Administrative Expenses | 64.74% | Primarily due to increased lease expenses | | Financial Expenses | 181.06% | Primarily due to foreign currency exchange rate fluctuations | | Income Tax Expense | -45.91% | Primarily due to reduced profit in the reporting period | | R&D Investment | 15.31% | No significant change | | Net Cash Flow from Operating Activities | 270.28% | Primarily due to increased prepayments for core raw materials based on existing orders in the prior period and collection of receivables in the reporting period | | Net Cash Flow from Investing Activities | 86.53% | Primarily due to increased recovery of time deposits and decreased investment in time deposits in the reporting period | | Net Cash Flow from Financing Activities | -194.72% | Primarily due to obtaining bank loans in the prior period | | Taxes and Surcharges | 31.06% | Primarily due to increased property tax for the company's industrial park Phase II factory building | | Other Income | 37.16% | Primarily due to increased government subsidies received in the current period | | Investment Income | 271.27% | Primarily due to increased investment income from financial assets held for trading during the holding period | | Credit Impairment Losses | -76.16% | Primarily due to the company's recovery of some accounts receivable in the reporting period | | Asset Impairment Losses | 529.38% | Primarily due to changes in the net realizable value of inventories in the reporting period | | Gains from Disposal of Assets | 103.10% | Primarily due to asset disposals in the reporting period | | Non-operating Income | 1,202.93% | Primarily due to insurance claim payments received in the reporting period | | Non-operating Expenses | -53.46% | Primarily due to reduced disposal of non-current assets in the reporting period | Composition of Operating Revenue | Category | Amount for Current Reporting Period (Yuan) | Proportion of Operating Revenue | Amount for Prior Reporting Period (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 8,482,784,941.64 | 100% | 9,519,943,302.69 | 100% | -10.89% | | **By Product** | | | | | | | Multimedia Audio-Visual Products and Operating Services | 5,675,141,509.21 | 66.90% | 6,936,381,231.98 | 72.86% | -18.18% | | LED Industry Chain | 2,807,643,432.43 | 33.10% | 2,583,562,070.71 | 27.14% | 8.67% | | **By Region** | | | | | | | Domestic | 4,007,122,325.34 | 47.24% | 4,198,682,078.10 | 44.10% | -4.56% | | Overseas | 4,475,662,616.30 | 52.76% | 5,321,261,224.59 | 55.90% | -15.89% | [IV. Analysis of Non-Main Business](index=16&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) This section states that the company had no non-main business analysis during the reporting period - The company had no non-main business analysis during the reporting period[57](index=57&type=chunk) [V. Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by **3.92%** year-on-year, while net assets attributable to shareholders increased by **1.15%**, with notable shifts in inventory, prepayments, and long-term payables Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 3,735,352,657.98 | 13.41% | 4,678,139,694.91 | 16.13% | -2.72% | No significant change | | Accounts Receivable | 4,656,752,052.95 | 16.71% | 5,016,117,010.98 | 17.30% | -0.59% | No significant change | | Inventories | 4,282,122,499.44 | 15.37% | 3,407,515,694.01 | 11.75% | 3.62% | No significant change | | Prepayments | 185,510,528.14 | 0.67% | 334,921,948.10 | 1.15% | -0.48% | Primarily due to reduced prepayments for raw materials in the reporting period | | Long-term Deferred Expenses | 66,074,153.25 | 0.24% | 47,554,590.52 | 0.16% | 0.08% | Primarily due to increased decoration expenses in the reporting period | | Taxes Payable | 40,848,189.48 | 0.15% | 110,322,716.31 | 0.38% | -0.23% | Primarily due to reduced various taxes and fees in the reporting period | | Long-term Payables | 306,218,333.34 | 1.10% | 639,083,375.23 | 2.20% | -1.10% | Primarily due to early repayment of some long-term payables in the reporting period | Subtotal of Financial Assets Measured at Fair Value | Item | Beginning Balance (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 143,988,147.93 | 50,000,000.00 | 15,515,277.60 | 173,367,996.85 | | Other Equity Instrument Investments | 180,889,630.40 | 0 | 0 | 180,889,630.40 | | Other Non-current Financial Assets | 800,000,000.00 | 0 | 0 | 800,000,000.00 | | **Subtotal of Financial Assets** | **1,124,877,778.33** | **50,000,000.00** | **15,515,277.60** | **1,154,257,627.25** | [VI. Analysis of Investment Status](index=18&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment for the reporting period totaled **60.88 million Yuan**, with no significant equity, non-equity, securities, or derivative investments, nor any use of raised funds - The investment amount for the reporting period was **60,877,760.00 Yuan**[63](index=63&type=chunk) - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [VII. Significant Asset and Equity Sales](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) This section states that the company did not sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[67](index=67&type=chunk) - The company did not sell significant equity during the reporting period[68](index=68&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section presents financial data for key subsidiaries, Jiangxi MTC Semiconductor and Shenzhen MTC Crystal Display, both significantly impacting net profit, while newly established entities had no major impact Financial Data of Major Subsidiaries | Company Name | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Jiangxi MTC Semiconductor Co., Ltd. | 1,419,382,803.59 | 379,417,051.12 | 367,385,872.22 | | Shenzhen MTC Crystal Display Technology Co., Ltd. | 644,435,366.77 | 96,448,015.40 | 95,696,291.12 | - During the reporting period, MTC INTELLIGENCE PTE. LTD., Jiangxi MTC Integrated Technology Co., Ltd., and MTC Smart Display (Jiangxi) Technology Co., Ltd. were newly established, with no significant impact on overall production, operations, and performance[69](index=69&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=19&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[70](index=70&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=19&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses risks such as market competition, tariffs, global operations, exchange rate fluctuations, expansion management, and human resources through product innovation, global expansion, and robust internal controls - The company faces the risk of intensified market competition and will respond by continuously developing new products, processes, and technologies, improving production efficiency and product quality, and enhancing product added value[71](index=71&type=chunk) - To address tariff risks, the company has made corresponding business adjustments, focusing on a globalization strategy, actively expanding into diversified markets, building a global production system, and gradually establishing a localized closed-loop system for supply chain, production bases, sales, and after-sales services[72](index=72&type=chunk) - The company faces global operational risks and will continuously improve the information communication mechanism of its global operating network, actively adapting to legal policies and market regulatory requirements in different regions[73](index=73&type=chunk) - To address exchange rate fluctuation risks, the company will actively monitor international exchange rate changes, adopt appropriate and reasonable settlement methods, accelerate foreign exchange settlement, and moderately engage in forward foreign exchange hedging and related businesses[75](index=75&type=chunk) - The company faces management risks arising from expansion and integration and will establish and improve its management structure, systems, and models, continuously optimizing organizational structure and strengthening internal controls[76](index=76&type=chunk) - To address human resource risks, the company will focus on strengthening the cultivation and introduction of high-level talent, and improve diversified incentive mechanisms to retain and expand its existing core talent team[77](index=77&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[78](index=78&type=chunk) - The company has not disclosed a valuation enhancement plan[78](index=78&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=XII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company's "Dual Improvement" plan focuses on core business synergy, technological upgrades, governance, investor relations, and shareholder returns, with significant progress in optical technology and consistent cash dividends - The company has disclosed its "Dual Improvement in Quality and Returns" action plan, with core initiatives including focusing on main business to strengthen multi-business group synergy, driving industrial innovation through technological upgrades, solidifying governance foundations to enhance standardized operations, deepening investor relations management to accurately convey value, and highly prioritizing shareholder returns to ensure investors share in development achievements[79](index=79&type=chunk) - The company has built an industrial cluster with optical technology as its core foundation, firmly establishing a leading position in the smart terminal and LED industries[80](index=80&type=chunk) - In the first half of 2025, the company's phased achievements in optical chips and optical module products in the optical communication field strongly validated the foresight and correctness of its strategy to drive transformation through technological innovation and strengthen its high-tech attributes[80](index=80&type=chunk) - From 2022 to 2024, the company implemented cash dividends for three consecutive years, with cumulative cash dividends exceeding **1.3 billion Yuan**, and the dividend ratio for each year exceeding **30%** of the net profit attributable to the parent company for that year[81](index=81&type=chunk) - In the future, the company will continue to deepen its industrial layout with optical technology as its core business, further exploring more compound semiconductor fields such as indium phosphide and silicon carbide, and promoting the industry's transformation and upgrading towards high-end and intelligent directions[82](index=82&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in company leadership, profit distribution plans, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section confirms that there were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management remained unchanged during the reporting period[85](index=85&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=23&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) This section states that the company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[86](index=86&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section confirms that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[87](index=87&type=chunk) [IV. Environmental Information Disclosure](index=23&type=section&id=IV.%20Environmental%20Information%20Disclosure) This section confirms that the company and two key subsidiaries are listed as legally required environmental information disclosers, with relevant query indexes provided - Among the listed company and its major subsidiaries, Jiangxi MTC Semiconductor Co., Ltd. and Jiangxi MTC Optoelectronics Co., Ltd. have been included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) [V. Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company actively fulfills social responsibilities by protecting shareholder and employee rights, fostering fair partner relations, and prioritizing environmental protection and sustainable development - The company strictly adheres to the relevant provisions of the "Company Law" and the "Articles of Association," ensuring that information disclosure is true, accurate, complete, and timely, and safeguarding the equal right of all shareholders to access information[89](index=89&type=chunk) - From 2022 to 2024, the company implemented cash dividends for three consecutive years, with cumulative cash dividends exceeding **1.3 billion Yuan**, and the annual cash dividend amount exceeding **30%** of the net profit attributable to shareholders of the listed company for each year[89](index=89&type=chunk) - The company provides employees with market-competitive benefits, working environments, and career development platforms, and has established the "Boundless Love MTC Charity Foundation" to address employees' practical difficulties[90](index=90&type=chunk) - The company implements an open bidding system for major raw material procurement, ensuring fair competition and selection among suppliers, and actively engages in cooperation and communication with suppliers[91](index=91&type=chunk) - The company actively advocates and practices green development concepts, strictly adheres to all environmental laws and regulations, always prioritizes safety in production, and is committed to protecting the community's ecological environment[92](index=92&type=chunk) [Significant Matters](index=25&type=section&id=Fifth%20Section%20Significant%20Matters) This section details key events, commitments, financial transactions, and legal proceedings that significantly impact the company's operations and financial standing [I. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=25&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This section states that there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, or related parties during the reporting period - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties[94](index=94&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=25&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) This section states that there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company[95](index=95&type=chunk) [III. Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) This section states that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[96](index=96&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's semi-annual financial report was not audited - The company's semi-annual report was not audited[97](index=97&type=chunk) [V. Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=25&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) This section states that there was no "non-standard audit report" issued by the accounting firm for the current reporting period - There was no explanation regarding a "non-standard audit report" from the accounting firm for the company during this reporting period[98](index=98&type=chunk) [VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=25&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that there was no explanation regarding a "non-standard audit report" for the previous year - There was no explanation regarding a "non-standard audit report" for the previous year during the company's reporting period[98](index=98&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[98](index=98&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration matters, with numerous minor contract disputes, most of which have been resolved or are not expected to have a significant impact - The company had no significant litigation or arbitration matters during this reporting period[99](index=99&type=chunk) Overview of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Whether a Provision for Liabilities is Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Company or subsidiary suing others: contract disputes, etc. | 115,085.57 | No | Total 56 cases: 28 closed, 28 pending | No significant impact, some cases executed | | Others suing company or subsidiary: contract disputes, etc. | 5,378.47 | No | Total 112 cases: 73 closed, 39 pending | No significant impact, some cases executed | [IX. Penalties and Rectification](index=26&type=section&id=IX.%20Penalties%20and%20Rectification) This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[101](index=101&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section states that there were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the controlling shareholder or actual controller of the company during the reporting period[102](index=102&type=chunk) [XI. Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions at market prices and extended the payment term for a **2.3675225 billion Yuan** receivable from Nanchang Zhaotou and Mr. Gu Wei until December 31, 2027, without interest, to optimize its balance sheet Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (Ten Thousand Yuan) | Approved Transaction Limit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | BesTV New Media Co., Ltd. | Providing services to related parties | Advertising and other related service fees | 427.73 | 1,500 | | BesTV New Media Co., Ltd. | Receiving services from related parties | Advertising, content sharing, and other related service fees | 493.36 | 1,500 | | Shenzhen MTC Supply Chain Management Co., Ltd. | Selling products to related parties | Lighting fixtures and other products and product services | 189.16 | 2,000 | | Oriental Pearl and its holding companies | Selling products to related parties | Sales of TVs, set-top boxes, and other products and product services | 0 | 15,000 | - The company signed a "Debt Settlement Agreement" with Nanchang Zhaotou and Mr. Gu Wei regarding the settlement of transferred receivables from asset sales/disposals, agreeing to extend the payment deadline for **2.3675225 billion Yuan** of transferred receivables to December 31, 2027, with no interest charged[110](index=110&type=chunk) - This transaction aims to adjust transaction terms, ensure no harm to the interests of the listed company and its minority shareholders, optimize the company's asset-liability structure, and further enhance the company's financial stability[111](index=111&type=chunk) [XII. Significant Contracts and Their Performance](index=29&type=section&id=XII.%20重大合同及其履行情况) The company has no trust or contracting arrangements, provides **3.5959785 billion Yuan** in guarantees to subsidiaries (**22.38%** of net assets), and has **850 million Yuan** in outstanding wealth management products, including an extended **800 million Yuan** trust product - The company had no trust or contracting arrangements during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk) - The company provides joint and several liability guarantees to its subsidiaries, with an approved total guarantee limit of **7.891782 billion Yuan** for subsidiaries at period-end, and an actual guarantee balance of **3.5959785 billion Yuan** for subsidiaries at period-end[120](index=120&type=chunk) - The total actual guarantee amount accounts for **22.38%** of the company's net assets[120](index=120&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (Ten Thousand Yuan) | Unmatured Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 5,000 | 5,000 | | Trust Wealth Management Products | Own Funds | 80,000 | 80,000 | | **Total** | | **85,000** | **85,000** | - The aforementioned trust wealth management product is for a Sunac real estate project, and Chang'an International Trust Co., Ltd. has extended the trust plan as per the trust contract[123](index=123&type=chunk) [XIII. Explanation of Other Significant Matters](index=33&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed its 2024 profit distribution, paying **484.38 million Yuan** in cash dividends, and established MTC Technology (Singapore) Co., Ltd. as an overseas subsidiary - The company's 2024 annual equity distribution plan was completed on June 11, 2025, distributing a cash dividend of **1.07 Yuan (tax inclusive)** per 10 shares to all shareholders, totaling **484,382,644.95 Yuan (tax inclusive)** in cash dividends[125](index=125&type=chunk) - The company has established an overseas subsidiary, MTC Technology (Singapore) Co., Ltd., in Singapore through its wholly-owned subsidiary Hong Kong MTC Co., Ltd., using its own funds, with a registered capital of **1 million US dollars**[126](index=126&type=chunk) - MTC Singapore has completed the registration procedures and obtained registration certificates issued by the local administrative authorities[127](index=127&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=33&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company established MTC Technology (Singapore) Co., Ltd. as an overseas subsidiary through its wholly-owned Hong Kong MTC Co., Ltd., completing its registration - On December 6, 2024, the company convened the 17th meeting of the Sixth Board of Directors, which approved the "Proposal on Establishing an Overseas Subsidiary," agreeing that the company would establish an overseas subsidiary, MTC Technology (Singapore) Co., Ltd., in Singapore through its wholly-owned subsidiary Hong Kong MTC Co., Ltd., using its own funds[126](index=126&type=chunk) - On February 11, 2025, the company completed the registration procedures for MTC Singapore and obtained registration certificates issued by the local administrative authorities[127](index=127&type=chunk) [Changes in Shares and Shareholder Information](index=35&type=section&id=Sixth%20Section%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details the company's share capital structure, shareholder composition, and any changes in shareholdings or control during the reporting period [I. Changes in Share Capital](index=35&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital remained unchanged at **4,526,940,607 shares**, with limited and unlimited outstanding shares maintaining their respective proportions Changes in Share Capital | Item | Number Before This Change (shares) | Proportion Before This Change | Subtotal of Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,607,589 | 0.06% | 0 | 2,607,589 | 0.06% | | II. Unrestricted Shares | 4,524,333,018 | 99.94% | 0 | 4,524,333,018 | 99.94% | | **III. Total Shares** | **4,526,940,607** | **100.00%** | **0** | **4,526,940,607** | **100.00%** | - The reasons for share changes, approval status, transfer status, and progress of share repurchases are all not applicable[130](index=130&type=chunk)[131](index=131&type=chunk) [II. Issuance and Listing of Securities](index=36&type=section&id=II.%20Issuance%20and%20Listing%20of%20Securities) This section states that the company had no issuance or listing of securities during the reporting period - The company had no issuance or listing of securities during the reporting period[131](index=131&type=chunk) [III. Number of Shareholders and Shareholding Information](index=36&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had **100,556** common shareholders. Nanchang Zhaotou and its concerted party, Mr. Gu Wei, collectively hold **5.00%** of voting rights, despite Nanchang Zhaotou being the largest shareholder with **27.59%** - Total number of common shareholders at the end of the reporting period: **100,556**[132](index=132&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Nanchang MTC Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 27.59% | 1,249,084,227 | Pledged 758,017,600 | | Shenzhen Capital Operation Group Co., Ltd. | State-Owned Legal Person | 14.73% | 666,818,300 | Not Applicable 0 | | Oriental Pearl New Media Co., Ltd. | State-Owned Legal Person | 6.32% | 286,276,900 | Not Applicable 0 | | Shenzhen Yixin Investment Co., Ltd. | State-Owned Legal Person | 5.27% | 238,519,800 | Not Applicable 0 | | Nanchang Industrial Investment Fund Management Co., Ltd. | State-Owned Legal Person | 4.48% | 202,632,200 | Not Applicable 0 | - Nanchang MTC Investment Partnership (Limited Partnership) and its concerted party, Mr. Gu Wei, signed an "Irrevocable Undertaking to Waive Voting Rights" regarding their shares in the company, collectively retaining only **5.00%** of the company's voting rights[133](index=133&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[135](index=135&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[136](index=136&type=chunk) - The company's actual controller remained unchanged during the reporting period[136](index=136&type=chunk) [VI. Information on Preferred Shares](index=39&type=section&id=VI.%20Information%20on%20Preferred%20Shares) This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[137](index=137&type=chunk) [Bond-Related Information](index=40&type=section&id=Seventh%20Section%20Bond-Related%20Information) This section states that the company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[139](index=139&type=chunk) [Financial Report](index=41&type=section&id=Eighth%20Section%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [I. Audit Report](index=41&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[141](index=141&type=chunk) [II. Financial Statements](index=41&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, detailing assets, liabilities, equity, income, and cash flows Consolidated Balance Sheet (Period-end) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 27,863,665,894.48 | | Total Liabilities | 11,295,488,325.49 | | Total Equity Attributable to Parent Company Owners | 16,067,123,737.51 | | Minority Interests | 501,053,831.48 | | Total Equity | 16,568,177,568.99 | Consolidated Income Statement (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 8,482,784,941.64 | | Operating Profit | 791,734,486.99 | | Total Profit | 799,637,442.13 | | Net Profit | 720,586,243.73 | | Net Profit Attributable to Parent Company Shareholders | 661,459,259.59 | | Minority Interest Income/Loss | 59,126,984.14 | | Basic Earnings Per Share | 0.15 | | Diluted Earnings Per Share | 0.15 | Consolidated Cash Flow Statement (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 973,330,575.85 | | Net Cash Flow from Investing Activities | -229,276,089.04 | | Net Cash Flow from Financing Activities | -1,470,453,978.01 | | Net Increase in Cash and Cash Equivalents | -730,041,626.09 | [III. Company Basic Information](index=59&type=section&id=III.%20Company%20Basic%20Information) Shenzhen MTC Co., Ltd., established on June 1, 2007, with a registered capital of **4.526940607 billion Yuan**, is listed on the Shenzhen Stock Exchange and specializes in consumer electronics, including smart displays, communication products, and LED components - Shenzhen MTC Co., Ltd. was registered with the Shenzhen Administration for Industry and Commerce on June 1, 2007[175](index=175&type=chunk) - The company's registered capital is **4,526,940,607.00 Yuan**, with a total of **4,526,940,607 shares**[175](index=175&type=chunk) - The company's shares were listed and traded on the Shenzhen Stock Exchange on June 10, 2010[175](index=175&type=chunk) - The company belongs to the consumer electronics industry, primarily engaged in the R&D, manufacturing, sales, and service of home audio-visual and related products, including LCD TVs and display products, network communication products, smart audio-visual equipment and various IoT products, LED chips, LED devices and components, and LED application products[175](index=175&type=chunk) [IV. Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis[176](index=176&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for 12 months from the end of the reporting period[177](index=177&type=chunk) [V. Significant Accounting Policies and Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies for financial instruments, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition, ensuring compliance with accounting standards and accurate financial reporting - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flow information[179](index=179&type=chunk) - Financial assets are classified at initial recognition as financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[194](index=194&type=chunk) - Inventories are measured at the lower of cost and net realizable value, and issued inventories are accounted for using the moving weighted average method[230](index=230&type=chunk)[226](index=226&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures having a depreciation period of **30 years**, a residual value rate of **10%**, and an annual depreciation rate of **3%**[258](index=258&type=chunk) - Intangible assets include land use rights, film and television broadcasting rights, software, and others, initially measured at cost and systematically amortized over their useful lives[265](index=265&type=chunk) - The principle of revenue recognition is to identify each distinct performance obligation in a contract, determine whether each performance obligation is satisfied over time or at a point in time, and measure revenue based on the transaction price allocated to each distinct performance obligation[294](index=294&type=chunk)[295](index=295&type=chunk) - Government grants are classified into government grants related to assets and government grants related to income, and are accounted for separately[300](index=300&type=chunk)[302](index=302&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities; as a lessor, the company classifies leases as finance leases or operating leases[307](index=307&type=chunk)[311](index=311&type=chunk) [VI. Taxation](index=88&type=section&id=VI.%20Taxation) This section outlines the company's main tax categories and rates, including VAT and corporate income tax, with several subsidiaries benefiting from high-tech enterprise tax incentives and overseas entities enjoying tax exemptions Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated based on tax law, with output tax minus deductible input tax as VAT payable | 13%, 10%, 9%, 6%, 5%, 3%, 23% | | Consumption Tax | Actual amount of turnover tax paid | 7%, 9% | | Urban Maintenance and Construction Tax | Taxable income | 8.84%, 12.5%, 15%, 16.5%, 25% | | Enterprise Income Tax | Taxable income | 1.2%, 12% | | Property Tax | For ad valorem, 1.2% of the original value of the property after a 30% deduction; for rental, 12% of rental income | 1.2%, 12%, 17% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company and several subsidiaries (e.g., Shenzhen MTC Guangyuan, Jiangxi MTC Optoelectronics, MTC Digital, Jiangxi Semiconductor, Wuhan Funshion, Jiangxi Crystal Display, Shenzhen Crystal Display, Funshion Online) enjoy a **15%** preferential corporate income tax rate for high-tech enterprises[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) - MTC Vietnam, EMTC, and Fun Company enjoy tax exemption policies[325](index=325&type=chunk)[326](index=326&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including cash and bank balances, accounts receivable, inventories, fixed assets, goodwill, and key income and expense figures Cash and Bank Balances at Period-end | Item | Ending Balance (Yuan) | | :--- | :--- | | Bank Deposits | 3,013,930,259.76 | | Other Cash and Bank Balances | 721,422,398.22 | | **Total** | **3,735,352,657.98** | - At period-end, other cash and bank balances include bank acceptance bill deposits of **268,852,903.94 Yuan**, letter of credit deposits of **21,742,946.12 Yuan**, and time deposits of **430,000,000.00 Yuan**, all of which are restricted in use[330](index=330&type=chunk) Accounts Receivable at Period-end and Provision for Bad Debts | Category | Book Balance (Yuan) | Provision for Bad Debts (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Accounts receivable for which bad debt provisions are individually provided | 160,423,625.11 | 121,994,706.24 | 38,428,918.87 | | Accounts receivable for which bad debt provisions are provided in combination | 4,731,078,168.57 | 112,755,034.49 | 4,618,323,134.08 | | **Total** | **4,891,501,793.68** | **234,749,740.73** | **4,656,752,052.95** | Inventories at Period-end and Provision for Impairment | Item | Book Balance (Yuan) | Provision for Inventory Impairment (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 2,162,756,234.76 | 145,458,593.98 | 2,017,297,640.78 | | Work in Progress | 331,242,010.33 | 2,991,321.00 | 328,250,689.33 | | Finished Goods | 1,488,338,854.06 | 164,683,728.16 | 1,323,655,125.90 | | Goods in Transit | 268,740,712.22 | 0.00 | 268,740,712.22 | | Semi-finished Goods | 445,410,917.95 | 130,370,070.19 | 315,040,847.76 | | Consigned Processing Materials | 34,263,808.63 | 5,126,325.18 | 29,137,483.45 | | **Total** | **4,730,752,537.95** | **448,630,038.51** | **4,282,122,499.44** | Book Value of Fixed Assets at Period-end | Item | Book Value (Yuan) | | :--- | :--- | | Buildings and Structures | 1,458,947,610.59 | | Machinery and Equipment | 5,632,706,366.79 | | Transportation Equipment | 3,652,504.17 | | Electronic Equipment | 38,981,746.56 | | Office Equipment and Others | 58,490,826.59 | | **Total** | **7,192,779,054.70** | Original Book Value of Goodwill and Provision for Impairment | Name of Investee or Event Leading to Goodwill | Beginning Balance (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | | Zhejiang Feiyue Company Asset Group | 71,906,853.64 | 71,906,853.64 | | Funshion Online Company and Funshion Video Company Asset Group | 1,010,330,751.30 | 1,010,330,751.30 | | MTC Communication Company Asset Group | 11,605,347.53 | 11,605,347.53 | | Ruigu Company Asset Group | 113,712,482.72 | 113,712,482.72 | | **Total Original Book Value of Goodwill** | **1,207,555,435.19** | **1,207,555,435.19** | | **Total Provision for Goodwill Impairment** | **650,963,428.75** | **650,963,428.75** | Classification of Short-term Borrowings | Item | Ending Balance (Yuan) | | :--- | :--- | | Pledged Borrowings | 164,823,646.07 | | Guaranteed Borrowings | 309,451,297.09 | | Credit Borrowings | 939,692,160.03 | | Financing Borrowings | 155,775,779.97 | | **Total** | **1,569,742,883.16** | Operating Revenue and Operating Cost | Item | Revenue for Current Period (Yuan) | Cost for Current Period (Yuan) | | :--- | :--- | :--- | | Main Business | 8,433,818,414.30 | 7,025,760,304.57 | | Other Businesses | 48,966,527.34 | 28,878,054.40 | | **Total** | **8,482,784,941.64** | **7,054,638,358.97** | R&D Expenses | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Employee Compensation | 160,126,303.93 | | Office and Lease Expenses | 9,564,877.69 | | Travel and Business Entertainment Expenses | 2,927,460.93 | | Depreciation and Amortization Expenses | 95,622,784.46 | | Development and Testing Expenses | 27,744,890.74 | | Material Consumption | 158,089,309.69 | | Entrusted Development Fees | 19,424,079.18 | | Others | 23,753,787.48 | | **Total** | **497,253,494.10** | Net Cash Flow from Operating Activities | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 973,330,575.85 | [VIII. R&D Expenses](index=144&type=section&id=VIII.%20R%26D%20Expenses) The company's total R&D expenditure for the reporting period was **497.25 million Yuan**, entirely expensed, primarily comprising employee compensation, material consumption, and depreciation Composition of R&D Expenses | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Employee Compensation | 160,126,303.93 | | Office and Lease Expenses | 9,564,877.69 | | Travel and Business Entertainment Expenses | 2,927,460.93 | | Depreciation and Amortization Expenses | 95,622,784.46 | | Development and Testing Expenses | 27,744,890.74 | | Material Consumption | 158,089,309.69 | | Entrusted Development Fees | 19,424,079.18 | | Others | 23,753,787.48 | | **Total** | **497,253,494.10** | - Expensed R&D expenditure for this period was **497,253,494.10 Yuan**[624](index=624&type=chunk) [IX. Changes in Consolidation Scope](index=145&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company had no business combinations under common control or non-common control, but established three new subsidiaries, which had no significant impact on overall operations or performance - No business combinations not under common control occurred in this period[628](index=628&type=chunk) - No business combinations under common control occurred in this period[633](index=633&type=chunk) - During the reporting period, MTC INTELLIGENCE PTE. LTD., Jiangxi MTC Integrated Technology Co., Ltd., and MTC Smart Display (Jiangxi) Technology Co., Ltd. were newly established, with no significant impact on overall production, operations, and performance[636](index=636&type=chunk) [X. Interests in Other Entities](index=148&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's equity interests in various subsidiaries, joint ventures, and associates, reflecting a broad industrial layout and investment structure - The company owns several wholly-owned or controlled subsidiaries, such as Hong Kong MTC Co., Ltd., Jiangxi MTC Guangyuan Co., Ltd., and Jiangxi Semiconductor Co., Ltd., with business activities covering export trade, production and sales, and technical services[638](index=638&type=chunk)[639](index=639&type=chunk) - The total book value of investments in associates at the end of the reporting period was **1,778,028.23 Yuan**[649](index=649&type=chunk) [XI. Government Grants](index=153&type=section&id=XI.%20Government%20Grants) This section discloses government grants as liabilities and amounts recognized in current profit or loss, with deferred income from grants totaling **962.62 million Yuan** and **250.34 million Yuan** recognized in other income Liability Items Involving Government Grants | Account Title | Beginning Balance (Yuan) | Amount of New Grants in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :---

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [5] Core Insights - The report discusses the challenges in data center link technologies, emphasizing the trade-offs between transmission distance, power consumption, and reliability. Copper cables offer high efficiency and reliability but are limited to distances of less than 2 meters, while optical links provide longer distances at the cost of higher power consumption and lower reliability [1][11]. - The introduction of the MOSAIC optical transmission technology by Microsoft aims to overcome the limitations of both optical and copper links, achieving long-distance transmission, low power consumption, and high reliability without requiring hardware changes [2][18]. - MOSAIC utilizes a wide-and-slow architecture with numerous parallel channels operating at lower data rates, employing Micro LEDs as transmitters to achieve high data rates [3][26]. Summary by Sections 1. Challenges in Current Link Technologies - Data center networks face fundamental trade-offs in transmission distance, power consumption, and reliability, with copper cables being limited in distance and optical links suffering from high power consumption [1][11]. - The performance of copper cables declines rapidly with increased data rates, while optical links experience significant power increases [12][15]. 2. MOSAIC Technology Overview - MOSAIC is designed to be backward compatible with existing standards and interfaces, allowing seamless integration into current network architectures [2][18]. - The architecture employs a large number of parallel channels, each operating at a lower data rate of 2 Gbps, to achieve higher aggregate speeds [3][26]. - MOSAIC has demonstrated the ability to maintain stable data transmission over distances of up to 30 meters, significantly exceeding traditional copper cable capabilities [32]. 3. Component Increment from MOSAIC - The implementation of MOSAIC is expected to benefit several components, including Micro LEDs, multi-core imaging fibers, TIR lenses, CMOS sensors, and Micro LED optical connectors [4][42]. - The report highlights specific companies that could benefit from this technology, such as Zhaochi Co., Sanan Optoelectronics, and Longfly Fiber [5][64]. 4. Investment Recommendations - The report suggests focusing on companies involved in the MOSAIC supply chain, particularly those producing Micro LEDs and related optical components, as they are likely to see significant growth with the adoption of this technology [4][64].

Market Performance - The Shanghai Composite Index rose by 0.13% to 3771.1 points, while the Shenzhen Component Index fell by 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points. The STAR Market 50 Index increased by 0.09% to 1149.15 points. The total trading volume in the Shanghai and Shenzhen markets reached 24240.57 billion yuan [1]. Sector Movements - Digital currency concept stocks showed strong performance, with companies like Yuyin Co., Ltd. hitting the daily limit. The photovoltaic sector was also active, with companies such as Beibo Co., Ltd. reaching the daily limit [1]. Notable Stocks - Several stocks related to the photovoltaic sector, such as Shimao Energy and Zhangzhou Development, achieved daily limit gains due to factors like waste incineration power generation and state-owned enterprise reforms [6]. - Digital currency-related stocks like Tianrongxin and Sanwei Xinan also saw daily limit gains, driven by developments in digital currency and AI security [6]. Industry Insights - According to a report from CITIC Securities, central bank digital currencies (CBDCs) have advantages over traditional electronic payments, private cryptocurrencies, and stablecoins, including sovereign credit backing, strong scalability, good privacy, low costs, and fast transactions. The digital yuan possesses these advantages and has promising applications in programmability, smart contracts, cross-border payments, and promoting the internationalization of the yuan [7].

Group 1 - The core viewpoint of the news highlights a decline in the production of color televisions in China, with a projected output of 16.25 million units by June 2025, representing a year-on-year decrease of 11.1% [1] - In the first half of 2025, the cumulative production of color televisions in China reached 91.871 million units, showing a cumulative decline of 5.5% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, which specializes in industry research [3] Group 2 - The listed companies in the television industry include TCL Technology, Skyworth Digital, Hisense Visual, Sichuan Changhong, Shenzhen Konka, Zhaochi Co., Hisense Home Appliances, and Rainbow Co. [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [2]