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调研速递|惠威科技接受投资者调研,聚焦业务发展与市值提升要点
Xin Lang Zheng Quan· 2025-09-19 12:58
Group 1 - The company held an earnings briefing on September 19, where key executives, including the chairman and general manager, addressed investor questions [1] - The company aims to achieve a market value of 100 billion yuan and will continue to work towards this goal [1] - The company is currently focused on its core business of electronic sound production and is cautious about exploring new business areas such as AI-related collaborations [1] Group 2 - The company emphasized that market value management is closely tied to operational performance and will continue to strengthen its business foundation amid increasing competition in the audio industry [1] - The company has not engaged in hardware development collaborations with Tencent Cloud [1] - Future growth strategies may include reasonable use of mergers and acquisitions to enhance the company's market value [1]
惠威科技(002888) - 惠威科技:投资者关系活动记录表20250919
2025-09-19 12:46
| | 尊敬的投资者您好,我们经营管理层将会审慎考虑您的建 | | --- | --- | | | 议,感谢您对公司的关注。 | | | 4、未来 AI 眼镜有可能代替手机,我们惠威可以开展 AI 眼 | | | 镜吗 | | | 尊敬的投资者您好,公司当前还将继续深耕电子音响生产的 | | | 主营业务,新业务的开展需要审慎、综合地考虑,感谢您对公司 | | | 的关注。 | | | 5、惠威和腾讯云有合作开发硬件吗 | | | 尊敬的投资者您好,公司没有和腾讯云合作开发硬件,感谢 | | | 您对公司的关注。 | | | 6、你好,总经理,惠威科技如何提升市值? | | | 尊敬的投资者您好,市值管理与公司经营情况有脱不开的关 | | | 系,近年来音响行业的竞争逐渐加剧,公司持续夯实业务基础, | | | 业绩有了很大的提升。公司今后将会继续聚焦主营业务,合理利 | | | 用并购手段,综合提升公司市值,感谢您对公司的关注。 | | 附件清单(如有) | | | 日期 | 2025-09-19 17:08:09 | 广东惠威电声科技股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 ...
惠威科技2025年中报简析:营收净利润同比双双增长
Zheng Quan Zhi Xing· 2025-08-30 23:26
Financial Performance - The company reported a total revenue of 127 million yuan for the first half of 2025, representing a year-on-year increase of 32.23% [1] - The net profit attributable to the parent company reached 8.81 million yuan, a significant increase of 437.2% compared to the previous year [1] - In Q2 2025, the total revenue was 70.83 million yuan, up 34.75% year-on-year, while the net profit for the same quarter was 8.42 million yuan, reflecting a staggering increase of 1182.62% [1] Profitability Metrics - The gross margin stood at 33.27%, a slight decrease of 0.7% year-on-year, while the net margin improved to 6.93%, an increase of 354.87% [1] - The total of selling, administrative, and financial expenses was 25.34 million yuan, accounting for 19.92% of revenue, which is a reduction of 21.49% year-on-year [1] - Earnings per share (EPS) increased to 0.06 yuan, a rise of 436.52% compared to the previous year [1] Financial Health - The company reported cash and cash equivalents of 39.66 million yuan, a 38% increase year-on-year [1] - Accounts receivable rose to 3.18 million yuan, marking a 104.41% increase compared to the previous year [1] - The company has a history of weak capital returns, with a return on invested capital (ROIC) of 2.43% last year and a median ROIC of 6.17% since its listing [3] Business Model and Risks - The company's business model relies heavily on research and marketing efforts, which require careful examination of the underlying drivers [3] - The company has experienced cyclical performance, with a history of two loss years since its listing, indicating a fragile business model [3]
惠威科技:2025年半年度归属于上市公司股东的净利润同比增长437.20%
Group 1 - The core point of the article is that Huiwei Technology reported significant financial growth for the first half of 2025, with a notable increase in both revenue and net profit [1] - The company achieved operating revenue of 127,232,574.20 yuan, representing a year-on-year growth of 32.23% [1] - The net profit attributable to shareholders reached 8,812,924.85 yuan, showing a remarkable year-on-year increase of 437.20% [1]
惠威科技(002888) - 2025年半年度财务报告
2025-08-29 09:03
广东惠威电声科技股份有限公司 2025 年半年度财务报告 (未经审计) 2025 年 08 月 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:广东惠威电声科技股份有限公司 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 | 39,656,377.82 | 40,213,132.26 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 134,043,643.22 | 176,792,247.38 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 3,177,737.41 | 4,115,481.20 | | 应收款项融资 | | | | 预付款项 | 2,169,783.83 | 1,776,706.06 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | ...
惠威科技(002888) - 半年度非经营性资金占用及其他关联资金往来情况汇总表
2025-08-29 09:03
| 总计 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资金往来 | 资金往来 方名称 | 往来方与上市 公司的关联关 | 上市公司核算 的会计科目 | 2025 年期初 往来资金余 | 2025 年 1-6 月 往来累计发生 金额(不含利 | 2025 年 1-6 月 往来资金的利 | 2025 年 1-6 月 偿还累计发生 | 2025 年 6 月期 末往来资金余 | 往来形成 原因 | 往来性质 | | | | 系 | | 额 | 息) | 息(如有) | 金额 | 额 | | | | 控股股东、实际控制人及 其附属企业 | | | | | | | | | | | | 上市公司的子公司及其 附属企业 | | | | | | | | | | | | 其他关联方及其附属企 业 | | | | | | | | | | | | 总计 | | | | | | | | | | | | 非经营性资金占用 | 资金占用 | 占用方与上市 | 上市公司核算 | 2025 年期初 ...
惠威科技:2025年半年度净利润约881万元
Mei Ri Jing Ji Xin Wen· 2025-08-29 08:25
Group 1 - The core viewpoint of the article highlights Huawai Technology's significant revenue growth and return to profitability in the first half of 2025 compared to the same period in 2024 [1] - In the first half of 2025, the company's operating revenue was approximately 127 million yuan, representing a year-on-year increase of 32.23% [1] - The net profit attributable to shareholders was approximately 8.81 million yuan, with basic earnings per share of 0.0599 yuan, contrasting with a net loss of 2.61 million yuan and a loss per share of 0.0178 yuan in the same period of 2024 [1] Group 2 - As of the report, Huawai Technology's market capitalization stands at 2.8 billion yuan [2]
惠威科技(002888) - 2025 Q2 - 季度财报
2025-08-29 08:05
[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section contains important notices, guarantees of the report's authenticity, and warnings about forward-looking statements [Important Notes](index=2&type=section&id=Important%20Notes) The board guarantees the report's truthfulness and accuracy, notes risks in forward-looking statements, and confirms no dividend distribution for the period - The company's Board of Directors, Supervisory Committee, and management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[4](index=4&type=chunk) - The report contains forward-looking statements regarding future plans and business objectives, which do not constitute substantive commitments, and investors should be aware of the risks[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue 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 provides a complete directory of the semi-annual report, including chapter titles and their corresponding page numbers [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company names, controlling shareholders, and the reporting period - The Company, This Company, HiVi, and HiVi Technology refer to Guangdong HiVi Technology Co, Ltd[12](index=12&type=chunk) - The controlling shareholder and actual controller is **HONGBO YAO**, and the actual controller also includes **HUIFANG CHEN**[12](index=12&type=chunk) - The current reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information and key financial data, showing significant growth in revenue and net profit but negative operating cash flow [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides the company's basic registration information, including its stock ticker, code, and legal representative - The company's stock ticker is HiVi Technology, stock code is 002888, and it is listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is HONGBO YAO[14](index=14&type=chunk) [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Kuang Feifan, and the Securities Affairs Representative is Chen Jie, both located at 1101, Block A, Wisdom Plaza, Qiaoxiang Road, Shahe Street, Nanshan District, Shenzhen[15](index=15&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) This section states that the company's contact information and disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - The websites and media for semi-annual report disclosure and the report's physical location remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses key financial data, showing a substantial increase in revenue and net profit attributable to shareholders, but a shift to negative operating cash flow 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change vs Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 127,232,574.20 | 96,223,836.62 | 32.23% | | Net Profit Attributable to Shareholders | 8,812,924.85 | -2,613,556.66 | 437.20% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 8,038,374.25 | -4,170,970.00 | 292.72% | | Net Cash Flow from Operating Activities | -11,508,809.97 | 5,222,987.20 | -320.35% | | Basic Earnings Per Share (CNY/Share) | 0.0599 | -0.0178 | 436.52% | | Diluted Earnings Per Share (CNY/Share) | 0.0599 | -0.0178 | 436.52% | | Weighted Average Return on Equity | 2.28% | -0.67% | 2.95% | | **End of Current Period** | **End of Prior Year** | **Change vs End of Prior Year** | | | Total Assets | 453,665,489.56 | 472,216,004.91 | -3.93% | | Net Assets Attributable to Shareholders | 378,707,756.28 | 392,673,065.91 | -3.56% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) This section confirms no discrepancies in net profit or net assets between Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section details non-recurring profit and loss items totaling CNY 774,550.60, primarily from fair value changes and disposals of financial assets and liabilities 2025 Semi-Annual Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets (including write-offs of asset impairment provisions) | -4,158.34 | | Government Grants Recognized in Current Profit/Loss (excluding those closely related to normal business operations, compliant with national policies, and having a continuous impact) | 55,518.56 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains/Losses from their Disposal (excluding effective hedging related to normal business) | 1,722,782.92 | | Other Non-operating Income and Expenses | -757,671.80 | | Less: Income Tax Impact | 241,920.74 | | **Total** | **774,550.60** | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes industry trends, core competencies, business performance, and risks, highlighting revenue growth alongside increased operating cash outflows and inventory challenges [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) This section outlines the audio industry's trend towards intelligent, wireless, and immersive experiences, where the company holds a competitive advantage - In 2024, the total output value of major products in China's electronic audio industry **increased by 5.37%** year-on-year[26](index=26&type=chunk) - The global high-fidelity audio market is projected to reach **$17.5 billion by 2025**, with a compound annual growth rate of **4.58%** from 2023 to 2025[26](index=26&type=chunk) - The company has become a leading brand in the audio industry, with significant competitive advantages in brand recognition, R&D, marketing networks, and comprehensive services[27](index=27&type=chunk) [Core Competitiveness Analysis](index=9&type=section&id=II.%20Core%20Competitiveness%20Analysis) This section details the company's core strengths in brand, product line, financial stability, marketing channels, and R&D capabilities - The company's core competitiveness has not undergone significant changes compared to the 2024 fiscal year[28](index=28&type=chunk) - The company leverages over 30 years of brand equity with its "HiVi" brand, enjoying high recognition and reputation in the domestic mid-to-high-end audio market[29](index=29&type=chunk) - The company offers a diverse product line with over a thousand SKUs, including multimedia speakers, home theaters, car audio, professional audio, public address systems, headphones, and various speaker units[30](index=30&type=chunk) - The company maintains a strong financial position with ample cash flow and a low debt-to-asset ratio, supporting operations and strategic transformation[32](index=32&type=chunk) - The company employs a sales model combining distribution and direct sales, both online and offline, establishing a nationwide marketing network[33](index=33&type=chunk) - The company insists on independent R&D, focusing on audio quality technology, which has formed a distinct advantage in tuning and R&D capabilities within the industry[34](index=34&type=chunk) [Analysis of Principal Business](index=10&type=section&id=III.%20Analysis%20of%20Principal%20Business) This section analyzes the financial performance of the main business, showing significant growth in revenue and costs, particularly in professional and multimedia audio products Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 127,232,574.20 | 96,223,836.62 | 32.23% | Primarily due to an increase in sales revenue this period | | Operating Costs | 84,898,993.07 | 63,981,491.02 | 32.69% | Primarily due to the corresponding increase in cost of goods sold with higher sales revenue | | Finance Costs | -73,329.04 | -185,139.13 | 60.39% | Primarily due to a decrease in interest income corresponding to a reduction in bank deposit balances | | Income Tax Expense | 389,180.84 | -872,744.06 | 144.59% | Primarily due to increased profits, reduced deductible losses, and higher deferred tax expenses | | R&D Investment | 6,942,381.24 | 10,394,723.71 | -33.21% | Primarily due to the capitalization of R&D expenses related to development services | | Net Cash Flow from Operating Activities | -11,508,809.97 | 5,222,987.20 | -320.35% | Primarily due to an increase in cash paid for raw material purchases | | Net Cash Flow from Investing Activities | 32,704,248.85 | -301,922.49 | 10,932.00% | Primarily due to a net increase from wealth management product redemptions over purchases, versus a net decrease in the prior year period | | Net Cash Flow from Financing Activities | -21,787,283.56 | -10,393,945.08 | -109.66% | Primarily due to an increase in cash dividend payments to shareholders | Operating Revenue Breakdown (by Product) | Product | Current Period Amount (CNY) | % of Operating Revenue | Prior Year Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Home Theater Series | 40,141,203.28 | 31.56% | 31,783,018.28 | 33.02% | 26.30% | | Professional Audio Series | 34,331,229.75 | 26.98% | 21,978,938.60 | 22.84% | 56.20% | | Public Address Series | 18,018,400.42 | 14.16% | 21,388,750.65 | 22.23% | -15.76% | | Multimedia Series | 11,999,037.53 | 9.43% | 8,280,329.35 | 8.61% | 44.91% | | Speaker Series | 4,471,944.68 | 3.51% | 5,855,525.74 | 6.09% | -23.63% | | Car Audio Series | 1,252,958.22 | 0.98% | 1,566,407.34 | 1.63% | -20.01% | | Other Business | 6,675,028.05 | 5.25% | 4,513,208.93 | 4.69% | 47.90% | | Headphone Series | 325,036.42 | 0.26% | 857,657.73 | 0.89% | -62.10% | | Development Services | 10,017,735.85 | 7.87% | - | - | - | Operating Revenue Breakdown (by Region) | Region | Current Period Amount (CNY) | % of Operating Revenue | Prior Year Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 122,370,571.84 | 96.18% | 91,980,355.23 | 95.59% | 33.04% | | Exports | 4,862,002.36 | 3.82% | 4,243,481.39 | 4.41% | 14.58% | [Analysis of Non-principal Business](index=11&type=section&id=IV.%20Analysis%20of%20Non-principal%20Business) This section analyzes the impact of non-principal business activities, such as investment income and asset impairment, on total profit Impact of Non-principal Business on Total Profit | Item | Amount (CNY) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,871,387.08 | 20.33% | Primarily investment income from the disposal of trading financial assets | No | | Fair Value Change Gains/Losses | -148,604.16 | -1.61% | Primarily fair value changes in trading financial assets this period | No | | Asset Impairment | -1,585,865.81 | -17.23% | Primarily inventory write-downs and reversals recognized this period | No | | Non-operating Income | 114,878.70 | 1.25% | Primarily from quality penalties and compensation received | No | | Non-operating Expenses | 882,862.50 | 9.59% | Primarily compensation expenses and case settlement payments | No | | Other Income | 1,536,095.16 | 16.68% | Primarily from input tax super-deduction, VAT refunds, and government grants | No | [Analysis of Assets and Liabilities](index=12&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the composition and significant changes in assets and liabilities, focusing on inventory and trading financial assets Significant Changes in Asset Composition | Item | End of Current Period (CNY) | % of Total Assets | End of Prior Year (CNY) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inventory | 102,862,066.70 | 22.67% | 83,600,989.82 | 17.70% | 4.97% | Primarily due to increased stock preparation this period | | Trading Financial Assets | 134,043,643.22 | 29.55% | 176,792,247.38 | 37.44% | -7.89% | Primarily due to the redemption of wealth management products this period | Changes in Financial Assets Measured at Fair Value | Item | Opening Balance (CNY) | Current Period Fair Value Change (CNY) | Current Period Purchases (CNY) | Current Period Sales (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 176,792,247.38 | -148,604.16 | 595,165,000.00 | 637,765,000.00 | 134,043,643.22 | - At the end of the reporting period, the company's restricted assets amounted to **CNY 7,160,890.65**, primarily consisting of **CNY 7,110,490.65** in funds frozen due to litigation[46](index=46&type=chunk) [Investment Analysis](index=13&type=section&id=VI.%20Investment%20Analysis) This section outlines the company's investment activities, noting no significant equity, non-equity, or derivative investments - The company had no significant equity, non-equity, or derivative investments during the reporting period[47](index=47&type=chunk)[50](index=50&type=chunk) - The company did not use any raised funds during the reporting period[51](index=51&type=chunk) [Major Asset and Equity Sales](index=14&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) This section states that no major assets or equity were sold during the reporting period - The company did not sell any major assets during the reporting period[52](index=52&type=chunk) - The company did not sell any major equity during the reporting period[53](index=53&type=chunk) [Analysis of Major Holding and Associated Companies](index=14&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) This section analyzes the performance of the main subsidiary, Zhuhai HiVi Technology Co, Ltd, and details subsidiary acquisitions and disposals Financial Data of Major Subsidiary Zhuhai HiVi Technology Co, Ltd | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai HiVi Technology Co, Ltd | Subsidiary | 296,072,490.00 | 428,585,200.63 | 330,630,527.75 | 110,151,029.07 | 2,497,366.44 | 2,123,360.90 | - Zhuhai HiVi Technology Co, Ltd's operating revenue **increased by 16.79%**, operating profit **increased by 167.04%**, and net profit **increased by 177.22%** year-on-year[55](index=55&type=chunk) - The decrease in total assets and net assets of Zhuhai HiVi Technology Co, Ltd compared to the beginning of the year was mainly due to dividend payments to the parent company, Guangdong HiVi Technology Co, Ltd[55](index=55&type=chunk) Acquisition and Disposal of Subsidiaries during the Reporting Period | Company Name | Method of Acquisition/Disposal | Impact on Overall Production, Operation, and Performance | | :--- | :--- | :--- | | Swan Technology (HK) limited | Wholly-owned subsidiary established in January 2025 | Negligible impact on the company's production, operation, and performance | | Guangdong HiVi IoT Technology Co, Ltd | Acquired 100% equity through cash purchase in June 2025 | Negligible impact on the company's production, operation, and performance | [Structured Entities Controlled by the Company](index=15&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[55](index=55&type=chunk) [Risks and Countermeasures](index=15&type=section&id=X.%20Risks%20and%20Countermeasures) This section details risks related to inventory write-downs, new product substitution, and talent attrition, along with corresponding mitigation strategies - The company faces the risk of significant inventory write-downs, with countermeasures including strengthening internal controls, setting reasonable inventory levels, and enhancing refined management[56](index=56&type=chunk) - The company faces risks from new product and technology substitution, addressed by expanding product lines through R&D and innovation and collaborating with tech and smart terminal ecosystem giants[57](index=57&type=chunk) - The company faces risks of talent attrition and recruitment challenges, with countermeasures including improving talent acquisition and development systems, continuously attracting high-end talent, and enhancing performance appraisal and incentive mechanisms[57](index=57&type=chunk)[58](index=58&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=15&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 or disclosed a valuation enhancement plan[59](index=59&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=16&type=section&id=XII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) This section states that the company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[60](index=60&type=chunk) [Corporate Governance, Environment, and Society](index=16&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section confirms no changes in senior management, reiterates no semi-annual dividend, details the 2025 employee stock ownership plan, and notes no targeted poverty alleviation or mandatory environmental disclosures [Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states there were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[61](index=61&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=16&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Reporting%20Period) This section clarifies the company's plan not to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period[62](index=62&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=16&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section details the 2025 employee stock ownership plan, including participants, shareholdings, funding sources, and handling of equity changes due to employee departures - The company did not implement any equity incentive plans during the reporting period[63](index=63&type=chunk) 2025 Employee Stock Ownership Plan Details | Indicator | Content | | :--- | :--- | | Scope of Employees | Senior management, supervisors, and other employees of the company | | Number of Employees | 144 | | Total Shares Held (Shares) | 598,772 | | Percentage of Total Share Capital | 0.40% | | Source of Funds | Employees' legal remuneration and self-raised funds | - During the reporting period, some participating employees left the company for personal reasons and withdrew from the 2025 employee stock ownership plan; their shares will be reclaimed and transferred to eligible employees or sold at an appropriate time[65](index=65&type=chunk) - The financial impact of the employee stock ownership plan on the listed company and related accounting treatment are detailed in "Section VIII Financial Report, XV Share-based Payment" of this report[65](index=65&type=chunk) [Environmental Information Disclosure](index=17&type=section&id=IV.%20Environmental%20Information%20Disclosure) This section states that the company and its main subsidiaries are not designated as enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not designated as enterprises required to disclose environmental information by law[65](index=65&type=chunk) [Social Responsibility](index=17&type=section&id=V.%20Social%20Responsibility) This section states that the company did not engage in targeted poverty alleviation efforts during the reporting period and has no future plans to do so - The company did not engage in targeted poverty alleviation efforts during the reporting period and has no subsequent plans for such initiatives[65](index=65&type=chunk) [Significant Matters](index=18&type=section&id=Section%205%20Significant%20Matters) This section covers key corporate events, confirming no unfulfilled commitments, improper fund usage, or major lawsuits, while disclosing entrusted wealth management balances and a property acquisition agreement [Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company that were Fulfilled during the Reporting Period or Remained Unfulfilled by the End of the Reporting Period](index=18&type=section&id=I.%20Commitments%20by%20the%20Company's%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20that%20were%20Fulfilled%20during%20the%20Reporting%20Period%20or%20Remained%20Unfulfilled%20by%20the%20End%20of%20the%20Reporting%20Period) This section confirms that there were no unfulfilled commitments by the company's controlling parties or the company itself during the reporting period - There were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or remained unfulfilled by the end of the reporting period[67](index=67&type=chunk) [Non-operating Fund Occupation by the Controlling Shareholder and Other Related Parties](index=18&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20the%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section states that there was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - The company reports no non-operating fund occupation by the controlling shareholder and other related parties during the reporting period[68](index=68&type=chunk) [Irregular External Guarantees](index=18&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[69](index=69&type=chunk) [Appointment and Dismissal of Accounting Firm](index=18&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) This section clarifies that the company's semi-annual report has not been audited - The company's semi-annual report has not been audited[70](index=70&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=18&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section states that there is no explanation from the Board of Directors and Supervisory Committee regarding a "non-standard audit report" for the current period [Explanation by the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=18&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) This section states that there is no explanation from the Board of Directors regarding the "non-standard audit report" of the previous year [Bankruptcy and Reorganization Matters](index=18&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that no bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[71](index=71&type=chunk) [Litigation Matters](index=18&type=section&id=VIII.%20Litigation%20Matters) This section states that the company had no major litigation, arbitration, or other legal matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[72](index=72&type=chunk) [Penalties and Rectifications](index=19&type=section&id=IX.%20Penalties%20and%20Rectifications) This section states that there were no penalties or rectifications during the reporting period - There were no penalties or rectifications during the reporting period[73](index=73&type=chunk) [Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=19&type=section&id=X.%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section does not disclose information on the integrity status of the company, its controlling shareholder, or actual controller [Major Related-Party Transactions](index=19&type=section&id=XI.%20Major%20Related-Party%20Transactions) This section confirms the absence of related-party transactions in daily operations, asset transfers, joint investments, or debt and credit dealings - The company had no related-party transactions related to daily operations during the reporting period[74](index=74&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[75](index=75&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[77](index=77&type=chunk) - The company has no deposits, loans, credit lines, or other financial business with related financial companies or related parties[78](index=78&type=chunk) [Major Contracts and Their Performance](index=20&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) This section discloses entrusted wealth management with an outstanding balance of CNY 132 million and a property acquisition agreement with Zhongshan Shenye Wansheng Investment - The company had no custody, contracting, leasing, or major guarantee matters during the reporting period[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) Entrusted Wealth Management | Type | Source of Funds | Amount Entrusted (CNY 10k) | Outstanding Balance (CNY 10k) | Overdue Unrecovered Amount (CNY 10k) | Impairment Provision for Overdue Amount (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 13,200 | 7,700 | 0 | 0 | | Brokerage Wealth Management Products | Own Funds | 9,803.2 | 0 | 0 | 0 | | Trust Wealth Management Products | Own Funds | 8,000 | 5,500 | 0 | 0 | | **Total** | | **31,003.2** | **13,200** | **0** | **0** | - The company signed a "Listed Company Introduction Agreement" with Zhongshan Shenye Wansheng Investment Co, Ltd to relocate its business registration address to the Wanzhong New City project, involving properties with a transaction price of **CNY 39 million**[87](index=87&type=chunk) [Explanation of Other Major Matters](index=21&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) This section states that there are no other major matters to be explained for the reporting period - There are no other major matters to be explained for the reporting period[88](index=88&type=chunk) [Major Matters of Company Subsidiaries](index=21&type=section&id=XIV.%20Major%20Matters%20of%20Company%20Subsidiaries) This section states that there were no major matters concerning the company's subsidiaries during the reporting period - There were no major matters concerning the company's subsidiaries during the reporting period[89](index=89&type=chunk) [Changes in Share Capital and Shareholders](index=22&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details share capital changes due to share buyback cancellations, lists shareholder numbers and top ten holdings, and confirms no changes in management shareholdings or control [Changes in Share Capital](index=22&type=section&id=I.%20Changes%20in%20Share%20Capital) This section details the change in the company's total share capital, which decreased due to the cancellation of repurchased shares Changes in Share Capital | Item | Pre-change Quantity (Shares) | Pre-change Ratio | Change (+, -) (Shares) | Post-change Quantity (Shares) | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Shares with Selling Restrictions | 72,720,392 | 48.61% | 0 | 72,720,392 | 49.25% | | II. Shares without Selling Restrictions | 76,891,288 | 51.39% | -1,968,268 | 74,923,020 | 50.75% | | **III. Total Shares** | **149,611,680** | **100.00%** | **-1,968,268** | **147,643,412** | **100.00%** | - On May 16, 2025, the company completed the cancellation of **1,968,268 repurchased shares**, representing **1.3156%** of the total share capital before cancellation, with the purpose changed to "for cancellation and reduction of registered capital"[94](index=94&type=chunk) [Securities Issuance and Listing](index=23&type=section&id=II.%20Securities%20Issuance%20and%20Listing) This section states that there were no securities issued or listed during the reporting period - There were no securities issued or listed during the reporting period[95](index=95&type=chunk) [Number of Shareholders and Shareholding Status](index=23&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) This section discloses the total number of common shareholders and the holdings of the top ten shareholders, including details on related parties and voting rights - At the end of the reporting period, the total number of common shareholders was **15,961**[96](index=96&type=chunk) Top 10 Shareholders or Shareholders Holding Over 5% at Period End | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End (Shares) | Change During Period (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HONGBO YAO | Foreign Individual | 62.08% | 91,657,723 | 0 | 68,743,292 | 22,914,431 | | HUIFANG CHEN | Foreign Individual | 3.59% | 5,302,800 | 0 | 3,977,100 | 1,325,700 | | Qian Sunna | Domestic Individual | 0.51% | 753,900 | 753,900 | 0 | 753,900 | | BARCLAYS BANK PLC | Foreign Legal Entity | 0.45% | 666,215 | 529,041 | 0 | 666,215 | | Guangdong HiVi Technology Co, Ltd - 2025 Employee Stock Ownership Plan | Other | 0.41% | 598,772 | 598,772 | 0 | 598,772 | - **HONGBO YAO and HUIFANG CHEN** are husband and wife and are the actual controllers of the company[97](index=97&type=chunk) - According to the company's "2025 Employee Stock Ownership Plan (Draft)," participants voluntarily waive the voting rights associated with the company shares they indirectly hold through this plan[97](index=97&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=25&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 directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[99](index=99&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=25&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there was no change in the controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[100](index=100&type=chunk) - The company's actual controller did not change during the reporting period[100](index=100&type=chunk) [Preferred Stock Information](index=26&type=section&id=VI.%20Preferred%20Stock%20Information) This section states that the company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[101](index=101&type=chunk) [Bond-related Matters](index=27&type=section&id=Section%207%20Bond-related%20Matters) This section states that there were no bond-related matters during the reporting period - There were no bond-related matters during the reporting period[103](index=103&type=chunk) [Financial Report](index=28&type=section&id=Section%208%20Financial%20Report) This section provides the unaudited semi-annual consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and detailed notes [Audit Report](index=28&type=section&id=I.%20Audit%20Report) This section explicitly states that the company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report has not been audited[105](index=105&type=chunk) [Financial Statements](index=28&type=section&id=II.%20Financial%20Statements) This section presents the core financial data, including the consolidated and parent company balance sheets, income statements, and cash flow statements for the semi-annual period [1. Consolidated Balance Sheet](index=28&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This statement presents the company's consolidated assets, liabilities, and equity at the end and beginning of the period, reflecting the overall financial position [2. Parent Company Balance Sheet](index=30&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This statement presents the parent company's assets, liabilities, and equity, reflecting its standalone financial position [3. Consolidated Income Statement](index=33&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) This statement presents the company's consolidated operating results, including revenues, costs, expenses, and net profit, reflecting overall profitability [4. Parent Company Income Statement](index=35&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) This statement presents the parent company's operating results, reflecting its standalone profitability [5. Consolidated Cash Flow Statement](index=36&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement presents the net cash flows from operating, investing, and financing activities, reflecting the overall cash flow situation [6. Parent Company Cash Flow Statement](index=37&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement presents the parent company's net cash flows from operating, investing, and financing activities, reflecting its standalone cash flow situation [7. Consolidated Statement of Changes in Equity](index=39&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) This statement shows the changes in each component of consolidated equity, including share capital, capital reserves, and retained earnings, during the period [8. Parent Company Statement of Changes in Equity](index=43&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) This statement shows the changes in each component of the parent company's equity during the period - Provides the closing and opening balances of the company's consolidated and parent company assets, liabilities, and equity[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - Presents the operating results of the company's consolidated and parent company for the reporting period, including operating revenue, total profit, and net profit[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - Lists the net cash flows from operating, investing, and financing activities for the company's consolidated and parent company[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - Reflects the changes in each component of the company's consolidated and parent company equity during the period[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) [Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) This section details the company's registration, organizational form, headquarters, history, business nature, and changes in the scope of consolidation - The company's name has been changed to Guangdong HiVi Technology Co, Ltd, and its registered address has been relocated to Zhongshan City[143](index=143&type=chunk)[144](index=144&type=chunk) - The company's main business is in the electronic equipment manufacturing industry, focusing on the R&D, production, and sales of various audio equipment and speakers[145](index=145&type=chunk) - The number of subsidiaries included in the consolidation scope for the current period is **11**, an increase of **2** from the previous period[146](index=146&type=chunk) [Basis of Preparation of Financial Statements](index=48&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) This section states that the financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises and on a going concern basis - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the CSRC's "Information Disclosure and Compilation Rules for Companies Offering Securities to the Public No 15"[148](index=148&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period and found no significant uncertainties[149](index=149&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates used in preparing the financial statements, covering areas like business combinations, financial instruments, and revenue recognition - The company adheres to the Accounting Standards for Business Enterprises to truly and completely reflect its financial position, operating results, and cash flows[151](index=151&type=chunk) - Detailed accounting methods for business combinations under common control and non-common control are explained[157](index=157&type=chunk)[159](index=159&type=chunk) - The classification, recognition, measurement, and impairment methods for financial assets are described, including those measured at amortized cost or fair value[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - The classification, valuation methods, determination of net realizable value, and provision for write-downs of inventories are specified[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - The recognition criteria, depreciation methods for fixed assets, and the standards for capitalizing construction in progress are defined[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk) - The general principles for revenue recognition and specific methods for sales of goods, provision of services, and development services are detailed[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk) [Taxes](index=73&type=section&id=VI.%20Taxes) This section discloses the company's main taxes and applicable rates, along with various tax incentives enjoyed, such as VAT refunds and preferential income tax rates Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Revenue | 13%, 5%, 6%, 0% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax | 7% | | Corporate Income Tax | Taxable Income | 25%, 20%, 15% | | Education Surcharge | Actual Paid Turnover Tax | 3% | | Local Education Surcharge | Actual Paid Turnover Tax | 2% | | Property Tax | 70% of the original property value (or rental income) | 1.2%, 12% | - The subsidiary Zhuhai HiVi Technology Co, Ltd enjoys a VAT refund policy for software products and a 5% super-deduction on input VAT for advanced manufacturing enterprises[290](index=290&type=chunk) - As a high-tech enterprise, Zhuhai HiVi Technology Co, Ltd is subject to a reduced corporate income tax rate of **15%**[290](index=290&type=chunk)[291](index=291&type=chunk) - Some of the company's subsidiaries benefit from tax reduction policies for small and micro enterprises, including a 50% reduction in resource tax, urban maintenance and construction tax, and property tax, and a preferential corporate income tax rate[291](index=291&type=chunk) [Notes to Consolidated Financial Statement Items](index=74&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on items in the consolidated financial statements, including balances, changes, and reasons, covering assets, liabilities, equity, and income statement components [1. Cash and Cash Equivalents](index=74&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) This note discloses the balances of cash and cash equivalents and details restricted funds, primarily those frozen due to litigation [2. Trading Financial Assets](index=74&type=section&id=2%E3%80%81%E4%BA%A4%E6%98%93%E6%80%A7%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) This note discloses the balances of trading financial assets, including structured deposits and trusts, and explains the changes [3. Accounts Receivable](index=75&type=section&id=3%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) This note details the aging of accounts receivable, bad debt provisioning methods, and the top five debtors by balance [4. Contract Assets](index=77&type=section&id=4%E3%80%81%E5%90%88%E5%90%8C%E8%B5%84%E4%BA%A7) This note discloses the balance and changes in contract assets, primarily related to contract retention money [5. Other Receivables](index=78&type=section&id=5%E3%80%81%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE) This note details the nature, aging, and bad debt provisioning for other receivables, along with the top five debtors [6. Prepayments](index=82&type=section&id=6%E3%80%81%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9) This note discloses the aging analysis of prepayments and the top five recipients by balance [7. Inventories](index=82&type=section&id=7%E3%80%81%E5%AD%98%E8%B4%A7) This note discloses inventory classification, balances, and details on provisions for inventory write-downs [8. Other Current Assets](index=84&type=section&id=8%E3%80%81%E5%85%B6%E4%BB%96%E6%B5%81%E5%8A%A8%E8%B5%84%E4%BA%A7) This note discloses the balances of other current assets, including costs of returned goods and VAT credits [9. Investment Property](index=84&type=section&id=9%E3%80%81%E6%8A%95%E8%B5%84%E6%80%A7%E6%88%BF%E5%9C%B0%E4%BA%A7) This note discloses investment properties measured at cost, including buildings and land use rights [10. Fixed Assets](index=86&type=section&id=10%E3%80%81%E5%9B%BA%E5%AE%9A%E8%B5%84%E4%BA%A7) This note discloses the balances and details of fixed assets, including original value, accumulated depreciation, and impairment [11. Construction in Progress](index=88&type=section&id=11%E3%80%81%E5%9C%A8%E5%BB%BA%E5%B7%A5%E7%A8%8B) This note discloses the balance of construction in progress, primarily for the third-phase factory building [12. Intangible Assets](index=89&type=section&id=12%E3%80%81%E6%97%A0%E5%BD%A2%E8%B5%84%E4%BA%A7) This note discloses the balances of intangible assets, including land use rights and software licenses [13. Long-term Deferred Expenses](index=90&type=section&id=13%E3%80%81%E9%95%BF%E6%9C%9F%E5%BE%85%E6%91%8A%E8%B4%B9%E7%94%A8) This note discloses the balance of long-term deferred expenses, primarily for renovation costs [14. Deferred Tax Assets/Liabilities](index=91&type=section&id=14%E3%80%81%E9%80%92%E5%BB%B6%E6%89%80%E5%BE%97%E7%A8%8E%E8%B5%84%E4%BA%A7/%E9%80%92%E5%BB%B6%E6%89%80%E5%BE%97%E7%A8%8E%E8%B4%9F%E5%80%BA) This note discloses un-offset deferred tax assets and liabilities and details of unrecognized deferred tax assets [15. Other Non-current Assets](index=92&type=section&id=15%E3%80%81%E5%85%B6%E4%BB%96%E9%9D%9E%E6%B5%81%E5%8A%A8%E8%B5%84%E4%BA%A7) This note discloses the balances of other non-current assets, including contract assets and prepayments for long-term assets [16. Assets with Restricted Ownership or Use Rights](index=92&type=section&id=16%E3%80%81%E6%89%80%E6%9C%89%E6%9D%83%E6%88%96%E4%BD%BF%E7%94%A8%E6%9D%83%E5%8F%97%E5%88%B0%E9%99%90%E5%88%B6%E7%9A%84%E8%B5%84%E4%BA%A7) This note discloses assets with restricted ownership or use rights, primarily cash and cash equivalents [17. Accounts Payable](index=93&type=section&id=17%E3%80%81%E5%BA%94%E4%BB%98%E8%B4%A6%E6%AC%BE) This note discloses the balances of accounts payable, mainly for trade payables and construction costs [18. Other Payables](index=93&type=section&id=18%E3%80%81%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE) This note discloses the balances of other payables, including dividends payable and accrued expenses [19. Advances from Customers](index=94&type=section&id=19%E3%80%81%E9%A2%84%E6%94%B6%E6%AC%BE%E9%A1%B9) This note discloses the balances of advances from customers, primarily for prepaid rent [20. Contract Liabilities](index=94&type=section&id=20%E3%80%81%E5%90%88%E5%90%8C%E8%B4%9F%E5%80%BA) This note discloses the balances of contract liabilities, mainly for advances received for goods and services [21. Employee Benefits Payable](index=94&type=section&id=21%E3%80%81%E5%BA%94%E4%BB%98%E8%81%8C%E5%B7%A5%E8%96%AA%E9%85%AC) This note discloses the balances and changes in employee benefits payable, including short-term and post-employment benefits [22. Taxes Payable](index=95&type=section&id=22%E3%80%81%E5%BA%94%E4%BA%A4%E7%A8%8E%E8%B4%B9) This note discloses the balances of various taxes payable, including VAT and corporate income tax [23. Other Current Liabilities](index=96&type=section&id=23%E3%80%81%E5%85%B6%E4%BB%96%E6%B5%81%E5%8A%A8%E8%B4%9F%E5%80%BA) This note discloses the balances of other current liabilities, including deferred output tax and provisions for sales returns [24. Provisions](index=96&type=section&id=24%E3%80%81%E9%A2%84%E8%AE%A1%E8%B4%9F%E5%80%BA) This note discloses the balance of provisions, primarily for estimated refunds of subsidies [25. Deferred Income](index=96&type=section&id=25%E3%80%81%E9%80%92%E5%BB%B6%E6%94%B6%E7%9B%8A) This note discloses the balances and changes in deferred income, mainly related to government grants [26. Share Capital](index=97&type=section&id=26%E3%80%81%E8%82%A1%E6%9C%AC) This note discloses the balance and changes in share capital, primarily due to the cancellation of repurchased shares [27. Capital Reserve](index=97&type=section&id=27%E3%80%81%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF) This note discloses the balance and changes in capital reserve, mainly affected by share-based payments and share cancellations [28. Treasury Stock](index=97&type=section&id=28%E3%80%81%E5%BA%93%E5%AD%98%E8%82%A1) This note discloses the balance and changes in treasury stock, mainly due to share cancellations and transfers to the employee stock ownership plan [29. Other Comprehensive Income](index=98&type=section&id=29%E3%80%81%E5%85%B6%E4%BB%96%E7%BB%BC%E5%90%88%E6%94%B6%E7%9B%8A) This note discloses the balance and changes in other comprehensive income, primarily from foreign currency translation differences [30. Surplus Reserve](index=98&type=section&id=30%E3%80%81%E7%9B%88%E4%BD%99%E5%85%AC%E7%A7%AF) This note discloses the balance of the surplus reserve, which had no change during the period [31. Retained Earnings](index=98&type=section&id=31%E3%80%81%E6%9C%AA%E5%88%86%E9%85%8D%E5%88%A9%E6%B6%A6) This note discloses the balance and changes in retained earnings, affected by net profit and dividend payments [32. Operating Revenue and Costs](index=99&type=section&id=32%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) This note discloses operating revenue and costs, broken down by business type, region, and sales channel [33. Taxes and Surcharges](index=100&type=section&id=33%E3%80%81%E7%A8%8E%E9%87%91%E5%8F%8A%E9%99%84%E5%8A%A0) This note discloses the amounts of various taxes and surcharges, including urban maintenance and construction tax [34. Administrative Expenses](index=101&type=section&id=34%E3%80%81%E7%AE%A1%E7%90%86%E8%B4%B9%E7%94%A8) This note discloses the components of administrative expenses, including employee compensation and depreciation [35. Selling Expenses](index=101&type=section&id=35%E3%80%81%E9%94%80%E5%94%AE%E8%B4%B9%E7%94%A8) This note discloses the components of selling expenses, including labor costs and advertising fees [36. R&D Expenses](index=101&type=section&id=36%E3%80%81%E7%A0%94%E5%8F%91%E8%B4%B9%E7%94%A8) This note discloses the components of R&D expenses, including labor and material costs [37. Finance Costs](index=102&type=section&id=37%E3%80%81%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8) This note discloses the components of finance costs, including interest income, expenses, and exchange gains/losses [38. Other Income](index=102&type=section&id=38%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A) This note discloses other income, primarily from government grants and tax deductions [39. Fair Value Change Gains/Losses](index=102&type=section&id=39%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E5%8F%98%E5%8A%A8%E6%94%B6%E7%9B%8A) This note discloses gains or losses from fair value changes, mainly from trading financial assets [40. Investment Income](index=102&type=section&id=40%E3%80%81%E6%8A%95%E8%B5%84%E6%94%B6%E7%9B%8A) This note discloses investment income, primarily from the disposal of trading financial assets [41. Credit Impairment Losses](index=103&type=section&id=41%E3%80%81%E4%BF%A1%E7%94%A8%E5%87%8F%E5%80%BC%E6%8D%9F%E5%A4%B1) This note discloses credit impairment losses, mainly from bad debt provisions for accounts receivable [42. Asset Impairment Losses](index=103&type=section&id=42%E3%80%81%E8%B5%84%E4%BA%A7%E5%87%8F%E5%80%BC%E6%8D%9F%E5%A4%B1) This note discloses asset impairment losses, primarily from inventory write-downs [43. Asset Disposal Gains/Losses](index=103&type=section&id=43%E3%80%81%E8%B5%84%E4%BA%A7%E5%A4%84%E7%BD%AE%E6%94%B6%E7%9B%8A) This note discloses gains or losses from the disposal of assets, mainly fixed assets [44. Non-operating Income](index=103&type=section&id=44%E3%80%81%E8%90%A5%E4%B8%9A%E5%A4%96%E6%94%B6%E5%85%A5) This note discloses non-operating income, including quality penalties and other income [45. Non-operating Expenses](index=103&type=section&id=45%E3%80%81%E8%90%A5%E4%B8%9A%E5%A4%96%E6%94%AF%E5%87%BA) This note discloses non-operating expenses, including losses on asset retirement and compensation payments [46. Income Tax Expense](index=104&type=section&id=46%E3%80%81%E6%89%80%E5%BE%97%E7%A8%8E%E8%B4%B9%E7%94%A8) This note discloses the income tax expense and the reconciliation between accounting profit and tax expense [47. Other Comprehensive Income](index=104&type=section&id=47%E3%80%81%E5%85%B6%E4%BB%96%E7%BB%BC%E5%90%88%E6%94%B6%E7%9B%8A) This note refers to Note VII, 29 for details on other comprehensive income [48. Cash Flow Statement Items](index=104&type=section&id=48%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE) This note provides detailed disclosures on cash inflows and outflows related to operating, investing, and financing activities [49. Supplementary Information to the Cash Flow Statement](index=106&type=section&id=49%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This note provides supplementary information, including the reconciliation of net profit to operating cash flow and the composition of cash and cash equivalents [50. Notes to Statement of Changes in Equity Items](index=109&type=section&id=50%E3%80%81%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This note explains adjustments made to the prior year's closing balances [51. Foreign Currency Monetary Items](index=109&type=section&id=51%E3%80%81%E5%A4%96%E5%B8%81%E8%B4%A7%E5%B8%81%E6%80%A7%E9%A1%B9%E7%9B%AE) This note discloses foreign currency balances, exchange rates, and information on foreign operations [52. Leases](index=110&type=section&id=52%E3%80%81%E7%A7%9F%E8%B5%81) This note discloses information on operating leases where the company is the lessor, including lease income [53. Data Resources](index=110&type=section&id=53%E3%80%81%E6%95%B0%E6%8D%AE%E8%B5%84%E6%BA%90) This section does not disclose information related to data resources [54. Other](index=110&type=section&id=54%E3%80%81%E5%85%B6%E4%BB%96) This section does not disclose other notes to the consolidated financial statement items - Cash and cash equivalents at period-end were **CNY 39,656,377.82**, with restricted funds of **CNY 7,160,890.65**, mainly due to litigation freezes[293](index=293&type=chunk) - Trading financial assets at period-end were **CNY 134,043,643.22**, a decrease from the beginning of the period mainly due to the redemption of wealth management products[295](index=295&type=chunk)[44](index=44&type=chunk) - The carrying value of inventory at period-end was **CNY 102,862,066.70**, an increase from the beginning of the period mainly due to increased stock preparation[342](index=342&type=chunk)[44](index=44&type=chunk) - Operating revenue for the period was **CNY 127,232,574.20**, a year-on-year **increase of 32.23%**, primarily due to higher sales revenue[36](index=36&type=chunk)[437](index=437&type=chunk) - R&D investment for the period was **CNY 6,942,381.24**, a year-on-year **decrease of 33.21%**, mainly because R&D expenses related to development services were capitalized[36](index=36&type=chunk)[447](index=447&type=chunk) - Retained earnings at period-end were **CNY 113,900,426.71**, with **CNY 30,119,256.05** in dividends payable to common shareholders for the period[434](index=434&type=chunk)[435](index=435&type=chunk) [R&D Expenditure](index=111&type=section&id=VIII.%20R&D%20Expenditure) This section details the company's R&D expenditure, which was primarily expensed and saw a year-on-year decrease due to the capitalization of development service costs R&D Expenditure Breakdown | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Labor Costs | 5,407,417.01 | 8,561,249.40 | | Material Costs | 325,953.94 | 266,070.62 | | Depreciation and Amortization | 627,933.91 | 1,029,412.09 | | Other | 581,076.38 | 537,991.60 | | **Total** | **6,942,381.24** | **10,394,723.71** | | Of which: Expensed R&D Expenditure | 6,942,381.24 | 10,394,723.71 | - R&D investment **decreased by 33.21%** year-on-year, primarily because R&D expenses related to development services were transferred to costs[36](index=36&type=chunk)[487](index=487&type=chunk) [Changes in the Scope of Consolidation](index=111&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) This section explains changes in the consolidation scope, including the acquisition of one company and the establishment of a new wholly-owned subsidiary - The company acquired 100% equity of Guangdong Zhisheng Construction Co, Ltd for **CNY 252,000** in cash, which was renamed Guangdong HiVi IoT Technology Co, Ltd and included in the consolidation scope[491](index=491&type=chunk) - The company established a new wholly-owned subsidiary, Swan Technology (HK) limited, with a registered capital of **HKD 1 million**, which has been included in the consolidation scope since its establishment[494](index=494&type=chunk) [Interests in Other Entities](index=114&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists the composition of the company's corporate group, detailing the registered capital, location, business nature, and ownership of each subsidiary - The company has **11 subsidiaries** engaged in businesses including property management, electronics R&D and sales, software services, and construction[496](index=496&type=chunk) - Subsidiaries were acquired through business combinations under common control, establishment, and business combinations not under common control[496](index=496&type=chunk) [Government Grants](index=116&type=section&id=XI.%20Government%20Grants) This section discloses government grants recognized as liabilities and those included in current profit or loss, primarily related to asset-based deferred income Liability Items Involving Government Grants | Account | Opening Balance (CNY) | New Grants (CNY) | Recognized in Non-operating Income (CNY) | Transferred to Other Income (CNY) | Other Changes (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,722,785.16 | | | 176,903.94 | | 2,545,881.22 | Asset-related | - The amount of government grants included in other income for the current period is **CNY 956,058.74**[505](index=505&type=chunk) [Risks Related to Financial Instruments](index=117&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the company's exposure to credit, liquidity, and market risks (including currency, interest rate, and price risks) and its management policies - The company manages credit risk by setting credit policies, continuously monitoring receivables, and dealing with reputable financial institutions[507](index=507&type=chunk)[508](index=508&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk) - The company manages liquidity risk through cash flow forecasting, monitoring funding needs, and securing bank credit facilities[511](index=511&type=chunk) - The company believes currency risk is limited due to the small proportion of foreign currency assets and liabilities; with no bank borrowings in 2025, interest rate risk is minimal; price risk arises from commodity and stock market fluctuations[512](index=512&type=chunk)[513](index=513&type=chunk)[514](index=514&type=chunk) [Fair Value Disclosure](index=118&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses the fair value of assets and liabilities measured at fair value and explains the valuation techniques used for each level Items Measured at Fair Value at Period End | Item | Level 1 Fair Value (CNY) | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 56,957,781.24 | 77,085,861.98 | | 134,043,643.22 | | Of which: Funds | 1,737,270.50 | | | 1,737,270.50 | | Of which: Structured Deposits | | 77,085,861.98 | | 77,085,861.98 | | Of which: Foreign Trade Trusts | 55,220,510.74 | | | 55,220,510.74 | - The fair value of financial instruments traded in active markets is based on quoted market prices; for those not traded in active markets, valuation techniques such as discounted cash flow models are used[517](index=517&type=chunk)[518](index=518&type=chunk) [Related Parties and Transactions](index=119&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) This section identifies related parties, confirms the absence of major related-party transactions, and discloses a related-party guarantee and key management personnel compensation - The company's ultimate controllers are **HONGBO YAO and HUIFANG CHEN**, a couple, who collectively hold a **65.67%** stake[521](index=521&type=chunk)[522](index=522&type=chunk) - During the reporting period, the company had no related-party transactions involving the sale of goods, provision of services, entrusted management, fund borrowing, asset transfers, or debt restructuring[525](index=525&type=chunk)[526](index=526&type=chunk)[527](index=527&type=chunk)[528](index=528&type=chunk)[529](index=529&type=chunk)[533](index=533&type=chunk)[534](index=534&type=chunk) - The subsidiary Zhuhai HiVi Technology Co, Ltd provided a guarantee for a working capital loan agreement between the company and ICBC, with a total guarantee amount of **CNY 20 million**, valid until December 31, 2027; no funds were drawn as of the reporting date[531](index=531&type=chunk)[532](index=532&type=chunk) - Key management personnel compensation for the period was **CNY 1,222,231.67**[536](index=536&type=chunk) [Share-based Payment](index=123&type=section&id=XV.%20Share-based%20Payment) This section discloses equity-settled share-based payments, including t
惠威科技股价跌5.05%,大成基金旗下1只基金位居十大流通股东,持有77.26万股浮亏损失78.03万元
Xin Lang Cai Jing· 2025-08-28 06:22
Company Overview - Huawai Technology experienced a decline of 5.05% on August 28, with a stock price of 18.98 CNY per share, a trading volume of 113 million CNY, a turnover rate of 7.70%, and a total market capitalization of 2.802 billion CNY [1] - The company, established on June 24, 1997, and listed on July 21, 2017, is located in Zhuhai, Guangdong Province, and specializes in the research, production, and sales of various audio equipment and speakers [1] - The revenue composition of Huawai Technology includes: professional audio series 30.95%, home theater series 26.27%, public broadcasting series 19.33%, multimedia series 8.29%, others 5.37%, speaker series 4.23%, development services 3.20%, car audio series 1.47%, and headphone series 0.89% [1] Shareholder Analysis - Among the top circulating shareholders of Huawai Technology, a fund under Dacheng Fund holds a significant position. The Dacheng CSI 360 Internet + Index A (002236) increased its holdings by 184,000 shares in the first quarter, totaling 772,600 shares, which accounts for 1% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 780,300 CNY [2] - The Dacheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY. Year-to-date returns are 34.52%, ranking 670 out of 4222 in its category; the one-year return is 94.57%, ranking 303 out of 3776; and since inception, the return is 217.27% [2]
惠威科技股价震荡下行 成交额突破3.5亿元
Jin Rong Jie· 2025-08-21 19:50
Group 1 - The stock price of Huawai Technology closed at 20.08 yuan on August 21, 2025, down 1.12 yuan or 5.28% from the previous trading day [1] - The trading volume for the day was 174,300 hands, with a transaction amount of 354 million yuan, resulting in a turnover rate of 23.26% [1] - The stock experienced significant price fluctuations during the day, reaching a high of 21.02 yuan and a low of 19.98 yuan, with an amplitude of 4.91% [1] Group 2 - Huawai Technology operates in the consumer electronics industry, focusing on the research, production, and sales of audio products such as speakers and headphones [1] - The company is registered in Guangdong Province and its product range includes home audio, professional audio, and automotive audio systems [1] Group 3 - On August 21, the net outflow of main funds was 1.1419 million yuan, while the cumulative net inflow over the past five trading days was 72.6492 million yuan, accounting for 4.83% of the circulating market value [1] - During the early trading session, the stock saw a rapid rebound, with a rise of over 2% within five minutes and a transaction amount of 95.2365 million yuan [1]