上海妙道企业管理咨询有限公司 关于 上海新阳半导体材料股份有限公司 2024 年股票增值权激励计划 第一个行权期行权相关事项 之 独立财务顾问报告 独立财务顾问： 二〇二五年八月 上海妙道企业管理咨询有限公司 独立财务顾问报告 目 录 | 第一章 | 声 明 | | 3 | | --- | --- | --- | --- | | 第二章 | 释 义 | | 5 | | 第三章 | 基本假设 | | 7 | | 第四章 | | 本次激励计划履行的审批程序 | 8 | | 第五章 | | 本次激励计划第一个行权期行权达成情况 | 10 | | | | 一、董事会就本激励计划本次行权条件是否成就的审议情况 | 10 | | | | 二、本激励计划本次行权条件成就的说明 | 10 | | | | 三、本次实施的激励计划与已披露的激励计划相关情况的差异 | 12 | | | 四、本次激励计划本次行权情况 | | 13 | | 第六章 | | 独立财务顾问的核查意见 | 15 | 2 上海妙道企业管理咨询有限公司 独立财务顾问报告 第一章 声 明 上海妙道企业管理咨询有限公司接受委托，担任上海新阳半导体材料股份 有限公司 ...

之 独立财务顾问报告 独立财务顾问： 上海妙道企业管理咨询有限公司 关于 上海新阳半导体材料股份有限公司 新成长（一期）股权激励计划 首次授予部分第三个归属期及预留授予部 分第二个归属期归属相关事项 上海妙道企业管理咨询有限公司 独立财务顾问报告 二〇二五年八月 上海妙道企业管理咨询有限公司 独立财务顾问报告 第一章 声 明 上海妙道企业管理咨询有限公司接受委托，担任上海新阳半导体材料股份 有限公司（以下简称"上海新阳""上市公司"或"公司"）新成长（一期） 股权激励计划（以下简称"本激励计划"）的独立财务顾问（以下简称"本独 立财务顾问"），并制作本独立财务顾问报告。本独立财务顾问报告是根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办 法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所创业板上市公 司自律监管指南第 1 号——业务办理》等法律、法规和规范性文件的有关规定， 在上海新阳提供有关资料的基础上，发表独立财务顾问意见，以供上海新阳全 体股东及有关各方参考。 一、本独立财务顾问报告所依据的文件、材料由上海新阳提供，上海新阳 已向本独立财务顾问承诺：其所提供的有关本激 ...

北京市隆安律师事务所上海分所 北京市隆安律师事务所上海分所 关于上海新阳半导体材料股份有限公司 新成长（二期）股权激励计划授予价格调整、第二个归属 期归属条件成就及部分限制性股票作废事项的 关于上海新阳半导体材料股份有限公司 新成长（二期）股权激励计划授予价格调整、第二 个归属期归属条件成就及部分限制性股票作废事项 的 法律意见书 北京市隆安律师事务所上海分所 www.longanlaw.com 二〇二五年八月 法律意见书 法律意见书 致：上海新阳半导体材料股份有限公司 北京市隆安律师事务所上海分所（以下简称"本所"）接受上海新阳半导体 材料股份有限公司（以下简称"公司"或"上海新阳"）委托，担任公司实行新 成长（一期）股权激励计划（以下简称"本次激励计划"或"本激励计划"）相 关事宜的专项法律顾问。就《上海新阳半导体材料股份有限公司新成长（二期） 股权激励计划》（以下简称"《激励计划》"）的授予价格调整（以下简称"本次 调整"）、第二个归属期归属条件成就（以下简称"本次归属"）及部分限制性股 票作废（以下简称"本次作废"）相关事宜，本所律师根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民 ...

上海妙道企业管理咨询有限公司 关于 上海新阳半导体材料股份有限公司 新成长（二期）股权激励计划 第二个归属期归属相关事项 之 独立财务顾问报告 独立财务顾问： 二〇二五年八月 上海妙道企业管理咨询有限公司 独立财务顾问报告 目 录 | 第一章 | 声 明 | | 3 | | --- | --- | --- | --- | | 第二章 | 释 义 | | 5 | | 第三章 | 基本假设 | | 6 | | 第四章 | | 本次激励计划履行的审批程序 | 7 | | 第五章 | | 本次激励计划第二个归属期归属达成情况 | 9 | | | | 一、董事会就本激励计划本次归属条件是否成就的审议情况 | 9 | | | | 二、本激励计划本次归属条件成就的说明 | 9 | | | | 三、本次实施的激励计划与已披露的激励计划相关情况的差异 | 11 | | | | 四、本次激励计划本次归属情况 | 12 | | 第六章 | | 独立财务顾问的核查意见 | 14 | 2 上海妙道企业管理咨询有限公司 独立财务顾问报告 第一章 声 明 上海妙道企业管理咨询有限公司接受委托，担任上海新阳半导体材料股份 有限公司（以下简称 ...

关于上海新阳半导体材料股份有限公司 新成长（一期）股权激励计划授予价格调整、首次 授予部分第三个归属期和预留授予部分第二个归属 期归属条件成就及部分限制性股票作废事项的 法律意见书 北京市隆安律师事务所上海分所 www.longanlaw.com 二〇二五年八月 法律意见书 北京市隆安律师事务所上海分所 关于上海新阳半导体材料股份有限公司 北京市隆安律师事务所上海分所 新成长（一期）股权激励计划授予价格调整、首次授予部 分第三个归属期和预留授予部分第二个归属期归属条件成 就及部分限制性股票作废事项的 法律意见书 致：上海新阳半导体材料股份有限公司 北京市隆安律师事务所上海分所（以下简称"本所"）接受上海新阳半导体 材料股份有限公司（以下简称"公司"或"上海新阳"）委托，担任公司实行新 成长（一期）股权激励计划（以下简称"本次激励计划"或"本激励计划"）相 关事宜的专项法律顾问。就《上海新阳半导体材料股份有限公司新成长（一期） 股权激励计划》（以下简称"《激励计划》"）的授予价格调整（以下简称"本次 调整"）、首次授予部分第三个归属期和预留授予部分第二个归属期归属条件成 就（以下简称"本次归属"）及部分限制性股 ...

北京市隆安律师事务所上海分所 关于上海新阳半导体材料股份有限公司 2024 年股票增值权激励计划行权价格调整、第一个 行权期行权条件成就及部分股票增值权作废事项的 2024 年股票增值权激励计划行权价格调整、第一个行权期 行权条件成就及部分股票增值权作废事项的 法律意见书 致：上海新阳半导体材料股份有限公司 北京市隆安律师事务所上海分所 www.longanlaw.com 二〇二五年八月 法律意见书 北京市隆安律师事务所上海分所 关于上海新阳半导体材料股份有限公司 法律意见书 北京市隆安律师事务所上海分所（以下简称"本所"）接受上海新阳半导体 材料股份有限公司（以下简称"公司"或"上海新阳"）委托，就公司拟实行的 2024 年股票增值权激励计划（以下简称"本次激励计划"或"本激励计划"） 股票增值权的行权价格调整（以下简称"本次调整"）、第一个行权期行权条件 成就（以下简称"本次行权"）及部分股票增值权作废（以下简称"本次作废"） 的相关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下 简称"中国证监会"）颁布的《 ...

Core Viewpoint - Shanghai Xinyang (300236) reported significant growth in its half-year results, indicating strong performance in the integrated circuit manufacturing materials sector [1] Financial Performance - The company achieved operating revenue of 897 million yuan, representing a year-on-year increase of 35.67% [1] - Net profit attributable to shareholders reached 133 million yuan, marking a year-on-year growth of 126.31% [1] - Basic earnings per share stood at 0.428 yuan [1] Product Performance - Sales volume of key process materials for integrated circuit manufacturing saw significant growth during the reporting period [1] - The market share of electroplating solutions and additives for wafer manufacturing continued to expand [1] - The sales of cleaning and etching products for integrated circuit manufacturing progressed smoothly in client applications, leading to continuous revenue growth [1]

上海新阳8月27日披露半年报，公司上半年实现营业收入8.97亿元，同比增长35.67%；归属于上市公司 股东的净利润1.33亿元，同比增长126.31%；基本每股收益0.428元。 ...

Group 1 - The company achieved operating revenue of 897 million, representing a year-on-year growth of 35.67% [1] - The net profit attributable to shareholders reached 133 million, with a year-on-year increase of 126.31% [1] - The semiconductor industry generated operating revenue of 709 million, showing a year-on-year growth of 53.12% [1] Group 2 - The sales volume of key process materials for integrated circuit manufacturing saw significant growth during the reporting period [1] - The market share of plating solutions and additives for wafer manufacturing continued to expand [1] - The application progress of cleaning and etching products for integrated circuit manufacturing at customer sites was smooth, with sales continuously rising [1]

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides important notices, outlines the report's structure, and defines key industry-specific terminology for clarity [Important Notice](index=2&type=section&id=重要提示) The company's board and management assure report accuracy and highlight risks, with no semi-annual cash dividends or share capital increases planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - The company specifically advises investors to pay attention to the 'Risks Faced by the Company and Countermeasures' section in 'Management Discussion and Analysis'[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section lists the report's eight main chapters, covering company profile, management discussion, governance, significant events, share changes, bonds, and financial reports - The report comprises eight main sections, covering company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key professional terms related to semiconductor materials, manufacturing, packaging, and coatings to ensure clear understanding of the report - The report defines key professional terms such as semiconductor manufacturing, semiconductor packaging, wafer-level packaging (WLP), wafer wet process, electronic plating, electronic cleaning, bumping, through-silicon via (TSV), advanced packaging, photoresist, chemical mechanical polishing (CMP) slurry, etchant, dicing, fluorocarbon coatings, powder coatings, fluorocarbon powder coatings, heavy-duty anti-corrosion coatings, and PVDF[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=第二节%20公司简介和主要财务指标) This section introduces the company, its contact information, and presents key accounting data and financial indicators for the reporting period [Company Profile](index=8&type=section&id=一、公司简介) Shanghai Xinyang Semiconductor Materials Co., Ltd. (stock code: 300236) is listed on the Shenzhen Stock Exchange, with Wang Su as its legal representative - The company's stock abbreviation is “上海新阳” (Shanghai Xinyang), stock code **300236**, listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Wang Su[15](index=15&type=chunk) [Contact Persons and Information](index=8&type=section&id=二、联系人和联系方式) This section provides contact details for the company's Board Secretary Yang Jing and Securities Affairs Representative Zhang Peipei - The company's Board Secretary is Yang Jing, and the Securities Affairs Representative is Zhang Peipei, both located at No. 3600 Sixian Road, Songjiang District, Shanghai[16](index=16&type=chunk) [Other Information](index=8&type=section&id=三、其他情况) The company's contact information, disclosure, and registration details remained unchanged during the reporting period, as referenced in the 2024 annual report - The company's registered address, office address, website, email, information disclosure and storage location, and registration status remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=四、主要会计数据和财务指标) In H1 2025, the company achieved significant growth in operating revenue and net profit, with substantial increases in operating cash flow, total assets, and net assets Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 896,649,671.91 | 660,897,505.06 | 35.67% | | Net Profit Attributable to Shareholders of Listed Company | 133,305,329.34 | 58,904,090.14 | 126.31% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 127,033,676.15 | 80,365,638.74 | 58.07% | | Net Cash Flow from Operating Activities | 112,793,253.82 | 33,074,091.65 | 241.03% | | Basic Earnings Per Share (RMB/share) | 0.4280 | 0.1895 | 125.86% | | Diluted Earnings Per Share (RMB/share) | 0.4280 | 0.1895 | 125.86% | | Weighted Average Return on Net Assets | 2.97% | 1.46% | 1.51% | | Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change from End of Prior Year (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,106,746,216.50 | 5,860,673,166.39 | 4.20% | | Net Assets Attributable to Shareholders of Listed Company | 4,620,250,822.06 | 4,536,694,935.49 | 1.84% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=9&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company reported no differences in net profit or net assets between Chinese and international/overseas accounting standards - During the reporting period, the company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards compared to Chinese Accounting Standards[21](index=21&type=chunk) - During the reporting period, the company had no differences in net profit and net assets in financial reports disclosed under overseas accounting standards compared to Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=六、非经常性损益项目及金额) The company's non-recurring gains and losses totaled RMB 6,271,653.19 for the reporting period, primarily from government subsidies and financial asset investment income Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -101,328.87 | | | Government Subsidies Included in Current Profit and Loss (Excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 11,448,380.67 | | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises (Excluding effective hedge accounting related to normal business operations) | 4,503,049.13 | Primarily due to investment income related to financial assets received by the company in the current reporting period | | Other Non-Operating Income and Expenses Apart from the Above | -5,092.67 | | | Other Profit and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | -8,465,768.13 | Mainly R&D expenditures for multiple projects undertaken by the company; given that corresponding government subsidies are recognized as non-recurring gains and losses in the period of R&D expenditure, the income corresponding to these project expenditures is also classified as non-recurring gains and losses using the same criteria | | Less: Income Tax Impact | 1,106,879.88 | | | Minority Interest Impact (After Tax) | 707.06 | | | **Total** | **6,271,653.19** | | [Management Discussion and Analysis](index=11&type=section&id=第三节%20管理层讨论与分析) This section details the company's main business operations, industry conditions, core competencies, financial performance, and risk management strategies during the reporting period [Main Businesses Engaged by the Company During the Reporting Period](index=11&type=section&id=一、报告期内公司从事的主要业务) The company focuses on integrated circuit materials and functional coatings, with semiconductor business growing rapidly and coatings business experiencing a slight decline - The company's main businesses are categorized into two types: integrated circuit manufacturing and advanced packaging key process materials and supporting equipment, and environmentally friendly, functional coatings[41](index=41&type=chunk) - In H1 2025, the company achieved operating revenue of **RMB 897 million**, a year-on-year increase of **35.67%**; net profit attributable to shareholders of the listed company was **RMB 133 million**, a year-on-year increase of **126.31%**[59](index=59&type=chunk) - The semiconductor business achieved operating revenue of **RMB 709 million**, a year-on-year increase of **53.12%**; the coatings business achieved operating revenue of **RMB 187 million**, a year-on-year decrease of **5.29%**[59](index=59&type=chunk) - During the reporting period, the company's total R&D investment was **RMB 120 million**, accounting for **13.58%** of current operating revenue, primarily focused on projects such as photoresists for integrated circuit manufacturing, advanced wet etchants, cleaning solutions, additives, and chemical mechanical polishing slurries[61](index=61&type=chunk) [Industry Situation of the Company During the Reporting Period](index=11&type=section&id=（一）报告期内公司所处行业情况) The global semiconductor market saw strong growth in H1 2025, with China's market expanding rapidly and significant demand for key materials, while the coatings industry shifts towards high-quality, green development - In H1 2025, global semiconductor sales reached **USD 342.91 billion**, a year-on-year increase of nearly **20%**; China's domestic semiconductor sales reached **USD 96.5 billion**, accounting for nearly **30%** of the global total[27](index=27&type=chunk) - By 2030, mainland China is expected to surpass Taiwan (**23%**) with **30%** of global wafer foundry capacity, becoming the world's largest foundry center[29](index=29&type=chunk) - The global wet electronic chemicals market is projected to reach **RMB 82.785 billion** by 2025, with the Chinese market growing to **RMB 29.275 billion**, a CAGR of **15.84%**[30](index=30&type=chunk) - In 2024, the global semiconductor photoresist market size increased by **16.15%** to **USD 2.732 billion**, with mainland China's market growing by **42.25%** to **USD 771 million**, becoming the largest market globally[33](index=33&type=chunk) - In 2024, the total global paint and coatings market value reached **USD 196 billion**, with the Chinese market accounting for **25%** of the share[36](index=36&type=chunk) - In 2023, the global PVDF fluorocarbon coatings market size reached **RMB 6.698 billion**, projected to expand at a CAGR of **4.9%** from 2024 to 2030[38](index=38&type=chunk) [Main Businesses Engaged by the Company During the Reporting Period](index=16&type=section&id=（二）报告期内公司从事的主要业务) The company's core businesses include critical process materials and equipment for IC manufacturing and advanced packaging, alongside environmentally friendly and functional coatings - The company's main products include electroplating solutions and additives, cleaning solutions, high-end photoresists, chemical mechanical polishing slurries, and etchant series products for integrated circuit manufacturing and advanced packaging[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) - The company also provides electronic chemical materials for semiconductor packaging, supporting equipment products, and fluorocarbon coating product series[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [Main Business Model](index=17&type=section&id=（三）主要经营模式) The company employs an R&D-driven, make-to-order production model with direct sales and integrated service solutions, adhering to ISO quality standards for procurement - The company's R&D model is primarily based on independent research and innovation, collaborating closely with customers to develop products that meet their needs[50](index=50&type=chunk) - The procurement model adheres to the ISO quality system, with raw material procurement evaluated and tendered by the Quality Department and Technology Center[52](index=52&type=chunk)[53](index=53&type=chunk) - The production model is make-to-order, with production plans formulated based on market orders and inventory strategies[54](index=54&type=chunk) - The sales model is direct sales, involving business negotiations, order confirmation, and delivery with customers[55](index=55&type=chunk) - The service model provides integrated solutions encompassing chemical materials, supporting equipment, application processes, and on-site services[56](index=56&type=chunk)[57](index=57&type=chunk) [Main Business Performance During the Reporting Period](index=19&type=section&id=（四）报告期内主要业务情况) The company achieved significant revenue and net profit growth, driven by its semiconductor business, while investing heavily in R&D and capacity expansion Key Business Financial Performance for H1 2025 | Indicator | Amount (RMB 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 8.97 | 35.67% | | Net Profit Attributable to Shareholders of Listed Company | 1.33 | 126.31% | | Net Profit After Non-Recurring Gains and Losses | 1.27 | 58.07% | | Semiconductor Business Operating Revenue | 7.09 | 53.12% | | Coatings Business Operating Revenue | 1.87 | -5.29% | - The company's total R&D investment was **RMB 120 million**, accounting for **13.58%** of current operating revenue, primarily focused on projects such as photoresists for integrated circuit manufacturing, advanced wet etchants, cleaning solutions, additives, and chemical mechanical polishing slurries[61](index=61&type=chunk) - The company has established a complete R&D, synthesis, formulation, production, quality control, and analytical testing platform for various photoresists, including I-line, KrF, ArF dry, and ArF immersion, with some categories achieving industrialization[62](index=62&type=chunk) - The company optimized the production line layout at Hefei Xinyang, expanding capacity to **43,500 tons** and increasing investment to **RMB 1.049 billion**[64](index=64&type=chunk) - The company plans to invest **RMB 1.85 billion** next to its existing plant to construct a project for an annual output of **50,000 tons** of key integrated circuit process materials, along with a headquarters and R&D center[64](index=64&type=chunk) - The company implemented the New Growth (Phase III) Equity Incentive Plan and the 2025 Stock Appreciation Rights Incentive Plan, continuously sharing development benefits with employees[67](index=67&type=chunk) - The company participated in the equity investment fund, Juyuan Qixin Equity Investment Fund (Wuxi) Partnership (Limited Partnership), initiated by SMIC Juyuan Private Equity Fund Management (Shanghai) Co., Ltd[70](index=70&type=chunk) [Core Competitiveness Analysis](index=23&type=section&id=二、核心竞争力分析) The company leverages its "Specialized, Refined, Unique, and Innovative" status, extensive patent portfolio, five core technologies, strong customer relationships, and robust quality management for competitive advantage - The company is among the first batch of "Specialized, Refined, Unique, and Innovative" "Little Giant" enterprises recognized by the Ministry of Industry and Information Technology, a key laboratory for integrated circuit critical process materials in Shanghai, and a high-tech enterprise[71](index=71&type=chunk) - As of the end of the reporting period, the company had applied for **559 patents**, including **396 invention patents** (**185 granted**) and **17 international invention patents** (**10 granted**)[71](index=71&type=chunk) - The company possesses five core technologies: electronic plating, electronic cleaning, electronic lithography, electronic polishing, and electronic etching, with the fifth core technology for memory chip etching reaching international leading levels[72](index=72&type=chunk)[73](index=73&type=chunk) - The company is the first domestic enterprise capable of fully covering all technology nodes from 90-14nm for chip copper interconnect (Damascene) processes and fully meeting the requirements for logic, analog, and memory circuit products[73](index=73&type=chunk) - Since its listing, the semiconductor business has seen an average annual compound growth rate of over **20%** in R&D investment, with **30%** of the R&D team holding master's degrees or higher and **30%** having over **10 years** of industry experience[74](index=74&type=chunk) - As of H1 2025, among the integrated circuit production lines in operation in China, the company has become the Baseline (benchmark material) for **56 12-inch** and **23 8-inch** integrated circuit production lines, accounting for over **70%** and **60%** respectively[77](index=77&type=chunk) - The company has passed multiple quality management system certifications, including ISO9001, IATF16949, and ISO17025 CNAS on-site accreditation[78](index=78&type=chunk) [Main Business Analysis](index=26&type=section&id=三、主营业务分析) The company's main business revenue increased by 35.67%, primarily due to integrated circuit materials, with notable increases in selling expenses and a higher gross margin for IC materials Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 896,649,671.91 | 660,897,505.06 | 35.67% | Rapid growth in sales performance of integrated circuit materials related businesses | | Operating Cost | 531,246,012.83 | 398,871,742.12 | 33.19% | Rapid growth in sales performance, leading to increased corresponding sales costs | | Selling Expenses | 44,145,968.88 | 25,262,453.86 | 74.75% | Increase in sales personnel remuneration and market expansion expenses | | Administrative Expenses | 67,904,717.37 | 49,844,692.78 | 36.23% | Increase in management personnel remuneration and depreciation/amortization | | Financial Expenses | 1,542,268.34 | 687,715.23 | 124.26% | Decrease in interest income | | Income Tax Expense | 10,020,219.25 | 955,536.68 | 948.65% | Increase in income tax expense corresponding to increased sales profit | | R&D Investment | 121,760,496.27 | 97,096,622.51 | 25.40% | Continuous increase in R&D investment and human resource costs | | Net Cash Flow from Operating Activities | 112,793,253.82 | 33,074,091.65 | 241.03% | Increase in sales collection and VAT retention refunds | | Net Cash Flow from Investing Activities | -137,415,133.28 | -43,802,210.79 | -213.72% | Increase in asset acquisition and external investments | | Net Cash Flow from Financing Activities | 51,752,018.01 | -47,490,572.41 | 208.97% | Increase in bank borrowings and decrease in repayment of matured bank loans | | Net Increase in Cash and Cash Equivalents | 27,527,563.89 | -58,369,422.86 | 147.16% | Net cash flow inflow from operating and financing activities | | Other Income | 21,554,535.75 | 16,379,149.05 | 31.60% | Increase in subsidies | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Integrated Circuit Materials | 683,874,144.80 | 369,985,632.12 | 45.90% | 55.74% | 62.84% | -2.36% | | Integrated Circuit Material Supporting Equipment and Accessories | 24,788,412.40 | 17,208,466.93 | 30.58% | 1.92% | 6.48% | -2.97% | | Coatings | 187,028,756.38 | 144,045,797.39 | 22.98% | -5.29% | -7.37% | 1.73% | [Non-Core Business Analysis](index=27&type=section&id=四、非主营业务分析) Non-core business primarily consisted of investment income totaling RMB 2,182,784.37, accounting for 1.52% of total profit, which is not sustainable Non-Core Business Analysis | Item | Amount (RMB) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,182,784.37 | 1.52% | The company received income related to external investments during the reporting period | No | [Analysis of Assets and Liabilities](index=27&type=section&id=五、资产及负债状况分析) Total assets increased by 4.20%, driven by higher accounts receivable, inventories, and intangible assets, while certain assets remained restricted Significant Changes in Asset Composition | Item | End of Current Period Amount (RMB) | Percentage of Total Assets (%) | End of Prior Year Amount (RMB) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 896,649,671.91 | 35.67% | 660,897,505.06 | | 35.67% | Due to rapid growth in sales performance of integrated circuit materials related businesses in the current reporting period | | Accounts Receivable | 658,518,773.96 | 10.78% | 603,496,765.63 | 10.30% | 0.48% | Rapid sales growth led to an increase in accounts receivable | | Inventories | 391,949,590.69 | 6.42% | 326,456,930.26 | 5.57% | 0.85% | Increase in inventory reserves to cope with rapid sales growth | | Prepayments | 38,162,139.08 | 0.62% | 14,977,864.63 | 0.26% | 0.36% | Increase in prepayments for material purchases | | Intangible Assets | 197,912,698.03 | 3.24% | 89,289,186.26 | 1.52% | 1.72% | Increase due to subsidiaries acquiring land use rights | | Development Expenditures | 0.00 | 0.00% | 27,789,333.82 | 0.47% | -0.47% | Capitalized R&D expenditures transferred to intangible assets upon completion | | Short-Term Borrowings | 303,742,197.72 | 4.97% | 156,863,083.33 | 2.68% | 2.29% | Increase in short-term bank borrowings | | Long-Term Borrowings | 116,698,134.23 | 1.91% | 163,212,846.62 | 2.78% | -0.87% | Repayment of long-term borrowings | | Non-Current Liabilities Due Within One Year | 132,630,064.24 | 2.17% | 53,514,205.64 | 0.91% | 1.26% | Increase in long-term borrowings due within one year | | Other Equity Instrument Investments | 2,364,508,538.95 | 38.72% | 2,376,721,968.45 | 40.55% | -1.83% | Fair value changes of equity instrument investments held | | Other Comprehensive Income | 1,582,238,359.03 | 25.91% | 1,592,619,774.11 | 27.17% | -1.26% | Fair value changes of equity instrument investments held | Asset Rights Restricted as of the End of the Reporting Period | Item | Carrying Amount (RMB) | Restricted Situation | | :--- | :--- | :--- | | Cash and Bank Balances | 74,676,186.73 | Pledged as collateral for RMB 222.3775 million in notes payable, RMB 10 million in short-term borrowings, and RMB 164.1981 million for Hefei project loans | | Notes Receivable | 100,907,042.46 | Pledged as collateral for RMB 222.3775 million in notes payable, RMB 10 million in short-term borrowings, and RMB 164.1981 million for Hefei project loans | | Fixed Assets | 205,590,221.58 | Pledged as collateral for RMB 222.3775 million in notes payable, RMB 10 million in short-term borrowings, and RMB 164.1981 million for Hefei project loans | | Intangible Assets | 31,913,846.54 | Pledged as collateral for RMB 222.3775 million in notes payable, RMB 10 million in short-term borrowings, and RMB 164.1981 million for Hefei project loans | | **Total** | **413,087,297.31** | | [Investment Analysis](index=30&type=section&id=六、投资状况分析) Total investment increased by 2.93%, with significant financial assets measured at fair value, and most raised funds utilized, though some projects have not yet met expected returns Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 34,101,990.05 | 33,131,313.00 | 2.93% | Financial Assets Measured at Fair Value | Asset Category | Ending Balance (RMB) | | :--- | :--- | | Stocks | 2,286,354,002.40 | | Other Non-Current Financial Assets | 385,628,329.44 | | **Total** | **2,750,136,868.39** | - Total raised funds were **RMB 791.9998 million**, net amount **RMB 787.5397 million**, with **RMB 681.2664 million** already used, representing a utilization rate of **86.51%**[101](index=101&type=chunk) - In the 'R&D and Industrialization of High-End Photoresists for Integrated Circuit Manufacturing' project, the 'KrF Thick Film Photoresist' project has reached its intended usable state and generated sales revenue, but the 'ArF Dry Photoresist' project is still in the R&D phase and has not fully achieved expected benefits[105](index=105&type=chunk) - For the 'Integrated Circuit Key Process Materials Project', the Hefei factory has been completed, but products still require customer validation, thus expected benefits have not yet been achieved[105](index=105&type=chunk) [Significant Asset and Equity Sales](index=35&type=section&id=七、重大资产和股权出售) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[112](index=112&type=chunk) - The company did not sell significant equity during the reporting period[113](index=113&type=chunk) [Analysis of Major Holding and Participating Companies](index=35&type=section&id=八、主要控股参股公司分析) Key subsidiaries include Jiangsu Kople New Materials (profitable) and Shanghai Xinke Micro Material Technology (R&D stage, not yet profitable), with some still in development Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Kople New Materials Co., Ltd. | Subsidiary | R&D, production, and related services for environmentally friendly and functional anti-corrosion coatings | 62,318,000 | 652,801,146.69 | 394,228,237.18 | 187,028,756.38 | 8,630,840.38 | | Shanghai Xinke Micro Material Technology Co., Ltd. | Subsidiary | Technology R&D, production, and sales of semiconductor microelectronic materials and lithography materials | 150,000,000 | 261,734,577.37 | 48,038,877.27 | 0.00 | -8,517,363.38 | | Shanghai Huiyan Material Technology Co., Ltd. | Subsidiary | Technology development, consulting, services, and transfer in material science; R&D and sales of semiconductor materials | 80,000,000 | 4,699,468.59 | -11,574,485.69 | 0.00 | -711,970.14 | | Xinyang (Guangdong) Semiconductor Technology Co., Ltd. | Subsidiary | R&D, manufacturing of electronic information products, integrated circuit products, chemical materials, semiconductor electroplating equipment, cleaning equipment, and spare parts; sales of proprietary products | 30,000,000 | 30,954,074.87 | 16,322,049.73 | 13,302,435.55 | -1,809,592.18 | | Shanghai Tehua Technology Co., Ltd. | Subsidiary | Technology development, consulting, services, and transfer in new material science; production and sales of electronic products; import and export of goods and technology | 20,000,000 | 22,642,630.35 | 21,288,030.22 | 2,180,264.58 | -823,451.76 | | Hefei Xinyang Semiconductor Materials Co., Ltd. | Subsidiary | Manufacturing, processing, sales, and technical consulting services for semiconductor materials; manufacturing, processing, sales, and technical consulting services for materials related to electronic and information technology; self-operated and agency import and export business for various goods and technologies | 200,000,000 | 469,678,104.34 | 128,806,785.68 | 23,923,707.28 | -18,338,156.92 | [Information on Structured Entities Controlled by the Company](index=37&type=section&id=九、公司控制的结构化主体情况) The company controls Shanghai Chengquan Technology Center (Limited Partnership) and Shanghai Quanyang Technology Center (Limited Partnership) due to majority investment shares and significant influence, consolidating them into its financial statements - The company controls Shanghai Chengquan Technology Center (Limited Partnership) and Shanghai Quanyang Technology Center (Limited Partnership) two structured entities[118](index=118&type=chunk) - The basis for control is that the company holds the vast majority of investment shares (Shanghai Chengquan **75%** direct, **9%** indirect; Shanghai Quanyang **80%** direct, **17%** indirect), allowing it to exert significant influence over other partners and obtain most of the variable returns[118](index=118&type=chunk)[119](index=119&type=chunk) [Risks Faced by the Company and Countermeasures](index=38&type=section&id=十、公司面临的风险和应对措施) The company faces risks in product development, market, safety, technology, and competition, addressed by continuous R&D, quality control, market expansion, and strategic investments - The company faces risks such as new product development, market promotion, industry and market fluctuations, safety and environmental protection, core technology leakage, investment projects failing to achieve expected returns, and intensified industry competition[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - Countermeasures include continuous R&D investment, strengthening technology reserves, strict quality management for new products, increasing market development investment, pre-ordering and locking prices for some raw materials, obtaining environmental management system and safety standardization certifications, signing confidentiality agreements, forming professional project teams, actively seeking national industrial support policies, and continuous technological innovation and improved operational management[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=41&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) The company conducted online investor exchanges on May 9 and May 15, 2025, discussing corporate governance - On May 9 and May 15, 2025, the company conducted online exchanges via Panorama Network and SSE Roadshow Center, hosting all investors to discuss corporate governance[129](index=129&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=41&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) The company has approved a market value management system but has not disclosed a specific valuation enhancement plan - The company has formulated a market value management system, which was approved at the second meeting of the sixth board of directors[130](index=130&type=chunk) - The company has not disclosed a valuation enhancement plan[130](index=130&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=41&type=section&id=十三、“质量回报双提升”行动方案贯彻落实情况) The company has not disclosed any announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed the "Dual Improvement in Quality and Returns" action plan announcement[131](index=131&type=chunk) [Corporate Governance, Environment, and Society](index=42&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's board and management, profit distribution plans, employee incentive schemes, and environmental and social responsibility disclosures [Changes in Directors, Supervisors, and Senior Management](index=42&type=section&id=一、公司董事、监事、高级管理人员变动情况) Independent director Xu Ding resigned due to term expiration, and Yuan Bo was elected as a new independent director during the reporting period Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xu Ding | Independent Director | Term expired | May 29, 2025 | Re-election | | Yuan Bo | Independent Director | Elected | May 29, 2025 | Re-election | [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=42&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[134](index=134&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=42&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company implemented new equity incentive and stock appreciation rights plans, with previous employee stock ownership plans reaching their lock-up expiry and unlocking based on performance - The company reviewed and implemented the New Growth (Phase III) Equity Incentive Plan, granting **2.20 million** restricted shares to **181 incentive recipients** at a grant price of **RMB 18.88/share**[135](index=135&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - The company reviewed and implemented the 2025 Stock Appreciation Rights Incentive Plan, granting **147,000 stock appreciation rights** to **4 incentive recipients** at an exercise price of **RMB 18.88/right**[139](index=139&type=chunk)[142](index=142&type=chunk) - The second lock-up period for the Xinzhengtu (Phase II) Employee Stock Ownership Plan expired on April 9, 2025, and the lock-up period for the Xinzhengtu (Phase III) Employee Stock Ownership Plan expired on May 16, 2025, with unlocking based on a **100%** achievement rate of the 2024 semiconductor business operating revenue performance target[146](index=146&type=chunk)[147](index=147&type=chunk) Overview of All Valid Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Percentage of Total Share Capital of Listed Company (%) | Funding Source for the Plan | | :--- | :--- | :--- | :--- | :--- | | Directors, Supervisors, Senior Management | 7 | 51,500 | 0.02% | Employees' legal remuneration, self-raised funds, social financing, and other legally permitted methods | | Directors, Supervisors, Senior Management | 7 | 150,000 | 0.05% | Employees' legal remuneration, self-raised funds, social financing, and other legally permitted methods | | Core Technical/Business Personnel in Semiconductor Business | 147 | 1,758,900 | 0.56% | Employees' legal remuneration, self-raised funds, social financing, and other legally permitted methods | [Environmental Information Disclosure](index=47&type=section&id=四、环境信息披露情况) Shanghai Xinyang and Jiangsu Kople are listed as enterprises required to disclose environmental information, with relevant reports available - Shanghai Xinyang Semiconductor Materials Co., Ltd. and Jiangsu Kople New Materials Co., Ltd. are included in the list of enterprises required to disclose environmental information by law[149](index=149&type=chunk) - The company provided an inquiry index for its environmental information disclosure report[149](index=149&type=chunk) [Social Responsibility](index=47&type=section&id=五、社会责任情况) The company did not disclose specific social responsibility information during the reporting period - The company did not disclose specific social responsibility information[150](index=150&type=chunk) [Significant Events](index=48&type=section&id=第五节%20重要事项) This section details significant events, including commitments, related party transactions, litigation, penalties, and other material disclosures during the reporting period [Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=48&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) No commitments by the company or related parties were fulfilled or overdue and unfulfilled during or as of the end of the reporting period - During the reporting period, the company had no commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company that were fulfilled during the period or overdue and unfulfilled as of the end of the reporting period[152](index=152&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=48&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) There were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company during the reporting period - During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company[153](index=153&type=chunk) [Irregular External Guarantees](index=48&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[154](index=154&type=chunk) [Appointment and Dismissal of Accounting Firms](index=48&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[155](index=155&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=48&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期“非标准审计报告”的说明) As the semi-annual report was unaudited, there are no explanations regarding a "non-standard audit report" from the accounting firm for the current period - The company's semi-annual report was not audited, thus there are no explanations regarding a "non-standard audit report" from the accounting firm for the current period[155](index=155&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=48&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) The company has no explanations regarding a "non-standard audit report" for the previous year - The company has no explanations regarding a "non-standard audit report" for the previous year[156](index=156&type=chunk) [Bankruptcy and Reorganization Matters](index=48&type=section&id=七、破产重整相关事项) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[156](index=156&type=chunk) [Litigation Matters](index=48&type=section&id=八、诉讼事项) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[157](index=157&type=chunk) - The company had no other litigation matters[157](index=157&type=chunk) [Penalties and Rectification](index=49&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[158](index=158&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=49&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company, its controlling shareholder, and actual controller have no integrity issues requiring disclosure - The company, its controlling shareholder, and actual controller have no integrity issues requiring disclosure[159](index=159&type=chunk) [Significant Related Party Transactions](index=49&type=section&id=十一、重大关联交易) The company had no significant related party transactions, including those related to daily operations, asset/equity transfers, joint investments, or financial dealings, during the reporting period - The company had no related party transactions related to daily operations during the reporting period[159](index=159&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[160](index=160&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[161](index=161&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[162](index=162&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and related financial companies, or between financial companies controlled by the company and related parties[163](index=163&type=chunk)[164](index=164&type=chunk) - The company had no other significant related party transactions during the reporting period[165](index=165&type=chunk) [Significant Contracts and Their Performance](index=50&type=section&id=十二、重大合同及其履行情况) The company had no entrustment, contracting, leasing, significant guarantees, or other major contracts during the reporting period, with no material changes in existing contract performance - The company had no entrustment, contracting, or leasing situations during the reporting period[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) - The company had no significant guarantee situations during the reporting period[169](index=169&type=chunk) - The company had no other significant contracts during the reporting period[172](index=172&type=chunk) [Explanation of Other Significant Matters](index=50&type=section&id=十三、其他重大事项的说明) The company disclosed various significant matters, including subsidiary changes, share pledges, incentive plans, high-tech re-certification, project adjustments, and equity fund investments - The company disclosed matters such as the completion of industrial and commercial change registration by subsidiaries, and the pledging/unpledging of some shares by the actual controller[173](index=173&type=chunk)[174](index=174&type=chunk) - The company disclosed the draft 2025 Stock Appreciation Rights Incentive Plan and the draft New Growth (Phase III) Equity Incentive Plan[173](index=173&type=chunk) - The company passed the re-certification as a high-tech enterprise[173](index=173&type=chunk) - The company announced adjustments to the Hefei Integrated Circuit Key Process Materials Project to increase capacity and additional investment, as well as the investment and construction of a project for an annual output of **50,000 tons** of key integrated circuit process materials, along with a headquarters and R&D center[174](index=174&type=chunk) - The company announced its intention to invest in an equity investment fund[174](index=174&type=chunk) [Significant Matters of Company Subsidiaries](index=51&type=section&id=十四、公司子公司重大事项) No other significant matters occurred in the company's subsidiaries during the reporting period - No other significant matters occurred in the company's subsidiaries[175](index=175&type=chunk) [Share Changes and Shareholder Information](index=52&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, shareholder structure, and shareholdings of directors and management during the reporting period [Share Change Information](index=52&type=section&id=一、股份变动情况) Restricted shares decreased by 411,000, unrestricted shares increased by the same amount, and total share capital remained unchanged due to executive share release Share Change Overview | Item | Quantity Before Change (shares) | Percentage Before Change (%) | Net Change (+,-) (shares) | Quantity After Change (shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 35,065,435 | 11.19% | -411,000 | 34,654,435 | 11.06% | | II. Unrestricted Shares | 278,315,967 | 88.81% | 411,000 | 278,726,967 | 88.94% | | III. Total Shares | 313,381,402 | 100.00% | 0 | 313,381,402 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released During Period (shares) | Restricted Shares Increased During Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shao Jianmin | 411,000 | 411,000 | 0 | 0 | Executive lock-up shares | 2025-4-28 | | **Total** | **411,000** | **411,000** | **0** | **0** | **--** | **--** | [Securities Issuance and Listing](index=53&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[181](index=181&type=chunk) [Number of Shareholders and Shareholding Information](index=53&type=section&id=三、公司股东数量及持股情况) As of the reporting period end, the company had 38,837 common shareholders, with key shareholders Wang Fuxiang, Shanghai Xinhui, and Shanghai Xinke acting in concert - As of the end of the reporting period, the total number of common shareholders was **38,837**[182](index=182&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage (%) | Shares Held at End of Reporting Period (shares) | Change During Reporting Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Fuxiang | Domestic Natural Person | 14.37% | 45,032,070 | 0 | 33,774,052 | 11,258,018 | Pledged | 12,000,000 | | Shanghai Xinhui Asset Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 12.10% | 37,933,276 | 0 | 0 | 37,933,276 | Not applicable | 0 | | Shanghai Xinke Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.27% | 22,788,086 | 0 | 0 | 22,788,086 | Pledged | 6,070,000 | | Sun Huiming | Domestic Natural Person | 3.51% | 11,008,999 | 599,061 | 0 | 11,008,999 | Not applicable | 0 | | SINYANG INDUSTRIES & TRADING PTE LTD | Overseas Legal Person | 2.30% | 7,216,290 | 0 | 0 | 7,216,290 | Not applicable | 0 | | Jin Yeifei | Domestic Natural Person | 2.01% | 6,284,561 | -321,100 | 0 | 6,284,561 | Not applicable | 0 | | Yang Yanling | Domestic Natural Person | 1.29% | 4,053,600 | 99,000 | 0 | 4,053,600 | Not applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.09% | 3,403,492 | 1,164,361 | 0 | 3,403,492 | Not applicable | 0 | | Jin Yeling | Domestic Natural Person | 0.96% | 2,993,090 | -6,100 | 0 | 2,993,090 | Not applicable | 0 | | Guotai Junan Securities Co., Ltd. - Guolian An CSI All-Share Semiconductor Products and Equipment ETF | Domestic Non-State-Owned Legal Person | 0.74% | 2,326,671 | -136,346 | 0 | 2,326,671 | Not applicable | 0 | - Shareholders Wang Fuxiang, Shanghai Xinhui Asset Management Co., Ltd., and Shanghai Xinke Investment Co., Ltd. are related shareholders and act in concert[183](index=183&type=chunk)[184](index=184&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=55&type=section&id=四、董事、监事和高级管理人员持股变动) There were no changes in the shareholdings of the company's 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[185](index=185&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=56&type=section&id=五、控股股东或实际控制人变更情况) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[186](index=186&type=chunk) - The company's actual controller did not change during the reporting period[186](index=186&type=chunk) [Preferred Share Information](index=57&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[187](index=187&type=chunk) [Bond-Related Information](index=58&type=section&id=第七节%20债券相关情况) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period [Bond-Related Information](index=58&type=section&id=债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[189](index=189&type=chunk) [Financial Report](index=59&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes on accounting policies and financial items [Audit Report](index=59&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[191](index=191&type=chunk) [Financial Statements](index=59&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for H1 2025 - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[192](index=192&type=chunk)[196](index=196&type=chunk)[200](index=200&type=chunk)[205](index=205&type=chunk)[207](index=207&type=chunk)[209](index=209&type=chunk)[212](index=212&type=chunk)[219](index=219&type=chunk) [Company Basic Information](index=77&type=section&id=三、公司基本情况) Shanghai Xinyang Semiconductor Materials Co., Ltd., listed on the Shenzhen Stock Exchange, specializes in electronic and semiconductor materials, with Wang Su as legal representative and a registered capital of RMB 313,381,402.00 - Shanghai Xinyang Semiconductor Materials Co., Ltd. was established through overall restructuring on November 19, 2009, with a registered capital of **RMB 63.68 million**[224](index=224&type=chunk) - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on June 29, 2011, with stock abbreviation "上海新阳" (Shanghai Xinyang) and stock code "**300236**"[226](index=226&type=chunk) - The company's legal representative is Wang Su, and its business scope includes manufacturing, processing, sales, and technical consulting services for chemical products, equipment products, and spare parts related to electronic technology, information technology, and semiconductor materials[230](index=230&type=chunk) - The company's registered capital has been changed to **RMB 313,381,402.00**[229](index=229&type=chunk) - The company owns subsidiaries such as Jiangsu Kople New Materials Co., Ltd. and Shanghai Xinke Micro Material Technology Co., Ltd., which form the scope of consolidated financial statements[231](index=231&type=chunk)[232](index=232&type=chunk) [Basis of Financial Statement Preparation](index=80&type=section&id=四、财务报表的编制基础) The company prepares its financial statements on a going concern basis, adhering to enterprise accounting standards, with no significant doubts about its ability to continue operations - The company prepares its financial statements on a going concern basis, in accordance with the 'Basic Accounting Standards for Business Enterprises' and other accounting standards[233](index=233&type=chunk) - After assessment, the company's going concern ability is good, and there are no factors that would raise significant doubt about its ability to continue as a going concern[234](index=234&type=chunk) [Significant Accounting Policies and Estimates](index=80&type=section&id=五、重要会计政策及会计估计) This section details the company's key accounting policies and estimates for financial reporting, covering areas like financial instruments, inventories, fixed assets, revenue recognition, and government grants - The company adheres to the requirements of enterprise accounting standards to truthfully and completely reflect financial position, operating results, and other information[235](index=235&type=chunk) - The accounting year runs from January 1 to December 31 of the Gregorian calendar, and the functional currency is RMB[236](index=236&type=chunk)[238](index=238&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[265](index=265&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk) - Inventories include raw materials, work-in-progress, finished goods, etc., presented at the lower of cost and net realizable value, with issued inventories accounted for using the weighted average method[298](index=298&type=chunk)[299](index=299&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method, with depreciation periods of **5-30 years** for buildings and structures, and **5-10 years** for machinery and equipment[323](index=323&type=chunk) - Intangible assets include land use rights, software, patent rights, and trademark rights, measured at actual cost and amortized on a straight-line basis over their useful lives[328](index=328&type=chunk) - Revenue recognition identifies individual performance obligations based on the relationship between fulfilling performance obligations and customer payments, determining whether they are fulfilled over time or at a point in time[344](index=344&type=chunk)[345](index=345&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the carrying amount of the asset or recognized as deferred income, or directly recognized in current profit or loss[352](index=352&type=chunk)[353](index=353&type=chunk) - Deferred income tax assets and liabilities are recognized based on the difference between the tax base of assets and liabilities and their carrying amounts[357](index=357&type=chunk) [Taxation](index=110&type=section&id=六、税项) The company and its subsidiary Jiangsu Kople New Materials Co., Ltd. enjoy a 15% enterprise income tax rate as high-tech enterprises, with export products subject to VAT exemption, offset, and refund Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 6%, 13% | | Consumption Tax | Taxable sales amount | 4% | | Urban Maintenance and Construction Tax | Taxable turnover tax amount | 5%, 7% | | Enterprise Income Tax | Taxable income | 25% | | Local Education Surcharge | Taxable turnover tax amount | 2%, 1% | - The company was re-certified as a high-tech enterprise in December 2024, and will pay enterprise income tax at a reduced rate of **15%** from January 1, 2024, to December 31, 2026[388](index=388&type=chunk) - Subsidiary Jiangsu Kople New Materials Co., Ltd. obtained its high-tech enterprise certificate on November 6, 2023, and will pay enterprise income tax at a reduced rate of **15%** from January 1, 2023, to December 31, 2025[388](index=388&type=chunk) - Export products are subject to a "exemption, offset, and refund" export tax rebate policy for VAT[389](index=389&type=chunk) [Notes to Consolidated Financial Statement Items](index=111&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on consolidated financial statement items, including cash, receivables, inventories, fixed assets, borrowings, revenue, costs, and net profit Ending Balances of Major Consolidated Financial Statement Items | Item | Ending Balance (RMB) | | :--- | :--- | | Cash and Bank Balances | 761,740,255.89 | | Notes Receivable | 239,356,795.74 | | Accounts Receivable | 658,518,773.96 | | Inventories | 391,949,590.69 | | Fixed Assets | 842,505,280.03 | | Construction in Progress | 110,856,458.54 | | Intangible Assets | 197,912,698.03 | | Short-Term Borrowings | 303,742,197.72 | | Notes Payable | 300,744,132.88 | | Accounts Payable | 251,201,632.51 | | Operating Revenue | 896,649,671.91 | | Operating Cost | 531,246,012.83 | | Net Profit | 133,453,724.38 | - Of the ending cash and bank balances, **RMB 74,676,186.73** is for acceptance bill deposits and **RMB 455,000,000.00** is for time deposits, with restricted ownership[391](index=391&type=chunk) - Ending balance of accounts receivable is **RMB 729,875,781.60**, with a bad debt provision of **RMB 71,357,007.64**[407](index=407&type=chunk)[409](index=409&type=chunk) - Ending carrying amount of long-term equity investments is **RMB 35,254,645.43**, primarily investments in associates[502](index=502&type=chunk) - Ending balance of other non-current financial assets is **RMB 385,628,329.44**, primarily including investments in Changcun Industrial Investment Fund, Jiangsu Boyan Electronic Technology Co., Ltd., and others[503](index=503&type=chunk) - Ending balance of construction in progress is **RMB 110,856,458.54**, with major projects including lithography laboratory renovation and fire protection, Hefei plant construction, and polishing slurry projects[519](index=519&type=chunk)[520](index=520&type=chunk) - Ending balance of deferred income tax assets is **RMB 16,512,886.13**, and deferred income tax liabilities is **RMB 280,014,200.28**[541](index=541&type=chunk)[543](index=543&type=chunk) - Current period operating revenue is **RMB 896,649,671.91**, of which main business revenue is **RMB 895,691,313.58**[615](index=615&type=chunk) - Current period R&D expenses are **RMB 121,760,496.27**, all of which are expensed R&D expenditures[623](index=623&type=chunk)[665](index=665&type=chunk) - Net cash flow from operating activities is **RMB 112,793,253.82**, net cash flow from investing activities is **-RMB 137,415,133.28**, and net cash flow from financing activities is **RMB 51,752,018.01**[651](index=651&type=chunk) [R&D Expenditures](index=167&type=section&id=八、研发支出) Total R&D expenditures for the period were RMB 121,760,496.27, entirely expensed, with previous capitalized R&D for photoresist projects transferred to intangible assets R&D Expenditure Overview | Item | Current Period Amount (RMB) | Previous Period Amount (RMB) | | :--- | :--- | :--- | | R&D Expenditures | 121,760,496.27 | 99,062,431.68 | | Of which: Expensed R&D Expenditures | 121,760,496.27 | 97,096,622.51 | | Capitalized R&D Expenditures | 0.00 | 1,965,809.17 | - The opening balance of capitalized R&D expenditures for photoresist projects, etc., amounting to **RMB 27,789,333.82**, has all been transferred to intangible assets, with an ending balance of **RMB 0**[667](index=667&type=chunk) [Changes in Consolidation Scope](index=168&type=section&id=九、合并范围的变更) There were no changes in the company's consolidation scope due to business combinations or loss of control over subsidiaries during the reporting period - No business combinations not under common control occurred in the current period[670](index=670&type=chunk) - No business combinations under common control occurred in the current period[674](index=674&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[677](index=677&type=chunk) [Interests in Other Entities](index=171&type=section&id=十、在其他主体中的权益) The company in subsidiaries includes direct or indirect control over 10 subsidiaries, including significant non-wholly owned subsidiary Jiangsu Kople New Materials, and interests in several associates Composition of the Enterprise Group | Subsidiary Name | Registered Capital (RMB) | Main Operating Location | Registered Location | Business Nature | Direct Shareholding (%) | Indirect Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Kople New Materials Co., Ltd. | 62,318,000 | Jiangsu Province | Jiangsu Province | Coatings production and sales | 98.20% | | Business combination not under common control | | Jiangsu Kople Powder New Materials Technology Co., Ltd. | 20,000,000 | Jiangsu Province | Jiangsu Province | Coatings sales | | 100.00% | Establishment | | Jiangsu Youfu Micro Powder Technology Co., Ltd. | 10,000,000 | Jiangsu Province | Jiangsu Province | Wholesale trade | | 100.00% | Business combination not under common control | | Xinyang (Guangdong) Semiconductor Technology Co., Ltd. | 30,000,000 | Guangdong Province | Guangdong Province | Chemicals and equipment sales | 100.00% | | Establishment | | Shanghai Tehua Technology Co., Ltd. | 20,000,000 | Shanghai | Shanghai | Dicing production and sales | 100.00% | | Establishment | | Hefei Xinyang Semiconductor Materials Co., Ltd. | 200,000,000 | Anhui Province | Anhui Province | Semiconductor materials production and R&D | 100.00% | | Establishment | | Shanghai Xinke Micro Material Technology Co., Ltd. | 150,000,000 | Shanghai | Shanghai | Semiconductor materials R&D | 100.00% | | Business combination under common control | | Shanghai Huiyan Material Technology Co., Ltd. | 80,000,000 | Shanghai | Shanghai | Technology promotion and application services | 100.00% | | Business combination under common control | | Shanghai Chengquan Technology Center (Limited Partnership) | 20,000,000 | Shanghai | Shanghai | Software and information technology services | 75.00% | 9.00% | Establishment | | Shanghai Quanyang Technology Center (Limited Partnership) | 40,000,000 | Shanghai | Shanghai | Technology promotion and application services | 80.00% | 17.00% | Establishment | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders (RMB) | Dividends Declared to Minority Shareholders in Current Period (RMB) | Ending Balance of Minority Interests (RMB) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Kople New Materials Co., Ltd. | 1.80% | 148,395.04 | 0.00 | 9,282,427.22 | - The company holds interests in associates such as Xindongwei (Shanghai) Semiconductor Technology Co., Ltd. and Shanghai Xinxinxianglian Semiconductor Technology Co., Ltd[709](index=709&type=chunk)[688](index=688&type=chunk) [Government Grants](index=177&type=section&id=十一、政府补助) Government grants primarily relate to deferred income, with RMB 21,554,535.75 recognized in current profit and loss from various R&D and fiscal support projects Liability Items Involving Government Grants | Account Title | Opening Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Included in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Other Changes in Current Period (RMB) | Ending Ba