Core Insights - Blue Arrow Electronics (301348.SZ) reported a revenue of 339 million yuan for the first half of 2025, representing a year-on-year growth of 4.86% [1] - The net profit attributable to shareholders of the listed company was a loss of 10.99 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 11.19 million yuan [1] - The basic earnings per share were -0.0550 yuan [1]

Group 1 - The core point of the article is the financial performance of Blue Arrow Electronics, which reported a slight increase in revenue but a net loss for the first half of the year [1] - The company's half-year operating revenue reached 338,721,347.21 yuan, representing a year-on-year increase of 4.86% [1] - The net profit attributable to shareholders of the listed company was a loss of 10,999,171.72 yuan [1] Group 2 - Among the top ten circulating shareholders, Huang Chunhua is a new addition [1]

单位：万元 上市公司 2025 年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 | | 资金占用 | 占用方与上 | 上市公司核 | 2025年期初 | 2025年半年度占 | 2025年半年度 | 2025年半年 | 2025年1-6 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 方名称 | 市公司的关 | 算的会计 | 占用资金 | 用累计发生金额 | 占用资金的利 | 度偿还累计 | 月期末占用 | 成原因 | 占用性质 | | | | 联关系 | 科目 | 余额 | （不含利息） | 息（如有） | 发生金额 | 资金余额 | | | | 控股股东、实际控制人及 | - | - | - | - | - | - | - | - | - | - | | 其附属企业 | - | - | - | - | - | - | - | - | - | - | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前控股股东、实际控制人 ...

证券代码：301348 证券简称：蓝箭电子 公告编号：2025-032 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及相关格式指引的规定，佛山市蓝箭电子股份有限公司 （以下简称"公司"）将截至 2025 年 6 月 30 日募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）募集资金金额及到位情况 经中国证券监督管理委员会《关于同意佛山市蓝箭电子股份有限公司首次公开发行股 票注册的批复》（证监许可〔2023〕1048 号）同意注册，并经深圳证券交易所同意，公司 首次公开发行人民币普通股（A 股）5,000.00 万股，每股面值人民币 1.00 元，每股发行价 人民币 18.08 元，募集资金总额为人民币 904,000,000.00 元，扣除与发行有关的费用人民 币 119,994,381.95 元 （ 不 含 增 值 税 ） 后 ， 公 司 实 际 募 集 资 金 净 额 为 人 民 币 784,005,618.05 元。该募集资金截至 2 ...

证券代码：301348 证券简称：蓝箭电子 公告编号：2025-031 本公司对截至 2025 年 6 月 30 日的应收票据、应收账款、其他应收款及存货等存在可 能发生减值迹象的资产进行全面清查和减值测试后，计提资产减值准备共计人民币 13,481,477.48 元，具体情况如下： | 项目 | 本期发生额（元） | | --- | --- | | 应收票据坏账损失 | 581,939.05 | | 应收账款坏账损失 | -638,767.02 | | 其他应收款坏账损失 | -9,475.55 | | 存货跌价损失 | 13,547,781.00 | | 合计 | 13,481,477.48 | 二、本次计提减值准备的确认标准和计提方法 （一）应收票据 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 佛山市蓝箭电子股份有限公司（以下简称"公司"）根据《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》《企业会计准则》及公司相关会计政策等相关规定，计提信用减值损失及资产减值损 失，本次计提减值事项 ...

证券代码：301348 证券简称：蓝箭电子 公告编号：2025-034 佛山市蓝箭电子股份有限公司 第五届监事会第六次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 佛山市蓝箭电子股份有限公司（以下简称"公司"）第五届监事会第六次会议 的通知已于 2025 年 8 月 12 日以通讯方式向全体监事发出，会议于 2025 年 8 月 26 日在公司会议室以现场表决方式召开。应出席本次会议的监事 3 人，实际出席并参 与表决的监事 3 人，会议由监事会主席李永新主持，本次会议的召集、召开符合《中 华人民共和国公司法》、《公司章程》和相关法律、法规的有关规定。 表决结果：同意 3 票，反对 0 票，弃权 0 票，回避 0 票。 2、审议并通过了《关于 2025 年半年度募集资金存放与使用情况专项报告的 议案》 经审议，监事会认为：公司募集资金的存放与使用情况符合《深圳证券交易所创 业板股票上市规则》《上市公司募集资金监管规则》和《深圳证券交易所上市公司自 1 律监管指引第 2 号——创业板上市公司规范运作》等有关法律法规及《公 ...

证券代码：301348 证券简称：蓝箭电子 公告编号：2025-033 佛山市蓝箭电子股份有限公司 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的《2025 年半年度报告》及《2025 年半年度报告摘要》。 第五届董事会第六次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 佛山市蓝箭电子股份有限公司（以下简称"公司"）第五届董事会第六次会议 的通知已于 2025 年 8 月 12 日向全体董事发出，会议于 2025 年 8 月 26 日在公司会 议室召开。会议由公司董事长张顺女士主持，应出席本次会议的董事 9 人，实际参 与表决的董事 9 人（其中袁凤江、许红、任振川以通讯表决方式出席会议）。公司 监事主席及保荐代表人列席了本次会议。本次会议的召集、召开和表决程序符合《中 华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议并通过了《关于公司 2025 年半年度报告全文及摘要的议案》 本议案已经董事会审计委员会审议通过。 表决结果：同意 9 票，反对 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The board, supervisory board, and senior management guarantee the report's truthfulness and completeness, with no cash dividends or bonus shares planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report is structured into eight sections, providing a comprehensive overview from important notes to financial statements for investor navigation - The report comprises eight sections, including important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, and financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company details, financial units, and extensive semiconductor terminology, to ensure accurate report comprehension - Basic information such as company, shareholders, industry-related enterprises, laws and regulations, and financial units are defined[10](index=10&type=chunk) - Detailed explanations are provided for semiconductor professional terms, such as discrete devices, integrated circuits, packaging, testing, and assembly and test[10](index=10&type=chunk) - Advanced packaging technologies and materials, such as gallium nitride, power semiconductors, wide bandgap, IDM, Fabless, Flip Chip, and SIP, are covered[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=8&type=section&id=I.%20Company%20Profile) Foshan Blue Rocket Electronics Co, Ltd (stock code: 301348) is listed on the Shenzhen Stock Exchange, with Zhang Shun as its legal representative - The company's stock abbreviation is "Blue Rocket Electronics", stock code "301348", listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's Chinese name is Foshan Blue Rocket Electronics Co, Ltd, and its legal representative is Zhang Shun[14](index=14&type=chunk) [Contact Person and Contact Information](index=8&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's board secretary is Zhang Guoguang, and the securities affairs representative is Lin Pinwang, both located at No 45 Guxin Road, Chancheng District, Foshan City, Guangdong Province, China, with phone number 0757-63313388 and fax 0757-63313400 - The board secretary is Zhang Guoguang, and the securities affairs representative is Lin Pinwang[15](index=15&type=chunk) - The company's contact address is No 45 Guxin Road, Chancheng District, Foshan City, Guangdong Province, China, with phone number 0757-63313388[15](index=15&type=chunk) [Other Information](index=8&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and storage locations, or registration status, with details available in the 2024 annual report - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **4.86%** to **339 million yuan**, but net profit attributable to shareholders decreased by **40.35%** to **-11 million yuan**, with non-recurring net profit down **25.06%**; net cash flow from operating activities significantly grew by **286.81%** to **106 million yuan**, while total assets increased by **6.87%** to **2.003 billion yuan**, and net assets attributable to the parent company decreased by **1.51%** to **1.504 billion yuan** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Period-End/Prior Year-End (yuan) | Prior Year-End (yuan) | Period-End vs Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 338,721,347.21 | 323,010,996.79 | 4.86% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | -10,999,171.72 | -7,837,166.85 | -40.35% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Items | -11,190,694.71 | -8,948,333.49 | -25.06% | - | - | - | | Net Cash Flow from Operating Activities | 106,013,330.06 | 27,407,014.10 | 286.81% | - | - | - | | Basic Earnings Per Share (yuan/share) | -0.0550 | -0.0392 | -40.31% | - | - | - | | Diluted Earnings Per Share (yuan/share) | -0.0550 | -0.0392 | -40.31% | - | - | - | | Weighted Average Return on Net Assets | -0.72% | -0.50% | -0.22% | - | - | - | | Total Assets | - | - | - | 2,003,214,308.98 | 1,874,396,635.95 | 6.87% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 1,503,703,294.25 | 1,526,702,465.97 | -1.51% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company's report period shows no differences 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's report period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **191,522.99 yuan**, primarily including gains/losses from disposal of non-current assets, government subsidies, fair value changes, and other non-operating income/expenses, after deducting income tax effects 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 157,305.82 | | Government subsidies included in current profit/loss (excluding those with continuous impact) | 112,525.38 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities held by non-financial enterprises | 425,228.68 | | Other non-operating income and expenses apart from the above | -469,738.71 | | Less: Income tax impact | 33,798.18 | | **Total** | **191,522.99** | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in semiconductor packaging and testing, offering discrete devices and integrated circuit products within the electronic device manufacturing industry; the semiconductor market is driven by macroeconomics and emerging applications, with global growth expected and advanced packaging as a core driver, while the company employs an "own-brand + packaging and testing services" model, leveraging core technologies and diverse product lines to expand into new application areas [Industry Overview](index=11&type=section&id=I.%EF%BC%88%E4%B8%80%EF%BC%89Industry%20Overview) The company's main business is semiconductor packaging and testing, classified under electronic device manufacturing (industry code: C397) within the computer, communication, and other electronic equipment manufacturing industry - The company's main business is semiconductor packaging and testing[26](index=26&type=chunk) - The company's industry is electronic device manufacturing (industry code: C397) under computer, communication, and other electronic equipment manufacturing[26](index=26&type=chunk) [Industry Fundamentals](index=11&type=section&id=I.%EF%BC%88%E4%BA%8C%EF%BC%89Industry%20Fundamentals) The semiconductor industry, a foundational element of information technology, is cyclical but finds new opportunities in 5G, AI, and IoT; the global market is projected to grow by **11.2%** to **700.9 billion US dollars** in 2025, driven by logic and memory chips, with a rebound in discrete device and analog chip prices, while China's integrated circuit output and exports show strong growth, and the packaging and testing market is set to expand, with advanced packaging as a key driver, supported by various national policies - The semiconductor industry is the foundation and core of the information technology industry, characterized by cyclicality, but new development opportunities arise from emerging fields such as 5G communication, IoT, artificial intelligence, and intelligent driving[27](index=27&type=chunk) Global Semiconductor Market Size and Growth Forecast | Indicator | 2024 (US$M) | 2025 (US$M) | 2026 (US$M) | 2024 YoY Growth (%) | 2025 YoY Growth (%) | 2026 YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total World - $M | 630,549 | 700,874 | 760,700 | 19.7 | 11.2 | 8.5 | | Discrete Semiconductors | 31,026 | 30,219 | 32,733 | -12.7 | -2.6 | 8.3 | | Integrated Circuits | 539,505 | 611,582 | 667,390 | 25.9 | 13.4 | 9.1 | | Logic | 215,768 | 267,259 | 286,842 | 20.8 | 23.9 | 7.3 | | Memory | 165,516 | 184,841 | 214,826 | 79.3 | 11.7 | 16.2 | - In the first half of 2025, China's integrated circuit output increased by **8.7%** year-on-year to **239.5 billion units**, export volume increased by **20.6%** year-on-year to **167.77 billion units**, and export value increased by **20.3%** year-on-year to **650.26 billion yuan**[33](index=33&type=chunk) - China's semiconductor packaging and testing market size is projected to grow from **346.7 billion yuan** in 2021 to **518.9 billion yuan** in 2025, with a compound annual growth rate of approximately **7%**[40](index=40&type=chunk) - The state has introduced multiple policies to support the development of the integrated circuit industry, including high-end electronic components industrialization projects, action plans for metrology to support new quality productive forces, and large-scale equipment renewal and consumer goods trade-in programs[42](index=42&type=chunk)[43](index=43&type=chunk) [Company Market Position](index=15&type=section&id=I.%EF%BC%88%E4%B8%89%EF%BC%89Company%20Market%20Position) The company specializes in semiconductor packaging and testing, building a "discrete device + integrated circuit" system with an "own-brand + packaging and testing services" model; it possesses through-hole, SMT, flip-chip, and system-in-package technologies, offering a wide range of discrete and integrated circuit products, establishing itself as a significant semiconductor device production base in South China, with strong technical innovation in metal substrate packaging, DFN ultra-thin packaging, SIP, wide bandgap semiconductor packaging and testing, and automotive-grade product development, while actively pursuing digitalization and intelligent manufacturing - The company specializes in semiconductor packaging and testing, building a packaging and testing system centered on "discrete devices + integrated circuits", adopting a business model of "own-brand + packaging and testing services"[44](index=44&type=chunk) - The company masters through-hole insertion, surface mount packaging, flip-chip technology, and system-in-package technology, with discrete device packaging products covering over **50** series, and integrated circuit packaging products encompassing over **50** series including SOT, SOP, DFN, PDFN, and QFN[44](index=44&type=chunk) - The company possesses core technologies in metal substrate packaging, fully integrated lithium battery protection ICs, and SIP system-in-package, having achieved mass production of frameless packaging, reduced DFN series packaging thickness to **300μm**, and possesses full-process packaging and testing capabilities for **4-inch to 12-inch** wafers[45](index=45&type=chunk)[46](index=46&type=chunk) - The company has mastered a complete wide bandgap semiconductor packaging and testing technology system, actively developing high-power MOSFET automotive-grade products, with multiple products having passed AEC-Q101 third-party testing certification[47](index=47&type=chunk) - The company promotes organic interconnection of equipment through systems such as MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS, essentially achieving intelligent interconnection from customer order reception to the entire product production process[48](index=48&type=chunk) [Company's Main Business](index=17&type=section&id=I.%EF%BC%88%E5%9B%9B%EF%BC%89Company%27s%20Main%20Business) The company's main business is semiconductor packaging and testing, offering discrete devices like diodes, transistors, MOSFETs, IGBTs, SiC SBDs, and SiC MOS, as well as integrated circuits such as LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, and LED driver ICs; the company emphasizes R&D upgrades, mastering core technologies like metal substrate packaging, fully integrated lithium battery protection ICs, power device packaging, ultra-thin chip packaging, SIP, and flip-chip technology, having established a digital, intelligent, and automated production system applied in emerging fields like 5G communication and automotive electronics - The company's main business is semiconductor packaging and testing, providing discrete devices and integrated circuit products, including diodes, transistors, field-effect transistors, IGBTs, SiC SBDs, SiC MOS and other discrete devices, and LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, LED driver ICs, and Hall effect devices as integrated circuit products[52](index=52&type=chunk) - The company masters a series of core technologies including metal substrate packaging, fully integrated lithium battery protection ICs, power device packaging, ultra-thin chip packaging, semiconductor/IC testing, high-reliability welding, high-density frame packaging, System-in-Package (SIP), Flip Chip (FC) technology, and copper bridge technology[52](index=52&type=chunk) - Through independent innovation, the company has successfully built a digital, intelligent, and automated production system across the entire packaging and testing process, possessing full-process packaging and testing capabilities for **4-inch to 12-inch** wafers[53](index=53&type=chunk) - The company's products are directly or indirectly applied in emerging fields such as 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots[66](index=66&type=chunk) [Company's Main Products and Services](index=18&type=section&id=I.%EF%BC%88%E4%BA%94%EF%BC%89Company%27s%20Main%20Products%20and%20Services) The company offers over **50** series of discrete device products, including power diodes, transistors, MOSFETs, and IGBTs, with diverse packaging forms and technical advantages in innovative structural design, trench technology, and copper bridge packaging; integrated circuit products also span over **50** series, such as LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, and LED driver ICs, featuring technical strengths in independent frame design, multi-chip interconnection, high-density wire bonding, high-efficiency testing, and integrated packaging - The company's discrete device products involve over **50** series, including power diodes, power transistors, power MOS, IGBTs, and other power devices and small signal devices[56](index=56&type=chunk) - Discrete device products come in various packaging forms, including TO, SOT, SOD, SOP, DFN, PDFN, SMA, SMAF, SMB, SMBF, SMC, ABS, ABF, MBF, TOLL, LFPAK, D3K, GBL/P, etc[58](index=58&type=chunk) - Integrated circuit products involve over **50** series, mainly including LDO, AC-DC, DC-DC, lithium battery protection ICs, and LED driver ICs[61](index=61&type=chunk) - Integrated circuit product technical advantages include independent frame design, multi-chip interconnection welding technology, high-density wire bonding technology, multi-site high-efficiency precision testing technology, and high-reliability packaging technology[61](index=61&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) [Company's Main Business Model](index=24&type=section&id=I.%EF%BC%88%E5%85%AD%EF%BC%89Company%27s%20Main%20Business%20Model) The company's profit model combines "own-brand" and "packaging and testing services," either by self-procuring chip materials for packaging and testing or by providing services on client commission; its R&D model is primarily independent, supplemented by collaborative efforts, with a complete process from market research to mass production; procurement is direct, focusing on supplier management and staggered purchasing; production combines stock-based (own-brand) and order-based (packaging and testing services) approaches, primarily in-house with some outsourcing, adhering to strict quality management systems; sales are direct, expanding client base through close contact and trade channels - The company's profit model is divided into two categories: selling own-brand products and providing packaging and testing services to customers[68](index=68&type=chunk) - The R&D model is primarily independent research and development, supplemented by collaborative research and development, establishing a complete process from market research, feasibility analysis, project initiation application, design and process development, sample trial production and review, to mass production and quality control[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - Procurement involves direct purchase of raw materials such as chips, frames, internal leads, and molding compounds, with a sound internal control system for procurement and supplier management, and a staggered procurement strategy[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - The production model combines sales forecasts and orders, with own-brand products adopting stock-based production and packaging and testing services adopting order-based production, primarily in-house production supplemented by outsourced processing, and strictly adhering to ISO9001 and IATF16949 quality management systems[86](index=86&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk) - The sales model is direct sales, expanding customers through telephone follow-ups, on-site visits, direct development, and customer referrals, and utilizing trader channels to expand market coverage[91](index=91&type=chunk)[92](index=92&type=chunk) [Company's Development Strategy and Business Plan](index=28&type=section&id=I.%EF%BC%88%E4%B8%83%EF%BC%89Company%27s%20Development%20Strategy%20and%20Business%20Plan) The company's strategic focus is on semiconductor packaging and testing, emphasizing independent innovation and continuous R&D investment, particularly in automotive-grade products, gallium nitride fast charging, and advanced packaging technologies; it plans to concentrate core resources, deepen IC product R&D, and expand into industrial, automotive, new energy, and overseas markets, while strengthening brand building, enhancing market visibility and share, fostering new quality productive forces through digitalization and intelligent manufacturing, optimizing talent mechanisms, and broadening financing channels to support business growth - The company's strategic core is to focus on its main business of semiconductor packaging and testing, insisting on developing high-end products and expanding high-end customer groups to build a differentiated competitive advantage[93](index=93&type=chunk) - The company will continue R&D investment and active technological innovation, developing new competitive products in automotive-grade product R&D, gallium nitride fast charging, and other cutting-edge technology fields, and actively conducting research on advanced packaging platforms[94](index=94&type=chunk) - The company plans to deepen its core business, focusing on enhancing IC product R&D capabilities, and actively expanding into industrial, automotive, new energy, and overseas markets[95](index=95&type=chunk) - The company will strengthen brand building, consolidate existing customers, actively develop new customers and traders, and increase the development and layout of overseas customers[96](index=96&type=chunk) - The company will continue to build digital and intelligent workshops to achieve intelligent interconnection from customer order reception to the entire product production process, improving operational quality and production efficiency[97](index=97&type=chunk) - The company will improve its talent mechanism, increase the introduction of talent for key positions, refine employee training systems, and establish a performance management system with high goals, strict requirements, and strong incentives[98](index=98&type=chunk) - The company will reasonably formulate financing plans, leverage the capital market, broaden financing channels, reduce financing costs, and optimize its financial structure[99](index=99&type=chunk) [Macro Demand Analysis of Downstream Application Fields](index=29&type=section&id=I.%EF%BC%88%E5%85%AB%EF%BC%89Macro%20Demand%20Analysis%20of%20Downstream%20Application%20Fields) Semiconductors are widely applied, with emerging fields like automotive, industrial, IoT, and AI being key to future growth; the global semiconductor market is projected to grow by **12.5%** to **687 billion US dollars** by 2025, with China's integrated circuit industry also expanding, though uncertainties from international trade changes must be monitored - Semiconductors are widely applied, with emerging fields such as automotive, industrial, IoT, and artificial intelligence being key factors for future growth[100](index=100&type=chunk) - The global semiconductor market is expected to continue growing by **12.5%** by 2025, with a market valuation reaching **687 billion US dollars**[100](index=100&type=chunk) - China's integrated circuit industry will continue to maintain a growth trend, but continuous vigilance is needed regarding uncertainties arising from changes in the international trade environment[100](index=100&type=chunk) [Core Competitiveness Analysis](index=29&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its comprehensive semiconductor packaging and testing technology system, diverse product portfolio, advanced automated production equipment, robust R&D capabilities, extensive customer base, and complete management certifications; it possesses core technologies in metal substrate packaging, power devices, ultra-thin chip packaging, SIP, DFN/PDFN/QFN mass production platforms, and automotive-grade product development, continuously enhancing production efficiency and R&D capabilities through digitalization and intelligent manufacturing [Technological Advantages](index=29&type=section&id=II.%EF%BC%88%E4%B8%80%EF%BC%89Technological%20Advantages) The company possesses a complete semiconductor packaging and testing technology, mastering core technologies such as metal substrate packaging, power device packaging, semiconductor/IC testing, ultra-thin chip packaging, high-reliability welding, high-density frame packaging, robotic automation production systems, fully integrated lithium battery protection ICs, and SIP system-in-package; it has full-process packaging and testing capabilities for **4-inch to 12-inch** wafers and is dedicated to advanced packaging process research for automotive-grade power devices, chip-level packaging, and wide bandgap semiconductor devices - The company possesses complete semiconductor packaging and testing technology, mastering core technologies in metal substrate packaging, power device packaging, semiconductor/IC testing, ultra-thin chip packaging, high-reliability welding, high-density frame packaging, robotic automation production systems, fully integrated lithium battery protection ICs, and SIP system-in-package[101](index=101&type=chunk) - The company possesses full-process packaging and testing capabilities covering **4-inch to 12-inch** wafers, masters flip-chip technology, can solve multi-chip packaging challenges using SIP system-in-package technology, and has established mass production platforms for DFN, PDFN, and QFN packaging series[101](index=101&type=chunk) - The company is committed to research on advanced packaging processes for automotive-grade power devices, chip-level packaging, and wide bandgap semiconductor devices, building a foundation of advanced process technology for the development of SiC, GaN, and other third-generation semiconductors and automotive electronics[101](index=101&type=chunk) [Product Advantages](index=30&type=section&id=II.%EF%BC%88%E4%BA%8C%EF%BC%89Product%20Advantages) The company offers a rich product portfolio in power semiconductors, chip-level surface mount packaging, and third-generation semiconductors, with over **100** series of packaging products including SOT23-X, SOP, TO-252, PDFN, DFN, and QFN, covering a wide range of applications; integrated circuit products include LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, and LED driver ICs, featuring high technical content, with fully integrated lithium battery protection IC technology effectively reducing on-resistance and cost; new MOSFETs offer advantages in high switching frequency and power density, meeting green energy efficiency requirements and providing high product flexibility to meet customized customer needs - The company has a rich product portfolio in power semiconductors, chip-level surface mount packaging, and third-generation semiconductors, with over **100** series of packaging products including SOT23-X, SOP, TO-252, PDFN, DFN, and QFN, offering diverse product structures[103](index=103&type=chunk) - The company's integrated circuit products include various categories such as LDO, AC-DC, DC-DC, lithium battery protection IC, charging management IC, and LED driver IC, all with high technical content[104](index=104&type=chunk) - The company successfully applies high-density frame packaging and multi-chip co-packaging technology to lithium battery protection IC products using fully integrated lithium battery protection IC technology, effectively reducing on-resistance, increasing current capability, and saving costs[104](index=104&type=chunk) - The company's new-structure MOSFETs offer advantages in high switching frequency and high power density, applied in power synchronous rectification, electric tools, adapters, battery protection, wireless charging, and other fields[104](index=104&type=chunk) [Equipment Advantages](index=30&type=section&id=II.%EF%BC%88%E4%B8%89%EF%BC%89Equipment%20Advantages) The company possesses over **3,100** sets of advanced domestic and international semiconductor packaging, testing, inspection, analysis, and experimental equipment, including high-end devices like US K&S wire bonders, Japanese TOWA molding machines, and ASM flip-chip equipment; adhering to a digitalization and intelligent manufacturing strategy, the company achieves intelligent production interconnection through MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS systems, enhancing R&D and production efficiency; the R&D center construction project, funded by raised capital, adds advanced R&D and testing equipment and attracts high-end technical talent, further strengthening R&D capabilities and technological innovation - The company possesses over **3,100** sets of advanced domestic and international semiconductor packaging, testing, inspection, analysis, and experimental equipment, including US K&S wire bonders, Japanese TOWA molding machines, and ASM flip-chip equipment[105](index=105&type=chunk) - The company promotes organic interconnection of equipment through systems such as MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS, essentially achieving intelligent interconnection from customer order reception to the entire product production process, accelerating the industrialization of core technologies and improving R&D and production capabilities and efficiency[106](index=106&type=chunk) - The R&D center construction project, funded by raised capital, adds advanced R&D and testing equipment and attracts high-end technical talent, providing a fundamental guarantee for shortening new product and technology R&D cycles and enhancing R&D capabilities and technological innovation[106](index=106&type=chunk) [R&D Advantages](index=30&type=section&id=II.%EF%BC%88%E5%9B%9B%EF%BC%89R%26D%20Advantages) As of June 30, 2025, the company has **177** R&D personnel, with core technical staff possessing over **20** years of semiconductor industry experience, forming an excellent R&D team led by senior engineers; the company has obtained **155** patents, including **36** invention patents and **109** utility model patents, with one new utility model patent added; the company emphasizes collaborative R&D with universities and research institutions like Sun Yat-sen University, Xidian University, and the Fifth Electronic Research Institute of MIIT, enhancing technological innovation and reserves through industry-academia-research projects - As of June 30, 2025, the company has **177** R&D personnel, with core technical personnel possessing over **20** years of work experience in the semiconductor industry[107](index=107&type=chunk) - As of June 30, 2025, the company has obtained **155** patents, including **36** invention patents, **109** utility model patents, **3** software copyrights, and **7** integrated circuit layout design exclusive rights[107](index=107&type=chunk) - During the reporting period, the company added **1** utility model patent, titled "A Reinforced Semiconductor Packaging Device"[107](index=107&type=chunk) - The company collaborates closely with renowned domestic universities and research institutions such as Sun Yat-sen University, Xidian University, and the Fifth Electronic Research Institute of MIIT, promoting industry-academia-research projects to enhance technological innovation capabilities[107](index=107&type=chunk) [Customer Advantages](index=31&type=section&id=II.%EF%BC%88%E4%BA%94%EF%BC%89Customer%20Advantages) The company offers diverse product categories, providing "one-stop" semiconductor device services to customers across South China, East China, Northwest, and Southwest regions, and has established long-term stable cooperative relationships with renowned enterprises such as Torex Semiconductor, CR Micro, Bright Power Semiconductor, Midea Group, Gree Electric, Samsung Electronics, TP-Link, Salcomp, and Huntkey; with the development of 5G communication and new energy markets, the company's products are now applied in emerging fields including 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots - The company offers a wide range of product categories, providing "one-stop" semiconductor device products and services to customers[107](index=107&type=chunk) - The company's customers are located across various regions including South China, East China, Northwest, and Southwest, and it has established long-term stable cooperative relationships with renowned enterprises such as Torex Semiconductor, CR Micro, Bright Power Semiconductor, Midea Group, Gree Electric, Samsung Electronics, TP-Link, Salcomp, and Huntkey[108](index=108&type=chunk) - The company's products are directly or indirectly applied in emerging market fields such as 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots[108](index=108&type=chunk) [Comprehensive Management System and Qualification Advantages](index=31&type=section&id=II.%EF%BC%88%E5%85%AD%EF%BC%89Comprehensive%20Management%20System%2C%20Qualification%20Advantages) The company possesses a complete SOP, FMEA, CP system, full-process MES coverage, and robust trial production and acceptance procedures, implementing TPM management and a professional project management team; as of the end of the reporting period, the company has obtained multiple quality management system certifications, including ISO9001, ISO14001, IATF16949, GB/T29490, ISO45001, ESD S20.20, and QC080000, ensuring product quality and management standards - The company possesses a complete SOP, FMEA, CP system, full-process MES coverage, robust trial production and acceptance procedures, implements TPM management, and has a professional project management team[109](index=109&type=chunk) - As of the end of the reporting period, the company has passed ISO9001 quality management system certification, ISO14001 environmental management system certification, IATF16949 automotive industry quality management system standard certification, GB/T29490 intellectual property management system certification, ISO45001 occupational health and safety management system certification, ESD S20.20 electrostatic protection system, and QC080000 hazardous substance process management system standard certification[109](index=109&type=chunk) [Main Business Analysis](index=31&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by **4.86%** to **339 million yuan**, with operating costs rising by **4.48%**; selling and administrative expenses grew by **20.42%** and **16.46%** respectively, while financial expenses decreased by **33.21%** due to reduced interest income; R&D investment declined by **11.84%**, but net cash flow from operating activities surged by **286.81%**; the gross profit margin for own-brand business was **12.25%**, while for packaging and testing services it was **-5.01%**; the company maintained a focus on R&D, with expenses totaling **12.1858 million yuan**, representing **3.60%** of operating revenue Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 338,721,347.21 | 323,010,996.79 | 4.86% | - | | Operating Cost | 318,894,818.61 | 305,220,253.33 | 4.48% | - | | Selling Expenses | 5,398,316.34 | 4,482,862.20 | 20.42% | - | | Administrative Expenses | 14,520,137.86 | 12,467,894.50 | 16.46% | - | | Financial Expenses | -5,874,844.05 | -8,796,546.69 | 33.21% | Primarily due to a decrease in interest income | | R&D Investment | 12,185,776.77 | 13,821,597.32 | -11.84% | - | | Net Cash Flow from Operating Activities | 106,013,330.06 | 27,407,014.10 | 286.81% | Primarily due to an increase in cash received from sales of goods and provision of services and a decrease in cash paid for purchases of goods and acceptance of services compared to the prior year period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Own Brand | 166,658,374.50 | 146,247,917.88 | 12.25% | 4.81% | 1.98% | 2.44% | | Packaging and Testing Services | 164,405,236.82 | 172,646,242.39 | -5.01% | 3.05% | 6.70% | -3.59% | - During the reporting period, the company's R&D expenses totaled **12.1858 million yuan**, accounting for **3.60%** of operating revenue, primarily invested in projects such as multi-pin high-density packaging technology development, power semiconductor devices, composite packaging technology, charging management chips, and new high-voltage device chips[117](index=117&type=chunk) [Non-Main Business Analysis](index=32&type=section&id=IV.%20Non-Main%20Business%20Analysis) During the reporting period, non-main business activities impacted total profit, with asset impairment (provision for inventory depreciation) accounting for **93.64%**, other income (government subsidies and VAT super deduction) for **44.08%**, and investment income (wealth management product gains) for **4.88%**; these non-recurring gains and losses are not sustainable Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Percentage of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 705,367.81 | 4.88% | Primarily income from wealth management products | No | | Fair Value Change Gains/Losses | 13,574.89 | 0.09% | Primarily fair value changes of wealth management products at period-end | No | | Asset Impairment | -13,547,781.00 | 93.64% | Provision for inventory depreciation | No | | Non-Operating Income | 21,241.66 | 0.15% | Primarily other occurrences in the current period | No | | Non-Operating Expenses | 490,980.37 | 3.39% | Primarily other occurrences in the current period | No | | Credit Impairment | 66,303.52 | 0.46% | Provision for doubtful accounts | No | | Asset Disposal Gains | 157,305.82 | 1.09% | Gains from disposal of non-current assets in the current period | No | | Other Income | 6,377,276.28 | 44.08% | Primarily confirmed government subsidies and VAT super deduction | No | [Analysis of Assets and Liabilities](index=33&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **2.003 billion yuan**, an increase of **6.87%** from the end of the previous year; significant asset changes included a **1.78%** increase in long-term equity investments to **37.6069 million yuan** (due to investment in an associate), a **2.83%** increase in construction in progress to **56.7455 million yuan** (due to increased equipment awaiting installation), and a **2.50%** increase in trading financial assets to **50.0136 million yuan** (due to increased wealth management products); on the liability side, short-term borrowings increased by **2.56%** to **62.7663 million yuan** (due to increased bank borrowings), accounts payable increased by **1.74%** to **158 million yuan** (due to increased material payments), and deferred income increased by **0.26%** to **15.0098 million yuan** (due to increased government subsidies); the total restricted assets at period-end amounted to **122 million yuan**, mainly comprising bill deposits and pledged notes receivable Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Percentage of Total Assets (%) | Amount at End of Prior Year (yuan) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Long-Term Equity Investments | 37,606,913.58 | 1.88% | 1,967,284.99 | 0.10% | 1.78% | Primarily due to investment in an associate in the current reporting period | | Construction in Progress | 56,745,540.30 | 2.83% | - | - | 2.83% | Primarily due to an increase in equipment awaiting installation at period-end | | Short-Term Borrowings | 62,766,297.65 | 3.13% | 10,632,325.28 | 0.57% | 2.56% | Primarily due to an increase in bank borrowings at period-end | | Trading Financial Assets | 50,013,574.89 | 2.50% | - | - | 2.50% | Primarily due to an increase in wealth management products not yet matured and redeemed at period-end | | Accounts Payable | 157,818,493.00 | 7.88% | 115,081,687.09 | 6.14% | 1.74% | Primarily due to an increase in material payments | | Deferred Income | 15,009,833.87 | 0.75% | 9,253,079.51 | 0.49% | 0.26% | Primarily due to an increase in asset-related government subsidies received | - At the end of the reporting period, the company's total assets amounted to **2.003 billion yuan**, an increase of **6.87%** compared to the end of the previous year[19](index=19&type=chunk) Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 75,025,705.02 | 75,025,705.02 | Pledge | Bill deposit | | Notes Receivable | 46,683,741.20 | 46,683,741.20 | Pledge | Issuance of bank acceptance bills | | **Total** | **121,709,446.22** | **121,709,446.22** | - | - | [Investment Status Analysis](index=34&type=section&id=VI.%20Investment%20Status%20Analysis) During the reporting period, the company's total investment was **256 million yuan**, an increase of **1.50%** year-on-year; the overall utilization of raised funds shows a cumulative use of **651 million yuan**, with **22.7867 million yuan** used in the current period and **136 million yuan** remaining unused; the "Semiconductor Packaging and Testing Expansion Project" and "R&D Center Construction Project" have been completed, with remaining raised funds of **4.3444 million yuan** permanently transferred to working capital; the company also engaged in cash management and entrusted wealth management using idle raised funds and its own capital, with an outstanding entrusted wealth management balance of **50 million yuan** at period-end Overall Investment Amount During the Reporting Period | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | | 255,660,248.02 | 251,891,885.27 | 1.50% | - The company's net raised funds amounted to **784 million yuan**; as of June 30, 2025, the cumulative amount of raised funds used totaled **651 million yuan**, with **22.7867 million yuan** used in the current period, and **136 million yuan** remaining unused[130](index=130&type=chunk) - The raised investment projects "Semiconductor Packaging and Testing Expansion Project" and "R&D Center Construction Project" have been completed, with remaining raised funds of **4.3444 million yuan** permanently supplementing working capital[130](index=130&type=chunk)[133](index=133&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 11,500 | 4,000 | | Brokerage Wealth Management Products | Own Funds | 1,000 | 1,000 | | **Total** | - | **12,500** | **5,000** | [Major Asset and Equity Sales](index=39&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell any major assets during the reporting period[139](index=139&type=chunk) - The company had no major equity sales during the reporting period[140](index=140&type=chunk) [Analysis of Major Holding and Participating Companies](index=40&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no important holding or participating company information that required disclosure - The company had no important holding or participating company information that required disclosure during the reporting period[140](index=140&type=chunk) [Information on Structured Entities Controlled by the Company](index=40&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[141](index=141&type=chunk) [Risks Faced by the Company and Countermeasures](index=40&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including product price fluctuations, industry cyclicality and gross profit margin volatility, rising raw material prices, low proportion of advanced packaging revenue and R&D pressure, gap with industry leaders and high product substitutability, product structure adjustment, concentrated sales regions, and R&D failure; the company actively addresses these risks through measures such as optimizing product structure, technological innovation, customer expansion, deepening emerging technology R&D, cost reduction and efficiency improvement, strengthening supplier management, diversified sales layout, and continuous R&D investment - The company faces risks of product sales price fluctuations, primarily influenced by market demand, industry competition, global policies, supply chain, and technological updates; countermeasures include expanding advantageous product capacity, optimizing product structure, technological innovation, developing new products, establishing long-term cooperative relationships, optimizing supply chain costs, strengthening market analysis, and exploring emerging application areas[141](index=141&type=chunk) - The company faces risks of industry cyclicality and gross profit margin fluctuations, influenced by the semiconductor industry's prosperity, market competition, product structure, raw material, and labor costs; countermeasures include increasing R&D for high-value-added and advanced packaging products, improving product performance, expanding customer development channels, deepening emerging technology R&D, and enhancing internal operational management[142](index=142&type=chunk) - The company faces risks of rising raw material prices, primarily influenced by fluctuations in non-ferrous metal prices upstream and geopolitical uncertainties; countermeasures include establishing long-term stable relationships with suppliers, real-time monitoring of market dynamics, staggered procurement, expanding new qualified supplier resources, and enhancing bargaining power[143](index=143&type=chunk) - The company faces risks of a low proportion of advanced packaging revenue and significant R&D pressure, as it currently relies mainly on traditional packaging technologies, and the coverage of advanced packaging technologies needs expansion; countermeasures include expanding development of new power devices, automotive-grade devices, and innovative products for 5G communication, IoT, and big data industries, deeply researching cutting-edge technologies such as embedded board-level packaging, chip-level packaging, and multi-process platforms, increasing R&D investment, attracting top talent, and strengthening cooperation with research institutions[144](index=144&type=chunk)[145](index=145&type=chunk) - The company faces risks of a gap with industry leading manufacturers and high substitutability of some products, as it primarily uses traditional packaging technologies with relatively fewer advanced packaging technologies; countermeasures include maintaining advantages in traditional packaging, closely monitoring the development trends of advanced packaging technologies, improving advanced packaging capabilities, expanding product lines, and applying new materials and technologies to existing products through technological upgrades[146](index=146&type=chunk) - The company faces risks of product structure adjustment due to continuous technological and product advancements and changes in market demand; countermeasures include closely monitoring the development trends of new technologies, products, materials, and market trends, strengthening market research, feasibility studies, and analysis and argumentation for technological R&D, and timely adjusting and optimizing the company's internal product structure[147](index=147&type=chunk) - The company faces risks of concentrated sales regions, with current revenue primarily concentrated in South China; countermeasures include improving product structure, actively transforming and upgrading customers, horizontally expanding existing customers, focusing on developing customers in different regions and overseas, and gradually achieving a diversified sales region layout[148](index=148&type=chunk)[149](index=149&type=chunk) - The company faces risks of R&D failure, as semiconductor packaging and testing technology needs to keep pace with technological innovations in chip design and wafer manufacturing, and the downstream market's demand for thinner, smaller, and low-power power devices continues to grow; countermeasures include closely monitoring the dynamics of new technologies, products, materials, and new packaging technologies and market development trends, strengthening market research, feasibility studies, and analysis and argumentation for technological R&D, continuously increasing R&D funding, and actively introducing and cultivating experienced R&D personnel[150](index=150&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=42&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company held its 2024 annual performance briefing on May 9, 2025, via the Value Online interactive platform, hosting online investors and providing an "Investor Relations Activity Record Form" (No: 2025-001) - On May 9, 2025, the company held its 2024 annual performance briefing via the Value Online interactive platform[151](index=151&type=chunk) - The attendees were online investors, and an "Investor Relations Activity Record Form" (No: 2025-001) was provided[151](index=151&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=42&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[152](index=152&type=chunk) - The company has not disclosed a valuation enhancement plan[152](index=152&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=42&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[152](index=152&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management of the Company](index=43&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20of%20the%20Company) During the reporting period, there was a change in the company's senior management, with Mr Li Yi appointed as Deputy General Manager on May 23, 2025, due to a job transfer Changes in Directors, Supervisors, and Senior Management of the Company | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Yi | Deputy General Manager | Appointment | May 23, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=43&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[155](index=155&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=43&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[156](index=156&type=chunk) [Environmental Information Disclosure](index=43&type=section&id=IV.%20Environmental%20Information%20Disclosure) Foshan Blue Rocket Electronics Co, Ltd is included in the list of enterprises required to disclose environmental information by law and does so through the Guangdong Provincial Department of Ecology and Environment and the National Pollutant Discharge Permit Management Information Platform - Foshan Blue Rocket Electronics Co, Ltd is included in the list of enterprises required to disclose environmental information by law[157](index=157&type=chunk) - The company's environmental information disclosure report can be found on the Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System and the National Pollutant Discharge Permit Management Information Platform[157](index=157&type=chunk) [Social Responsibility](index=43&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting shareholder rights through sound corporate governance, safeguarding minority shareholder interests, timely information disclosure, and stable profit distribution policies; it prioritizes employees, ensuring their legal rights, offering competitive compensation and benefits, and conducting health management and humanistic care activities; in the supply chain, the company builds strategic win-win relationships with suppliers and customers, ensuring product quality and service through robust management systems and quality control; furthermore, the company operates legally, pays taxes, actively participates in social welfare, collaborates with universities for industry-academia-research, and highly values environmental protection and safety production, strictly adhering to relevant laws, regulations, and management system certifications - The company protects shareholder rights by establishing a sound corporate governance structure, safeguarding the interests of minority shareholders, timely information disclosure, and stable profit distribution policies[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The company adheres to a people-oriented approach, safeguarding employees' legal rights, strictly implementing national wage, employment, labor protection, social security, and medical insurance systems, and providing competitive compensation, benefits, and performance appraisal systems[160](index=160&type=chunk) - The company strengthens employee care and enhances team cohesion through welfare activities such as regular health check-ups, birthday parties, garden parties, summer camps, and holiday benefits[161](index=161&type=chunk) - The company establishes strategic win-win relationships with upstream suppliers and downstream customers, ensuring product quality and service through a sound internal procurement control system, supplier management system, and quality control system[161](index=161&type=chunk)[162](index=162&type=chunk) - The company operates legally, pays taxes in accordance with the law, actively participates in social welfare activities, and collaborates with Foshan University to establish a joint postgraduate training base, promoting the integration of industry, academia, and research[162](index=162&type=chunk) - The company highly values environmental protection and safety production management and control, strictly managing production in accordance with national laws and regulations, and has obtained multiple industry standard certifications including ISO9001, ISO14001, QC080000, and ISO45001[164](index=164&type=chunk) Significant Matters [Commitment Matters Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=46&type=section&id=I.%20Commitment%20Matters%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, there were no commitment matters fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company - During the reporting period, there were no commitment matters fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company[166](index=166&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=46&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[167](index=167&type=chunk) [Irregular External Guarantees](index=46&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[168](index=168&type=chunk) [Appointment and Dismissal of Accounting Firms](index=46&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[169](index=169&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=46&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) The company's semi-annual report was not audited, thus there is no explanation regarding the accounting firm's "non-standard audit report" for the current reporting period - The company's semi-annual report was not audited, so there is no explanation regarding the accounting firm's "non-standard audit report" for the current reporting period[169](index=169&type=chunk)[170](index=170&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=46&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company has no explanation regarding the "non-standard audit report" for the previous year - The company has no explanation regarding the "non-standard audit report" for the previous year[170](index=170&type=chunk) [Bankruptcy and Reorganization Related Matters](index=46&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Related%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[170](index=170&type=chunk) [Litigation Matters](index=46&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters in the current reporting period[171](index=171&type=chunk) - The company had no other litigation matters[171](index=171&type=chunk) [Penalties and Rectification Status](index=47&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[172](index=172&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=47&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good integrity, with no inapplicable situations - The integrity status of the company, its controlling shareholder, and actual controller has no inapplicable situations[173](index=173&type=chunk) [Significant Related Party Transactions](index=47&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, dealings with affiliated financial companies, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[173](index=173&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[174](index=174&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[175](index=175&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[176](index=176&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and related parties[177](index=177&type=chunk)[178](index=178&type=chunk) - The company had no other significant related party transactions during the reporting period[179](index=179&type=chunk) [Significant Contracts and Their Performance](index=48&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any significant guarantees; there were no significant contracts requiring disclosure in daily operations, nor any other significant contracts - The company had no entrustment situations during the reporting period[180](index=180&type=chunk) - The company had no contracting situations during the reporting period[181](index=181&type=chunk) - The company had no leasing situations during the reporting period[182](index=182&type=chunk) - The company had no significant guarantee situations during the reporting period[183](index=183&type=chunk) - The company had no significant contracts requiring disclosure in its daily operations[185](index=185&type=chunk) - The company had no other significant contracts during the reporting period[186](index=186&type=chunk) [Explanation of Other Significant Matters](index=48&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) On April 27, 2025, the company approved the 2024 profit distribution and capital reserve conversion to share capital plan, distributing a cash dividend of **0.6 yuan** (including tax) per **10** shares to all shareholders and converting **2** shar

（文章来源：证券日报） 证券日报网讯蓝箭电子8月21日在互动平台回答投资者提问时表示，公司目前生产经营情况正常，不存 在应披露而未披露的重大事项。公司目前相关产能已根据客户需求形成稳定供货能力，公司与客户的合 作情况请以公司在指定信息披露媒体披露的公告为准。 ...

证券日报网讯蓝箭电子8月21日在互动平台回答投资者提问时表示，为保证所有投资者平等获悉公司信 息，根据信息披露公平原则，公司会在定期报告中披露对应时点的股东信息。对于其他时点的股东人 数，根据《公司章程》的规定，股东提出查阅股东名册等有关信息的，应当向公司提供证明其持有公司 股份的种类以及持股数量的书面文件，公司经核实股东身份后按照股东的要求予以提供。 （文章来源：证券日报） ...