证券代码：301678 证券简称：新恒汇 公告编号：2025-009 新恒汇电子股份有限公司 经审议，公司《2025 年半年度报告》全文及摘要的内容真实、准确、完整 地反映了公司 2025 年半年度经营的实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。报告的编制和审核程序符合法律、行政法规的要求，符合中国 证监会和深圳证券交易所的相关规定，监事会同意对外披露。 表决结果：3 票赞成，0 票反对，0 票弃权。 第二届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，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 新恒汇电子股份有限公司（以下简称"公司"）第二届监事会第八次会议于 2025 年 8 月 15 日以现场及通讯表决相结合的方式在公司会议室召开，会议通知 已于 2025 年 8 月 5 日通以专人送达或书面的方式送达各位监事。本次会议应出 席监事 3 名，实际出席监事 3 名（其中监事祁耀亮先生、王保增先生通过通讯表 决方式参加会议）。会议由监事会主席于胜武先生召集并主持。本次会议的召开 和表决程序符合《中华人民共和国公司法》等法律、法规、规范性 ...

（文章来源：每日经济新闻） 每经AI快讯，8月18日，新恒汇公告，2025年上半年营业收入4.74亿元，同比增长14.51%。净利润 8895.45万元，同比下降11.94%。公司拟向全体股东每10股派发现金红利5元（含税）。 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 新恒汇电子股份有限公司（以下简称"公司"）第二届董事会第十一次会议 于 2025 年 8 月 15 日以现场及通讯表决相结合的方式在公司会议室召开，会议通 知已于 2025 年 8 月 5 日以专人送达或书面的方式送达各位董事。本次会议应出 席董事 9 名，实际出席董事 9 名（其中董事任志军先生、虞仁荣先生、吕大龙先 生、李斌先生；独立董事杜鹏程先生、GAO FENG 先生通过通讯方式参加会议）。 本次会议由董事长任志军先生召集并主持，公司监事、高级管理人员列席了本次 董事会。会议的召开和表决程序符合《中华人民共和国公司法》等法律、法规、 规范性文件和《公司章程》的有关规定，会议合法有效。与会董事审议通过了以 下议案： 二、董事会会议审议情况 1、审议通过《关于公司<2025 年半年度报告>全文及摘要的议案》 经审议，公司《2025 年半年度报告》全文及摘要的内容真实、准确、完整 地反映了公司 2025 年半年度的经营实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。报告的编制和审 ...

证券代码：301678 证券简称：新恒汇 公告编号：2025-012 1、本次利润分配预案符合《公司法》《企业会计准则》《上市公司监管指 引第 3 号——上市公司现金分红》《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《公司章程》等相关规定，符合公司的利润 分配政策、股东分红回报规划以及做出的相关承诺，有利于全体股东共享公司经 营成果。 新恒汇电子股份有限公司 关于 2025 年半年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、审议程序 新恒汇电子股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召开第 二届董事会第十一次会议及第二届监事会第八次会议，审议通过了《关于公司 2025 年半年度利润分配预案的议案》。本议案尚需提交公司 2025 年第二次临时 股东大会审议。现将相关事宜公告如下： 二、2025 年半年度利润分配预案的基本情况 本次利润分配预案分配基准为 2025 年半年度，根据公司 2025 年半年度财务 报表（未经审计），公司 2025 年半年度合并报表实现归属于上市公司股 ...

每经AI快讯，8月18日，新恒汇（301678）公告，公司计划使用首次公开发行股票部分超募资金7551.8 万元投资建设"多功能智慧物联仓储中心建设"项目，提高物流效率，降低运营成本，满足公司业务规模 增长的需求。项目实施周期为10个月，新建16000㎡多功能智能仓储中心。本次投资不构成关联交易， 亦不构成重大资产重组。 ...

新恒汇公告，2025年上半年营业收入4.74亿元，同比增长14.51%。净利润8895.45万元，同比下降 11.94%。公司拟向全体股东每10股派发现金红利5元（含税）。 ...

[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) [Important Notice](index=2&type=section&id=重要提示) The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, while also providing risk warnings for forward-looking statements regarding future plans. The company has approved a profit distribution plan to distribute a cash dividend of 5 yuan (tax included) for every 10 shares to all shareholders. - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Forward-looking statements regarding future plans in the report do not constitute a substantive commitment, and investors should remain aware of risks[3](index=3&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution Base (shares) | 239,555,467 | | Cash Dividend per 10 Shares (tax included) | 5 yuan | | Bonus Shares (tax included) | 0 shares | | Capital Reserve to Share Capital | No | [Catalogue of Reference Documents](index=4&type=section&id=备查文件目录) This section lists the company's semi-annual report reference documents, including financial statements, original public disclosure documents, and the original semi-annual report and summary, specifying the location as the company's securities department. - Reference documents include signed and sealed financial statements, original public disclosure documents, and original semi-annual report and summary[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) - All reference documents are kept at the company's securities department[11](index=11&type=chunk) [Definitions](index=5&type=section&id=释义) This section provides definitions for common terms used in the report, covering company names, organizational structures, semiconductor industry-related technologies (e.g., IC, wafer, packaging and testing, eSIM), and financial reporting periods, to ensure accurate understanding of the report content. - Defined the company's abbreviation "Henghui Technology" and its full name "HENGHUI Technology Corporation Limited"[12](index=12&type=chunk) - Explained core semiconductor industry terms such as IC (Integrated Circuit), wafer, packaging, testing, packaging and testing, and eSIM[12](index=12&type=chunk)[14](index=14&type=chunk) - Clarified the reporting period as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=第二节%20公司简介和主要财务指标) [Company Profile](index=7&type=section&id=一、公司简介) HENGHUI Technology Corporation Limited is listed on the Shenzhen Stock Exchange with stock code 301678, and its legal representative is Ren Zhijun. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Henghui Technology | | Stock Code | 301678 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 新恒汇电子股份有限公司 | | Foreign Name | HENGHUI Technology Corporation Limited | | Legal Representative | Ren Zhijun | [Contact Person and Contact Information](index=7&type=section&id=二、联系人和联系方式) The company disclosed the contact information for Board Secretary Zhang Jiandong and Securities Affairs Representative Zong Xiaoyan, including address, phone, fax, and email. Company Contact Information | Item | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zhang Jiandong | Zong Xiaoyan | | Contact Address | No. 187, Zhongrun Avenue, High-tech Zone, Zibo City, Shandong Province | No. 187, Zhongrun Avenue, High-tech Zone, Zibo City, Shandong Province | | Phone | 0533-3982031 | 0533-3982031 | | Fax | 0533-3982701 | 0533-3982701 | | Email | zjd@henghuiic.com | zxy@henghuiic.com | [Other Information](index=7&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration status, with specific details available in the company's "Prospectus for Initial Public Offering and Listing on the ChiNext Market". - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure websites, media names and URLs, and report storage locations remained unchanged during the reporting period[18](index=18&type=chunk) - The company's registration status remained unchanged during the reporting period[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=四、主要会计数据和财务指标) The company's operating revenue for the first half of 2025 increased by **14.51%** to **474.37 million yuan**, but net profit attributable to shareholders decreased by **11.94%** to **88.95 million yuan**. Total assets and net assets attributable to shareholders significantly increased by **61.45%** and **63.21%** respectively, due to the initial public offering. 2025 Semi-Annual Key Accounting Data and Financial Indicators | Project | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 474,373,638.49 | 414,264,121.05 | 14.51% | | Net Profit Attributable to Shareholders of Listed Company | 88,954,488.51 | 101,012,696.85 | -11.94% | | Net Profit Attributable to Shareholders of Listed Company (excluding non-recurring gains and losses) | 83,217,880.50 | 93,134,932.15 | -10.65% | | Net Cash Flow from Operating Activities | 85,666,426.38 | 95,193,030.95 | -10.01% | | Basic Earnings Per Share (yuan/share) | 0.50 | 0.56 | -10.71% | | Diluted Earnings Per Share (yuan/share) | 0.50 | 0.56 | -10.71% | | Weighted Average Return on Net Assets | 7.04% | 9.33% | -2.29% | | Project | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 2,195,546,525.75 | 1,359,933,194.74 | 61.45% | | Net Assets Attributable to Shareholders of Listed Company | 1,990,765,751.71 | 1,219,749,233.23 | 63.21% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) 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 had no differences in financial data under International Accounting Standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) - The company had no differences in financial data under overseas accounting standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) The company's total non-recurring gains and losses for the reporting period amounted to **5.74 million yuan**, primarily from disposal gains/losses of non-current assets, government subsidies, and fair value changes in financial assets. Additionally, the company classified VAT super deduction and personal income tax withholding fee refunds as recurring gains and losses. 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Project | Amount (yuan) | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 2,891,460.26 | | Government Subsidies Included in Current Profit/Loss (excluding those with continuous impact) | 3,128,665.82 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets | 743,095.22 | | Other Non-Operating Income and Expenses | -11,992.04 | | Less: Income Tax Impact | 1,013,251.74 | | Impact on Minority Interests (after tax) | 1,369.51 | | Total | 5,736,608.01 | - The company classified VAT super deduction (**3.87 million yuan**) and personal income tax withholding fee refunds (**0.05 million yuan**) as recurring gains and losses, as they are closely related to normal operating activities and continuously affect the company's profit and loss[27](index=27&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=第三节%20管理层讨论与分析) [Main Businesses Engaged in During the Reporting Period](index=10&type=section&id=一、报告期内公司从事的主要业务) The company's main businesses cover three segments: smart cards, etched lead frames, and IoT eSIM chip packaging and testing, all belonging to the integrated circuit packaging materials and packaging and testing services industry. Each business area faces market opportunities and challenges, which the company actively addresses through technological innovation, cost control, and market expansion strategies. - The company's main businesses include smart card business, etched lead frame business, and IoT eSIM chip packaging and testing business[29](index=29&type=chunk) - The company's industry belongs to "Computer, Communication and Other Electronic Equipment Manufacturing," specifically "Integrated Circuit Manufacturing, Electronic Special Materials Manufacturing," with the detailed sub-industry being integrated circuit packaging materials and packaging and testing services[29](index=29&type=chunk) [(I) Smart Card Business Segment](index=10&type=section&id=(一)%20智能卡业务领域) The global smart card IC market is projected to reach **3.42 billion US dollars** in 2025, with China leading the market. The company primarily engages in the R&D, production, sales, and module packaging of flexible lead frames in the smart card business, reducing reliance on precious metals through technological breakthroughs and expanding into high-corrosion-resistant, CSP, and Flip Chip packaging products, covering core applications such as communication, finance, social security, and IoT. - The global smart card IC market size is projected to reach **3.42 billion US dollars** in 2025, with a year-on-year growth of **6.6%**, primarily driven by e-government and contactless transportation payments[30](index=30&type=chunk) - China's smart card chip market reached **7.63 billion yuan** in the first half of the year, with a year-on-year growth of **7%**, and is expected to exceed **15 billion yuan** for the full year[30](index=30&type=chunk) - The company develops high-corrosion-resistant alloy electroplating processes and nickel-palladium-gold electroplating technology to reduce reliance on high-cost precious metals while ensuring product performance, addressing cost pressures from rising gold prices[31](index=31&type=chunk) - The company's products, including high-corrosion-resistant carrier module products for extreme environments and CSP packaging products, have entered client verification, with Flip Chip packaging module products expected to enter verification this year, achieving comprehensive coverage from low-end to high-end application scenarios[32](index=32&type=chunk) - The future smart card industry will show trends of continuous technological evolution (e.g., eSIM, large-capacity SIM cards), continuous penetration into application fields (e.g., taxation, medical, social insurance), and emerging developing countries becoming new growth points[34](index=34&type=chunk)[35](index=35&type=chunk) - The company will implement a "domestic and international dual market" strategy, focusing on core markets, enriching product series, deploying high-performance products, and enhancing market competitiveness[37](index=37&type=chunk) [(II) Etched Lead Frame Business Segment](index=12&type=section&id=(二)%20蚀刻引线框架业务领域) The semiconductor industry's recovery is driving increased demand for etched lead frames, with the global market expected to reach **11.68 billion yuan** by 2029. The company focuses on high-end etched lead frames, developing high-density, high-precision etching processes and ultra-thin frame processing technologies for consumer electronics, IoT, automotive electronics, and industrial control, with automotive-grade and high-density packaging products already sent for client verification. - In the first half of 2025, China's integrated circuit exports increased by **20.6%** in quantity and **20.3%** in value[38](index=38&type=chunk) - The global integrated circuit packaging and testing market size is projected to reach **86.2 billion US dollars** in 2025, with China's mainland sales revenue expected to reach **330.33 billion yuan**[40](index=40&type=chunk) - From 2023-2029, the global semiconductor etched lead frame market is expected to grow at a CAGR of **5.5%**, reaching approximately **11.68 billion yuan** by 2029[42](index=42&type=chunk) - The company has sent etched lead frame products for automotive-grade electronics and high-density packaging chips to clients for verification[41](index=41&type=chunk) - The localization rate in the high-end etched lead frame sector is low, and the company's technology is leading domestically, with production capacity among the top in the industry, benefiting from the trend of domestic substitution[42](index=42&type=chunk) - The company will accelerate the implementation of its high-density QFN/DFN packaging material industrialization project, enhance production capacity and yield, deepen client cooperation, and continue to increase R&D investment to deploy domestic material products[45](index=45&type=chunk) [(III) IoT eSIM Chip Packaging and Testing Business Segment](index=14&type=section&id=(三)%20物联网%20eSIM%20芯片封测业务领域) eSIM technology is accelerating its application in consumer electronics, wearables, and IoT terminals, with global eSIM smartphone connections expected to reach **1 billion** by 2025 and IoT eSIM connections **195 million** by 2026. The company offers consumer-grade, industrial-grade, and automotive-grade eSIM chip packaging products for mobile terminals, IoT, connected vehicles, and industrial networking, with new products entering verification to achieve comprehensive coverage from low-end to high-end application scenarios. - By the end of 2025, global eSIM smartphone connections are expected to reach approximately **1 billion**, growing to **6.9 billion** by 2030[46](index=46&type=chunk) - By 2026, the number of IoT connections using eSIM technology globally will increase from **22 million** in 2023 to **195 million**[46](index=46&type=chunk) - The company has launched consumer-grade, industrial-grade, and automotive-grade eSIM chip packaging products, with new products based on the "Ultra-thin Plastic Package Technology R&D Project" expected to enter verification this year[48](index=48&type=chunk) - IoT eSIM chip packaging and testing is a niche business area, and currently there is no authoritative comparable company data[49](index=49&type=chunk) - China's IoT chip market size is expected to reach **239.3 billion yuan** by 2030, with an average annual compound growth rate of approximately **13.70%**[50](index=50&type=chunk) - The company will promote the expansion and optimization of high-reliability, high-security eSIM chip packaging and testing production lines, enhance large-scale production capabilities, and deepen client cooperation and market expansion[51](index=51&type=chunk) [(IV) Industry Information Disclosure](index=16&type=section&id=(四)%20行业信息披露) As an integrated circuit enterprise, the company's main businesses include smart cards, etched lead frames, and IoT eSIM chip packaging and testing, covering flexible lead frame R&D, production, module packaging, and packaging and testing services. The company has mastered core technologies such as roll-to-roll maskless laser direct writing exposure, continuous etching, and high-precision selective electroplating, and operates on a direct sales model, primarily serving security chip design companies, smart card manufacturers, and integrated circuit packaging and testing enterprises. - The company's main businesses include the R&D, production, and sales of flexible lead frames, a key packaging material for smart card chips, as well as smart card module products or module packaging services[53](index=53&type=chunk) - The company has mastered core technologies such as roll-to-roll maskless laser direct writing exposure, continuous etching, and high-precision selective electroplating, achieving mass production and sales of its products[53](index=53&type=chunk) - Flexible lead frame products are divided into contact single-interface and dual-interface, with dual-interface products having higher material costs and complex processes, priced at approximately **4 times** that of single-interface products[56](index=56&type=chunk) - Smart card module products are categorized into client-supplied chip packaging and self-branded sales based on security chip ownership[60](index=60&type=chunk) - The company's etched lead frame products primarily include QFN, DFN, SOT, and SOP series, produced using a roll-to-roll manufacturing method[64](index=64&type=chunk) - IoT eSIM chip packaging and testing mainly targets IoT identification chips, with packaging forms of DFN/QFN and a small portion of MP packaging, applied in wearables, IoT consumer electronics, and industrial IoT fields[65](index=65&type=chunk) - The company's procurement model establishes different processes based on material types (raw materials, fixed assets, spare parts, outsourced processing services) and has established a qualified supplier management system[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[73](index=73&type=chunk) - The company adopts a direct sales model, with clients primarily being security chip design companies, smart card manufacturers, and integrated circuit packaging and testing enterprises[75](index=75&type=chunk) - The company's industry belongs to "Integrated Circuit Manufacturing (C3973), Electronic Special Materials Manufacturing (C3985)," specifically the integrated circuit packaging materials and packaging and testing services industry[77](index=77&type=chunk) [Analysis of Core Competitiveness](index=22&type=section&id=二、核心竞争力分析) The company possesses an integrated business model of key packaging materials and packaging and testing services, core technological advantages, high-quality client resources, and mature and stable process technology in the smart card business. In the etched lead frame and IoT eSIM chip packaging businesses, the company benefits from national policy support and the trend of domestic substitution, leveraging its high starting point, rapid development, and core technological advantages. - The company's smart card business model integrates key packaging materials and packaging and testing services, achieving independent control, ensuring product quality, and shortening production cycles[79](index=79&type=chunk) - The company possesses core technological advantages in high-precision metal surface pattern etching and metal material surface treatment technologies[82](index=82&type=chunk) - The company has established long-term cooperative relationships with several well-known security chip design manufacturers and domestic and international smart card product manufacturers[83](index=83&type=chunk) - The company independently developed selective electroplating technology, enabling "regional" electroplating to reduce production costs while meeting product performance requirements[84](index=84&type=chunk) - The etched lead frame and IoT eSIM chip packaging businesses extend from existing mature operations, offering advantages of a high starting point and rapid development[86](index=86&type=chunk) - The company masters core technologies such as roll-to-roll maskless laser direct writing exposure, continuous etching, and high-precision selective electroplating, enhancing product quality and production efficiency[87](index=87&type=chunk) - The integrated circuit packaging and testing industry benefits from national policy support, with emerging technologies like 5G and AI driving market demand, and the domestic substitution trend presenting development opportunities[88](index=88&type=chunk)[89](index=89&type=chunk) [Analysis of Main Business](index=24&type=section&id=三、主营业务分析) The company's operating revenue for the first half of 2025 increased by **14.51%**, primarily due to higher revenue from etched lead frames and IoT eSIM chip packaging and testing. However, operating costs increased by **27.87%** year-on-year, mainly due to rising prices of precious metals like gold and silver, leading to a decrease in gross profit margins for smart card and etched lead frame businesses. The company's R&D investment increased by **16.39%** year-on-year, and it holds **126** authorized patents. 2025 Semi-Annual Key Financial Data Year-on-Year Changes | Project | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 474,373,638.49 | 414,264,121.05 | 14.51% | Increase in etched lead frame, IoT eSIM chip packaging and testing revenue | | Operating Cost | 330,948,532.36 | 258,821,372.47 | 27.87% | Increase in raw material costs due to rising prices of precious metals like gold and silver | | Financial Expenses | -3,155,364.79 | -6,659,810.08 | 52.62% | Change in exchange gains/losses due to exchange rate fluctuations | | R&D Investment | 27,013,695.72 | 23,209,200.98 | 16.39% | - | | Net Cash Flow from Financing Activities | 722,122,224.04 | -4,261,923.36 | 17,043.58% | Receipt of funds from stock issuance | | Net Increase in Cash and Cash Equivalents | 785,686,823.88 | 89,753,359.23 | 775.38% | Receipt of funds from stock issuance | 2025 Semi-Annual Operating Revenue, Cost, and Gross Profit Margin by Product/Service | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Card Business | 283,393,460.34 | 165,834,218.93 | 41.48% | 0.02% | 10.03% | -5.33% | | IoT eSIM Chip Packaging and Testing | 29,239,938.53 | 23,784,696.57 | 18.66% | 25.91% | 31.21% | -3.29% | | Etched Lead Frame | 134,439,313.93 | 119,868,556.15 | 10.84% | 46.48% | 55.88% | -5.38% | - The decrease in gross profit margin for smart card business and etched lead frame products was mainly due to the continuous rise in gold prices, leading to increased procurement costs for key raw materials like potassium gold cyanide and silver cyanide, and higher production costs[95](index=95&type=chunk)[96](index=96&type=chunk) 2025 Semi-Annual Main Business Cost Composition | Cost Component | Amount (yuan) | Proportion of Operating Cost | | :--- | :--- | :--- | | Direct Materials/Direct Costs | 248,946,633.78 | 75.22% | | Manufacturing Expenses | 82,001,898.58 | 24.78% | | Total | 330,948,532.36 | 100.00% | - As of June 30, 2025, the company holds **126** authorized patents, including **38** invention patents, **25** utility model patents, **1** design patent, and **62** computer software copyrights[101](index=101&type=chunk) - R&D investment during the reporting period was **27.01 million yuan**, primarily directed towards new products and processes such as high-reliability flexible lead frames, dual-ring, and large-particle etched lead frames[102](index=102&type=chunk) - As of the end of the reporting period, the company had **144** R&D personnel, accounting for **17.39%** of the total workforce, with **16.67%** holding master's degrees or above and **59.72%** holding bachelor's degrees, and no core technical personnel departures[103](index=103&type=chunk) [Analysis of Non-Main Business](index=26&type=section&id=四、非主营业务分析) The company's non-main business primarily includes investment income (ineffective portion of hedging), asset impairment (inventory write-downs), and minor non-operating income and expenses. Investment income and non-operating income/expenses are not sustainable, while asset impairment is sustainable. 2025 Semi-Annual Non-Main Business Gains and Losses | Project | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 743,095.22 | 0.75% | No | | Asset Impairment | -2,464,596.61 | -2.50% | Yes | | Non-Operating Income | 3,109.67 | 0.00% | No | | Non-Operating Expenses | 15,231.80 | 0.02% | No | [Analysis of Assets and Liabilities](index=26&type=section&id=五、资产及负债状况分析) The company's total assets and net assets attributable to shareholders significantly increased due to the receipt of raised funds from the initial public offering. Cash and cash equivalents saw a notable increase in proportion, while accounts receivable, inventory, and fixed assets proportions were diluted. On the liability side, new short-term borrowings were added for daily operations, and lease liabilities decreased due to lease payments and reclassification. 2025 Semi-Annual Major Changes in Asset Composition | Project | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,184,917,166.45 | 53.97% | 399,230,342.57 | 29.36% | 24.61% | Completed initial public offering, received net proceeds | | Accounts Receivable | 323,595,567.18 | 14.74% | 324,227,024.37 | 23.84% | -9.10% | Increased proportion of cash and cash equivalents diluted accounts receivable proportion | | Inventory | 143,251,778.18 | 6.52% | 134,960,000.37 | 9.92% | -3.40% | Increased proportion of cash and cash equivalents diluted inventory proportion | | Fixed Assets | 401,237,397.58 | 18.28% | 392,590,802.27 | 28.87% | -10.59% | Increased total asset base diluted fixed assets proportion | | Short-Term Borrowings | 30,019,166.67 | 1.37% | - | - | 1.37% | New short-term borrowings to support daily operating activities | | Lease Liabilities | 638,114.82 | 0.03% | 1,264,113.90 | 0.09% | -0.06% | Payment of current lease and reclassification to non-current liabilities due within one year | - The company had no major overseas assets at the end of the reporting period[109](index=109&type=chunk) 2025 Semi-Annual Assets and Liabilities Measured at Fair Value | Project | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 17,937,113.24 | 205,425,429.31 | 177,040,178.94 | 46,322,363.61 | - As of the end of the reporting period, the company's asset rights were restricted only by an ETC usage deposit of **1,500 yuan**[110](index=110&type=chunk) [Analysis of Investment Status](index=28&type=section&id=六、投资状况分析) The company had no significant equity investments, non-equity investments, or financial assets measured at fair value during the reporting period. The net proceeds of **681.97 million yuan** from the initial public offering have been received but not yet invested in the committed projects as of the end of the reporting period. The company engaged in derivative investments for hedging purposes, primarily futures contracts, effectively controlling raw material price fluctuation risks. - The company had no significant equity investments, non-equity investments, or financial assets measured at fair value during the reporting period[111](index=111&type=chunk) 2025 Semi-Annual Overall Use of Raised Funds | Fundraising Method | Net Proceeds (million yuan) | Total Raised Funds Used in Current Period (million yuan) | Total Raised Funds Used Cumulatively (million yuan) | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 681.97 | 0.00 | 0.00 | 0.00% | - The net proceeds of **681.97 million yuan** were transferred to the company's designated account on June 17, 2025, with a balance of **712 million yuan** at the end of the reporting period, not yet invested in committed projects[112](index=112&type=chunk) 2025 Semi-Annual Committed Projects for Raised Funds | Committed Investment Project | Total Committed Investment (million yuan) | Amount Invested in Current Period (million yuan) | Cumulative Amount Invested as of End of Period (million yuan) | Has Project Feasibility Changed Significantly | | :--- | :--- | :--- | :--- | :--- | | High-Density QFN/DFN Packaging Material Industrialization Project | 455.97 | 0 | 0 | No | | R&D Center Expansion and Upgrade Project | 62.66 | 0 | 0 | No | | Undetermined Investment Direction (Over-raised Funds) | 163.33 | - | - | No | - The company had no entrusted wealth management or speculative derivative investments during the reporting period[117](index=117&type=chunk)[121](index=121&type=chunk) 2025 Semi-Annual Derivative Investments for Hedging Purposes | Derivative Investment Type | Initial Investment Amount (million yuan) | Fair Value Change Gains/Losses in Current Period (million yuan) | Amount Purchased in Current Period (million yuan) | Amount Sold in Current Period (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Futures | 10.00 | 0.33 | 16.58 | 7.37 | - Hedging activities adopted cash flow hedge accounting, with the effective portion of hedging instrument gains or losses recognized directly in other comprehensive income, and the ineffective portion recognized in investment income, achieving the objective of locking in price fluctuation risks[119](index=119&type=chunk) [Disposal of Major Assets and Equity](index=31&type=section&id=七、重大资产和股权出售) The company did not engage in any significant asset or equity disposals during the reporting period. - The company did not dispose of any major assets during the reporting period[123](index=123&type=chunk) - The company did not dispose of any major equity during the reporting period[124](index=124&type=chunk) [Analysis of Major Holding and Participating Companies](index=31&type=section&id=八、主要控股参股公司分析) The company had no important holding or participating company information that should be disclosed during the reporting period. - The company had no important holding or participating company information that should be disclosed during the reporting period[124](index=124&type=chunk) [Information on Structured Entities Controlled by the Company](index=32&type=section&id=九、公司控制的结构化主体情况) The company had no controlled structured entities during the reporting period. - The company had no controlled structured entities during the reporting period[125](index=125&type=chunk) [Risks Faced by the Company and Countermeasures](index=32&type=section&id=十、公司面临的风险和应对措施) The company faces cost risks from the continuous rise in raw material prices, primarily precious metals, which it addresses through technological R&D to reduce precious metal usage and by conducting hedging activities. Additionally, the company mitigates risks of technological process upgrades and product iteration through proactive R&D布局. - The company's main raw material prices (e.g., potassium gold cyanide, gold wire, copper tape, potassium silver cyanide) are significantly affected by precious metal price fluctuations[125](index=125&type=chunk) - The company reduces the impact of rising precious metal prices by conducting technological R&D to decrease gold-based main material usage and by engaging in hedging activities[125](index=125&type=chunk) - The company proactively plans R&D, including flip-chip bonding technology, low-cost main materials, and gold raw material substitutes, to address market competition arising from technological process upgrades and product iteration[126](index=126&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=32&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 did not host any research, communication, interview, or other activities during the reporting period. - The company did not host any research, communication, interview, or other activities during the reporting period[127](index=127&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=32&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 not disclosed a market value management system or a valuation enhancement plan. - The company has not formulated a market value management system[128](index=128&type=chunk) - The company has not disclosed a valuation enhancement plan[130](index=130&type=chunk) ["Quality and Return Dual Improvement" Action Plan Implementation Status](index=32&type=section&id=十三、%22质量回报双提升%22行动方案贯彻落实情况) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[131](index=131&type=chunk) [Corporate Governance, Environment, and Society](index=33&type=section&id=第四节%20公司治理、环境和社会) [Changes in Directors, Supervisors, and Senior Management](index=33&type=section&id=一、公司董事、监事、高级管理人员变动情况) There were no changes in the company's directors, supervisors, and senior management during the reporting period. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[133](index=133&type=chunk) [Profit Distribution and Capital Reserve to Share Capital in the Current Reporting Period](index=33&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's proposed 2025 semi-annual profit distribution plan is to distribute a cash dividend of RMB 5 yuan (tax included) for every 10 shares to all shareholders, based on a total share capital of 239,555,467 shares, totaling **119.78 million yuan**, with no bonus shares and no conversion of capital reserves to share capital. 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan) (tax included) | 5 | | Share Capital Base for Distribution Plan (shares) | 239,555,467 | | Cash Dividend Amount (yuan) (tax included) | 119,777,733.50 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100.00% | | Distributable Profit (yuan) | 605,753,023.31 | - The company is in a growth phase with significant capital expenditure plans, and the cash dividend ratio reached **100%**[134](index=134&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=33&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 had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[135](index=135&type=chunk) [Environmental Information Disclosure](index=34&type=section&id=四、环境信息披露情况) HENGHUI Technology Corporation Limited is included in the list of enterprises required to disclose environmental information by law, and it has provided an index for querying its environmental information disclosure report. - HENGHUI Technology Corporation Limited is included in the list of enterprises required to disclose environmental information by law[136](index=136&type=chunk) - The company has provided an index for querying its environmental information disclosure report[136](index=136&type=chunk) [Social Responsibility](index=34&type=section&id=五、社会责任情况) The company is committed to improving corporate governance mechanisms, protecting shareholder rights, and ensuring fair information disclosure. In terms of employee rights protection, it adheres to a "people-oriented" philosophy, providing a fair working environment, comprehensive welfare and compensation, and career development channels, while enhancing employee capabilities through team building and training activities. Concurrently, the company focuses on supply chain system construction, protecting the rights of suppliers, clients, and consumers through technological innovation and quality management systems. - The company protects shareholder rights by improving governance mechanisms, strengthening internal control systems, standardizing general meeting procedures, and fulfilling information disclosure obligations[137](index=137&type=chunk) - The company adheres to the core philosophy of "people-oriented, helping employees realize their self-worth," standardizing employee relations in accordance with the law, and providing a fair working environment, welfare compensation, and career development channels[138](index=138&type=chunk) - In the first half of 2025, the company organized team-building exchanges, sports events, and excellent employee tours as part of its corporate culture activities, and conducted **17** targeted training sessions to enhance employee capabilities[138](index=138&type=chunk) - The company protects the rights of suppliers, clients, and consumers by improving supplier management processes, fairly and impartially selecting suppliers, and leveraging technological innovation and international standardized quality management systems[139](index=139&type=chunk) [Significant Matters](index=36&type=section&id=第五节%20重要事项) [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=36&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) During the reporting period, there were no overdue unfulfilled commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself. - The company had no overdue unfulfilled commitments during the reporting period[141](index=141&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=36&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) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders and other related parties of the listed company. - The company had no instances of non-operating funds being occupied by controlling shareholders and other related parties during the reporting period[141](index=141&type=chunk) [Illegal External Guarantees](index=36&type=section&id=三、违规对外担保情况) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[142](index=142&type=chunk) [Appointment and Dismissal of Accounting Firms](index=36&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 report was not audited[143](index=143&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Reporting Period](index=36&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%22非标准审计报告%22的说明) There was no non-standard audit report for the company during the reporting period. - There was no non-standard audit report for the company during the reporting period[144](index=144&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=36&type=section&id=六、董事会对上年度%22非标准审计报告%22相关情况的说明) There was no non-standard audit report for the company during the reporting period. - There was no non-standard audit report for the company during the reporting period[144](index=144&type=chunk) [Bankruptcy and Reorganization Matters](index=36&type=section&id=七、破产重整相关事项) The company did not experience any bankruptcy or reorganization matters during the reporting period. - The company did not experience any bankruptcy or reorganization matters during the reporting period[144](index=144&type=chunk) [Litigation Matters](index=37&type=section&id=八、诉讼事项) The company had no significant litigation or arbitration matters, nor any other litigation matters, during the reporting period. - The company had no significant litigation or arbitration matters during the reporting period[146](index=146&type=chunk) - The company had no other litigation matters during the reporting period[147](index=147&type=chunk) [Penalties and Rectification Status](index=37&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[147](index=147&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or its actual controller. - During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or its actual controller[148](index=148&type=chunk) [Significant Related Party Transactions](index=37&type=section&id=十一、重大关联交易) During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or financial business dealings with affiliated financial companies. - The company did not engage in related party transactions related to daily operations during the reporting period[148](index=148&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisitions or disposals during the reporting period[149](index=149&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[151](index=151&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies[152](index=152&type=chunk)[154](index=154&type=chunk) [Significant Contracts and Their Performance](index=38&type=section&id=十二、重大合同及其履行情况) The company had no entrustment, contracting, or leasing matters, no significant guarantees or major contracts in daily operations, and no other significant contracts during the reporting period. - The company had no entrustment, contracting, or leasing situations during the reporting period[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - The company had no significant guarantee situations during the reporting period[159](index=159&type=chunk) - The company had no other significant contracts during the reporting period[162](index=162&type=chunk) [Explanation of Other Significant Matters](index=39&type=section&id=十三、其他重大事项的说明) The company had no other significant matters requiring explanation during the reporting period. - The company had no other significant matters requiring explanation during the reporting period[163](index=163&type=chunk) [Significant Matters of Company Subsidiaries](index=39&type=section&id=十四、公司子公司重大事项) The company had no significant matters concerning its subsidiaries during the reporting period. - The company had no significant matters concerning its subsidiaries during the reporting period[164](index=164&type=chunk) [Share Changes and Shareholder Information](index=40&type=section&id=第六节%20股份变动及股东情况) [Share Changes](index=40&type=section&id=一、股份变动情况) Due to its initial public offering, the company's total share capital increased from 179,666,600 shares to 239,555,467 shares, with restricted shares increasing by 14,376,094 shares and unrestricted shares increasing by 45,512,773 shares. This change impacted financial indicators such as earnings per share and net assets per share. 2025 Semi-Annual Share Changes | Project | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 179,666,600 | 100.00% | 14,376,094 | 194,042,694 | 81.00% | | II. Unrestricted Shares | 0 | 0.00% | 45,512,773 | 45,512,773 | 19.00% | | III. Total Shares | 179,666,600 | 100.00% | 59,888,867 | 239,555,467 | 100.00% | - The share change was due to the company's initial public offering of **59,888,867 shares** of RMB ordinary shares (A-shares)[168](index=168&type=chunk) - The new shares were listed and traded on the Shenzhen Stock Exchange on June 20, 2025, and initial registration was completed on June 18, 2025[169](index=169&type=chunk)[170](index=170&type=chunk) - The share change impacted basic and diluted earnings per share, and net assets per ordinary share attributable to the company's shareholders for the most recent year and period[171](index=171&type=chunk) 2025 Semi-Annual Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Date of Lifting Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Yu Renrong | 56,432,000 | 0 | 56,432,000 | Restricted before initial public offering | June 20, 2028 | | Ren Zhijun | 29,116,000 | 0 | 29,116,000 | Restricted before initial public offering | June 20, 2028 | | Strategic Placement Restricted Shareholders | 0 | 11,977,773 | 11,977,773 | Restricted shares from initial public offering strategic placement | June 20, 2026 | | Offline Placement Shareholders | 0 | 2,398,321 | 2,398,321 | Restricted shares from initial public offering offline placement | December 20, 2025 | [Securities Issuance and Listing](index=42&type=section&id=二、证券发行与上市情况) On June 11, 2025, the company issued 59,888,867 RMB ordinary shares (A-shares) at an issue price of 12.80 yuan/share, which were subsequently listed and traded on the Shenzhen Stock Exchange on June 20, 2025. 2025 Semi-Annual Securities Issuance and Listing | Stock Name | Issue Date | Issue Price (yuan/share) | Issue Quantity (shares) | Listing Date | Quantity Approved for Listing and Trading (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares | June 11, 2025 | 12.80 | 59,888,867 | June 20, 2025 | 59,888,867 | - The company was approved to issue **59,888,867 shares** of RMB ordinary shares (A-shares) to the public[175](index=175&type=chunk) [Shareholder Numbers and Shareholding Structure](index=43&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, the company had a total of **37,328** ordinary shareholders. Yu Renrong and Ren Zhijun are the company's controlling shareholders and co-actual controllers, holding **23.56%** and **12.15%** of the shares, respectively. Among the top ten shareholders, the shares of Gongqingcheng Zhilintang Investment Partnership (Limited Partnership) are frozen. - The total number of ordinary shareholders at the end of the reporting period was **37,328** households[177](index=177&type=chunk) 2025 Semi-Annual Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yu Renrong | Domestic Natural Person | 23.56% | 56,432,000 | 56,432,000 | 0 | Not Applicable | 0 | | Ren Zhijun | Domestic Natural Person | 12.15% | 29,116,000 | 29,116,000 | 0 | Not Applicable | 0 | | Shanghai Wuyuefeng Integrated Circuit Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 11.78% | 28,216,000 | 28,216,000 | 0 | Not Applicable | 0 | | Gongqingcheng Zhilintang Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.84% | 6,795,900 | 6,795,900 | 0 | Frozen | 6,795,900 | - Yu Renrong and Ren Zhijun are parties acting in concert[178](index=178&type=chunk) - The top **10** unrestricted shareholders are primarily overseas institutional investors, such as BARCLAYS BANK PLC and Goldman Sachs & Co LLC[178](index=178&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&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[180](index=180&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=五、控股股东或实际控制人变更情况) There were no changes in the company's controlling shareholder or actual controller during the reporting period. - The company's controlling shareholder did not change during the reporting period[181](index=181&type=chunk) - The company's actual controller did not change during the reporting period[181](index=181&type=chunk) [Preferred Shares Information](index=45&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[182](index=182&type=chunk) [Bond-Related Information](index=46&type=section&id=第七节%20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[184](index=184&type=chunk) [Financial Report](index=47&type=section&id=第八节%20财务报告) [Audit Report](index=47&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[186](index=186&type=chunk) [Financial Statements](index=47&type=section&id=二、财务报表) This section presents HENGHUI Technology Corporation Limited's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the company's financial position at the end of the reporting period and its operating results and cash flows during the reporting period. - The consolidated balance sheet shows total assets of **2.20 billion yuan** at period-end, with total current assets of **1.73 billion yuan** and total non-current assets of **466.28 million yuan**[188](index=188&type=chunk)[189](index=189&type=chunk) - The consolidated income statement shows total operating revenue of **474.37 million yuan**, net profit of **88.68 million yuan**, and net profit attributable to parent company shareholders of **88.95 million yuan** for the current period[193](index=193&type=chunk)[194](index=194&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **85.67 million yuan**, net cash flow from financing activities of **722.12 million yuan**, and a net increase in cash and cash equivalents of **785.69 million yuan**[199](index=199&type=chunk) - The consolidated statement of changes in owners' equity shows total owners' equity attributable to the parent company of **1.99 billion yuan** and total owners' equity of **2.00 billion yuan**[190](index=190&type=chunk)[205](index=205&type=chunk) [Company Basic Information](index=67&type=section&id=三、公司基本情况) HENGHUI Technology Corporation Limited was established in December 2017 and listed on the ChiNext board of the Shenzhen Stock Exchange on June 20, 2025, with stock code 301678. Its registered address is No. 187, Zhongrun Avenue, High-tech Zone, Zibo City, Shandong Province, and its legal representative is Ren Zhijun. Its main business includes the design, R&D, production, sales, and technical services of IC card packaging frames, chips and modules, integrated circuits, and related products. - HENGHUI Technology Corporation Limited was established in December 2017 and listed on the ChiNext board of the Shenzhen Stock Exchange on June 20, 2025, with stock code **301678**[223](index=223&type=chunk) - The company's industry is computer, communication, and other electronic equipment manufacturing[224](index=224&type=chunk) - The company's business scope covers the design, R&D, production, sales, and technical development and services of IC card packaging frames, chips and modules, integrated circuits, and related products[225](index=225&type=chunk) [Basis of Financial Statement Preparation](index=67&type=section&id=四、财务报表的编制基础) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, and the company is confident in its ability to continue as a going concern for at least 12 months from the end of the reporting period. - Financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the "Information Disclosure and Reporting Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[226](index=226&type=chunk) - Financial statements are prepared on a going concern basis, and the company is confident in its ability to continue as a going concern for at least **12 months** from the end of the reporting period[227](index=227&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=67&type=section&id=五、重要会计政策及会计估计) This section details the company's statement of compliance with Accounting Standards for Business Enterprises, accounting period, operating cycle, functional currency, business combinations, preparation of consolidated financial statements, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, leases, and hedge accounting, ensuring the standardization and transparency of financial reporting. - The company complies with Accounting Standards for Business Enterprises, accurately and completely reflecting its financial position, operating results, and cash flows[229](index=229&type=chunk) - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[250](index=250&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, with its main business fulfilling performance obligations at a point in time[341](index=341&type=chunk)[350](index=350&type=chunk) - The company applies cash flow hedge accounting, recognizing the effective portion of hedging instrument gains or losses directly in other comprehensive income[388](index=388&type=chunk) - The company had no significant changes in accounting policies and accounting estimates during the reporting period[390](index=390&type=chunk)[394](index=394&type=chunk) [Taxes](index=95&type=section&id=六、税项) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax. As a high-tech enterprise, the company enjoys a **15%** preferential corporate income tax rate. Additionally, the company benefits from VAT exemption, credit, and refund for export goods and services, a **15%** VAT super deduction for integrated circuit enterprises, and tax incentives for employing self-employed veterans. Company Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6.00%-13.00% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 7.00% | | Corporate Income Tax | Taxable income | 15.00%-25% | - HENGHUI Technology Corporation Limited, as a high-tech enterprise, enjoys a preferential corporate income tax rate of **15%**[392](index=392&type=chunk) - The company enjoys VAT exemption, credit, and refund policies for export goods and services[393](index=393&type=chunk) - As an integrated circuit enterprise, the company enjoys a **15%** VAT super deduction policy[395](index=395&type=chunk) - The company can enjoy VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax incentives for employing self-employed veterans[395](index=395&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=七、合并财务报表项目注释) This section details the ending balances, beginning balances, and current period changes for each item in the company's consolidated financial statements, covering cash and cash equivalents, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, accounts payable, employee benefits payable, operating revenue, operating costs, R&D expenses, financial expenses, other income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and provides explanations for significant changes. 2025 Semi-Annual Consolidated Cash and Cash Equivalents | Project | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 1,178,528,914.80 | 399,230,342.57 | | Other Cash and Cash Equivalents | 6,388,251.65 | 0 | | Total | 1,184,917,166.45 | 399,230,342.57 | - Derivative financial assets had an ending balance of **1.25 million yuan**, primarily for cash flow hedging[401](index=401&type=chunk) - Accounts receivable had an ending book value of **323.60 million yuan**, with **6.17 million yuan** provided for bad debts on an individual basis and **19.00 million yuan** provided for bad debts on a collective basis[416](index=416&type=chunk) - Receivables financing had an ending balance of **46.32 million yuan**, all of which were bank acceptance bills, with no bad debt provisions made[426](index=426&type=chunk) - Inventory had an ending book value of **143.25 million yuan**, with inventory impairment provisions and contract performance cost impairment provisions totaling **15.83 million yuan**[452](index=452&type=chunk)[456](index=456&type=chunk) - Fixed assets had an ending book value of **401.24 million yuan**, including buildings of **166.63 million yuan** and machinery and equipment of **232.18 million yuan**[488](index=488&type=chunk) - Intangible assets had an ending book value of **47.12 million yuan**, primarily land use rights of **45.40 million yuan**[502](index=502&type=chunk) - Share capital increased by **59.89 million yuan** due to the initial public offering, with an ending balance of **239.56 million yuan**[561](index=561&type=chunk) - Capital reserve increased by **706.70 million yuan** in the current period, mainly due to share premium[564](index=564&type=chunk) - Operating revenue for the current period was **474.37 million yuan**, and operating cost was **330.95 million yuan**[570](index=570&type=chunk) - R&D expenses for the current period were **27.01 million yuan**, a year-on-year increase of **16.39%**[578](index=578&type=chunk) - Financial expenses for the current period were **-3.16 million yuan**, mainly affected by interest income and exchange gains/losses[579](index=579&type=chunk) - Net cash flow from operating activities was **85.67 million yuan**, net cash flow from investing activities was **-19.30 million yuan**, and net cash flow from financing activities was **722.12 million yuan**[199](index=199&type=chunk) [R&D Expenses](index=137&type=section&id=八、研发支出) The company's total R&D expenditure for the current period was **27,013,695.72 yuan**, all expensed, primarily comprising employee compensation, material costs, depreciation, and utilities. There were no R&D projects meeting capitalization criteria during the reporting period. 2025 Semi-Annual R&D Expenditure Composition | Project | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 11,508,789.83 | 10,432,938.28 | | Depreciation Expenses | 2,596,546.98 | 2,527,430.72 | | Material Costs | 10,351,132.70 | 8,257,501.16 | | Utilities | 1,796,956.69 | 1,321,607.23 | | Total | 27,013,695.72 | 23,209,200.98 | | Of which: Expensed R&D Expenditure | 27,013,695.72 | 23,209,200.98 | - There were no R&D projects meeting capitalization criteria during the reporting period[617](index=617&type=chunk) [Interests in Other Entities](index=137&type=section&id=九、在其他主体中的权益) The company owns one controlled subsidiary, Shandong Shanlu Electronic Technology Co., Ltd., with a **67.82%** equity stake. During the reporting period, the subsidiary's minority interest loss was **-0.28 million yuan**, and the ending balance of minority interest was **12.01 million yuan**. The company has no significant joint ventures or associates, nor any significant joint operations or structured entities not included in the consolidated financial statements. 2025 Semi-Annual Enterprise Group Composition | Subsidiary Name | Registered Capital (yuan) | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Shandong Shanlu Electronic Technology Co., Ltd. | 20,000,000.00 | Chip Packaging and Testing | 67.82% | Business Combination Not Under Common Control | 2025 Semi-Annual Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Net Profit/Loss Attributable to Minority Shareholders in Current Period (yuan) | Minority Interest Balance at End of Period (yuan) | | :--- | :--- | :--- | :--- | | Shandong Shanlu Electronic Technology Co., Ltd. | 32.19% | -277,631.08 | 12,008,802.87 | - The company has no significant joint ventures or associates, nor any significant joint operations or structured entities not included in the consolidated financial statements[624](index=624&type=chunk)[625](index=625&type=chunk)[628](index=628&type=chunk)[629](index=629&type=chunk)[630](index=630&type=chunk)[631](index=631&type=chunk) [Government Grants](index=141&type=section&id=十、政府补助) The company had no government grants recognized at receivable amounts at the end of the reporting period. Government grant-related liability items primarily consist of deferred income, with an ending balance of **18.48 million yuan**. Government grants recognized in current profit or loss for the current period amounted to **1.82 million yuan**. - The company had no government grants recognized at receivable amounts at the end of the reporting period[631](index=631&type=chunk) 2025 Semi-Annual Government Grant-Related Liability Items | Acco

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Xinhenghui, a company in the semiconductor industry, with a current stock price of 84.5 yuan and a market capitalization of 20.242 billion yuan [1][2] - As of the first quarter of 2025, Xinhenghui reported a revenue of 241 million yuan, representing a year-on-year increase of 24.71%, while net profit was 51.3165 million yuan, showing a year-on-year decrease of 2.26% [2] - The company's rolling price-to-earnings (PE) ratio stands at 109.55, compared to the industry average of 110.65 and the industry median of 74.40, placing it at the 130th position in the industry ranking [1][2] Group 2 - Xinhenghui specializes in the research, production, sales, and packaging testing services of chip packaging materials, with key products including smart card business, etched lead frames, and IoT eSIM chip testing [1] - The company has a strong R&D and production team and has established national standards for integrated circuit (IC) card packaging frameworks [1] - Xinhenghui is a member of the "China Semiconductor Industry Association Financial Security IC Card Chip Migration Industry Promotion Alliance" and has received awards for its contributions to domestic cryptographic technology research and application [1]

本文源自：金融界 作者：智投君 8月14日，沪深两融数据显示，新恒汇获融资买入额1.15亿元，居两市第368位，当日融资偿还额1.27亿 元，净卖出1202.38万元。 最近三个交易日，12日-14日，新恒汇分别获融资买入1.17亿元、1.06亿元、1.15亿元。 融券方面，当日融券卖出0.00万股，净卖出0.00万股。 ...

Group 1 - The stock price of Xinhenghui is reported at 82.10 yuan, down by 6.16 yuan from the previous trading day, with a trading volume of 1.185 billion yuan [1] - The company operates in the semiconductor industry, focusing on IoT eSIM chip packaging, primarily used in wearable devices, consumer electronics, and industrial IoT [1] - Xinhenghui emphasizes that its chip packaging business targets the IoT identity recognition chip market [1] Group 2 - The latest shareholder data will be disclosed in the semi-annual report on August 19 [1] - The company has confirmed that it currently does not have overseas factories or branches in the Greater Bay Area [1] - The company highlights that IoT eSIM chip packaging is a significant development direction for its business [1]