洲际油气股份有限公司2025 年半年度报告 公司代码：600759 公司简称：洲际油气 洲际油气股份有限公司 2025 年半年度报告 1 / 214 洲际油气股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈焕龙、主管会计工作负责人Mr. WEI YE 及会计机构负责人（会计 主管人员）马玉叶声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 公司在本报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大风险提示 公司在本报告 ...

苏宁环球股份有限公司 2025 年半年度报告全文 苏宁环球股份有限公司 2025 年半年度报告 【2025 年 8 月】 苏宁环球股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人张桂平、主管会计工作负责人刘得波及会计机构负责人(会计 主管人员)刘得波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 3,034,636,384 股为基 数，向全体股东每 10 股派发现金红利 0.30 元（含税），送红股 0 股（含 税），不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 1 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 8 | | 第四节 | 公司治理、 ...

希荻微电子集团股份有限公司2025 年半年度报告 公司代码：688173 公司简称：希荻微 希荻微电子集团股份有限公司 2025 年半年度报告 1 / 219 希荻微电子集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在报告中详细描述可能存在的相关风险，敬请查阅第三节 管理层讨论与分析"四、风 险因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人TAO HAI、主管会计工作负责人唐娅及会计机构负责人（会计主管人员）唐娅 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 敬请投资者注意投资风险。 九、 是否存在被控股股 ...

广东天元实业集团股份有限公司 2025 年半年度报告 2025 年 8 月 广东天元实业集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人周孝伟、主管会计工作负责人陈小花及会计机构负责人(会计 主管人员)陈凤华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中如涉及未来计划和前瞻性陈述，并不构成公司对未来年度 的盈利预测及对投资者的实质承诺，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分，描述了公司在经营中可能存在的风险及应对措施，敬请广大 投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | | | | 第二节 | 公司简介和主要财务指标 5 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 8 | | | 第四节 | 公司治理、环境和社 ...

公司代码：688007 公司简称：光峰科技 深圳光峰科技股份有限公司2025 年半年度报告 深圳光峰科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 / 154 深圳光峰科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的风险，敬请查阅"第三节 管理 层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异， 敬请投资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 十、 是否存 ...

[Definitions](index=4&type=section&id=%E7%BB%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E7%BB%8A%E4%B9%89) This chapter provides definitions of common terms used in the report, including company names, subsidiaries, controlling shareholders, reporting period, and automotive industry terms, ensuring clear understanding of the report content - Seres/Seres Group/Company/The Company refers to Seres Group Co., Ltd[14](index=14&type=chunk) - Reporting Period/This Reporting Period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - New Energy Vehicles (NEVs), Electric Vehicles (EVs) refer to vehicles that use electric drive systems as power, unconventional fossil energy sources like lithium batteries, solid-state batteries, and fuel cells as energy systems, extensively apply advanced internet and IoT intelligent connected technologies, and achieve graded assisted driving and autonomous driving[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative Company Basic Information | Company's Chinese Name | Seres Group Co., Ltd | | :--- | :--- | | Company's Chinese Abbreviation | Seres | | Company's Legal Representative | Zhang Zhengping | [Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses Board Secretary Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Shen Wei | Ma Chengjuan | | Phone | 023-65179666 | 023-65179666 | | Email | 601127@seres.cn | 601127@seres.cn | [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) Discloses the historical changes in the company's registered address, from "No. 61-1 Jinqiao Road, Shapingba District, Chongqing" to "No. 7 Wuyunhu Road, Shapingba District, Chongqing" - Company's registered address changed from "No. 61-1 Jinqiao Road, Shapingba District, Chongqing" to "No. 7 Wuyunhu Road, Shapingba District, Chongqing", approved by the third extraordinary general meeting of shareholders in 2022[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Lists the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the report custody location - The company's designated newspapers for information disclosure are "Shanghai Securities News", "China Securities Journal", "Securities Times", "Securities Daily", and the report website is www.sse.com.cn[19](index=19&type=chunk) [Brief Introduction to Company Stock](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Introduces the company's A-share listing exchange, stock abbreviation, stock code, and former stock abbreviation Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Seres | 601127 | Sokon | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Details the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in total profit, net profit attributable to shareholders, and non-recurring net profit, indicating enhanced profitability Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 62,401,722,813.80 | 65,044,468,013.30 | -4.06 | | Total Profit | 3,724,791,554.04 | 1,699,109,354.55 | 119.22 | | Net Profit Attributable to Shareholders of Listed Company | 2,940,890,216.11 | 1,624,558,336.35 | 81.03 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 2,474,494,986.00 | 1,437,469,749.42 | 72.14 | | Net Cash Flow from Operating Activities | 14,436,525,232.56 | 16,360,161,638.87 | -11.76 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 26,761,103,422.09 | 12,264,245,429.40 | 118.20 | | Total Assets (End of Current Period) | 112,911,810,263.11 | 94,363,958,922.89 | 19.66 | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.87 | 1.08 | 73.15 | | Diluted Earnings Per Share (RMB/share) | 1.87 | 1.08 | 73.15 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 1.57 | 0.95 | 65.26 | | Weighted Average Return on Net Assets (%) | 15.87 | 13.24 | Increase 2.63 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 13.35 | 11.72 | Increase 1.63 percentage points | - In the first half of 2025, the company's total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses all significantly increased year-on-year, primarily due to new product launches, sales growth, increased gross profit margin, and enhanced profitability[23](index=23&type=chunk) - As of June 30, 2025, net assets attributable to shareholders of the listed company increased by **118.20%** compared to the end of the previous year, mainly due to the issuance of shares to acquire equity in Chongqing Liangjiang New Area Longsheng New Energy Technology Co., Ltd., capital increase by minority shareholders of Seres Automobile Co., Ltd., and increased net profit attributable to shareholders of the listed company[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **RMB 466,395,230.11** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Items | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 4,234,107.12 | | Government subsidies recognized in current profit or loss | 378,922,722.02 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 124,284,664.29 | | Other non-operating income and expenses apart from the above | -19,656,322.70 | | Less: Income tax impact | 456,650.00 | | Impact on minority interests (after tax) | 20,933,290.62 | | Total | 466,395,230.11 | [Net Profit After Deducting Impact of Share-Based Payments](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) Discloses that after deducting the impact of share-based payments, the company's net profit for the first half of 2025 was **RMB 3,131,960,039.73**, a year-on-year increase of **128.68%** Net Profit After Deducting Impact of Share-Based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | 3,131,960,039.73 | 1,369,574,039.66 | 128.68 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In the first half of 2025, China's automotive production and sales both exceeded **15 million units**, with NEV production and sales growing by **41.4%** and **40.3%** respectively, and the company achieved strong performance in the high-end intelligent electric vehicle market - In the first half of 2025, China's automotive production and sales both exceeded **15 million units** for the first time, with year-on-year growth of over **10%**; NEV production and sales were **6.968 million units** and **6.937 million units** respectively, with year-on-year growth of **41.4%** and **40.3%**[32](index=32&type=chunk) - The company's total vehicle sales in the first half of 2025 were **198,600 units**, with AITO vehicle deliveries exceeding **147,000 units**, and an average transaction price per vehicle exceeding **RMB 400,000**[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved operating revenue of **RMB 62.402 billion** and net profit attributable to shareholders of **RMB 2.941 billion**, a year-on-year increase of **81.03%**, with AITO M9 and M8 becoming sales champions in their respective market segments - In the first half of 2025, the company achieved operating revenue of **RMB 62.402 billion**, and net profit attributable to shareholders of the listed company reached **RMB 2.941 billion**, a year-on-year increase of **81.03%**[32](index=32&type=chunk) - AITO M9 and AITO M8 became sales champions in the **RMB 500,000** and **RMB 400,000** market segments respectively[32](index=32&type=chunk) - Total AITO vehicle deliveries in the first half of the year exceeded **147,000 units**, with single-month deliveries in June exceeding **44,000 units**, setting a new monthly delivery record for AITO[35](index=35&type=chunk) - AITO M9 deliveries exceeded **62,000 units** in the first half, and AITO M8 deliveries exceeded **35,000 units**[35](index=35&type=chunk) - AITO has been ranked first in new energy vehicle brand new car quality performance for three consecutive years, and AITO M9 won first place in the NPS Net Promoter Score in J.D. Power's "2025 H1 New Energy Vehicle Brand Health Study"[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Magic Cube Technology Platform Supports Efficient Development of Series Models](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E9%AD%94%E6%96%B9%E6%8A%80%E6%9C%AF%E5%B9%B3%E5%8F%B0%E6%94%AF%E6%92%91%E7%B3%BB%E5%88%97%E8%BD%A6%E5%9E%8B%E9%AB%98%E6%95%88%E5%BC%80%E5%8F%91) The company has invested nearly **RMB 30 billion** in R&D for high-end intelligent electric vehicles, creating the Magic Cube technology platform to support efficient development of multi-level, multi-category, and multi-power models, leading to a positive cycle of technology breakthrough, sales growth, and profitability improvement - The company has invested nearly **RMB 30 billion** in R&D for high-end intelligent electric vehicles, creating the Magic Cube technology platform, which can cover the development needs of multi-level, multi-category, and multi-power models[33](index=33&type=chunk) - In the first half of this year, several models were successively launched, including the 2025 AITO M9 Extended Range, AITO M9 Pure Electric, AITO M8 Extended Range, and AITO M8 Pure Electric[33](index=33&type=chunk) - As of June 30, 2025, the company had a total of **6,984 R&D personnel**, a year-on-year increase of **26.6%**, accounting for **36%** of the company's total headcount; the company's R&D investment increased by **154.9%** year-on-year, and it has accumulated **6,826 authorized patents**, a year-on-year increase of **19.8%**[34](index=34&type=chunk) [Super Factory Achieves Rapid Vertical Ramp-up of New Vehicles](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%B6%85%E7%BA%A7%E5%B7%A5%E5%8E%82%E5%AE%9E%E7%8E%B0%E6%96%B0%E8%BD%A6%E5%BF%AB%E9%80%9F%E5%9E%82%E7%9B%B4%E4%B8%8A%E9%87%8F) Seres Super Factory, through digital manufacturing and supply chain management, achieved cumulative deliveries of over **147,000 AITO** full-series vehicles in the first half, with **100%** automation in key production processes and **12** core suppliers adopting a "factory-in-factory" model - In the first half of 2025, cumulative deliveries of AITO full-series vehicles exceeded **147,000 units**, with single-month deliveries in June exceeding **44,000 units**, setting a new monthly delivery record for AITO[35](index=35&type=chunk) - Seres Super Factory achieved **100%** automation rate in key production processes, **100%** automated AI online inspection for weld point quality, and **100%** automated inspection for static vehicle quality[35](index=35&type=chunk) - The company introduced **12** core suppliers to establish factories in Chongqing, embedding core component production into the vehicle manufacturing system through a "factory-in-factory" model[36](index=36&type=chunk) [Digital Intelligence Quality Assurance for Mass-Produced Excellent Quality](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%95%B0%E6%99%BA%E8%B4%A8%E9%87%8F%E4%BF%9D%E9%9A%9C%E6%89%B9%E9%87%8F%E5%8C%96%E7%9A%84%E5%8D%93%E8%B6%8A%E5%93%81%E8%B4%A8) The company, through deep integration of its intelligent manufacturing system, achieved high-quality stable deliveries, with AITO series products consistently leading in market quality performance and AI detection accuracy reaching **99.9%** - AITO series products consistently lead in market quality performance; according to the Frost & Sullivan report, AITO has been ranked first in new energy vehicle brand new car quality performance for three consecutive years[37](index=37&type=chunk) - The company continuously promotes digital intelligence quality construction, building a full-process automated digital intelligence quality management system, achieving **100%** automation in static vehicle quality inspection, and combining AI with deep learning algorithms to achieve an accuracy of **99.9%**[37](index=37&type=chunk) [New Luxury Service Continues to Ignite User Word-of-Mouth](index=9&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%96%B0%E8%B1%AA%E5%8D%8E%E6%9C%8D%E5%8A%A1%E6%8C%81%E7%BB%AD%E5%BC%95%E7%88%86%E7%94%A8%E6%88%B7%E5%8F%A3%E7%A2%91) The company consistently prioritizes user service, earning widespread user recognition and spontaneous recommendations through excellent service, with AITO M9 winning first place in NPS Net Promoter Score and launching significant service commitments - AITO M9 won first place in the NPS Net Promoter Score in J.D. Power's "2025 H1 New Energy Vehicle Brand Health Study"[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has built a "quality reach, quality delivery, quality after-sales" three-in-one high-end service system, and was the first in the industry to launch significant service commitments such as "lifetime paint warranty, ten times compensation for fake parts, free basic maintenance if appointment is overdue, and compensation for alternative transportation if repairs are overdue"[39](index=39&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Guided by the "Seres Basic Program" strategy, the company continuously builds differentiated competitiveness in brand, technology, service, intelligent manufacturing, and culture, adhering to user-defined and software-defined vehicle principles - Guided by the "Seres Basic Program" strategy, the company adheres to the market orientation of user-defined vehicles and the technology roadmap of software-defined vehicles, continuously building differentiated competitiveness in brand, technology, service, intelligent manufacturing, and culture[40](index=40&type=chunk) - AITO targets the high-end intelligent electric vehicle main track, with AITO M9 maintaining its position as the sales champion in the **RMB 500,000** segment, and AITO M8 becoming the sales champion in the **RMB 400,000** segment after its launch in April 2025[41](index=41&type=chunk) - The company has partnered with Huawei and CATL, two industry leaders, for cross-industry integration and strategic cooperation, and holds a **10%** equity stake in Shenzhen Yinwang, upgrading strategic cooperation to "business cooperation + equity cooperation"[42](index=42&type=chunk)[43](index=43&type=chunk) - The company, through deep integration of its intelligent manufacturing system, builds a new paradigm of intelligent manufacturing with "industrial brain + future factory", continuously advancing the strategy of "product integration and intelligent manufacturing agglomeration"[45](index=45&type=chunk) - The company's senior management and core team actively increased their holdings of company shares twice in 2024 and 2025 through centralized bidding, totaling **RMB 222 million**[46](index=46&type=chunk) [Main Operating Conditions During the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the changes in the company's main business financial statement items for the first half of 2025, showing a decrease in operating revenue and cost, an increase in selling, general and administrative, and R&D expenses, and a significant decrease in financial expenses due to increased interest income, with significant growth in net assets and total assets Financial Statement Items Change Analysis (Jan-Jun 2025) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 62,401,722,813.80 | 65,044,468,013.30 | -4.06 | | Operating Cost | 44,345,837,363.43 | 49,395,348,148.46 | -10.22 | | Selling Expenses | 8,940,726,308.18 | 8,699,121,540.88 | 2.78 | | Administrative Expenses | 1,534,142,179.45 | 1,179,428,551.31 | 30.08 | | Financial Expenses | -277,273,155.34 | -22,531,062.31 | Not applicable | | R&D Expenses | 2,929,532,016.77 | 2,827,443,107.47 | 3.61 | | Net Cash Flow from Operating Activities | 14,436,525,232.56 | 16,360,161,638.87 | -11.76 | | Net Cash Flow from Investing Activities | -6,966,336,270.76 | -6,403,466,838.45 | Not applicable | | Net Cash Flow from Financing Activities | 7,861,633,432.95 | -552,243,126.51 | Not applicable | - Operating revenue and operating cost decreased primarily due to lower vehicle sales and changes in product structure[47](index=47&type=chunk)[48](index=48&type=chunk) - Financial expenses decreased primarily due to increased bank deposit interest income[48](index=48&type=chunk) - Net cash flow from financing activities significantly increased primarily due to the introduction of strategic investors by subsidiaries[48](index=48&type=chunk) - As of the end of the reporting period, net assets attributable to shareholders of the listed company increased by **118.20%** year-on-year, and total assets increased by **19.66%**[22](index=22&type=chunk) - Long-term equity investments at the end of the period were **RMB 13.413 billion**, a **577.83%** increase from the end of the previous year, primarily due to increased equity investments in associates[49](index=49&type=chunk)[50](index=50&type=chunk) - Fixed assets at the end of the period increased by **51.22%** year-on-year, and construction in progress increased by **372.83%**, primarily due to the acquisition of leased assets, leading to an increase in fixed assets and construction in progress[49](index=49&type=chunk)[50](index=50&type=chunk) - Trading financial assets at the end of the period decreased by **93.03%** year-on-year, primarily due to the redemption of matured cash management products[49](index=49&type=chunk) - Notes payable at the end of the period decreased by **33.77%** year-on-year, primarily due to the maturity and payment of bank acceptance bills[50](index=50&type=chunk) [Analysis of Main Business](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Both operating revenue and operating cost decreased in the current period, mainly affected by vehicle sales and product structure, while selling, administrative, and R&D expenses increased, and financial expenses significantly decreased due to increased interest income - Operating revenue and operating cost decreased primarily due to lower vehicle sales and changes in product structure[47](index=47&type=chunk)[48](index=48&type=chunk) - Explanation for change in selling expenses: primarily due to increased advertising and promotion expenses[48](index=48&type=chunk) - Explanation for change in administrative expenses: primarily due to increased depreciation and amortization expenses and low-value consumables[48](index=48&type=chunk) - Explanation for change in financial expenses: primarily due to increased bank deposit interest income[48](index=48&type=chunk) - Explanation for change in R&D expenses: primarily due to the company's continuous R&D investment and increased intangible asset amortization[48](index=48&type=chunk) - Explanation for change in net cash flow from operating activities: primarily due to increased cash paid for goods purchased and services received[48](index=48&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets reached **RMB 112.912 billion**, an increase of **19.66%** from the end of the previous year, with net assets attributable to shareholders increasing by **118.20%** Asset and Liability Status Changes (June 30, 2025 vs. Dec 31, 2024) | Item Name | Current Period End Amount (RMB) | % of Total Assets at Current Period End | Prior Year End Amount (RMB) | % of Total Assets at Prior Year End | YoY Change Ratio (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 47,931,031,498.45 | 42.45 | 45,955,437,989.80 | 48.70 | 4.30 | | | Trading Financial Assets | 282,073,984.50 | 0.25 | 4,048,748,397.65 | 4.29 | -93.03 | Primarily due to redemption of matured cash management products | | Receivables Financing | 460,138,303.87 | 0.41 | 214,158,827.04 | 0.23 | 114.86 | Primarily due to increased customer bank acceptance bills | | Prepayments | 1,379,338,570.86 | 1.22 | 994,282,143.06 | 1.05 | 38.73 | Primarily due to increased prepayments for key component materials | | Other Current Assets | 12,580,678,028.24 | 11.14 | 9,121,346,182.86 | 9.67 | 37.93 | Primarily due to increased cash management for improved fund returns | | Long-term Equity Investments | 13,413,182,238.90 | 11.88 | 1,978,847,491.62 | 2.10 | 577.83 | Primarily due to increased equity investments in associates | | Fixed Assets | 13,996,737,949.89 | 12.40 | 9,256,018,663.98 | 9.81 | 51.22 | Primarily due to acquisition of leased assets, increasing fixed assets | | Construction in Progress | 1,006,661,516.67 | 0.89 | 212,902,754.71 | 0.23 | 372.83 | Primarily due to acquisition of leased assets, increasing construction in progress | | Right-of-Use Assets | 1,007,771,544.13 | 0.89 | 2,659,293,722.05 | 2.82 | -62.10 | Primarily due to conversion of previously leased assets to direct company ownership | | Goodwill | 497,391,666.50 | 0.44 | | | | Primarily due to non-same-control business combination, where combination cost exceeded fair value share of identifiable net assets of acquiree | | Other Non-current Assets | 235,869,051.93 | 0.21 | 2,428,484,905.91 | 2.57 | -90.29 | Primarily due to prepayment for associate investment meeting delivery conditions, transferred to long-term equity investments | | Short-term Borrowings | 500,288,888.89 | 0.44 | | | | Primarily due to increased borrowings | | Notes Payable | 27,251,072,213.34 | 24.13 | 41,144,620,028.31 | 43.60 | -33.77 | Primarily due to maturity and payment of bank acceptance bills | | Accounts Payable | 35,512,703,279.29 | 31.45 | 27,306,788,121.64 | 28.94 | 30.05 | Primarily due to increased payables to suppliers | | Contract Liabilities | 5,196,055,812.81 | 4.60 | 2,991,531,622.52 | 3.17 | 73.69 | Primarily due to increased advances from customers | | Other Payables | 4,683,323,213.76 | 4.15 | 1,030,463,243.69 | 1.09 | 354.49 | Primarily due to increased payables for associate investments | | Long-term Borrowings | 4,362,892,900.00 | 3.86 | 687,000,000.00 | 0.73 | 535.06 | Primarily due to increased project borrowings | | Lease Liabilities | 837,556,073.27 | 0.74 | 2,217,781,622.08 | 2.35 | -62.23 | Primarily due to conversion of previously leased assets to direct company ownership | | Provisions | 1,728,850,310.98 | 1.53 | 1,149,655,700.47 | 1.22 | 50.38 | Primarily due to increased quality assurance provisions | - As of June 30, 2025, the company's overseas assets were **RMB 629.2686 million**, accounting for **0.56%** of total assets[51](index=51&type=chunk) [Analysis of Investment Status](index=14&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of June 30, 2025, the company's long-term equity investment balance was **RMB 13.413 billion**, a significant increase from the end of 2024, mainly due to increased investments in associates, with **91.21%** of the high-end electric vehicle electric drive system project cumulatively invested - As of June 30, 2025, the long-term equity investment balance was **RMB 13.413 billion**, an increase from **RMB 1.979 billion** at the end of 2024, primarily due to increased investments in associates[54](index=54&type=chunk) - The company's investment in Guangdong Rongchuang Lingyue Intelligent Manufacturing and Information Technology Industry Equity Investment Fund Partnership (Limited Partnership) distributed **RMB 9.2744 million** during the reporting period, including **RMB 6.8025 million** in principal and **RMB 2.4719 million** in income[58](index=58&type=chunk) Major Non-Equity Investment Status | Investment Project Name | Planned Investment Amount (RMB 10,000) | H1 2025 Investment Amount (RMB 10,000) | Cumulative Investment Amount (RMB 10,000) | Cumulative Investment Progress | | :--- | :--- | :--- | :--- | :--- | | High-end Electric Vehicle Electric Drive System Project | 106,629.00 | 9,045.00 | 97,258.62 | 91.21% | Major Equity Investment Status | Investee Company Name | Main Business | Investment Method | Investment Amount (RMB 10,000) | Shareholding Ratio | Progress as of Balance Sheet Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Liangjiang New Area Longsheng New Energy Technology Co., Ltd. | Production leasing services for new energy vehicle factories | Acquisition | 851,838.41 | 100% | Completed | | Shenzhen Yinwang Intelligent Technology Co., Ltd. | Intelligent vehicle solutions business | Acquisition | 1,150,000.00 | 10% | Paid progress payment of RMB 5.75 billion, cumulative payment of RMB 8.05 billion | Financial Assets Measured at Fair Value (Period End) | Asset Category | Period End Amount (RMB) | | :--- | :--- | | Stocks | 282,073,984.50 | | Others (Cash Management) | 3,809,854,656.25 | | Total | 4,091,928,640.75 | [Analysis of Major Holding and Participating Companies](index=16&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Discloses the financial performance of the company's main subsidiaries, Seres Automobile Co., Ltd. and Seres Automobile (Hubei) Co., Ltd., with Seres Automobile Co., Ltd. achieving operating revenue of **RMB 57.786 billion** and net profit of **RMB 3.077 billion** in the first half Financial Performance of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Seres Automobile Co., Ltd. | Subsidiary | R&D, manufacturing, and sales of pure electric vehicles | 1,063,728.00 | 8,922,487.58 | 910,798.67 | 5,778,640.07 | 355,361.23 | 307,713.02 | | Seres Automobile (Hubei) Co., Ltd. | Subsidiary | Production and sales of automobiles and automotive parts | 80,000.00 | 1,324,415.93 | 327,875.17 | 546,917.90 | 49,929.13 | 32,389.81 | - During the reporting period, the company established 5 new subsidiaries, including Chongqing Fenghuang Technology Co., Ltd., Beijing Saihang Embodied Intelligent Technology Co., Ltd., SERES (Kazakhstan), SERES CA, and AITO DE MEXICO[62](index=62&type=chunk) - The company acquired Chongqing Liangjiang New Area Longsheng New Energy Technology Co., Ltd. through a non-same-control business combination, which did not have a significant impact on the listed company's operations and performance[62](index=62&type=chunk) [Other Disclosure Matters](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) [Potential Risks](index=17&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from intensifying industry competition, changes in market demand, shifts in international economic and political situations, and supply chain vulnerabilities, which it plans to address through increased R&D investment, international situation analysis, and supply chain stability - Intensifying industry competition: Traditional automakers' electrification transformation, new car manufacturers' innovation, and technology companies' cross-industry entry lead to rapid iteration of intelligent and electrified technologies, shortening product life cycles, and imposing higher demands on R&D investment and technological capabilities[64](index=64&type=chunk) - Risk of demand changes: A macroeconomic downturn could lead to decreased consumer purchasing power and insufficient market demand, while changes in consumer preferences for product performance, brand, and design will affect market demand[64](index=64&type=chunk) - Risk of changes in international economic and political situations: International trade frictions, tariff barriers, economic sanctions, policy restrictions, and geopolitical conflicts will increase the difficulty of entering overseas markets and raise trade costs; if global economic recovery falls short of expectations or global NEV penetration is lower than anticipated, it will affect overseas market demand[64](index=64&type=chunk) - Supply chain risks: The NEV supply chain involves raw materials, components, and other links. Affected by political and economic factors, it may face risks such as significant fluctuations in raw material prices (e.g., steel, rubber) and untimely supply of core components[64](index=64&type=chunk) - Company's response strategies: Closely monitor market dynamics, continuously increase R&D investment, focus on breakthroughs in key technologies and product innovation to enhance differentiated advantages; strengthen analysis of international situations, establish risk control mechanisms; strengthen supply chain stability, and build the company's risk prevention capabilities[65](index=65&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company plans to issue H-shares and list on the Hong Kong Stock Exchange, with Mr. Wei Mingde approved as an independent director, his term commencing from the H-share listing date or an earlier date required by regulatory authorities - The company plans to issue overseas listed foreign shares (H-shares) and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited[67](index=67&type=chunk) - Mr. Wei Mingde serves as an independent director of the company's fifth board of directors, with his term commencing from the date of approval by the general meeting of shareholders and the listing of the company's H-shares on the Hong Kong Stock Exchange, or an earlier date required by regulatory authorities, until the expiration of the fifth board's term[67](index=67&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period - The profit distribution plan or capital reserve conversion to share capital plan approved by the board of directors for this reporting period is "none"[8](index=8&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) According to the "Company's 2024 Employee Stock Ownership Plan", the first lock-up period for the initial grant expired on May 29, 2025, with **197** eligible holders unlocking **50%** of their shares, corresponding to **1,707,050** shares - According to the relevant provisions of the "Company's 2024 Employee Stock Ownership Plan", the first lock-up period for the initial grant of this employee stock ownership plan expired on May 29, 2025[68](index=68&type=chunk) - A total of **197** holders met the unlocking conditions for the first lock-up period, with an unlocking ratio of **50%**, corresponding to **1,707,050** shares[68](index=68&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) The company has **7** subsidiaries included in the list of enterprises required to disclose environmental information by law, and provides inquiry indexes - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **7**[70](index=70&type=chunk) - Inquiry indexes for environmental information disclosure reports include the Enterprise Environmental Information Disclosure System (Chongqing) and the Enterprise Environmental Information Disclosure System (Hubei)[70](index=70&type=chunk) [Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=19&type=section&id=%E4%BA%94%E3%80%81%E5%B7%B1%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) In the first half of 2025, the company engaged in consumption-based assistance for rural revitalization totaling **RMB 5.5424 million**, of which **RMB 4.4568 million** was used to purchase agricultural products in Wuxi County, Chongqing - In the first half of 2025, the company engaged in consumption-based assistance for rural revitalization totaling **RMB 5.5424 million**[71](index=71&type=chunk) - Of this, **RMB 4.4568 million** was used to purchase agricultural products for rural revitalization in Wuxi County, Chongqing, a key national rural revitalization assistance county and a target of the All-China Federation of Industry and Commerce's "Ten Thousand Enterprises Assisting Ten Villages" initiative[71](index=71&type=chunk) [Significant Matters](index=20&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Discloses the fulfillment of commitments by the company's actual controller, controlling shareholder, related parties, and the company's directors, supervisors, and senior management regarding major asset restructuring, resolution of related-party transactions, resolution of horizontal competition, share lock-up, and other matters, with all commitments strictly fulfilled - Controlling shareholder Sokon Holdings and actual controller Zhang Xinghai committed to avoiding and reducing related-party transactions with the company and its subsidiaries as much as possible, and for unavoidable or reasonably existing related-party transactions, they will sign agreements in accordance with fair, equitable, and arm's-length principles and strictly fulfill information disclosure obligations. Strictly fulfilled during the reporting period[73](index=73&type=chunk) - Shareholder Dongfeng Motor Group committed not to use its shareholder status to intentionally cause the company's general meeting of shareholders or board of directors to make resolutions that harm the legitimate rights and interests of the company and other shareholders, and not to illegally or improperly occupy company funds or require the company to provide guarantees in violation of regulations in any way. Strictly fulfilled during the reporting period[74](index=74&type=chunk) - Dongfeng Motor Group committed not to seek control of the company, not to actively seek the position of controlling shareholder or largest shareholder of the company, nor to individually or jointly with others actively seek the position of actual controller of the company in any way. Strictly fulfilled during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk) - All directors, supervisors, and senior management of the company committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, not to use company assets for investments or consumption activities unrelated to their duties, and committed to restricting their job-related consumption. Strictly fulfilled during the reporting period[76](index=76&type=chunk) - Chongqing Industrial Mother Fund, Liangjiang Investment Group, and Liangjiang Industrial Group committed that the listed company shares acquired in the asset acquisition through share issuance will be locked up for 12 months or 36 months, depending on the different capital contributions, from the end of this issuance. Strictly fulfilled during the reporting period[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) -

浙江海利得新材料股份有限公司 2025 年半年度报告全文 浙江海利得新材料股份有限公司 Zhejiang Hailide New Material Co.,Ltd. 2025年半年度报告 股票代码：002206 股票简称：海利得 2025 年 08 月 1 浙江海利得新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人高王伟、主管会计工作负责人魏静聪及会计机构负责人(会计 主管人员)张宁萍声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公司盈利预 测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。请投资者注意投资风 险。 公司在本报告第三节"管理层讨论与分析"中"公司面临的风险和应对措 施"部分具体描述了公司经营过程中可能存在的风险及应对措施，敬请投资者 关注 ...

[Part I Definitions](index=5&type=section&id=Part%20I%20Definitions) This section provides a comprehensive glossary of key terms and abbreviations used throughout the report, ensuring clarity and consistent understanding of the disclosed information [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for key terms and abbreviations used in the report, covering company names, bond codes, product technologies (e.g., GDR, ADAS, CMOS, TDDI, PMIC), and business models (Fabless, ODM, OEM), ensuring clear understanding of the report content - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | OmniVision Group/Company/Will Semiconductor | OmniVision Integrated Circuit (Group) Co., Ltd., formerly known as Shanghai Will Semiconductor Co., Ltd. | | Will Convertible Bonds | Convertible corporate bonds, with bond abbreviation "Will Convertible Bonds" and bond code "113616" | | GDR | Global Depositary Receipts | | ADAS | Advanced Driver-Assistance Systems | | CMOS | Complementary Metal Oxide Semiconductor Image Sensor | | TDDI | Touch and Display Driver Integration | | PMIC | Power Management Integrated Circuits | | Fabless | A business model without wafer fabrication plants, solely engaged in integrated circuit R&D design and sales | | ODM | Original Design Manufacturer | | OEM | Original Equipment Manufacturer, a contract manufacturing model | [Part II Company Profile and Key Financial Indicators](index=7&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its key accounting data and financial performance for the reporting period [1. Company Information](index=7&type=section&id=1.%20Company%20Information) This section outlines the basic information of OmniVision Integrated Circuit (Group) Co., Ltd., including its Chinese name, abbreviation, foreign name, and legal representative, providing essential identification for investors - The company's Chinese name is OmniVision Integrated Circuit (Group) Co., Ltd., abbreviated as **OmniVision Group**[16](index=16&type=chunk) - The company's legal representative is **Wang Song**[16](index=16&type=chunk) [2. Contact Persons and Information](index=7&type=section&id=2.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, facilitating investor communication and information inquiries - The Board Secretary is **Ren Bing**, and the Securities Affairs Representative is **Zhou Shuyang**[17](index=17&type=chunk) - The company's contact address is No. 88 Shangke Road, Pudong New Area, Shanghai, with telephone number **021-50805043**[17](index=17&type=chunk) [3. Overview of Basic Information Changes](index=7&type=section&id=3.%20Overview%20of%20Basic%20Information%20Changes) This section details the company's registered address, office address, postal code, website, and email, noting that historical changes to the registered address are not applicable, indicating stable basic company information - The company's registered address is 7th Floor, Building C, No. 3000 Longdong Avenue, China (Shanghai) Pilot Free Trade Zone[18](index=18&type=chunk) - The company's website is **www.omnivision-group.com**[18](index=18&type=chunk) [4. Overview of Information Disclosure and Document Custody Location Changes](index=7&type=section&id=4.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the designated newspapers for company information disclosure, the website address for semi-annual reports, and the report custody location, ensuring investors can timely access public company information - The company's selected newspapers for information disclosure are Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[19](index=19&type=chunk) - The website address for publishing semi-annual reports is **www.sse.com.cn**[19](index=19&type=chunk) [5. Company Stock Overview](index=7&type=section&id=5.%20Company%20Stock%20Overview) This section provides the company's stock listing exchange, stock abbreviation, stock code, and previous stock abbreviation, facilitating investor identification and trading of company shares - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "**OmniVision Group**", stock code **603501**, and previous stock abbreviation "**Will Semiconductor**"[20](index=20&type=chunk) [7. Key Accounting Data and Financial Indicators](index=8&type=section&id=7.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in operating revenue and net profit, with improved profitability and asset scale Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 13.96 billion | RMB 12.09 billion | 15.42 | | Total Profit | RMB 2.19 billion | RMB 1.50 billion | 45.88 | | Net Profit Attributable to Listed Company Shareholders | RMB 2.03 billion | RMB 1.37 billion | 48.34 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | RMB 1.95 billion | RMB 1.37 billion | 42.21 | | Net Cash Flow from Operating Activities | RMB 1.89 billion | RMB 1.82 billion | 3.66 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | RMB 26.19 billion | RMB 24.20 billion | 8.23 | | Total Assets (Period-End) | RMB 42.48 billion | RMB 38.96 billion | 9.03 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.69 | 1.14 | 48.25 | | Diluted Earnings Per Share (RMB/share) | 1.68 | 1.14 | 47.37 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | 1.63 | 1.14 | 42.98 | | Weighted Average Return on Net Assets (%) | 8.01 | 6.38 | Increased by 1.63 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 7.71 | 6.41 | Increased by 1.30 percentage points | [9. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=9.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **RMB 76.53 million**, primarily including government subsidies recognized in current profit or loss and fair value changes in financial assets Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions already made | -0.36 million | | Government grants recognized in current profit or loss | 25.04 million | | Gains or losses from changes in fair value of financial assets and liabilities, and from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 64.92 million | | Gains or losses from debt restructuring | 0.06 million | | Other non-operating income and expenses apart from the above | 1.26 million | | Less: Income tax impact | 14.38 million | | Minority interest impact (after tax) | 0.01 million | | Total | 76.53 million | [Part III Management Discussion and Analysis](index=10&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's industry, business operations, core competencies, and financial performance during the reporting period, along with an outlook on potential risks and future strategies [1. Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=1.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section elaborates on the company's industry position as a Fabless chip design company, global and Chinese semiconductor industry trends, its Fabless business model, three core business systems (image sensor, display, and analog solutions), and their wide applications in smartphones, automotive, emerging markets, medical, and security - The company is one of the **top ten global Fabless semiconductor companies**, with main businesses covering image sensor, display, and analog solutions[28](index=28&type=chunk) - In the first half of 2025, the global semiconductor market reached **USD 346 billion**, growing by **18.9% year-on-year**, with strong growth in logic, memory, and sensor sectors[30](index=30&type=chunk) - China's integrated circuit imports increased by **8.9% year-on-year** in the first half, while exports grew by **20.6% year-on-year**[30](index=30&type=chunk) - The company adopts a **Fabless model**, focusing on R&D design and sales, with wafer manufacturing and packaging/testing outsourced to professional manufacturers[31](index=31&type=chunk) [(I) Company's Industry](index=10&type=section&id=(I)%20Company's%20Industry) The company's industry is classified as Computer, Communication and Other Electronic Equipment Manufacturing (C39) according to both the 'National Economic Industry Classification and Codes' and the CSRC's 'Guidelines for Industry Classification of Listed Companies' - The company operates in the Computer, Communication and Other Electronic Equipment Manufacturing (C39) industry[29](index=29&type=chunk) [(II) Industry Development](index=10&type=section&id=(II)%20Industry%20Development) The global semiconductor market achieved **18.9% strong growth** in the first half of 2025, with an anticipated **15.4% full-year growth**, primarily driven by data center and AI applications; China's semiconductor import and export trade also maintained a positive trend, with import volume increasing by **8.9%** and export volume by **20.6%** Global Semiconductor Market Data for H1 2025 | Indicator | Data | | :--- | :--- | | Market Size | USD 346 billion | | Year-on-Year Growth | 18.9% | | Strong Growth Areas | Logic, Memory, Sensors (16%) | | Growth Areas | Analog Chips, Microcontrollers (4%) | | Declining Areas | Discrete Devices, Optoelectronics (single-digit decline) | China's Integrated Circuit Import and Export Data for H1 2025 | Indicator | Import | Export | | :--- | :--- | :--- | | Cumulative Volume | 281.9 billion units (up 8.9% YoY) | 167.8 billion units (up 20.6% YoY) | | Import/Export Value | RMB 1.38 trillion (up 8.3% YoY) | RMB 650.3 billion (up 20.3% YoY) | [(III) Company Business Model](index=11&type=section&id=(III)%20Company%20Business%20Model) The company's semiconductor design and sales business operates on a **Fabless model**, focusing on R&D design and sales, with wafer manufacturing and packaging/testing outsourced. Sales models include direct sales and distribution to meet diverse customer needs. The company's products span three major systems: image sensor, display, and analog solutions, and it also distributes various electronic components - The company's semiconductor design and sales business adopts a **Fabless model**, focusing solely on integrated circuit R&D design and sales, with wafer manufacturing and packaging/testing outsourced[31](index=31&type=chunk) - The company sells through both **direct sales and distribution**, with direct sales serving module, ODM, and OEM manufacturers and end customers, and distribution through renowned multinational large distributors[33](index=33&type=chunk) - The company's semiconductor product design business primarily comprises three major systems: **image sensor solutions, display solutions, and analog solutions**[34](index=34&type=chunk) Company Semiconductor Design Business Product Types | Business | Product Name | Main Function | Application Areas | | :--- | :--- | :--- | :--- | | Image Sensor Solutions | CMOS Image Sensor | Converts optical information into electrical signals | Consumer electronics, security, automotive electronics, medical, emerging markets | | | CameraCubeChip | Integrates wafer-level optics and CMOS image sensors | Medical, emerging markets, etc. | | | LCOS | Reflective mode, very small matrix liquid crystal display device | Automotive electronics, medical, emerging markets, laptops, etc. | | Display Solutions | TDDI | Drives LCD screens, detects user touch signals | Smartphones | | | DDIC | Drives displays and controls drive current | Smartphones | | | TED | Combines eDP TCON and source driver | Laptops | | Analog Solutions | TVS, MOSFET, LDO, DC-DC, LED Backlight Driver, CAN, LIN, SBC, SerDes, MCU, Motor Driver, Operational Amplifier | Enhances anti-static/surge protection, signal amplification, power control, voltage regulation, voltage adjustment, constant current source, signal switching, communication networks, integrated power/communication/diagnosis/safety monitoring, high-speed communication, smart semiconductor chips, motor control, amplifiers, etc. | Consumer electronics, security, network communication, automotive electronics, industrial, IoT, etc. | Company Distribution Business Product Types | Product Name | Sub-Products | Main Original Manufacturers | | :--- | :--- | :--- | | Electronic Components | Resistors, capacitors, inductors, crystals, etc. | Panasonic, Chicony, Yageo, Samsung, Walsin Technology, Holy Stone, TXC, etc. | | Structural Components | Connectors, card holders, card trays, PCBs, speakers, electrets, etc. | Molex, Panasonic, Nanya, Goertek, etc. | | Electromechanical Systems | Servos, motors, fans, PLCs, etc. | Panasonic, NIDEC, Delta, etc. | | Integrated Circuits | Chips, Sensors, Memory, Flash, Sensors, Diodes/Transistors, etc. | Lite-On, Longsys, XMC, Quantum Micro, Jinglue, Rongpai, Lisenme, Xinsheng, Qianhai Weisheng, Hailichuang, Aixin, Jiutian Ruixin, Nationz, BOSCH, Fourier, Yichong, etc. | | RF Devices | Filters, etc. | Panasonic, ACX, Jiali, Huaying, Xinpu, Walsin Technology, etc. | [(IV) Main Applications of Company Products](index=14&type=section&id=(IV)%20Main%20Applications%20of%20Company%20Products) The company's image sensor, display, and analog solutions are widely applied in smartphones, automotive, emerging markets (sports/panoramic cameras, smart glasses, machine vision), medical, and security sectors, meeting industry demands for high-performance, low-power, and high-resolution chips through continuous technological innovation - Smartphone Market: The company offers high-resolution image sensors (e.g., **OV50H, OV50X**) and **TDDI technology**; newly developed **OLED DDIC products** have received test approval from leading Chinese panel suppliers, and analog products address power density and power management needs[43](index=43&type=chunk) - Automotive Market: Image sensor solutions are applied in **ADAS, autonomous driving, and cabin monitoring**, featuring split-pixel technology for LED flicker suppression and HALE combination algorithms. **LCOS products** enable HUD applications, and the company expands its automotive analog chip portfolio (e.g., **SerDes, PMIC, MCU, SBC**)[44](index=44&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - Emerging Markets: Image sensor products provide high image quality and stability for **sports/panoramic cameras**. **LCOS technology** offers single-chip display solutions for smart glasses, while **CIS integrated NPU technology** addresses real-time performance, power consumption, privacy, and size challenges for smart glasses. A machine vision department has been established, focusing on innovative solutions for industrial automation and robotics[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - Medical Market: Provides complete end-to-end medical imaging subsystems, meeting demands for minimally invasive diagnostic and therapeutic surgeries, with **CMOS image sensors** gradually replacing traditional CCDs[53](index=53&type=chunk)[54](index=54&type=chunk) - Security Market: **Nyxel® near-infrared technology** enables security cameras to see clearer and further in low light, while also offering energy-efficient power management and interface protection products[55](index=55&type=chunk) - Laptop Market: Offers first-class imaging system solutions, including new technologies like **infrared global shutter sensors and RGB-IR**, for security applications such as eye tracking, facial/iris recognition[56](index=56&type=chunk) [2. Discussion and Analysis of Operations](index=18&type=section&id=2.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company benefited from the structural recovery of the global semiconductor industry and the integration of AI technology, achieving **15.49% growth in operating revenue** and **48.34% growth in net profit**. The image sensor business performed outstandingly in automotive intelligent driving and emerging markets, while the analog solutions business also saw significant growth. The company continued to increase R&D investment, optimize its supply chain, and actively enhance shareholder returns and sustainable development - In the first half of 2025, the company's main business revenue was **RMB 13.94 billion**, a **15.49% year-on-year increase**[60](index=60&type=chunk) - Semiconductor design business product sales revenue was **RMB 11.57 billion**, accounting for **83.01% of main business revenue**, a **11.08% year-on-year increase**[60](index=60&type=chunk) - Semiconductor distribution business revenue was **RMB 2.31 billion**, accounting for **16.60% of main business revenue**, a **41.73% year-on-year increase**[60](index=60&type=chunk) - Net profit attributable to parent company shareholders was **RMB 2.03 billion**, a **48.34% year-on-year increase**[127](index=127&type=chunk) [1. Image Sensor Solutions](index=19&type=section&id=1.%20Image%20Sensor%20Solutions) The image sensor solutions business achieved **RMB 10.35 billion** in operating revenue in the first half, a **11.10% year-on-year increase**. Revenue from image sensors in automotive intelligent driving and emerging markets (sports/panoramic cameras, smart glasses, machine vision) grew significantly, while the smartphone market saw a decline due to the end-of-life cycle of older products, though new products have been validated and introduced by customers - The image sensor solutions business achieved operating revenue of **RMB 10.35 billion** in the first half of 2025, accounting for **74.21% of main business revenue**, an **11.10% increase** year-on-year[61](index=61&type=chunk) - Automotive market image sensor revenue was approximately **RMB 3.79 billion**, a **30.04% year-on-year increase**, solidifying its leading position[67](index=67&type=chunk) - Smartphone market image sensor revenue was approximately **RMB 3.92 billion**, a **19.48% decrease** year-on-year, primarily due to the end-of-life cycle of the older **OV50H product**[68](index=68&type=chunk) - The company's newly launched **50-megapixel 1-inch high dynamic range image sensor OV50X** has entered mass production and delivery, and **200-megapixel image sensor products** have been validated and introduced by customers[69](index=69&type=chunk)[70](index=70&type=chunk) - Emerging market image sensor revenue was approximately **RMB 1.17 billion**, achieving a **249.42% year-on-year increase**, primarily driven by growth in sports/panoramic cameras, smart glasses, and machine vision sectors[74](index=74&type=chunk) - Security market image sensor revenue was approximately **RMB 0.83 billion**, a **16.77% year-on-year increase**. Medical market revenue was approximately **RMB 0.44 billion**, a **68.10% year-on-year increase**[75](index=75&type=chunk) [2. Display Solutions](index=21&type=section&id=2.%20Display%20Solutions) The display solutions business achieved **RMB 0.46 billion** in operating revenue in the first half, a **2.60% year-on-year decrease**, primarily due to pricing pressure in the mobile LCD-TDDI market. Despite a slight revenue decline, the company achieved a **7.03% steady increase in shipments** and significant gross margin improvement through product supply chain optimization and expansion into high-margin products. **OLED DDIC and TED products** have been successfully introduced to tier-one customers - The display solutions business achieved operating revenue of **RMB 0.46 billion** in the first half of 2025, a **2.60% decrease** year-on-year[77](index=77&type=chunk) - The display solutions business achieved sales volume of **72.56 million units**, a **7.03% increase** year-on-year, with steady market share growth[77](index=77&type=chunk) - The company's **OLED DDIC products** have been successfully introduced to tier-one panel manufacturers and are in mass production, while **TED chips** have been adopted by leading global laptop brands[77](index=77&type=chunk)[78](index=78&type=chunk) - Automotive **TDDI products** have been validated and introduced by customers[78](index=78&type=chunk) [3. Analog Solutions](index=22&type=section&id=3.%20Analog%20Solutions) The analog solutions business achieved **RMB 0.77 billion** in operating revenue in the first half, a **20.88% year-on-year increase**, primarily benefiting from inventory destocking and demand recovery in the consumer electronics industry. The company completed a multi-category layout in automotive analog chips, with automotive analog IC revenue growing by **45.51% year-on-year**, becoming a new growth driver - The analog solutions business achieved operating revenue of **RMB 0.77 billion** in the first half of 2025, a **20.88% increase** year-on-year[79](index=79&type=chunk) - Automotive analog ICs achieved operating revenue of **RMB 0.12 billion**, accounting for **15.66% of analog solutions business**, a **45.51% increase** year-on-year[79](index=79&type=chunk) - The company completed a multi-category layout in automotive analog chips, including **SerDes, PMIC, and MCU** for high-speed transmission scenarios in intelligent driving/cockpit systems[79](index=79&type=chunk) [(II) Continuous Increase in R&D Investment to Drive Product Innovation and Upgrades](index=23&type=section&id=(II)%20Continuous%20Increase%20in%20R%26D%20Investment%20to%20Drive%20Product%20Innovation%20and%20Upgrades) During the reporting period, the company's semiconductor design and sales business R&D investment reached **RMB 1.72 billion**, a **9.01% year-on-year increase**, accounting for **14.90% of the business revenue**. The company highly values independent intellectual property and talent development, holding **4,761 authorized patents** as of the end of the reporting period, and successfully mass-producing high-performance image sensors like **OV50X** - The company's semiconductor design and sales business R&D investment amounted to approximately **RMB 1.72 billion**, accounting for **14.90% of the business revenue**, a **9.01% increase** year-on-year[80](index=80&type=chunk) - As of the end of the reporting period, the company held **4,761 authorized patents**, including **4,552 invention patents**[80](index=80&type=chunk) - The company's launched **OV50X** is a **50-megapixel sensor** with ultra-high dynamic range, capable of cinematic video recording, and has entered mass production[81](index=81&type=chunk) [(III) Fruitful Achievements in Automotive Intelligent Driving, Opening New Growth Curves](index=23&type=section&id=(III)%20Fruitful%20Achievements%20in%20Automotive%20Intelligent%20Driving%2C%20Opening%20New%20Growth%20Curves) The company achieved fruitful results in automotive intelligent driving, launching several market-competitive new products, including automotive image sensors based on **TheiaCel™ technology** and the **OX01N1B sensor** for driver monitoring systems. Concurrently, the company expanded its automotive solutions horizontally, introducing high-performance **MCU OMX2x4B**, **2Gbps SerDes series products**, and high-performance automotive intelligent high-side switch chip **ONXQ000**, empowering comprehensive automotive solutions - The company utilized **TheiaCel™ technology** to solve LED traffic light flicker issues and achieve wide dynamic range in single-exposure HDR images, successfully entering the **NVIDIA supply chain**[82](index=82&type=chunk) - Launched the in-cabin driver monitoring system (DMS) **OX01N1B image sensor**, featuring industry-leading near-infrared quantum efficiency and low power consumption[84](index=84&type=chunk) - Introduced high-performance **MCU OMX2x4B**, suitable for intelligent cockpits and body domain control scenarios[86](index=86&type=chunk) - Launched new **2Gbps SerDes series products OTX9211 and OTX9342**, which have secured project nominations from multiple domestic automakers and Tier1 suppliers[86](index=86&type=chunk)[87](index=87&type=chunk) - Introduced high-performance automotive intelligent high-side switch chip **ONXQ000**, expected to enter mass production in Q3 2025[88](index=88&type=chunk) [(IV) Strengthening Supply Chain Collaboration to Enhance Overall Operational Efficiency](index=25&type=section&id=(IV)%20Strengthening%20Supply%20Chain%20Collaboration%20to%20Enhance%20Overall%20Operational%20Efficiency) The company strengthened cooperation with wafer fabs and packaging/testing plants, and transferred some mature products to local wafer fabs, ensuring stable capacity and cost control. Concurrently, the company coordinated development strategies across business segments, leveraging synergies to provide comprehensive solutions to customers, thereby enhancing overall operational efficiency and competitiveness - The company maintained deep cooperation with wafer fabs and packaging plants, and transferred some mature products to local wafer fabs, ensuring capacity needs and improving production efficiency[89](index=89&type=chunk) - The company's product lines share high consistency in end customers, providing comprehensive solutions through synergistic development to enhance business scale and competitiveness[89](index=89&type=chunk) [(V) Convertible Bond Fundraising Project Completion, Remaining Funds Permanently Supplement Working Capital](index=25&type=section&id=(V)%20Convertible%20Bond%20Fundraising%20Project%20Completion%2C%20Remaining%20Funds%20Permanently%20Supplement%20Working%20Capital) The company's convertible bond fundraising project was fully completed and closed in 2024, with remaining raised funds of **RMB 382.14 million** (including interest income) permanently supplementing working capital to maximize the efficiency of fund utilization, aligning with the company's operational development needs and shareholder interests - The company's convertible bond fundraising project was fully completed and closed in 2024[90](index=90&type=chunk) - The company has transferred a cumulative **RMB 382.14 million** (including interest income) from its special fundraising account to other company accounts to permanently supplement working capital, and completed the closure of relevant special fundraising accounts[91](index=91&type=chunk) [(VI) Continuously Optimizing Talent Development and Incentive Mechanisms to Stabilize Team Cohesion](index=26&type=section&id=(VI)%20Continuously%20Optimizing%20Talent%20Development%20and%20Incentive%20Mechanisms%20to%20Stabilize%20Team%20Cohesion) Adhering to a 'people-oriented' principle, the company continuously optimized its talent development and incentive mechanisms by providing a diverse workplace, competitive salaries, training resources, and career development opportunities. During the reporting period, the 2025 stock option incentive plan was implemented, granting **19,983,400 stock options** to **3,361 incentive recipients** to stabilize the core team and share development achievements - The company continuously improved its talent training system through the **OV-Learning online training platform**[92](index=92&type=chunk) - During the reporting period, the company implemented the **2025 stock option incentive plan**, completing the registration of **19,983,400 stock options** for **3,361 incentive recipients**[93](index=93&type=chunk) [(VII) Enhancing Shareholder Returns and Consolidating Market Trust](index=26&type=section&id=(VII)%20Enhancing%20Shareholder%20Returns%20and%20Consolidating%20Market%20Trust) The company highly values investor returns, enhancing shareholder value by canceling repurchased shares and continuously promoting multiple cash dividends annually. During the reporting period, the 2024 annual equity distribution was completed, with a cash dividend of **RMB 2.20 (tax inclusive) per 10 shares**, totaling **RMB 264 million**, and the Board of Directors was authorized to formulate the 2025 interim profit distribution plan - The company has canceled **11,213,200 repurchased shares**, with a corresponding reduction in registered capital[94](index=94&type=chunk) - The company completed the 2024 annual equity distribution on August 1, 2025, distributing a cash dividend of **RMB 2.20 (tax inclusive) per 10 shares**, totaling **RMB 264 million**[94](index=94&type=chunk) - The company's general meeting of shareholders has authorized the Board of Directors to determine the 2025 interim profit distribution plan, continuing to implement multiple cash dividends annually[94](index=94&type=chunk) [(VIII) Implementing Science-Based Carbon Targets to Deepen Company's Sustainable Development](index=26&type=section&id=(VIII)%20Implementing%20Science-Based%20Carbon%20Targets%20to%20Deepen%20Company's%20Sustainable%20Development) The company established a three-tier ESG governance structure, committed to achieving a win-win for economic and social responsibilities. During the reporting period, its subsidiary, OmniVision Technologies, Inc., formulated and received SBTi approval for its near-term, long-term, and net-zero science-based carbon targets based on the latest greenhouse gas accounting system, deepening the company's commitment to sustainable development - The company established a three-tier ESG governance structure comprising the Board of Directors, ESG Committee, and ESG Working Group[96](index=96&type=chunk) - The near-term, long-term, and net-zero science-based carbon targets of its subsidiary, **OmniVision Technologies, Inc.**, were approved by **SBTi** during the reporting period[96](index=96&type=chunk) [3. Analysis of Core Competencies During the Reporting Period](index=27&type=section&id=3.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include strong R&D capabilities, leading core technologies (e.g., **CMOS image sensors, LCOS, TDDI, power management chips**), global brand recognition, extensive product lines, a flexible **Fabless business model**, stable supply chain and customer advantages, and a highly qualified sales, service, and talent team - R&D Capability Advantage: The company's semiconductor design and sales business invested **RMB 1.72 billion** in R&D, accounting for **14.90% of revenue**, and holds **4,761 authorized patents**[97](index=97&type=chunk) - Core Technology Advantage: Significant technological advantages accumulated in **CMOS image sensor circuit design, packaging, and digital image processing**, including **BSI, PureCel®Plus, RGB-Ir, TheiaCel™, CameraCubeChip®, LCOS, TDDI, discrete devices, and power management chips**[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - Brand Recognition Advantage: One of the **top three global CMOS image sensor suppliers**, with leading market shares in numerous niche markets[103](index=103&type=chunk) - Product Line Advantage: Extensive range and application of **CMOS image sensors**, covering smartphones, automotive electronics, medical, security, smart glasses, panoramic and sports cameras, and actively integrating into the 'AI+' technology wave[104](index=104&type=chunk) - Asset-Light Business Model Advantage: The **Fabless model** enables the company to be efficient and flexible, focusing on R&D design, and establishing long-term partnerships with mainstream foundries[105](index=105&type=chunk) - Supply Chain and Customer Advantage: Formed long-term partnerships with internationally renowned and domestically leading foundries, with products demonstrating synergistic effects[106](index=106&type=chunk) - Sales and Service Advantage: Possesses a highly skilled **FAE team** capable of rapidly introducing products to market and providing technical support[107](index=107&type=chunk) - Talent and Team Advantage: Boasts an R&D team rich in technological innovation and a high-caliber management team, with a stable core team over the long term[109](index=109&type=chunk) [4. Key Operating Performance During the Reporting Period](index=30&type=section&id=4.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's key operating performance during the reporting period, including reasons for financial statement item changes, asset and liability status, investment activities, and the operating performance of major controlled and associate companies. The company achieved growth in both operating revenue and total profit, maintained a stable asset-liability structure, conducted investment activities aligned with its development strategy, and its major subsidiaries operated well - Operating revenue increased by **15.42% year-on-year**, primarily due to the continuous penetration of image sensor products in automotive intelligent driving and sports camera application markets[110](index=110&type=chunk) - Total profit increased by **45.88% year-on-year**, and net profit attributable to listed company shareholders increased by **48.34% year-on-year**[22](index=22&type=chunk) - Net cash flow from operating activities increased by **3.66% year-on-year**, primarily due to increased cash received from sales of goods and provision of services[110](index=110&type=chunk)[111](index=111&type=chunk) - Net cash flow from investing activities decreased by **143.68% year-on-year**, primarily due to increased cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets[110](index=110&type=chunk)[111](index=111&type=chunk) - Net cash flow from financing activities increased by **116.27% year-on-year**, primarily due to decreased cash paid for debt repayment[110](index=110&type=chunk)[111](index=111&type=chunk) [(I) Main Business Analysis](index=30&type=section&id=(I)%20Main%20Business%20Analysis) This section analyzes the changes in the company's main financial statement items, indicating that the growth in operating revenue and cost of sales was primarily influenced by expanded sales volume, while the improvement in gross margin resulted from product structure optimization and cost control. Financial expenses decreased due to increased interest income and exchange gains/losses, while R&D and selling expenses rose due to increased employee compensation Analysis Table of Changes in Financial Statement Items | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 13.96 billion | 12.09 billion | 15.42 | | Cost of Sales | 9.70 billion | 8.57 billion | 13.24 | | Selling Expenses | 269.33 million | 264.08 million | 1.99 | | Administrative Expenses | 339.49 million | 340.71 million | -0.36 | | Financial Expenses | -6.41 million | 6.14 million | -204.39 | | R&D Expenses | 1.36 billion | 1.26 billion | 8.70 | | Net Cash Flow from Operating Activities | 1.89 billion | 1.82 billion | 3.66 | | Net Cash Flow from Investing Activities | -1.24 billion | -508.27 million | -143.68 | | Net Cash Flow from Financing Activities | 436.28 million | -2.68 billion | 116.27 | - The growth rate of cost of sales was lower than that of operating revenue, primarily due to factors such as product mix optimization and cost control, leading to an increase in the company's gross profit margin[111](index=111&type=chunk) - The change in financial expenses was mainly due to increased interest income and exchange gains/losses[111](index=111&type=chunk) [(III) Analysis of Assets and Liabilities](index=31&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the changes in the company's assets and liabilities at period-end. Notes receivable, other receivables, long-term receivables, deferred income tax assets, and other non-current assets all showed significant growth, primarily reflecting increases in bank acceptance bills, temporary payments, overseas tax refunds, unrealized profits from internal transactions, and prepayments for equipment. On the liability side, short-term borrowings, accounts payable, non-current liabilities due within one year, and other current liabilities also increased substantially, mainly due to increased bank borrowings, quarterly procurement fluctuations, and maturing long-term borrowings. Overseas assets accounted for **60.50% of total assets**, primarily comprising Beijing OmniVision's overseas subsidiaries and OmniVision Display Solutions and its overseas subsidiaries Changes in Assets and Liabilities | Item Name | Period-End Amount (RMB) | Period-End % of Total Assets | Prior Year-End Amount (RMB) | Prior Year-End % of Total Assets | Period-End Change vs. Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 76.01 million | 0.18 | 24.40 million | 0.06 | 211.50 | Mainly due to an increase in the company's bank acceptance bills | | Other Receivables | 86.76 million | 0.20 | 57.80 million | 0.15 | 50.10 | Mainly due to an increase in the company's other temporary payments | | Long-Term Receivables | 9.90 million | 0.02 | 3.23 million | 0.01 | 206.35 | Mainly due to the company's receivables from overseas tax refunds | | Deferred Income Tax Assets | 635.25 million | 1.50 | 400.68 million | 1.03 | 58.54 | Mainly due to an increase in the company's unrealized profits from internal transactions | | Other Non-Current Assets | 316.28 million | 0.74 | 161.58 million | 0.41 | 95.74 | Mainly due to an increase in the company's prepayments for equipment | | Short-Term Borrowings | 1.58 billion | 3.71 | 1.09 billion | 2.79 | 45.12 | Mainly due to an increase in the company's bank borrowings in the current period | | Accounts Payable | 2.70 billion | 6.37 | 1.94 billion | 4.97 | 39.74 | Mainly due to quarterly procurement fluctuations | | Non-Current Liabilities Due Within One Year | 3.62 billion | 8.53 | 2.65 billion | 6.81 | 36.57 | Mainly due to an increase in long-term borrowings due within one year | | Other Current Liabilities | 6.21 million | 0.01 | 2.00 million | 0.01 | 210.21 | Mainly due to an increase in the company's endorsed notes receivable that cannot be derecognized in the current period | | Deferred Income | 41.14 million | 0.10 | 22.02 million | 0.06 | 86.80 | Mainly due to an increase in the company's government grants in the current period | - Overseas assets amounted to **RMB 25.70 billion**, accounting for **60.50% of total assets**[114](index=114&type=chunk) Operating Performance of Major Overseas Assets | Overseas Asset Name | Reason for Formation | Operating Model | Operating Revenue for the Reporting Period (RMB Million) | Net Profit for the Reporting Period (RMB Million) | | :--- | :--- | :--- | :--- | :--- | | Beijing OmniVision Overseas Subsidiaries | Enterprise merger under common control | Independent operation | 9.67 billion | 1.94 billion | | OmniVision Display Solutions and its Overseas Subsidiaries | Establishment | Independent operation | 458.55 million | -57.29 million | [(IV) Analysis of Investment Status](index=32&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This section analyzes the company's investment status, indicating that all investments align with the company's development strategy, contributing to enhanced technological capabilities and competitiveness, and generating investment returns. Financial assets measured at fair value totaled **RMB 5.34 billion** at period-end, primarily comprising stocks, private equity funds, and other investments, with positive fair value changes for stocks and private equity funds - The company's investment activities align with its development strategy, contributing to business growth, identifying new profit opportunities, enhancing technological capabilities and competitiveness, and achieving investment returns[115](index=115&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB Million) | Fair Value Change in Current Period (RMB Million) | Cumulative Fair Value Change in Equity (RMB Million) | Impairment Provision in Current Period (RMB Million) | Purchases in Current Period (RMB Million) | Sales/Redemptions in Current Period (RMB Million) | Other Changes (RMB Million) | Ending Balance (RMB Million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 1,646.36 | 58.30 | -417.77 | | 19.06 | 0.09 | 0.00 | 1,723.80 | | Private Equity Funds | 2,698.11 | 17.43 | 198.00 | | 51.85 | | | 2,861.69 | | Others | 767.38 | 1.56 | -1.47 | | 210.00 | 210.31 | -14.95 | 753.68 | | Total | 5,111.84 | 77.30 | -419.23 | | 427.06 | 262.17 | -14.87 | 5,339.17 | [(VI) Analysis of Major Controlled and Associate Companies](index=34&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) This section analyzes the operating performance of Beijing OmniVision, the company's major controlled subsidiary, which achieved **RMB 10.38 billion** in operating revenue and **RMB 1.92 billion** in net profit during the reporting period. Concurrently, the company acquired and disposed of several subsidiaries during the reporting period, but these had no significant impact on overall production, operations, or performance Financial Performance of Major Subsidiary Beijing OmniVision | Company Name | Company Type | Main Business | Registered Capital (USD) | Total Assets (RMB Million) | Net Assets (RMB Million) | Operating Revenue (RMB Million) | Operating Profit (RMB Million) | Net Profit (RMB Million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing OmniVision | Subsidiary | Technology transfer, IC design, software development, sales, etc. | 129,750.00 | 26,840.66 | 21,988.75 | 10,378.98 | 2,246.07 | 1,921.23 | - During the reporting period, the company sold Shenzhen Tianqin Huizhi Technology Co., Ltd., deregistered Anhao Technology (Tianjin) Co., Ltd., and established Chongqing Jinghongzhi Electronics Co., Ltd., Sibico Integrated Circuit Design (Shanghai) Co., Ltd., and OmniVision International (Cayman) Company Limited, with no significant impact on overall production, operations, or performance[120](index=120&type=chunk) [5. Other Disclosures](index=35&type=section&id=5.%20Other%20Disclosures) This section discloses potential market changes, operational, financial, and tax risks, as well as the controlling shareholder's equity pledge status. Concurrently, the company actively practices an 'investor-centric' philosophy, enhancing operational quality and market trust through measures such as focusing on main businesses, improving investment returns, strengthening technological barriers, enhancing investor communication, and perfecting corporate governance - The company faces market change risks, including macroeconomic fluctuations, lower-than-expected growth in downstream markets, and product seasonality and cyclicality[120](index=120&type=chunk)[121](index=121&type=chunk) - Operational risks include relatively concentrated downstream customer business areas, uncertainties in outsourced processing capacity assurance and procurement unit price changes, and new product development not being recognized by the market[121](index=121&type=chunk)[122](index=122&type=chunk) - Financial risks include bad debts from accounts receivable, large inventory scale, and exchange rate and interest rate fluctuation risks[123](index=123&type=chunk)[124](index=124&type=chunk) - Changes in tax preferential policies may lead to an increase in the company's income tax burden[125](index=125&type=chunk) - Controlling shareholder Mr. Yu Renrong and his concerted parties collectively hold **33.88% of the company's shares**, with **18.06% cumulatively pledged**, posing a risk of a relatively high equity pledge ratio[125](index=125&type=chunk) - The company focused on its main business, with operating revenue and net profit attributable to the parent company growing by **15.49%** and **48.34%**, respectively[127](index=127&type=chunk) - The company has implemented multiple cash dividends annually and canceled **11,213,200 repurchased shares**, enhancing investment returns[128](index=128&type=chunk) - The company's R&D investment was **RMB 1.72 billion**, accounting for **14.90% of semiconductor design and sales business revenue**, and it holds **4,761 authorized patents**, continuously strengthening its technological barriers[129](index=129&type=chunk) - The company strengthened investor communication through diversified channels such as performance briefings, SSE e-interaction, and investor engagement activities, and formulated a market capitalization management system[129](index=129&type=chunk)[130](index=130&type=chunk) - The company revised its Articles of Association to abolish the Supervisory Board, with its functions now exercised by the Board's Audit Committee, and strengthened the compliant performance of duties by 'key individuals'[130](index=130&type=chunk) [(I) Potential Risks](index=35&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks from market changes, operations, finance, and taxation. Market risks stem from macroeconomic fluctuations and uncertainties in downstream market demand; operational risks include high customer concentration, fluctuations in outsourced processing capacity and costs, and new product development not gaining market acceptance; financial risks involve accounts receivable bad debts, large inventory scale, and exchange rate and interest rate fluctuations; tax risks are related to changes in preferential tax policies. Additionally, a high equity pledge ratio by the controlling shareholder also constitutes a potential risk - Market Change Risks: The semiconductor industry is affected by macroeconomic fluctuations; lower-than-expected growth in downstream markets (consumer electronics, security, automotive, medical, smart glasses, machine vision, panoramic and sports cameras) or delayed customer sales promotion may adversely impact the company's sales volume[120](index=120&type=chunk)[121](index=121&type=chunk) - Operational Risks: Downstream customer business areas are relatively concentrated, and fluctuations in major customer operations or intensified competition may affect performance; under the **Fabless model**, there are uncertainties in wafer fab and packaging/testing plant capacity assurance and procurement unit price changes; if new product development fails to timely grasp market demand, it may impact market competitiveness[121](index=121&type=chunk)[122](index=122&type=chunk) - Financial Risks: Net accounts receivable of **RMB 4.45 billion**, accounting for **18.27% of current assets**, may lead to bad debts if not recovered on time; net inventory of **RMB 7.95 billion**, accounting for **32.66% of current assets**, may impact performance and cash flow if not sold smoothly; faces exchange rate fluctuation risks for financial assets and liabilities denominated in foreign currencies such as USD and HKD; bank borrowings face interest rate fluctuation risks[123](index=123&type=chunk)[124](index=124&type=chunk) - Tax Risks: Changes in preferential tax policies in various countries or regions in the future may lead to an increase in the company's income tax burden[125](index=125&type=chunk) - Equity Pledge Risk: Controlling shareholder Mr. Yu Renrong and his concerted parties collectively hold **33.88% of the company's shares**, with **18.06% cumulatively pledged**, posing a risk of a relatively high equity pledge ratio[125](index=125&type=chunk) [(II) Other Disclosure Items](index=38&type=section&id=(II)%20Other%20Disclosure%20Items) The company actively practices an 'investor-centric' philosophy, enhancing operational quality and market trust through measures such as focusing on main businesses, improving investment returns, strengthening technological barriers, enhancing investor communication, and perfecting corporate governance. During the reporting period, the company achieved significant growth in both main business revenue and net profit attributable to the parent company, and has implemented multiple cash dividends and share repurchases/cancellations. The company continuously increased R&D investment, holds numerous patents, and actively improved investor relations management and corporate governance systems - Focusing on Main Business, Accelerating Operational Quality Improvement: Main business revenue reached **RMB 13.94 billion**, a **15.49% year-on-year increase**; net profit attributable to the parent company was **RMB 2.03 billion**, a **48.34% year-on-year increase**[127](index=127&type=chunk) - Effectively Enhancing Investment Returns, Conveying Long-Term Investment Confidence: Implemented 2024 interim and annual profit distribution plans, distributing a total of **RMB 504 million** in cash dividends; **11,213,200 repurchased shares** have been canceled[128](index=128&type=chunk) - Technological Barriers Continuously Strengthened, R&D Investment Accelerated Conversion: Semiconductor design and sales business R&D investment was **RMB 1.72 billion**, a **9.01% year-on-year increase**; holds **4,761 authorized patents**[129](index=129&type=chunk) - Strengthening Investor Communication Channels, Improving Company Market Capitalization Management: Responded to investor concerns and published company information through various channels, and formulated 'Market Capitalization Management System' and 'Public Opinion Management System'[129](index=129&type=chunk)[130](index=130&type=chunk) - Adhering to Standardized Operations, Enhancing Governance Level: Revised the Articles of Association according to the 'Guidelines for Articles of Association of Listed Companies (2025 Revision)', abolishing the Supervisory Board, with its functions now exercised by the Board's Audit Committee[130](index=130&type=chunk) - Implementing Responsibilities of 'Key Individuals', Steadily Enhancing Performance Capabilities: Strengthened the sense of responsibility and compliance awareness of controlling shareholders, actual controllers, directors, supervisors, and senior management through training and daily reminders[130](index=130&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=40&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, including changes in directors and senior management, profit distribution plans, equity incentive programs, and its commitment to environmental and social responsibilities [1. Changes in Company Directors and Senior Management](index=40&type=section&id=1.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) This section discloses the latest changes in the company's Board of Directors and senior management, including newly elected directors, appointed senior management, and departing personnel, ensuring transparency in the corporate governance structure - The members of the company's Seventh Board of Directors include **Yu Renrong** (Chairman), **Wu Xiaodong**, **Lu Dalong**, **Jia Yuan** (Deputy General Manager), **Qiu Huanping** (Employee Director), **Chen Yu**, **Fan Mingxi** (Independent Director), **Mou Lei** (Independent Director), and **Zhu Liting** (Independent Director)[132](index=132&type=chunk) - **Wang Song** was appointed as the company's General Manager, **Xu Xing** as Chief Financial Officer, and **Ren Bing** as Board Secretary[132](index=132&type=chunk) - **Chen Zhibin** resigned as director, and **Wu Xingjun** and **Hu Renyu** resigned as independent directors[132](index=132&type=chunk) [2. Profit Distribution or Capital Reserve Conversion Plan](index=40&type=section&id=2.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section states that the company did not formulate a semi-annual profit distribution or capital reserve conversion to share capital plan during the reporting period, but has authorized the Board of Directors to formulate the 2025 interim profit distribution plan to continuously enhance shareholder returns - During the reporting period, the company did not formulate a semi-annual profit distribution plan or a capital reserve conversion to share capital plan[133](index=133&type=chunk) - The company has authorized the Board of Directors to formulate the 2025 interim profit distribution plan, provided profit distribution conditions are met[133](index=133&type=chunk) [3. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=40&type=section&id=3.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section discloses the progress of the company's equity incentive plans, including the completion of the 2025 stock option incentive plan grant registration, with **19,983,400 stock options** granted to **3,361 incentive recipients**. Concurrently, some 2022 stock options were canceled due to unmet performance targets, and the exercise of the first exercise period of the 2023 Phase I stock option incentive plan was processed - The company completed the grant registration for the **2025 stock option incentive plan** on May 23, 2025, granting a total of **19,983,400 stock options** to **3,361 incentive recipients**[135](index=135&type=chunk) - Due to the company's 2024 performance not meeting the third exercise period performance targets stipulated in the '2022 Stock Option Incentive Plan', the company canceled **6,064,828 stock options**[135](index=135&type=chunk) - The exercise conditions for the first exercise period of the '2023 Phase I Stock Option Incentive Plan' have been met, and **2,260,630 stock options** were processed for **747 incentive recipients**[135](index=135&type=chunk) [Part V Significant Matters](index=42&type=section&id=Part%20V%20Significant%20Matters) This section outlines the company's fulfillment of commitments, significant related-party transactions, major contracts, use of raised funds, and other material events impacting its operations and financial position [1. Fulfillment of Commitments](index=42&type=section&id=1.%20Fulfillment%20of%20Commitments) This section details the various commitments made by the company's controlling shareholder, actual controller, directors, and senior management in the context of major asset restructuring, initial public offering, and refinancing, including maintaining the listed company's independence, regulating related-party transactions, avoiding horizontal competition, measures to mitigate dilution of immediate returns, and share lock-up, stating that all commitments were strictly fulfilled during the reporting period - The controlling shareholder and actual controller committed to maintaining the listed company's independence in personnel, assets, finance, organization, and business[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - The controlling shareholder and actual controller committed to regulating related-party transactions, avoiding improper benefit transfers, and legally fulfilling recusal obligations[142](index=142&type=chunk)[144](index=144&type=chunk) - The controlling shareholder and actual controller committed to avoiding horizontal competition, not directly or indirectly engaging in businesses identical to the company's scope of operations[145](index=145&type=chunk) - The listed company's directors, senior management, controlling shareholder, and actual controller committed to implementing compensatory measures, not overstepping authority to interfere with company operations, not encroaching on company interests, and restricting job-related consumption[146](index=146&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) - Controlling shareholder Yu Renrong committed that within two years after the share lock-up period expires, the reduction in shares will not exceed **5%**, and the reduction price will not be lower than the offering price[151](index=151&type=chunk) - All commitments were strictly fulfilled during the reporting period, with no unfulfilled situations[138](index=138&type=chunk) [10. Significant Related-Party Transactions](index=47&type=section&id=10.%20Significant%20Related-Party%20Transactions) This section discloses related-party transactions during the reporting period with associate companies Jiangsu Weida Semiconductor Co., Ltd. and Xinghao Communication Technology (Zhejiang) Co., Ltd. for goods purchase/sale and service provision, as well as related-party leases with Shanghai Weicheng Apartment Management Co., Ltd. and Xinghao Communication Technology (Zhejiang) Co., Ltd Table of Goods Purchased/Services Received | Related Party | Related Transaction Content | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Jiangsu Weida Semiconductor Co., Ltd. | Semiconductor chips | 4.50 million | 1.96 million | | Xinghao Communication Technology (Zhejiang) Co., Ltd. | Semiconductor chips | 4.16 million | 0 | Table of Goods Sold/Services Provided | Related Party | Related Transaction Content | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Jiangsu Weida Semiconductor Co., Ltd. | Semiconductor chips | 0.30 million | 0.02 million | | Xinghao Communication Technology (Zhejiang) Co., Ltd. | Provision of services | 0.50 million | 0.76 million | Related-Party Leases as Lessor | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (RMB) | Lease Income Recognized in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Shanghai Weicheng Apartment Management Co., Ltd. | Buildings and structures | 4.36 million | 4.51 million | | Xinghao Communication Technology (Zhejiang) Co., Ltd. | Buildings and structures | 0.02 million | 0.66 million | [11. Significant Contracts and Their Fulfillment](index=48&type=section&id=11.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses significant guarantees provided by the company for its subsidiaries during the reporting period. The company provided loan guarantees and non-financing letter of guarantee for Shanghai OmniVision Integrated Circuit Group Co., Ltd., with the total guarantee amount accounting for **0.41% of the company's net assets**, and all guarantees were provided for guaranteed parties with an asset-liability ratio exceeding **70%** Company Guarantees for Subsidiaries | Indicator | Amount (RMB) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries in Current Period | 387.18 million | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 106.42 million | | Total Guarantee Amount (A+B) | 106.42 million | | Total Guarantee Amount as % of Company's Net Assets (%) | 0.41 | | Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 106.42 million | - The company provided loan guarantees and non-financing letter of guarantee for Shanghai OmniVision Integrated Circuit Group Co., Ltd.[182](index=182&type=chunk)[183](index=183&type=chunk) [12. Explanation of Progress in Use of Raised Funds](index=50&type=section&id=12.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's convertible bond fundraising project, 'Wafer Color Filter and Micro-Lens Packaging Project,' was fully completed and closed in 2024. The company has permanently supplemented working capital with a cumulative **RMB 382.14 million** (including interest income) of remaining raised funds and completed the closure of relevant special fundraising accounts to maximize fund utilization efficiency - The company's convertible bond fundraising project, "**Wafer Color Filter and Micro-Lens Packaging Project**," has been completed and closed[163](index=163&type=chunk) - The company has permanently supplemented working capital with a cumulative **RMB 382.14 million** (including interest income) of remaining raised funds and completed the closure of relevant special fundraising accounts[163](index=163&type=chunk) [Part VI Share Changes and Shareholder Information](index=52&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital changes, detailed shareholder information, and the shareholding status of its directors and senior management [1. Share Capital Changes](index=52&type=section&id=1.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by **1,047,114 shares** due to autonomous exercise of stock options and conversion of convertible corporate bonds, reaching a total share capital of **1,217,170,649 shares**, with minimal impact on earnings per share and net assets per share Table of Share Changes | | Number Before Change | Percentage Before Change (%) | Change in Current Period (+, -) Subtotal | Number After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 1,216,123,535 | 100.00 | 1,047,114 | 1,217,170,649 | 100.00 | | 1. RMB Ordinary Shares | 1,216,123,535 | 100.00 | 1,047,114 | 1,217,170,649 | 100.00 | | III. Total Shares | 1,216,123,535 | 100.00 | 1,047,114 | 1,217,170,649 | 100.00 | - During the reporting period, the company's incentive recipients exercised and completed share transfer registration for a total of **1,044,901 shares**, with a corresponding increase in the company's total share capital[168](index=168&type=chunk) - The number of shares formed by the conversion of the company's "**Will Convertible Bonds**" was **2,213 shares**, with a corresponding increase in the company's total share capital[169](index=169&type=chunk) [2. Shareholder Information](index=53&type=section&id=2.%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **144,124**. Among the top ten shareholders, Yu Renrong held **27.40%** as the largest shareholder, and Hong Kong Securities Clearing Company Limited held **13.37%**. Yu Renrong and his concerted party, Shaoxing Weihao Equity Investment Fund Partnership (Limited Partnership), collectively held **33.57% of the company's shares**, with some shares held by Yu Renrong and Shaoxing Weihao Equity Investment Fund Partnership (Limited Partnership) being pledged - As of the end of the reporting period, the total number of ordinary shareholders was **144,124**[171](index=171&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Status of Pledge, Mark, or Freeze | Number of Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Yu Renrong | 333.47 million | 27.40 | Pledged | 173.71 million | | Hong Kong Securities Clearing Company Limited | 162.71 million | 13.37 | None | 0 | | Shaoxing Weihao Equity Investment Fund Partnership (Limited Partnership) | 74.13 million | 6.09 | Pledged | 56.90 million | | Ningbo Oriental Institute of Technology Education Foundation | 47.10 million | 3.87 | None | 0 | | Qingdao Rongtong Minhe Investment Center (Limited Partnership) | 25.76 million | 2.12 | None | 0 | | Industrial and Commercial Bank of China - SSE 50 ETF | 16.69 million | 1.37 | None | 0 | | Shanghai Will Semiconductor Co., Ltd. Repurchase Special Securities Account | 15.13 million | 1.24 | None | 0 | | China Construction Bank Corporation - HuaXia CSI Semiconductor Chip ETF | 14.71 million | 1.21 | None | 0 | | Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF | 12.85 million | 1.06 | None | 0 | | Goldman Sachs International - Proprietary Funds

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