Dividend and Capital Reserves - The company plans to distribute a cash dividend of 2.5 RMB per 10 shares (including tax) to all shareholders, based on a total of 582,864,249 shares[4]. - The company will also increase capital reserves by converting 3 shares for every 10 shares held by shareholders[4]. - The total cash dividend amount for 2025 is CNY 145,716,062.25, which represents 35.64% of the net profit attributable to the parent company[141]. - The proposed dividend distribution plan includes a cash dividend of CNY 2.50 per 10 shares, with no bonus shares to be issued[141]. - The company plans to implement a capital increase from capital reserves in the future, aligning with its strategic goals[138]. Financial Performance - The company's operating revenue for 2025 reached ¥19,156,872,095.46, an increase of 14.31% compared to ¥16,758,313,911.83 in 2024[6]. - The net profit attributable to shareholders for 2025 was ¥408,861,465.49, reflecting a slight increase of 1.05% from ¥404,620,959.25 in 2024[6]. - The total profit for 2025 reached ¥961,631,528.99, marking a growth of 68.95% year-on-year[38]. - The company's operating profit for 2025 was ¥951,905,672.72, an increase of 72.88% compared to the previous year[38]. - The cash flow from operating activities significantly increased by 532.55% to ¥2,090,520,188.86 in 2025, compared to ¥330,489,779.78 in 2024[6]. Market and Business Strategy - The company is actively expanding its overseas market presence while improving organizational efficiency to become a world-class provider of ICT infrastructure and AI solutions[32]. - The company aims to align its business development with industry trends, optimizing its business layout to resonate with overall industry growth[33]. - The company is committed to innovation and technology development to build a smarter future[1]. - The company has achieved a certain market position in various niche product areas, providing comprehensive solutions that include software, hardware, and services[32]. - The company plans to focus on the state-owned real estate sector, aiming to develop high-end smart home solutions by 2025[41]. Research and Development - The company's R&D investment in 2025 amounted to ¥2,551,000,000, accounting for 13.32% of its annual revenue[36]. - The company applied for a total of 485 patents in 2025, including 107 overseas patents[36]. - The company is focusing on developing key technologies for AI cluster networks, including fault tolerance mechanisms and energy efficiency improvements[59]. - The company is developing high-performance security routers aimed at enhancing the security and reliability of core network devices, targeting industries such as finance and government[59]. - The company is focusing on integrating advanced AI technologies into its products, enhancing user interaction and experience[62]. Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no false statements or omissions[4]. - The company has established a strict insider information management system, ensuring no insider trading occurred prior to significant disclosures[103]. - The company’s governance structure complies with relevant laws and regulations, ensuring a healthy and standardized development[98]. - The company actively engaged in investor relations management, with the board secretary designated as the responsible person for this area[101]. - The company has a well-structured governance system that complies with legal and regulatory requirements, ensuring no significant discrepancies exist[103]. Risk Management - The company acknowledges various risks including macroeconomic fluctuations, technology risks, and high customer concentration[4]. - The company anticipates potential risks from macroeconomic fluctuations and plans to implement measures to mitigate these uncertainties[85]. - The company acknowledges high customer concentration and seasonal sales patterns, particularly in Q4, and is working to diversify its industry application solutions to mitigate risks[87]. - The company has established a diversified chip supply chain to reduce risks associated with core component supply, particularly for chips that significantly impact product performance[88]. - The company plans to enhance its procurement planning for raw materials and continue research on the feasibility of related technologies and solutions to minimize supply chain volatility risks[88]. Shareholder Engagement - The company held 5 shareholder meetings in 2025, approving all agenda items and ensuring equal rights for all shareholders through a combination of on-site and online voting[98]. - The company actively considered the interests of minority shareholders in decision-making processes[125]. - The company has committed to fulfilling its social responsibilities, engaging in environmental protection and poverty alleviation initiatives[155]. - The company has disclosed its social responsibility report on the same day as the financial report[155]. - The company plans to hold an online performance briefing in 2025 to improve investor communication and transparency[102]. Employee and Management Changes - The company announced the resignation of three senior executives due to work changes, including the financial officer, effective June 28, 2025[108]. - The company appointed a new financial officer, Li Yin Yan, on June 23, 2025, following the resignation of the previous officer[109]. - The total remuneration paid to directors and senior management during the reporting period amounted to 7.196 million yuan[119]. - The management evaluation mechanism links senior management compensation closely to operational performance, promoting long-term development and strategic goal achievement[149]. - The company has a training program that includes both online and offline training methods, covering various courses for all employee levels[137].

Financial Performance - The company's revenue for 2025 reached ¥5,485,371,371.05, representing a 46.89% increase compared to ¥3,734,284,609.80 in 2024[22]. - Net profit attributable to shareholders for 2025 was ¥1,015,789,038.65, a 50.24% increase from ¥676,100,402.24 in 2024[22]. - The basic earnings per share for 2025 was ¥2.40, up 44.58% from ¥1.66 in 2024[22]. - The total assets at the end of 2025 amounted to ¥7,542,073,240.92, a 32.65% increase from ¥5,685,756,517.91 at the end of 2024[22]. - The company's cash flow from operating activities for 2025 was ¥1,031,570,638.39, a 29.55% increase compared to ¥796,284,627.37 in 2024[22]. - The weighted average return on equity for 2025 was 29.24%, an increase of 3.37% from 25.87% in 2024[22]. - The net profit after deducting non-recurring gains and losses for 2025 was ¥988,047,720.68, a 45.66% increase from ¥678,336,894.71 in 2024[22]. - The gross profit margin for printed circuit boards improved to 29.88%, up from 28.92% in the previous year[60]. - The company reported a total revenue of 255.8 million for the reporting period[134]. Dividend Distribution - The company plans to distribute a cash dividend of 6.46 CNY per 10 shares (including tax) to all shareholders, with no bonus shares issued[4]. - The company plans to distribute cash dividends of RMB 4.80 per 10 shares, totaling RMB 204,112,800, which represents 30.19% of the net profit attributable to shareholders for 2024[165]. - The company plans to distribute a cash dividend of RMB 6.46 per 10 shares, totaling RMB 305,200,472.37, which represents approximately 30.05% of the net profit attributable to shareholders for 2025[170][171]. - The total distributable profit available to shareholders at the end of 2025 is RMB 2,025,783,434.43, after accounting for the legal reserve and previous undistributed profits[169]. Market and Industry Outlook - The global PCB industry is projected to reach a market value of $84.89 billion in 2025, reflecting a year-over-year growth of 15.4%, with expectations to exceed $100 billion by 2029[35]. - The PCB market in mainland China is expected to grow at a rate of 19.8% in 2025, contributing to over 50% of the global PCB market value[36]. - The demand for high-layer, high-precision, and high-density PCBs is anticipated to continue growing, driven by advancements in data centers, AI, and automotive electronics[36]. - The fastest-growing application area for PCBs is expected to be server/data storage, with a projected growth rate of 46.3% in 2025[40]. - The server/data storage segment is projected to grow significantly, with a forecasted value of 15.975 billion in 2025, reflecting a growth rate of 46.3%[42]. - The high-density interconnect (HDI) market is anticipated to grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2029, reaching a value of 21.295 billion by 2029[43]. - The total PCB market is expected to reach 109.258 billion by 2029, with a CAGR of 8.2% from 2024 to 2029[45]. Research and Development - The company is focusing on enhancing its product offerings with next-generation technologies, including PCIe 6.0 and PCIe 7.0, targeting high-performance computing and AI applications[16]. - Research and development expenses rose by 56.14% to ¥279,792,960.97, driven by an increase in the number of R&D projects[68]. - R&D investment increased by 56.14% from 179,197,464.91 CNY in 2024 to 279,792,960.97 CNY in 2025, representing 5.10% of operating revenue[71]. - The number of R&D personnel rose by 35.55% from 391 in 2024 to 530 in 2025, with a significant increase in master's degree holders by 153.85%[71]. - The company is developing AI application-based high-end HDI acceleration server cards to enhance its market share in AI computing infrastructure[70]. - The company is researching advanced impedance control technology using machine learning to optimize production yield and reduce debugging cycles[70]. Corporate Governance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no misleading statements or omissions[4]. - The company has established a governance structure that includes a board of directors and senior management, ensuring compliance with relevant laws and regulations[122]. - The company has maintained strict compliance with information disclosure requirements, ensuring the accuracy and timeliness of its announcements regarding significant operational and financial matters[123]. - The company has not reported any significant deviations from the governance regulations set by the China Securities Regulatory Commission[124]. - The company has established a complete and independent asset structure, with no assets occupied by controlling shareholders or related enterprises[126]. - The company operates with an independent financial accounting system and has its own bank accounts, ensuring no shared accounts with other entities[126]. Risk Management - The company has outlined potential risks in its future development outlook, which investors should be aware of[4]. - The company has established comprehensive internal control and risk management systems for foreign exchange derivative transactions to mitigate exchange rate fluctuations[85]. - The audit committee found no significant risks during the reporting period, indicating effective oversight[159]. Strategic Initiatives - The company is focusing on expanding its market presence in the AI supercomputing and high-end networking sectors, leveraging advancements in data transmission technologies[16]. - The company is actively developing its production base in Thailand to mitigate risks associated with trade friction and enhance supply chain stability[110]. - The company is planning to expand its market presence through strategic acquisitions and partnerships, as indicated in the proposals[156]. - The company aims to enhance financial stability by effectively managing foreign exchange risks through derivative transactions[85]. Employee and Management Changes - The company appointed a new independent director, Shi Ling, effective May 16, 2025[130]. - Employee director Peng Jinghui was elected on May 30, 2025, following a staff representative meeting[131]. - The company experienced management changes, with two executives, Guan Shuchun and Chen Jiong, leaving due to work adjustments on May 30 and August 6, 2025, respectively[132][133]. - The total number of employees at the end of the reporting period is 4,998, with 2,586 in the parent company and 2,412 in major subsidiaries[160]. Environmental and Social Responsibility - The company has been recognized as a national green factory and has received multiple awards for its commitment to sustainable practices[52]. - The company is included in the list of enterprises required to disclose environmental information, with two subsidiaries listed[186]. - The company plans to disclose its 2025 ESG report on March 28, 2026, detailing its social responsibility performance[188].

长芯博创科技股份有限公司 2025 年年度报告全文 长芯博创科技股份有限公司 2025 年年度报告 2026-013 2026 年 03 月 1 长芯博创科技股份有限公司 2025 年年度报告全文 2025 年年度报告 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。 公司负责人庄丹、主管会计工作负责人汤金宽及会计机构负责人(会计主 管人员)PEH KOK THYE 声明：保证本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报告的董事会会议。 公司在本报告"第三节 管理层讨论与分析"之"十一、公司未来发展的 展望"中的"（三）可能面对的风险及应对措施"详细描述了公司经营中可 能存在的风险，敬请投资者予以关注。 公司经本次董事会审议通过的利润分配预案为：以未来实施利润分配方 案时股权登记日剔除回购股份后的总股本为基数，向全体股东每 10 股派发现 金红利 2.90 元（含税），送红股 0 股（含税），以资本公积金向全体股东每 10 股转增 0 股。 2 | 第一节 | 重要 ...

Financial Performance - The company's operating revenue for 2025 was CNY 1,094,239,051.69, representing a 2.90% increase compared to CNY 1,063,354,362.87 in 2024[15]. - Net profit attributable to shareholders for 2025 was CNY 205,171,514.93, a 20.81% increase from CNY 169,830,314.66 in 2024[15]. - The net profit after deducting non-recurring gains and losses was CNY 179,258,887.23, up 18.89% from CNY 150,779,473.39 in 2024[15]. - The total assets at the end of 2025 reached CNY 2,704,026,151.51, a 47.45% increase from CNY 1,833,830,264.10 at the end of 2024[15]. - The net assets attributable to shareholders increased by 62.51% to CNY 2,243,419,726.05 from CNY 1,380,486,057.14 in 2024[15]. - The basic earnings per share for 2025 was CNY 0.86, reflecting a 7.50% increase from CNY 0.80 in 2024[15]. - The comprehensive gross profit margin was 46.45%, up by 1.78% year-on-year, primarily due to changes in product structure and cost reduction efforts[46]. - The company reported a total non-operating income of CNY 25,912,627.70 in 2025, an increase of 36.4% from CNY 19,050,841.27 in 2024[21]. Cash Flow and Investments - The net cash flow from operating activities for 2025 was CNY 222,839,848.36, down 12.78% from CNY 255,481,032.71 in 2024[15]. - Operating cash inflow for 2025 reached ¥1,191,316,749.87, a year-on-year increase of 1.36%[73]. - Operating cash outflow for 2025 was ¥968,476,901.51, reflecting a year-on-year increase of 5.28%[73]. - Investment cash outflow surged by 135.94% to ¥1,090,760,641.14, primarily due to increased purchases of bank wealth management products[73]. - Financing cash inflow increased dramatically by 162,705.44% to ¥814,027,212.63, mainly from targeted fundraising[74]. - Cash and cash equivalents increased by 90.91% to ¥212,277,922.42 in 2025[73]. - The company raised a total of CNY 800 million through a private placement, with a net amount of CNY 785.01 million after deducting issuance costs[170]. Research and Development - The company invested 121 million yuan in R&D, representing 11.02% of total revenue, to maintain technological leadership and product differentiation[48]. - The company increased its R&D personnel to 414 in 2025, a rise of 11.89% from 370 in 2024, with R&D personnel now constituting 60.79% of the workforce[68]. - R&D investment amounted to ¥120,628,413.76 in 2025, representing 11.02% of operating revenue, slightly up from 10.94% in 2024[68]. - The company is focusing on developing standardized solutions for energy management in educational institutions, addressing a gap in the market and aiming to capture 80% of the energy management needs in schools and vocational colleges[68]. - The company has completed the development of the Acrel enterprise microgrid energy management system, with a capitalized R&D amount of ¥2,029,591.93, aimed at enhancing system efficiency and reliability[69]. Market and Product Development - The company has developed a complete product ecosystem for microgrid energy management, integrating hardware and software solutions across various sectors including low-carbon parks and smart factories[25]. - The microgrid market is identified as a long-tail market with substantial growth potential, driven by increasing demand for energy monitoring systems due to national carbon neutrality policies[36]. - The company is actively exploring the integration of AI and large models to improve energy utilization and economic benefits in microgrid operations[26]. - The company’s microgrid solutions are positioned as essential components in the transition to smart grids, enhancing reliability and efficiency in energy supply[36]. - The company’s EMS 2.0 and EMS 3.0 products have successfully captured market demand, leading to the establishment of typical cases across various industries[45]. Governance and Compliance - The company strictly adheres to regulatory requirements and has established a sound corporate governance structure, ensuring compliance with laws and regulations[98]. - The board of directors consists of 9 members, including 5 independent directors, meeting legal and regulatory requirements[99]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operations[103]. - The company has implemented a transparent information disclosure system, ensuring compliance with relevant regulations[100]. - The company has established diverse communication channels for investors, ensuring equal access to information for all shareholders[100]. Risk Management - The company has outlined potential risks and countermeasures in its future development outlook, emphasizing the importance of investor awareness regarding investment risks[4]. - The company faces macroeconomic risks that could impact its operations due to fluctuations in national economic policies[93]. - Industry risks include potential regulatory changes affecting the energy internet sector, which could slow down growth[93]. - Financial risks are present due to price volatility in raw materials, which could adversely affect operating performance if costs rise significantly[93]. Employee and Compensation - The total number of employees at the end of the reporting period was 681, with 414 technical personnel, accounting for 60.79% of the total workforce[122][123]. - The total employee compensation during the reporting period was CNY 187.51 million, representing 20.23% of the total operating costs[124]. - The total compensation for the current directors and senior executives in 2025 is 9.8605 million yuan[114]. - The highest individual compensation is for the Chairman and General Manager, Zhou Zhong, at 2.4999 million yuan[115]. - The company has established a comprehensive training system to enhance employee capabilities and support strategic goals[125]. Shareholder Information - The company distributed cash dividends totaling CNY 75.24 million for the 2024 fiscal year, which was approved by the board and shareholders[128]. - For the first half of 2025, the company distributed cash dividends amounting to CNY 24.72 million, also approved by the board[129]. - The company plans to allocate at least 15% of the distributable profits as cash dividends, provided there are no major investment plans or cash expenditures[127]. - The total cash dividend amount is 87,774,629.25 yuan, with a distribution of 3.5 yuan per 10 shares[132]. - The company has 250,784,655 shares outstanding as of the board resolution date[132]. Internal Control and Audit - The company has established a comprehensive internal control system to enhance operational efficiency and risk management[137]. - The internal control evaluation report will be disclosed on March 28, 2026, covering 100% of the company's total assets and revenue[138]. - The internal control audit report received a standard unqualified opinion, indicating no issues with the company's internal controls[140]. - There were no significant deficiencies identified in financial or non-financial reporting during the audit period[140]. Future Outlook - The company plans to increase R&D investment significantly over the next three years, focusing on power electronics and data platforms[89]. - The company is positioned for future growth with ongoing investments in technology and market expansion strategies[112]. - The company aims to enhance its market share and product quality through standardized and modular design, improving production efficiency[90].

圣邦微电子（北京）股份有限公司 2025 年年度报告全文 圣邦微电子（北京）股份有限公司 2025 年年度报告 2026 年 3 月 1 圣邦微电子（北京）股份有限公司 2025 年年度报告全文 2025 年年度报告 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。 公司负责人张世龙、主管会计工作负责人张绚及会计机构负责人(会计主 管人员)张绚声明：保证本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报告的董事会会议。 本报告中如有涉及公司未来规划、发展战略或经营计划等前瞻性陈述的， 均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。 1、保持持续创新能力的风险 随着市场竞争的加剧及终端客户对产品个性化需求的不断提高，模拟集 成电路设计行业所涉及的技术不断更新换代，新技术、新产品不断涌现，产 品科技含量和持续创新能力日渐成为模拟集成电路设计企业核心竞争力中最 重要的组成部分。只有始终处于技术创新的前沿，加快 ...

Financial Performance - Tianqi Lithium reported a revenue of CNY 10.5 billion for the fiscal year 2025, representing a year-on-year increase of 15%[3]. - The company achieved a net profit of CNY 2.1 billion, up 20% compared to the previous year[3]. - The company's operating revenue for 2025 was ¥10,346,364,563.27, a decrease of 20.80% compared to ¥13,063,477,016.39 in 2024[6]. - The net profit attributable to shareholders for 2025 was ¥462,625,452.36, representing a 105.85% increase from a loss of ¥7,904,580,295.37 in 2024[6]. - The net cash flow from operating activities for 2025 was ¥2,960,503,399.35, down 46.70% from ¥5,554,189,376.65 in 2024[6]. - The basic earnings per share for 2025 was ¥0.28, a significant recovery from a loss of ¥4.82 in 2024[6]. - Total assets at the end of 2025 were ¥72,109,977,728.88, an increase of 5.00% from ¥68,677,871,984.34 at the end of 2024[6]. - The net assets attributable to shareholders at the end of 2025 were ¥42,362,434,507.48, up 1.12% from ¥41,892,509,035.40 at the end of 2024[6]. - The company reported a weighted average return on equity of 1.10% for 2025, an improvement of 18.02 percentage points from -16.92% in 2024[6]. Market Demand and Growth - User data indicates a 25% increase in lithium product demand, driven by the growing electric vehicle market[3]. - Future guidance estimates a revenue growth of 10-15% for 2026, contingent on market conditions[3]. - The global demand for lithium-ion batteries is projected to reach 2,280.5 GWh in 2025, representing a year-on-year growth of 47.6%, driven by the growth in both power batteries and energy storage batteries[107]. - The global energy storage demand is expected to grow significantly, with China's installed capacity projected to reach 153.9 GWh in 2025, a year-on-year increase of 40.2%[106]. - The global power battery installation volume in 2025 was 1,187.0 GWh, growing by 31.7% year-on-year, with China's market share at 61.0%[137]. - The cumulative domestic power battery installation volume in China for 2025 was 769.7 GWh, up 40.4% year-on-year, with lithium iron phosphate batteries accounting for 81.3% of the market[137]. Production and Capacity Expansion - The company plans to expand its production capacity by 30% in the next two years to meet increasing market demand[3]. - The company has established a lithium chemical product capacity of approximately 121,600 tons per year, with an additional planned capacity of 12,260 tons per year[65]. - The company has six operational lithium chemical product production bases, including locations in Sichuan and Australia, enhancing its global production capabilities[103]. - The Greenbush lithium spodumene mine produced a total of 1.35 million tons of lithium concentrate, including 1.3 million tons of chemical-grade and 50,000 tons of technical-grade lithium concentrate[53]. - The chemical-grade lithium concentrate plant No. 3 is ramping up production and is expected to reach full capacity of 520,000 tons per year by January 30, 2026[53]. - The lithium hydroxide project in Jiangsu Zhangjiagang, with an annual capacity of 30,000 tons, is expected to be completed by July 30, 2025, and is currently in the production ramp-up phase[104]. Strategic Initiatives - Tianqi Lithium is investing CNY 500 million in R&D for new lithium extraction technologies aimed at improving efficiency by 15%[3]. - The company has outlined a strategic goal to enter three new international markets by 2026, focusing on Europe and North America[3]. - The company is exploring potential acquisitions in the lithium supply chain to enhance its market position[3]. - The company aims to strengthen its position in the lithium industry, focusing on upstream development and downstream penetration, with a long-term strategy to become a global leader in energy transformation[35]. - The company has established long-term partnerships with global lithium end customers, including major battery manufacturers and electric vehicle companies, enhancing its position in the supply chain[36]. - The company has initiated a special team to optimize the long-term strategic development plan for the Greenbushes lithium project, enhancing integration and management capabilities[46]. Research and Development - The company launched its Innovation Research Institute in the first half of 2025, focusing on breakthroughs in next-generation lithium battery materials and new lithium extraction technologies[42]. - The company has 23 R&D projects planned for 2025, with 18 self-researched and 5 collaborative projects, all progressing as scheduled[169]. - The company has been recognized as a national intellectual property demonstration enterprise and has established several key laboratories and research centers to drive innovation[171]. - The company has achieved ISO 56001 certification for its innovation management system, becoming the first in the lithium industry to complete this certification, which enhances its innovation management and intellectual property capabilities[98]. Risk Management - The management highlighted potential risks related to raw material supply and pricing volatility, with strategies in place to mitigate these risks[3]. - The company faces potential risks from slower-than-expected downstream demand growth, particularly in the electric vehicle and energy storage sectors[111]. - Increased competition in the lithium chemical product industry may impact the company's market share and profitability due to rapid capacity growth[112]. - Global geopolitical factors may pose risks to the company's overseas investments and operations, affecting the uncertainty of product sales abroad[113]. Sustainability and Governance - The company is committed to sustainable practices, focusing on low-carbon and clean product raw materials through the recycling of industrial solid waste[71]. - The company has established a comprehensive environmental, health, and safety (EHS) management system, with several production bases certified under ISO 14001 and ISO 45001 standards[89]. - The company achieved a MSCI rating upgrade from BBB to A in 2025, reflecting its strong performance in sustainable development[178]. - The board of directors consists of over 50% independent directors and female members, ensuring diverse expertise in governance and risk management[177]. Sales and Marketing - The company employs a flexible sales strategy combining long-term contracts, spot orders, and futures to manage price volatility risks effectively[175]. - The total sales amount from the top five customers is ¥6,957,553,173.27, representing 67.25% of the annual total sales, with Albemarle Corporation contributing ¥4,070,021,293.47 (39.34%)[198]. - The company has established a global sales network covering Asia, Europe, and America, with core customers including leading battery manufacturers and new energy vehicle companies[175].

Financial Performance - The company's operating revenue for 2025 reached ¥3,678,100,861.62, representing a 16.59% increase compared to ¥3,154,721,072.47 in 2024[20] - The net profit attributable to shareholders for 2025 was ¥346,489,429.84, a significant recovery from a loss of ¥58,125,846.77 in 2024[20] - The net cash flow from operating activities increased by 14.11% to ¥1,629,328,146.97 in 2025, up from ¥1,427,799,926.54 in 2024[20] - The total assets of the company at the end of 2025 were ¥23,054,745,009.02, marking a 10.99% increase from ¥20,771,416,254.52 at the end of 2024[20] - The net assets attributable to shareholders increased by 5.07% to ¥6,948,980,193.10 at the end of 2025, compared to ¥6,613,388,985.03 at the end of 2024[20] - The basic earnings per share for 2025 was ¥0.0915, recovering from a loss of ¥0.0153 in 2024[20] - The weighted average return on equity for 2025 was 5.11%, a recovery from -0.87% in 2024[20] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.21 per 10 shares to all shareholders, based on a total of 3,787,878,787 shares[5] - The proposed 2025 annual profit distribution includes a cash dividend of 0.21 CNY per 10 shares, pending shareholder approval[198] - The company reported a cash dividend of 0.21 CNY per 10 shares, totaling 79,545,454.53 CNY for the reporting period[200] - The total distributable profit for the period was 1,356,580,627.58 CNY, with cash dividends accounting for 100% of the total profit distribution[200] - The company will distribute a cash dividend of 0.07 CNY per 10 shares for the 2025 mid-term profit distribution, based on the same total share capital[197] - For the 2024 mid-term profit distribution, the company will distribute a cash dividend of 0.06 CNY per 10 shares, based on a total share capital of 3,787,878,787 shares[195] - The company will not distribute any cash dividends or bonus shares for the 2024 annual profit distribution due to a lack of profitability[196] - There were no cash dividends proposed despite the company being profitable and having positive distributable profits[199] Business Strategy and Operations - The company is focusing on energy-saving services, with a strategic vision to become a leading comprehensive energy service provider domestically and internationally[35] - The company plans to gradually exit the biomass resource utilization business while optimizing its strategy for holding smart green electricity projects[44] - The company is actively involved in the construction of smart low-carbon public institutions and other energy-efficient projects, enhancing its market presence[37] - The company aims to enhance its core business layout by focusing on energy conservation and smart energy sectors, discontinuing new investments in comprehensive resource utilization[118] - The company plans to optimize its market development mechanism and product system, emphasizing innovative marketing channels and lifecycle management[119] - The company is committed to strengthening technological innovation as a core competitive advantage, focusing on breakthroughs in comprehensive energy technology and products[120] - The company aims to explore new business avenues such as hydrogen energy and establish mechanisms for future business incubation[127] - The company is focused on promoting core business optimization and sustainable development through these transactions[112][113][114][115] Market and Industry Trends - The energy-saving service industry in China saw a total annual output value of 528 billion yuan, with new investment in contract energy management reaching 170.23 billion yuan in 2024[58] - The number of energy-saving service companies increased to 16,189, with over 1 million employees in the sector, indicating a growing workforce and market interest[58] - The contract energy management projects in 2024 achieved an energy-saving capacity of 45.39 million tons of standard coal, equivalent to a reduction of 111.66 million tons of CO2 emissions, contributing significantly to the "dual carbon" goals[58] - The comprehensive energy service market is expected to grow significantly due to policies promoting energy efficiency and carbon reduction across various sectors, including public institutions and key energy-consuming units[59] - The integration of new technologies such as cloud computing, IoT, and big data is enhancing energy management efficiency and is a key investment focus for large energy-saving and comprehensive energy service companies[61] Research and Development - Research and development (R&D) investment increased significantly to approximately ¥62.96 million, a 461.55% increase from the previous year[95] - The proportion of R&D investment to operating revenue rose to 1.71%, an increase of 1.35 percentage points compared to the previous year[95] - The number of R&D personnel increased by 134.29% to 82, with a notable rise in the number of master's degree holders by 325%[94] - The company aims to enhance its market competitiveness through innovative R&D projects, including AI-driven optimization and virtual power plant aggregation technologies[94] - The company's R&D investment as a percentage of revenue significantly increased due to a focus on key technological projects such as the "Qicheng" comprehensive energy digital management platform and AI control terminals[96] Governance and Management - The company has established a comprehensive risk management system, enhancing its ability to prevent risks systematically[152] - The company has a clear governance structure with independent decision-making bodies, ensuring operational independence from the controlling shareholder[157] - The company has a complete financial accounting system, allowing for independent financial decision-making and tax obligations[154] - The company has a robust organizational structure with distinct departments for legal, compliance, risk, and internal control, forming a "three lines of defense" model[152] - The company has been rated "A" in the Shenzhen Stock Exchange's information disclosure assessment for the 2024-2025 period, reflecting its commitment to transparency[149] Shareholder Engagement - The company ensured that minority shareholders had opportunities to express their opinions and that their rights were protected[199] - The decision-making process regarding dividends was complete and transparent[199] - The company has been recognized for its investor relations management practices, being awarded for best practices in this area for two consecutive years[150] - The company is committed to maintaining effective communication with investors through various channels, including a dedicated investor relations team and enhanced online platforms[150] Asset Management and Transfers - The company plans to publicly transfer 51% of the equity of Southern Power Grid Comprehensive Energy (Hezhou) Co., Ltd., with a minimum transfer price of 160 million yuan[113] - The company aims to optimize its asset structure and enhance resource allocation efficiency through these asset transfers[112][113][114][115] - The asset transfers are part of the company's strategic planning for 2025 to improve business layout and asset structure[112][113][114][115] Employee Composition and Management - The company reported a total of 733 employees at the end of the reporting period, with 315 in the parent company and 418 in major subsidiaries[184] - The professional composition includes 623 technical professionals, 94 management personnel, and 16 support staff, totaling 733 employees[185] - The educational background of employees shows 13 with doctoral degrees, 216 with master's degrees, 472 with bachelor's degrees, and 22 with associate degrees[186]

Dividend Distribution - The company plans to distribute a cash dividend of 1.50 RMB per 10 shares to all shareholders, based on a total of 482,540,723 shares[4]. - The company has implemented a cash dividend distribution plan for 2024, distributing a total of 48,156,985.09 yuan (including tax) to shareholders, with a dividend of 0.997988 yuan per 10 shares[136]. - The company plans to distribute a cash dividend of 1.50 yuan (including tax) per 10 shares for the year 2025, amounting to 72,381,108.45 yuan (including tax)[189]. Financial Performance - The company's operating revenue for 2025 reached ¥4,741,007,598, representing a 12.54% increase compared to ¥4,212,625,881 in 2024[18]. - Net profit attributable to shareholders was ¥376,226,023, a 2.74% increase from ¥366,202,097 in 2024[18]. - The net cash flow from operating activities increased significantly by 71.30% to ¥622,602,778 from ¥363,454,929 in 2024[18]. - Total assets at the end of 2025 were ¥13,573,205,293, marking a 5.00% increase from ¥12,926,945,100 in 2024[18]. - The company's net assets attributable to shareholders rose to ¥12,448,858,249, a 3.28% increase from ¥12,053,926,365 in 2024[18]. - The company achieved a remarkable 283,031.90% increase in asset disposal income, reaching $24.13 million in 2025 from $0.0085 million in 2024[93]. - The company reported a gross margin of 34.01% for integrated circuit design, with a slight decrease of 2.65% year-on-year[83]. Market Trends and Demand - The global semiconductor market is projected to reach $791.7 billion in 2025, with a year-on-year growth of 25.6%[29]. - The Chinese semiconductor market is expected to exceed $210 billion in sales for the first time, with a growth rate of over 15%[29]. - The demand for AI infrastructure is driving a significant increase in the need for high-performance computing and data center applications[28]. - The company is positioned to benefit from the ongoing "super cycle" in the DRAM market due to tight supply and rising prices[28]. - The company anticipates a continued upward trend in demand and pricing for storage and computing chips due to the ongoing storage cycle[118]. - The demand for DRAM products has significantly increased due to the storage cycle, with a tight supply chain, particularly in DRAM wafer fabrication capacity[119]. Product Development and Innovation - The company has initiated the development of 3D DRAM products, focusing on AI storage market needs and leveraging its extensive DRAM design experience[34]. - The company’s AI MCU products are currently in the testing phase, with samples returned in Q4, addressing the increasing performance upgrade demands in consumer electronics and industrial control[35]. - The company has developed a high-performance MCU with AI capabilities, marking a significant step in its product innovation strategy[48]. - The company is actively developing 3D DRAM products to meet the increasing demand in AI applications, alongside advancements in various DRAM processes including 20nm, 18nm, and 16nm[47][48]. - The company has launched various new products in the LED driver chip segment, including high-performance matrix LED driver chips and automotive-grade audio amplifier chips, to enhance its product line[72]. - The company is focusing on market expansion and customer development, leveraging new product launches to capture emerging market opportunities[68]. Risk Management - The company acknowledges potential operational risks including product development, market expansion, and new technology research[4]. - The company has a comprehensive risk management strategy outlined in the report, addressing various operational risks[4]. - The company faces product development risks due to rapid technological updates and market competition, necessitating careful product development decision-making[120]. - The company will manage inventory risks by closely monitoring market demand and adjusting production plans accordingly[127]. - The company is exposed to foreign exchange risks due to operations in multiple currencies, necessitating careful risk assessment and management[129]. Corporate Governance - The company has established a robust corporate governance structure, enhancing internal control mechanisms and optimizing the board's operational efficiency[142]. - The company has implemented a performance evaluation and incentive system for senior management, ensuring transparency and compliance with legal regulations[153]. - The company has established a market value management system and is focused on improving investor relations and information disclosure quality[136]. - The company has improved its investor relations management, actively engaging with investors through multiple communication channels[156]. - The company has adjusted its board structure, establishing a "Board Strategy and ESG Committee" to incorporate ESG responsibilities into its governance framework[143]. Research and Development - The company has accumulated 803 patents and 186 software copyright registrations as of the end of the reporting period[62]. - The company has a strong focus on high-reliability applications, with strict testing processes to meet the demands of automotive and industrial-grade chips[33]. - The company continues to invest in R&D for analog and interconnect chips, contributing to year-on-year sales growth in this segment[138]. - The company has increased R&D investment in storage business, focusing on DRAM and Nor Flash technology development, enhancing high-capacity, high-performance, and low-power capabilities[67]. - The number of R&D personnel increased by 7.51% to 816 in 2025, with a notable rise in master's degree holders by 17.72% to 279[95]. Employee Management - The company has established a fair and just compensation management system that aligns employee benefits with company performance[182]. - The training management system has been improved to include various training categories, enhancing employee skills and team cohesion[184]. - The total number of employees at the end of the reporting period is 1,243, with 1,321 employees receiving compensation during the period[181]. - The professional composition includes 816 technical personnel, 168 sales personnel, and 54 financial personnel, among others[181]. Strategic Focus - The company has a clear strategy for future growth and market expansion, focusing on innovation and new product development[160]. - The company is committed to enhancing its investment value and fulfilling its responsibilities as a listed entity through continuous improvement in governance and communication with investors[146]. - The company is focused on both organic growth and external expansion strategies to capitalize on industry opportunities[138].

Financial Performance - The company's operating revenue for 2025 reached ¥2,770,001,951.67, representing a 49.14% increase compared to ¥1,857,257,106.63 in 2024[26] - Net profit attributable to shareholders was ¥64,684,320.42, a significant turnaround from a loss of ¥64,459,003.63 in 2024, marking a 200.35% improvement[26] - The net profit after deducting non-recurring gains and losses was ¥63,109,688.25, compared to a loss of ¥63,326,599.88 in the previous year, reflecting a 199.66% increase[26] - The basic earnings per share improved to ¥0.14 from a loss of ¥0.14 in 2024, indicating a 200.00% increase[26] - The total assets of the company at the end of 2025 were ¥3,616,810,324.52, an 18.03% increase from ¥3,064,198,837.43 in 2024[26] - The weighted average return on net assets was 6.31%, a recovery from -5.09% in 2024, showing an improvement of 11.40%[26] - The net cash flow from operating activities was -¥27,526,979.27, an improvement of 55.08% from -¥61,280,082.46 in 2024[26] - The company reported a quarterly revenue of ¥780,175,016.47 in Q4 2025, contributing to a total annual revenue growth[28] Business Segments and Market Opportunities - The company’s main business segments include antenna and module products, heat dissipation components, wiring harnesses, and sensor modules, serving industries such as consumer electronics, automotive, communication, and renewable energy[35] - The company has established a comprehensive marketing network across China and is actively expanding into overseas markets, including Taiwan, South Korea, the United States, and Vietnam[42] - The telecommunications industry in China is projected to see a 60% penetration rate of 5G users by the end of 2025, with a total of 1.204 billion 5G mobile users[43] - The global satellite communication market is expected to grow from $25.2 billion in 2025 to $83 billion by 2035, with a CAGR of approximately 13%[43] - The global AI market is anticipated to grow from approximately $32.19 billion in 2025 to $122.3 billion by 2029, with a CAGR of 39.6%[45] - The demand for heat dissipation solutions is expected to increase significantly due to the rising power consumption of data centers and AI applications, presenting a substantial growth opportunity for the company[45] Research and Development - The company invested ¥184,388,368.39 in R&D, which represents 6.66% of total revenue, with 548 R&D personnel making up 17.51% of the total workforce[56] - The company achieved a total of 111 invention patents pending approval and holds 319 valid patents, including 80 invention patents, as of December 31, 2025[47][56] - The company plans to enhance its market share by developing high-performance active antenna modules for 5G terminals, addressing key industry challenges[70] - The company is developing a new phased array antenna for low-orbit satellite communication, aiming to reduce size and cost while meeting market demands[70] - The company plans to deepen its focus on antenna and module businesses, as well as heat dissipation components, to capitalize on opportunities in AI and commercial aerospace sectors[99] Risk Management - The company has acknowledged potential risks in its future operations and has outlined corresponding countermeasures in its management discussion[5] - The company faces external risks due to complex international political and economic conditions, which may adversely affect its operating performance[100] - The company is managing risks related to fundraising project implementation by closely monitoring market changes and adjusting project progress as necessary[101] - The company is addressing the risk of core technical personnel turnover by improving its compensation and incentive systems to retain talent[103] - The company is enhancing its internal management systems to mitigate operational risks associated with its expanding scale[104] Governance and Compliance - The company held 4 shareholder meetings during the reporting period, ensuring compliance with regulations and protecting the rights of all shareholders, especially minority shareholders[109] - The board of directors consists of 9 members, including 3 independent directors, and held 10 meetings during the reporting period, demonstrating a structured and efficient decision-making process[111] - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations, ensuring autonomous management capabilities[116] - The company emphasizes social responsibility and actively engages with stakeholders to balance interests and promote sustainable development[112] - The company adheres to strict information disclosure practices, ensuring transparency and timely communication with investors[114] Employee Management - The total number of employees at the end of the reporting period is 3,130, with 1,312 in the parent company and 1,818 in major subsidiaries[152] - The company has a competitive salary structure, including basic salary, position salary, performance salary, and other benefits, to motivate employees[153] - The company has implemented various training programs to enhance employee skills, including management training and compliance training[154] - The company has not encountered any significant risks during the reporting period, as confirmed by the audit committee[151] Financial Transactions and Related Parties - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[180] - The company has no financial transactions with related parties through its controlled financial company[192] - The company has not reported any significant litigation or arbitration matters that would require disclosure[185] - The company has no deposits, loans, credit, or other financial transactions with related financial companies[191] Future Outlook - The company plans to continue its strategy of mergers and acquisitions to enhance its competitive position[125] - The future outlook includes a commitment to innovation and product development in the wireless technology sector[125] - The company aims to leverage its expertise in electronic technology to drive growth[126][130] - The focus on user data and analytics will be critical for future product enhancements and market strategies[125]

Financial Performance - The company's operating revenue for 2025 was approximately ¥4.75 billion, a decrease of 0.97% compared to ¥4.80 billion in 2024[21]. - Net profit attributable to shareholders for 2025 was approximately ¥111.21 million, down 57.56% from ¥262.02 million in 2024[21]. - The net cash flow from operating activities decreased by 13.02% to approximately ¥745.37 million in 2025 from ¥856.97 million in 2024[21]. - Basic and diluted earnings per share for 2025 were both ¥0.17, a decline of 56.41% compared to ¥0.39 in 2024[21]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, which was approximately ¥33.06 million in 2025, down 84.12% from ¥208.19 million in 2024[21]. - The company's total revenue for 2025 was approximately $4.75 billion, a decrease of 0.97% compared to 2024[55]. - Revenue from smart terminal components and precision structural parts accounted for 57.48% of total revenue, increasing by 7.67% year-over-year[55]. - Revenue from new energy vehicle products decreased by 14.51% year-over-year, contributing 31.63% to total revenue[55]. - Domestic sales increased by 12.66% year-over-year, reaching approximately $2.47 billion, while foreign sales decreased by 12.49% to approximately $2.27 billion[55]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, based on a total of 659,686,776 shares[5]. - The company plans to distribute a cash dividend of RMB 2 per 10 shares to shareholders, amounting to a total cash dividend of RMB 131,937,355.20 (including tax) based on a total share capital of 659,686,776 shares as of May 12, 2025[113]. - For the 2025 fiscal year, the company proposes a cash dividend of RMB 1.5 per 10 shares, amounting to RMB 98,953,016.40, with no stock dividends or capital reserve transfers[157]. - The total distributable profit for the company is RMB 1,263,954,045.10, with the cash dividend representing 100% of the total profit distribution[155]. Research and Development - The company is focusing on the consumer electronics smart terminal sector, emphasizing the development of precision functional components and structures[30]. - The company is actively expanding into new product areas and technologies, particularly in AI-driven devices such as AI smartphones and AI computers[32]. - The company emphasizes continuous R&D investment in new product categories, such as liquid cooling systems, to inject new momentum into the new energy industry[33]. - The company has been deeply engaged in the research and manufacturing of precision components for new energy vehicles, focusing on electric vehicles and hydrogen fuel cell components, with a product range that includes battery module components and cooling system parts[33]. - The company is focusing on high-potential innovation areas such as humanoid robots and energy storage, aiming to expand into high-value component markets[46]. - The company is focusing on expanding its product categories in consumer electronics, including AI smartphones and foldable devices, while enhancing R&D in key areas like 3D printing and liquid cooling[109][111]. - In the new energy vehicle sector, the company is increasing R&D investments in mold design and new materials to meet diverse customer needs and enhance product performance[109]. Manufacturing and Operations - The company has a strong manufacturing and delivery capability for precision structural components, allowing for customized product development[32]. - The production model is primarily "sales-driven production," allowing the company to meet diverse customer demands while maintaining quality control through various management systems[40]. - The implementation of smart manufacturing systems has improved operational efficiency and ensured timely delivery of customer projects[51]. - The company maintains a strict quality management system, achieving multiple certifications that enhance its competitive advantage in the market[52]. - The company has established a smart supplier development management system (SRM) to optimize procurement channels and enhance supplier resource management[39]. Market Trends and Industry Insights - The global smartphone market is expected to see a 1.9% year-on-year increase in shipments, reaching 1.26 billion units in 2025, driven by high-end models and consumer demand[42]. - The average selling price (ASP) of global smartphones is projected to rise to $523 in 2026, a 14% increase year-on-year, supported by the trend towards high-end products and 5G technology adoption[43]. - The company reported a 27% year-on-year growth in global sales of new energy passenger vehicles, reaching 22.71 million units in 2025, with a market share of 23.5%[45]. - In China, the production and sales of new energy vehicles are projected to reach 16.626 million and 16.49 million units respectively in 2025, reflecting a year-on-year growth of 29% and 28.2%[45]. Governance and Compliance - The company has established a robust internal audit system, with an audit committee overseeing the implementation of internal controls and financial information review[120]. - The company emphasizes investor relations by utilizing various communication channels, including performance briefings and investor hotlines, to enhance transparency and engagement[124]. - The company strictly adheres to legal requirements for information disclosure, ensuring timely and accurate reporting of key business and risk factors[125]. - The company has established a comprehensive governance structure and internal control system, continuously improving its governance level in compliance with relevant laws and regulations[164]. - The company has committed to enhancing its internal control system and governance practices to support high-quality development[164]. Employee Management - The total number of employees at the end of the reporting period is 6,040, with 1,777 in the parent company and 4,263 in major subsidiaries[149]. - The professional composition includes 3,871 production personnel, 179 sales personnel, and 1,454 technical personnel[149]. - The company has established a comprehensive salary management system that includes basic salary, performance incentives, and year-end bonuses, while also providing various benefits[151]. - The company emphasizes the adjustment of salaries for key positions and core technical staff to ensure compensation matches job value[151]. - The company adheres to legal regulations in its salary management, ensuring employee rights are protected[151]. Risk Management - The company recognizes the risk of technological upgrades not meeting expectations and plans to closely monitor customer technology trends to ensure timely innovation[102]. - The company faces operational management risks due to its expanding business scale and will enhance internal controls and management capabilities to mitigate these risks[103]. - The company is facing a high customer concentration risk, which could lead to performance fluctuations if major clients reduce orders due to supply chain diversification or industry volatility[104]. - The company plans to diversify its customer base and product offerings to mitigate concentration risk, aiming to enhance revenue and profit while reducing dependency on major clients[104]. Subsidiaries and Investments - The company added a new subsidiary, Suzhou Jiliang Enterprise Management Co., Ltd., to its consolidated financial statements during the reporting period[62]. - Three subsidiaries were removed from the consolidated financial statements due to deregistration, effective from September to November 2025[176][178][179]. - The company has been actively involved in multiple subsidiaries, including Suzhou Shixin Intelligent Technology Co., Ltd. and Shixin Technology (Thailand) Co., Ltd., indicating a broad operational footprint[136]. Environmental and Social Responsibility - The company is included in the list of enterprises required to disclose environmental information, with four subsidiaries listed[165]. - The company has made progress in social responsibility management, focusing on sustainable development and stakeholder protection[166].