陕西源杰半导体科技股份有限公司2025 年年度报告 公司代码：688498 公司简称：源杰科技 陕西源杰半导体科技股份有限公司 2025 年年度报告 1 / 239 陕西源杰半导体科技股份有限公司2025 年年度报告 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、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节 管理层讨论与分析"之"四、风险因素"部分。 四、公司全体董事出席董事会会议。 五、立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人王昱玺、主管会计工作负责人陈振华及会计机构负责人（会计主管人员）曹夏璐 声明：保证年度报告中财务报告的真实、准确、完整。 七、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 公司拟向全体股东每10股派发现金红利7元（含税）。截至2026年3月23日，公司总股本 85,947,726股，扣除目前回购专户的股 ...

南京新联电子股份有限公司 2025 年年度报告全文 南京新联电子股份有限公司 2025 年年度报告 公司负责人胡敏、主管会计工作负责人李晓艳及会计机构负责人（会计主管人员）闫 丽杰声明：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。 2026 年 3 月 1 南京新联电子股份有限公司 2025 年年度报告全文 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司在本报告"第三节 管理层讨论与分析"中"十一、公司未来发展的展望"部分 描述了公司未来经营中可能面对的风险，敬请广大投资者注意查阅。 公司经本次董事会审议通过的利润分配预案为：以 834,049,096 股为基数，向全体股 东每 10 股派发现金红利 1.20 元（含税），送红股 0 股（含税），不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和 ...

中海油田服务股份有限公司2025 年年度报告 公司代码：601808 公司简称：中海油服 中海油田服务股份有限公司 2025 年年度报告 1 / 182 中海油田服务股份有限公司2025 年年度报告 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。 一、未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 卢涛 | 其他公务原因 | 刘秋东 | | 董事 | 范白涛 | 其他公务原因 | 刘秋东 | 二、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 三、公司负责人赵顺强、主管会计工作负责人郄佶及会计机构负责人（会计主管人员）郑国芳 声明：保证年度报告中财务报告的真实、准确、完整。 四、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 截至2025年12月31日，公司母公司报表中期末未分配利润为人民币26,804,166,674元。经公 司董事会决议， ...

广州若羽臣科技股份有限公司 2025 年年度报告全文 广州若羽臣科技股份有限公司 所有董事均已出席了审议本报告的董事会会议。 本年度报告中涉及未来计划或规划等前瞻性陈述的，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。敬请投资者注意投资风险。 2025 年年度报告 2026 年 3 月 1 广州若羽臣科技股份有限公司 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、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人王玉、主管会计工作负责人罗志青及会计机构负责人（会计 主管人员）罗志青声明：保证本年度报告中财务报告的真实、准确、完整。 公司参照《深圳证券交易所上市公司自律监管指引第 3 号——行业信息 披露》中零售相关业的要求进行披露。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"部分描述了公司未来经营中可能面 临的风险，敬请广大投资者注意查阅。 公司经本次董事会审议通过的利润分配预案为： ...

上海复星医药（集团）股份有限公司 2025 年年度报告 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 提请股东会批准向权益分派实施公告指定的股权登记日可参与分配的股东每10股派发现金红 利3.90元（税前）。 公司代码：600196 公司简称：复星医药 上海复星医药（集团）股份有限公司 2025 年年度报告 上海复星医药（集团）股份有限公司 2025 年年度报告 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、本公司全体董事出席董事会会议。 三、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、本公司负责人陈玉卿先生、主管会计工作负责人陈战宇先生及会计机构负责人（会计主管人 员）周琴女士声明：保证年度报告中财务报告的真实、准确、完整。 十一、其他 截至报告期末，母公司存在未弥补亏损的相关情况及其对公司分红等事项的影响 □适用 √不适用 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成本公司对投资者的承诺 ...

安徽安纳达钛业股份有限公司 2025 年年度报告全文 安徽安纳达钛业股份有限公司 2025 年年度报告 【2026 年 3 月 25 日】 1 安徽安纳达钛业股份有限公司 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、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人李崇军、主管会计工作负责人王彬及会计机构负责人（会计 主管人员）李震伟声明：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"中"十一、公司未来发展的 展望"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注相关 内容。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中化工行业的披露要求。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 7 | ...

山 东 胜 利 股 份 有 限 公 司 S H A N D O N G S H E N G L I C O . ， L T D . 年度报告 2025 Annual Report | | | 山东胜利股份有限公司 2025 年年度报告全文 山东胜利股份有限公司 2025 年年度报告 第一节 重要提示和释义 重要提示：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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人许铁良先生、主管会计工作负责人李守清女士及会计机构负责人（会计主管 人员）申萌女士声明：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，请投资者注意 投资风险。 公司已在本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" 关于"十一、公司未来发展的展望"中"可能面对的风险及解决措施"部分的内容。 《证券时报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn）为本公司的指 定信息披露媒体，本公司所发布信息 ...

河南双汇投资发展股份有限公司 2025 年年度报告全文 1 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、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人万宏伟、主管会计工作负责人刘松涛及会计机构负责人（会 计主管人员）李俊冉声明：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。 本报告中涉及公司未来发展战略、发展规划等前瞻性描述，均不构成公 司对投资者的实质承诺，投资者及相关人士应对此保持足够的风险认识，并 应当理解计划、预测与承诺之间的差异。 公司已在本报告中详细描述可能对公司未来发展战略和经营目标的实现 产生不利影响的风险因素，具体内容请见本报告"第三节管理层讨论与分析" 之"十一、公司未来发展的展望"中"（五）风险因素和对策"，敬请广大投资 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 3,464,661,213 股为基 数，向全体股东每 10 股派发现金红利 8.00 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 河南双汇投资发展股份有限公司 河 ...

Financial Performance - The company's operating revenue for 2025 reached ¥33,595,093,070, representing a 6.35% increase compared to ¥31,589,455,600 in 2024[20]. - Net profit attributable to shareholders for 2025 was ¥1,030,266,871.49, a 20.74% increase from ¥853,115,733.54 in 2024[20]. - The net profit after deducting non-recurring gains and losses for 2025 was ¥979,054,754.89, up 21.17% from ¥807,836,783.68 in 2024[20]. - The net cash flow from operating activities for 2025 was ¥1,898,152,725.35, an 8.18% increase from ¥1,750,258,202.84 in 2024[20]. - Basic earnings per share for 2025 increased to ¥0.72, an 18.03% rise from ¥0.61 in 2024[20]. - Total assets at the end of 2025 were ¥20,049,261,361, a 3.31% increase from ¥19,311,097,500 at the end of 2024[20]. - The net assets attributable to shareholders at the end of 2025 were ¥9,069,437,721.50, reflecting a 6.79% increase from ¥8,424,608,180 at the end of 2024[20]. - The total operating revenue for 2025 reached ¥33,595,093,070.07, representing a year-on-year increase of 6.35% from ¥31,589,455,634.79 in 2024[75]. - The revenue from urban gas and energy business decreased by 9.96% to ¥13,699,558,100.40, down from ¥15,214,804,199.18 in the previous year[75]. - The energy chemical service and extended business saw a significant increase in revenue by 21.86%, totaling ¥19,870,395,493.52 compared to ¥16,305,556,411.27 in 2024[75]. Dividend Policy - The company plans to distribute a cash dividend of 2.7 yuan per 10 shares to all shareholders, based on a total of 1,298,394,217 shares[5]. - The company maintains a stable historical dividend level, with cumulative cash dividends amounting to CNY 3.413 billion, which is 4.37 times the total raised funds[72]. - The company aims to maintain annual cash dividends of no less than 65% of net profit attributable to the parent company from 2025 to 2027[72]. - The company distributed a cash dividend of 2.5 yuan per 10 shares, totaling 324,375,315.25 yuan (including tax) for the 2025 fiscal year[191]. - The total cash dividend for the 2025 fiscal year reached 675,164,992.84 yuan, which includes 324,598,554.25 yuan distributed in the first three quarters[196]. Business Strategy and Development - The company is focused on becoming a leading international energy service provider, emphasizing technology-driven development in various energy sectors[30]. - The company is actively exploring new business layouts, including engineering services and life services, to promote high-quality development of green low-carbon energy[30]. - The company is advancing research in cutting-edge technologies such as solid oxide fuel cells and hydrogen energy equipment manufacturing[30]. - The company is enhancing its infrastructure for natural gas supply, aiming to build a unified high-pressure system by 2025 to improve supply and scheduling capabilities[32]. - The company is actively expanding its international LNG trade and has received investment-grade ratings from Moody's (Baa1) and Fitch (BBB+), enhancing its international image[34]. - The company is focusing on clean energy development, including hydrogen, thermal energy, and solar energy, to strengthen its core competitiveness in natural gas[35]. - The company is developing solid oxide fuel cells (SOFC) that convert chemical energy directly into electrical energy, with applications in various sectors including data centers and hospitals[45]. - The company is actively developing clean energy projects, including green methanol and hydrogen energy, leveraging the resources in the Guangdong-Hong Kong-Macao Greater Bay Area[67]. - The company is exploring the development of a solid oxide electrolysis cell (SOEC) system with stable operational capabilities and market application potential[90]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential risks[5]. - The company has detailed potential risks and countermeasures in its management discussion and analysis section[5]. - The company is focused on risk control measures to mitigate the impact of market fluctuations on its operations[109]. - The company is enhancing its risk management framework to address potential foreign exchange risks due to the increasing marketization of the RMB exchange rate, which may lead to significant fluctuations against the USD[135]. - The company plans to improve its foreign exchange risk management by strengthening trend research, controlling cash flow timing, and utilizing financial instruments for hedging[135]. Corporate Governance - The company has established a comprehensive internal control system for hedging business management, including risk assessment and emergency response procedures[109]. - The governance structure is in compliance with relevant laws and regulations, with no significant discrepancies noted[149]. - The company received multiple awards for its governance practices and investor relations, including recognition for sustainable development and transparency[147]. - The company actively engages with investors through various channels, enhancing understanding and recognition of its value[146]. - The company has established a market value management system to enhance shareholder interests and investor confidence, with a board meeting held on December 10, 2025, to approve the management system[138]. Research and Development - The company invested CNY 342 million in research and development during the reporting period, with 13 high-tech enterprises recognized[70]. - Research and development expenses increased by 6.02% to ¥333,752,488.70 in 2025 from ¥314,791,239.67 in 2024[88]. - The company has established a specialized R&D team for SOFC with over ten PhDs and senior engineers, and has completed the assembly of a 50kW SOFC system prototype, which is currently undergoing optimization[46]. - The company is developing a 50kW SOFC power generation system, which is expected to enhance service efficiency and expand market opportunities[89]. - The company has implemented a training program focusing on high-potential talent and skills certification, enhancing employee capabilities[188]. Market Expansion - The company plans to expand into the green hydrogen energy sector and invest in green methanol projects to enhance its energy portfolio[118]. - Market expansion plans include entering two new international markets by Q3 2024, targeting an additional 1 million users[6]. - The company is actively working on the interconnection of gas networks with surrounding urban gas enterprises to enhance supply security[120]. - The company is exploring gas-electricity synergy models, integrating natural gas processing and electricity sales to enhance customer engagement and operational resilience[123]. Employee and Management Structure - The total number of employees at the end of the reporting period was 2,366, with 214 in the parent company and 1,588 in major subsidiaries[186]. - The employee composition includes 881 production staff, 495 sales personnel, and 496 technical staff[186]. - The company has a performance-based salary structure for directors and senior management, linking compensation to operational performance and individual assessments[173]. - The company has implemented a performance evaluation system for senior management that includes annual assessments and term performance evaluations[200]. - The company’s senior management team has been involved in various subsidiaries, indicating a strong internal governance structure[170][171][172].

Financial Performance - The company's operating revenue for 2025 reached ¥18,945,220,585, representing a 42.00% increase from ¥13,341,541,440 in 2024[6]. - Net profit attributable to shareholders for 2025 was ¥3,822,306,272, up 47.74% from ¥2,587,236,693 in 2024[6]. - The net cash flow from operating activities increased by 66.52% to ¥3,871,967,792 in 2025, compared to ¥2,325,184,965 in 2024[6]. - The total assets of the company at the end of 2025 were ¥28,254,274,039, a 33.40% increase from ¥21,179,935,675 at the end of 2024[6]. - The weighted average return on equity rose to 28.57% in 2025, an increase of 4.32 percentage points from 24.25% in 2024[6]. - The company reported a basic earnings per share of ¥1.9875 for 2025, reflecting a 47.05% increase from ¥1.3516 in 2024[6]. - The PCB business generated revenue of approximately 18.143 billion CNY, reflecting a year-on-year growth of about 41.31%[49]. - The gross margin for the PCB business improved to approximately 36.91%, an increase of about 1.06 percentage points year-on-year[49]. - The company achieved revenue of approximately 14.656 billion yuan, a significant year-on-year increase of about 45.21%, with a gross margin improvement of approximately 1.33 percentage points[52]. Market Outlook - The global PCB market is projected to grow to approximately $85.15 billion in 2025, with a year-on-year growth rate of about 15.8%[28]. - The Chinese PCB market is expected to grow by approximately 19.2% in 2025, maintaining its position as the largest market globally[28]. - The global PCB market is projected to reach $95.78 billion in 2026, with a year-over-year growth rate of 12.5% driven by AI infrastructure and data center construction[31]. - The compound annual growth rate (CAGR) for the global PCB market from 2025 to 2030 is estimated at 7.7%, with significant growth expected in AI servers, automotive electronics, and advanced consumer electronics[35]. - By 2030, the global PCB market value is anticipated to exceed $123 billion, highlighting the ongoing expansion in the industry[35]. Business Strategy - The company continues to focus on PCB manufacturing, particularly in data communication and smart automotive applications, with no significant changes in its business model[27]. - The company maintains a competitive edge through a sustainable business model focused on growth, environmental responsibility, and strategic management[39]. - The company plans to focus on high-value core PCB products required for advanced hardware in data communication applications, leveraging its technological advantages and production capabilities[55]. - The company aims to advance its H-share issuance and listing on the Hong Kong Stock Exchange to enhance international financing channels and attract overseas talent[60]. - The company is actively pursuing strategic partnerships and expanding its customer base across different regions and product areas[42]. Risk Management - The company emphasizes the importance of recognizing risks related to macroeconomic fluctuations, market competition, and technology development, which could impact future performance[7]. - The company is aware of the risks posed by macroeconomic fluctuations and market competition, particularly in the PCB industry[117]. - The company faces significant technical development risks in the PCB industry, with over 50% of its main business costs attributed to raw materials, which are influenced by international commodity prices[122]. - The company is actively monitoring raw material supply stability and price fluctuations, with a focus on technological innovation and optimizing product structure to address potential shortages and price increases[122]. - Environmental risks are managed through compliance with ISO14001 standards, with ongoing investments in environmental safety and employee training to prevent pollution incidents[123]. Corporate Governance - The company has implemented a new governance structure, eliminating the supervisory board and enhancing the efficiency of its board of directors[141]. - The board of directors consists of 11 members, including 4 independent directors and 1 employee director, ensuring a reasonable professional structure[145]. - The company has established a comprehensive internal control system to ensure compliance with regulatory requirements and improve governance standards[140]. - The company has a structured approach to board and management remuneration, reflecting its commitment to corporate governance[168]. - The company has received an A-level evaluation for information disclosure from the Shenzhen Stock Exchange for six consecutive years, demonstrating its commitment to transparency[148]. Research and Development - Research and development expenses increased by 44.50% year-on-year to CNY 1,140,945,544, representing 6.02% of total revenue[90]. - The number of R&D personnel increased by 17.51% to 1,899, although the proportion of R&D staff to total employees decreased by 2.45 percentage points to 12.46%[88]. - The company is actively developing new products in the fields of smart vehicles and high-speed networks, focusing on high reliability and performance[87]. - The company plans to allocate 20% of its annual budget towards R&D for high-complexity multilayer boards, aiming to improve product offerings and meet market demands[131]. Shareholder Engagement - The company plans to distribute cash dividends of 5 RMB per 10 shares, totaling approximately 962.18 million RMB, based on a total share capital of 1,924,363,537 shares[6]. - The cash dividend distribution plan has been approved by the shareholders' meeting and was implemented on May 14, 2025[190]. - The total distributable profit available for shareholders is 8,937,033,493 RMB, with the cash dividend representing 100% of the profit distribution[188]. - The company held 2 shareholder meetings during the reporting period to discuss matters such as the issuance of H shares and the election of directors[142]. Operational Efficiency - The company is accelerating the upgrade of its smart manufacturing system, focusing on AI-driven decision-making and data traceability[62]. - The overseas production base in Thailand has achieved over 90% capacity utilization as of Q1 2026, with ongoing efforts to enhance product quality and delivery capabilities[64]. - The company plans to expand its production capacity in both domestic and international markets, targeting high-value PCB production and addressing bottlenecks in key processes[63]. - The company is committed to enhancing internal management and optimizing operational processes to improve product quality and efficiency[120].