GalaxyCore (SH:688728)2024-08-15 10:47Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[1]. - The company's revenue for the first half of 2024 reached CNY 2,790,066,732, representing a year-on-year increase of 42.94%[17]. - The net profit attributable to shareholders was CNY 77,489,495, a turnaround from a loss of CNY 22,829,686 in the same period last year[17]. - Basic earnings per share for the first half of 2024 were CNY 0.03, compared to a loss of CNY 0.01 per share in the same period last year[18]. - The company achieved EBITDA of CNY 688.36 million during the reporting period[23]. - The company reported a total comprehensive income of 69,352,418 RMB for the first half of 2024, recovering from a loss of 44,204,370 RMB in the same period of 2023[131]. - The net profit for the first half of 2024 reached 77,489,495 RMB, a significant recovery from a net loss of 22,829,686 RMB in the same period of 2023, marking a turnaround of over 439%[130]. - Operating profit for the first half of 2024 was reported at 66,487,423 RMB, compared to 18,063,202 RMB in the previous year, indicating an increase of about 268%[130]. Market Outlook and Growth - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 20% compared to the first half[1]. - New product launches are expected to contribute an additional 200 million RMB in revenue by the end of 2024[1]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[1]. - The global CMOS image sensor market is expected to maintain a high growth rate, with global shipments projected to reach 9.86 billion units and a market size of USD 25.29 billion by 2026[23]. - The company is expected to continue benefiting from emerging applications in the CMOS image sensor market, driven by trends in multi-camera smartphones and other consumer electronics[23]. Research and Development - Research and development expenses increased by 10% to 150 million RMB, focusing on advanced semiconductor technologies[1]. - The company reported a total R&D investment of ¥387,002,616 for the current period, representing a 29.32% increase compared to ¥299,266,457 in the same period last year[28]. - The proportion of R&D investment to revenue was 13.87%, a decrease of 1.46 percentage points from the previous year[18]. - The company applied for 68 new intellectual property projects during the reporting period, including 61 domestic invention patents[27]. - The company has developed a unique COF-Like technology that achieves a screen border width of 1.6mm, significantly lower than the mainstream COG packaging width of 3.3mm[25]. - The company’s low-noise pixel technology significantly enhances the signal-to-noise ratio in low-light and high-temperature scenarios, achieving dark current below 1e-10A/cm² at 60°C[24]. Financial Position and Assets - The company's total assets increased by 7.65% to CNY 21,749,547,965 compared to the end of the previous year[17]. - The net assets attributable to shareholders decreased by 1.51% to CNY 7,761,203,818 compared to the end of the previous year[17]. - The company's total assets as of June 30, 2024, were 2,174,954.80 thousand yuan, a year-on-year increase of 7.65%[35]. - The company’s cash and cash equivalents as of June 30, 2024, amounted to ¥4,375,780,392, slightly up from ¥4,318,382,796 at the end of 2023[126]. - Total liabilities increased to ¥13,988,344,147 as of June 30, 2024, compared to ¥12,323,360,149 at the end of 2023, representing a growth of approximately 13.5%[128]. Environmental and Social Responsibility - The company invested 18.006 million CNY in environmental protection during the reporting period[61]. - The subsidiary, Geke Semiconductor, has the capacity to treat 11,346 cubic meters of wastewater and 1,128,000 cubic meters of waste gas daily, all operating normally[62]. - The company received the title of "Water-Saving Enterprise" in Shanghai on June 11, 2024, as part of its sustainable development efforts[67]. - The company has not implemented any carbon reduction measures during the reporting period[68]. - There were no administrative penalties due to environmental issues during the reporting period[66]. Corporate Governance and Compliance - The company has committed to a share lock-up period of 36 months from the date of listing for key shareholders, including Zhao Lixin and Cao Wei[70]. - The company has also established a share lock-up period of 12 months from the date of listing and 6 months post-departure for certain executives, including Fu Lei and Lee Do Sung[71]. - The company has not encountered any delays in fulfilling its commitments, indicating strong governance and adherence to regulations[74]. - The company will ensure that any share reduction complies with relevant laws and regulations, including notifying the company of any intended reductions[78]. - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO[75]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 30,804[117]. - The largest shareholder, Uni-sky Holding, holds 1,050,000,000 shares, accounting for 40.38% of the total shares[118]. - The top ten unrestricted shareholders include Cosmos L.P. with 310,599,100 shares and New Cosmos L.P. with 14,600,000 shares, both having a lock-up period of 36 months from the listing date[121]. - The company has a total of 28,521,287 shares held by the third-largest unrestricted shareholder, representing 1.10% of the total shares[120]. - The report indicates that the top ten shareholders have not participated in the securities lending business, ensuring stability in their holdings[123]. Financial Management and Accounting Policies - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial position and operating results accurately[151]. - The company’s accounting policies are based on the characteristics of its production and operations, including revenue recognition and measurement of research and development expenses[149]. - The company recognizes revenue from product sales when control is transferred to the customer, primarily from CMOS image sensors and display driver chips[184]. - The company regularly reassesses significant accounting estimates, including inventory net realizable value and expected credit losses, based on market conditions and historical data[191]. - The company uses a weighted approach for expected credit loss scenarios, with weights of 50%, 25%, and 25% for baseline, adverse, and favorable economic scenarios, respectively[191].