南极光(300940) - 2025 Q2 - 季度财报

Part I Important Notes, Table of Contents, and Definitions This section covers crucial disclaimers, the report's structure, and definitions of key terms for clarity Important Notes The company's board, supervisory board, and senior management guarantee the report's truthfulness and completeness, with no plans for semi-annual profit distribution - Company's board, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report[4] - Company's responsible person, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section outlines the report's eight main chapters, providing a clear structure for investor review - The report is divided into eight main chapters, with a clear structure for investor review[7] List of Documents for Inspection This section provides a checklist of publicly disclosed documents, including financial statements and original drafts, available at the company's securities affairs department - Documents for inspection include signed and sealed financial statements, original drafts of publicly disclosed documents on Juchao Information Network, and original report texts signed by the legal representative[9] - All documents for inspection are kept at the company's securities affairs department[10] Definitions This section defines key terms used in the report, covering company specifics, reporting period, currency, subsidiaries, and various display and technology acronyms - The reporting period is defined as January 1, 2025, to June 30, 2025[11] - Key technical terms such as LED backlight, Liquid Crystal Display Module (LCM), LED, OLED, Mini LED, Micro LED, and LCD are explained[11] - Includes definitions for emerging smart hardware acronyms like AI, PC, XR, AR, and HUD[13] Part II Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance during the reporting period 1. Company Profile Shenzhen Nanjiguang Electronic Technology Co., Ltd. (stock code: 300940) is listed on the Shenzhen Stock Exchange, with Pan Lianxing as its legal representative - Company stock abbreviation is "Nanjiguang", stock code 300940, listed on the Shenzhen Stock Exchange[15] - The legal representative of the company is Pan Lianxing[15] 2. Contact Person and Information The company's Board Secretary is Jiang Liqun, with contact details remaining unchanged - Board Secretary is Jiang Liqun, Securities Affairs Representatives are Zhu Anna and Ai Tingshuang[16] - Company contact address is No. 5 Furong Road, Songgang Street, Bao'an District, Shenzhen, and phone number is 0755-29691606[16] 3. Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure locations - Company contact information, information disclosure and inspection locations, and registration status remained unchanged during the reporting period[17][18][19] 4. Key Accounting Data and Financial Indicators In H1 2025, the company achieved significant financial improvement, with operating revenue up 244.67% and net profit turning profitable 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Same Period (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 397,508,466.21 | 115,330,560.37 | 244.67 | | Net Profit Attributable to Shareholders of Listed Company | 72,890,950.22 | -8,260,220.11 | 982.43 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 71,181,360.63 | -12,184,217.62 | 684.21 | | Net Cash Flow from Operating Activities | 95,820,323.04 | -23,983,013.44 | 499.53 | | Basic Earnings Per Share (Yuan/share) | 0.3274 | -0.0371 | 982.48 | | Diluted Earnings Per Share (Yuan/share) | 0.3274 | -0.0371 | 982.48 | | Weighted Average Return on Net Assets | 6.53 | -0.78 | 7.31 | | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | Change from End of Prior Year (%) | | | Total Assets | 1,599,761,264.60 | 1,509,139,634.18 | 6.00 | | Net Assets Attributable to Shareholders of Listed Company | 1,152,319,793.07 | 1,079,445,087.39 | 6.75 | 5. Differences in Accounting Data under Domestic and International Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between domestic and international accounting standards - The company had no differences in accounting data under domestic and international accounting standards during the reporting period[21][22] 6. Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled 1.71 million yuan, mainly from asset disposals, government subsidies, and fair value changes in financial assets 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | 56,916.83 | Mainly gains/losses from disposal of fixed assets | | Government subsidies recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on company profit or loss) | 1,627,291.80 | Mainly government subsidies | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 25,380.96 | Mainly investment income from structured deposit products | | Total | 1,709,589.59 | | Part III Management Discussion and Analysis This section analyzes the company's principal business, core competencies, financial performance, and risks during the reporting period 1. Principal Business Activities During the Reporting Period The company focuses on LED backlight display modules for diverse applications, benefiting from policy support and new growth drivers in gaming, AI, and automotive intelligence - The company's main products are LED backlight display modules, applied in tablets, laptops, gaming, smartphones, and automotive displays[27][39] - The industry is encouraged by national policies, with diverse technologies like LCD, Mini-LED, Micro-LED, and OLED expected to coexist long-term[27][28] - The backlight display module industry benefits from new opportunities driven by high-end gaming (e.g., Nintendo Switch 2), AI+ emerging smart hardware (e.g., AI PC), and automotive intelligence[33][34][35][36][37] (I) Industry Status and Future Development Trends The LED backlight display module industry, supported by national policies, is characterized by technological diversification and robust demand, driven by trends like lightweight design, large screens, high brightness, energy efficiency, and new applications in gaming, AI, and automotive sectors - The liquid crystal display industry is a long-term key supported industry by the state, and the backlight display module industry benefits from multiple national policy encouragements[27] - Display industry technology is diversified, with LCD, Mini-LED, Micro-LED, and OLED technologies expected to coexist long-term[28] - Industry development trends include thinner products, ultra-narrow bezels, irregular shapes, larger sizes, high brightness, high uniformity, and energy efficiency[29][30][31][32] - High-end gaming (e.g., Nintendo Switch 2), AI PCs, and automotive intelligence are new engines for industry growth[33][35][36][37] (II) Principal Business The company specializes in LED backlight display modules for tablets, gaming, and smartphones, with smartphone business now accounting for less than 10% of revenue - The company specializes in the R&D, production, and sales of LED backlight display modules[39] - Current main products are applied in tablets, gaming, and smartphones, with smartphone business revenue accounting for less than 10%[39] (III) Main Products and Their Uses The company's main products are small and medium-sized LED backlight display modules, serving as light source components for various consumer electronic displays - The company's main products are LED backlight display modules, which are the back light source components for liquid crystal display screens[40] - During the reporting period, the company's main products were small and medium-sized LED backlight display modules, applied in tablets, laptops, and gaming devices[40] (IV) Main Business Model The company operates on a "production-to-order" direct sales model, providing customized backlight display modules to LCD manufacturers, with procurement based on production needs and a focus on long-term customer relationships - The company's profit model is to provide backlight display module products to LCD module manufacturers, generating revenue and profit[41] - The procurement model is "purchase-to-production", and the production model is "production-to-order", with products featuring customization[42][43] - The company adopts a direct sales model, primarily serving LCD module manufacturers, focusing on establishing long-term stable cooperative relationships with customers[45] (V) Market Position With over a decade of experience, the company is a leading enterprise in the backlight display module industry, known for its R&D, quality, and supply capabilities - The company has over a decade of deep experience in the backlight display module industry, possessing strong product R&D, quality control, and supply capabilities[46] - The company is one of the leading enterprises in the backlight display module industry[46] (VI) Key Performance Drivers Performance growth was driven by national policy, enhanced competitiveness, product structure optimization, and a breakthrough as the exclusive supplier for Nintendo Switch 2 ultra-thin light guide plates - National policies continue to promote the development of the new display industry, providing a favorable policy environment for the company[47] - The company emphasizes R&D innovation, holding 320 patents, continuously improving product market adaptability and advancement[48] - The company successfully shifted its business focus from smartphone supply chains to high-value-added multi-scenario applications such as gaming, tablets, laptops, and automotive displays, and expanded overseas markets[49] - The company was the first to overcome the mass production process for 0.3x mm ultra-thin light guide plates, becoming the exclusive supplier for the Nintendo Switch 2 console backlight display module, with orders rapidly increasing[49] (VII) Overview of Peer Companies The company's peer group includes both domestic and international backlight display module manufacturers - Peer companies include international enterprises such as Radiant Opto-Electronics, MinebeaMitsumi Group, and VTech Holdings[51][52][53] - Peer companies also include domestic enterprises such as Dongguan Sanxie Precision, Shenzhen Baoming Technology, Shenzhen Longli Technology, and Shenzhen Shanben Optoelectronics[54][55][56][57] 2. Analysis of Core Competencies The company's core strengths lie in advanced R&D, extensive customer resources, integrated production, state-of-the-art equipment, comprehensive quality management, and agile customer response - The company has deep accumulation in optical microstructure design and display technology, successfully developing Mini-LED backlight products[58] - The company masters vacuum compression molding technology, being the first to overcome the mass production process for 0.3x mm ultra-thin light guide plates, becoming the exclusive supplier for Nintendo Switch 2 backlights[59] - The company has accumulated rich customer resources, establishing long-term cooperative relationships with renowned brands such as Innolux, China Star Optoelectronics, Nintendo, OPPO, Huawei, and BYD[60][61] - The company possesses a complete production chain from die-cutting, injection molding, SMT to assembly, with advanced production equipment including fully automatic assembly lines, high-precision mold processing equipment, and ultra-high-speed injection molding machines[61][62][63] - The company has established quality management systems such as ISO9001, ISO14001, QC080000, and IATF16949, ensuring product quality meets customer requirements[63] - The company has outstanding R&D design capabilities and an efficient management system, enabling rapid response to customized customer needs and timely delivery[64] 3. Analysis of Principal Business In H1 2025, the company's principal business showed strong growth, with operating revenue up 244.67% and net profit turning profitable, driven by product optimization and international customer expansion - In the first half of 2025, the company's operating revenue was 397.51 million yuan, a year-on-year increase of 244.67%; net profit attributable to shareholders was 72.89 million yuan, achieving a turnaround[65] - Performance growth was mainly due to continuous R&D innovation, expansion of international key customers, a shift in product structure towards high-margin products (handheld consoles, tablets, laptops, automotive displays), and steady growth in Switch 2 backlight module shipments[66] 2025 Semi-Annual Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Same Period (Yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 397,508,466.21 | 115,330,560.37 | 244.67 | Company continuously optimized business structure and layout, leading to rapid growth in operating revenue | | Operating Cost | 284,748,789.91 | 113,174,790.44 | 151.60 | Increased revenue led to increased operating cost | | Selling Expenses | 11,828,130.11 | 7,038,166.69 | 68.06 | Increased revenue led to corresponding increases in sales commissions and business entertainment expenses | | Financial Expenses | -3,417.03 | -13,472,921.71 | 99.97 | Mainly due to a decrease in matured and redeemed time deposits in the current period | | Income Tax Expense | 612,589.75 | -37,919.84 | 1,715.49 | Mainly due to increased income tax provision as profit rose in the current period | | Net Cash Flow from Operating Activities | 95,820,323.04 | -23,983,013.44 | 499.53 | Mainly due to increased overseas revenue in the current period and some initial receivables arriving, leading to increased cash received from sales | | Net Cash Flow from Investing Activities | 7,826,902.54 | -291,524,529.08 | 102.68 | Less purchase of large-denomination certificates of deposit and other wealth management products in the current period | | Net Cash Flow from Financing Activities | 30,135,429.72 | 17,653,980.17 | 70.70 | Mainly due to the release of pledged large-denomination certificates of deposit used as bill margins in the current period | | Net Increase in Cash and Cash Equivalents | 134,176,665.92 | -297,694,735.44 | 145.07 | Mainly due to increased overseas revenue and cash received from sales in the current period; concurrently, a year-on-year decrease in the purchase of large-denomination certificates of deposit and other wealth management products | 2025 Semi-Annual Breakdown by Product/Service, Region, Industry, and Sales Model | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Margin Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product or Service | | | | | | | | Backlight Display Module Products | 394,251,269.67 | 282,634,317.99 | 28.31 | 250.21 | 154.83 | 26.83 | | By Region | | | | | | | | Domestic | 119,028,819.93 | 97,049,641.11 | 18.47 | 22.68 | 0.07 | 18.42 | | Overseas | 275,222,449.74 | 185,584,676.88 | 32.57 | 1,669.71 | 1,232.14 | 22.15 | | By Industry | | | | | | | | Backlight Display Module Industry | 394,251,269.67 | 282,634,317.99 | 28.31 | 250.21 | 154.83 | 26.83 | | By Sales Model | | | | | | | | Direct Sales | 394,251,269.67 | 282,634,317.99 | 28.31 | 250.21 | 154.83 | 26.83 | - Backlight display module sales volume increased by 26.33% to 19,038,885 units, sales revenue increased by 250.21% to 394.25 million yuan, and gross margin improved by 26.83% to 28.31%[71] - Backlight display module capacity utilization rate was 50.61%[71] 4. Analysis of Non-Principal Business The company's non-principal business, including investment income and asset impairment, had a non-sustainable impact on total profit 2025 Semi-Annual Non-Principal Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 8,453,990.15 | 11.50 | Mainly investment income from wealth management products | No | | Fair Value Change Gains/Losses | 13,367.81 | 0.02 | Mainly fair value changes of structured deposit products | No | | Asset Impairment | -3,465,063.34 | -4.71 | Mainly provision for inventory depreciation | No | | Non-Operating Expenses | 2,695.04 | 0.00 | Mainly losses from disposal of fixed assets | No | | Asset Disposal Gains | 59,611.87 | 0.08 | Mainly gains/losses from disposal of fixed assets | No | | Credit Impairment Losses | -698,198.36 | -0.95 | Mainly provision for bad debts of accounts receivable | No | | Other Income | 1,644,464.73 | 2.24 | Mainly government subsidies income | No | 5. Analysis of Assets and Liabilities At period-end, total assets grew by 6.00% to 1.60 billion yuan, with significant increases in monetary funds and accounts receivable due to revenue growth, while some assets remained restricted - Total assets at the end of the reporting period were 1,599,761,264.60 yuan, an increase of 6.00% compared to the end of the previous year[20][74] - Monetary funds at period-end were 252,784,687.56 yuan, accounting for 15.80% of total assets, an increase of 6.63% from the end of the previous year, mainly due to increased cash received from sales as operating revenue grew[74] - Accounts receivable at period-end were 343,263,997.65 yuan, accounting for 21.46% of total assets, an increase of 1.08% from the end of the previous year, mainly due to increased revenue[74] - Construction in progress at period-end was 0 yuan, a decrease of 0.32% from the end of the previous year, mainly due to the completion and transfer of photovoltaic power generation installation projects to fixed assets during the period[75] - Total restricted assets at period-end amounted to 84,135,317.94 yuan, including frozen bank deposits, bill deposits, and pledged deposits[79] 6. Analysis of Investment Status Total investment decreased significantly by 93.22% year-on-year, with some raised fund projects delayed due to macroeconomic and market factors, while the company engaged in bank wealth management - Investment amount for the reporting period was 21,316,781.84 yuan, a decrease of 93.22% compared to 314,297,268.80 yuan in the same period last year[80] - Cumulative use of IPO raised funds was 233.88 million yuan, and cumulative use of private placement raised funds was 89.54 million yuan[85][86] - Some IPO raised investment projects (LED backlight production base, 5G smartphone back cover production base) did not achieve expected benefits, mainly due to industry competition and product development falling short of expectations[89] - Some private placement raised investment projects (Mini/Micro-LED display module production, medium-sized LCD module production, new display technology R&D center) were delayed until October 11, 2025, mainly due to macroeconomic fluctuations, industry competition, and changes in market demand[89] 2025 Semi-Annual Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 50,873 | 50,873 | | Bank Wealth Management Products | Own Funds | 18,000 | 14,000 | | Total | | 68,873 | 64,873 | 7. Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets or equity during the reporting period[96][97] 8. Analysis of Major Holding and Participating Companies The company's major holding subsidiaries, Wanzai Nanjiguang and Hong Kong Nanjiguang, achieved profitability, while Yichun Nanjiguang focuses on investment activities Financial Status of Major Holding Subsidiaries | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wanzai Nanjiguang Electronic Technology Co., Ltd. | Subsidiary | R&D, production, and sales of backlight products | 255,000,000.00 | 520,371,518.40 | 137,627,669.42 | 111,506,845.78 | 4,869,028.04 | | Hong Kong Nanjiguang Technology Co., Ltd. | Subsidiary | Import and export of backlight products, plastic products, electronic products, optical materials | 83,342.20 | 238,849,734.33 | 3,369,859.55 | 274,220,138.31 | 2,917,673.24 | | Yichun Nanjiguang Industrial Investment Co., Ltd. | Subsidiary | Investment activities with own funds | 50,000,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9. Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[99] 10. Risks Faced by the Company and Countermeasures The company faces various risks, including customer concentration, macroeconomic volatility, intense competition, technological shifts, bad debts, exchange rate fluctuations, and intellectual property litigation, which it addresses through strategic adjustments and robust management - Sales revenue from the top five customers accounted for 92.16% of operating revenue, indicating customer concentration risk[100] - The company faces risks from macroeconomic fluctuations, intensified industry competition (OLED technology penetration), and technological substitution (development of Mini-LED, Micro-LED, OLED)[101][102][103] - Accounts receivable balance at period-end was 399.67 million yuan, posing a risk of bad debts[104] - A portion of the company's sales are from overseas, exposing it to foreign currency exchange rate fluctuation risks[105] - The company is involved in intellectual property litigation, currently in the re-trial filing review stage, with uncertainties[106][107] 11. Registration Form for Investor Relations Activities During the Reporting Period The company engaged with institutional investors through various channels, discussing 2024 performance, Q1 2025 turnaround, Nintendo Switch 2 project, and future strategies - The company hosted investors through online communication, on-site visits, and phone calls[109][110][111] - Key discussion topics included 2024 operating performance, reasons for the Q1 2025 turnaround, specific details of the Nintendo Switch 2 project, and the company's future strategic layout[109][110][111] 12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not disclosed a market value management system or a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[112] 13. Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[112] Part IV Corporate Governance, Environment, and Society This section details the company's governance structure, environmental practices, and social responsibility initiatives 1. Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, and senior management - There were no changes in the company's directors, supervisors, and senior management during the reporting period[114] 2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[115] 3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[116] 4. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[116] 5. Social Responsibility The company actively fulfills its social responsibilities by ensuring stakeholder rights, protecting employee interests, fostering supplier/customer relationships, and committing to environmental protection and sustainable development - The company ensures the legitimate rights and interests of all shareholders and creditors through a sound corporate governance system and internal control system, and values reasonable returns for investors[117] - The company strictly complies with labor laws and regulations, legally signs labor contracts with employees, cares for employee physical and mental health and safety, and provides employment opportunities for people with disabilities[117] - The company values win-win relationships with suppliers and customers, maintaining long-term good cooperation, and continuously strengthening quality assurance capabilities to meet customized customer needs[118] - The company focuses on environmental protection, has formulated multiple environmental regulatory documents, obtained ISO14001:2015 environmental management system certification, and actively invests in environmental protection[118][119] Part V Significant Matters This section addresses key events and issues, including commitments, related party transactions, litigation, and other material developments 1. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's commitment-related parties - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's commitment-related parties[121] 2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[122] 3. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[123] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[124] 5. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Reports" for the Current Reporting Period The company did not have a "non-standard audit report" for the current reporting period - The company did not have a "non-standard audit report" for the current reporting period[125] 6. Explanations by the Board of Directors on "Non-Standard Audit Reports" for the Previous Year The company did not have a "non-standard audit report" for the previous year - The company did not have a "non-standard audit report" for the previous year[125] 7. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[125] 8. Litigation Matters The company is involved in multiple significant lawsuits, including a trade secret dispute, goods payment disputes, and a goods payment and quality dispute, with varying stages of legal proceedings - The company is involved in a trade secret infringement dispute with Guangzhou Yingguang Technology Co., Ltd., where the company won in the first and second instances, but the opponent applied for a retrial in March 2025, currently in the filing review stage[126][127][128] - The company is involved in goods payment disputes with Holitech Technology and its subsidiaries; some cases have received final judgments, and for others, the company is preparing to apply for a retrial after the second instance judgment[123][552][553][554] - The company is involved in a goods payment and quality dispute with Sichuan Weiqi New Material Co., Ltd.; the first instance ruled that the company must pay for goods, and the company has appealed, with the second instance not yet ruled[124][554][555] 9. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[129] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[130] 11. Significant Related Party Transactions During the reporting period, the company had no significant related party transactions across various categories, including daily operations, asset/equity dealings, joint investments, or creditor-debtor relationships - The company had no related party transactions related to daily operations during the reporting period[130] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[131] - The company had no related party creditor-debtor relationships during the reporting period[133] 12. Significant Contracts and Their Performance The company had leasing arrangements for factory buildings and dormitories, provided a 50 million yuan guarantee to a subsidiary, and reported no other significant contracts during the period - The company has multiple leasing contracts, mainly for factory buildings and dormitories, with lease terms extending to 2026[139] - During the reporting period, the company provided a joint liability guarantee of 50 million yuan to its subsidiary Wanzai Nanjiguang, accounting for 4.34% of the company's net assets[142][143] - The company had no significant contracts for daily operations or other major contracts during the reporting period[145][146] 13. Explanation of Other Significant Matters A shareholder's reduction plan expired, lowering their stake below 5%, and the company obtained three new invention patent certificates - Jinfuyuan (Hainan) Private Equity Fund Management Partnership (Limited Partnership) - Jinfuyuan No. 5 Private Securities Investment Fund and its concerted parties' share reduction plan expired, with their shareholding proportion falling below 4.9999%[147][148] - The company obtained three invention patent certificates, including "An Injection Mold for Roller Needle Cages", "An In-Mold Cutting Injection Mold and Its Usage Method", and "A Residual Gas Recycling Structure for Runner Gates"[149] 14. Significant Matters of Company Subsidiaries Wholly-owned subsidiary Wanzai Nanjiguang Electronic Technology Co., Ltd. obtained a High-Tech Enterprise Certificate in January 2025, qualifying for a 15% preferential corporate income tax rate - Wholly-owned subsidiary Wanzai Nanjiguang Electronic Technology Co., Ltd. obtained a High-Tech Enterprise Certificate in January 2025, valid for three years[150] - Wanzai Nanjiguang will enjoy a 15% preferential corporate income tax rate[150] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and shareholdings of key personnel 1. Share Change Status The company's total share capital remained unchanged, with a decrease in restricted shares and a corresponding increase in unrestricted shares due to the lifting of restrictions on management holdings 2025 Semi-Annual Share Change Status | Share Class | Quantity Before Change (Shares) | Proportion Before Change (%) | Net Change (Increase +, Decrease -) (Shares) | Quantity After Change (Shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 75,196,819 | 33.77 | -10,031,869 | 65,164,950 | 29.27 | | Shares held by domestic natural persons | 75,196,819 | 33.77 | -10,031,869 | 65,164,950 | 29.27 | | II. Unrestricted Shares | 147,447,553 | 66.23 | 10,031,869 | 157,479,422 | 70.73 | | RMB Ordinary Shares | 147,447,553 | 66.23 | 10,031,869 | 157,479,422 | 70.73 | | III. Total Shares | 222,644,372 | 100.00 | 0 | 222,644,372 | 100.00 | 2025 Semi-Annual Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Released in Current Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pan Lianxing | 37,597,200 | 8,362,500 | 0 | 29,234,700 | Restricted shares for directors, supervisors, and senior management | Locked or circulated according to regulations on share changes for directors, supervisors, and senior management | | Jiang Faming | 37,597,200 | 1,666,950 | 0 | 35,930,250 | Restricted shares for directors, supervisors, and senior management | Locked or circulated according to regulations on share changes for directors, supervisors, and senior management | | Liao Shubiao | 2,419 | 2,419 | 0 | 0 | Restricted shares for resigned directors, supervisors, and senior management | January 6, 2025 | | Total | 75,196,819 | 10,031,869 | 0 | 65,164,950 | -- | -- | 2. Securities Issuance and Listing Status During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[157] 3. Number of Shareholders and Shareholding Status At period-end, the company had 15,592 common shareholders, with actual controllers Jiang Faming and Pan Lianxing holding a combined 39.03% - Total number of common shareholders at the end of the reporting period was 15,592[157] 2025 Semi-Annual Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shareholding at End of Reporting Period (Shares) | Change in Current Period (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Faming | Domestic Natural Person | 21.52 | 47,904,000 | -3,000 | 35,930,250 | 11,973,750 | Pledged | 14,420,000 | | Pan Lianxing | Domestic Natural Person | 17.51 | 38,979,600 | 0 | 29,234,700 | 9,744,900 | Pledged | 13,110,000 | | Jinfuyuan (Hainan) Private Equity Fund Management Partnership (Limited Partnership)－Jinfuyuan No. 5 Private Securities Investment Fund | Other | 4.60 | 10,232,200 | -917,800 | 0 | 10,232,200 | Not Applicable | 0 | | Shenzhen Aosiman Consulting Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.46 | 5,484,768 | 0 | 0 | 5,484,768 | Not Applicable | 0 | | Shenzhen Nanjiguang Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.46 | 5,484,768 | 0 | 0 | 5,484,768 | Not Applicable | 0 | | Ren Yuanlin | Domestic Natural Person | 1.51 | 3,354,200 | 3,354,200 | 0 | 3,354,200 | Not Applicable | 0 | | Industrial and Commercial Bank of China－Huaan Small and Medium Cap Growth Mixed Securities Investment Fund | Other | 0.91 | 2,021,040 | 2,021,040 | 0 | 2,021,040 | Not Applicable | 0 | | Zhao鹏 | Domestic Natural Person | 0.85 | 1,894,240 | 1,894,240 | 0 | 1,894,240 | Not Applicable | 0 | | CITIC Securities Asset Management (Hong Kong) Limited－Client Funds | Overseas Legal Person | 0.84 | 1,877,260 | 895,687 | 0 | 1,877,260 | Not Applicable | 0 | | Luo Jian | Domestic Natural Person | 0.82 | 1,822,700 | -89,800 | 0 | 1,822,700 | Not Applicable | 0 | - Jiang Faming, Pan Lianxing, Shenzhen Nanjiguang Management Consulting Partnership (Limited Partnership), and Shenzhen Aosiman Consulting Management Partnership (Limited Partnership) are concerted parties[159] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, Director and General Manager Jiang Faming's shareholding slightly decreased by 3,000 shares 2025 Semi-Annual Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (Shares) | Shares Increased in Current Period (Shares) | Shares Decreased in Current Period (Shares) | Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Faming | Director, General Manager | Current | 47,907,000 | 0 | -3,000 | 47,904,000 | | Total | -- | -- | 47,907,000 | 0 | -3,000 | 47,904,000 | 5. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - There were no changes in the company's controlling shareholder or actual controller during the reporting period[162] 6. Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[163] Part VII Bond-Related Information This section confirms that the company had no bond-related activities during the reporting period Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[165] Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes 1. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[167] 2. Financial Statements This section provides the company's consolidated and parent company financial statements for H1 2025, detailing financial position, operating results, and cash flows - Financial statements include consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, and consolidated and parent company statements of changes in owners' equity[168][172][175][179][183][186][188][194] 3. Company Overview Established on January 4, 2009, in Shenzhen, the company specializes in backlight products within the electronics manufacturing industry, with its financial statements approved on August 5, 2025 - The company was established on January 4, 2009, and registered in Shenzhen[200] - The company primarily engages in the R&D, production, and sales of backlight products, belonging to the computer, communication, and other electronic equipment manufacturing industry[201] - These financial statements were approved for issuance by the Board of Directors on August 5, 2025[202] 4. Basis of Financial Statement Preparation The Group's financial statements are prepared in accordance with "Accounting Standards for Business Enterprises" on a going concern basis, with no significant doubts about its ability to continue operations - Financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and relevant regulations[203] - The Group evaluated its ability to continue as a going concern, found no significant doubts, and presented the financial statements on a going concern basis[204] 5. Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for revenue, financial instruments, inventory, fixed assets, and other key areas, ensuring compliance with enterprise accounting standards - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[206] - The company's accounting year is from January 1 to December 31 of the Gregorian calendar, and the current reporting period is from January 1, 2025, to June 30, 2025[207] - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[222] - The company performs impairment testing on financial assets such as accounts receivable and notes receivable based on expected credit losses[226] - The company recognizes revenue when customers obtain control of the related goods or services, and determines revenue recognition over time or at a point in time based on the type of performance obligation[269][270] 6. Taxation This section outlines the company's main tax categories and rates, including VAT and corporate income tax, with preferential rates for high-tech and advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated as the difference between output tax on taxable income and input tax allowed for deduction in the current period | 13%, 6% | | Urban Maintenance and Construction Tax | Calculated at 7%, 5% of actual turnover tax paid | 7%, 5% | | Education Surcharge | Calculated at 3% of actual turnover tax paid | 3% | | Local Education Surcharge | Calculated at 2% of actual turnover tax paid | 2% | Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Shenzhen Nanjiguang Electronic Technology Co., Ltd. | 15.00% | | Wanzai Nanjiguang Electronic Technology Co., Ltd. | 15.00% | | Hong Kong Nanjiguang Technology Co., Ltd. | 8.25% | | Yichun Nanjiguang Industrial Investment Co., Ltd. | 25.00% | - The company and its subsidiary Wanzai Nanjiguang are recognized as high-tech enterprises, enjoying a 15% preferential corporate income tax rate[291][292] - The company enjoys a preferential policy of an additional 5% deduction from payable value-added tax for advanced manufacturing enterprises[292] 7. Notes to Consolidated Financial Statement Items This section provides detailed explanations for various consolidated financial statement items, including monetary funds, accounts receivable, inventory, and operating results, highlighting major changes and impairment provisions - Monetary funds at period-end were 253 million yuan, of which 24.14 million yuan were restricted funds, mainly frozen bank deposits and bill deposits[295] - Accounts receivable at period-end were 343 million yuan, including a single provision for bad debts of 46.14 million yuan for customers such as Ji'an Jingkai District Holitech Technology[310][311] - Inventory book value at period-end was 52.68 million yuan, with an inventory impairment provision of 9.41 million yuan, mainly for raw materials, finished goods, and semi-finished products[343][345] - During the reporting period, operating revenue was 398 million yuan, operating cost was 285 million yuan, and gross margin was 28.31%[430] - Financial expenses were -3,417.03 yuan, a significant decrease from the previous period, mainly due to reduced interest income and changes in exchange gains/losses[444][445] [8. Research and Development Expenses](index=115&type=section&id=%E