气派科技(688216) - 2025 Q2 - 季度财报

Definitions This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics for the reporting period Company Basic Information This chapter provides the company's basic business registration details, including names, legal representative, addresses, and contact information Company Basic Information | Item | Information | | :--- | :--- | | Chinese Name | Greatek Technology Co., Ltd. | | Stock Abbreviation | Greatek (688216) | | Legal Representative | Liang Dazhong | | Registered Address | Room 301-2, Building 1, No. 250 Pinglong West Road, Fucheng'ao Community, Pinghu Street, Longgang District, Shenzhen | | Office Address | Greatek Building, Greatek Technology Road, Shipai Town, Dongguan City, Guangdong Province | Key Accounting Data and Financial Indicators The company's operating revenue grew by 4.09% year-on-year, but net profit loss expanded due to increased expenses and reduced VAT deductions, with operating cash flow decreasing by 62.33% Key Accounting Data (RMB Yuan) | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 325,906,482.77 | 313,103,782.50 | 4.09% | | Net Profit Attributable to Shareholders of Listed Company | -58,668,634.55 | -40,595,709.81 | N/A | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -66,070,349.93 | -46,833,806.80 | N/A | | Net Cash Flow from Operating Activities | 14,107,322.58 | 37,452,358.29 | -62.33% | | Total Assets (Period-end) | 1,881,141,480.60 | 1,999,716,609.09 | -5.93% (vs. end of prior year) | | Net Assets Attributable to Shareholders (Period-end) | 597,180,424.56 | 653,632,645.47 | -8.64% (vs. end of prior year) | Key Financial Indicators | Item | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.55 | -0.38 | N/A | | Weighted Average Return on Net Assets (%) | -9.38 | -5.58 | Decreased by 3.80 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -10.57 | -6.44 | Decreased by 4.13 percentage points | | R&D Investment as % of Operating Revenue (%) | 7.98 | 8.11 | Decreased by 0.13 percentage points | - Net profit loss expanded primarily due to capitalization of second-phase infrastructure leading to increased building depreciation, expensing of corresponding loan interest, higher unconfirmed financing expenses from increased finance lease business, and reduced VAT additional deduction for integrated circuit enterprises compared to the prior period[21] Non-Recurring Gains and Losses and Amounts The company's total non-recurring gains and losses amounted to RMB 7.40 million, primarily from government subsidies, partially offset by financial asset fair value changes and other non-operating expenses Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -27,237.03 | | Government Subsidies Recognized in Current Profit/Loss | 9,803,493.50 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | -446,648.85 | | Other Non-Operating Income and Expenses | -650,867.21 | | Income Tax Impact | -1,276,721.31 | | Impact on Minority Interests (After Tax) | -303.72 | | Total | 7,401,715.38 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, operations, core competencies, and key financial performance during the reporting period Overview of the Company's Industry and Main Business During the Reporting Period Operating in the semiconductor packaging and testing industry, the company benefits from global market recovery and demand from AI and automotive electronics, offering integrated circuit, power device, and wafer testing services, and has established core competencies in advanced packaging technologies as one of South China's largest domestic OSAT firms - Semiconductor industry recovery: According to SIA data, global semiconductor sales surged by 27% year-on-year in May 2025, with WSTS forecasting a 13.2% growth in the global market size for 2025, driven by sustained demand from downstream applications like AI chips, automotive electronics, and IoT, propelling the OSAT industry's development[29][32] - The company's main businesses include integrated circuit packaging and testing, power device packaging and testing, and wafer testing, operating on a direct sales model primarily serving chip design companies[34][36][37] - The company is one of the largest domestic semiconductor OSAT enterprises in South China, mastering multiple core technologies such as 5G GaN RF power amplifier plastic packaging, high-density large-matrix packaging, FC packaging, and MEMS packaging, and has been recognized as a national-level 'Little Giant' enterprise specializing in niche sectors[40][41] Discussion and Analysis of Operations During the reporting period, the company achieved 4.09% revenue growth by capitalizing on AI-driven market recovery, despite expanded losses due to increased costs, while continuously investing in R&D with a 2.50% increase, making progress in high-density packaging and power devices, and implementing strategies for key client management, quality control, lean cost management, and talent development - Sustained R&D investment: R&D expenditure in H1 2025 was RMB 26.02 million, a 2.50% year-on-year increase, with high-density packaging technology upgrades completed for SOP and TSSOP series integrated circuits, and continuous mass production and expansion of TO and PDFN power device products[43][44] - Key operational strategies include building 'one-enterprise-one-policy' management for key clients to enhance strategic supplier status, fostering a quality culture with incident review mechanisms, optimizing operating costs through 'labor and material cost reduction + management efficiency,' and deepening talent development plans to build a versatile team[44][45][46] Analysis of Core Competencies During the Reporting Period The company's core competencies encompass six areas: technological advantages in GaN, FC, and MEMS, a strong talent pool, flexible production with stringent quality management, strategic location in the Greater Bay Area, significant scale as one of South China's largest domestic OSAT firms, and intelligent manufacturing capabilities recognized as a 'Dongguan Smart Factory' - The company's core competencies include: Technological advantages in 5G GaN RF power amplifiers, high-density large-matrix, FC, MEMS, and SiC plastic packaging; a strong talent pool with experienced management and technical teams and a comprehensive training system; flexible production capabilities and a quality management system certified by ISO9001, IATF16949; a strategic geographical advantage in the Guangdong-Hong Kong-Macao Greater Bay Area for rapid customer response; scale advantage as one of South China's largest domestic OSAT enterprises with high-volume, high-quality supply capacity; and intelligent manufacturing through MES, APS, EAP systems, achieving full-process digital management and recognized as an excellent smart manufacturing scenario by MIIT[47][48][49][50] Core Technologies and R&D Progress The company continues customer-oriented R&D, holding 306 domestic and international patents (including 51 invention patents), achieving significant progress in 5G GaN RF power amplifier plastic packaging, high-density large-matrix, FC, MEMS, and SiC/GaN third-generation semiconductor packaging, with R&D investment totaling RMB 26.02 million, a 2.50% year-on-year increase, and 12 ongoing projects in advanced fields like MCU and power device packaging - As of June 30, 2025, the company holds 306 domestic and international patents, including 51 invention patents[51] R&D Investment Overview | R&D Investment Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | 26,021,186.58 | 25,387,287.46 | 2.50 | | R&D Investment as % of Operating Revenue (%) | 7.98 | 8.11 | Decreased by 0.13 percentage points | - Significant R&D achievements during the reporting period include over 85% conversion rate for SOP and TSSOP series high-density integrated circuit packaging technologies, continuous mass production and expansion of TO and PDFN power device series, and ongoing small-batch delivery of SiC MOSFET packaging[59] - The company currently has 12 ongoing R&D projects with an estimated total investment of RMB 98.45 million, covering advanced technologies such as multi-functional MCU packaging, third-generation semiconductor SiC chip plastic packaging, and system-level power device double-sided heat dissipation packaging[65][66] Risk Factors The company faces key risks including potential sustained losses if industry recovery falls short, market share erosion due to rapid advanced packaging technology iteration given its traditional packaging focus, loss of core R&D talent, gross margin volatility from market fluctuations and intense competition, and capacity underutilization if new production lines face insufficient market demand - Key risk points include: Performance loss risk if industry recovery falls short, potentially leading to sustained losses; Technology iteration risk as the company's products are primarily traditional packaging, potentially shrinking market space if it fails to keep pace with advanced packaging technologies like FC, 3D, and SiP; Talent loss risk due to fierce industry competition for skilled R&D personnel, which could impact competitiveness; Gross margin fluctuation risk from volatile end markets and intensified industry competition; and Capacity utilization risk if new production lines from fundraising and self-funded expansion projects face insufficient downstream demand[69][71][72][73][77] Key Operating Performance During the Reporting Period This chapter details changes in financial statement items, noting a 75.74% surge in financial expenses due to capitalized interest and increased finance leases, a 62.33% drop in net operating cash flow from higher payments for goods and services, significant shifts in accounts receivable and other current assets, and the establishment of a new controlled subsidiary, Huizhou Greatek Technology Co., Ltd Key Financial Statement Item Changes | Account | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | 11,433,869.91 | 6,506,109.75 | 75.74 | Capitalization of infrastructure interest and increase in finance leases | | Net Cash Flow from Operating Activities | 14,107,322.58 | 37,452,358.29 | -62.33 | Increase in cash paid for goods and services | Balance Sheet Item Changes | Balance Sheet Item | Period-end Amount (RMB Yuan) | Change vs. Prior Year-end (%) | Main Reason | | :--- | :--- | :--- | :--- | | Notes Receivable | 39,098,157.93 | -49.49 | Decrease in notes receivable endorsed or discounted but not yet due at period-end | | Other Payables | 144,187,627.72 | 87.02 | Increase in personal funds lent to the company | | Other Current Liabilities | 19,310,290.36 | -78.19 | Decrease in unconfirmed endorsed and undue acceptance bills | | Lease Liabilities | 1,998,668.67 | 437.00 | New subsidiary factory lease contract | - In January 2025, the company established a new controlled subsidiary, Huizhou Greatek Technology Co., Ltd., with a registered capital of RMB 10 million, in which the company holds a 70% stake, primarily engaged in electronic component manufacturing and metal surface treatment[88] Corporate Governance, Environment, and Society This section outlines changes in the company's directors, supervisors, senior management, and core technical personnel, as well as its profit distribution plan and equity incentive schemes Changes in the Company's Directors, Senior Management, and Core Technical Personnel During the reporting period, core technical personnel changes occurred with Mr. Yi Bingchuan's departure for personal reasons, and the company newly designated Mr. Cao Zhou and Mr. Liu Xin as core technical personnel, with all related work successfully transitioned - In April 2025, core technical personnel Yi Bingchuan resigned, and the company newly designated Cao Zhou and Liu Xin as core technical personnel[91] Profit Distribution or Capital Reserve Conversion Plan The company proposes no profit distribution or capital reserve conversion to share capital for the first half of 2025 - The company proposes no profit distribution or capital reserve conversion to share capital for the first half of the year[93] Company Equity Incentive Plan, Employee Stock Ownership Plan In April 2025, the company approved the repurchase and cancellation of certain shares from its 2023 Restricted Stock Incentive Plan and Employee Stock Ownership Plan, with the related procedures completed in July - The company completed the repurchase and cancellation of 161,340 granted but unvested restricted shares from its 2023 Restricted Stock Incentive Plan on July 30, 2025[94] - The company completed the repurchase and cancellation of 67,355 unvested shares from its 2023 Employee Stock Ownership Plan on July 15, 2025[95] Significant Matters This section details the company's fulfillment of commitments and significant contracts, particularly focusing on guarantees provided to subsidiaries Fulfillment of Commitments During the reporting period, the company's actual controllers, shareholders, directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering, including share lock-up, avoidance of horizontal competition, and compensation for diluted immediate returns, with no violations - The company and relevant parties strictly fulfilled all commitments made during the initial public offering in the reporting period, including share lock-up, dividend distribution, and avoidance of horizontal competition, with no violations[98][99][100] Significant Contracts and Their Performance During the reporting period, the company provided no external guarantees but guaranteed its subsidiaries, with total outstanding guarantees to subsidiaries amounting to RMB 738.95 million at period-end, representing 123.74% of the company's net assets, of which RMB 440.36 million exceeded 50% of net assets Guarantee Overview | Guarantee Situation | Amount (RMB 10,000 Yuan) | | :--- | :--- | | Guarantees Provided to Subsidiaries During Reporting Period | 10,000.00 | | Total Outstanding Guarantees to Subsidiaries at Period-end (B) | 73,894.63 | | Total Guarantees (A+B) | 73,894.63 | | Total Guarantees as % of Company's Net Assets (%) | 123.74 | | Amount of Guarantees Exceeding 50% of Net Assets | 44,035.61 | Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors, supervisors, senior management, and core technical personnel Share Capital Changes During the reporting period, the company's restricted shares decreased by 83,160 due to the first vesting period of the 2023 Restricted Stock Incentive Plan, increasing unrestricted shares while total share capital remained at 107,108,500 shares; post-reporting period, total share capital will decrease to 106,879,805 shares after repurchasing and canceling certain employee stock ownership and restricted shares - On May 22, 2025, 83,160 restricted shares converted to unrestricted tradable shares due to an equity incentive plan unlock, with total share capital remaining unchanged[113] - Post-reporting period, the company repurchased and canceled a total of 228,695 shares (67,355 employee stock ownership shares + 161,340 restricted shares), reducing total share capital from 107.1 million shares to 106.9 million shares[115] Shareholder Information As of the reporting period end, the company had 5,912 common shareholders, with the top two, actual controllers Liang Dazhong and Bai Ying (a married couple), holding a combined 53.20% stake; the top ten shareholders also included Cinda Securities asset management plans and several private securities investment funds - As of the end of the reporting period, the company had a total of 5,912 shareholders[119] Top Ten Shareholders | Top Ten Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | | :--- | :--- | :--- | | Liang Dazhong | 45,790,000 | 43.05 | | Bai Ying | 10,800,000 | 10.15 | | Cinda Securities - Ping An Bank - Cinda Securities Juhe No. 2 Collective Asset Management Plan | 5,360,000 | 5.04 | | Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. - Zeyuan Liwangtian No. 42 Private Securities Investment Fund | 1,468,642 | 1.38 | | Shi Baoqiu | 1,079,800 | 1.02 | - Actual controllers Liang Dazhong and Bai Ying are a married couple, jointly holding 53.20% of the company's shares[122] Information on Directors, Senior Management, and Core Technical Personnel During the reporting period, Chairman and General Manager Liang Dazhong reduced his holdings by 5.36 million shares to support the listed company's funding needs, ending with 45.79 million shares, while other executives and core technical personnel saw changes in their indirect shareholdings due to participation in employee stock ownership plans - Chairman and General Manager Liang Dazhong reduced his shareholding by 5,360,000 shares during the reporting period, citing 'funding needs to support the listed company's development' as the reason[126] Bond-Related Information This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[132] Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[132] Financial Report This section presents the company's consolidated financial statements and detailed notes, providing a comprehensive overview of its financial position, performance, and cash flows Financial Statements The financial statements show that as of June 30, 2025, the company's total assets were RMB 1.88 billion, total liabilities RMB 1.26 billion, and equity attributable to parent company owners RMB 597 million; for H1 2025, operating revenue was RMB 326 million, net profit attributable to parent company shareholders was -RMB 58.67 million, and net cash flow from operating activities was RMB 14.11 million Consolidated Financial Statement Core Data (As of June 30, 2025 / Jan-Jun 2025) | Indicator | Amount (RMB Yuan) | | :--- | :--- | | Balance Sheet: | | | Total Assets | 1,881,141,480.60 | | Total Liabilities | 1,257,902,572.74 | | Equity Attributable to Parent Company Owners | 597,180,424.56 | | Income Statement: | | | Total Operating Revenue | 325,906,482.77 | | Net Profit Attributable to Parent Company Shareholders | -58,668,634.55 | | Cash Flow Statement: | | | Net Cash Flow from Operating Activities | 14,107,322.58 | | Net Cash Flow from Investing Activities | -65,315,507.62 | | Net Cash Flow from Financing Activities | 42,060,264.66 | Notes to Consolidated Financial Statement Items The financial statement notes detail key accounting items, revealing that as of period-end, the company's assets with restricted ownership or use rights totaled RMB 622.44 million, primarily fixed assets, intangible assets, and investment properties pledged for bank credit and sale-leaseback arrangements, with deferred income from asset-related government grants amounting to RMB 91.38 million Assets with Restricted Ownership or Use Rights (Period-end) | Item | Book Value (RMB Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 31,354,709.73 | Bill Deposit | | Fixed Assets | 551,869,948.83 | Pledged for bank credit and sale-leaseback arrangements | | Intangible Assets | 25,523,097.98 | Pledged for bank credit and sale-leaseback arrangements | | Investment Properties | 13,696,731.57 | Pledged for bank credit and sale-leaseback arrangements | | Total | 622,444,488.11 | | - The company recognized asset-related government grants as deferred income, with an opening balance of RMB 84.90 million, new additions of RMB 15.00 million in the current period, amortization of RMB 8.51 million recognized in other income, and a period-end balance of RMB 91.38 million[411]