臻镭科技(688270) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This chapter provides definitions of common terms used in the report, covering company names, reporting periods, financial measurement units, and professional technical terms in integrated circuits, radar, and communication, ensuring a clear understanding of the report content - The company's full name "Zhejiang Great Microwave Technology Co., Ltd." is abbreviated as "Great Microwave Technology"[10] - The reporting period refers to January to June 2025[10] - Fabless mode refers to the business model of fabless integrated circuit companies, which only engage in chip design, R&D, application, and sales, while manufacturing, packaging, and testing are outsourced[10] - Phased array radar uses electronic technology to control antenna beam direction, featuring large target capacity, high data rate, multi-functionality, and strong anti-interference capabilities[10] Section II Company Profile and Key Financial Indicators I. Company Basic Information This section outlines the company's basic registration information, including its Chinese name, abbreviation, legal representative, registered address, historical changes, office address, and official website - The company's Chinese name is Zhejiang Great Microwave Technology Co., Ltd., abbreviated as Great Microwave Technology[14] - The legal representative is Zhang Bing[14] - The company's registered address was changed on January 24, 2024, to Floors 1-3, Building 7 & 8, YunChuangJiaGu R&D Center, No. 428 Zhiqiang Road, Xihu District, Hangzhou City, Zhejiang Province[14] II. Contact Persons and Information This section provides contact information for the company's Board Secretary (domestic representative for information disclosure) Li Na and Securities Affairs Representative Sun Feifei, including contact address, phone, fax, and email - The Board Secretary (domestic representative for information disclosure) is Li Na, and the Securities Affairs Representative is Sun Feifei[15] - The contact number is 0571-81023677, and the email address is ir@greatmicrowave.com[15] III. Information Disclosure and Document Custody Location Changes This section lists the company's designated newspapers and websites for information disclosure, as well as the location for semi-annual report custody, ensuring investors can access public company information in a timely manner - The company's selected newspapers for information disclosure include Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily[16] - The website address for publishing the semi-annual report is **www.sse.com.cn**[16](index=16&type=chunk) IV. Company Stock/Depositary Receipt Summary This section briefly introduces the company's stock listing status, including stock type, listing exchange and board, stock abbreviation, and code - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[17] - The stock abbreviation is Great Microwave Technology, and the stock code is 688270[17] VI. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue and net profit both achieved substantial growth, driven by downstream industry recovery, improved market demand, and active expansion in specialized and emerging industries, with net cash flow from operating activities turning positive Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 204,867,001.88 CNY | 117,985,952.43 CNY | 73.64 | | Total Profit | 62,319,652.83 CNY | 5,629,647.90 CNY | 1,006.99 | | Net Profit Attributable to Shareholders of Listed Company | 62,319,652.83 CNY | 5,629,647.90 CNY | 1,006.99 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 52,894,987.00 CNY | -605,600.99 CNY | Not applicable | | Net Cash Flow from Operating Activities | 10,211,387.10 CNY | -4,305,956.82 CNY | Not applicable | | Current Period End vs Prior Year End | | | | | Net Assets Attributable to Shareholders of Listed Company | 2,199,601,123.84 CNY | 2,141,434,056.34 CNY | 2.72 | | Total Assets | 2,339,683,067.27 CNY | 2,236,565,115.12 CNY | 4.61 | Key Financial Indicators (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.29 | 0.03 | 866.67 | | Diluted Earnings Per Share (CNY/share) | 0.29 | 0.03 | 866.67 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.25 | - | Not applicable | | Weighted Average Return on Net Assets (%) | 2.87 | 0.26 | Increased by 2.61 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.43 | -0.03 | Increased by 2.46 percentage points | | R&D Investment as % of Operating Revenue (%) | 32.51 | 56.98 | Decreased by 24.47 percentage points | - In the first half of 2025, the company's operating revenue increased by 73.64%, and total profit and net profit attributable to shareholders of the listed company both increased by 1006.99%, primarily due to significant growth in main business revenue[19] - The company continues to consolidate its advantages in specialized fields such as data links, electronic countermeasures, wireless communication terminals, new-generation radios, and phased array communication, while seizing development opportunities in strategic emerging industries like commercial aerospace, low-altitude economy, and deep-sea technology[19] VIII. Non-Recurring Gains and Losses Items and Amounts This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling 9,424,665.83 CNY, primarily including government grants and fair value changes in financial assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -59,582.45 | | Government grants recognized in current profit or loss | 2,521,500.00 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to the company's normal business operations | 6,978,168.28 | | Other non-operating income and expenses apart from the above items | -15,420.00 | | Total | 9,424,665.83 | Section III Management Discussion and Analysis I. Description of the Company's Industry and Main Business During the Reporting Period The company specializes in R&D, production, and sales of integrated circuit chips and microsystems, with products including RF transceivers, power management chips, and microsystems, widely used in specialized fields and civil applications like satellite internet, playing a crucial role in domestic equipment and satellite miniaturization and lightweighting (I) Industry The company belongs to the "Computer, Communication and Other Electronic Equipment Manufacturing" industry and is recognized by the National Bureau of Statistics as part of the strategic emerging industries "New Electronic Components and Equipment Manufacturing" and "Integrated Circuit Manufacturing" - The company's industry is "Computer, Communication and Other Electronic Equipment Manufacturing (Classification Code: C39)" as per the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies (2012 Revision)"[25] - The company's industry is classified by the National Bureau of Statistics' "Strategic Emerging Industries Classification (2018)" as "New Electronic Components and Equipment Manufacturing" (Classification Code: 1.2.1) and "Integrated Circuit Manufacturing" (Classification Code: 1.2.4)[25] (II) Description of Main Business The company's main business involves the R&D, production, sales, and technical services of integrated circuit chips and microsystems, with products primarily used in specialized fields such as data links, electronic countermeasures, wireless communication terminals, new-generation radios, and phased array communication, as well as civil applications like mobile communication systems and satellite internet, serving as a key supplier of domestic basic components - The company's main products include RF transceiver chips and high-speed high-precision ADC/DAC chips, power management chips, microsystems, and modules[26] - The company's products are widely used in data links, electronic countermeasures, wireless communication terminals, new-generation radios, and phased array communication in specialized fields, as well as mobile communication systems and satellite internet in civil applications[26] - In the satellite internet sector, the company's products have promoted the miniaturization and lightweighting of satellite and payload systems, becoming one of the most important suppliers of domestic basic components[26] (III) Company's Main Products The company's main product lines include RF transceiver chips, high-speed high-precision ADC/DAC chips, digital beamformers, operational amplifiers, clock distributors, power management chips, power chipsets and modules, and microsystems and modules, which offer significant advantages in functionality, integration, power consumption, and radiation resistance, widely applied in aerospace, radar, and communication high-tech fields - RF transceiver chips and high-speed high-precision ADC/DAC chips: Employing SDR design principles, featuring software reconfigurability, multi-mode concurrency, wide/narrowband signal compatibility, fast frequency hopping, low power consumption, and miniaturization, such as the multi-channel integrated RF transceiver chip CX9840 for direct-to-mobile satellite communication payloads[30][31] - Digital beamformers, operational amplifiers, and clock distributors/generators: Digital beamformers feature software reconfigurability, low power consumption, high integration, and strict multi-chip synchronous operation, such as the radiation-hardened CX1620DF used in low-earth orbit satellite prototypes[32][33] - Power management chips: Product line includes 8 major categories such as point-of-load power chips, low-dropout linear regulators, T/R power management chips, and solid-state electronic switches, characterized by small size, radiation resistance, high efficiency, high reliability, and high integration, making it one of the most comprehensive suppliers of space-grade power chips in China[34][35] - Power chipsets and power modules: Divided into aerospace-grade point-of-load modules, micro-modules, and aerospace-grade secondary power systems, possessing technical advantages such as high power density, high reliability, and radiation resistance, widely used in electronic systems for satellites, rockets, and UAVs[36][37] - Microsystems and modules: Utilizing 3D heterogeneous integration technology to achieve high integration, high efficiency, low noise, high reliability, miniaturization, and lightweighting, competitive in spaceborne and specialized fields, significantly promoting the development of satellite internet[38][39] II. Discussion and Analysis of Operations During the reporting period, the company achieved significant growth in operating revenue and net profit, primarily driven by downstream industry recovery, a substantial increase in specialized sector orders, and strategic deployment and batch delivery in emerging industries like commercial aerospace and low-altitude economy. The company is actively expanding new customers and application areas to increase market share - During the reporting period, the company's operating revenue reached 204.867 million CNY, a year-on-year increase of 73.64%[39] - Net profit attributable to owners of the parent company was 62.3197 million CNY, a year-on-year increase of 1006.99%[39] - Growth drivers include downstream industry recovery, substantial year-on-year growth in existing orders and projects in specialized fields, and seizing development opportunities in strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology[40] - Some products have transitioned from 2024's small-batch, experimental satellite stages to continuous batch delivery[41] - The company is actively developing new customers and projects, entering new application areas, and improving its full-chain product capabilities and multi-product line synergistic layout[41] III. Analysis of Core Competitiveness During the Reporting Period Leveraging its "chip-module-system" full-chain forward design and R&D capabilities, the company has established leading domestic and internationally advanced technological and first-mover advantages in RF transceivers, power management, and microsystems. During the reporting period, the company continued R&D investment, obtained multiple patents, made significant progress in ongoing projects, and optimized its R&D personnel structure, providing solid support for its core competitiveness (I) Core Competitiveness Analysis The company's core competitiveness lies in its "chip-module-system" full-chain product capabilities and multi-product line synergistic layout, achieving leading domestic and internationally advanced technical performance. By comparing product performance with comparable companies, the company demonstrates excellent or comparable performance indicators in several star products, especially in radiation resistance, low power consumption, and high integration - The company's products are categorized into four major business lines: RF transceiver and high-speed high-precision ADC/DAC chips, power management chips, terminal RF front-end chips, and microsystems and modules[42] - The ADC spurious-free dynamic range of the high-speed high-precision RF direct sampling transceiver CX8845 is superior to benchmark products[42] - The gain adjustment range and precision of the high-precision RF direct sampling receiver CX74E1N are superior to benchmark products, and its power consumption is significantly better[44] - The integration, IF bandwidth, channel-to-channel isolation, frequency synthesizer integrated phase noise, and operating temperature of the wide/narrowband integrated RF transceiver CX9261A are superior to benchmark products[46] - The receiver NSD, SNR, SFDR, and maximum SerDes interface rate of the wideband RF direct sampling transceiver CX8242KA are superior to benchmark products, and its power consumption and package size are smaller[47] - The integration, phase noise, receiver IIP3, and power consumption of the radiation-hardened RF transceiver CX9840/CX9840AN are significantly superior to benchmark products[51] - The rated operating voltage, turn-on/off delay time, short-circuit protection time, and radiation resistance of the solid-state electronic switch chip M49307RH are superior to benchmark products[53] - The point-of-load power module MS1244ARH has strong radiation resistance, a capability not present in benchmark products[58] - The gain, noise figure, and power consumption of the four-beam SIP module CSIP-Ka-16-03 are superior to benchmark products[60] (III) Core Technologies and R&D Progress The company adheres to a full forward design R&D path, building a "chip-module-system" full-chain product capability with leading domestic and internationally advanced technical performance. During the reporting period, the company continuously innovated in 14 core technologies, including wide/narrowband signal compatibility, low spurious/noise emission, multi-chip synchronization, radiation-hardened low-power transceivers, wideband DBF, hierarchical design, radiation-hardened miniature magnetically isolated solid-state electronic switches, radiation-hardened T/R power management chips, multi-phase parallel current-sharing point-of-load power chips, high-power density micro-power modules, radiation-hardened isolated switching power supply control chips, 3D heterogeneous microsystem passive structure and multi-physical field integrated design, multi-channel T/R RF microsystem digital, analog, RF isolation optimization, and millimeter-wave tile-type active phased array antenna system input/output isolation optimization. It obtained 45 patents and 11 software copyrights. R&D investment accounted for 32.51% of operating revenue, with 157 R&D personnel, over 50% of whom hold master's degrees or above, providing strong support for the company's core competitiveness - The company adheres to a full forward design R&D technical path, building a "chip-module-system" full-chain product capability and multi-product line synergistic layout[66] - The company possesses 14 core technologies, including wide/narrowband signal compatible large dynamic range receiver channel design, low spurious/noise emission, multi-chip synchronization, radiation-hardened low-power transceiver, low-power fractional delay filter reuse, hierarchical design, radiation-hardened miniature magnetically isolated solid-state electronic switch, radiation-hardened T/R component power management system process integration, multi-phase parallel current-sharing, radiation-hardened, high-efficiency point-of-load power chip, high-power density micro-power module, radiation-hardened isolated switching power supply control chip, 3D heterogeneous microsystem passive structure and multi-physical field integrated design, multi-channel T/R RF microsystem digital, analog, RF isolation optimization, and millimeter-wave tile-type active phased array antenna system input/output isolation optimization[67][68][70][71] - As of June 30, 2025, the company and its controlled subsidiaries hold 45 granted patents (44 invention patents, 1 utility model patent) and 11 software copyrights[72] R&D Investment (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 66,601,789.40 CNY | 67,227,877.17 CNY | -0.93 | | Total R&D Investment | 66,601,789.40 CNY | 67,227,877.17 CNY | -0.93 | | Total R&D Investment as % of Operating Revenue (%) | 32.51 | 56.98 | Decreased by 24.47 percentage points | - The company's 9 ongoing R&D projects include aerospace high-reliability precision power system chipsets, multi-channel RF direct sampling transceiver chips and synchronous transceiver systems, wideband high-linearity high-efficiency RF front-end chips, integrated phased array microsystems, baseband RF integrated SDR microsystems, high-reliability precision micro-power modules, clock distributors/generators, radiation-hardened high-performance RF direct sampling transceivers, and digital beamforming chips[75][76][77][78] R&D Personnel (Jan-Jun 2025) | Indicator | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Total R&D personnel | 157 | - | | R&D personnel as % of total company personnel | 58.15 | - | | PhD students | 16 | 10.19 | | Master's students | 68 | 43.31 | | Bachelor's | 66 | 42.04 | | Junior college | 7 | 4.46 | | Under 30 years old | 82 | 52.23 | | 30-40 years old | 67 | 42.67 | | 40-50 years old | 8 | 5.10 | IV. Risk Factors The company faces core competitiveness risks, such as rapid technological iteration and insufficient innovation; operational risks, including small operating scale, discontinuous orders, supplier management, and gross margin fluctuations; and financial risks, such as accounts receivable recovery, inventory impairment, and changes in tax policies, all of which could adversely affect the company's future operating performance (I) Core Competitiveness Risks The integrated circuit design industry is technology-intensive with rapid iteration, and customer demands are personalized. The company must continuously innovate in R&D to maintain technological advancement and product competitiveness. Failure to accurately grasp market trends or maintain innovation capabilities could impact market position and operating performance - The integrated circuit design industry, where the company operates, is technology-intensive with rapid technological upgrades and product iteration speeds[81] - Customer demand for product personalization is continuously increasing, requiring the company to continuously engage in R&D innovation to maintain technological advancement and product competitiveness[81] (II) Operational Risks The company's operating scale is relatively small, potentially limiting its ability to undertake all