晶门半导体(02878) - 2025 - 中期业绩

Financial Highlights The company's financial performance for H1 2025 shows a decline in sales and profit, alongside stable gross margin - Financial Highlights for the Six Months Ended June 30, 2025 | Metric | Value | | :--- | :--- | | Sales Revenue | $45.9 million (-25.8% YoY) | | Gross Profit | $18.2 million | | Gross Margin | 39.6% | | Net Profit Attributable to Owners of the Company for the Period | $4.0 million | | Earnings Per Share | 0.16 US Cents | Interim Results This section provides a comprehensive overview of the company's financial performance and position for H1 2025 Interim Condensed Consolidated Statement of Profit or Loss For H1 2025, sales revenue and net profit declined significantly due to weak market demand, despite an improved gross margin - Key Profit or Loss Statement Data (For the Six Months Ended June 30) | Item (Thousand USD) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Sales Revenue | 45,934 | 61,915 | -25.8% | | Gross Profit | 18,175 | 19,843 | -8.4% | | Research and Development Costs | (9,943) | (7,999) | +24.3% | | Profit Before Tax | 4,104 | 7,557 | -45.7% | | Profit Attributable to Owners of the Company | 4,003 | 7,471 | -46.4% | | Basic Earnings Per Share (US Cents) | 0.16 | 0.30 | -46.7% | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's financial position remained robust with increased total assets and net assets, supported by strong liquidity - Key Financial Position Statement Data (Thousand USD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Inventories | 23,861 | 13,357 | | Cash and Cash Equivalents | 112,513 | 104,242 | | Total Current Assets | 164,941 | 152,710 | | Total Assets | 176,492 | 163,706 | | Liabilities and Equity | | | | Accounts Payable and Other Payables | 30,930 | 22,974 | | Total Current Liabilities | 34,182 | 24,762 | | Net Assets | 141,123 | 137,041 | | Total Equity | 141,123 | 137,041 | Summary of Notes to Financial Statements The notes detail the company's core IC chip business, revealing declining sales across all regions and product categories, with no interim dividend declared - The company operates as a fabless semiconductor group, specializing in the design, development, and sale of IC chips and system solutions for various smart product display and touch applications[6][11] - Sales Revenue by Geographical Market (Thousand USD) | Region | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hong Kong | 28,033 | 36,878 | | Europe | 7,243 | 11,891 | | Taiwan | 7,029 | 8,538 | | Others | 3,629 | 4,508 | - Sales Revenue by Product Category (Thousand USD) | Product Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | New Display ICs | 29,621 | 36,385 | | OLED Display ICs | 7,270 | 8,843 | | Mobile Display and Mobile Touch ICs | 5,879 | 9,826 | | Large Display ICs | 3,164 | 6,861 | - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[29] Management Discussion and Analysis This section reviews the company's operational performance, financial results, and strategic outlook Business Review and Outlook In H1 2025, sales revenue declined due to market pressures, but the company aims to drive future growth through strategic new product introductions - Influenced by macroeconomic conditions and industry competition, the company faced downward pricing pressure on end products, leading to decreased shipment volume and average selling prices[32] - Looking ahead to the second half, despite market uncertainties, the company plans to expand its market reach by launching new products, including seven-color e-paper label ICs, automotive display ICs, and portable e-book reader ICs, which are expected to drive shipment volume and profitability[41][42] New Display ICs The company adapts to electronic shelf label market shifts by developing advanced multi-color display ICs and expanding into new e-paper applications - The electronic shelf label market completed its transition from three-color to four-color displays, with a temporary suspension of US tariff policy stimulating early orders from retailers, boosting short-term demand, though market competition also led to lower average selling prices[33] - The company is developing IC products supporting seven-color (E5 3-bit) e-paper display label IC products, with samples planned for Q4 this year, and is committed to expanding color e-paper technology into new applications like digital photo frames and electronic badges[34] OLED Display ICs As a leading PMOLED display driver IC manufacturer, the company expands its portfolio and pioneers mini/micro-LED solutions for high-value applications - The company is the world's largest PMOLED display driver IC manufacturer, and despite a decline in shipment volume and revenue for this business during the period, gross margin remained stable as the company continues to promote icon ICs for smart home appliances and new ICs supporting transparent displays[35] - In the mini/micro-LED segment, the company is a pioneer, having launched the world's first small-sized passive micro-LED display driver IC and actively expanding its application in high-value-added projects such as automotive devices[36] Mobile Display and Mobile Touch ICs This business line experienced significant declines in shipment and revenue due to delayed new product launches, but the company is developing new automotive display solutions - Affected by delayed new product launches, this business line experienced a significant decline in shipment volume and revenue, while demand for game controller ICs slowed due to market saturation[37] - The company is leveraging its TDDI technology to develop mini-LED backlight solutions, with standard ICs for automotive HUD (Head-Up Display) applications expected to be launched in H2 2025[38] Large Display ICs Facing intense competition in monitor and smart TV markets, the company accelerates product upgrades and expands its e-paper market presence with new display ICs - Due to intense competition in the monitor and smart TV markets, shipment volume and revenue for large display IC products experienced a significant decline, prompting the company to accelerate product upgrades and launch more high refresh rate, high-resolution premium products[39] - The company has a broad presence in the e-paper market, with ultra-large e-paper whiteboard and retail signage driver ICs scheduled for mass production in H2 2025, while also developing new driver ICs for portable black and white e-book readers to explore new niche markets[40] Financial Review Revenue decreased by 25.8% in H1 2025, but gross margin improved to 39.6%, and the company maintained a strong financial position with ample cash and liquidity - Financial Performance Review | Item | H1 2025 (Million USD) | H1 2024 (Million USD) | | :--- | :--- | :--- | | Revenue | $45.9 | $61.9 | | Gross Profit | $18.2 | $19.8 | | Gross Margin | 39.6% | 32.0% | | R&D Expenses | $9.9 | $8.0 | | Net Profit | $4.0 | $7.5 | - Liquidity Ratios | Item | June 30, 2025 (Million USD) | December 31, 2024 (Million USD) | | :--- | :--- | :--- | | Net Current Assets | $130.8 | $127.9 | | Current Ratio | 4.83 | 6.17 | | Total Cash and Deposits | $116.0 | $107.7 | - As of June 30, 2025, the company had 322 employees, with total staff costs and benefits increasing by 7.2% year-over-year to $11.9 million, primarily due to an increase in R&D personnel[52] Corporate Governance and Other Information This section details the company's adherence to corporate governance standards and provides additional disclosures Compliance and Review The company strictly adhered to corporate governance codes, with its unaudited interim financial information reviewed by the Audit Committee and independent auditor - The company has consistently complied with all applicable provisions of the Corporate Governance Code for the six months ended June 30, 2025[54] - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[56] - The unaudited condensed consolidated interim financial information has been reviewed by the company's independent auditor, Ernst & Young[57] Definitions and Glossary This section provides clear definitions for key professional terms and abbreviations used throughout the report - This section provides definitions for professional terms and abbreviations used in the report, such as IC (Integrated Circuit chips), OLED (Organic Light-Emitting Diode), and TDDI (Touch and Display Driver Integration)[59]