芯朋微(688508) - 2025 Q2 - 季度财报

Glossary This section defines key terms and abbreviations used throughout the report Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators Basic Company Information This chapter provides the company's fundamental business registration details, including names, legal representative, addresses, and contact information Basic Company Information | Item | Information | | :--- | :--- | | Company Name | Wuxi Chipown Micro-electronics Limited (Chipown) | | English Name | Wuxi Chipown Micro-electronics limited (Chipown) | | Legal Representative | Zhang Lixin | | Registered/Office Address | Chipown Building, No. 16 Changjiang Road, Xinwu District, Wuxi City | Key Accounting Data and Financial Indicators The company achieved strong performance growth in the reporting period, with significant increases in operating revenue and net profit, driven by new product categories and industrial market expansion, despite a decrease in net cash flow from operating activities Key Accounting Data | Key Accounting Data | Current Reporting Period (Jan-Jun) (Yuan) | Prior Period (Jan-Jun) (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 636,023,742.60 | 453,282,254.77 | 40.32% | | Net Profit Attributable to Shareholders of Listed Company | 90,493,468.64 | 43,924,086.83 | 106.02% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 68,441,618.70 | 45,458,768.33 | 50.56% | | Net Cash Flow from Operating Activities | 7,276,249.26 | 37,382,497.31 | -80.54% | | Total Assets (Period-end) | 3,155,356,209.16 | 2,949,377,669.30 | 6.98% (Compared to End of Previous Year) | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period (Jan-Jun) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.71 | 0.34 | 108.82% | | Weighted Average Return on Net Assets (%) | 3.56 | 1.79 | Increased by 1.77 percentage points | | R&D Investment as % of Operating Revenue (%) | 19.69 | 23.04 | Decreased by 3.35 percentage points | - Key drivers of performance growth: - New Product Category Growth: Operating revenue from non-AC-DC categories (e.g., DC-DC, Driver) significantly increased by 73% year-on-year[24] - Strong Expansion in New Markets: Industrial market operating revenue significantly increased by 57% year-on-year, primarily due to breakthroughs and mass production of high-voltage AC-DC products with industrial clients[24] Non-recurring Gains and Losses Items The company's non-recurring gains and losses for the period totaled 22.05 million Yuan, primarily from fair value changes in financial assets and government grants Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government Grants | 11,830,500.00 | | Gains and Losses from Changes in Fair Value of Financial Assets | 14,744,222.53 | | Gains and Losses from Entrusted Investments or Asset Management | 1,261,079.92 | | Net Other Non-operating Income and Expenses | -3,162,040.52 | | Total | 22,051,849.94 | Management Discussion and Analysis This section discusses the company's industry, principal business operations, core competencies, R&D progress, and key risk factors Industry and Principal Business Overview The company operates in the integrated circuit design industry, specializing in power semiconductors, and holds a global top-tier position in AC-DC switching regulators, benefiting from favorable market trends - The company is one of the few domestic power semiconductor solution providers with complete capabilities in high and low voltage power chips, driver chips, power devices, and modules; according to Omdia, the company ranks fourth globally in "AC-DC switching regulators (integrated FET)"[35] - The company's principal business is power semiconductors, with six major product lines including ACDC, DCDC, Digital PMIC, drivers, power devices, and power modules, offering nearly 1,800 product models covering smart home appliances, standard power supplies, industrial control power, and new energy vehicles[41][42] - Key downstream market development trends: - Home Appliance Sector: Benefiting from the "trade-in" policy and trends towards intelligence and high energy efficiency standards[37] - Standard Power Supply Sector: Fast charging technology expanding from mobile phones to multiple fields, driving chip demand growth[39] - Industrial Control Power Sector: New energy generation and data center construction significantly boosting demand for related chips and modules[41] - New Energy Vehicle Sector: The widespread adoption of new energy vehicles creates a hundred-billion-level incremental market for power semiconductors[41] Discussion and Analysis of Operations The company achieved substantial revenue and net profit growth by executing its "power system total solution" strategy, expanding non-AC-DC product lines and industrial markets, while maintaining high R&D investment and evolving towards a Fablite model Key Operating Indicators | Indicator | Amount (Ten Thousand Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 63,602.37 | 40.32% | | Net Profit Attributable to Shareholders of Parent Company | 9,049.35 | 106.02% | | Net Profit Attributable to Shareholders of Parent Company (Excluding Non-recurring Gains and Losses) | 6,844.16 | 50.56% | - The company's business model is gradually shifting from Fabless to Fablite, engaging in deep strategic cooperation with upstream wafer fabs and packaging and testing plants through equity investments and production line equipment collaboration to build differentiated technological moats and ensure supply chain security[48] - R&D investment remains high, with R&D expenses reaching 125 million Yuan in the reporting period, accounting for 19.69% of revenue; R&D personnel number 272, representing 71.77% of the company's total headcount[47] Analysis of Core Competencies The company's core strengths include its advanced high and low voltage integrated technology platform, a strong R&D team, a successful product promotion model leveraging industry benchmark clients, and robust supply chain collaboration - The company's core technology platform is the "High and Low Voltage Integrated Technology Platform," which has been upgraded from the third generation to the fourth generation, including new intelligent power chip technology platforms like Smart-SJ and Smart-GaN, ensuring product technological advantages[49][50] - The company's product portfolio has transitioned from single power management chips to providing complete power solutions including AC-DC, DC-DC, Gate Driver, IGBT, and MOSFET, significantly enhancing synergy and sales efficiency[51] - The company has become the preferred domestic power chip brand for benchmark home appliance companies such as Midea, Haier, Hisense, Gree, and Xiaomi, leveraging the benchmark client effect to drive market expansion[53] Core Technologies and R&D Progress The company possesses 15 core technologies, with significant R&D investment in advanced power management and power chips for new energy vehicles, industrial applications, and smart home appliances, resulting in 125 patents R&D Investment | R&D Investment | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | 125,244,334.50 | 104,453,641.71 | 19.90% | | R&D Investment as % of Revenue (%) | 19.69 | 23.04 | Decreased by 3.35 percentage points | Key R&D Projects | R&D Project Name | Estimated Total Investment (Yuan) | Amount Invested in Current Period (Yuan) | | :--- | :--- | :--- | | New Energy Vehicle High-Voltage Power Supply and Electric Drive Power Chips | 397,795,700.00 | 22,803,837.80 | | Industrial-Grade Digital Power Management Chips and Supporting Power Chips | 488,191,500.00 | 75,183,066.07 | | New Generation High-Power IC and Device Chipsets for Smart Home Appliances | 200,000,000.00 | 17,881,194.87 | | New Generation Chipsets for Smart Fast Charging | 100,000,000.00 | 9,376,235.76 | - As of the end of the reporting period, the company had 272 R&D personnel, accounting for 71.77% of the company's total headcount, with over 43% holding master's degrees or above[64] Risk Factors The company faces risks from intense market competition, high supplier concentration, industry cyclicality, macroeconomic factors, and potential governance issues due to the actual controller's high shareholding - The company faces fierce competition from both domestic and international brands, with a significant gap in production and sales scale compared to international giants like Texas Instruments (TI) and Infineon[66] - High supplier concentration, with the top five suppliers accounting for 86.13% of purchases in the reporting period, potentially leading to risks of product supply shortages or increased costs[67] - Actual controller Mr. Zhang Lixin holds 26.12% of the company's equity, posing a potential risk of interfering with the company's operational decisions by leveraging his controlling position[68] Financial Analysis of Principal Business This chapter explains the period-on-period changes in key financial statement items, including revenue and cost growth, decreased selling expenses, a significant decline in operating cash flow, and shifts in asset and liability balances Income Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Explanation for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 636,023,742.60 | 453,282,254.77 | 40.32 | New product penetration and new market expansion | | Operating Cost | 398,568,285.07 | 287,933,867.38 | 38.42 | Increased with revenue | | Selling Expenses | 7,730,354.43 | 10,803,539.89 | -28.45 | Decreased market promotion expenses | | R&D Expenses | 125,244,334.50 | 104,453,641.71 | 19.90 | Increased R&D personnel salaries | | Net Cash Flow from Operating Activities | 7,276,249.26 | 37,382,497.31 | -80.54 | Increased operating purchases, suppliers reduced acceptance bill payments | Balance Sheet Item Changes | Balance Sheet Item | Current Period End Amount (Yuan) | Change from Prior Year End (%) | Explanation for Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 103,544,100.52 | -73.63% | Increased purchase of wealth management products at period end | | Accounts Receivable | 221,048,074.39 | 34.93% | Increased operating revenue and sales | | Fixed Assets | 223,728,181.18 | 33.11% | Subsidiary Suzhou Bochuang R&D Center building capitalized and new equipment added | | Accounts Payable | 126,999,042.10 | 40.15% | Increased procurement amount | Corporate Governance, Environment and Social Responsibility This section details changes in the company's governance structure, executive personnel, and its initiatives in fulfilling social responsibilities Corporate Governance and Executive Changes The company's governance structure changed with the abolition of the Board of Supervisors, whose functions are now exercised by the Board of Directors' Audit Committee, alongside the appointment of a new independent director - The company will no longer have a Board of Supervisors after June 18, 2025, with its functions exercised by the Board of Directors' Audit Committee; former supervisors Zhao Yunfei, Yin Jian, and Xu Menglin no longer serve as company supervisors[84] - Mr. Li Feng was elected as an independent director of the Fifth Board of Directors, replacing Mr. Hu Yidong who resigned due to personal reasons[85] Social Responsibility The company actively fulfills its social responsibilities by supporting youth science education, exemplified by its donation of a "Chip Optoelectronic Observation Platform" and educational activities at Jinjiang Middle School - The company donated "Chip Optoelectronic Observation Platform" equipment to Jinjiang Middle School in Pingshan County, Yibin, Sichuan, and conducted science education assistance activities to promote grassroots education development[87] Significant Matters This section covers the company's fulfillment of commitments, significant guarantees, and the progress of its raised funds utilization Fulfillment of Commitments The company, its controlling shareholder, and key personnel have strictly fulfilled all commitments made during initial public offerings and refinancing, including share lock-ups, avoiding horizontal competition, and regulating related-party transactions - All commitments made by the company, controlling shareholder, directors, supervisors, senior management, and other relevant parties during or continuing into the reporting period have been strictly fulfilled[89] Significant Guarantees As of the reporting period end, the company's total guarantees amounted to 100.76 million Yuan, representing 3.90% of net assets, all provided to wholly-owned subsidiaries with no guarantees for shareholders or related parties Total Guarantee Situation | Total Guarantee Situation | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Guarantee Amount (A+B) | 10,076.16 | | Total Guarantee Amount as % of Company's Net Assets (%) | 3.90% | | Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 0 | | Amount of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% (D) | 0 | Explanation of Progress in Use of Raised Funds The company has cumulatively invested 374.78 million Yuan, or 39.04% of the 959.88 million Yuan raised in 2023, primarily for R&D and industrialization projects in new energy vehicles, industrial digital power management chips, and the Suzhou R&D center Raised Funds Utilization Progress | Source of Raised Funds | Net Raised Funds (Yuan) | Cumulative Investment as of End of Reporting Period (Yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects in 2023 | 959,883,667.23 | 374,779,675.63 | 39.04% | - During the reporting period, the company used 720 million Yuan of idle raised funds for cash management, with a period-end balance of 593 million Yuan[121] Share Changes and Shareholder Information This section provides an overview of the company's shareholder structure and changes in shareholdings of directors, supervisors, senior management, and core personnel Shareholder Information As of the reporting period end, the company had 15,432 common shareholders, with the actual controller Zhang Lixin holding 26.12% as the largest shareholder, alongside other major institutional and individual investors Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Zhang Lixin | 34,301,000 | 26.12 | | Yi Yangbo | 4,834,000 | 3.68 | | Hong Kong Securities Clearing Company Limited | 2,888,400 | 2.20 | | Li Zhihong | 2,617,776 | 1.99 | | National Integrated Circuit Industry Investment Fund Co., Ltd. | 1,114,401 | 0.85 | Shareholding Changes of Directors, Supervisors, Senior Management, and Core Personnel During the reporting period, certain directors, senior management, and core technical personnel increased their shareholdings due to the implementation of the equity incentive plan Shareholding Changes of Directors, Supervisors, Senior Management, and Core Personnel | Name | Position | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | | Yi Yangbo | Director, General Manager, Core Technical Personnel | 150,000 | Implementation of Equity Incentive | | Li Haisong | Deputy General Manager, Core Technical Personnel | 90,000 | Implementation of Equity Incentive | | Yi Huimin | Board Secretary, Financial Controller | 90,000 | Implementation of Equity Incentive | Bond-Related Information This section confirms the absence of any outstanding corporate bonds or other debt financing instruments for the company Bond Information The company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds or convertible corporate bonds[135] Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Financial Statements This chapter provides the unaudited consolidated and parent company financial statements, showing steady growth in total assets, significant improvement in profitability, but a decrease in net cash flow from operating activities Key Items from Consolidated Balance Sheet | Key Items from Consolidated Balance Sheet | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,155,356,209.16 | 2,949,377,669.30 | | Total Liabilities | 572,787,602.04 | 462,806,645.48 | | Equity Attributable to Owners of the Parent Company | 2,582,568,607.12 | 2,492,243,636.93 | Key Items from Consolidated Income Statement | Key Items from Consolidated Income Statement | Jan-Jun 2025 (Yuan) | Jan-Jun 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 636,023,742.60 | 453,282,254.77 | | Total Operating Cost | 556,726,060.84 | 417,173,843.57 | | Total Profit | 89,113,170.12 | 35,774,752.69 | | Net Profit Attributable to Shareholders of the Parent Company | 90,493,468.64 | 43,924,086.83 | Key Items from Consolidated Cash Flow Statement | Key Items from Consolidated Cash Flow Statement | Jan-Jun 2025 (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 7,276,249.26 | | Net Cash Flow from Investing Activities | -358,203,970.64 | | Net Cash Flow from Financing Activities | 61,980,100.72 | | Net Increase in Cash and Cash Equivalents | -289,077,493.76 | Taxation The company benefits from a preferential corporate income tax rate of 10% as a key integrated circuit design enterprise, with its high-tech subsidiaries enjoying a 15% rate, and additional VAT deductions - The parent company, as a key integrated circuit design enterprise encouraged by the state, enjoys a preferential corporate income tax rate of 10%[294] - The company and its subsidiaries Suzhou Bochuang and Wuxi Anqu are eligible for a policy allowing an additional 15% deduction from payable VAT based on current deductible input VAT, effective from January 1, 2023, to December 31, 2027[296] Notes to Consolidated Financial Statements This chapter provides detailed explanations for key items in the consolidated financial statements, including significant changes in cash, financial assets, accounts receivable, inventory, and short-term borrowings - Period-end trading financial assets amounted to 1.633 billion Yuan, primarily comprising 1.607 billion Yuan in wealth management products and 26.53 million Yuan in equity instrument investments[299] - Period-end accounts receivable had a book balance of 235 million Yuan, with an impairment provision of 13.55 million Yuan, resulting in a book value of 221 million Yuan; accounts receivable from the top five clients totaled 143 million Yuan, accounting for 60.77% of the total[311][318] - Period-end inventory book value was 370 million Yuan, with work-in-progress being the largest component at 215 million Yuan; a total impairment provision of 51.63 million Yuan was made for inventory[342]