必易微(688045) - 2025 Q2 - 季度财报

Glossary This section provides definitions for key terms used within the report Company Profile and Key Financial Indicators Overview of the company's basic information and a summary of its key financial performance and position Company Basic Information Biyi Micro is a Shenzhen-registered joint-stock company specializing in the design and sale of high-performance analog and mixed-signal integrated circuits, with Xie Pengcun as its legal representative - The company's full Chinese name is "Shenzhen Biyi Microelectronics Co., Ltd.", abbreviated as "Biyi Micro", with Xie Pengcun as its legal representative[14] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 6.99% year-over-year, while net loss attributable to shareholders narrowed; net cash flow from operating activities decreased by 43.56% due to reduced government subsidies and increased payroll taxes, yet cost control and product adjustments led to a 12.76 million CNY reduction in non-recurring loss and improved gross margin Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Year-over-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 282.58 million CNY | 303.82 million CNY | -6.99% | | Net Profit Attributable to Shareholders of Listed Company | -8.81 million CNY | -10.61 million CNY | N/A | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -14.52 million CNY | -27.28 million CNY | N/A | | Net Cash Flow from Operating Activities | 4.15 million CNY | 7.36 million CNY | -43.56% | | Asset Status | End of Current Period | End of Prior Year | Year-over-year Change (%) | | Net Assets Attributable to Shareholders of Listed Company | 1.37 billion CNY | 1.36 billion CNY | 1.34% | | Total Assets | 1.44 billion CNY | 1.46 billion CNY | -1.37% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Year-over-year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.13 | -0.15 | N/A | | Weighted Average Return on Net Assets (%) | -0.62 | -0.76 | increased by 0.14 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -1.03 | -1.96 | increased by 0.93 percentage points | | R&D Expenditure as % of Operating Revenue (%) | 25.42 | 27.91 | decreased by 2.49 percentage points | - Net loss attributable to shareholders after deducting non-recurring gains and losses narrowed by 12.76 million CNY year-over-year, primarily due to the company's cost reduction efforts through design refinement, process upgrades, and supply chain optimization, coupled with proactive adjustments to product structure and market pricing strategies, leading to an increase in product gross margin[22] - During the reporting period, total non-recurring gains and losses amounted to 5.71 million CNY, primarily from fair value changes and disposal gains/losses on financial assets and liabilities held by non-financial enterprises[26] Management Discussion and Analysis Management's review and analysis of the company's operations, financial condition, and future outlook Industry and Main Business Overview The company specializes in high-performance analog and mixed-signal IC design and sales, with products spanning power management, motor drive control, battery management, signal chain, and microcontrollers; the industry benefits from AI, new energy, and 5G, driving steady market demand and significant domestic substitution opportunities across various applications Industry Overview The company operates in the integrated circuit design industry, benefiting from AI, new energy, 5G, and IoT, driving steady global and Chinese market growth; global semiconductor sales are projected to reach 697 billion USD by 2025, with China's IC market at 1.89 trillion CNY, while the analog chip market in China is expected to reach 333.95 billion CNY by 2025 with significant domestic substitution potential, and the global MCU market is forecast to reach 38.8 billion USD by 2028 Integrated Circuit Industry Market Size Forecast | Market | Forecast Year | Forecast Size | | :--- | :--- | :--- | | Global Semiconductor Sales | 2025 | 697.0 billion USD | | China Integrated Circuit | 2025 | 1.89 trillion CNY | | China Analog Chip | 2025 | 333.95 billion CNY | | Global MCU | 2028 | 38.8 billion USD | - The company operates in the integrated circuit design industry with broad downstream applications; benefiting from global semiconductor supply chain shifts and domestic policy support, China's integrated circuit industry is rapidly growing, with its market size projected to reach 1.89 trillion CNY by 2025[29] - China is the world's largest analog chip consumption market with a growth rate exceeding the global average; despite immense market demand, domestic self-sufficiency is low, indicating vast import substitution potential, with China's analog chip market size projected to grow to 333.95 billion CNY by 2025[30] Main Business and Key Products The company's main business is the design and sale of high-performance analog and mixed-signal integrated circuits, offering a comprehensive product matrix primarily categorized into five types: power management, motor drive control, battery management, signal chain, and microcontrollers - The company offers a comprehensive product portfolio covering five major categories: power management, motor drive control, battery management, signal chain, and microcontrollers, providing customers with one-stop chip solutions[32] Discussion and Analysis of Operations In H1 2025, overall revenue declined nearly 7% year-over-year, mainly due to weak LED driver chip demand, yet new products like motor drive control and DC-DC saw 64.57% growth, driving a nearly 30% sequential revenue increase in Q2; cost reduction and efficiency gains led to four consecutive quarters of gross margin improvement, reaching nearly 30% in Q2, with net loss narrowing by 16.92% in H1 and Q2 achieving a net profit of 4.32 million CNY H1 2025 Operational Highlights | Indicator | Performance | Source | | :--- | :--- | :--- | | Overall Revenue | Declined nearly 7% year-over-year | Primarily affected by LED driver chip business | | New Product Revenue | Motor drive control, DC-DC, etc., grew 64.57% year-over-year | Successful product structure adjustment | | Quarterly Growth | Q2 revenue grew nearly 30% sequentially | New product volume ramp-up | | Gross Margin | Grew for four consecutive quarters, Q2 nearly 30% | Cost reduction, efficiency gains, pricing strategy adjustment | | Net Profit | H1 net profit attributable to parent company -8.81 million CNY, loss narrowed by 16.92% year-over-year | Improved profitability | | Q2 Net Profit | Achieved net profit attributable to parent company of 4.32 million CNY, sequential growth of 132.88% | Quarterly turnaround to profit | - R&D investment remained high, with expenses reaching 71.85 million CNY in H1 2025, accounting for 25.42% of operating revenue[43][44] - The company achieved significant progress across multiple product lines, including AC-DC, LED drivers, motor drive control, DC-DC, battery management, digital isolation, and MCUs, continuously launching new products and successfully integrating them into the supply chains of several leading customers[46][47][48][49][50][51] Analysis of Core Competencies The company's core competencies include continuous R&D innovation, a mature and stable R&D and management team, reliable supply channels, and a 'head effect' market promotion model; during the period, six new core technologies were added, accumulating 242 patents, with H1 R&D investment at 71.85 million CNY, accounting for 25.42% of revenue, and R&D personnel comprising nearly 70% of the workforce - The company's core competencies include: - Continuous R&D innovation: Mastering core technologies such as high-voltage integrated processes and low-power consumption control - Talent and management team: Experienced core R&D team, with R&D personnel accounting for over 69% - Reliable supply channels: Adopting a Fabless model with close supplier collaboration - Market promotion model: Focusing on serving key accounts, creating a 'head effect' that facilitates rapid product market entry[52][53][54] Core Technologies and R&D Progress During the reporting period, the company added six core technologies, including rapid input overvoltage protection and high-precision LLC primary-side constant current control; as of period-end, it held 242 domestic and international patents (129 invention patents) and 583 integrated circuit layout designs; H1 R&D investment was 71.85 million CNY, representing 25.42% of revenue, with ongoing development in five major projects including AC-DC, motor drive, DC-DC, battery management, and signal chain chips - Six new core technologies were added during the reporting period, including: rapid response input overvoltage protection technology, high-precision LLC primary-side constant current control solution, adaptive dynamic response threshold technology, high-efficiency three-phase BLDC motor drive freewheeling control technology, high-reliability half-bridge IPM dedicated gate drive technology, and high-reliability optocoupler-compatible isolated gate drive technology[60] R&D Investment Overview | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 71.85 million CNY | 84.78 million CNY | -15.26% | | Total R&D Investment as % of Revenue (%) | 25.42% | 27.91% | decreased by 2.49 percentage points | R&D Personnel Overview | Item | Current Period Amount (persons) | Prior Year Period Amount (persons) | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 261 | 254 | | R&D Personnel as % of Total Company Headcount (%) | 69.79% | 70.17% | Risk Factors The company faces multi-faceted risks, including potential significant performance decline or loss if industry demand recovery or new product ramp-up falls short of expectations, core technology leakage and talent loss, intense market competition, reliance on external manufacturers for quality control, accounts receivable impairment and inventory write-down risks, and broader macroeconomic fluctuations and international trade frictions - The company faces key risks including: - Performance risk: Potential losses due to sustained high R&D investment if market demand or new product ramp-up falls short of expectations[72] - Core competency risk: Technology leakage, talent attrition, and inability of product iteration to keep pace with market demand[73][74][75] - Operational risk: Intensified market competition and reliance on external suppliers for product quality control[76][77] - Financial risk: Accounts receivable impairment and inventory write-down risks[77][78] - Industry and macroeconomic risk: Downstream market demand fluctuations and international trade frictions[79] Analysis of Assets and Liabilities As of the reporting period end, total assets were 1.44 billion CNY, a slight 1.37% decrease from year-end; significant asset structure changes include a 69.57% decrease in monetary funds, primarily due to investments in wealth management products, real estate, and equity, leading to substantial increases in financial assets held for trading, construction in progress, and other non-current financial assets, while employee compensation payable decreased by 67.12% due to prior year bonus payments Major Balance Sheet Item Changes | Item Name | Amount at Period End (CNY) | Change from Prior Year End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 293.31 million CNY | -69.57% | Purchase of wealth management products, real estate, and increased equity investments | | Financial Assets Held for Trading | 614.36 million CNY | N/A | Purchase of wealth management products | | Construction in Progress | 26.49 million CNY | N/A | Newly acquired real estate not yet ready for use | | Other Non-Current Financial Assets | 58.00 million CNY | 222.22% | New equity investments | | Employee Compensation Payable | 8.58 million CNY | -67.12% | Payment of prior year bonuses | Corporate Governance, Environment, and Society Details on corporate governance structure, changes in key personnel, and social responsibility initiatives Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, based on the company's long-term strategic development plan and R&D project progress, Mr. Wang Yi was no longer designated as a core technical personnel - During the reporting period, Mr. Wang Yi was no longer designated as a core technical personnel due to adjustments in the company's strategic development plan[96] Equity Incentive and Employee Stock Ownership Plans During the reporting period, the company cancelled certain restricted shares from the 2022, 2023, and 2024 incentive plans due to reasons like employee departures or unmet performance targets, completed the first vesting period of the 2024 restricted stock incentive plan, terminated the second phase of the 2024 restricted stock incentive plan, and the lock-up period for the 2024 employee stock ownership plan expired on May 7, 2025 - The company cancelled certain restricted shares due to incentive recipients' departures or the company's/individual's failure to meet performance targets[97] - The first vesting period of the 2024 restricted stock incentive plan completed share registration, with 788,880 shares vested, increasing the company's total share capital[98] - The company terminated the implementation of the second phase of the 2024 restricted stock incentive plan[98] Significant Events Information on significant commitments, use of raised funds, and other material events affecting the company Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitments made during the initial public offering, including share lock-up, price stabilization, information disclosure accuracy, avoidance of horizontal competition, and regulation of related party transactions; certain shareholders' share lock-up periods were automatically extended by six months due to triggered conditions - The company's controlling shareholder, actual controller Xie Pengcun, and his concerted parties, along with certain directors, supervisors, and senior management, committed not to transfer pre-IPO shares within 36 months from the company's listing date[103][105] - Due to triggering the condition of "closing price falling below the offering price for 20 consecutive trading days within 6 months after listing," the lock-up period for pre-IPO shares held by relevant committing parties was automatically extended by 6 months, until November 25, 2025[149] Explanation of Progress in Use of Raised Funds As of the reporting period end, the company's net proceeds from its initial public offering totaled 861 million CNY, with cumulative investment reaching 610 million CNY, representing a 70.88% progress rate, primarily allocated to power management and motor drive control chip development and industrialization projects, and R&D center construction; during the period, internal investment structures for some projects were adjusted, and the expected completion dates for two major industrialization projects were extended to May 2027 Overall Use of Raised Funds | Item | Amount (CNY) | | :--- | :--- | | Net Proceeds from Raised Funds | 860.78 million CNY | | Total Committed Investment | 652.52 million CNY | | Cumulative Investment as of Period End | 610.11 million CNY | | Overall Investment Progress | 70.88% | - The company adjusted the internal investment structure for the "Power Management Series Control Chip Development and Industrialization Project" and the "Motor Drive Control Chip Development and Industrialization Project," extending their expected completion dates to May 2027[170] Share Changes and Shareholder Information Analysis of changes in share capital and detailed information regarding the company's shareholders Changes in Share Capital During the reporting period, the company issued 788,880 shares to incentive recipients due to the first vesting period of the 2024 restricted stock incentive plan, increasing total share capital from 69,048,939 shares to 69,837,819 shares - Due to the completion of the first vesting period of the 2024 restricted stock incentive plan, the company's total share capital increased from 69,048,939 shares to 69,837,819 shares, with 788,880 new shares issued[175][176] Shareholder Information As of the reporting period end, the company had 6,014 common shareholders; among the top ten shareholders, controlling shareholder and actual controller Xie Pengcun held 18.39%, with Suzhou Fangguang Phase II Venture Capital Partnership (Limited Partnership) as the second largest at 10.23%, indicating a relatively concentrated equity structure among the top ten Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Xie Pengcun | 12,844,050 | 18.39% | | Suzhou Fangguang Phase II Venture Capital Partnership (Limited Partnership) | 7,143,000 | 10.23% | | Shenzhen Kaiweis Enterprise Management Center (Limited Partnership) | 5,001,950 | 7.16% | | Yuan Chengjun | 4,671,051 | 6.69% | | Shenzhen Kawester Enterprise Management Center (Limited Partnership) | 4,633,900 | 6.64% | | Zhang Bo | 4,285,700 | 6.14% | | Shenzhen Kawete Enterprise Management Center (Limited Partnership) | 3,312,300 | 4.74% | | Yu Huijie | 2,142,850 | 3.07% | | Beijing Fenghui Investment Management Co., Ltd. | 1,900,000 | 2.72% | | Shenzhen Meikai Shanhe Enterprise Management Consulting Partnership (Limited Partnership) | 433,789 | 0.62% | - Controlling shareholder Xie Pengcun is a concerted party with shareholders Zhang Bo and Yu Huijie; Xie Pengcun also serves as the executive partner for employee stock ownership platforms Kawete, Kawester, and Kaiweis[181] Bond-Related Information Overview of the company's outstanding bonds and other debt financing instruments Company Bonds and Other 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 had no corporate bonds or non-financial enterprise debt financing instruments during the current reporting period[191] Financial Report Presents the company's unaudited consolidated and parent company financial statements for the period Consolidated Balance Sheet As of June 30, 2025, the company's total assets were 1.44 billion CNY, total liabilities 107 million CNY, and equity attributable to parent company owners 1.37 billion CNY, with a debt-to-asset ratio of 7.43%; compared to the beginning of the period, asset structure significantly changed, with decreased monetary funds and increased financial assets held for trading and construction in progress Consolidated Balance Sheet Summary | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 1.21 billion CNY | 1.30 billion CNY | | Total Non-Current Assets | 228.77 million CNY | 160.08 million CNY | | Total Assets | 1.44 billion CNY | 1.46 billion CNY | | Total Current Liabilities | 98.30 million CNY | 131.44 million CNY | | Total Non-Current Liabilities | 8.66 million CNY | 10.40 million CNY | | Total Liabilities | 106.97 million CNY | 141.84 million CNY | | Total Equity Attributable to Parent Company Owners | 1.37 billion CNY | 1.36 billion CNY | | Total Owners' Equity | 1.33 billion CNY | 1.32 billion CNY | Consolidated Income Statement In H1 2025, the company achieved operating revenue of 283 million CNY, a 6.99% year-over-year decrease; operating cost decreased by 12.65% to 199 million CNY, improving gross margin from 25.0% to 29.6%; R&D expenses were 71.85 million CNY, accounting for 25.4% of revenue, resulting in a net loss attributable to parent company shareholders of 8.82 million CNY, a narrower loss compared to 10.61 million CNY in the prior year Consolidated Income Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 282.58 million CNY | 303.82 million CNY | | Operating Cost | 199.00 million CNY | 227.82 million CNY | | Gross Profit | 83.58 million CNY | 76.00 million CNY | | R&D Expenses | 71.85 million CNY | 84.78 million CNY | | Operating Profit | -14.77 million CNY | -20.13 million CNY | | Total Profit | -14.86 million CNY | -20.14 million CNY | | Net Profit | -12.06 million CNY | -19.47 million CNY | | Net Profit Attributable to Parent Company Shareholders | -8.81 million CNY | -10.61 million CNY | Consolidated Cash Flow Statement In H1 2025, net cash flow from operating activities was 4.15 million CNY, a 43.6% year-over-year decrease; net cash outflow from investing activities was 583 million CNY, primarily for wealth management products and long-term asset acquisition; net cash inflow from financing activities was 8.07 million CNY, mainly from capital contributions, resulting in a significant decrease in cash and cash equivalents to 293 million CNY at period-end Consolidated Cash Flow Statement Summary | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4.15 million CNY | 7.36 million CNY | | Net Cash Flow from Investing Activities | -582.62 million CNY | -445.28 million CNY | | Net Cash Flow from Financing Activities | 8.07 million CNY | -22.32 million CNY | | Effect of Exchange Rate Changes on Cash | -845.47 CNY | 1,105.66 CNY | | Net Increase in Cash and Cash Equivalents | -570.40 million CNY | -460.24 million CNY | | Cash and Cash Equivalents at Beginning of Period | 863.71 million CNY | 724.17 million CNY | | Cash and Cash Equivalents at End of Period | 293.31 million CNY | 263.94 million CNY |