盛景微(603375) - 2025 Q2 - 季度财报

Section 1 Definitions Definitions of Common Terms This chapter provides definitions of common terms used in the report, including company names, related parties, senior management, financial measurement units, and reporting periods, ensuring accurate interpretation of the report - The reporting period is defined as January 1, 2025, to June 30, 2025[13] Section 2 Company Profile and Key Financial Indicators I. Company Information This section introduces the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Wuxi Shengjing Microelectronics Co., Ltd., abbreviated as Shengjing Micro, with Zhang Yonggang as the legal representative[15] II. Contact Persons and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, for investor communication - The Board Secretary is Pan Xu, and the Securities Affairs Representative is Zhang Shanshan, both located at H7, China IoT International Innovation Park, No. 6 Jingxian Road, Xinwu District, Wuxi City[16] III. Brief Introduction to Changes in Basic Information This section outlines the historical changes in the company's registered address and provides the current registered address, office address, postal code, company website, and email address - The company's registered address changed to H7, China IoT International Innovation Park, No. 6 Jingxian Road, Xinwu District, Wuxi City on January 17, 2023, and the company website is www.holyview.com[18](index=18&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section lists the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location where the company's semi-annual reports are kept - Designated newspapers for information disclosure include "China Securities Journal", "Shanghai Securities News", "Securities Times", "Securities Daily", "Financial Times", "Economic Reference News", and the website is www.sse.com.cn[19](index=19&type=chunk) V. Company Stock Overview This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, stock code, and previous stock abbreviation - The company's stock is A-shares, listed on the main board of the Shanghai Stock Exchange, stock abbreviation Shengjing Micro, stock code 603375, and the stock abbreviation has not changed[20] VI. Other Relevant Information This section discloses information about the sponsor institution fulfilling continuous supervision duties during the reporting period, including its name, office address, names of signing sponsor representatives, and the continuous supervision period - The sponsor institution is Everbright Securities Co., Ltd., signing sponsor representatives are Huang Tengfei and Lin Jianyun, with a continuous supervision period from January 24, 2024, to December 31, 2026[21] VII. Company's Key Accounting Data and Financial Indicators This section summarizes the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year, showing a significant improvement in profitability 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Same Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 234,745,650.19 | 229,243,779.75 | 2.40 | | Total Profit | 16,529,119.34 | 6,441,518.93 | 156.60 | | Net Profit Attributable to Listed Company Shareholders | 14,377,841.78 | 9,119,671.11 | 57.66 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 11,091,142.47 | 6,674,829.98 | 66.16 | | Net Cash Flow from Operating Activities | 50,360,937.38 | -38,729,679.75 | Not Applicable | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 1,573,714,202.08 | 1,572,817,571.52 | 0.06 | | Total Assets (Period-end) | 1,748,410,368.21 | 1,706,309,648.95 | 2.47 | 2025 H1 Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.09 | 55.56 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.11 | 0.07 | 57.14 | | Weighted Average Return on Net Assets (%) | 0.91 | 0.63 | Increased by 0.28 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 0.70 | 0.46 | Increased by 0.24 percentage points | - Total profit, net profit attributable to parent, and non-recurring net profit attributable to parent increased by 156.60%, 57.66%, and 66.16% respectively, primarily due to increased product sales, refined expense control, and significant revenue growth from subsidiary Shanghai Xianji's signal chain products[24] VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section states that there are no differences in accounting data under domestic and overseas accounting standards for the company IX. Non-recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling 3.29 million yuan 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,703,870.67 | | Government grants recognized in profit or loss for the current period | 1,560,000.00 | | Gains or losses from entrusted investment or asset management | 4,988,603.64 | | Other non-operating income and expenses | -4,279,887.83 | | Other gains and losses that meet the definition of non-recurring gains and losses | 163,578.43 | | Less: Income tax impact | 354,029.38 | | Minority interest impact (after tax) | 495,436.22 | | Total | 3,286,699.31 | X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact This section discloses the company's net profit after deducting the impact of share-based payments, showing a significant increase compared to the same period last year Net Profit After Deducting Share-based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Same Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 15,467,456.99 | 5,539,416.52 | 179.23 | XI. Others This section states that the company has no other matters requiring disclosure Section 3 Management Discussion and Analysis I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section details the company's main business, operating model, and industry situation, emphasizing its leading position in industrial safety electronic control modules and active expansion into new application areas (I) Company's Main Business The company primarily designs high-performance, ultra-low-power chips, provides electronic control modules for industrial safety, and actively expands into new applications like geological exploration and oil extraction. Subsidiary Shanghai Xianji's signal chain product revenue significantly increased - The company is a national-level "specialized, refined, unique, and new" small giant enterprise, holding a CNAS laboratory accreditation certificate[31] - The company's electronic control module products are mainly categorized into general, enhanced, anti-vibration, high-end, coal mine permissible, and seismic exploration types[31] - Subsidiary Shanghai Xianji's main products are high-speed amplifiers and power management products, applied in industrial control, new energy, automotive, communication, and consumer electronics[31] (II) Main Operating Model The company focuses on R&D and sales of electronic control modules, detonator controllers, and amplifiers, adopting an outsourced manufacturing model and maintaining stable cooperation with upstream and downstream partners. Subsidiary Shanghai Xianji primarily uses a distribution model - The company outsources wafer manufacturing, packaging, testing, and SMT assembly, while primarily handling the final assembly and testing of detonator controllers internally[33] - Subsidiary Shanghai Xianji primarily uses a distribution model to sell amplifiers and other products[33] (III) Industry Situation and Company Operations The company's main products serve the civil blasting industry, which operated steadily in the first half but faced intensified market competition. The company's electronic control module sales grew against the trend, and overall operating performance was stable - In the first half of 2025, the cumulative output of industrial detonators in the civil blasting industry decreased by 0.84% year-on-year, while the company's main product, electronic control modules (including electronic control chips), increased by 5.29% year-on-year[34] - The company achieved operating revenue of 234.7457 million yuan, a year-on-year increase of 2.40%; net profit attributable to shareholders of 14.3778 million yuan, a year-on-year increase of 57.66%[34] II. Discussion and Analysis of Operations During the reporting period, the company made significant progress in technology R&D, product innovation, and market expansion, achieving multiple breakthroughs in civil blasting and signal chain fields, and completing initial overseas market layout (I) Core Technology Breakthroughs, Innovation-Driven Development The company focuses on high-end, intelligent, and green transformation in the civil blasting equipment industry, with decreased R&D expense ratio but improved efficiency, achieving key technological breakthroughs in wireless blasting, non-initiating explosive, high-temperature resistant perforating initiation, and high-performance chips - In the first half of 2025, the company's R&D expenses were 35.5581 million yuan, accounting for 15.15% of operating revenue, down from 18.93% in the same period last year, mainly due to group R&D resource integration and cyclical fluctuations in project investment[35] - In wireless electronic detonator technology, the shallow-buried integrated electronic detonator achieved a breakthrough in through-ground technology, providing solutions for unmanned operations[35] - Subsidiary Shanghai Xianji's independently developed Sigma-Delta ADC technology, with its core advantages of low cost, low power consumption, and high-speed sampling, promotes large-scale application in industrial control and smart sensing[36] (II) Product Innovation Upgrade Leveraging fourth-generation electronic detonator control chip technology, the company comprehensively upgraded its initiation system, forming a full product line, and achieved productization of ultra-high temperature resistant module in oil and gas well perforating. Subsidiary Shanghai Xianji launched the LTD2532 chip for the high-end market - The company's fourth-generation electronic detonator control chip technology covers a full product line including coal mine permissible, anti-vibration, enhanced, general, and seismic exploration types[37] - In oil and gas well perforating, the 175℃ ultra-high temperature resistant perforating selective initiation integrated electronic control module was successfully productized, meeting the stringent requirements for ultra-high temperature and pressure downhole environments[37] - Subsidiary Shanghai Xianji launched the LTD2532 chip, a 24-bit resolution, low-distortion dual-channel Σ-Δ ADC, applied in high-precision instruments and fast weighing equipment[38] (III) Civil Blasting Business Steady Expansion, Signal Chain Market Accelerates Breakthroughs The company continues to deepen strategic cooperation with leading enterprises in its core civil blasting business, consolidating its market position, and actively promotes the "chip + application solution" ecosystem plan, achieving significant expansion in the signal chain product market - The company strengthens supply chain advantages through technological synergy and resource integration, consolidating its leading position in the civil blasting sub-industry, with stable and increasing market sales[40] - The "chip + application solution" ecosystem plan is actively promoted in the signal chain product market, significantly enhancing its appeal to general industrial leading customers[40] (IV) Initial Achievements in Overseas Market Layout The company accelerated its internationalization strategy, initially completing market access qualifications in key markets, establishing strategic partnerships with internationally renowned enterprises, and setting up an overseas subsidiary in the Middle East, marking a milestone in its global layout - The company has initially completed market access qualifications in key markets and established strategic partnerships with several internationally renowned enterprises[41] - The establishment of an overseas subsidiary in the Middle East marks a milestone in the global layout[41] - In the second half of 2025, the company will continue to advance R&D of wireless electronic detonators and safety detonator products, actively promote sensor applications, new energy vehicle product R&D, and expand into the low-altitude economy and anti-drone markets[41][42] III. Analysis of Core Competencies During the Reporting Period The company continuously consolidates its leading position in industrial safety and lays a solid foundation for new business expansion, leveraging significant advantages in products, technology, quality management, customer resources, and industry chain resources (I) Product Advantages The company's electronic control module products offer competitive advantages in safety, reliability, shock and interference resistance, and blasting efficiency, with fourth-generation platform products performing exceptionally well in harsh environments with extremely low failure rates - The company's electronic control module products can be applied in wide temperature environments from -40℃ to +85℃, high overload shock, and electromagnetic interference environments[45] - The fourth-generation platform products, equipped with an original four-level safety protection redundant circuit design and millisecond-level self-test algorithm, maintain extremely low failure rates in Qinghai high-altitude mining areas and Xinjiang and Tibet's high-altitude, extremely low-temperature environments[45] (II) Technological Advantages The company possesses core technologies such as high and low voltage ultra-low power chip design, master-slave cascading networks, and shock and interference resistance, and has established a CNAS laboratory, collaborating with universities and clients on basic scientific research to improve R&D efficiency and product yield - The company has built a product development platform based on core technologies, featuring ultra-low power consumption, large-scale networking capabilities, high shock resistance, and anti-interference[46] - Through CNAS laboratory construction, industry-university-research cooperation, and co-establishment of joint laboratories, the company has achieved research results in component failure mechanisms under blasting shock and PPM-level failure rate control theory[46] (III) Quality Management Advantages The company has established a comprehensive ISO 9001 quality management system and strict full-process control mechanisms, ensuring high product quality and market competitiveness through continuous optimization of production processes, strengthened supply chain management, and customer-centric quality culture - The company is ISO 9001 quality management system certified, introducing international advanced quality management tools to ensure high-standard quality requirements from chip design to packaging and testing[47] - The company has established a dedicated quality management department, equipped with advanced testing equipment and a professional technical team, actively responding to market demands and continuously improving product quality and service levels[47] (IV) Customer Resource Advantages The company has built a strong market reputation and brand awareness in the civil blasting industry with its highly safe, reliable, and high-quality products, establishing long-term stable cooperative relationships with over 80% of well-known domestic enterprises - The company has established long-term stable cooperative relationships with over 80% of well-known domestic civil blasting market enterprises, maintaining a leading position in customer recognition[48] (V) Industry Chain Resource Advantages Through close cooperation with upstream and downstream enterprises, the company has built an efficient and collaborative industrial ecosystem, establishing stable partnerships with global leading wafer foundries and packaging and testing enterprises, and deep cooperation with numerous well-known terminal manufacturers, enhancing production efficiency and market competitiveness - The company has established long-term stable cooperation with global leading wafer foundries and packaging and testing enterprises upstream, and deep cooperation with numerous well-known terminal manufacturers and system integrators downstream[50] - The company actively deploys key links in the semiconductor industry chain, consolidating its core position through investment and technological cooperation, and participating in industry standard setting and ecosystem building[50] IV. Main Operating Performance During the Reporting Period This section analyzes the company's financial statement item changes, asset and liability situation, investment status, and operating performance of major holding and participating subsidiaries during the reporting period, revealing specific achievements in financial management and business expansion (I) Main Business Analysis This section analyzes the changes in the company's operating revenue, costs, various expenses, and net cash flow through financial statement item variations, primarily due to increased revenue from subsidiary signal chain products and refined expense control Financial Statement Related Item Change Analysis | Item | Current Period Amount (yuan) | Prior Year Same Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 234,745,650.19 | 229,243,779.75 | 2.40 | | Operating Cost | 153,563,464.56 | 145,659,688.03 | 5.43 | | Selling Expenses | 18,350,592.05 | 19,589,762.77 | -6.33 | | Administrative Expenses | 15,152,928.02 | 18,638,113.52 | -18.70 | | Financial Expenses | -255,129.42 | -1,670,485.72 | Not Applicable | | R&D Expenses | 35,558,135.75 | 43,387,322.35 | -18.04 | | Net Cash Flow from Operating Activities | 50,360,937.38 | -38,729,679.75 | Not Applicable | | Net Cash Flow from Investing Activities | -229,098,825.95 | -596,836,303.07 | Not Applicable | | Net Cash Flow from Financing Activities | 29,848,981.54 | 865,573,690.36 | -96.55 | - Operating revenue growth is mainly due to increased revenue from subsidiary Shanghai Xianji's signal chain products[52] - Decreases in selling, general and administrative, and R&D expenses are mainly due to the company's implementation of refined expense control[53] (II) Explanation of Significant Profit Changes Caused by Non-Core Businesses This section states that there were no significant profit changes caused by non-core businesses during the reporting period (III) Analysis of Assets and Liabilities This section details the changes in the company's assets and liabilities at the end of the period, including increases and decreases in major items such as cash and cash equivalents, trading financial assets, notes receivable, and short-term borrowings, along with their reasons, and discloses overseas asset information Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Current Period End vs. Prior Year End Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 182,611,719.23 | 10.44 | 331,497,251.19 | 19.43 | -44.91 | | Trading Financial Assets | 607,363,283.79 | 34.74 | 372,455,957.18 | 21.83 | 63.07 | | Notes Receivable | 57,876,815.22 | 3.31 | 112,443,561.93 | 6.59 | -48.53 | | Short-term Borrowings | 26,019,420.09 | 1.49 | 2,000,958.33 | 0.12 | 1,200.35 | | Other Payables | 15,437,090.55 | 0.88 | 937,957.26 | 0.05 | 1,545.82 | | Long-term Borrowings | 9,977,000.00 | 0.57 | - | - | Not Applicable | - Decrease in cash and cash equivalents and increase in trading financial assets are mainly due to the company's cash management and entrusted wealth management using raised funds and own funds[56][57] - Increase in short-term and long-term borrowings is mainly due to new bank borrowings by subsidiaries to supplement operating funds and new long-term borrowings for share repurchases this period[57] - Overseas assets amounted to 0.09 million yuan, accounting for 0.01% of total assets[59] (IV) Investment Status Analysis This section outlines the company's external equity investments during the reporting period, including the establishment of several new wholly-owned and controlled subsidiaries, and an investment in Wuxi Juheda Sensing Technology Co., Ltd., also disclosing financial assets measured at fair value - The company established wholly-owned subsidiaries Shengjing Micro Investment Development (Wuxi) Co., Ltd., Shengjing Investment Development Co., Ltd., and Shengjing Technology Development Co., Ltd[61] - The company established a controlled subsidiary Sohar International Explosives Company LLC in the Sultanate of Oman, holding 80% equity[61] Financial Assets Measured at Fair Value | Asset Category | Beginning of Period Amount (yuan) | Current Period Fair Value Change Gain/Loss (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | End of Period Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 372,455,957.18 | 5,950,558.01 | 1,279,518,361.12 | 1,050,638,382.26 | 607,363,283.79 | | Notes Receivable Financing | 81,378,467.10 | - | - | - | 40,990,340.97 | | Total | 453,834,424.28 | 5,950,558.01 | 1,279,518,361.12 | 1,050,638,382.26 | 648,353,624.76 | (V) Significant Asset and Equity Sales This section states that there were no significant asset and equity sales during the reporting period (VI) Analysis of Major Holding and Participating Subsidiaries This section analyzes the operating performance of the company's major holding and participating subsidiaries, particularly the significant growth in operating revenue and net profit of subsidiary Shanghai Xianji Integrated Circuit Co., Ltd., turning losses into profits Operating Performance of Major Holding and Participating Subsidiaries (Jan-Jun 2025) | Company Name | Company Type | Main Business | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Xianji | Subsidiary | R&D, design, and sales of signal chain analog chips | 5,142.51 | 409.35 | 418.74 | | Weina Core | Subsidiary | Engineering and technical research and experimental development | 513.72 | -256.55 | -378.45 | | Shengzexin | Subsidiary | Integrated circuit design, sales | 2,704.5 | 667.79 | 614.24 | - Shanghai Xianji Integrated Circuit Co., Ltd. achieved operating revenue of 51.4251 million yuan in Jan-Jun 2025, a year-on-year increase of 143.38%, and net profit of 4.1874 million yuan, turning losses into profits, mainly due to a significant increase in signal chain product sales[67] (VII) Information on Structured Entities Controlled by the Company This section states that the company has no structured entities under its control V. Other Disclosure Matters This section discloses potential risks faced by the company, including performance fluctuations, internationalization process, failure to expand into new application areas, accounts receivable collection, and inventory impairment risks, emphasizing the importance of risk management (I) Potential Risks The company faces risks of performance fluctuations due to intensified competition in the civil blasting market, legal, regulatory, cultural, competitive, exchange rate, and geopolitical risks in its internationalization process, and risks of core technology expansion failure in new application areas - Competition in the domestic blasting electronic control module market is intensifying, and the industry is in a cyclical adjustment phase, which may lead to a decline in the company's market share and performance fluctuations[69] - The internationalization process faces multiple challenges including trade policies, tax systems, intellectual property protection, cultural differences, exchange rate fluctuations, supply chain management, and geopolitical factors[69] - The company's core technology is primarily applied in the civil blasting field, and expansion into new application areas has uncertainties; if market development falls short of expectations, it will affect performance growth[69] - As of the end of the reporting period, accounts receivable amounted to 406.8603 million yuan, accounting for 26.01% of current assets, posing risks of customer payment difficulties or delayed payments[70] - As of the end of the reporting period, inventory book value was 227.5615 million yuan, accounting for 14.55% of current assets, posing risks of impairment due to unfavorable changes in market demand or improper inventory management[70] (II) Other Disclosure Matters This section states that the company has no other matters requiring disclosure Section 4 Corporate Governance, Environment and Society I. Changes in Directors, Supervisors, and Senior Management This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period II. Profit Distribution or Capital Reserve Conversion Plan This section states that the company has no semi-annual profit distribution plan or capital reserve conversion to share capital plan - The company's proposed semi-annual profit distribution or capital reserve conversion to share capital plan is "No"[73] III. Information on the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact This section states that there were no progress or changes in the company's equity incentive plan, employee stock ownership plan, or other employee incentive measures during the reporting period IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law This section states that the company is not included in the list of enterprises required to disclose environmental information by law V. Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work This section states that the company has no specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work Section 5 Significant Matters I. Fulfillment of Commitments This section details the fulfillment of commitments made by the company's actual controller, shareholders, related parties, and the company itself regarding share lock-up, share price stabilization, share repurchase, fraudulent issuance repurchase, immediate return filling, profit distribution policy, and legal liability for compensation, all commitments being strictly fulfilled - Controlling shareholder and actual controller Zhang Yonggang and his spouse Yin Ting committed not to transfer shares within 36 months from the company's listing date and to comply with rules such as a reduction price not lower than the issue price[76] - The company committed to initiating share repurchase, actual controller increasing holdings, and directors/supervisors/senior management increasing holdings to stabilize share price if the stock's closing price falls below net asset per share within 3 years after listing[93][94] - The company, controlling shareholder, and shareholders holding 5% or more of shares committed to repurchasing shares issued in the initial public offering if the prospectus contains false records, misleading statements, or major omissions[105][106][107] - All parties involved in the commitments stated that they have strictly fulfilled their commitments, with no unfulfilled situations[76][77][78][79][80][81][82][83][84][85][86][87][88][89][90][91][92][93][94][95][96][97][98][99][100][101][102][103][104][105][106][107][108][109][110][111][112][113][114][115][116][117][118][119][120][121][122][123][124][125][126][127][128][129][130][131][132] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period This section states that there was no non-operating fund occupation by controlling shareholders and other related parties during the reporting period III. Irregular Guarantees This section states that there were no irregular guarantees during the reporting period IV. Semi-Annual Report Audit Status This section states that the company's semi-annual report was not audited - This semi-annual report has not been audited[6] V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report This section states that there were no matters involving non-standard audit opinions in the company's previous year's annual report VI. Bankruptcy Reorganization Related Matters This section states that there were no bankruptcy reorganization related matters during the reporting period VII. Significant Litigation and Arbitration Matters This section states that there were no significant litigation or arbitration matters during the reporting period VIII. Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholders, Actual Controllers Suspected of Violations, Penalties, and Rectification This section states that there were no suspected violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers during the reporting period IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period This section states that the company, its controlling shareholders, and actual controllers maintained good integrity during the reporting period, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company and its controlling shareholders and actual controllers maintained good integrity, with no unfulfilled court judgments or significant overdue debts[134] X. Significant Related Party Transactions This section discloses the progress of the company's proposed external investment and related party transaction with its wholly-owned subsidiary Weina Core, where Weina Core intends to invest in Wuxi Juheda Sensing Technology Co., Ltd., but part of the investment is still pending approval - The company's subsidiary Weina Core plans to invest 4 million yuan with a venture capital fund to jointly increase capital and participate in Wuxi Juheda Sensing Technology Co., Ltd., with Weina Core holding 11.43% equity[136] - As of July 12, 2025, Weina Core, Wuxi Julan, and Wuxi Taihu Talent have signed the capital increase agreement, but the related investment by Wuxi Xintou is still pending approval from higher authorities, with uncertainties[137] XI. Significant Contracts and Their Fulfillment This section states that the company had no entrustment, contracting, leasing matters, or other significant contracts during the reporting period, but there were guarantees for subsidiaries, with the total guarantee amount accounting for a low proportion of net assets Company Guarantee Total Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total guarantee amount for subsidiaries incurred during the reporting period | 1,000.00 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 1,000.00 | | Total guarantee amount (A+B) | 1,000.00 | | Total guarantee amount as a percentage of the company's net assets (%) | 0.64% | XII. Explanation of Progress in Use of Raised Funds This section details the overall use of the company's raised funds, specifics of investment projects and their delays, and cash management of idle raised funds, indicating project delays due to site construction and market demand changes Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) | Total Committed Investment Amount in Prospectus or Offering Document (2) | Cumulative Raised Funds Invested as of Reporting Period End (4) | Amount Invested This Year (8) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 960,863,346.06 | 864,084,244.88 | 348,418,785.14 | 55,417,630.40 | 40.32 | | Total | 960,863,346.06 | 864,084,244.88 | 348,418,785.14 | 55,417,630.40 | / | - The "Module R&D and Industrialization Project Delay" and "R&D Center Construction Project" extended their expected usable status to March 2027, mainly due to slower-than-expected site construction, later arrival of raised funds, and changes in market demand for full electronic detonator replacement in the industry[143][150] - The company used 101.68 million yuan of raised funds to replace self-raised funds previously invested in fundraising projects and already paid issuance expenses[148] - The company conducted cash management with idle raised funds, investing in related products, with an end-of-period cash management balance of 450 million yuan, not exceeding the authorized limit[150] XIII. Explanation of Other Significant Matters This section states that the company has no other significant matters requiring disclosure Section 6 Share Changes and Shareholder Information I. Share Capital Changes This section details the company's share capital changes during the reporting period, primarily due to the listing and circulation of some restricted shares and strategically placed restricted shares, leading to a decrease in restricted shares and an increase in unrestricted tradable shares Share Change Table | Share Type | Number Before This Change (shares) | Percentage Before This Change (%) | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,533,333 | 80.00 | -34,056,284 | 46,477,049 | 46.17 | | Of which: Shares held by domestic non-state-owned legal persons | 42,216,945 | 41.94 | -33,509,428 | 8,707,517 | 8.65 | | Shares held by domestic natural persons | 38,316,388 | 38.06 | -546,856 | 37,769,532 | 37.52 | | II. Unrestricted Tradable Shares | 20,133,334 | 20.00 | 34,056,284 | 54,189,618 | 53.83 | | Of which: RMB Ordinary Shares | 20,133,334 | 20.00 | 34,056,284 | 54,189,618 | 53.83 | | III. Total Shares | 100,666,667 | 100 | 0 | 100,666,667 | 100 | - Some restricted shares and all strategically placed restricted shares from the company's initial public offering were listed and circulated on January 24, 2025, totaling 34,056,284 shares[156] Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released During Reporting Period (shares) | Restricted Shares at End of Reporting Period (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Yonggang | 28,178,221 | 0 | 28,178,221 | IPO Restriction | July 24, 2027 | | Shenzhen Fuhai Xinyuan Equity Investment Fund Management Enterprise (Limited Partnership) - Shenzhen Fuhai Xincai Phase II Venture Capital Fund Partnership (Limited Partnership) | 20,250,004 | 20,250,004 | 0 | IPO Restriction | January 24, 2025 | | Wuxi Jiu'anxin Electronic Technology Partnership (Limited Partnership) | 8,707,517 | 0 | 8,707,517 | IPO Restriction | July 24, 2027 | | CITIC Securities Investment Fund - Nanjing Bank - CITIC Securities Investment Fund - Gongying No. 30 Employee Strategic Placement Collective Asset Management Plan | 2,516,666 | 2,516,666 | 0 | IPO Restriction | January 24, 2025 | II. Shareholder Information This section discloses the total number of shareholders, the top ten shareholders, and the top ten unrestricted tradable share shareholders as of the end of the reporting period, and explains the related party relationships among major shareholders - As of the end of the reporting period, the total number of common shareholders was 15,569[160] Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | :--- | | Zhang Yonggang | 28,178,221 | 27.99 | 28,178,221 | None | | Shenzhen Fuhai Xinyuan Equity Investment Fund Management Enterprise (Limited Partnership) - Shenzhen Fuhai Xincai Phase II Venture Capital Fund Partnership (Limited Partnership) | 20,250,004 | 20.12 | 0 | None | | Wuxi Jiu'anxin Electronic Technology Partnership (Limited Partnership) | 8,707,517 | 8.65 | 8,707,517 | None | | Zhao Xianfeng | 4,903,846 | 4.87 | 4,903,846 | None | | Pan Xu | 4,687,465 | 4.66 | 4,687,465 | None | - Zhang Yonggang is the executive partner of Wuxi Jiu'anxin and holds 10.00% of its capital contribution; Yin Ting is Zhang Yonggang's spouse and holds 46.0095% of Wuxi Jiu'anxin's capital contribution; Pan Xu is a limited partner of Wuxi Jiu'anxin[163] III. Information on Directors, Supervisors, and Senior Management This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, nor any equity incentive situations IV. Changes in Controlling Shareholder or Actual Controller This section states that there were no changes in the controlling shareholder or actual controller during the reporting period V. Preferred Share Related Information This section states that the company has no preferred share related information Section 7 Bond Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section states that the company has no corporate bonds or non-financial enterprise debt financing instruments II. Convertible Corporate Bonds This section states that the company has no convertible corporate bonds Section 8 Financial Report I. Audit Report This section states that the company's semi-annual report was not audited - This semi-annual report has not been audited[6] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position and operating results Major Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 182,611,719.23 | 331,497,251.19 | | Trading Financial Assets | 607,363,283.79 | 372,455,957.18 | | Accounts Receivable | 406,860,276.89 | 354,747,828.73 | | Inventories | 227,561,481.17 | 219,050,483.59 | | Total Assets | 1,748,410,368.21 | 1,706,309,648.95 | | Short-term Borrowings | 26,019,420.09 | 2,000,958.33 | | Accounts Payable | 103,887,915.36 | 82,207,079.14 | | Total Liabilities | 193,692,504.75 | 153,604,557.56 | | Total Owners' Equity Attributable to Parent Company | 1,573,714,202.08 | 1,572,817,571.52 | Major Data from Consolidated Income Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 234,745,650.19 | 229,243,779.75 | | Total Operating Costs | 223,543,121.02 | 225,896,100.63 | | Operating Profit | 20,809,007.17 | 6,666,086.09 | | Total Profit | 16,529,119.34 | 6,441,518.93 | | Net Profit | 15,493,983.29 | 4,601,649.07 | | Net Profit Attributable to Parent Company Shareholders | 14,377,841.78 | 9,119,671.11 | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.09 | Major Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 50,360,937.38 | -38,729,679.75 | | Net Cash Flow from Investing Activities | -229,098,825.95 | -596,836,303.07 | | Net Cash Flow from Financing Activities | 29,848,981.54 | 865,573,690.36 | | Net Increase in Cash and Cash Equivalents | -148,885,531.96 | 230,007,707.54 | | Cash and Cash Equivalents at End of Period | 182,611,719.23 | 292,669,443.47 | III. Company Basic Information This section introduces the company's overview, including registered capital, registered address, legal representative, main business activities and products, and explains changes in the company's registered capital - The company's registered capital is 100.666667 million yuan, and the legal representative is Zhang Yonggang[204] - The company's main business activities include the development, production, and sales of electronic control modules, detonator controllers, and amplifiers[204] - In January 2024, the company initially issued 25.166667 million ordinary shares, increasing its registered capital to 100.666667 million yuan[204] IV. Basis of Financial Statement Preparation This section explains the basis for preparing the company's financial statements, which is a going concern, adhering to enterprise accounting standards and their application guidelines and interpretations, and disclosing financial information in accordance with relevant CSRC regulations - The company prepares its financial statements on a going concern basis, adhering to enterprise accounting standards and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[205] - The company assessed its going concern ability for 12 months from the end of the reporting period and found no matters affecting its going concern ability[206] V. Significant Accounting Policies and Estimates This section elaborates on the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, financial instruments, inventories, revenue recognition, government grants, deferred income tax, leases, and other significant accounting policies and estimates, as well as changes in accounting policies for the current period - The company's accounting year runs from January 1 to December 31, and the actual preparation period for these financial statements is from January 1, 2025, to June 30, 2025[209] - At initial recognition, the company classifies financial assets as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income, based on the business model for managing financial assets and their contractual cash flow characteristics[229] - The company recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods[298] - The company implemented the provisions of "Interpretation No. 17 of Enterprise Accounting Standards" and "Compilation of Enterprise Accounting Standards Application Guidelines 2024" regarding the inclusion of guarantee-type warranty expenses in operating costs starting from January 1, 2024, with no significant impact on the financial statements for the reporting period[320] VI. Taxation This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, and details the tax preferential policies for the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 6.00%, 13.00% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7.00%, 5.00% | | Corporate Income Tax | Taxable income | 20.00%, 15.00%, 16.50% | | Education Surcharge and Local Education Surcharge | Amount of turnover tax payable | 5.00% | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original value of the property; for rent-based assessment, 12% of rental income | 1.20%, 12.00% | - The company and its subsidiaries Shanghai Xianji and Weina Core enjoy a 15% corporate income tax preferential rate as high-tech enterprises[324] - Subsidiaries Shengzexin, Shenyang Dingxin, and Shengjing Micro Investment Development (Wuxi) Co., Ltd., as small and micro-profit enterprises, are subject to a 20% corporate income tax rate for 2025, and enjoy a 25% reduction in taxable income[326] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on various assets, liabilities, owners' equity, income, expenses, and other items in the consolidated financial statements, including end-of-period balances, beginning-of-period balances, current period changes, and reasons for changes, offering detailed information on the company's financial position and operating results Changes in Cash and Cash Equivalents | Item | End of Period Balance (yuan) | Beginning of Period Balance (yuan) | | :--- | :--- | :--- | | Cash on hand | 35,456.81 | 34,556.81 | | Bank deposits | 182,576,262.42 | 331,462,694.38 | | Total | 182,611,719.23 | 331,497,251.19 | | Of which: Total funds deposited overseas | 89,410.91 | - | - End-of-period cash and cash equivalents decreased by 44.91% compared to the beginning of the period, mainly due to the company's increased purchases of wealth management products and large-denomination certificates of deposit[328] Composition of Trading Financial Assets | Item | End of Period Balance (yuan) | Beginning of Period Balance (yuan) | | :--- | :--- | :--- | | Structured deposits | 300,403,125.01 | 311,535,527.78 | | Negotiable large-denomination certificates of deposit | 233,596,408.78 | 40,920,429.40 | | Wealth management products | 73,363,750.00 | 20,000,000.00 | | Total | 607,363,283.79 | 372,455,957.18 | Classification of Notes Receivable | Item | End of Period Balance (yuan) | Beginning of Period Balance (yuan) | | :--- | :--- | :--- | | Bank acceptance bills | 43,993,727.92 | 83,771,809.71 | | Supply chain bills | 13,645,167.30 | 22,930,292.21 | | Commercial acceptance bills | 237,920.00 | 5,741,460.01 | | Total | 57,876,815.22 | 112,443,561.93 | Aging Distribution of Accounts Receivable | Aging | End of Period Book Balance (yuan) | Beginning of Period Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 379,609,532.76 | 312,728,948.41 | | 1 to 2 years | 51,299,811.99 | 63,993,264.19 | | 2 to 3 years | 87,700.00 | 87,700.00 | | Total | 430,997,044.75 | 376,809,912.60 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main business | 228,149,571.43 | 148,275,914.33 | 215,438,832.27 | 135,927,914.56 | | Other businesses | 6,596,078.76 | 5,287,550.23 | 13,804,947.48 | 9,731,773.47 | | Total | 234,745,650.19 | 153,563,464.56 | 229,243,779.75 | 145,659,688.03 | VIII. R&D Expenses This section lists the company's R&D expenses categorized by nature of expense for the reporting period, totaling 35.56 million yuan, all expensed, a decrease from the same period last year R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee compensation | 22,006,240.28 | 26,634,248.14 | | Depreciation and amortization | 6,812,195.40 | 7,045,025.51 | | Material costs | 3,955,987.08 | 4,608,150.96 | | Travel expenses | 562,778.21 | 767,373.93 | | Outsourced R&D fees | 419,712.98 | 3,423,847.10 | | Others | 1,801,221.80 | 908,676.71 | | Total | 35,558,135.75 | 43,387,322.35 | | Of which: Expensed R&D expenditure | 35,558,135.75 | 43,387,322.35 | | Capitalized R&D expenditure | - | - | IX. Changes in Consolidation Scope This section states that there were no changes in the consolidation scope due to business combinations under common control, business combinations not under common control, reverse acquisitions, or disposal of subsidiaries during the reporting period, but several wholly-owned and controlled subsidiaries were newly established - The company established a wholly-owned subsidiary, Shengjing Micro Investment Development (Wuxi) Co., Ltd., on January 20, 2025[495] - The company established wholly-owned subsidiaries Shengjing Investment Development Co., Ltd. and Shengjing Technology Development Co., Ltd. in the Hong Kong Special Administrative Region on February 20 and February 26, 2025, respectively[495] - The company established a controlled subsidiary Sohar International Explosives Company LLC in the Sultanate of Oman on March 3, 2025, holding 80% equity[495] X. Interests in Other Entities This section details the company's interests in subsidiaries, including the composition of the enterprise group, important non-wholly-owned subsidiaries and their key financial information, and the basis for the company's control over subsidiaries Composition of Enterprise Group | Subsidiary Name | Registered Capital (ten thousand yuan) | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | | Weina Core | 500.00 | Engineering and technical research and experimental development | 100.00 | | Shanghai Xianji | 1,098.90 | Engineering and technical research and experimental development | 72.11 | | Shengzexin | 3,000.00 | Integrated circuit design, sales | 100.00 | | Shenyang Dingxin | 1,000.00 | Research and experimental development | 90.00 (Indirect) | | Shengjing Micro Investment Development (Wuxi) Co., Ltd. | 4,800.00 | Integrated circuit sales, investment activities | 100.00 | | Shengjing Investment Development Co., Ltd. | HKD 1 million | Integrated circuit sales | 100.00 (Indirect) | | Shengjing Technology Development Co., Ltd. | HKD 1 million | Integrated circuit sales | 100.00 (Indirect) | | Sohar International Explosives Company LLC | OMR 0.384845 million | Civil blasting product trade, detonator and explosive production, blasting engineering contracting | 80.00 (Indirect) | Key Financial Information of Important Non-Wholly-Owned Subsidiary (Shanghai Xianji) | Item | End of Period Balance (ten thousand yuan) | Beginning of Period Balance (ten thousand yuan) | | :--- | :--- | :--- | | Current assets | 7,847.39 | 3,555.80 | | Non-current assets | 968.15 | 1,340.78 | | Total assets | 8,815.54 | 4,896.58 | | Current liabilities | 15,364.73 | 11,831.12 | | Non-current liabilities | 42.34 | 66.64 | | Total liabilities | 15,407.07 | 11,897.76 | | Operating revenue | 5,142.51 | 2,112.97 | | Net profit | 418.74 | -1,615.76 | | Total comprehensive income | 418.74 | -1,615.76 | | Cash flow from operating activities | -1,979.42 | 67.42 | XI. Government Grants This section discloses the company's government grant-related liability items and government grant amounts recognized in profit or loss for the current period, primarily deferred income related to assets and government grants related to income Liability Items Involving Government Grants | Financial Statement Item | Beginning of Period Balance (yuan) | New Grants This Period (yuan) | Recognized in Other Income This Period (yuan) | End of Period Balance (yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred income | 177,500.10 | - | 15,000.00 | 162,500.10 | Asset-related | | Total | 177,500.10 | - | 15,000.00 | 162,500.10 | / | Government Grants Recognized in Profit or Loss for the Current Period | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 15,000.00 | 50,294.10 | | Income-related | 1,545,000.00 | 475,137.83 | | Total | 1,560,000.00 | 525,431.93 | XII. Risks Related to Financial Instruments This section analyzes the credit risk and liquidity risk faced by the company, including accounts receivable concentration, maturity distribution of financial liabilities, and discloses the derecognition of transferred financial assets - The company's top five accounts receivable customers account for 58.45% of the total, and the top five other receivables companies account for 92.50%, indicating a certain concentration of credit risk[506] Maturity of Financial Liabilities (June 30, 2025) | Item | Within 1 Year (yuan) | 1-2 Years (yuan) | 2-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term borrowings | 26,019,420.09 | - | - | - | | Accounts payable | 103,887,915.36 | - | - | - | | Other payables | 15,437,090.55 | - | - | - | | Non-current liabilities due within one year | 1,715,552.15 | - | - | - | | Other current liabilities - notes receivable not derecognized | 26,996,502.24 | - | - | - | | Lease liabilities | - | 250,280.54 | 172,994.17 | - | | Long-term borrowings | - | 23,000.00 | 9,954,000.00 | - | | Total | 174,056,480.39 | 273,280.54 | 10,126,994.17 | - | - Among the accounts receivable financing and notes receivable transferred by endorsement, some have been derecognized and some have not, mainly based on whether risks and rewards have been transferred[508][509][510][511][512][513] XIII. Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, and explains the valuation techniques and significant parameters for Level 2 and Level 3 fair value measurements Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring fair value measurements | - | - | - | - | | (I) Trading financial assets | - | 607,363,283.79 | - | 607,363,283.79 | | (VI) Notes receivable financing | - | - | 40,990,340.97 | 40,990,340.97 | | Total assets measured at recurring fair value | - | 607,363,283.79 | 40,990,340.97 | 648,353,624.76 | - The company's Level 2 fair value measurements for trading financial assets (negotiable large-denomination certificates of deposit, structured deposits, wealth management products) primarily