路维光电(688401) - 2025 Q2 - 季度财报

Definitions Definitions of Common Terms This chapter provides definitions of common terms used in the report, covering company entities, related parties, industry terminology, and major customer names, to ensure clear understanding of the report content - The reporting period refers to January 1, 2025, to June 30, 2025[11] - Photomask is a graphic master used in the photolithography process of micro-nano fabrication technology, whose precision and quality directly affect the yield of downstream products[11] - The company's major customers include BOE, TCL CSOT, Tianma Microelectronics, EverDisplay Optronics, Visionox, Crifang Technology, Huatian Technology, Tongfu Microelectronics, Sanan Optoelectronics, and others[11] Company Profile and Key Financial Indicators Company Basic Information This section introduces the basic registration information of Shenzhen New Way Photomask Co., Ltd., including its Chinese name, abbreviation, legal representative, registered and office addresses, and mentions the change of the company's registered address in March 2023 - The company's Chinese name is Shenzhen New Way Photomask Co., Ltd., abbreviated as New Way Photomask[16] - The legal representative is Du Wubing[16] - The company's registered address was changed on March 13, 2023, to Room 801, T5 Office Building, Qianhai CR Financial Center, No. 5035 Menghai Avenue, Nanshan Street, Qianhai Shenzhen-Hong Kong Cooperation Zone, Shenzhen[16] Contact Person and Contact Information This section provides contact information for the company's Board Secretary Xiao Qing and Securities Affairs Representative Shen Xiaoping, including contact address, phone number, and email, to facilitate communication with investors and relevant parties - The Board Secretary is Xiao Qing, and the Securities Affairs Representative is Shen Xiaoping[17] - The contact phone number is 0755-86019099, and the email address is stock@newwaymask.net[17] Brief Introduction to Information Disclosure and Location Changes This section lists the company's designated information disclosure newspapers (Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily) and the website address for semi-annual reports (www.sse.com.cn), as well as the location where the company's semi-annual report is kept - The company's designated information disclosure newspapers include Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily[18] - The website for semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) Overview of Company Shares/Depositary Receipts This section briefly introduces the listing exchange, stock abbreviation, and stock code of the company's A-shares, confirming that the company's shares are listed on the STAR Market of the Shanghai Stock Exchange - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation “New Way Photomask” and stock code 688401[19] Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 37.48% to CNY 544 million, net profit attributable to shareholders increased by 29.13% to CNY 106 million, net cash flow from operating activities surged by 278.62% to CNY 267 million, and total assets grew by 34.39% to CNY 3.014 billion, primarily due to increased production capacity and expanded sales scale Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 544,027,627.85 Yuan | 395,721,525.20 Yuan | 37.48% | | Total Profit | 120,533,048.96 Yuan | 94,129,109.17 Yuan | 28.05% | | Net Profit Attributable to Shareholders of Listed Company | 106,429,768.86 Yuan | 82,422,996.04 Yuan | 29.13% | | Net Cash Flow from Operating Activities | 266,605,420.31 Yuan | 70,415,169.69 Yuan | 278.62% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,522,339,397.36 Yuan | 1,391,895,736.59 Yuan | 9.37% | | Total Assets (Period-end) | 3,014,063,712.58 Yuan | 2,242,816,653.64 Yuan | 34.39% | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.55 | 0.43 | 27.91% | | Diluted Earnings Per Share (Yuan/share) | 0.55 | 0.43 | 27.91% | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.49 | 0.39 | 25.64% | | Weighted Average Return on Net Assets (%) | 7.41 | 5.63 | Increased by 1.78 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 6.62 | 5.09 | Increased by 1.53 percentage points | | R&D Investment as % of Operating Revenue (%) | 3.31 | 5.04 | Decreased by 1.73 percentage points | - Operating revenue increased by 37.48% year-on-year, primarily due to the company's increased production capacity, with growth in both flat panel display photomasks and semiconductor photomasks[21] - Net cash flow from operating activities increased by 278.62% year-on-year, mainly due to increased sales volume and higher cash receipts from sales of goods and services[22] - Total assets increased by 34.39% year-on-year, primarily due to the receipt of convertible bond proceeds and increased cash from sales of goods and services[22] 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 CNY 11,390,389.93, primarily including government subsidies and gains/losses from disposal of financial assets Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 8,895.55 | | Government grants recognized in profit or loss for the current period | 10,664,972.00 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 988,400.07 | | Other non-operating income and expenses | 20,713.13 | | Less: Income tax impact | 292,590.82 | | Total | 11,390,389.93 | Net Profit After Deducting Impact of Share-based Payments This section discloses the company's net profit after deducting the impact of share-based payments, which was CNY 109,318,905.26 in the first half of 2025, representing a year-on-year increase of 31.94%, higher than the net profit growth rate without deducting share-based payments Net Profit After Deducting Impact of Share-based Payments | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-based Payments | 109,318,905.26 Yuan | 82,853,856.47 Yuan | 31.94% | Management Discussion and Analysis Industry and Main Business Overview As a leading professional third-party photomask manufacturer in China, the company's main business covers the R&D, production, and sales of flat panel display and semiconductor photomasks. During the reporting period, the company benefited from strong demand in downstream semiconductor and display industries (especially AI, new energy vehicles, OLED, etc.), continuously expanding its market share. The company holds leading technology in G11 high-generation, half-tone, and phase-shift photomasks, actively deploying advanced packaging and new display technologies, offering a rich product portfolio, primarily operating through customized direct sales, and maintaining continuous R&D investment - Photomasks are critical materials in flat panel display and semiconductor manufacturing, driven by emerging industries such as new energy vehicles, industrial automation, IoT, AI, and robotics, leading to robust demand[28] - The domestic semiconductor photomask market size is estimated to be approximately CNY 18.7 billion in 2025, with CNY 10 billion for wafer manufacturing photomasks, CNY 2.6 billion for packaging photomasks, and CNY 6.1 billion for other device photomasks[32] - New advanced packaging technologies such as CoWoS, CoWoP, CoPoS, and FOPLP generate increased demand for photomasks, and the company's products can meet the photomask requirements for these new packaging technologies[33][39] - The increasing OLED penetration rate and new production lines by panel manufacturers (such as BOE and Visionox's G8.6 AMOLED lines) are driving significant growth in AMOLED photomask demand[39][40] - The rise of domestic FMM (Fine Metal Mask) is evident, with EverDisplay Optronics having deployed multiple FMM mass production lines; the company is a key supplier to EverDisplay Optronics and Zhongling Technology, possessing a technological advantage in G11 FMM photomask production[44][45] - The company is the only domestic enterprise with G11 flat panel display photomask production capability in China, holding a 25.52% market share in G11 photomask sales revenue in 2024, ranking second globally[52] - In 2024, the company's flat panel display photomask revenue grew by 44.6% in JPY terms (and 35.07% in RMB terms) year-on-year, achieving the highest growth rate globally[54] - The company has achieved mass production of 180nm process node semiconductor photomasks, with 150nm/130nm products validated by customers and in small-batch mass production, widely applied in IC manufacturing, IC devices, and advanced packaging fields[58] - The company adopts a "procurement based on sales" purchasing model and "build-to-order" production model, with direct sales as its sales model, and its R&D model follows the philosophy of "producing one generation, reserving one generation, and developing one generation"[60][61][62] Industry Overview Photomasks, as critical masters in micro-nano fabrication photolithography, are widely used in flat panel display and semiconductor manufacturing. Driven by emerging industries like new energy vehicles, AI, and IoT, the domestic semiconductor photomask market is projected to reach nearly CNY 20 billion by 2025. Advanced packaging technologies such as CoWoS and FOPLP are generating demand for more high-precision photomasks. In the flat panel display sector, increasing OLED penetration, the deployment of high-generation production lines (e.g., G8.6 AMOLED), and the rise of FMM technology collectively drive the growth of high-precision, large-size photomask markets. The company is a global leader in G11 photomasks, with its flat panel display photomask revenue growth ranking first worldwide - Photomask is a graphic master used in the photolithography process of micro-nano fabrication technology, whose precision and quality directly affect the yield of downstream products[28] - The global semiconductor photomask market size is estimated to be USD 8.94 billion in 2025, with the domestic market size approximately CNY 18.7 billion[32] - Advanced packaging technologies (such as CoWoS, CoWoP, FOPLP) impose more stringent technical requirements on photomasks, and the company's products can meet these demands[33][39] - OLED panels are widely used in smartphones, TVs, wearables, and other fields, with demand for IT-use hybrid OLEDs projected to reach 18.9 million units in 2025, a growth rate exceeding 56%[39] - Domestic manufacturers BOE and Visionox are actively deploying G8.6 AMOLED production lines, with BOE's project totaling CNY 63 billion and Visionox's project investing CNY 55 billion[40] - The global FMM market size reached USD 1.5 billion in 2024, and is expected to grow to USD 3.2 billion by 2033, with a compound annual growth rate of 9.5%[44] - The company is the only enterprise in China that masters G11 photomask manufacturing technology, with a 25.52% market share in G11 photomask sales revenue in 2024, ranking second globally[52] - In 2024, the company's flat panel display photomask revenue grew by 44.6% in JPY terms (and 35.07% in RMB terms) year-on-year, achieving the highest growth rate globally[54] Main Business Overview As a leading professional third-party photomask manufacturer in China, the company adopts an "screen-driven chip" strategy, offering flat panel display and semiconductor photomask products. The company has repeatedly broken foreign monopolies in G11 high-precision ultra-large size, half-tone, phase-shift photomasks, and photoresist coating technologies. Its products cover G2.5-G11 full-generation display technologies and 180nm/150nm/130nm semiconductor manufacturing, also applied in advanced packaging. The company profits through a customized direct sales model, with procurement based on sales, production based on orders, and R&D following the "producing one generation, reserving one generation, developing one generation" philosophy - The company is a leading professional third-party photomask manufacturer in China, adhering to the "screen-driven chip" strategy, providing photomask products to well-known downstream display manufacturers, wafer manufacturers, IC design companies, and packaging and testing companies[55] - The company is the first and only domestic enterprise, and the fourth globally, to master G11 high-precision ultra-large size photomask technology[57] - The company has achieved mass production of full-generation half-tone photomasks (HTM), breaking foreign technological monopolies; in the phase-shift photomask (PSM) field, Metal Mesh PSM has been mass-produced, and CF PSM has passed customer validation and entered mass production[57] - The company has achieved mass production of 180nm process node semiconductor photomasks, with 150nm/130nm products validated by customers and in small-batch mass production, covering third-generation semiconductor-related products[58] - The company primarily generates revenue and profit by providing customized photomask products to customers in downstream industries such as flat panel displays and semiconductors[60] - The company adopts a "build-to-order" model, mainly because photomasks are customized products, and customers in different downstream fields have varying requirements for photomask size and precision[61] - The company adheres to the philosophy of "producing one generation, reserving one generation, and developing one generation," consistently committed to independent R&D and technological innovation[62] Discussion and Analysis of Operations In the first half of 2025, the company achieved double-digit growth in operating revenue and net profit, primarily driven by the capacity release of the "High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion" project. The Luxin Semiconductor project progressed smoothly, and the Xiamen High-Generation Photomask Production Base project was launched. The company collaborated with BOE's G8.6 AMOLED production line and acquired over 70 new customers. R&D investment reached CNY 18.015 million, focusing on G8.6 AMOLED, FOPLP, and other advanced packaging processes, while actively exploring AI applications in graphic data processing. Photomask demand is driven by downstream product iteration and technological evolution, showing a trend of both volume and price increases, with strong willingness for domestic substitution - In the first half of 2025, the company's operating revenue was CNY 544.0276 million, a year-on-year increase of 37.48%; net profit attributable to shareholders was CNY 106.4298 million, a year-on-year increase of 29.13%[63] - The "High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion" project saw rapid capacity ramp-up and continuous volume release[63] - Phase I of the Luxin Semiconductor Photomask project covers 130-40nm process nodes, with 90nm and above semiconductor photomasks already sampled to customers and partially validated, and trial production for 40nm planned to start in the second half of 2025[64][65] - The company invested CNY 2 billion to build the "Xiamen New Way Photomask High-Generation High-Precision Photomask Production Base Project," planning to construct 11 high-end photomask production lines, with revenue expected in the second half of 2026[66] - The company has conducted preliminary technical discussions and business negotiations with BOE, becoming a key supplier of photomasks for BOE's G8.6 AMOLED production line, with the first set of G8.6 AMOLED photomasks planned for delivery in Q3 2025[67] - In the first half of 2025, the company introduced over 70 new customers, bringing the total number of cooperative customers to over 500[67] - R&D investment during the reporting period was CNY 18.015 million, accounting for 3.31% of operating revenue, with R&D projects including G8.6 AMOLED and FOPLP panel-level packaging photomasks[69] - Photomask demand is driven by downstream product iteration, new technology applications, and new scenario development, with less impact from downstream industry cyclicality[71] - The increasing proportion of high-value-added products such as high-resolution, multi-tone, and phase-shift photomasks is driving a steady increase in average photomask prices[73] Financial Performance In the first half of 2025, the company's operating revenue increased by 37.48% to CNY 544 million, net profit attributable to shareholders increased by 29.13% to CNY 106 million, and non-recurring net profit attributable to shareholders increased by 27.59% to CNY 95.0394 million. Both flat panel display and semiconductor photomasks achieved strong growth, with OLED photomasks showing significant acceleration, driving improved profitability Financial Performance for H1 2025 | Indicator | Amount (ten thousand Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 54,402.76 | 37.48 | | Net Profit Attributable to Shareholders of Listed Company | 10,642.98 | 29.13 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 9,503.94 | 27.59 | - Both flat panel display photomasks and semiconductor photomasks achieved strong growth, with OLED photomasks showing significant acceleration, driving structural improvement and enhanced profitability for flat panel display photomasks[63] Operational Progress The company's "High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion" project saw rapid capacity ramp-up. Phase I of the Luxin Semiconductor Photomask project progressed smoothly, with 90nm and above products sampled and partially validated. The Xiamen High-Generation High-Precision Photomask Production Base project has broken ground, with revenue expected in the second half of 2026. The company has collaborated with BOE's G8.6 AMOLED production line and acquired over 70 new customers. R&D investment reached CNY 18.015 million, focusing on G8.6 AMOLED, FOPLP, and other advanced packaging processes, while actively exploring AI applications in graphic data processing - The "High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion" project saw rapid capacity ramp-up and continuous volume release[63] - Phase I of the Luxin Semiconductor Photomask project's main equipment, including electron beam lithography machines, has successively arrived and been put into production, with 90nm and above semiconductor photomasks sampled to customers and partially validated[64] - The Xiamen New Way Photomask High-Generation High-Precision Photomask Production Base project completed its groundbreaking ceremony in July 2025, with revenue expected in the second half of 2026[66] - The company has conducted preliminary technical discussions and business negotiations with BOE, becoming a key supplier of photomasks for BOE's G8.6 AMOLED production line[67] - In the first half of 2025, the company introduced over 70 new customers, bringing the total number of cooperative customers to over 500[67] - In the first half of 2025, the company's R&D investment reached CNY 18.015 million, accounting for 3.31% of operating revenue[69] - The company initiated new R&D projects including G8.6 AMOLED product development, FOPLP panel-level packaging photomask research, and improvement of semiconductor photomask overlay measurement precision[69] - The company is actively deploying AI applications in graphic data processing, developing an external frame barcode graphic coordinate calculation and generation system to optimize graphic processing workflows in the packaging industry[69] Demand Analysis Photomask demand is driven by downstream product iteration, new technology applications, and new scenario development, closely linked to the diversity of end products, and less affected by downstream industry cyclicality. The increasing proportion of high-value-added products such as high-resolution, multi-tone, and phase-shift photomasks is driving a steady increase in average photomask prices. As a domestic manufacturer, the company benefits from domestic substitution due to its advantages in delivery time, service, and response speed. The expansion of downstream application scenarios like AI chips and automotive electronics, coupled with display technology iterations (e.g., 8K, foldable screens, Micro-LED), collectively propel the photomask industry into a high-growth cycle - Photomask demand primarily stems from the iteration of downstream products, the application of new technologies, and the development of new scenarios, closely related to the diversity of end products, and less affected by downstream industry cyclicality[71] - As highly customized non-standard products, photomasks' prices are influenced by size, type, and specifications; the increasing proportion of high-precision, high-value-added products (such as HR, Multi-tone, PSM) is driving a steady increase in average prices[72][73] - As a domestic photomask manufacturer, the company possesses significant advantages in delivery time, service, and response speed, and downstream customers show a strong willingness for domestic substitution[74] - The continuous expansion of downstream application scenarios such as AI chips and automotive electronics, coupled with innovations in packaging technology (e.g., Chiplet, 3DIC, FOPLP) and display technology iterations (e.g., 8K, foldable screens, Micro-LED), collectively drive photomask demand growth and propel the industry into a high-growth cycle[75] Analysis of Core Competencies The company's core competencies lie in its leading technological level, extensive industry experience, outstanding R&D capabilities, and high-quality customer resources. The company has broken foreign monopolies in high-end flat panel display photomasks such as G11 high-generation, half-tone, grayscale, and PSM, and masters new display technologies including LTPO, Mini-LED, Micro-LED, and silicon-based OLED. In the semiconductor field, focusing on third-generation semiconductors and advanced packaging, it has achieved mass production of 150nm/130nm node products. The company boasts nearly 30 years of industry experience, has developed 48 core process technologies, and established long-term cooperative relationships with renowned customers like BOE, Tianma Microelectronics, and Huatian Technology - The company was the first in China to achieve G11 photomask production, and is the first domestic and fourth global enterprise to master G11 high-generation photomask manufacturing technology, capable of fully supporting G2.5-G11 different generation panel production lines[77] - The company has gradually achieved domestic substitution for high-end photomask products such as high-generation half-tone, high-generation grayscale, and PSM phase-shift photomasks, with technical indicators reaching international advanced levels[77] - In the semiconductor field, the company focuses on third-generation semiconductors and advanced packaging as its main development directions, having expanded its production capacity share for 150nm/130nm node and below products[78] - The company possesses nearly 30 years of photomask R&D and manufacturing experience, and has established good communication and strategic cooperation with renowned enterprises in the downstream flat panel display and semiconductor industries[78] - The company holds 48 core process technologies, covering TFT, multi-grayscale, half-tone, AMOLED, PSM, semiconductor photomask manufacturing technologies, and has undertaken multiple national and provincial/municipal government scientific research projects[79][81] - The company has established long-term and stable cooperative relationships with numerous renowned customers, including BOE, Tianma Microelectronics, TCL CSOT, Crifang Technology, Huatian Technology, Tongfu Microelectronics, and Sanan Optoelectronics[79] Analysis of Core Competencies The company's core competencies lie in its leading technological level, extensive industry experience, outstanding R&D capabilities, and high-quality customer resources. The company has broken foreign monopolies in high-end flat panel display photomasks such as G11 high-generation, half-tone, grayscale, and PSM, and masters new display technologies including LTPO, Mini-LED, Micro-LED, and silicon-based OLED. In the semiconductor field, focusing on third-generation semiconductors and advanced packaging, it has achieved mass production of 150nm/130nm node products. The company boasts nearly 30 years of industry experience, has developed 48 core process technologies, and established long-term cooperative relationships with renowned customers like BOE, Tianma Microelectronics, and Huatian Technology - In 2019, the company achieved independent R&D and production of G11 photomasks for the first time in China, joining the ranks of international leaders[76] - The company is the first domestic and fourth global enterprise to master G11 high-generation photomask manufacturing technology, capable of fully supporting G2.5-G11 full-generation panel production lines[77] - In the semiconductor field, the company focuses on third-generation semiconductors and advanced packaging as its main development directions, having achieved mass production of 180nm process node semiconductor photomasks, with 150nm/130nm products validated by customers and in small-batch mass production[78] - The company has been deeply involved in the photomask industry for nearly 30 years, accumulating profound industry insights and R&D capabilities, possessing 48 core process technologies[79][81] - The company has established long-term and stable cooperative relationships with numerous renowned customers, including BOE, Tianma Microelectronics, TCL CSOT, Crifang Technology, Huatian Technology, Tongfu Microelectronics, and Sanan Optoelectronics[79] Core Technologies and R&D Progress The company possesses 48 core process technologies, covering G11 and below TFT, AMOLED, LTPS, and semiconductor photomask manufacturing technologies, and continuously innovates in key processes such as photoresist coating, development, etching, and cleaning. During the reporting period, the company added 4 new core process technologies, completed IC photomask reliability research and testing, 3D glass cover plate photomask product development, and initiated new R&D projects including G8.6 AMOLED and FOPLP panel-level packaging photomasks. R&D investment reached CNY 18.015 million, resulting in 4 new authorized patents, with a cumulative total of 169 patent applications and 105 effective authorized patents - During the reporting period, the company added 4 new core process technologies, now possessing a total of 48 core process technologies[81] - Core technologies cover G11 and below TFT (a-Si) photomask manufacturing technology, G11 and below multi-grayscale photomask manufacturing technology for flat panel displays, AMOLED photomask manufacturing technology, 150nm node semiconductor photomask manufacturing technology, and others[82][83][84][85] - The company completed R&D projects for IC photomask reliability research and testing, and 3D glass cover plate photomask product development[86] - New R&D projects initiated include G8.6 AMOLED product development, G8.6 FMM Photo Mask product development, and FOPLP panel-level packaging photomask research[86] R&D Investment Overview | Indicator | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Employee Compensation | 6,244,754.15 | 5,738,119.24 | -9.59 | | Depreciation and Amortization | 6,103,295.87 | 8,170,268.02 | -9.59 | | Direct Input Costs | 2,766,832.04 | 3,150,993.19 | -9.59 | | Maintenance and Testing Fees | 1,730,495.39 | 2,615,768.17 | -9.59 | | Share-based Payment Expenses | 836,468.87 | 0 | -9.59 | | Other R&D Expenses | 333,143.31 | 251,822.06 | -9.59 | | Total | 18,014,989.63 | 19,926,970.68 | -9.59 | - During the reporting period, the company obtained 4 new authorized patents, with a cumulative total of 169 patent applications and 105 effective authorized patents[70][86] Risk Factors The company faces multiple risks, including technological gaps with international manufacturers in core competencies, loss of key technical talent, and technology substitution risks. Operationally, there are risks associated with heavy asset investment, reliance on imported key raw materials and equipment with concentrated suppliers, and a relatively concentrated customer base. Financially, accounts receivable recovery and inventory impairment risks are significant. In terms of the macroeconomic environment, exchange rate fluctuations and changes in tax preferential policies may also adversely affect the company's operating performance - There is a significant gap in the precision of the company's semiconductor photomasks compared to international leading enterprises, primarily in process nodes above 130nm[96] - The cultivation and retention of the company's key technical talent are sources of competitive advantage, but industry talent is scarce, posing a risk of talent loss[96][97] - The company operates in a technology-intensive industry, and if it fails to keep pace with new technological developments, it may face technology substitution risks[98] - The photomask industry is capital-intensive with significant fixed cost investments; if fundraising projects fail to achieve expected returns, new depreciation will erode profits[99] - The company's main raw materials (high-generation quartz substrates, optical films) and production equipment (lithography machines) rely on overseas imports, and supplier concentration is high[99] - During the reporting period, the company's total sales to its top five customers accounted for 78.85% of current operating revenue, indicating a high customer concentration[100] - At the end of the reporting period, the book value of accounts receivable was CNY 263.2213 million, accounting for 18.19% of current assets, posing a recovery risk[102] - At the end of the reporting period, the net inventory was CNY 205.3690 million, accounting for 14.19% of current assets, posing an impairment risk[102] - The company's equipment and raw material purchases are primarily settled in USD and JPY, and exchange rate fluctuations may affect operating performance[105] - The company and its subsidiaries enjoy corporate income tax incentives for high-tech enterprises and Western Development enterprises; if these benefits are not sustained in the future, it will adversely affect profitability[105] Key Operating Performance During the Reporting Period In the first half of 2025, the company achieved operating revenue of CNY 544 million, a year-on-year increase of 37.48%, and net profit attributable to shareholders of CNY 106 million, a year-on-year increase of 29.13%. Significant changes were observed in key accounting items: operating revenue and costs grew with increased capacity, sales and administrative expenses rose due to business expansion and increased remuneration, and financial expenses increased due to exchange losses from JPY fluctuations. Net cash flow from operating activities surged by 278.62%, cash outflow from investing activities increased, and cash inflow from financing activities primarily came from convertible bond proceeds. Total assets and accounts payable significantly increased due to fundraising and equipment payments Key Operating Data for H1 2025 | Indicator | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 544,027,627.85 | 395,721,525.20 | 37.48 | | Operating Cost | 360,809,174.22 | 260,475,151.18 | 38.52 | | Sales Expenses | 8,027,722.69 | 6,582,876.08 | 21.95 | | Administrative Expenses | 23,636,911.08 | 21,057,010.71 | 12.25 | | Financial Expenses | 20,447,533.32 | -2,265,454.39 | Not applicable | | R&D Expenses | 18,014,989.63 | 19,926,970.68 | -9.59 | | Net Cash Flow from Operating Activities | 266,605,420.31 | 70,415,169.69 | 278.62 | | Net Cash Flow from Investing Activities | -249,648,332.25 | -86,656,490.51 | Not applicable | | Net Cash Flow from Financing Activities | 572,784,971.35 | -112,465,220.66 | Not applicable | - The growth in operating revenue was primarily due to increased production capacity, with both flat panel display photomasks and semiconductor photomasks achieving growth[108] - The significant increase in financial expenses was mainly due to increased exchange losses resulting from JPY exchange rate fluctuations[109] - The substantial increase in net cash flow from operating activities was primarily due to increased sales volume and higher cash receipts from sales of goods and services[109] - The significant increase in net cash flow from financing activities was mainly due to the receipt of convertible bond proceeds[110] Asset and Liability Changes for H1 2025 | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Period End Amount (Yuan) | Prior Period End % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 833,799,263.94 | 27.66 | 242,712,918.98 | 10.82 | 243.53 | | Financial Assets Held for Trading | 50,000,000.00 | 1.66 | 0.00 | 0.00 | Not applicable | | Construction in Progress | 159,629,374.92 | 5.30 | 78,872,799.46 | 3.52 | 102.39 | | Intangible Assets | 29,141,453.23 | 0.97 | 13,254,222.59 | 0.59 | 119.87 | | Accounts Payable | 291,784,550.69 | 9.68 | 173,632,227.58 | 7.74 | 68.05 | | Bonds Payable | 529,381,652.09 | 17.56 | 0.00 | 0.00 | Not applicable | - Cash and cash equivalents increased by 243.53% year-on-year, primarily due to the receipt of convertible bond proceeds[111] - The book value of construction in progress increased by 102.39% year-on-year, mainly due to the company's new equipment additions[113] - The balance of bonds payable was CNY 529.3817 million, primarily due to the company's issuance of convertible bonds in June 2025[113] Main Business Analysis In the current period, the company's operating revenue increased by 37.48% year-on-year, and operating costs increased by 38.52%, primarily benefiting from increased production capacity and growth in flat panel display and semiconductor photomask businesses. Sales and administrative expenses rose due to business expansion and increased remuneration, financial expenses increased due to exchange losses from JPY fluctuations, and R&D expenses slightly decreased. Net cash flow from operating activities surged by 278.62%, cash outflow from investing activities increased, and cash inflow from financing activities primarily came from convertible bond proceeds Changes in Financial Statement Items for H1 2025 | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 544,027,627.85 | 395,721,525.20 | 37.48 | | Operating Cost | 360,809,174.22 | 260,475,151.18 | 38.52 | | Sales Expenses | 8,027,722.69 | 6,582,876.08 | 21.95 | | Administrative Expenses | 23,636,911.08 | 21,057,010.71 | 12.25 | | Financial Expenses | 20,447,533.32 | -2,265,454.39 | Not applicable | | R&D Expenses | 18,014,989.63 | 19,926,970.68 | -9.59 | | Net Cash Flow from Operating Activities | 266,605,420.31 | 70,415,169.69 | 278.62 | | Net Cash Flow from Investing Activities | -249,648,332.25 | -86,656,490.51 | Not applicable | | Net Cash Flow from Financing Activities | 572,784,971.35 | -112,465,220.66 | Not applicable | - The change in operating revenue was mainly due to the company's increased production capacity, with growth in both flat panel display photomasks and semiconductor photomasks[108] - The change in financial expenses was mainly due to increased exchange losses resulting from JPY exchange rate fluctuations[109] - The change in net cash flow from operating activities was mainly due to increased sales volume and higher cash receipts from sales of goods and services[109] - The change in net cash flow from financing activities was mainly due to the receipt of convertible bond proceeds[110] Analysis of Assets and Liabilities At the end of the reporting period, the company's cash and cash equivalents significantly increased by 243.53% to CNY 834 million, primarily due to the proceeds from convertible bonds. Total assets grew by 34.39% to CNY 3.014 billion. Construction in progress and intangible assets also saw substantial growth, increasing by 102.39% and 119.87% respectively, reflecting the company's investments in equipment and land. Accounts payable increased by 68.05% to CNY 292 million, and bonds payable increased by CNY 529 million, indicating a change in the company's liability structure due to financing activities Asset and Liability Changes for H1 2025 | Item Name | Current Period End Amount (Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 833,799,263.94 | 243.53 | | Financial Assets Held for Trading | 50,000,000.00 | Not applicable | | Notes Receivable Financing | 2,163,759.31 | -80.79 | | Prepayments | 2,339,028.30 | 55.73 | | Other Receivables | 899,171.75 | 34.18 | | Non-current Assets Due Within One Year | 67,252,500.00 | Not applicable | | Other Current Assets | 12,863,763.01 | 236.43 | | Other Debt Investments | 0.00 | -100.00 | | Construction in Progress | 159,629,374.92 | 102.39 | | Right-of-Use Assets | 250,285.01 | -35.82 | | Intangible Assets | 29,141,453.23 | 119.87 | | Accounts Payable | 291,784,550.69 | 68.05 | | Bonds Payable | 529,381,652.09 | Not applicable | - Cash and cash equivalents increased by 243.53%, primarily due to the receipt of convertible bond proceeds[111] - The book value of construction in progress increased by 102.39%, mainly due to the company's new equipment additions[113] - The book value of intangible assets increased by 119.87%, mainly due to increased land purchase payments[113] - The balance of accounts payable increased by 68.05%, mainly due to the company's equipment payables[113] - The balance of bonds payable was CNY 529.3817 million, primarily due to the company's issuance of convertible bonds in June 2025[113] Analysis of Investment Status During the reporting period, the company's total external equity investment amounted to CNY 100 million, primarily for establishing the wholly-owned subsidiary Xiamen New Way Photomask Co., Ltd., to build a high-generation high-precision photomask production base. The fair value of financial assets measured at fair value at the end of the period was CNY 135.6117 million, mainly comprising bank wealth management products. The company also invested in photomask and upstream/downstream industry projects through the New Way Shengde Private Equity Investment Fund Significant Equity Investments | Investee Company Name | Investment Method | Investment Amount (ten thousand Yuan) | Shareholding Ratio | Source of Funds | Progress as of Reporting Period End | Investment Gain/Loss for Current Period (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen New Way | New establishment | 10,000.00 | 100% | Own funds or self-raised funds | Business registration completed | -34.10 | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Current Period Purchase Amount (Yuan) | Current Period Sale/Redemption Amount (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 83,250,361.31 | 988,400.07 | 85,511,767.12 | 34,138,869.19 | 135,611,659.31 | - The company invested in 3 projects through the New Way Shengde Private Equity Investment Fund, primarily involving the photomask and upstream/downstream industries[119] Analysis of Major Holding and Participating Companies This section analyzes the financial status and operating results of the company's major holding subsidiaries, Chengdu New Way and New Way Technology, both of which made significant contributions to photomask R&D, production, and sales. During the reporting period, the company established the wholly-owned subsidiary Xiamen New Way Photomask Co., Ltd., which has completed business registration but has not yet commenced substantial operations Financial Data of Major Holding Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (ten thousand Yuan) | Total Assets (ten thousand Yuan) | Net Assets (ten thousand Yuan) | Operating Revenue (ten thousand Yuan) | Operating Profit (ten thousand Yuan) | Net Profit (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu New Way | Subsidiary | R&D, production, and sales of high-generation TFT-LCD photomasks and AMOLED photomasks | 34,500.00 | 80,917.43 | 14,749.43 | 21,025.14 | 2,229.23 | 2,229.94 | | New Way Technology | Subsidiary | R&D, production, and sales of flat panel display photomasks and semiconductor photomasks | 15,000.00 | 76,091.87 | 49,200.07 | 35,136.55 | 5,984.55 | 5,076.87 | - During the reporting period, the company established the wholly-owned subsidiary Xiamen New Way, which has completed business registration but has not yet commenced substantial operations[120] Corporate Governance, Environment and Society Profit Distribution or Capital Reserve Conversion Plan This section states that the company's 2025 semi-annual profit distribution or capital reserve conversion to share capital plan is not applicable - The company's 2025 semi-annual profit distribution or capital reserve conversion to share capital plan is not applicable[123] Significant Matters Fulfillment of Commitments This section details the commitments made by the company's actual controller, shareholders, related parties, and the company itself regarding share lock-up, stock price stabilization, fraudulent issuance repurchase, immediate return compensation, profit distribution, compensation liability, avoidance of horizontal competition, regulation of related party transactions, and fund occupation related to initial public offering and refinancing, along with their fulfillment status. All commitments were strictly fulfilled during the reporting period, with no instances of failure to perform in a timely manner - The company's controlling shareholder and actual controller, Du Wubing, committed not to transfer shares within 36 months from the date of the company's stock listing, and if the stock price falls below the offering price within 6 months after listing, the lock-up period will be extended by 6 months[126] - The company's controlling shareholder and actual controller, Du Wubing, and his concerted parties, Xiao Qing and Bai Weigang, committed to avoid horizontal competition and to offer business opportunities to the company[138][139][140] - The company's controlling shareholder and actual controller, Du Wubing, and his concerted parties, Xiao Qing and Bai Weigang, committed to regulate related party transactions and avoid fund occupation[143][144] - The company and relevant entities adopted measures and made commitments to compensate for the dilution of immediate returns from the issuance of convertible corporate bonds to unspecified investors[149][150] - The company committed to use a portion of over-raised funds to permanently supplement working capital, with the amount not exceeding 30% of the total over-raised funds, and without affecting the normal progress of the fundraising investment plan[151] - All commitments were strictly fulfilled during the reporting period, with no instances of failure to perform in a timely manner[126][127][128][129][130][131][132][133][134][135][136][137][138][139][140][141][142][143][144][145][146][147][148][149][150][151] Significant Related Party Transactions This section discloses the company's related party transactions for the procurement of goods or services with Jiangsu Luxin Semiconductor Technology Co., Ltd. in the first half of 2025, with an actual amount of CNY 0.181 million, which did not exceed the estimated transaction limit of CNY 100 million Related Party Transactions for H1 2025 | Related Party Transaction Type | Related Party | Estimated Amount for 2025 (ten thousand Yuan) | Actual Amount for H1 2025 (ten thousand Yuan) | | :--- | :--- | :--- | :--- | | Procurement of goods or services | Jiangsu Luxin Semiconductor Technology Co., Ltd. | 10,000.00 | 18.10 | - The company's transactions for the procurement of goods or services with related party Jiangsu Luxin Semiconductor Technology Co., Ltd. did not exceed the approved limit[154] Significant Contracts and Their Fulfillment This section discloses the company's and its subsidiaries' significant guarantees to subsidiaries. As of the end of the reporting period, the company provided joint liability guarantees totaling CNY 135.2111 million to its wholly-owned subsidiaries Chengdu New Way and New Way Technology, accounting for 8.88% of the company's net assets. Among these, guarantees totaling CNY 93.9611 million were provided to guaranteed parties with an asset-liability ratio exceeding 70% Guarantees Provided by the Company and Its Subsidiaries to Subsidiaries | Guarantor | Guaranteed Party | Guaranteed Amount (Yuan) | Guarantee Type | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Chengdu New Way | 125,281,500.00 | Joint liability guarantee | No | | Company Headquarters | New Way Technology | 100,000,000.00 | Joint liability guarantee | No | - At the end of the reporting period, the total guarantee balance for subsidiaries was CNY 135,211,125.00, accounting for 8.88% of the company's net assets[158] - The amount of debt guarantees provided directly or indirectly to guaranteed parties with an asset-liability ratio exceeding 70% was CNY 93,961,125.00[159] Explanation of Progress in Use of Raised Funds The company's initial public offering (IPO) raised funds have seen a cumulative investment of CNY 738 million, with over-raised funds cumulatively invested at CNY 364 million, of which the over-raised funds have been fully utilized. The total raised funds from convertible bonds amounted to CNY 615 million, with a cumulative investment of CNY 70 million. The "High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion" project is rapidly ramping up capacity, while the "New Way Photomask R&D Center Construction Project" has been postponed to December 2025. The company previously used CNY 97.4 million of idle raised funds to temporarily supplement working capital, which has been returned on schedule, and the balance of idle raised funds for cash management was CNY 0 at period-end Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (Yuan) | Cumulative Investment as of Reporting Period End (Yuan) | Cumulative Investment Progress as of Reporting Period End (%) | | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 836,006,688.00 | 737,566,131.74 | 102.43 | | Issuance of Convertible Corporate Bonds | 615,000,000.00 | 70,000,000.00 | 11.53 | - The cumulative investment progress of over-raised funds from the initial public offering was 102.45%, which includes income generated from managing idle over-raised funds and interest income from over-raised funds deposited in banks, aimed at improving the efficiency of fund utilization[162] Detailed Use of Over-Raised Funds | Purpose | Total Over-Raised Funds Planned for Investment (Yuan) | Cumulative Over-Raised Funds Invested as of Reporting Period End (Yuan) | Cumulative Investment Progress as of Reporting Period End (%) | | :--- | :--- | :--- | :--- | | Permanent Supplement to Working Capital | 318,000,000.00 | 313,499,181.01 | 98.58 | | Share Repurchase | 50,658,051.32 | 50,658,051.32 | 100.00 | | Total | 368,658,051.32 | 364,157,232.33 | / | - The company previously used CNY 97.4 million of idle raised funds to temporarily supplement working capital, which has been returned on schedule[173] - As of June 30, 2025, the balance of idle raised funds used for cash management was CNY 0[175] - The "New Way Photomask R&D Center Construction Project" completion date has been postponed from December 2024 to December 2025[178] Overall Use of Raised Funds The company's initial public offering (IPO) raised funds totaled CNY 836 million, with a cumulative investment of CNY 738 million, achieving an investment progress of 102.43% (including over-raised fund income). The total raised funds from convertible bonds amounted to CNY 615 million, with a cumulative investment of CNY 70 million, achieving an investment progress of 11.53% Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (Yuan) | Cumulative Investment as of Reporting Period End (Yuan) | Cumulative Investment Progress as of Reporting Period End (%) | | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 836,006,688.00 | 737,566,131.74 | 102.43 | | Issuance of Convertible Corporate Bonds | 615,000,000.00 | 70,000,000.00 | 11.53 | - The cumulative investment progress of over-raised funds from the initial public offering was 102.45% as of the end of the reporting period, which includes income generated from managing idle over-raised funds and interest income from over-raised funds deposited in banks, aimed at improving the efficiency of fund utilization[162] Details of Fundraising Investment Projects The IPO fundraising project "High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion Project" has seen an investment of CNY 243 million, with a progress of 91.36%, generating a gross profit of CNY 26.9845 million this year. The R&D Center Construction Project has an investment of CNY 25.6276 million, with a progress of 74.35%, and has been postponed to December 2025. The convertible bond fundraising project "Semiconductor and High-Precision Flat Panel Display Photomask Expansion Project" has not yet commenced investment, while "Supplementing Working Capital and Repaying Bank Loans" has seen an investment of CNY 70 million, with a progress of 99.78% Detailed Use of Fundraising Investment Projects | Fundraising Project Name | Total Planned Investment of Raised Funds (Yuan) | Cumulative Raised Funds Invested as of Reporting Period End (Yuan) | Cumulative Investment Progress as of Reporting Period End (%) | Benefits Achieved This Year (Yuan) | | :--- | :--- | :--- | :--- | :--- | | High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion Project | 265,583,100.00 | 242,649,251.74 | 91.36 | 26,984,500.90 | | New Way Photomask R&D Center Construction Project | 34,469,500.00 | 25,627,564.02 | 74.35 | 0 | | Supplementing Working Capital | 105,000,000.00 | 105,132,083.65 | 100.13 | 0 | | Semiconductor and High-Precision Flat Panel Display Photomask Expansion Project | 319,037,600.00 | 0.00 | 0.00 | 0 | | Supplementing Working Capital and Repaying Bank Loans | 70,155,585.94 | 70,000,000.00 | 99.78 | 0 | - The surplus amount for the "High-Precision Semiconductor Photomask and Large-Size Flat Panel Display Photomask Expansion Project" primarily consists of outstanding contract final payments and quality assurance deposits, reduced project costs and expenses, interest income from special raised funds accounts, and cash management gains[169] - The "Supplementing Working Capital" project's investment progress was 100.13% as of the end of the period, as interest income generated from the raised funds account was also used to supplement working capital[169] Other Uses of Raised Funds During the Reporting Period The company previously used CNY 97.4 million of idle raised funds to temporarily supplement working capital, which has been returned on schedule. As of June 30, 2025, the balance of idle raised funds for cash management was CNY 0. The company also provided raised funds to its wholly-owned subsidiary through interest-free loans to implement fundraising projects, and adopted a method of first paying for fundraising projects with its own funds, then replacing them with an equivalent amount of raised funds. Additionally, the "New Way Photomask R&D Center Construction Project" has been postponed to December 2025 - The company previously used CNY 97.4 million of idle raised funds to temporarily supplement working capital, which has been returned to the special raised funds account on schedule[173] - As of June 30, 2025, the balance of idle raised funds used for cash management was CNY 0[175] - The company transferred raised funds to the special raised funds account of its wholly-owned subsidiary Chengdu New Way Photomask Technology Co., Ltd. through interest-free loans to implement fundraising projects[176][177] - The company uses its own funds to pay for the capital required for fundraising investment projects, and then replaces them with an equivalent amount of raised funds[177] - The "New Way Photomask R&D Center Construction Project" completion date has been postponed from December 2024 to December 2025[178] Share Changes and Shareholder Information Changes in Share Capital During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[181] Shareholder Information As of the end of the reporting period, the total number of ordinary shareholders was 8,443. Among the top ten shareholders, Du Wubing held 23.81% as the controlling shareholder, Xiao Qing held 7.99%, and Shenzhen New Way Xing Investment Co., Ltd. held 7.61%. Du Wubing, Xiao Qing, and Bai Weigang previously had a concerted action relationship, which expired and terminated on August 16, 2025. The top ten unrestricted shareholders were primarily institutional investors and natural persons - As of the end of the reporting period, the total number of ordinary shareholders was 8,443[182] Top Ten Shareholders' Shareholding (Excluding Shares Lent via Securities Lending) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Du Wubing | 46,025,900 | 23.81 | 46,025,900 | Domestic Natural Person | | Xiao Qing | 15,454,100 | 7.99 | 15,454,100 | Domestic Natural Person | | Shenzhen New Way Xing Investment Co., Ltd. | 14,714,310 | 7.61 | 14,714,310 | Non-state-owned Legal Person | | SDIC (Shanghai) Venture Capital Management Co., Ltd