大为股份(002213) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides important disclaimers, the report's structured table of contents, and definitions of key terms to ensure clarity Important Notes The board, supervisory board, and senior management guarantee the semi-annual report's truthfulness and completeness, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and bear individual and joint legal responsibility[4] - Company's responsible person Lian Zongmin, head of accounting Zhong Xiaohua, and head of accounting department Mao Lijun declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the report's structured table of contents, covering nine main chapters Definitions This section defines common terms, technical terms, and regulatory abbreviations for clear understanding Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period Company Profile Shenzhen Dawei Innovation Technology Co., Ltd. (stock abbreviation: Dawei Shares, stock code: 002213) is listed on the Shenzhen Stock Exchange, with Lian Zongmin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Dawei Shares | | Stock Code | 002213 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市大为创新科技股份有限公司 | | Legal Representative | Lian Zongmin | Contact Persons and Information The company's board secretary is He Qiang, and the securities affairs representative is Li Ling, with contact details provided Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | He Qiang | 深圳市南山区粤海街道高新区社区科技南路18号深圳湾科技生态园12栋A1406 | 0755-86555281 | db@daweimail.com | | Securities Affairs Representative | Li Ling | 深圳市南山区粤海街道高新区社区科技南路18号深圳湾科技生态园12栋A1406 | 0755-86555281 | db@daweimail.com | Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, or other relevant details - Company's registered address, office address and postal code, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[16] - The company's designated securities exchange website and media for semi-annual report disclosure, and the location for semi-annual report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[17] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 18.46% to 659.22 million yuan, but net profit attributable to shareholders was a loss of 11.68 million yuan Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 659,216,741.99 | 556,481,583.84 | 18.46% | | Net Profit Attributable to Shareholders of Listed Company | -11,682,187.10 | -10,246,672.88 | -14.01% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -6,684,543.75 | -11,078,209.46 | 39.66% | | Net Cash Flow from Operating Activities | -65,954,478.52 | -44,432,607.62 | -48.44% | | Basic Earnings Per Share (Yuan/Share) | -0.0494 | -0.0434 | -13.82% | | Diluted Earnings Per Share (Yuan/Share) | -0.0494 | -0.0434 | -13.82% | | Weighted Average Return on Net Assets | -2.09% | -1.70% | -0.39% | | End of Current Period | | End of Prior Year | Change from Prior Year End | | Total Assets | 709,145,483.87 | 780,366,526.01 | -9.13% | | Net Assets Attributable to Shareholders of Listed Company | 551,481,514.21 | 565,185,541.00 | -2.42% | Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, there were no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company's net profit and net assets in financial reports disclosed under international accounting standards and Chinese accounting standards showed no differences during the reporting period[20] - The company's net profit and net assets in financial reports disclosed under overseas accounting standards and Chinese accounting standards showed no differences during the reporting period[21] Non-Recurring Gains and Losses and Amounts The company's non-recurring gains and losses for the first half of 2025 totaled a negative 4.9976 million yuan, primarily from asset disposal, government grants, and fair value changes of financial instruments Non-Recurring Gains and Losses for H1 2025 | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -2,733.40 | | | Government Grants Included in Current Profit/Loss | 94,596.74 | Mainly stable employment subsidies | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities, excluding effective hedge accounting related to normal business operations | -5,302,849.81 | Mainly gains/losses from financial assets held and disposed of | | Other Non-Operating Income and Expenses Apart from the Above | 213,489.05 | Mainly unpayable intercompany funds and individual income tax refunds | | Less: Income Tax Impact | 75.26 | | | Minority Interest Impact (After Tax) | 70.67 | | | Total | -4,997,643.35 | | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses[24] - The company has not classified non-recurring gains and losses listed in "Interpretive Announcement No. 1 for Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses[24] Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, core competencies, and risk factors during the reporting period Principal Businesses Engaged by the Company During the Reporting Period The company's main businesses focus on "semiconductor memory + smart terminals" and "new energy + automotive," achieving steady growth with operating revenue up 18.46% Industry Overview The company operates in the semiconductor memory and new energy vehicle sectors, both benefiting from AI and green transformation, with strong growth in HBM, DDR5, and lithium battery shipments Semiconductor Memory + Smart Terminals The semiconductor memory market is driven by AI, 5G, and IoT, with surging demand for HBM and DDR5, while smart terminals are moving towards AI integration by 2025 - The global AI-driven storage market is projected to surge from $28.7 billion in 2024 to $255.2 billion in 2034, with a CAGR of 24.4%[28] - High Bandwidth Memory (HBM) is expected to account for over 10% of total DRAM capacity and more than 30% of total DRAM output value in 2025[28] - Global smartphone shipments increased by 1.2% to 600 million units in H1 2025; PC shipments reached 130 million units, up 6% year-on-year[31] New Energy + Automotive The new energy sector sees significant growth in lithium resource demand and battery shipments, while the automotive industry is rapidly electrifying and intellectualizing, with strong export performance New Energy Global new energy industry is rapidly expanding, with lithium battery shipments up 68% in H1 2025, driven by 49% growth in power batteries and 128% in energy storage batteries - In H1 2025, domestic lithium battery shipments reached 776 GWh, a 68% increase year-on-year[32] - Power battery shipments reached 477 GWh, a 49% increase year-on-year, with lithium iron phosphate batteries accounting for 78%[32] - Energy storage battery market shipments reached 265 GWh, a significant 128% increase year-on-year[32] Automotive China's automotive industry is undergoing a quality transformation, with H1 production and sales exceeding 15 million units, and new energy vehicles accounting for 44.3% of total sales - In H1, China's automobile production and sales both surpassed 15 million units for the first time, reaching 15.621 million and 15.653 million units, respectively, up 12.5% and 11.4% year-on-year[34] - New energy vehicle production and sales reached 6.968 million and 6.937 million units, respectively, up 41.4% and 40.3% year-on-year, accounting for 44.3% of total new car sales[34] - Automobile exports reached 3.083 million units, a 10.4% increase year-on-year[34] - In H1 2025, domestic lithium battery shipments reached 776 GWh, a 68% increase year-on-year[32] - In H1, China's automobile production and sales both surpassed 15 million units for the first time, with new energy vehicle production and sales reaching 6.968 million and 6.937 million units, respectively, up 41.4% and 40.3% year-on-year[34] - New energy vehicle sales accounted for 44.3% of total new car sales[34] - The global semiconductor storage industry exhibits three major characteristics: "AI-driven, price differentiation, and accelerated domestic substitution"[28] - In H1 2025, domestic lithium battery shipments reached 776 GWh, a 68% increase year-on-year, with power battery shipments reaching 477 GWh (up 49%) and energy storage battery shipments reaching 265 GWh (up 128%)[32] - In H1, China's automobile production and sales both surpassed 15 million units for the first time, with new energy vehicle production and sales reaching 6.968 million and 6.937 million units, respectively, up 41.4% and 40.3% year-on-year, and new energy vehicle sales accounting for 44.3% of total new car sales[34] Principal Businesses and Operating Results In H1 2025, the company's operating revenue reached 659.22 million yuan, up 18.46%, primarily driven by a 40.77% increase in semiconductor memory business revenue, which now accounts for 92.16% of total revenue Semiconductor Memory Chip Xinchuang and AI Integration: Deepening Domestic Certification and Smart Scene Implementation Dawei Innovation's semiconductor memory business generated 607.52 million yuan in revenue, a 40.77% increase, with stable sales of DDR3/DDR4/LPDDR4X products and active progress in LPDDR5 certification Semiconductor Memory Business Dawei Innovation's semiconductor memory business achieved 607.52 million yuan in revenue, a 40.77% increase, with LPDDR4X entering the domestic operator supply chain and LPDDR5 certification progressing - Dawei Innovation's semiconductor memory business achieved operating revenue of 607.5178 million yuan, a 40.77% increase year-on-year[38] - LPDDR4X products made significant progress, entering the domestic operator supply system, with上半年出货量呈现逐月显著增长[38] - The company's DDR4, LPDDR4X, and LPDDR5 memory chips completed AVL certification on mainstream platforms, covering high-end industrial, domestic CPU, and AIoT key areas[39] Smart Terminals The company's smart terminal business generated 4.51 million yuan in revenue, focusing on R&D and sales of graphics cards, communication equipment, and localized hardware, enhancing AI-driven penetration in emerging fields - During the reporting period, the company's smart terminal business achieved operating revenue of 4.5066 million yuan[42] - The business further strengthened AI-driven initiatives, increasing product penetration in emerging fields such as edge computing and smart vehicles[42] - Dawei Innovation's semiconductor memory business achieved operating revenue of 607.5178 million yuan, a 40.77% increase year-on-year[38] - LPDDR4X products made significant progress, entering the domestic operator supply system, with monthly shipments showing significant growth in H1[38] - The company has obtained "Specialized, Refined, Unique, and Innovative" qualification and submitted applications for high-tech enterprise certification[39] Automotive Business Overseas Innovation: Safety Braking Expert, New Energy and Overseas Markets Advancing Together The company's automotive division achieved 32.45 million yuan in revenue with 4,191 units sold, securing bulk export orders from leading OEMs in overseas markets and advancing controller localization - During the reporting period, the company's automotive division achieved operating revenue of 32.4528 million yuan, with sales volume of 4,191 units[43] - Core bus customers contributed over 60% of sales volume; breakthroughs were made in the new energy market, achieving bulk supply[43] - Continuous expansion in overseas markets yielded significant results, successfully securing bulk export orders from leading OEMs[43] Lithium Battery Full Industry Chain Layout: Comprehensive Resource Development and Low-Carbon Technology Breakthroughs The company's new energy business, including the Chenzhou lithium battery project, has invested 150 million yuan, with the Guiyang Dachongli mining area's resource reserves approved, and innovative beneficiation technology developed Chenzhou Lithium Battery New Energy Industrial Project The Chenzhou lithium battery project has invested 150 million yuan, with the Guiyang Dachongli mining area's resource reserves approved, including 323,700 tons of associated lithium (Li2O), and innovative beneficiation technology developed - As of the end of the reporting period, Dawei Shares' Chenzhou Lithium Battery New Energy Industrial Project had accumulated an investment of approximately 150.241 million yuan[47] - The Guiyang Dachongli mining area's main mineral resources include: 209.533 million tons of feldspar and 323,700 tons of associated lithium (Li2O)[49] - The company achieved significant breakthroughs in beneficiation technology research and development, innovating a combined beneficiation process primarily using "magnetic separation + flotation" with "gravity separation" as auxiliary[50] Lithium Carbonate Business The company's lithium carbonate business generated 9.04 million yuan in revenue, establishing a complete industry chain from raw material procurement to sales through dual-channel sourcing and toll processing - During the reporting period, the company's lithium carbonate business achieved operating revenue of 9.0425 million yuan[52] - The company established stable raw material sources through overseas and domestic dual-channel lithium ore procurement, and stable cooperation with high-quality processing enterprises, ensuring production stability and controllable costs[52] - The company achieved full chain integration from "resources-processing-sales" by establishing a professional management team and adding outsourced processing bases[53] - As of the end of the reporting period, Dawei Shares' Chenzhou Lithium Battery New Energy Industrial Project had accumulated an investment of approximately 150.241 million yuan[47] - The Guiyang Dachongli mining area's resource reserves reached the standard for large-scale deposits, with 323,700 tons of associated lithium (Li2O)[49] - The company achieved significant breakthroughs in beneficiation technology research and development, innovating a combined beneficiation process primarily using "magnetic separation + flotation" with "gravity separation" as auxiliary[50] - During the reporting period, the company's main businesses were "semiconductor memory + smart terminals" and "new energy + automotive"[26] - In H1 2025, the company achieved operating revenue of 659.2167 million yuan, a 18.46% increase year-on-year[37] - Semiconductor memory business achieved operating revenue of 607.5178 million yuan, a 40.77% increase year-on-year, with its proportion of total company revenue rising to 92.16%[37] Main Business Models The company's semiconductor memory business focuses on design and sales with outsourced manufacturing, while smart terminals emphasize R&D and sales, and new energy involves lithium battery project investment and toll processing Semiconductor Memory + Smart Terminal Business Model The semiconductor memory business primarily involves solution design and product sales with outsourced manufacturing, utilizing diverse procurement channels and both channel and direct sales models - The company's semiconductor memory business primarily focuses on storage product solution design and product sales, with packaging and SMT manufacturing outsourced[54] - Dawei Innovation primarily adopts two sales methods: channel sales and industry sales[55] - The company's smart terminal business mainly focuses on communication equipment accessories, computers, and other electronic equipment, with trade products not involving manufacturing and proprietary products primarily relying on outsourced production[56] New Energy + Automotive Business Model The new energy business centers on the Chenzhou lithium battery project investment and lithium carbonate toll processing, while the automotive business uses a build-to-order procurement and make-to-order production model, primarily direct sales to OEMs - The company's new energy business primarily involves the investment and construction of Dawei Shares' Chenzhou Lithium Battery New Energy Industrial Project, as well as lithium carbonate toll processing and trading[57] - The automotive retarder business adopts a build-to-order procurement model, with raw materials significantly affected by price fluctuations of copper, plastics, and aluminum[58] - The automotive business primarily uses a direct sales model, mainly targeting vehicle manufacturers or OEMs[59] - The company's semiconductor memory business primarily focuses on storage product solution design and product sales, with packaging and SMT manufacturing outsourced[54] - The company's new energy business primarily involves the investment and construction of Dawei Shares' Chenzhou Lithium Battery New Energy Industrial Project, as well as lithium carbonate toll processing and trading[57] - The automotive retarder business primarily adopts a make-to-order production model, with direct sales mainly targeting vehicle manufacturers or OEMs[59] Analysis of Core Competencies Dawei Shares builds comprehensive competitiveness across semiconductor memory, automotive components, and new energy lithium battery sectors through technological innovation, supply chain integration, and market expansion Technological Advantages: Multi-Domain Collaborative Innovation and Core Technology Barrier Construction The company possesses deep technical expertise in semiconductor memory with 68 patents, automotive retarders with 42 patents, and lithium battery comprehensive utilization with 48 patents, forming an integrated innovation system - As of now, the company holds 68 patents in storage chips, 42 computer software copyrights, and 8 integrated circuit layout designs[61] - The company is one of China's earliest high-tech enterprises integrating R&D, production, and sales of automotive retarders, possessing independent intellectual property rights[62] - The Chenzhou lithium battery project has accumulated 48 patent applications, with 23 granted, gradually establishing the company's technological advantages in the lithium battery new energy sector through proprietary technologies[64] Supply Chain Advantages: Full Industry Chain Integration and Value Creation The company integrates its semiconductor memory supply chain from upstream resource assurance to downstream customer binding, achieves autonomous control of core components in automotive retarders, and strategically develops the lithium battery full industry chain - Dawei Innovation builds a supply chain encompassing upstream resource assurance, downstream customer binding, and ecosystem co-construction[65] - In the automotive sector, the company achieved autonomous control over core components of eddy current retarders, establishing its own eddy current rotor production line and increasing the self-sufficiency rate of key processes to an industry-leading level[66] - New energy lithium battery business focuses on lithium ore mining, beneficiation, and smelting, while collaborating with leading domestic and international enterprises to establish a full lithium battery industry chain[67] Policy Dividend Conversion Advantage: Strategic Project Implementation and Compliance Competitiveness The company effectively converts national strategic policies into project implementation speed and compliance advantages, leveraging policy dividends for sales growth in semiconductor memory and automotive, and securing government support for lithium battery projects - The company closely monitors changes in industrial policies, allocates resources timely, actively promotes certification on Xinchuang platforms like Loongson and Phytium, and increases sales of Xinchuang products, converting policy dividends into sales performance[68] - The company seized national policy dividends encouraging consumption and exports, accelerating product iteration to achieve sales revenue and profit growth in the automotive sector[68] - The Chenzhou lithium battery project received deep empowerment from government resources, obtaining a green channel for mining rights processing, which is expected to shorten the exploration-to-mining approval cycle[68] Market and Customer Ecosystem: Leading with Key Accounts and Emerging Sector Layout The company employs a differentiated market strategy, combining deep engagement with top-tier clients, flexible penetration of long-tail markets, and proactive expansion into emerging sectors like AI edge computing and solid-state batteries - The top five customers in the semiconductor memory business contribute over 70% of revenue; in the automotive business, the top five customers account for over 90% of revenue[70] - The semiconductor memory business enhances product compatibility and adaptability in various operating environments (e.g., industrial control, AIoT scenarios) by providing customized testing services[70] - In emerging fields, new storage products are continuously being adapted for high-end SoC platforms like AI edge computing, while the lithium battery business tracks solid-state battery demand and hedges price risks with lithium carbonate futures[71] Product Matrix Improvement Advantage: Continuous Optimization of Product Structure The company's product matrix covers a wide range of DRAM and NAND Flash products for diverse applications, with automotive retarders adapted for new energy vehicles and special vehicles, and lithium battery materials offering seven core product categories - Currently covers DDR3, DDR4, LPDDR4X commercial/wide-temperature grade, DDR5 DRAM products, as well as eMMC, BGA NAND Flash, and other Nand Flash products[72] - In the new energy vehicle sector, eddy current retarders have been successfully adapted for new energy buses; breakthroughs have also been made in special vehicle markets such as mining trucks[72] - The company's mining resources can develop seven major core product systems, including high-purity quartz sand for photovoltaic glass and battery-grade lithium concentrate[72] - The company's core team possesses over 20 years of industry experience, and the company is recognized as a Shenzhen "Specialized, Refined, Unique, and Innovative" SME and an innovative SME[60] - The company has accumulated 47 invention patents, 69 utility model patents, 14 design patents, 131 software copyrights, 8 integrated circuit layout designs, and 110 trademarks[60] - During the reporting period, the company filed 52 new patent applications, with 9 invention patents granted[60] Analysis of Principal Business In H1 2025, the company's operating revenue increased by 18.46% to 659.22 million yuan, primarily due to the expansion of its semiconductor memory business, while R&D investment decreased by 46.56% Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 659,216,741.99 | 556,481,583.84 | 18.46% | Mainly due to the expansion of semiconductor memory business | | Operating Cost | 638,896,563.38 | 532,090,010.51 | 20.07% | Mainly due to the expansion of semiconductor memory business | | Selling Expenses | 4,665,299.27 | 5,256,627.82 | -11.25% | Mainly due to continuous refined management, optimizing expenditure structure, and improving resource utilization efficiency | | Administrative Expenses | 15,419,746.41 | 21,961,423.72 | -29.79% | Mainly due to continuous refined management, optimizing expenditure structure, and improving resource utilization efficiency | | Financial Expenses | 50,833.44 | -800,590.80 | 106.35% | Mainly due to reduced interest income from lower interest rates | | R&D Investment | 3,448,322.04 | 6,453,251.62 | -46.56% | Mainly due to phased adjustment of some R&D project schedules | | Net Cash Flow from Operating Activities | -65,954,478.52 | -44,432,607.62 | -48.44% | Mainly due to customer prepayments being delivered in this period | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[76] Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Semiconductor Memory | 607,517,829.16 | 92.16% | 431,563,586.61 | 77.55% | 40.77% | | Smart Terminals | 4,506,553.29 | 0.68% | 32,749,359.39 | 5.89% | -86.24% | | New Energy | 9,042,476.65 | 1.37% | 53,631,514.95 | 9.64% | -83.14% | | Automotive Manufacturing | 32,452,804.38 | 4.92% | 32,094,680.13 | 5.77% | 1.12% | Analysis of Non-Principal Businesses Non-principal businesses negatively impacted total profit, primarily from investment income (-3.0774 million yuan) and fair value changes (-2.2254 million yuan), both related to financial instruments in new energy materials Non-Principal Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -3,077,417.36 | 27.25% | Mainly due to the company's application of financial instruments in new energy materials business | No | | Gains/Losses from Changes in Fair Value | -2,225,432.45 | 19.70% | Mainly due to the company's application of financial instruments in new energy materials business | No | | Asset Impairment | -682,927.82 | 6.05% | Mainly due to inventory depreciation provision in this period | No | | Credit Impairment Losses | -1,838,247.03 | 16.28% | Mainly due to provision for bad debts on other receivables in this period | No | Analysis of Assets and Liabilities At the end of the reporting period, total assets were 709 million yuan, a 9.13% decrease from the previous year-end, with significant changes in monetary funds, contract liabilities, and short-term borrowings Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 226,680,726.38 | 31.97% | 312,690,296.66 | 40.07% | -8.10% | Mainly due to increased working capital occupation and current period dividends | | Short-Term Borrowings | 56,000,000.00 | 7.90% | 32,000,000.00 | 4.10% | 3.80% | No significant change | | Contract Liabilities | 1,159,104.14 | 0.16% | 45,740,834.48 | 5.86% | -5.70% | Mainly due to customer prepayments being delivered within the reporting period | | Non-Current Liabilities Due Within One Year | 2,416,222.91 | 0.34% | 27,295,721.78 | 3.50% | -3.16% | Mainly due to repayment of matured liabilities during the reporting period | Major Overseas Assets | Specific Asset Content | Asset Size (Yuan) | Location | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | | Dawei Innovation (Hong Kong) Co., Ltd. | 32,963,014.28 | Hong Kong | 5.92% | | Xinhui Group Technology Hong Kong Co., Ltd. | 104,344,787.95 | Hong Kong | 18.75% | Asset Rights Restricted as of End of Reporting Period | Item | Book Balance at Period End (Yuan) | Book Value at Period End (Yuan) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 6,160,799.01 | 6,160,799.01 | Pledge | Issuance of bank acceptance bills | | Notes Receivable | 5,466,600.00 | 5,466,600.00 | Pledge | Bank pledged notes | | Investment Properties | 57,364,955.30 | 33,928,432.87 | Mortgage | Mortgage loan | | Fixed Assets | 11,481,237.08 | 6,767,870.36 | Mortgage | Mortgage loan | | Total | 80,473,591.39 | 52,323,702.24 | | | Analysis of Investment Status Total investment for the reporting period was 991,000 yuan, a significant 98.19% decrease year-on-year, with the Chenzhou lithium battery project being the main ongoing non-equity investment Investment Amount for the Reporting Period | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | | 991,000.00 | 54,650,000.00 | -98.19% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Fixed Asset Investment | Industry Involved | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment at End of Reporting Period (Yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dawei Shares Chenzhou Lithium Battery New Energy Industrial Project | Other | Yes | Lithium Battery Industry, New Energy Vehicle Industry | 991,000.00 | 150,241,000.00 | Own Funds | Derivative Investments for Hedging Purposes | Derivative Investment Type | Amount at Period End (10,000 Yuan) | Proportion of Investment Amount to Company's Net Assets at End of Reporting Period | | :--- | :--- | :--- | | Commodity Futures Contracts | 3.25 | 0.01% | - The effective hedging gain for the reporting period was 276,200 yuan[96] Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[100] - The company did not engage in significant equity sales during the reporting period[101] Analysis of Major Holding and Participating Companies Key subsidiaries include Dawei Innovation (semiconductor memory, net profit 3.7558 million yuan), Guiyang Dawei Technology (lithium mining, net loss 4.7657 million yuan), and Xinhui Group Technology Hong Kong (overseas electronics, net profit 1.9685 million yuan) Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dawei Innovation | Subsidiary | Design, R&D, and sales of storage chips | 30,000,000.00 | 152,621,850.21 | 48,313,718.67 | 607,469,192.39 | 4,154,720.78 | 3,755,831.94 | | Teerjia Information | Subsidiary | Software development and sales, domestic commerce, material supply | 20,000,000.00 | 20,190,253.72 | 12,350,926.50 | 5,577,225.48 | 969,820.31 | 953,816.09 | | Guiyang Dawei Technology | Subsidiary | Lithium ore mining, beneficiation, smelting, and new energy technology development and utilization | 100,000,000.00 | 225,049,189.15 | 73,215,397.37 | 3,235,472.56 | -4,765,535.71 | -4,765,708.14 | - Acquisition and disposal of subsidiaries during the reporting period: The company had no acquisition or disposal of subsidiaries during the reporting period[103] - Xinhui Group Technology Hong Kong Co., Ltd. had operating revenue of 473.2493 million yuan and net profit of 1.9685 million yuan from January to June 2025[103] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[105] Risks Faced by the Company and Countermeasures The company faces risks including rapid technological iteration, market competition, talent loss, supply chain volatility, and policy changes across its semiconductor memory, smart terminal, new energy, and automotive businesses Semiconductor Memory + Smart Terminal Business The semiconductor memory business faces risks from rapid technological iteration, intense market competition, talent loss, and supply chain concentration, while smart terminals contend with fast tech updates and component supply limitations - Dawei Innovation's storage industry faces rapid technological iteration and product updates, with inherent uncertainties in technological innovation[105] - The smart terminal business faces challenges from rapid technological iteration in mobile communication, hardware manufacturing, and information services[109] - The supply of some core raw materials and components for smart terminals is limited; significant operational changes by key component suppliers or adverse changes in the foreign trade environment could lead to insufficient supply or significant price fluctuations[109] New Energy + Automotive Business The new energy business faces risks from evolving storage technologies, investment uncertainties, market volatility, and policy changes, while the automotive business contends with technology imitation, product structure limitations, and raw material price fluctuations - Energy storage technology is rapidly iterating; while lithium-ion battery technology continues to optimize, emerging technologies like solid-state batteries and sodium-ion batteries are also accelerating[111] - The Dawei Shares Chenzhou Lithium Battery New Energy Industrial Project involves joint investment with proposed partners, and the final cooperation plan remains uncertain[111] - The retarder market is mature and highly competitive; the company's traditional automotive business primarily offers eddy current retarders, leading to a relatively singular product structure that reduces the automotive division's ability to withstand industry changes[114] - The semiconductor memory business faces risks of technological iteration, intensified market competition, loss of key technical personnel, raw material supply and price fluctuations, macroeconomic volatility, and industry policy changes[105][106][107][108] - The smart terminal business faces risks of technological iteration, market competition, supply chain issues, and macroeconomic and policy impacts[109][110] - The new energy business faces risks of technological iteration, investment cooperation uncertainties, market volatility, approval delays, and policy changes[111][112] - The automotive business faces risks of technological iteration, market volatility, operational challenges, and policy changes[113][114] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - Has the company formulated a market value management system? □Yes ☑No[115] - Has the company disclosed a valuation enhancement plan? □Yes ☑No[115] Implementation of "Quality and Return Dual Enhancement" Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - Has the company disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan? □Yes ☑No[115] Corporate Governance, Environment, and Society This section details changes in the company's governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[117] Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[118] Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company implemented a stock option and restricted stock incentive plan in 2023, with subsequent grants, repurchases of restricted stock from a departing employee, and achievement of conditions for the first vesting/exercise period - The company implemented a stock option and restricted stock incentive plan in 2023[119] - 595,100 stock options were granted to 13 eligible incentive recipients at an exercise price of 12.43 yuan/share; 1,082,200 restricted shares were granted to 13 eligible incentive recipients at a grant price of 7.77 yuan/share[121] - The company's board of directors set November 21, 2023, as the reserved grant/award date, granting 154,900 stock options to 4 eligible incentive recipients and 167,800 restricted shares to 5 eligible incentive recipients[122] - Approved the repurchase and cancellation of 61,000 restricted shares granted but not yet vested to 1 departing incentive recipient[125] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - Are the listed company and its major subsidiaries included in the list of enterprises required to disclose environmental information by law? □Yes ☑No[126] Social Responsibility The company is committed to protecting shareholder rights, respecting employee welfare, contributing to national and local economies, and actively participating in social welfare activities, including a 100,000 yuan donation to Guiyang County Charity Federation - The company continuously improves its governance structure, standardizes operations, strengthens information disclosure and investor relations management, fully safeguarding the legitimate rights and interests of all shareholders[126] - The company respects and protects employee rights, strictly implements various laws and regulations such as the "Labor Contract Law" and "Social Insurance Law," and has established a scientific compensation and benefits system[127] - In June 2025, the company made a targeted donation of 100,000 yuan to the Guiyang County Charity Federation[128] - The company consistently adheres to integrity and quality, insists on the principle of win-win cooperation, and fully respects the legitimate rights and interests of suppliers, customers, creditors, and other stakeholders in economic activities[129] Significant Events This section covers commitments, related party transactions, guarantees, accounting firm appointments, litigation, penalties, and other significant events during the reporting period Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, and Commitments Overdue and Unfulfilled as of the End of the Reporting Period During the reporting period, there were no commitments fulfilled or overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company - Applicable ☑Not Applicable[131] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[131] Illegal External Guarantees During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[132] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[133] Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period The company's Board of Directors and Supervisory Board have no explanations regarding a "non-standard audit report" from the accounting firm for this reporting period - □Applicable ☑Not Applicable[134] Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year The company's Board of Directors has no explanations regarding a "non-standard audit report" for the previous year - □Applicable ☑Not Applicable[134] Bankruptcy and Reorganization Related Matters During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[134] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters, with other litigation and arbitration cases totaling approximately 4.9021 million yuan - The company had no significant litigation or arbitration matters during this reporting period[135] - During the reporting period, the total amount involved in litigation and arbitration cases concerning the company and its subsidiaries was approximately 4.9021 million yuan[136] Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[137] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintain a good integrity status, with no inapplicable situations - □Applicable ☑Not Applicable[138] Significant Related Party Transactions During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions or sales, joint external investments, or related party creditor/debtor relationships - The company had no related party transactions related to daily operations during the reporting period[138] - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[139] - The company had no related party creditor-debtor relationships during the reporting period[141] Significant Contracts and Their Performance The company had no trust or contracting arrangements. It leased out idle factory premises and dormitories, generating 1.4224 million yuan in rental income from Shenzhen Zhongke Guanlan Times Apartment Management Co., Ltd., significantly impacting total profit - The company had no trust arrangements during the reporting period[145] - During the reporting period, the company leased out some idle factory premises and dormitories to other companies, generating rental income[147] Leasing Projects Where Income Reached Over 10% of the Company's Total Profit for the Reporting Period | Lessor Name | Lessee Name | Leased Asset Description | Amount Involved in Leased Asset (10,000 Yuan) | Lease Start Date | Lease End Date | Rental Income (10,000 Yuan) | Impact of Rental Income on Company | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Dawei Innovation Technology Co., Ltd. | Shenzhen Zhongke Guanlan Times Apartment Management Co., Ltd. | Part of idle premises | 1,187.75 | September 23, 2024 | September 22, 2039 | 142.24 | 142.24 | Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Dawei Innovation | 1,000 | 50 | Joint and several liability guarantee | 2025-6-29 to 2026-3-5 | No | | Dawei Innovation | 1,000 | 100 | Joint and several liability guarantee | 2024-11-29 to 2025-11-28 | No | | Dawei Innovation | 1,000 | 900 | Joint and several liability guarantee | 2024-12-24 to 2025-12-23 | No | | Xinhui Group Technology | 1,000 | 100 | Joint and several liability guarantee | 2024-11-29 to 2025-11-28 | No | | Xinhui Group Technology | 1,000 | 900 | Joint and several liability guarantee | 2024-12-24 to 2025-12-23 | No | | Total Actual Guarantee Balance for Subsidiaries at Period End | | 3,300 | | | | | Proportion of Total Actual Guarantee to Company's Net Assets | | 5.98% | | | | - The company had no entrusted wealth management during the reporting period[152] - The company had no other significant contracts during the reporting period[153] Explanation of Other Significant Matters During the reporting period, the company disclosed numerous temporary announcements concerning stock trading anomalies, subsidiary capital increases, performance forecasts, asset mortgages, impairment provisions, patent acquisitions, profit distribution, accounting policy changes, foreign exchange hedging, financing authorizations, restricted stock repurchases, idle factory rentals, equity incentive vesting/exercise, stock option price adjustments, subsidiary guarantee limits, registered capital changes, and the approval of resource reserves for the Guiyang Dachongli mining area - The company disclosed announcements regarding abnormal stock trading fluctuations, progress on capital increase for its wholly-owned subsidiary Guiyang Dawei Mining Co., Ltd., and the 2024 annual performance forecast[154] - The company disclosed announcements regarding the provision for asset impairment in 2024, wholly-owned subsidiaries obtaining invention patents, utility model patents, and design patents, the 2024 annual profit distribution plan, and changes in accounting policies[154] - The company disclosed announcements regarding conducting foreign exchange hedging business, requesting the general meeting of shareholders to authorize the board of directors to handle small and fast financing matters, repurchasing and canceling some restricted shares, conducting commodity futures and options hedging business, changing registered capital and amending the "Articles of Association," leasing idle factory premises, the achievement of exercise conditions for the first exercise period of the 2023 stock option and restricted stock incentive plan's reserved grant, conducting foreign exchange derivative transactions, adjusting stock option exercise prices, estimating guarantee limits for subsidiaries, and the achievement of vesting conditions for the first vesting period of the 2023 stock option and restricted stock incentive plan's reserved grant of restricted shares[155] - The company disclosed an announcement regarding the approval of mineral resource reserves in the "Exploration Report of Feldspar Mine in Dachongli Mining Area, Guiyang County, Hunan Province" for its wholly-owned subsidiary[155] Significant Matters of Company Subsidiaries Significant matters concerning the company's subsidiaries have been disclosed in "XIII. Explanation of Other Significant Matters" - Refer to the relevant announcements regarding subsidiaries in "XIII. Explanation of Other Significant Matters" in this section[156] Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder numbers, and holdings of directors, supervisors, and senior management Share Change Information During the reporting period, the company's total share capital increased from 237.18 million shares to 237.40 million shares, primarily due to the vesting of reserved restricted shares and the exercise of stock options Share Change Information | | Number Before Change (Shares) | Proportion Before Change | Net Increase/Decrease in This Change (Shares) | Number After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 31,160,136 | 13.14% | -53,400 | 31,106,736 | 13.10% | | II. Unrestricted Shares | 206,020,804 | 86.86% | 271,290 | 206,292,094 | 86.90% | | III. Total Shares | 237,180,940 | 100.00% | 217,890 | 237,398,830 | 100.00% | - The company's reserved restricted shares under this incentive plan achieved the conditions for the first vesting period, resulting in a decrease of 53,400 restricted shares and an increase of 53,400 unrestricted tradable shares[160] - The company's initially granted stock options under this incentive plan achieved the conditions for the first exercise period, resulting in an increase of 140,440 unrestricted shares and a total share capital increase of 140,440 shares[161] - The company's reserved granted stock options under this incentive plan achieved the conditions for the first exercise period, resulting in an increase of 77,450 unrestricted shares and a total share capital increase of 77,450 shares[162] Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - □Applicable ☑Not Applicable[168] [Number of Shareholders and Shareholding Information](index=