新相微(688593) - 2025 Q2 - 季度财报

Definitions This section defines key terms and entities used in the report, including the Company, ultimate controller, subsidiaries, major customers, and investors - This section defines key terms and entities used in the report, including the Company (New Vision Micro), ultimate controller, subsidiaries, major customers (e.g., BOE, TSMC, SMIC), and investors[11] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance metrics Company Basic Information Outlines the company's basic information, including names, legal representative, addresses, website, and email Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海新相微电子股份有限公司 | | Chinese Abbreviation | 新相微 | | English Name | Shanghai New Vision Microelectronics Co.,Ltd. | | Legal Representative | Peter Hong Xiao | | Registered Address | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | | Office Address | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | | Company Website | http://www.newvisionu.com.cn | | Email | office@newvisionu.com | Contact Persons and Information Provides contact details for the Board Secretary and Securities Affairs Representative, including names, addresses, and communication channels Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary (Domestic Information Disclosure Representative) | Chen Xiuhua | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | 021-51097181 | 021-64954065 | office@newvisionu.com | | Securities Affairs Representative | Cao Mingyang | 3rd Floor, No. 10 Cangwu Road, Xuhui District, Shanghai | 021-51097181 | 021-64954065 | office@newvisionu.com | Information Disclosure and Document Custody Location Changes Details the company's designated newspapers for information disclosure, website for reports, and report custody location Information Disclosure and Document Custody Location | Item | Content | | :--- | :--- | | Company's Selected Newspapers for Information Disclosure | "Shanghai Securities News", "China Securities Journal", "Securities Times", "Securities Daily", "Economic Information Daily" | | Website Address for Semi-Annual Report Publication | Shanghai Stock Exchange website (www.sse.com.cn) | | Company's Semi-Annual Report Custody Location | Company Board Office | Company Stock/Depositary Receipt Summary Introduces the company's stock type, listing exchange, board, abbreviation, and code Company Stock Summary | Stock Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | New Vision Micro | 688593 | / | Company's Key Accounting Data and Financial Indicators H1 2025 operating revenue grew 23.48% to 285.48 million yuan, net profit (excl. non-recurring) grew 72.37% to 4.34 million yuan, and operating cash flow improved to 33.15 million yuan Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.012 | -0.007 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.012 | -0.007 | Not applicable | | Basic EPS after Deducting Non-recurring Gains and Losses (yuan/share) | 0.010 | 0.006 | 66.67 | | Weighted Average Return on Net Assets (%) | 0.35 | -0.21 | Not applicable | | Weighted Average Return on Net Assets after Deducting Non-recurring Gains and Losses (%) | 0.28 | 0.16 | Increased by 0.12 percentage points | | R&D Investment as % of Operating Revenue (%) | 12.85 | 12.17 | Increased by 0.68 percentage points | Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 285,484,549.39 | 231,204,025.82 | 23.48 | | Total Profit | -803,121.93 | -8,665,023.31 | Not applicable | | Net Profit Attributable to Shareholders | 5,447,290.66 | -3,367,111.78 | Not applicable | | Net Profit Attributable to Shareholders after Deducting Non-recurring Gains and Losses | 4,340,126.01 | 2,517,910.55 | 72.37 | | Net Cash Flow from Operating Activities | 33,149,402.12 | -47,726,442.73 | Not applicable | | Net Assets Attributable to Shareholders (End of Reporting Period) | 1,544,441,191.26 | 1,573,418,880.17 | -1.84 | | Total Assets (End of Reporting Period) | 1,892,290,799.97 | 1,786,890,541.17 | 5.90 | - Operating revenue for January-June 2025 was 285.48 million yuan, a 23.48% year-on-year increase, primarily due to product category expansion, increased market share, and sales scale[20] - Net profit attributable to shareholders after deducting non-recurring gains and losses for January-June 2025 was 4.34 million yuan, a 72.37% year-on-year increase, mainly due to the growth in the company's main business revenue during the reporting period[21] - Net cash flow from operating activities for January-June 2025 was 33.15 million yuan, primarily due to increased cash received from sales and the recovery of capacity deposits[21] Non-recurring Gains and Losses Items and Amounts Lists the company's non-recurring gains and losses for the period, totaling 1.11 million yuan, including government grants and fair value changes Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 1,992.69 | | Government grants recognized in current profit or loss | 450,000.00 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 991,310.92 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 30,068.51 | | Other non-operating income and expenses apart from the above | -78,217.22 | | Less: Income tax impact | 230,767.45 | | Impact on minority interests (after tax) | 57,222.80 | | Total | 1,107,164.65 | Net Profit After Deducting Share-based Payment Impact Discloses net profit after share-based payment impact: 5.85 million yuan for the current period, compared to -2.77 million yuan in the prior year Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | 5,845,177.19 | -2,774,687.48 | Not applicable | Management Discussion and Analysis This section provides an in-depth discussion and analysis of the company's industry, operations, core competitiveness, and risk factors Industry and Main Business The company focuses on R&D, design, and sales of display chips using a Fabless model, covering diverse applications and innovating in AMOLED, Mini/Micro LED, and automotive chips Company's Industry The company operates in "Integrated Circuit Chip Products" and "Integrated Circuit Design" within electronics manufacturing, classified as a strategic emerging industry - The company's business falls under "C39 Computer, Communication and Other Electronic Equipment Manufacturing" in the National Bureau of Statistics' "Industrial Classification for National Economic Activities"[27] - The company's main business products are classified as "Integrated Circuit Chip Products" under "1.3.1 Integrated Circuits" within "1.3 Electronic Core Industry" of "1 New Generation Information Technology Industry" in the "Guidance Catalogue for Key Products and Services of Strategic Emerging Industries (2016 Edition)"[27] - According to the "Strategic Emerging Industries Classification (2018)," the company's main business products are "Integrated Circuit Design" under "1.3.4 New Information Technology Services" within "1.3 Emerging Software and New Information Technology Services" of "1 New Generation Information Technology Industry"[27] Main Business Operations As a pioneer in display chip mass production, the company offers integrated and discrete display chips for diverse applications via a Fabless model, with strategic focus on AMOLED, Mini/Micro LED, and automotive chips - The company is one of the first in mainland China to achieve mass production of display chips, establishing a complete industrial ecosystem advantage in display chip design[27] - The company's main business focuses on the R&D, design, and sales of display chips, committed to providing complete display chip system solutions, primarily adopting a Fabless manufacturing model[28] - In new product development, AMOLED display driver chips for smartphones, touch chips, timing controller chips for automotive displays and TVs, and micro-display products for AR glasses have been successively developed and are gradually entering the market[30] Main Product Categories and Applications | Product Category | Product Name | Technical Features | Main Application Areas | | :--- | :--- | :--- | :--- | | Integrated Display Chips | Integrated TFT-LCD Display Driver IC (DDIC) | Small chip area, low power consumption, high-definition display | Smart wearables, smartphones, feature phones, industrial control displays, tablet PCs | | | Integrated TFT-LCD Touch Display Driver IC (TDDI) | High integration, high touch display performance, supports ten-finger touch | Smartphones | | | Integrated AMOLED Display Driver IC | Low power consumption, high contrast, supports high refresh rate, 1.5K high resolution | Smart wearables, smartphones | | | Touch Chip (TOUCH) | 480Hz ultra-high reporting rate, high signal-to-noise ratio, AI anti-mistouch, waterproof | Smartphones | | | MicroLED Chip | 12-inch wafer, 720*480 resolution, 0.13-inch panel, high integration, low power consumption | AR glasses | | Discrete Display Chips | Discrete Display Driver IC (TFT-LCD) | Rich interface configuration, high interface speed, strong driving capability | Tablet PCs, IT displays, TVs, and commercial displays | | | Discrete Display Driver IC (AMOLED) | P2P protocol support, ultra-high transmission rate, stability assurance, diverse built-in optimization algorithms | Automotive, specialized displays | | | Display Panel Power Management IC | High energy efficiency, low ripple rate, fast response, multi-power module integration | Tablet PCs, IT displays, TVs, and commercial displays | | | Timing Controller (TCON) | Diverse interface adaptation, high-spec display performance, high energy efficiency operation mode, rich image quality enhancement algorithms | Tablet PCs, automotive displays, IT displays, TVs, and commercial displays | Discussion and Analysis of Operations In H1 2025, the company benefited from "trade-in" policies and industry recovery, increasing display chip demand, and achieved revenue growth and enhanced competitiveness through capacity allocation, R&D, and governance improvements Industry Mild Recovery, Localization Process Accelerates The display chip industry is experiencing a mild recovery with accelerated localization, driven by AI and downstream demand, leading to increased market share for domestic AMOLED and automotive display chips - China's "trade-in" policy injected strong momentum into the consumer electronics market, driving the recovery of display panels and supporting chip markets[32] - The display chip industry shows "mild recovery and accelerated localization," benefiting from AI technology empowering consumer electronics innovation and downstream demand from industries[33] - Domestic display driver chip shipments increased year-on-year, growing faster than the global average, with accelerated domestic substitution in high-end areas like AMOLED driver chips[33] Strengthening R&D Innovation, Expanding Product Ecosystem During the reporting period, R&D expenses increased by 30.36% to 36.69 million yuan, representing 12.85% of operating revenue, reflecting continuous product expansion and technological upgrades to meet diverse customer needs R&D Investment | Indicator | Amount (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | R&D Expenses | 36.69 | 30.36 | | As % of Operating Revenue | 12.85% | - | - The company adheres to market demand and technological innovation as dual drivers, continuously deepening product layout and accelerating technology iteration and product upgrades[35] Improving Governance Structure The company actively improved its governance system by abolishing the Supervisory Board, transferring its functions to the Board's Audit Committee, and revising the Articles of Association and other governance policies to enhance operational compliance and risk management - The company no longer has a Supervisory Board, with its functions now exercised by the Board's Audit Committee, and related internal regulations have been abolished[37] - The company revised and formulated several governance policies, including the "Rules of Procedure for Shareholders' Meetings," "Rules of Procedure for Board Meetings," and "Independent Director Work System," to enhance corporate governance[38] Analysis of Core Competitiveness The company's core competitiveness stems from its talent-driven R&D system, innovation across TFT-LCD and AMOLED technologies, superior product performance, quality management, deep collaboration with leading panel manufacturers, and efficient digital supply chain management Analysis of Core Competitiveness The company's core competitiveness is built on a talent-driven R&D system, accumulating core technologies in display driver chips, and maintaining strong partnerships with leading panel manufacturers like BOE, supported by an efficient digital supply chain - The company's core competitiveness originates from an R&D system rooted in talent and driven by innovation, building a multi-level talent梯队[39] - The company has accumulated a series of highly innovative and practical core technologies in display driver chips, including image compression, built-in capacitor technology, innovative architecture design, and low-power consumption techniques[40] - The company has established long-term stable strategic cooperative relationships with leading domestic panel enterprises like BOE, earning a strong market reputation through a scientific and comprehensive quality control system[41] - Operating under a Fabless model, the company has established good cooperative relationships with renowned wafer foundries such as Hua Hong Grace, SMIC, and TSMC, possessing efficient and powerful supply chain collaboration and flexible dynamic digital management capabilities[41] Core Technologies and R&D Progress The company possesses 25 core technologies, with 6 new additions in the reporting period covering ESD protection and dynamic backlight adjustment; R&D investment increased by 30.36%, with 23 ongoing projects and a 109-person R&D team comprising 52.66% of total staff Core Technologies, Their Advanced Nature, and Changes in the Reporting Period The company holds 25 self-developed core technologies, including image compression, low power consumption, and innovative architectures, positioning it as a domestic leader or strong competitor; 6 new core technologies were added, enhancing chip reliability, display quality, and driving efficiency for LCD drivers - As of June 30, 2025, the company possesses 25 core technologies, covering all product areas[42] - The reporting period saw the addition of 6 new core technologies, including a power-on reset control method to prevent ESD false triggers, a global dynamic backlight adjustment control method, a new high-voltage charge pump technology, a high-resolution high-refresh-rate dynamic acceleration driving method, a method to reduce electromagnetic interference noise, and an image anti-shake control method[44][45] Partial Core Technologies and Their Advanced Nature | No. | Core Technology Name | Technology Source | Technology Description | Technology Level | | :--- | :--- | :--- | :--- | :--- | | 1 | Image Compression Technology | Self-developed | Utilizes unique data analysis for image compression, saving chip area | Strong competitiveness | | 2 | Charge Recovery Low Power Consumption Technology | Self-developed | Utilizes panel capacitance for circuit charging and discharging, reducing power consumption and chip cost | Domestic leading | | 3 | Architecture Design to Reduce Mask Layers | Self-developed | Reduces mask layers through innovative design, saving costs and shortening manufacturing cycle | Strong competitiveness | | 8 | 8V AMOLED Driver Innovative Implementation Method | Self-developed | Achieves 8V AMOLED driver chip manufacturing on 6V process, significantly reducing costs | Domestic leading | | 11 | Charge Pump PMIC (Power Management IC) Efficiency Enhancement Technology | Self-developed | Utilizes adaptive rate selection and charge balance principles to improve charging and discharging efficiency | Domestic leading | | 21 | Global Dynamic Backlight Adjustment Control Method | Self-developed | Adjusts backlight and compensates input images through adaptive gain curve selection, improving display quality | Domestic leading | R&D Achievements in the Reporting Period As of June 30, 2025, the company has accumulated 26 patents (22 invention patents) and 74 integrated circuit layout designs, totaling 100 intellectual property rights Intellectual Property List | Intellectual Property Type | New Applications in Current Period (units) | New Grants in Current Period (units) | Cumulative Quantity (Granted, units) | | :--- | :--- | :--- | :--- | | Invention Patents | 7 | 0 | 22 | | Utility Model Patents | 1 | 0 | 4 | | Other (Integrated Circuit Layout Design Registration) | 0 | 0 | 74 | | Total | 8 | 0 | 100 | R&D Investment Table During the reporting period, the company's expensed R&D investment was 36.69 million yuan, a 30.36% year-on-year increase, with total R&D investment as a percentage of operating revenue increasing by 0.68 percentage points to 12.85% R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 36,689,547.96 | 28,143,751.13 | 30.36 | | Total R&D Investment | 36,689,547.96 | 28,143,751.13 | 30.36 | | Total R&D Investment as % of Operating Revenue (%) | 12.85 | 12.17 | Increased by 0.68 percentage points | Ongoing Projects The company has 23 ongoing R&D projects with a total investment of 485.98 million yuan, 36.69 million yuan invested this period, and 276.45 million yuan cumulatively, targeting low-power, high-resolution, high-refresh-rate, and low-cost display driver and control chips for various applications - The company has 23 ongoing R&D projects, with an estimated total investment of 485.98 million yuan, 36.69 million yuan invested in the current period, and a cumulative investment of 276.45 million yuan[54] - Ongoing projects cover various application areas, including smart wearables, smartphones, TVs and commercial displays, IT displays, automotive displays, and AR glasses[52][53][54] - The main goal is to develop display driver and control chips with low power consumption, small area, low cost, high resolution, high refresh rate, high stability, and strong ESD resistance[52][53][54] R&D Personnel Information The company's R&D team comprises 109 individuals, representing 52.66% of total staff, with total R&D personnel compensation of 24.77 million yuan and an average compensation of 460,800 yuan, primarily consisting of bachelor's and master's degree holders with a balanced age structure R&D Personnel Basic Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 109 | 101 | | R&D Personnel as % of Total Company Staff (%) | 52.66 | 56.11 | | Total R&D Personnel Compensation (million yuan) | 24.77 | 18.46 | | Average R&D Personnel Compensation (million yuan) | 0.4608 | 0.3656 | R&D Personnel Education Level | Education Level | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | PhD | 4 | 3.67 | | Master's Degree | 40 | 36.70 | | Bachelor's Degree | 60 | 55.04 | | Associate Degree | 4 | 3.67 | | High School and Below | 1 | 0.92 | | Total | 109 | 100 | Risk Factors The company faces multiple operational, financial, and macroeconomic risks, including core technical talent loss, product R&D failure, intensified market competition, inventory impairment, accounts receivable recovery, and exchange rate fluctuations Operating and Management Risks The company faces risks of core technical talent loss or shortage, technology leakage, and product R&D failure, which could adversely affect its R&D capabilities and future performance growth - The company operates in a technology-intensive industry, facing risks such as loss or shortage of core technical talent and technology leakage, with intense competition for talent[57] - The company faces product R&D failure risk; if R&D direction is misjudged, key technologies are not breakthrough, or products are not recognized by customers, prior investments may not be recovered, impacting future performance[57] Risk of Intensified Market Competition The display driver chip industry faces increasingly severe market competition; failure to grasp new display technology trends, update processes, or respond quickly to customer needs may lead to market share erosion - The display driver chip industry faces increasingly severe market competition risk; if the company fails to accurately grasp the development trends of new display technologies, it will face the risk of market share erosion[58] - As the downstream panel industry becomes more concentrated and technology iteration accelerates, the company faces the risk of intensified market competition[58] Financial Risks The company faces inventory impairment risk due to market demand changes, intensified competition, or poor inventory management, potentially leading to product unsalability; high accounts receivable also pose a risk of unrecoverable payments if customer operations deteriorate - The company faces inventory impairment risk, which may adversely affect operating performance due to changes in market demand, intensified market competition, or poor inventory management leading to product unsalability[58] - The book value of the company's accounts receivable accounts for 9.35% of current assets at period-end; if customer operating conditions deteriorate, it may lead to the inability to collect payments on time and in full[58] Macroeconomic Environment Risks The company's industry is highly correlated with global consumer electronics market prosperity, making it vulnerable to order demand and product price fluctuations from macroeconomic volatility; foreign currency-denominated transactions also expose it to exchange rate fluctuation risks - The company's display driver chip design industry is highly correlated with the prosperity of the global consumer electronics market, and macroeconomic fluctuations may lead to volatility in the company's order demand and product prices[58] - Some of the company's procurement or sales transactions are denominated in foreign currencies such as the US dollar, which may expose it to exchange rate losses due to currency fluctuations[58] Major Operating Conditions in the Reporting Period During the reporting period, the company's operating revenue increased by 23.48%, operating costs by 25.32%, and both selling and R&D expenses saw significant growth; the asset-liability structure remained stable, with total assets growing by 5.90%, and the company actively pursued external investments and disclosed key subsidiary operations Main Business Analysis The company's main business revenue increased by 23.48% to 285.48 million yuan, primarily due to business development and increased sales scale; operating costs, selling expenses, and R&D expenses also grew, with R&D expenses increasing by 30.36%, reflecting increased R&D investment Financial Statement Related Account Changes Analysis | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 285,484,549.39 | 231,204,025.82 | 23.48 | | Operating Cost | 243,693,662.08 | 194,457,344.63 | 25.32 | | Selling Expenses | 9,762,681.40 | 7,189,119.16 | 35.80 | | Administrative Expenses | 14,524,959.13 | 11,571,531.64 | 25.52 | | Financial Expenses | -7,482,128.09 | -11,830,015.67 | Not applicable | | R&D Expenses | 36,689,547.96 | 28,143,751.13 | 30.36 | | Net Cash Flow from Operating Activities | 33,149,402.12 | -47,726,442.73 | Not applicable | - The change in operating revenue is mainly due to the company's active business development and stable increase in revenue scale[61] - The change in R&D expenses is mainly due to the company's increased R&D investment, an increase in the number of R&D personnel, corresponding increase in total salaries, and increased expenditures on R&D consumables and other items[61] Asset and Liability Situation Analysis At the end of the reporting period, total assets increased by 5.90% to 1.89 billion yuan; cash, inventories, notes payable, and long-term borrowings all grew significantly, while notes receivable, accounts receivable financing, and non-current assets due within one year decreased, reflecting changes in operating activities and financing structure Asset and Liability Status Changes | Item Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets (%) | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 968,518,921.03 | 51.18 | 848,203,893.00 | 47.47 | 14.18 | | Notes Receivable | 324,340.80 | 0.02 | 2,762,893.97 | 0.15 | -88.26 | | Inventories | 270,811,205.63 | 14.31 | 227,132,249.61 | 12.71 | 19.23 | | Non-current Assets Due Within One Year | 59,335,148.54 | 3.14 | 117,924,283.54 | 6.60 | -49.68 | | Total Assets | 1,892,290,799.97 | 100.00 | 1,786,890,541.17 | 100.00 | 5.90 | | Notes Payable | 161,047,610.24 | 8.51 | 62,263,839.86 | 3.48 | 158.65 | | Contract Liabilities | 525,229.35 | 0.03 | 5,692,815.76 | 0.32 | -90.77 | | Long-term Borrowings | 33,260,000.00 | 1.76 | 0 | 0 | Not applicable | - The decrease in notes receivable and accounts receivable financing is mainly due to the maturity and acceptance of notes receivable during the reporting period[62][63] - Notes payable increased by 158.65%, primarily due to an increase in notes payable during the reporting period[63] - Overseas assets amounted to 45.37 million yuan, accounting for 2.40% of total assets[64] Major Restricted Assets | Item | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 11,709,660.26 | 11,709,660.26 | Pledged for bank acceptance bills, converted to margin upon maturity | | Accounts Receivable Financing | 58,650.16 | 58,650.16 | Pledged for bank acceptance bills | | Total | 11,768,310.42 | 11,768,310.42 | | Investment Status Analysis During the reporting period, the company's investment amounted to 2.985 million yuan, a 85.08% year-on-year decrease; the company co-established Chongqing Liangjiang Xinxian Venture Capital Fund Partnership with professional investment institutions and holds equity investments in companies like Huicheng Co., Ltd Overall Analysis of External Equity Investments | Indicator | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 2,985,000.00 | 20,000,000.00 | -85.08% | - The company, in collaboration with professional investment institutions, co-invested in Chongqing Liangjiang Xinxian Venture Capital Fund Partnership (Limited Partnership), with the company's subscribed capital contribution of 120 million yuan, and 2.985 million yuan actually paid in the current period[68] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Stocks (Huicheng Co., Ltd.) | 4,583,667.20 | 731,545.10 | 5,315,212.30 | | Other Non-current Financial Assets | 63,241,654.29 | 0 | 63,241,654.29 | | Total | 67,825,321.49 | 731,545.10 | 68,556,866.59 | Analysis of Major Holding and Participating Companies This section lists the financial information of the company's major holding subsidiaries, including New Vision Beijing, New Vision Xi'an, New Vision Hefei, Hefei Hongxinda, New Vision Hong Kong, Shenzhen New Vision Technology, and Shanghai Mixin, covering their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Financial Situation of Major Holding Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | New Vision Beijing | Subsidiary | Sales and technical services of display chip products | 5,000,000.00 | 5,574,179.40 | 4,874,840.69 | 1,773,584.91 | -589,483.88 | -478,349.70 | | New Vision Xi'an | Subsidiary | R&D of display chip products | 20,000,000.00 | 14,552,563.40 | 12,223,955.17 | 13,424,528.31 | -108,191.36 | -171,153.84 | | New Vision Hefei | Subsidiary | R&D and sales of display chip products | 10,000,000.00 | 41,403,302.84 | 24,660,756.78 | 84,340,173.44 | -929,467.79 | -715,264.12 | | Hefei Hongxinda | Subsidiary | Design and sales | 50,000,000.00 | 44,462,878.95 | 14,364,455.48 | 31,146,450.14 | -33,997.22 | -27,876.12 | | New Vision Hong Kong | Subsidiary | Sales of display chips | USD 4,880,000.00 | 337,755,096.87 | 42,300,897.65 | 249,957,197.52 | 620,636.91 | 584,522.65 | | Shenzhen New Vision Technology | Subsidiary | Design and sales | 20,000,000.00 | 18,504,338.10 | 17,479,459.71 | 884,955.75 | -3,238,548.79 | -2,513,118.02 | | Shanghai Mixin | Subsidiary | R&D and sales of power management chip products | 13,300,000.00 | 7,989,228.33 | 7,890,719.39 | 0.00 | -1,172,771.55 | -1,173,664.69 | Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, senior management, and core technical personnel, as well as information on profit distribution and equity incentive plans Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, Ms. Tang Xiaoqi resigned as a non-independent director, and Ms. Jin Chunyan was elected; the company also abolished the Supervisory Board, with its functions transferred to the Board's Audit Committee, leading to the departure of former Chairman Liu Xiaofeng and supervisors Jin Song and Liu Juanjuan Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position Held | Change | | :--- | :--- | :--- | | Tang Xiaoqi | Non-independent Director | Departure | | Jin Chunyan | Non-independent Director | Election | | Liu Xiaofeng | Chairman of Supervisory Board | Departure | | Jin Song | Supervisor | Departure | | Liu Juanjuan | Supervisor | Departure | - Ms. Tang Xiaoqi, a non-independent director, resigned due to a change in her position at shareholder Beijing Yandong Microelectronics Co., Ltd[78] - The company abolished the Supervisory Board, with its functions now exercised by the Board's Audit Committee, and related internal regulations have been abolished[79] Profit Distribution or Capital Reserve Conversion Plan The company has no profit distribution or capital reserve conversion plan for the current reporting period Semi-Annual Profit Distribution Plan | Item | Content | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | / | | Dividend per 10 shares (yuan) (tax inclusive) | / | | Number of shares converted from capital reserve per 10 shares (shares) | / | Equity Incentive Plan On April 24, 2025, the company approved the grant of reserved restricted shares under the 2024 Restricted Stock Incentive Plan, granting 1.185 million shares to 5 incentive recipients at 15.89 yuan/share on April 25, while also canceling some previously granted but unvested restricted shares - The company granted 1.185 million reserved restricted shares to incentive recipients under the 2024 Restricted Stock Incentive Plan at a grant price of 15.89 yuan/share, with the grant date being April 25, 2025[81] - The company canceled some previously granted but unvested restricted shares under the 2024 Restricted Stock Incentive Plan[81] Significant Matters This section covers the company's commitment fulfillment, significant related-party transactions, progress in the use of raised funds, and other important matters such as share repurchases and the termination of major asset restructuring Fulfillment of Commitments The company's ultimate controller, shareholders, related parties, and the company itself have timely and strictly fulfilled multiple commitments during or continuing into the reporting period, including share lock-ups, dividend policies, avoidance of horizontal competition, standardized related-party transactions, share price stabilization, and information disclosure Overview of Commitment Fulfillment | Commitment Background | Commitment Type | Committing Party | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Share Lock-up | Ultimate Controller Peter Hong Xiao (Xiao Hong) | Within 36 months from the date of the company's initial public offering and listing; within two years after the lock-up period expires; within 6 months after resignation; during the original term and within 6 months after the original term expires; within 4 years from the date the lock-up period for pre-IPO shares expires | Yes | | Commitments related to initial public offering | Share Lock-up | Zhou Jian (Person acting in concert with the ultimate controller) | Within 36 months from the date of the company's initial public offering and listing; within two years after the lock-up period expires; within 6 months after resignation; during the original term and within 6 months after the original term expires; within 4 years from the date the lock-up period for pre-IPO shares expires | Yes | | Commitments related to initial public offering | Dividend | Company | Three years after the company's listing | Yes | | Commitments related to initial public offering | Resolution of Horizontal Competition | Ultimate Controller Peter Hong Xiao (Xiao Hong) and his concerted party Zhou Jian and the largest shareholder NewVision (BVI) | During the period as the company's ultimate controller, concerted party of the ultimate controller, and largest shareholder | Yes | | Commitments related to initial public offering | Resolution of Related-Party Transactions | Ultimate Controller Peter Hong Xiao (Xiao Hong) and his concerted party Zhou Jian, the largest shareholder NewVision (BVI), directors, supervisors, senior management, core technical personnel at the time of IPO, and shareholders holding 5% or more of shares before IPO | During the period as the company's ultimate controller, concerted party of the ultimate controller, largest shareholder, shareholder holding 5% or more of shares, director, supervisor, senior management, and core technical personnel | Yes | | Commitments related to equity incentives | Other | Company | Long-term | Yes | | Commitments related to major asset restructuring | Other | Company | Long-term | Yes | Significant Related-Party Transactions The company approved its 2025 annual routine related-party transaction forecast and disclosed chip sales related-party transactions with BOE and its subsidiaries; additionally, the company terminated a major related-party transaction involving issuing shares, convertible bonds, and cash for asset acquisition and fundraising Related-Party Transactions in Routine Operations The company approved its 2025 annual routine related-party transaction forecast and disclosed chip sales related-party transactions with BOE and its subsidiaries, with current period sales totaling 71.25 million yuan - The company has convened the Board of Directors, Supervisory Board, and Shareholders' Meeting to approve the "Proposal on the Company's Forecast of Routine Related-Party Transactions for 2025"[179] Related-Party Transactions for Selling Goods/Providing Services | Related Party | Related Transaction Content | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | :--- | | BOE and its subsidiaries | Chip sales | 71,252,930.56 | 37,314,521.68 | - A portion of the company's customized procurement of display panel power management chip finished products and sales to BOE and its subsidiaries is accounted for using the net method and offset against the transaction amount, with 34.44 million yuan offset in the current period[187] [Related-Party Transactions for Asset/Equity Acquisition or Disposal](index=63&type=section&id=Item%205.2.2.%20Related-Party%20Transactions%20for%20Asset%2FEq uity%20Acquisition%20or%20Disposal) On March 13, 2025, the company approved a major related-party transaction involving issuing shares, convertible bonds, and cash for asset acquisition and fundraising, but decided to terminate the matter on August 8, 2025 - On March 13, 2025, the company approved the "Proposal on the Preliminary Plan for Shanghai New Vision Microelectronics Co., Ltd. to Issue Shares, Convertible Corporate Bonds, and Pay Cash to Acquire Assets and Raise Supporting Funds, and its Summary, Constituting a Related-Party Transaction"[182] - On August 8, 2025, the company approved the "Proposal on Terminating the Issuance of Shares, Convertible Corporate Bonds, and Payment of Cash to Acquire Assets and Raise Supporting Funds, Constituting a Related-Party Transaction," deciding to terminate this major related-party transaction[183] Progress in the Use of Raised Funds The company's initial public offering raised 917 million yuan net, with a committed investment of 1.519 billion yuan, and a cumulative investment of 217 million yuan as of the end of the reporting period; the company temporarily supplemented working capital and managed cash with idle raised funds while ensuring project progress Overall Use of Raised Funds The company's initial public offering raised a total of 1.028 billion yuan, with a net amount of 917 million yuan, and a committed investment of 1.519 billion yuan; as of the end of the reporting period, cumulative raised funds invested totaled 217 million yuan, with 15.29 million yuan invested in the current year Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Raised Funds | 1,027,507,771.94 | | Net Raised Funds | 916,574,627.93 | | Total Committed Investment | 1,519,027,000.00 | | Cumulative Raised Funds Invested as of Period-End | 217,399,237.49 | | Amount Invested in Current Year | 15,286,735.86 | Details of Raised Fund Investment Projects The company's raised fund investment projects include the Hefei AMOLED Display Driver Chip R&D and Industrialization Project, Hefei Display Driver Chip Test Production Line Construction Project, and Shanghai Advanced Display Chip R&D Center Construction Project, with a total planned investment of 917 million yuan and a cumulative investment of 217 million yuan as of the end of the reporting period Details of Raised Fund Investment Projects Usage | Project Name | Planned Investment of Raised Funds (1) (yuan) | Cumulative Raised Funds Invested as of Period-End (2) (yuan) | Cumulative Investment Progress (3)=(2)/(1) (%) | | :--- | :--- | :--- | :--- | | Hefei AMOLED Display Driver Chip R&D and Industrialization Project | 490,000,000.00 | 13,217,414.49 | 2.70 | | Hefei Display Driver Chip Test Production Line Construction Project | 126,574,627.93 | 17,907,562.00 | 14.15 | | Shanghai Advanced Display Chip R&D Center Construction Project | 300,000,000.00 | 186,274,261.00 | 62.09 | | Total | 916,574,627.93 | 217,399,237.49 | / | Other Uses of Raised Funds in the Reporting Period The company used a portion of idle raised funds, not exceeding 100 million yuan, to temporarily supplement working capital, with 37.09 million yuan used and 33 million yuan repaid as of June 30, 2025; the company was also approved to use up to 500 million yuan of temporarily idle raised funds for cash management, but no actual use occurred during the reporting period - The company and its subsidiaries plan to use a portion of idle raised funds, not exceeding 100 million yuan, to temporarily supplement working capital; as of June 30, 2025, 37.09 million yuan has been used, 33 million yuan has been repaid, with 4.09 million yuan remaining unrepaid[194] - The company was approved to use a total of up to 500 million yuan of temporarily idle raised funds for cash management, but there was no actual use of idle raised funds for cash management during the reporting period[198][199] - The company replaced 1.97 million yuan (USD 270,000) for asset purchases and 1.23 million yuan for R&D personnel salaries from its raised funds special account after initially paying with its own funds[201][202] Other Significant Matters During the reporting period, the company implemented a share repurchase, accumulating 3.97 million shares for 55.68 million yuan; it also terminated a major asset restructuring and abolished the Supervisory Board, transferring its functions to the Board's Audit Committee Repurchase Matters As of June 30, 2025, the company had cumulatively repurchased 3.97 million shares, representing 0.86% of its total share capital, with a total payment of 55.68 million yuan - As of June 30, 2025, the company had cumulatively repurchased 3.97 million shares through centralized bidding transactions, accounting for 0.86% of the company's total share capital[203] - The highest repurchase price was 22.50 yuan/share, the lowest was 7.97 yuan/share, and the total amount paid was 55.68 million yuan (excluding transaction commissions and other fees)[203] Major Asset Restructuring Matters On March 13, 2025, the company approved a major related-party transaction involving issuing shares, convertible bonds, and cash for asset acquisition and fundraising, but decided to terminate the matter on August 8, 2025 - On March 13, 2025, the company approved the "Proposal on the Preliminary Plan for Shanghai New Vision Microelectronics Co., Ltd. to Issue Shares, Convertible Corporate Bonds, and Pay Cash to Acquire Assets and Raise Supporting Funds, and its Summary, Constituting a Related-Party Transaction"[204] - On August 8, 2025, the company approved the "Proposal on Terminating the Issuance of Shares, Convertible Corporate Bonds, and Payment of Cash to Acquire Assets and Raise Supporting Funds, Constituting a Related-Party Transaction," deciding to terminate this major asset restructuring[205] Abolition of Supervisory Board and Revision of Articles of Association The company decided to abolish the Supervisory Board, transferring its functions to the Board's Audit Committee, and revised the Articles of Association and other governance policies to enhance operational compliance, in accordance with the latest laws and regulations - The company will no longer have a Supervisory Board, with its functions now exercised by the Board's Audit Committee, and related internal regulations have been abolished[207] - On May 29, 2025, and June 20, 2025, the company approved the "Proposal on Abolishing the Supervisory Board and Revising the Articles of Association" and the "Proposal on Formulating and Revising Certain Corporate Governance Systems"[207] Share Changes and Shareholder Information This section details changes in the company's share capital, including the reduction of restricted shares and the increase in unrestricted tradable shares, along with information on the total number of shareholders and the top ten shareholders Share Capital Changes During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by 3.68 million shares, with a corresponding increase in unrestricted tradable shares, primarily due to the listing and circulation of some strategically placed restricted shares from the initial public offering Share Change Table | Item | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 140,523,924 | 30.58 | -3,676,235 | 136,847,689 | 29.78 | | 2. State-owned Legal Person Shares | 3,676,235 | 0.80 | -3,676,235 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 319,005,488 | 69.42 | 3,676,235 | 322,681,723 | 70.22 | | 1. RMB Ordinary Shares (A-shares) | 319,005,488 | 69.42 | 3,676,235 | 322,681,723 | 70.22 | | III. Total Shares | 459,529,412 | 100.00 | 0 | 459,529,412 | 100.00 | - On June 3, 2025, 3.68 million strategically placed restricted shares from the company's initial public offering were listed and became tradable, accounting for 0.80% of the company's total share capital[210] Changes in Restricted Shares During the reporting period, China International Capital Corporation Wealth Securities Co., Ltd.'s 3.68 million strategically placed restricted shares from the initial public offering were released from restriction and became tradable, resulting in zero restricted shares at period-end Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China International Capital Corporation Wealth Securities Co., Ltd. | 3,676,235 | 3,676,235 | 0 | 0 | Initial Public Offering Strategic Placement Restriction | 2025/6/3 | | Total | 3,676,235 | 3,676,235 | 0 | 0 | / | / | Shareholder Information As of the end of the reporting period, the company had 12,008 ordinary shareholders; among the top ten shareholders, New Vision Microelectronics Inc. held 16.68% as the largest shareholder, and Beijing Electronics Holdings Co., Ltd. held 12.30%, with some major shareholders having related-party relationships or acting in concert Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total Number of Ordinary Shareholders at End of Reporting Period (households) | 12,008 | Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | New Vision Microelectronics Inc. | 76,653,360 | 16.68 | 76,653,360 | Overseas Legal Person | | Beijing Electronics Holdings Co., Ltd. | 56,541,164 | 12.30 | 0 | State-owned Legal Person | | Kehongxin (Hong Kong) Co., Ltd. | 28,619,320 | 6.23 | 0 | Overseas Legal Person | | Xiao International Investment Limited | 24,077,880 | 5.24 | 24,077,880 | Overseas Legal Person | | Sanya Zhuoxincheng Private Equity Fund Management Co., Ltd. - Xi'an Zhonglian Zhaojin Equity Investment Partnership (Limited Partnership) | 21,816,075 | 4.75 | 0 | Other | | Shen Zhenyu | 18,380,000 | 4.00 | 0 | Domestic Natural Person | | Beijing Dexin Huifu Equity Investment Management Center (Limited Partnership) - Xinyu Yijiade Equity Investment Partnership (Limited Partnership) | 15,580,550 | 3.39 | 0 | Other | | Shanghai Zhaoyi Information Technology Partnership (Limited Partnership) | 14,247,000 | 3.10 | 14,247,000 | Other | | Shanghai Siyi Information Technology Partnership (Limited Partnership) | 13,257,000 | 2.88 | 13,257,000 | Other | | Taiwan Analog Technology Co., Ltd. | 10,432,880 | 2.27 | 0 | Overseas Legal Person | - New Vision Microelectronics Inc., Xiao International Investment Limited, and Shanghai Zhaoyi Information Technology Partnership (Limited Partnership) are all enterprises controlled by the company's ultimate controller, Peter Hong Xiao (Xiao Hong)[216] - Zhou Jian, the executive partner of Shanghai Siyi Information Technology Partnership (Limited Partnership), is a person acting in concert with Peter Hong Xiao (Xiao Hong)[216] Bond-Related Information This section confirms that the company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[224] - The company has no convertible corporate bonds[224] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial risks Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[4] Financial Statements This section contains the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow Company Basic Information Shanghai New Vision Microelectronics Co., Ltd. was listed on the Shanghai Stock Exchange STAR Market on June 1, 2023, with stock code 688593; its registered capital is 459.53 million yuan, ultimate controller is Peter Hong Xiao, and it primarily engages in integrated circuit design, R&D, and sales using a Fabless model, with products including integrated and discrete display chips - The company's shares were listed on the STAR Market of the Shanghai Stock Exchange on June 1, 2023, with stock abbreviation: New Vision Micro, stock code: 688593[264] - As of June 30, 2025, the company's registered capital was 459.53 million yuan, and the ultimate controller was Peter Hong Xiao (Xiao Hong)[264] - The company belongs to the integrated circuit design industry, primarily engaging in integrated circuit design, integrated circuit chip design and services, and integrated circuit chip and product sales, adopting a Fabless business model[265] Basis of Financial Statement Preparation The company's financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption, with no significant doubts about its ability to continue as a going concern - The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised in 2023)" of the China Securities Regulatory Commission[267] - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances, thus the financial statements are prepared on a going concern basis[268] Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for financial instruments, inventories, receivables, fixed assets, intangible assets, revenue recognition, and share-based payments, ensuring the truthfulness and completeness of financial reporting - The company determines specific accounting policies and estimates based on its production and operation characteristics, mainly reflected in inventory valuation methods, expected credit loss provision methods for receivables, depreciation of fixed assets, revenue recognition timing, and fair value determination of equity instruments for share-based payments[269] Taxes The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and property tax; as a high-tech enterprise, it enjoys a 15% corporate income tax preferential rate, VAT exemption for technology transfer and development services, and VAT input tax credit for integrated circuit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services revenue | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of actual paid turnover tax | 7% | | Corporate Income Tax | Taxable income | 25%, 16.5%, 15% | | Property Tax | 70% of original property value (or rental income) | 1.2%, 12% | - The company is recognized as a high-tech enterprise and pays corporate income tax at a 15% rate for the current period[396] - The company and its subsidiaries' income from technology development services is exempt from VAT after filing[397] - The company enjoys a preferential policy allowing integrated circuit design, production, packaging and testing, equipment, and material enterprises to deduct 15% of the current period's deductible input VAT from their payable VAT[397] Notes to Consolidated Financial Statement Items This section provides detailed notes for each major item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, notes receivable, accounts receivable, inventories, long-term receivables, fixed assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets restricted in ownership or use, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating expenses, income tax expenses, other comprehensive income, cash flow statement items, supplementary cash flow information, notes to owners' equity change statement items, foreign currency monetary items, and leases R&D Expenses The company's total expensed R&D expenditure for the reporting period was 36.69 million yuan, primarily comprising employee compensation, R&D consumables, depreciation and amortization, and share-based payments, all recognized in current profit or loss R&D Expenses by Nature | Item | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 23,620,887.94 | 18,462,989.73 | | R&D Consumables | 5,966,845.88 | 5,152,758.67 | | Depreciation and Amortization | 4,693,283.56 | 2,291,088.34 | | Share-based Payment | 1,286,766.75 | 200,549.20 | | Other | 1,121,763.83 | 2,036,365.19 | | Total | 36,689,547.96 | 28,143,751.13 | | Of which: Expensed R&D Expenditure | 36,689,547.96 | 28,143,751.13 | | Capitalized R&D Expenditure | 0 | 0 | Changes in Consolidation Scope During the reporting period, the company's consolidation scope did not change due to business combinations under common control, business combinations not under common control, reverse acquisitions, or disposal of subsidiaries - There were no business combinations not under common control in the current period[558] - There were no business combinations under common control in the current period[558] - There were no reverse acquisitions in the current period[558] - There were no transactions or events resulting in loss of control over subsidiaries in the current period[559] Interests in Other Entities The company's consolidation scope for the current period includes 9 subsidiaries: Shanghai New Vision International Trade Co., Ltd., New Vision Microelectronics (Xi'an) Co., Ltd., Hefei New Vision Microelectronics Co., Ltd., New Vision (Beijing) Microelectronics Technology Co., Ltd., New Vision Microelectronics (Hong Kong) Co., Ltd., Shanghai Mixin Microelectronics Co., Ltd., Hefei Hongxi