瑞华泰(688323) - 2025 Q2 - 季度财报

Section I Definitions Provides definitions of common terms, company names, competitors, partners, and key technologies like PI and CPI film, essential for understanding the report Definitions of Common Terms Defines key terms used throughout the report, including company names, subsidiaries, competitors, partners, and technical terms like PI and CPI film, to ensure clarity - Company full name: Shenzhen Rayitek Film Technology Co., Ltd., abbreviated as Rayitek[11] - Reporting period: January 1, 2025, to June 30, 2025[11] - PI: Polyimide, a high molecular compound containing imide groups, one of the three advanced polymer materials[11] - CPI film: Colorless transparent PI film, a type of colorless and transparent PI film, used for flexible display components like screen covers[12] Section II Company Profile and Key Financial Indicators Presents an overview of the company's basic information and key financial performance indicators for the reporting period I. Company Basic Information Outlines Shenzhen Rayitek Film Technology Co., Ltd.'s fundamental details, including its name, legal representative, registered address, website, and email, providing a company overview - Company Chinese name: Shenzhen Rayitek Film Technology Co., Ltd., abbreviated as Rayitek[14] - Legal representative: Tang Changdan; registered and office address: Huamei Industrial Park, Songgang Street, Bao'an District, Shenzhen[14] - Company website: www.rayitek.com, email: ir@rayitek.cn[14] II. Contact Persons and Information Provides contact details for the company's Board Secretary Li Tao and Securities Affairs Representative Liu Nanzhou, facilitating investor inquiries and communication - Board Secretary (Domestic Information Disclosure Representative): Li Tao; Securities Affairs Representative: Liu Nanzhou[15] - Contact number: 0755-29712290, email: ir@rayitek.cn[15] III. Brief Introduction to Changes in Information Disclosure and Document Availability Locations Specifies the company's designated newspapers and website for information disclosure, along with the location for semi-annual report availability, ensuring timely access to public information - Designated newspapers for information disclosure: "China Securities Journal", "Securities Times", "Shanghai Securities News"[16] - Website for semi-annual report: www.sse.com.cn[16](index=16&type=chunk) - Semi-annual report availability location: Company Board Secretary's Office[16] IV. Company Stock/Depositary Receipts Overview Briefly describes the company's stock information, including type, listing exchange, and code, while confirming the absence of depositary receipts - Stock type: RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange STAR Market[17] - Stock abbreviation: Rayitek, stock code: 688323[17] - The company has no depositary receipts[18] V. Other Relevant Information Discloses information about the company's domestic accounting firm, including its name, office address, and signing accountants, ensuring transparency - Domestic accounting firm: Daxin Certified Public Accountants (Special General Partnership)[18] - Office address: 1st Floor, Academy International Building, No. 22 Zhichun Road, Haidian District, Beijing[18] - Signing accountants: Lian Wei, Liu Jiaona[18] VI. Key Accounting Data and Financial Indicators Presents the company's key accounting data and financial indicators for the first half of 2025, showing a 37.86% increase in operating revenue and a 164.65% increase in net cash flow from operating activities, despite continued losses 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,931,302.33 | 131,972,166.76 | 37.86 | | Total Profit | -38,688,911.43 | -37,050,274.65 | Not applicable | | Net Profit Attributable to Listed Company Shareholders | -33,734,236.57 | -36,131,893.43 | Not applicable | | Net Cash Flow from Operating Activities | 93,856,972.78 | 35,464,823.00 | 164.65 | | Net Assets Attributable to Listed Company Shareholders | 909,386,908.35 | 943,121,144.92 | -3.58 | | Total Assets | 2,631,720,914.73 | 2,563,947,151.17 | 2.64 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.19 | -0.20 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.19 | -0.20 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.19 | -0.20 | Not applicable | | Weighted Average Return on Net Assets (%) | -3.64 | -3.68 | Increased by 0.04 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -3.68 | -3.75 | Increased by 0.07 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 9.41 | 12.77 | Decreased by 3.36 percentage points | - Operating revenue increased by 37.86% year-on-year, mainly due to the gradual release of production capacity from the Jiaxing fundraising project and increased sales[22] - Net cash flow from operating activities increased by 164.65% year-on-year, primarily due to a 46.07 million yuan increase in government subsidies and expanded business scale[22] VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards States that the company has no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[23] VIII. Non-Recurring Gains and Losses Items and Amounts Details the non-recurring gains and losses items and their amounts for the reporting period, totaling 348,525.43 yuan, with explanations for government subsidies and VAT input tax deductions 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -902.03 | | Government grants recognized in profit or loss (excluding those closely related to the company's normal business operations and continuously enjoyed) | 1,098,065.33 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | -217,004.33 | | Other non-operating income and expenses apart from the above | -399,937.88 | | Less: Income tax impact | 131,695.66 | | Total | 348,525.43 | - 1,989,994.80 yuan in other income relates to asset-related government subsidies, and 1,913,974.95 yuan relates to VAT input tax deductions[26] IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact States that the company has no equity incentive or employee stock ownership plans - The company has no equity incentive or employee stock ownership plans[27] X. Explanation of Non-GAAP Performance Indicators States that the company has no non-GAAP performance indicators to explain - The company has no non-GAAP performance indicators to explain[27] Section III Management Discussion and Analysis Provides a comprehensive review of the company's operations, financial performance, industry trends, and risk factors during the reporting period I. Description of the Company's Industry and Main Business During the Reporting Period Details the company's industry, main business, products, and operating model, analyzing industry development, technical barriers, market position, and future trends, emphasizing PI film's strategic importance (I) Main Business, Products, or Services Focuses on the R&D, production, and sales of high-performance PI films, including thermal control, electronic, and electrical PI films, with new products like aerospace MAM and flexible display CPI films, filling domestic gaps and serving strategic emerging industries - Main business: R&D, production, and sales of high-performance PI films, including thermal control PI film, electronic PI film, and electrical PI film series[28] - Many products fill domestic gaps, recognized by Siemens, Bombardier, CRRC, and applied in flexible printed circuit boards, consumer electronics, high-speed rail, wind power, 5G communication, flexible displays, and aerospace[28][29] - The company has mastered core technologies for high-performance PI film preparation, including formulation, process, and equipment, breaking foreign technical blockade and market monopoly[29] - Flexible display CPI film has achieved sample sales for terminal brand manufacturers and their suppliers, with an optical-grade pilot line for flexible OLED CPI film under development[30][37] (II) Main Operating Model Describes the company's operating model, which involves independent R&D, raw material procurement, production based on sales orders and demand forecasts, and a direct sales approach to downstream manufacturers or agents - Main products: High-performance PI films, used in flexible printed circuit boards, consumer electronics, high-speed rail, wind power, and other fields[38] - Operating model: Independent R&D, raw material procurement for production, combining make-to-order and demand forecasting[38] - Sales model: Primarily direct sales to downstream manufacturers or agents for profit[38] (III) Industry Overview Positions the company within the rubber and plastic products industry, specifically polyimide nanofilm, a critical material for high-tech industries, facing urgent domestic substitution needs against foreign monopolies, with strong growth prospects in AI, 5/6G, and flexible displays - Industry: Rubber and plastic products manufacturing (C29), sub-industry: plastic products manufacturing (C292), product: polyimide nanofilm, a cutting-edge new material[39] - PI film, known as "golden film," is one of three critical polymer materials restricting China's high-tech industry, with a market size in the tens of billions, corresponding to a hundred-billion flexible printed circuit board market and trillion-dollar electronic smart terminal market[40] - Domestic high-performance PI film market is dominated by foreign manufacturers like DuPont (US), Kaneka (Japan), and PIAM (Korea), creating an urgent need for domestic substitution[41] - High-performance PI film preparation involves complex core technologies in formulation, process, and equipment; the company possesses complete technical advantages from R&D to process and equipment[42][43] - The company is one of the largest multi-category high-performance PI film manufacturers in China, breaking foreign technical monopolies[44] - Future PI film products will evolve towards high performance and multi-functionality; AI phones, AI PCs, computing infrastructure, and 5/6G construction will significantly boost demand for high thermal conductivity graphite[46][47] - Market demand and penetration for flexible display CPI film will grow substantially, with ongoing R&D for CPI and UTG combination solutions[52] II. Discussion and Analysis of Operations Reviews the company's operational status for the first half of 2025, covering financial performance, R&D investment, convertible bond status, fundraising project progress, talent development, and information disclosure, highlighting progress in capacity release and new product development despite continued losses (I) Key Operating Performance In H1 2025, operating revenue reached 181.9313 million yuan, up 37.86% YoY; net loss attributable to parent company shareholders was 33.7342 million yuan, a 2.3977 million yuan reduction in loss YoY, driven by Jiaxing production base capacity release and new product breakthroughs 2025 H1 Key Operating Data | Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 181.93 | +37.86% | | Net Profit Attributable to Parent Company Shareholders | -33.73 | Loss reduced by 2.40 million yuan | - Jiaxing production base capacity is gradually ramping up, with steady improvements in production efficiency[57] - Ultra-thick thermal control PI film has completed customer evaluations and achieved sales; TPI film has passed customer batch evaluations, with order volumes continuously increasing[57] - As of June end 2025, total assets were 2,631.7209 million yuan, and net assets attributable to listed company shareholders were 909.3869 million yuan, largely stable compared to year-end[57] (II) R&D Status R&D expenses were 17.1157 million yuan in H1 2025, a 1.53% increase YoY, representing 9.41% of operating revenue, with continued focus on new product development for semiconductors, new energy, and low-orbit satellites 2025 H1 R&D Investment | Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | R&D Expenses | 17.12 | +1.53% | | R&D Expenses as Percentage of Operating Revenue | 9.41% | -3.36 percentage points | - The company is actively expanding new product evaluations in semiconductors, new energy, and low-orbit satellite applications[58] - Continuous R&D on special functional polyimide films (5/6G low dielectric, flexible optoelectronics, high thermal conductivity, fluorine-free) and insulation varnishes/high-temperature adhesives for new energy vehicles[58] (III) Convertible Corporate Bonds The company issued 430 million yuan in convertible bonds ("Ruike Convertible Bonds," code 118018) on August 18, 2022, with an adjusted conversion price of 30.91 yuan/share; as of June 30, 2025, 224 shares were converted, and credit ratings remain A with a stable outlook - The company issued 430 million yuan in convertible corporate bonds on August 18, 2022, with the bond abbreviation "Ruike Convertible Bonds" and code "118018"[59] - Initial conversion price: 30.98 yuan/share, later adjusted to 30.91 yuan/share[59] - As of June 30, 2025, cumulative converted shares totaled 224, representing 0.000124% of the total shares issued before conversion[59] - The company's main credit rating is A, "Ruike Convertible Bonds" rating is A, with a "stable" outlook[59] (IV) Progress of Fundraising Projects The Jiaxing 1,600-ton fundraising project's factory construction is complete, with four production lines operational since September 2023, one wide-width chemical method line in trial production, and a second chemical method line being installed for Q4 trial production, enhancing capacity and market competitiveness - Jiaxing 1,600-ton fundraising project's factory construction is complete, with new production lines and public utility systems running stably[60] - Four production lines have been gradually put into operation since September 2023; one independently designed wide-width chemical method production line is in trial production[60] - The second chemical method production line is accelerating the installation and debugging of auxiliary facilities, aiming for trial production in Q4[60] (V) Talent Development The company prioritizes talent development in high-performance polyimide materials, continuously strengthening R&D, engineering, and application technology teams, and exploring joint training programs with universities to enhance management and operational capabilities - The company, positioned as a materials science company with high-performance polyimide materials at its core, highly values R&D, engineering, and application technology capabilities[61] - Continuously building multi-disciplinary technical teams at various levels, exploring enhanced joint training of high-end R&D technical talent with universities[61] - Focusing on cultivating production and operation management teams through grassroots development and talent acquisition to continuously improve management and operational capabilities[61] (VI) Information Disclosure and Insider Trading Prevention The company strictly adheres to information disclosure regulations, ensuring truthfulness, accuracy, completeness, timeliness, and fairness, maintaining operational transparency through various channels, and actively preventing insider trading through regular warnings and education for relevant personnel - The company strictly complies with laws, regulations, and regulatory requirements, fulfilling information disclosure obligations truthfully, accurately, completely, timely, and fairly[63] - Maintains operational transparency through listed company announcements, earnings calls, investor conferences, SSE e-interaction, and phone calls[63] - Highly prioritizes insider trading prevention, managing insider information registration and educating relevant personnel regularly[63] III. Analysis of Core Competitiveness During the Reporting Period Analyzes the company's core competitiveness in technology, products, talent, and quality, detailing the advanced nature of its core technologies, R&D progress, new patents, and ongoing projects (I) Core Competitiveness Analysis The company's core competitiveness lies in its technology (complete PI film preparation from resin synthesis to production), products (diversity, stability, cost-effectiveness, market alignment), talent (experienced R&D team), and quality (strict standards and certifications) - The company independently masters core technologies for high-performance PI film, forming a complete preparation technology from specialized resin synthesis to continuous biaxial stretching film production[64] - Product diversity covers dielectric, functional, and structural materials, with many products breaking foreign market monopolies[67] - Product quality is stable, with thickness deviation within ±5% and continuous roll length over 5,000 meters, recognized by internationally renowned enterprises[68] - Compared to imported products, the company has cost advantages in labor and equipment investment, offering outstanding cost-effectiveness[69] - The company possesses domestic capacity and multi-production line advantages; future competition will be based on multi-series product solutions, new product industrialization efficiency, and capacity assurance[72] - The company has an R&D team rich in experience, strong engineering technical capabilities, and extensive practical experience[73] - The company is certified with ISO9001, ISO14001, ISO45001, and QC080000 systems, and its products are UL safety certified, complying with REACH and RoHS environmental directives[74] (II) Events Seriously Affecting Core Competitiveness, Impact Analysis, and Countermeasures During the Reporting Period States that the company's core competitiveness was not seriously affected during the reporting period - The company's core competitiveness was not seriously affected during the reporting period[75] (III) Core Technologies and R&D Progress The company's core technologies, focused on PI film formulation, process, and equipment, are self-developed and unchanged. It gained 1 new patent (total 38), invested 17.1157 million yuan in R&D (up 1.53%), and has 14 ongoing projects in advanced fields with 89 R&D personnel - The company's core technology system includes polyimide molecular structure formulation design, PAA resin synthesis process, PI film manufacturing process, thermoplastic film preparation, film post-treatment, chemical environmentally friendly solvent systems, and non-standard dedicated production line design and control integration capabilities[75][76][77] - During the reporting period, the company obtained 1 new patent; as of June 30, 2025, the company held 38 patents, including 30 invention patents and 8 utility model patents[78][79] 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 17,115,668.42 | 16,858,443.27 | 1.53 | | Total R&D Investment | 17,115,668.42 | 16,858,443.27 | 1.53 | | Total R&D Investment as Percentage of Operating Revenue (%) | 9.41 | 12.77 | Decreased by 3.36 percentage points | - The company has 14 ongoing R&D projects, including 100-micron ultra-thick high thermal conductivity graphite film precursors, C-type black polyimide film, PI film for high-frequency/high-speed transmission, next-generation ultra-high modulus polyimide film for foldable covers, and high-performance polyimide HY film development for COF applications[83][84] 2025 Semi-Annual R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 89 | 82 | | R&D Personnel as Percentage of Total Company Personnel (%) | 16.06 | 15.44 | | Total R&D Personnel Compensation (million yuan) | 8.38 | 8.19 | | Average R&D Personnel Compensation (million yuan) | 0.97 | 0.99 | IV. Risk Factors Discloses various risks, including performance decline, insufficient core competitiveness, operational management, financial, industry competition, macroeconomic fluctuations, absence of a controlling shareholder, fundraising project capacity digestion, and convertible bond-related risks (I) Risk of Significant Performance Decline or Loss The company faces risks of significant performance decline or loss; despite reduced losses in the reporting period, macroeconomic volatility, market demand decline, intensified competition, or insufficient market expansion could negatively impact performance - During the reporting period, the net loss attributable to parent company shareholders was 33.7342 million yuan, a 2.3977 million yuan reduction in loss year-on-year[87] - Future significant fluctuations in the macroeconomic or industry cycle, declining demand in terminal sub-markets, intensified competition in the high-end new materials industry, or insufficient market development capabilities could lead to performance decline[87] (II) Core Competitiveness Risk The company faces the risk of technological innovation and product development lagging market demand, given the long R&D cycles and high investment for high-performance PI films, potentially leading to market share loss and uncertainty from evolving product structures - High-performance PI film R&D requires significant investment and long cycles; if new product R&D does not progress smoothly or technological innovation fails to keep pace with market demand, products may become outdated, leading to market share loss[88] - With the Jiaxing project's production and new product development, the proportion of revenue from new products in smart electronics, flexible substrates, flexible displays, and new energy sectors may increase, posing risks of product structure changes[89] (III) Operational Risks Operational risks include raw material price fluctuations (PMDA and ODA price increases could impact gross margin) and safety production accidents due to complex manufacturing processes, potentially leading to losses or production halts - Price fluctuations of key raw materials PMDA and ODA could adversely affect the company's operating performance; if their unit prices both increase by 10%, the gross profit margin of the main business would decrease by approximately 1-3 percentage points[90] - The company's complex production process, involving multiple steps and sophisticated equipment, carries the risk of major safety production accidents due to operational errors or unforeseen factors, potentially causing losses or production halts[90] (IV) Financial Risks The company faces debt repayment risks due to significant new debt, with substantial short-term, long-term, and current non-current liabilities totaling 65.45% asset-liability ratio as of June end 2025, alongside high accounts receivable balances posing collection risks Debt Situation as of June End 2025 | Debt Type | Amount (million yuan) | | :--- | :--- | | Short-term Borrowings | 169.03 | | Long-term Borrowings | 552.21 | | Non-current Liabilities Due Within One Year | 264.59 | | Asset-Liability Ratio | 65.45% | - The company's accounts receivable balance is 87.9934 million yuan, with a bad debt provision of 4.5129 million yuan, posing collection risks[91] (V) Industry Risks The company faces intensified market competition in the expanding high-performance PI film market; its smaller business scale compared to international players like DuPont and Kaneka makes it more vulnerable to increased competition or reduced downstream demand - The high-performance PI film market is growing, but the company's business scale is smaller, making it less resilient to risks than international players like DuPont and Kaneka[92] - Increased industry competition from new entrants or price wars by existing players could adversely affect the company's production and operations[92] (VI) Macroeconomic Environment Risks Downstream industries are sensitive to macroeconomic and economic cycle changes; failure to adjust operating strategies in response to policy shifts, slower growth, or cyclical fluctuations could negatively impact the company's future development - The company's downstream industries, covering flexible printed circuit boards, consumer electronics, high-speed rail, wind power, 5G communication, flexible displays, and aerospace, are sensitive to domestic and international macroeconomic changes[93] - Changes in macroeconomic policies, slower economic growth, or cyclical fluctuations could negatively impact the company's future development[93] (VII) Other Significant Risks Risks include the absence of a controlling shareholder (potentially affecting decision-making or control), difficulty in digesting new capacity from fundraising projects, and convertible bond risks such as principal and interest repayment, non-conversion, and credit rating downgrades, noting the bonds are unsecured - The company has no controlling shareholder or actual controller, and its equity is relatively dispersed, which could lead to reduced decision-making efficiency or changes in control[94][95] - Fundraising projects plan to add 1,600 tons of high-performance PI film capacity; if market development is insufficient, there is a risk that the new capacity may be difficult to absorb[95] - Convertible bonds face risks of principal and interest repayment, non-conversion during the conversion period, potential adverse changes in credit ratings, and are unsecured credit bonds[95][96] V. Key Operating Performance During the Reporting Period Directs readers to "Section III Management Discussion and Analysis," "II. Discussion and Analysis of Operations" for detailed information on the company's key operating performance during the reporting period - For detailed information on the company's key operating performance during the reporting period, please refer to "Section III Management Discussion and Analysis," "II. Discussion and Analysis of Operations"[97] (I) Main Business Analysis Analyzes the company's main business, focusing on changes in financial statement items, explaining variations in operating revenue, operating costs, administrative expenses, and financial expenses 1. Analysis Table of Changes in Financial Statement Items Details changes in key financial statement items, with operating revenue up 37.86% due to Jiaxing project capacity release, net cash flow from operating activities up 164.65% due to government subsidies and business expansion, and financial expenses up 58.13% due to increased interest expenses 2025 Semi-Annual Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 181,931,302.33 | 131,972,166.76 | 37.86 | | Operating Cost | 143,970,447.12 | 109,012,530.43 | 32.07 | | Selling Expenses | 3,348,655.88 | 3,284,248.15 | 1.96 | | Administrative Expenses | 27,938,325.42 | 22,794,107.08 | 22.57 | | Financial Expenses | 26,113,307.38 | 16,514,165.79 | 58.13 | | R&D Expenses | 17,115,668.42 | 16,858,443.27 | 1.53 | | Net Cash Flow from Operating Activities | 93,856,972.78 | 35,464,823.00 | 164.65 | | Net Cash Flow from Investing Activities | -36,043,824.37 | -60,662,369.03 | Not applicable | | Net Cash Flow from Financing Activities | 13,538,064.25 | 16,080,556.00 | -15.81 | - Operating revenue increased by 37.86% year-on-year, mainly due to the gradual commissioning of the Jiaxing fundraising project and increased sales[98] - Net cash flow from operating activities increased by 164.65% year-on-year, primarily due to a 46.07 million yuan increase in government subsidies and expanded business scale[101] - Financial expenses increased by 58.13%, mainly due to increased interest expenses on borrowings[99] 2. Detailed Explanation of Significant Changes in Company Business Type, Profit Structure, or Profit Sources During the Current Period States that there were no significant changes in the company's business type, profit structure, or profit sources during the current period - There were no significant changes in the company's business type, profit structure, or profit sources during the current period[102] (II) Explanation of Significant Profit Changes Caused by Non-Core Business States that there were no significant profit changes caused by non-core business activities - There were no significant profit changes caused by non-core business activities[102] (III) Analysis of Assets and Liabilities Analyzes the company's assets and liabilities at period-end compared to year-end, noting significant increases in monetary funds, notes receivable, inventory, deferred income tax assets, short-term borrowings, notes payable, contract liabilities, taxes payable, and deferred income due to government subsidies, business expansion, capacity release, and increased financing, while construction in progress and retained earnings decreased 1. Asset and Liability Status Period-end monetary funds increased 44.03% to 219.2291 million yuan due to government subsidies and operating cash inflows. Notes receivable rose 51.53% to 46.2590 million yuan, and inventory increased 34.87% to 97.8323 million yuan, both from business expansion and capacity release. Construction in progress decreased 33.47% to 438.1978 million yuan due to equipment capitalization. Short-term borrowings surged 151.02% to 169.0265 million yuan from increased short-term operating financing. Deferred income grew 71.64% to 122.5039 million yuan from asset-related government subsidies. Retained earnings fell 44.82% to 41.5396 million yuan due to current period losses 2025 June End Asset and Liability Status Changes | Project 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 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 219,229,050.99 | 8.33 | 152,211,590.34 | 5.94 | 44.03 | | Notes Receivable | 46,259,015.16 | 1.76 | 30,528,080.77 | 1.19 | 51.53 | | Inventory | 97,832,303.53 | 3.72 | 72,537,207.89 | 2.83 | 34.87 | | Construction in Progress | 438,197,805.40 | 16.65 | 658,659,284.61 | 25.69 | -33.47 | | Deferred Income Tax Assets | 22,878,517.33 | 0.87 | 12,921,831.50 | 0.50 | 77.05 | | Short-term Borrowings | 169,026,545.87 | 6.42 | 67,334,597.47 | 2.63 | 151.02 | | Notes Payable | 20,500,000.00 | 0.78 | 12,342,205.67 | 0.48 | 66.10 | | Contract Liabilities | 495,324.47 | 0.02 | 225,934.35 | 0.01 | 119.23 | | Taxes Payable | 9,874,442.60 | 0.38 | 5,428,778.45 | 0.21 | 81.89 | | Non-current Liabilities Due Within One Year | 264,619,237.94 | 10.05 | 166,427,670.20 | 6.49 | 59.00 | | Deferred Income | 122,503,901.23 | 4.65 | 71,373,296.03 | 2.78 | 71.64 | | Retained Earnings | 41,539,631.97 | 1.58 | 75,273,868.54 | 2.94 | -44.82 | 2. Overseas Assets States that the company has no overseas assets - The company has no overseas assets[106] 3. Major Asset Restrictions as of the End of the Reporting Period As of the reporting period end, major restricted assets include fixed assets and intangible assets, totaling 1.285 billion yuan in book value, primarily pledged for borrowings, with Jiaxing Rayitek's land, factory buildings, and machinery serving as collateral for an 800 million yuan syndicated loan 2025 June End Major Restricted Assets | Item | Period-End Book Value (yuan) | Restriction Reason | | :--- | :--- | :--- | | Fixed Assets | 1,236,842,584.35 | Pledged for borrowings | | Intangible Assets | 48,534,413.53 | Pledged for borrowings | - Jiaxing Rayitek's land, factory buildings, and completed machinery and equipment are pledged as collateral for an 800 million yuan syndicated loan contract, with the company providing joint liability guarantee[116] (IV) Investment Analysis Analyzes the company's investment status, with zero equity investments during the reporting period, but a 7.25% increase in total investment balance to 58.8363 million yuan at period-end due to additional investments in H2 2024. Financial assets measured at fair value totaled 61.1112 million yuan, including private equity funds and other non-current financial assets 1. Overall Analysis of External Equity Investments External equity investment during the reporting period was 0, but the investment balance at period-end was 58.8363 million yuan, a 7.25% increase YoY, mainly due to an additional 4.5 million yuan investment in H2 2024 and other equity changes External Equity Investment Situation | Indicator | Amount (million yuan) | | :--- | :--- | | Investment Amount in Current Period | 0.00 | | Investment Amount in Prior Year Period | 13.63 | | Investment Balance as of Period-End | 58.84 | | YoY Increase | 7.25% | - The increase in investment balance is mainly due to an additional investment of 4.5 million yuan from H2 2024 to the end of the reporting period, other equity changes, and investment losses of 0.5219 million yuan[110] (1). Significant Equity Investments States that the company has no significant equity investments - The company has no significant equity investments[111] (2). Significant Non-Equity Investments States that the company has no significant non-equity investments - The company has no significant non-equity investments[111] (3). Financial Assets Measured at Fair Value Period-end financial assets measured at fair value totaled 61.1112 million yuan, primarily comprising private equity funds and other non-current financial assets (e.g., accounts receivable financing), with a fair value change loss of 0.2170 million yuan for the period 2025 June End Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (million yuan) | Fair Value Change Gain/Loss in Current Period (million yuan) | Purchase Amount in Current Period (million yuan) | Sale/Redemption Amount in Current Period (million yuan) | Ending Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Private Equity Funds | 19.35 | 0.00 | 0 | 0 | 19.36 | | Other Non-current Financial Assets | 4.19 | -0.22 | 0 | 0 | 3.97 | | Other (Accounts Receivable Financing) | 30.69 | 0 | 37.78 | 30.69 | 37.78 | | Total | 54.24 | -0.22 | 37.78 | 30.69 | 61.11 | (4). Private Equity Fund Investment The company invested 20 million yuan in Shenyang Weishi Advanced Materials Angel Investment Fund I (Limited Partnership) to incubate early-stage projects in new materials and innovative applications, with a cumulative profit impact of -0.6430 million yuan for the reporting period - The company invested in Shenyang Weishi Advanced Materials Angel Investment Fund I (Limited Partnership), with a planned total investment of 20 million yuan, and 20 million yuan invested at period-end[115] - Investment purpose: to incubate early-stage projects around the new materials industry chain and innovative applications, empowering future new business development[115] - As of the end of the reporting period, the capital contribution ratio was 26.32%, with a cumulative profit impact of -0.6430 million yuan[115] (V) Significant Asset and Equity Sales States that the company has no significant asset and equity sales - The company has no significant asset and equity sales[117] (VI) Analysis of Major Holding and Participating Companies Analyzes the company's major subsidiaries, Jiaxing Rayitek and Rayitek Application, disclosing their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Financial Performance of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Rayitek | Subsidiary | R&D, production, and sales of PI film series | 500.00 | 1,735.18 | 440.35 | 94.93 | -28.72 | -23.84 | | Rayitek Application | Subsidiary | R&D and manufacturing of advanced polyimide polymer materials for 5/6G high-frequency/high-speed substrates, flexible optoelectronic displays, integrated circuits and semiconductor packaging, oxygen-resistant low-orbit satellites, and new energy industries | 30.00 | 57.50 | 29.33 | 0.00 | -0.67 | -0.50 | (VII) Structured Entities Controlled by the Company States that the company has no structured entities under its control - The company has no structured entities under its control[119] VI. Other Disclosure Matters States that the company has no other matters requiring disclosure - The company has no other matters requiring disclosure[119] Section IV Corporate Governance, Environment, and Society Covers changes in the company's directors, senior management, and core technical personnel, profit distribution plans, environmental information disclosure, and rural revitalization efforts I. Changes in Company Directors, Senior Management, and Core Technical Personnel Reports changes in directors (Luo Chao, Teng Chao, Li Yin elected; Zhai Jun, Yuan Tong, Xie Lan Jun resigned) and senior management (Li Tao appointed Board Secretary; Huang Zehua resigned), while core technical personnel remained unchanged Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Luo Chao | Director | Election | | Teng Chao | Independent Director | Election | | Li Yin | Independent Director | Election | | Li Tao | Board Secretary | Appointment | | Zhai Jun | Director | Resignation | | Yuan Tong | Independent Director | Resignation | | Xie Lan Jun | Independent Director | Resignation | | Huang Zehua | Board Secretary | Resignation | - Due to the expiration of the second board of directors' term, Zhai Jun, Yuan Tong, and Xie Lan Jun resigned as directors, and Huang Zehua no longer concurrently served as Board Secretary[121] - Luo Chao, Teng Chao, and Li Yin were elected as directors of the third board of directors, and Li Tao was appointed as Board Secretary of the third board of directors[121][122] - The company's core technical personnel Tang Changdan, Yuan Shunqi, He Zhibin, Lin Zhanshan, Xu Fei, and Wang Zhenzhong remained unchanged during the reporting period[123] II. Profit Distribution or Capital Reserve Conversion Plan States that the company's semi-annual profit distribution or capital reserve conversion plan is "none" - The company's semi-annual profit distribution or capital reserve conversion plan is "none"[124] III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures States that the company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[125] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company and its subsidiaries, Shenzhen Rayitek Film Technology Co., Ltd. and Jiaxing Rayitek Film Technology Co., Ltd., are on the environmental information disclosure list, primarily consuming electricity and natural gas, emitting CO₂, and treating DMAc solvent emissions to meet standards - The company and its subsidiaries, Shenzhen Rayitek Film Technology Co., Ltd. and Jiaxing Rayitek Film Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[125] - The company primarily consumes electricity and natural gas, with CO₂ as the main emission[125] - DMAc solvent used in PI film preparation is recovered and recycled through a recovery system, with a small amount of tail gas treated by spray absorption to meet standards before discharge[125] V. Specific Situation Regarding Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc. States that the company has no specific situation regarding consolidating and expanding poverty alleviation achievements or rural revitalization efforts - The company has no specific situation regarding consolidating and expanding poverty alleviation achievements or rural revitalization efforts[126] Section V Significant Matters Details the fulfillment of commitments, absence of non-operating fund occupation, illegal guarantees, and major litigation, along with information on convertible bonds and fundraising project progress I. Fulfillment of Commitments Discloses the strict fulfillment of all commitments made by the company, its shareholders, directors, supervisors, and senior management during initial public offerings and refinancing, covering share lock-ups, shareholding intentions, buybacks, diluted return compensation, profit distribution, liability, and avoidance of competition and related party transactions - Shareholders Hangke New Century, SDIC High-Tech, Taijuyukun, Hangzhou Taida, etc., committed not to transfer or entrust others to manage their directly and indirectly held shares issued before the company's IPO for 36 months from the listing date[128][129] - The company's directors, senior management, and core technical personnel all committed to strictly comply with share lock-up and reduction regulations, both during their tenure and after resignation[131][132][133] - The company and major shareholders committed to initiating share repurchase procedures if there are any instances of fraudulent issuance and listing[135] - The company and relevant parties committed to taking measures to compensate for diluted immediate returns, including strengthening fundraising management, accelerating fundraising project progress, enhancing operational management and internal control, and strengthening investor return mechanisms[136][137][138][146][147][148] - Company shareholders committed to avoiding horizontal competition and regulating and reducing related party transactions[142][143] - All commitments have specified fulfillment periods and were strictly fulfilled during the reporting period[128] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period States that there was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[149] III. Illegal Guarantees States that there were no illegal guarantees during the reporting period - There were no illegal guarantees during the reporting period[149] IV. Semi-Annual Report Audit Status States that the company's semi-annual report was unaudited - The company's semi-annual report was unaudited[4] V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report States that there were no changes or handling of matters related to non-standard audit opinions in the previous year's annual report - There were no changes or handling of matters related to non-standard audit opinions in the previous year's annual report[150] VI. Bankruptcy and Reorganization Matters States that the company has no bankruptcy and reorganization matters - The company has no bankruptcy and reorganization matters[150] VII. Major Litigation and Arbitration Matters States that there were no major litigation or arbitration matters during the reporting period - There were no major litigation or arbitration matters during the reporting period[150] VIII. Listed Company, Its Directors, Senior Management, Controlling Shareholders, and Actual Controllers Suspected of Violations, Penalties, and Rectification States that the company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subject to penalties, or undergoing rectification - The company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subject to penalties, or undergoing rectification[150] IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period States that there is no explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period - There is no explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period[150] X. Significant Related Party Transactions States that the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party debt/credit, financial services with related financial companies, or other major related party transactions - The company had no related party transactions not disclosed in temporary announcements related to daily operations[150] - The company had no related party transactions involving asset or equity acquisitions or disposals[150] - The company had no significant related party transactions involving joint external investments[151] - The company had no related party debt or credit transactions[151] - The company had no financial business with related financial companies or financial companies controlled by the company and related parties[151] - The company had no other significant related party transactions[151] XI. Significant Contracts and Their Fulfillment Discloses the fulfillment of significant contracts, particularly major guarantees for subsidiaries. The company provided multiple joint liability guarantees totaling 640 million yuan for its subsidiary Jiaxing Rayitek, representing 70.39% of its net assets (I) Custody, Contracting, and Leasing Matters States that the company has no custody, contracting, or leasing matters - The company has no custody, contracting, or leasing matters[151] (II) Significant Guarantees Performed and Unfulfilled During the Reporting Period During the reporting period, the company provided multiple joint liability guarantees for its subsidiary Jiaxing Rayitek, with a total guarantee amount of 57.3870 million yuan incurred and an outstanding balance of 640.0745 million yuan at period-end, representing 70.39% of the company's net assets, primarily for project fixed asset syndicated loans and other bank loans 2025 Semi-Annual Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Rayitek | Jiaxing Rayitek | 12,386,981.30 | November 6, 2024 | October 29, 2029 | Joint Liability Guarantee | | Shenzhen Rayitek | Jiaxing Rayitek | 45,000,000.00 | April 26, 2025 | April 25, 2031 | Joint Liability Guarantee | - Total guarantee amount incurred for subsidiaries during the reporting period was 57.38698130 million yuan[154] - Total outstanding guarantee balance for subsidiaries at period-end was 640.07448130 million yuan, representing 70.39% of the company's net assets[154][155] - Jiaxing Rayitek signed an 800 million yuan syndicated loan contract on September 3, 2020, with the company providing joint liability guarantee; as of the reporting period end, the outstanding balance of the utilized credit was 582.6875 million yuan[155] (III) Other Significant Contracts States that the company has no other significant contracts - The company has no other significant contracts[156] XII. Explanation of Progress in Use of Raised Funds Details the use of raised funds, totaling 430 million yuan (net 422.58 million yuan), with 426.03 million yuan invested (100.82% progress). The Jiaxing high-performance polyimide film project's factory is complete, with multiple lines operational or in trial production, enhancing capacity. Funds were also loaned to a subsidiary for project implementation (I) Overall Use of Raised Funds As of the reporting period end, the company's convertible bond fundraising totaled 430 million yuan (net 422.58 million yuan). Cumulative investment reached 426.03 million yuan, representing 100.82% of the planned investment, with 11.1564 million yuan invested this year Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Investment Promised in Prospectus (million yuan) | Cumulative Investment as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | Investment Amount in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 430.00 | 422.58 | 430.00 | 426.04 | 100.82 | 11.16 | (II) Details of Fundraising Projects The Jiaxing high-performance polyimide film project, with a planned investment of 330 million yuan, has seen 332.89 million yuan invested (100.88% progress). Its factory is complete, four lines are operational, one wide-width chemical line is in trial production, and a second is being installed. Jiaxing Rayitek generated 94.9302 million yuan in revenue and a -23.8357 million yuan net profit in H1 2025, still in capacity ramp-up Details of Fundraising Project Use | Project Name | Planned Total Investment of Raised Funds (million yuan) | Investment Amount in Current Year (million yuan) | Cumulative Investment as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | | Jiaxing High-Performance Polyimide Film Project | 330.00 | 11.15 | 332.90 | 100.88 | | Replenishment of Working Capital and Repayment of Bank Loans | 92.58 | 0.00 | 93.14 | 100.60 | - Jiaxing high-performance polyimide film project's factory construction is complete, with new production lines and public utility systems running stably; four production lines have been gradually put into operation since September 2023[158] - Jiaxing Rayitek, the implementing entity for the high-performance polyimide film project, achieved operating revenue of 94.9302 million yuan and a net loss of 23.8357 million yuan in H1 2025; the project is still in the capacity ramp-up and production efficiency improvement stage[159] (III) Changes or Termination of Fundraising Projects During the Reporting Period States that there were no changes or termination of fundraising projects during the reporting period - There were no changes or termination of fundraising projects during the reporting period[161] (IV) Other Uses of Raised Funds During the Reporting Period The company approved on September 5, 2022, to provide a loan of up to 330 million yuan from raised funds to its wholly-owned subsidiary Jiaxing Rayitek for the "Jiaxing High-Performance Polyimide Film Project" - The company approved the use of a portion of the raised funds to provide a loan of up to 330 million yuan to its wholly-owned subsidiary Jiaxing Rayitek for the "Jiaxing High-Performance Polyimide Film Project"[162] (V) Conclusive Opinions of Intermediary Agencies on the Storage and Use of Raised Funds States that there are no conclusive opinions from intermediary agencies regarding the storage and use of raised funds - There are no conclusive opinions from intermediary agencies regarding the storage and use of raised funds[163] (VI) Subsequent Rectification of Unauthorized Changes in Use of Raised Funds and Illegal Occupation of Raised Funds States that there is no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds - There is no subsequent rectification of unauthorized changes in the use of raised funds or illegal occupation of raised funds[163] XIII. Explanation of Other Significant Matters States that the company has no other significant matters requiring explanation - The company has no other significant matters requiring explanation[163] Section VI Share Changes and Shareholder Information Provides details on share capital changes, restricted shares, and shareholder information, including the top ten shareholders and their relationships I. Share Capital Changes Reports no changes in the company's ordinary share capital or structure during the reporting period, with no other share changes impacting financial indicators or requiring disclosure 1. Share Change Table During the reporting period, there were no changes in the company's total ordinary share capital or share structure - During the reporting period, there were no changes in the company's total ordinary share capital or share structure[164] 2. Explanation of Share Changes States that there is no explanation of share changes - There is no explanation of share changes[165] 3. Impact of Share Changes on Financial Indicators such as EPS and Net Assets per Share from the End of the Reporting Period to the Disclosure Date of the Semi-Annual Report (if any) States that share changes from the end of the reporting period to the semi-annual report disclosure date had no impact on financial indicators such as EPS and net assets per share - Share changes from the end of the reporting period to the semi-annual report disclosure date had no impact on financial indicators such as EPS and net assets per share[165] 4. Other Information Deemed Necessary by the Company or Required by Securities Regulatory Agencies States that there is no other information deemed necessary by the company or required by securities regulatory agencies - There is no other information deemed necessary by the company or required by securities regulatory agencies[166] [(II) Changes in Restricted Shares](