大立科技(002214) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board, supervisory board, and senior management guarantee report accuracy, while forward-looking statements are not profit forecasts, and the company's stock is under *ST risk warning due to 2024 financial data - Company stock trading is subject to delisting risk warning (*ST) because the lower of audited total profit, net profit, and net profit after non-recurring gains/losses for 2024 was negative, and operating revenue after deductions was below 300 million yuan[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the nine main chapters and their starting page numbers, providing an overview of the report's structure - The report contains nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial report, and other submitted data[7] Definitions This section defines key terms, including core technical concepts and company/subsidiary abbreviations, ensuring consistent understanding - Defines core technical terms such as "infrared," "infrared thermal imaging technology," "infrared thermal imager/infrared products," and "detector, focal plane detector"[13] - Clarifies abbreviations for the company and its subsidiaries, such as "Company/This Company/Dali Technology," "Dali Microelectronics," "Hangyu Zhitong," and "Dali Changguang"[13] - The reporting period is defined as January 1, 2025, to June 30, 2025[13] Company Profile and Key Financial Indicators Company Profile This section introduces the company's fundamental information, including its stock ticker (*ST Dali), stock code (002214), listing exchange, and legal representative - Company stock ticker: *ST Dali, stock code: 002214[16] - Company legal representative: Pang Huimin[16] Contact Persons and Information This section provides contact details for the Board Secretary and Securities Affairs Representative, facilitating investor communication - Board Secretary: Fan Qi, contact number: 0571-86695638, email: fanqi@dali-tech.com[17] - Securities Affairs Representative: Bao Liqing, contact number: 0571-86695649, email: baoliqing@dali-tech.com[17] Other Information This section confirms that the company's contact information, disclosure, and document storage locations remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[18] - Information disclosure and document storage locations remained unchanged during the reporting period[19] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current period compared to the prior year, showing significant revenue growth and reduced net loss Company's Key Financial Data Compared to Prior Period | Indicator | Current Period (million yuan) | Prior Period (million yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 139.30 | 68.46 | 103.46% | | Net Profit Attributable to Shareholders of Listed Company | -102.71 | -196.02 | 47.60% | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | -105.34 | -196.51 | 46.40% | | Net Cash Flow from Operating Activities | -80.46 | -119.84 | 32.86% | | Basic Earnings Per Share | -0.1732 | -0.3301 | 47.53% | | Diluted Earnings Per Share | -0.1732 | -0.3301 | 47.53% | | Weighted Average Return on Net Assets | -6.91% | -10.57% | 3.66% | Company's Key Financial Indicators at Period-End Compared to Prior Year-End | Indicator | End of Current Period (billion yuan) | End of Prior Year (billion yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2.08 | 2.21 | -6.14% | | Net Assets Attributable to Shareholders of Listed Company | 1.43 | 1.54 | -6.65% | Differences in Accounting Data under Domestic and Overseas Accounting Standards This section states that there are no differences in net profit and net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[22][23] Non-Recurring Gains and Losses Items and Amounts This section lists non-recurring gains and losses, primarily including non-current asset disposal gains/losses, government subsidies, and other non-operating income/expenses, totaling 2.63 million yuan Non-Recurring Gains and Losses Items and Amounts | Item | Amount (million yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -0.08 | | Government Grants Recognized in Current Profit/Loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company profit/loss) | 2.61 | | Other Non-Operating Income and Expenses Apart from the Above | 0.10 | | Total | 2.63 | Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company's main business involves infrared and optoelectronic products and inspection robots, with 103.46% revenue growth and 46.40% reduction in net loss, driven by civilian market expansion and R&D investment Industry Development Overview This section describes the high value and growth potential of infrared thermal imaging technology in both defense and civilian markets, alongside the expanding applications of inspection robots - Infrared thermal imaging technology has high application value and huge market potential in the defense sector, while the civilian market has broad application scenarios and is expected to grow rapidly[29] - Inspection robots integrate positioning, navigation, obstacle avoidance, scene perception, and AI image recognition technologies, replacing manual repetitive monitoring tasks and widely used in power grids, rail transit, and petrochemical industries[30] - The company is one of the few high-tech enterprises in China with complete independent intellectual property rights, capable of independent R&D, production of core infrared thermal imaging chips, module components, and complete system solutions across the entire industry chain[30] Main Business This section details the company's R&D investments, leading position in uncooled infrared focal plane devices, market expansion strategies, and talent development initiatives - R&D investment during the reporting period was 61.34 million yuan, accounting for 44.03% of operating revenue, continuously driving technological innovation and enhancing product competitiveness[33] - The company maintains a domestic leading position in the R&D and industrialization of uncooled infrared focal plane devices, achieving mass production with both "amorphous silicon" and "vanadium oxide" technical routes, unique in China[34][35] - In the civilian product sector, the company consolidates its advantages in power and industrial monitoring, focusing on developing grid holographic perception platforms and inspection robots, and expanding into emerging applications like personal consumption, assisted driving, and overseas markets[37][39] - In the defense sector, the company completed model equipment order deliveries, won a bid for a "certain type of optoelectronic system development project" (contract amount 71 million yuan), and collaborated with Yunzhou Intelligence and Shenghang Technology to expand applications in unmanned vessels and anti-drone systems[40][41] - The company continuously strengthens its talent team and motivates employees through employee stock ownership plans and talent recruitment[43][46] - The company's industry is manufacturing, specifically computer, communication, and other electronic equipment manufacturing, with main businesses covering infrared and optoelectronic products and inspection robot series products[28] - During the reporting period, the company achieved operating revenue of 139.30 million yuan, a year-on-year increase of 103.46%; net profit attributable to shareholders of the listed company after non-recurring gains and losses was -105.34 million yuan, a year-on-year increase of 46.40%[32] - The company expects business revenue in the second half of 2025 to continue to be dominated by the civilian market, aiming for full-year operating revenue exceeding 500 million yuan and striving for over 300 million yuan in the first three quarters[32] Analysis of Core Competencies The company's core competencies lie in its integrated solutions from chip manufacturing to system integration, technical innovation, strong position in defense projects, talent pool, and brand reputation - The company possesses integrated solutions from upstream chip manufacturing and packaging to downstream terminal system integration and algorithm optimization, making it one of the leading enterprises in the domestic industry[48] - Technical innovation advantages: The company is the only one in China to achieve mass production with both "amorphous silicon" and "vanadium oxide" technical routes, possesses extensive technical accumulation, and has established an R&D system integrating industry, academia, and research[49][50][51][52] - Equipment project advantages: Relying on self-produced core chips, the company has successfully expanded into optoelectronic inertial navigation and optoelectronic system products, with R&D projects maintaining stable growth[53] - Talent reserve advantages: The company has a core technical team, collaborates with renowned domestic universities to cultivate talent, and motivates employees through equity incentives and other measures[54] - Brand reputation advantages: Products have high recognition and credibility in industries such as power, petrochemical, and defense equipment, adhering to the corporate philosophy of "technology reassures users, service satisfies users"[55] Analysis of Main Business This section analyzes the 103.46% increase in operating revenue, 122.63% rise in operating costs, 66.29% increase in financial expenses, and 25.85% decrease in R&D investment, along with cash flow changes and revenue composition Key Financial Data Year-on-Year Changes | Indicator | Current Period (million yuan) | Prior Period (million yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 139.30 | 68.46 | 103.46% | Primarily due to the company's active market expansion and increased sales in the current period | | Operating Cost | 97.82 | 43.94 | 122.63% | Primarily due to increased sales revenue and R&D expenses recognized based on contract performance progress in the current period | | Financial Expenses | 4.48 | 2.70 | 66.29% | Primarily due to loan interest expenses and exchange losses | | R&D Investment | 61.34 | 82.72 | -25.85% | Primarily due to R&D expenses recognized based on contract performance progress in the reporting period | | Net Cash Flow from Operating Activities | -80.46 | -119.84 | 32.86% | Primarily due to increased cash received from sales compared to the prior period | | Net Cash Flow from Investing Activities | -14.84 | -39.61 | 62.52% | Primarily due to decreased cash paid for the acquisition of fixed assets compared to the prior period | | Net Cash Flow from Financing Activities | -17.38 | 33.42 | -152.00% | Primarily due to the repayment of matured bank loans and the company's share repurchase in the prior period | Operating Revenue Composition | Category | Current Period Amount (million yuan) | % of Operating Revenue | Prior Period Amount (million yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 139.30 | 100% | 68.46 | 100% | 103.46% | | By Industry | | | | | | | Computer, Communication and Other Electronic Equipment Manufacturing | 138.54 | 99.45% | 67.48 | 98.56% | 105.29% | | By Product | | | | | | | Infrared and Optoelectronic Products | 116.55 | 83.67% | 63.43 | 92.65% | 83.74% | | Other Products | 21.99 | 15.78% | 4.05 | 5.91% | 443.07% | | By Region | | | | | | | Domestic | 117.97 | 84.69% | 56.97 | 83.21% | 107.09% | | Overseas | 21.33 | 15.31% | 11.50 | 16.79% | 85.49% | Analysis of Non-Core Business This section states that there was no significant non-core business activity impacting the company's performance during the reporting period - The company had no non-core business analysis during the reporting period[62] Analysis of Assets and Liabilities This section details changes in assets and liabilities, including a decrease in total assets and net assets, an increase in fixed assets due to project capitalization, and a decrease in cash, with asset restrictions primarily from pledges and mortgages Significant Changes in Asset Composition | Item | Amount at End of Current Period (million yuan) | % of Total Assets | Amount at End of Prior Year (million yuan) | % of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 47.88 | 2.30% | 160.26 | 7.24% | -4.94% | The company continued to invest in R&D projects during the reporting period | | Fixed Assets | 672.18 | 32.35% | 517.99 | 23.40% | 8.95% | Due to the capitalization of the "Intelligent Optoelectronic Detection System Manufacturing Base Project" during the reporting period | | Construction in Progress | 33.35 | 1.60% | 191.94 | 8.67% | -7.07% | Due to the capitalization of the "Intelligent Optoelectronic Detection System Manufacturing Base Project" during the reporting period | | Long-Term Borrowings | 225.20 | 10.84% | 203.30 | 9.18% | 1.66% | No significant change | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance at Period-End (million yuan) | Book Value at Period-End (million yuan) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 9.77 | 9.77 | Guarantee | Bill deposits, letter of guarantee deposits, ETC frozen funds | | Notes Receivable | 4.23 | 4.23 | Endorsed or discounted but not yet due | Commercial acceptance bills endorsed or discounted but not yet due | | Fixed Assets | 455.85 | 384.21 | Mortgage | Mortgage loan | | Intangible Assets | 9.97 | 9.31 | Mortgage | Mortgage loan | | Total | 479.82 | 407.51 | | | Analysis of Investment Status This section confirms no significant equity, non-equity, securities, or derivative investments, details the utilization of raised funds, and notes that some completed projects have not yet fully generated benefits - The company had no securities investments or derivative investments during the reporting period[65][66] Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (1) (million yuan) | Total Raised Funds Used (2) (million yuan) | Utilization Ratio (3)=(2)/(1) | Unused Raised Funds Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Non-public Issuance | 959.29 | 883.71 | 92.12% | 75.58 | - Remaining raised funds of 106.16 million yuan have been permanently used to supplement working capital, and the special account for raised funds has been closed[69] - The "Automatic Infrared Thermometer Expansion Project" and "Annual Production of 300,000 Infrared Temperature Imaging Sensors Industrialization Project" have been completed, but the new production capacity has not yet been fully utilized to generate benefits[72][73] - The "R&D and Experiment Center Construction Project" and "Optoelectronic Pod Development and Industrialization Project" have been completed, with the "Optoelectronic Pod Development and Industrialization Project" not yet generating benefits[72][74] Significant Asset and Equity Disposals This section states that the company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[76] - The company did not dispose of significant equity during the reporting period[77] Analysis of Major Holding and Participating Companies This section indicates that there is no important information regarding holding or participating companies that requires disclosure for the reporting period - The company had no important information regarding holding or participating companies that required disclosure during the reporting period[77] Information on Structured Entities Controlled by the Company This section states that the company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[78] Risks Faced by the Company and Countermeasures The company faces risks including potential delisting due to 2024 financial data, procurement delays, pricing uncertainties, accounts receivable collection, and policy changes, with corresponding mitigation strategies in place - Risk of potential delisting: The company's 2024 financial data triggered the conditions stipulated in Article 9.3.1 of the Stock Listing Rules, leading to the implementation of a delisting risk warning (*ST) for its stock; if similar conditions are triggered again in 2025, the company's stock will be terminated from listing[78] - Measures to address delisting risk: Optimize product structure, expand market share (civilian and defense sectors), intensify accounts receivable collection, and strengthen operational management and internal control systems[79][80] - Risk of model equipment product procurement delays: Procurement progress may be affected by policy changes, schedule adjustments, and external factors; the company will actively participate in bidding for equipment R&D projects, expand product applications, and tap into the potential of the civilian market[81] - Risk of model equipment product pricing review: The pricing review process is lengthy and uncertain, potentially leading to fluctuations in revenue and profit; the company will align with customer needs, enhance product added value, and primarily use contract prices of similar products or historical prices as provisional prices[82][83] - Risk of accounts receivable collection and control: Accounts receivable account for a high proportion of current assets; the company will set credit limits for single customers and strengthen efforts in sales collection and accounts receivable management[84] - Risk of policy changes: If tax preferential policies (such as VAT immediate refund for software products, VAT additional deduction for advanced manufacturing enterprises, corporate income tax preferential treatment for high-tech enterprises, and corporate income tax preferential treatment for small and micro enterprises) change or are canceled in the future, it may affect the company's performance; the company will promptly monitor the high-tech enterprise re-evaluation process to ensure eligibility for tax incentives[85][86][87][88] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan This section states that the company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[89] - The company has not disclosed a valuation enhancement plan[89] Implementation of "Quality and Return Dual Improvement" Action Plan This section states that the company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[89] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management This section confirms that there were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management had no changes during the reporting period[91] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[92] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans but implemented a 2022 employee stock ownership plan covering 238 employees, with its first additional lock-up period extended and planned for combined unlocking - The company had no equity incentive plans during the reporting period[93] All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (million shares) | % of Listed Company's Total Share Capital | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | | Including directors (excluding independent directors), supervisors, senior management, middle management, and core employees of the company (including branches and subsidiaries) | 238 | 4.88 | 0.81% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and administrative regulations | - The first additional lock-up period of the 2022 employee stock ownership plan has been extended by 12 months, and it is planned to be unlocked together with the expiration of the second additional lock-up period[95] - On January 26, 2025, after the expiration of the second additional lock-up period and the extended first additional lock-up period, the employee stock ownership plan will be unlocked, with a total unlocking ratio of 50% of the target shares, amounting to 2.44 million shares, representing 0.41% of the company's total share capital[95] Environmental Information Disclosure This section states that the listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[96] Social Responsibility This section states that the company has not yet carried out poverty alleviation or rural revitalization work during the reporting period - The company has not yet carried out poverty alleviation or rural revitalization work during the reporting period[96] Significant Events Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period This section states that no commitments by the actual controller, shareholders, related parties, acquirers, or the company were fulfilled or overdue unfulfilled during the reporting period - The company had no commitments by related parties that were fulfilled or overdue unfulfilled during the reporting period[98] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company This section states that there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[99] Illegal External Guarantees This section states that there were no illegal external guarantees by the company during the reporting period - The company had no illegal external guarantees during the reporting period[100] Appointment and Dismissal of Accounting Firms This section states that the company's half-year report was unaudited - The company's half-year report is unaudited[101] Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period This section states that the accounting firm did not issue a non-standard audit report for the company during the reporting period - The company had no non-standard audit report issued by the accounting firm during the reporting period[102] Board of Directors' Explanations on the "Non-Standard Audit Report" for the Previous Year This section states that the company did not provide explanations regarding a non-standard audit report from the previous year during the reporting period - The company had no explanations regarding a non-standard audit report from the previous year during the reporting period[102] Bankruptcy Reorganization Matters This section states that no bankruptcy reorganization matters occurred for the company during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[102] Litigation Matters The company had no major litigation or arbitration during the reporting period, but one minor first-instance lawsuit for 0.075 million yuan is ongoing and awaiting judgment - The company had no major litigation or arbitration matters during the current reporting period[103] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million yuan) | Whether a Provision is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation not meeting the disclosure threshold for significant litigation (arbitration) during the reporting period | 0.075 | No | First-instance litigation ongoing | Not yet judged | Not yet judged | Penalties and Rectification Status This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[105] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller This section states that there were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - The company had no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[106] Significant Related Party Transactions The company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or intercompany debt - The company had no related party transactions related to daily operations during the reporting period[106] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[107] - The company had no related party debt transactions during the reporting period[109] - The company had no other significant related party transactions during the reporting period[113] Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters, but provided a 60 million yuan mortgage and joint liability guarantee for a subsidiary and is performing a 71 million yuan optoelectronic system development contract - The company had no entrustment, contracting, or leasing matters during the reporting period[114][115][116] Company's Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (million yuan) | Actual Occurrence Date | Actual Guarantee Amount (million yuan) | Type of Guarantee | Collateral (if any) | Counter-Guarantee (if any) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Hangyu Zhitong Technology Co., Ltd. | December 12, 2023 | 60.00 | December 27, 2023 | 60.00 | Mortgage, Joint and Several Liability Guarantee | Real estate with a value not exceeding 100 million yuan | Minority shareholders of Hangyu Zhitong bear joint and several liability to the company based on their equity proportion | 3 years | No | Yes | Other Significant Contracts | Name of Contracting Company | Name of Counterparty | Contract Subject | Contract Signing Date | Transaction Price (million yuan) | Related Party Transaction | Related Party Relationship | Execution Status as of Report End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Dali Technology Co., Ltd. | A certain customer | Development project for a certain type of optoelectronic system | December 31, 2024 | 71.00 | No | No related party relationship | Ongoing | Explanation of Other Significant Matters This section details the extension and combined unlocking of the 2022 employee stock ownership plan, the capitalization of remaining raised funds, a 71 million yuan optoelectronic system contract, the *ST risk warning, strategic collaborations, and a 500 million yuan equity investment fund - The first additional lock-up period of the 2022 employee stock ownership plan has been extended and is planned to be unlocked together with the second additional lock-up period, totaling 50% of the shares (2.44 million shares)[124] - The "Annual Production of 300,000 Infrared Temperature Imaging Sensors Industrialization Project" and "Optoelectronic Pod Development and Industrialization Project" have been completed, and the remaining raised funds of 106.16 million yuan have been permanently used to supplement working capital[126] - The company won the bid and signed a contract for a "certain type of optoelectronic system development project" with a value of 71 million yuan, which will effectively enhance the company's development space in the defense business[127] - The company's stock trading has been subject to a delisting risk warning (*ST) since April 29, 2025, due to its 2024 financial data triggering relevant regulations[128] - A strategic cooperation agreement was signed with Zhuhai Yunzhou Intelligent Technology Co., Ltd. to promote the application of the company's intelligent optoelectronic system products in unmanned vessels and other intelligent unmanned waterborne equipment[129] - The company invested 14.76 million yuan to acquire a 10% equity stake in Shenghang (Taizhou) Technology Co., Ltd., facilitating technological integration of the company's optoelectronic system products in the anti-drone system field[130][131] - The company co-invested with professional investment institutions to establish Zhejiang Zhanxing Jieli Equity Investment Partnership (Limited Partnership), with a target fundraising amount of 500 million yuan and the company's subscribed amount of 25 million yuan, aiming to identify high-quality enterprises in the upstream and downstream of the industry chain and enhance core competitiveness[132] Significant Matters of Company Subsidiaries The company provided a 60 million yuan guarantee and property mortgage for its subsidiary Beijing Hangyu Zhitong Technology Co., Ltd.'s bank credit, with minority shareholders providing counter-guarantees - The company provided a guarantee and property mortgage of up to 60 million yuan for its controlling subsidiary Beijing Hangyu Zhitong Technology Co., Ltd.'s 60 million yuan bank credit application at Ningbo Bank Hangzhou Branch[133] - The guarantee period is no more than three years, and the minority shareholders of Hangyu Zhitong bear joint and several liability to the company based on their equity proportion[133] Share Changes and Shareholder Information Share Change Status The company's total share capital remained unchanged at 599.24 million shares, with 20.06% restricted and 79.94% unrestricted, and no share repurchases or reductions occurred Share Change Status | | Number Before This Change (shares) | Percentage Before This Change | Increase/Decrease in This Change (Net) | Number After This Change (shares) | Percentage After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 120,219,034 | 20.06% | 0 | 120,219,034 | 20.06% | | II. Unrestricted Shares | 479,018,901 | 79.94% | 0 | 479,018,901 | 79.94% | | III. Total Shares | 599,237,935 | 100.00% | 0 | 599,237,935 | 100.00% | - The company did not conduct share repurchases, nor was there any progress in reducing repurchased shares through centralized bidding[136][137] Securities Issuance and Listing Status This section states that there were no securities issuance or listing activities by the company during the reporting period - The company had no securities issuance or listing activities during the reporting period[137] Number of Shareholders and Shareholding Status As of the reporting period end, there were 21,329 common shareholders, with actual controller Pang Huimin holding 26.73% and pledging 73.30 million shares, and the company's repurchase account holding 1.05% of shares - The total number of common shareholders at the end of the reporting period was 21,329[138] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (million shares) | Number of Restricted Shares Held (million shares) | Status of Pledge, Mark, or Freeze | Number of Pledged, Marked, or Frozen Shares (million shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pang Huimin | Domestic Natural Person | 26.73% | 160.16 | 120.12 | Pledged | 73.30 | | Zhejiang Dali Technology Co., Ltd. - 2022 Employee Stock Ownership Plan | Other | 0.81% | 4.88 | 0 | Not applicable | 0 | - As of the end of the reporting period, Zhejiang Dali Technology Co., Ltd.'s dedicated repurchase securities account held 6.30 million shares of the company's common stock, representing 1.05% of the total share capital[139] - Company shareholders Peng Guohua, Zhang Hong, Guo Jianqiang, Ge Zhongwei, and Hainan Youzhongna Private Equity Fund Management Co., Ltd. - Youzhongna Agan - Hongniu No. 1 Private Securities Investment Fund held company shares through credit trading guarantee securities accounts and participated in margin trading and securities lending business[139][140] Changes in Shareholdings of Directors, Supervisors, and Senior Management This section confirms that there were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[141] Changes in Controlling Shareholder or Actual Controller This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[142] - The company's actual controller did not change during the reporting period[142] Preferred Share Related Information This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[143] Bond-Related Information Bond-Related Information This section confirms that there is no bond-related information to disclose for the company during the reporting period - The company had no bond-related information during the reporting period[145] Financial Report Audit Report This section states that the company's half-year financial report was unaudited - The company's half-year financial report is unaudited[147] Financial Statements This section provides the company's 2025 half-year consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, reflecting financial position, operating results, and cash flows - Consolidated Balance Sheet: Total assets at period-end were 2.08 billion yuan, total current assets were 1.24 billion yuan, total liabilities were 669.80 million yuan, and total owner's equity attributable to the parent company was 1.43 billion yuan[151] - Consolidated Income Statement: Total operating revenue was 139.30 million yuan, net profit was -105.46 million yuan, net profit attributable to parent company shareholders was -102.71 million yuan, and basic earnings per share was -0.1732 yuan/share[155][156][157] - Consolidated Cash Flow Statement: Net cash flow from operating activities was -80.46 million yuan, net cash flow from investing activities was -14.84 million yuan, net cash flow from financing activities was -17.38 million yuan, and net increase in cash and cash equivalents was -112.69 million yuan[162] Company Basic Information Zhejiang Dali Technology Co., Ltd., established in 2005 and listed in 2008, has a registered capital of 599.24 million yuan, specializing in R&D, production, and sales of infrared and optoelectronic products - The company was registered and established on November 7, 2005, and its shares were listed and traded on the Shenzhen Stock Exchange on February 18, 2008[177] - The company's registered capital is 599.24 million yuan, and its total share capital is 599.24 million shares[177] - The main business is the R&D, production, and sales of uncooled focal plane detectors, infrared thermal imagers, and infrared thermal imaging systems, with products including infrared and optoelectronic products and inspection robot series products[177] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis[179] - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[180] Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for financial instruments, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition, confirming no significant changes - The company has formulated specific accounting policies and accounting estimates for transactions or matters such as financial instrument impairment, inventory, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition, based on its actual production and operation characteristics[181] - Financial assets are classified at initial recognition into those measured at amortized cost, those measured at fair value with changes recognized in other comprehensive income, and those measured at fair value with changes recognized in profit or loss for the current period[197] - The company's revenue recognition principle is to identify the individual performance obligations contained in the contract, determine whether they are satisfied over time or at a point in time, and measure revenue based on the transaction price allocated to each individual performance obligation[271][273] - The company had no significant changes in accounting policies and accounting estimates[297] Taxation This section outlines the company's and its subsidiaries' main tax types and rates, including VAT and corporate income tax, highlighting various tax incentives enjoyed Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax calculated based on sales of goods and taxable services as per tax laws, less input tax allowed for deduction in the current period | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%, 20% | | Property Tax | Assessed based on value: 1.2% of original property value less 30%; Assessed based on rent: 12% of rental income | 1.2% (ad valorem), 12% (ad rent) | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - The company enjoys the VAT immediate refund policy for software products, with 2.01 million yuan in VAT refunds actually received in the current period[300] - The company and its subsidiary Hangzhou Dali Microelectronics Co., Ltd. enjoy the VAT additional deduction policy for advanced manufacturing enterprises[300] - The company and its subsidiaries Hangzhou Dali Microelectronics Co., Ltd. and Beijing Hangyu Zhitong Technology Co., Ltd. have been recognized as high-tech enterprises and pay corporate income tax at a 15% rate[301][302] - Subsidiaries Ningbo Dali Zhonghe Enterprise Management Co., Ltd. and Zhejiang Dali Changguang Optoelectronic Technology Co., Ltd. are small and micro enterprises and pay corporate income tax at a 20% rate[302] Notes to Consolidated Financial Statement Items This section provides detailed notes on key consolidated financial statement items, including cash, receivables, fixed assets, construction in progress, borrowings, and deferred income - Cash and bank balances at period-end were 47.88 million yuan, including restricted funds such as bill deposits, letter of guarantee deposits, and ETC frozen funds totaling 9.77 million yuan[304][414] - Accounts receivable book balance at period-end was 822.23 million yuan, bad debt provision was 282.61 million yuan, and book value was 539.62 million yuan; the total accounts receivable and contract assets from the top five customers accounted for 61.50% of the total[317][321] - Fixed assets book value at period-end was 672.18 million yuan, with an increase of 172.45 million yuan in the current period, primarily due to transfers from construction in progress[384][385] - Construction in progress book value at period-end was 33.35 million yuan, with 156.23 million yuan transferred to fixed assets in the current period[395][396] - Long-term borrowings at period-end were 225.20 million yuan, primarily consisting of mortgage loans, credit loans, and mortgage and guarantee loans[444] - Deferred income at period-end was 19.04 million yuan, primarily government grants[453] Research and Development Expenses The company's total R&D expenditure for the period was 61.34 million yuan, entirely expensed, primarily comprising salaries, materials, testing, depreciation, and other costs - Total R&D expenditure for the current period was 61.34 million yuan[517] - All R&D expenditures have been expensed[517] R&D Expenditure Composition | Item | Amount Incurred in Current Period (million yuan) | | :--- | :--- | | Salaries and Benefits | 28.93 | | Material Input | 5.47 | | Testing and Processing Fees | 15.89 | Changes in Consolidation Scope This section states that there were no changes in the company's consolidation scope during the reporting period, such as non-same-control business combinations or loss of control over subsidiaries - The company had no business combinations under non-common control during the reporting period[519] - The company had no loss of control over subsidiaries during the reporting period[520] Interests in Other Entities This section discloses the company's equity interests in subsidiaries, including their registered capital, business nature, and shareholding percentages, confirming no significant non-wholly-owned, joint, or associate entities Composition of the Enterprise Group | Subsidiary Name | Registered Capital (million yuan) | Main Operating Location | Business Nature | Direct Shareholding Percentage | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Dali Microelectronics Co., Ltd. | 5.00 | Hangzhou, Zhejiang Province | Manufacturing | 100.00% | | Beijing Hangyu Zhitong Technology Co., Ltd. | 5.00 | Beijing | Technology Promotion and Application Services | 51.00% | | Ningbo Dali Zhonghe Enterprise Management Co., Ltd. | 10.00 | Ningbo, Zhejiang Province | Business Services | 100.00% | | Zhejiang Dali Changguang Optoelectronic Technology Co., Ltd. | 20.00 | Hangzhou, Zhejiang Province | Instrument Manufacturing | 75.00% | - The company has no significant non-wholly-owned subsidiaries, nor any significant joint ventures or associates[524][525] Government Grants This section details government grants recognized as deferred income, totaling 19.04 million yuan, with 5.89 million yuan recognized as other income during the period Liability Items Involving Government Grants | Accounting Subject | Opening Balance (million yuan) | New Grants in Current Period (million yuan) | Amount Recognized in Non-Operating Income (million yuan) | Amount Transferred to Other Income (million yuan) | Closing Balance (million yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 15.28 | 0 | 0 | 1.27 | 14.02 | Asset-related | | Deferred Income | 0.15 | 5.02 | 0 | 0.15 | 5.02 | Income-related | - The amount of government grants recognized in other income for the current period was 5.89 million yuan[530] Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessments, diversified financing, and maintaining appropriate financial instrument portfolios - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[531][543][545] - Credit risk management: The company assesses the credit risk of financial instruments, places bank deposits with financial institutions with higher credit ratings, regularly conducts credit assessments of customers, and monitors accounts receivable and contract assets of its top five customers[533][537][538][539] - Liquidity risk management: The company comprehensively utilizes various financing methods such as bill settlement and bank borrowings, optimizes its financing structure, and maintains financing continuity and flexibility[540] - As of June 30, 2025, the company's bank borrowings with floating interest rates amounted to 267.10 million yuan[544] Financial Assets Derecognized Due to Transfer | Item | Financial Asset Transfer Method | Amount of Financial Assets Derecognized (million yuan) | Gains or Losses Related to Derecognition (million yuan) | | :--- | :--- | :--- | :--- | | Receivables Financing | Discounting | 18.34 | 0.09 | | Receivables Financing | Endorsement | 18.68 | 0 | | Subtotal | | 37.02 | 0.09 | Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value, primarily receivables financing totaling 4.89 million yuan, determined by face value using Level 3 fair value measurement Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (million yuan) | Total (million yuan) | | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | 1. Receivables Financing | | | | (1) Bank Acceptance Bills | 1.75 | 1.75 | | (2) Digital Receivables Creditor's Certificates - Yunxin | 3.15 | 3.15 | | Total Liabilities Measured at Fair Value on a Recurring Basis | 4.89 | 4.89 | - For bank acceptance bills held, their fair value is determined by their face amount; for digital receivables creditor's certificates held, their fair value at period-end is determined by their face amount[552] Related Parties and Related Party Transactions This section identifies Pang Huimin as the ultimate controlling party, lists key management compensation of 3.28 million yuan, and notes 1.70 million yuan in other payables to Pang Huimin - The company's ultimate controlling party is Pang Huimin[553] Key Management Personnel Remuneration | Item | Amount Incurred in Current Period (million yuan) | Amount Incurred in Prior Period (million yuan) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 3.28 | 3.54 | Related Party Payables | Item Name | Related Party | Book Balance at Period-End (million yuan) | Book Balance at Period-Start (million yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Pang Huimin | 1.70 | 2.00 | Share-Based Payments The 2022 employee stock ownership plan involved 4.88 million shares at 6.65 yuan/share, with 0.60 million yuan in equity-settled share-based payment expenses recognized this period, accumulating to 16.75 million yuan in capital reserves - The company implemented an employee stock ownership plan in 2022, with shares sourced from the company's dedicated repurchase securities account, involving 4.88 million shares, accounting for 0.81% of the total share capital, at a transfer price of 6.65 yuan/share[563] - This employee stock ownership plan is unlocked in four phases and includes additional lock-up periods[564] - The total expense recognized for equity-settled share-based payments in the current period was 0.60 million yuan[568][570] - The cumulative amount of equity-settled share-based payments recognized in capital reserves was 16.75 million yuan[568] Commitments and Contingencies This section states that as of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company had no significant commitments requiring disclosure[571] - As of the balance sheet date, the company had no significant contingencies requiring disclosure[572][573] Events After the Balance Sheet Date This section states that there were no significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events during the reporting period - The company had no significant non-adjusting events, profit distribution, sales returns, or other explanations of events after the balance sheet date during the reporting period[575] Other Significant Matters This section confirms the absence of prior period error corrections, debt restructurings, asset swaps, annuity plans, discontinued operations, or reportable segments due to no diverse or cross-regional operations - The company had no prior period error corrections, debt restructurings, asset swaps, annuity plans, discontinued operations, or other significant matters[575] - The company does not have diverse operations or operate across regions, hence there are no reportable segments[575][576] Notes to Parent Company Financial Statement Items This section provides notes on parent company receivables, other receivables, and long-term equity investments, with accounts receivable net value of 508.58 million yuan and long-term equity investments of 25.65 million yuan - Accounts receivable book balance at period-end was 787.18 million yuan, bad debt provision was 278.60 million yuan, and book value was 508.58 million yuan[580] - Other receivables book balance at period-end was 29.56 million yuan, bad debt provision was 11.79 million yuan, and book value was 17.77 million yuan[596] - Long-term equity investments book value at period-end was 25.65 million yuan, with impairment provision of 52.45 million yuan, primarily investments in subsidiaries[605][607] Supplementary Information This section provides supplementary information including a detailed statement of non-recurring gains and losses totaling 2.63 million yuan, and key profitability metrics like weighted average return on net assets and earnings per share Current Period Non-Recurring Gains and Losses Details | Item | Amount (million yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -0.08 | | Government Grants Recognized in Current Profit/Loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on company profit/loss) | 2.61 | | Other Non-Operating Income and Expenses Apart from the Above | 0.10 | | Total | 2.63 | Net Asset Return Rate and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | -6.91% | -0.1732 | -0.1732 | | Net Profit Attributable to Ordinary Shareholders of the Company After Non-Recurring Gains and Losses | -7.09% | -0.1777 | -0.1777 | Other Submitted Data Other Significant Social Security Issues This section states that the listed company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - The listed company and its subsidiaries had no other significant social security issues during the reporting period[619] - No administrative penalties were received during the reporting period[619] Registration Form for Investor Relations Activities During the Reporting Period On May 6, 2025, the company hosted an online investor survey, discussing its main business development - On May 6, 2025, the company hosted an online survey for institutional and individual investors, discussing the company's main business development[619] Fund Movements Between the Listed Company and Controlling Shareholders and Other Related Parties The company had operational dealings with controlling shareholder Pang Huimin (0.14 million yuan) and non-operational dealings with subsidiary Hangzhou Dali Microelectronics Co., Ltd. (25.20 million yuan), with zero ending balances Fund Movements Between the Listed Company and Controlling Shareholders and Other Related Parties | Name of Counterparty | Nature of Transaction | Opening Balance (million yuan) | Amount Incurred in Current Period (million yuan) | Amount Repaid in Current Period (million yuan) | Closing Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Pang Huimin | Operating Transaction | 0 | 0.14 | 0.14 | 0 | | Hangzhou Dali Microelectronics Co., Ltd. | Non-Operating Transaction | 0 | 25.20 | 25.20 | 0 |