联芸科技(688449) - 2025 Q2 - 季度财报

Definitions This section provides key definitions and abbreviations used throughout the report - The Company, Maxio Technology refers to Maxio Technology (Hangzhou) Co., Ltd[11] - Reporting Period refers to January 1, 2025, to June 30, 2025[11] - AIoT refers to Artificial Intelligence of Things[11] - SoC refers to System on Chip, which integrates different functional sub-modules into a single chip to form a complete system suitable for target application scenarios[11] - SSD refers to Solid State Drive[11] - PCIe refers to a high-speed serial computer expansion bus standard[11] - UFS refers to Universal Flash Storage, a standard specification for embedded memory and products compliant with this standard[12] Company Profile and Key Financial Indicators This section outlines Maxio Technology's fundamental information and presents its key financial performance metrics for the reporting period Basic Company Information This section details Maxio Technology (Hangzhou) Co., Ltd.'s basic information, including its name, legal representative, registered address, and website - Company Chinese Name: Maxio Technology (Hangzhou) Co., Ltd[14] - Legal Representative: Li Guoyang[14] - Company Website: www.maxio-tech.com[14](index=14&type=chunk) - The company's registered address remained unchanged during the reporting period[14] Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary (Domestic Representative for Information Disclosure): Qian Xiaofei[15] - Contact Number: 0571-85892516[15] - Email: ir@maxio-tech.com[15] Information Disclosure and Document Availability Changes This section lists the designated newspapers, website, and location for the company's semi-annual report disclosure and availability - Designated newspapers for information disclosure: "Shanghai Securities News", "China Securities Journal", "Securities Daily", "Securities Times", "Economic Information Daily"[16] - Website address for semi-annual report publication: https://www.sse.com.cn[16](index=16&type=chunk) - Location for company's semi-annual report availability: Company Board Secretary's Office[16] Company Stock/Depositary Receipts Overview This section provides a brief overview of the company's A-share stock listed on the Shanghai Stock Exchange STAR Market - Stock Type: A-shares[17] - Stock Exchange and Board: Shanghai Stock Exchange STAR Market[17] - Stock Code: 688449[17] - The company has no depositary receipts[18] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, showing growth in revenue and net profit, but a decrease in ROE due to increased net assets Key Accounting Data (January-June 2025) | Indicator | Current Reporting Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 609,721,474.32 | 527,082,216.87 | 15.68 | | Total Profit | 56,134,963.73 | 41,161,903.17 | 36.38 | | Net Profit Attributable to Shareholders of Listed Company | 56,134,963.73 | 41,161,903.17 | 36.38 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 35,093,418.32 | 17,619,147.11 | 99.18 | | Net Cash Flow from Operating Activities | -17,969,442.78 | -137,933,181.05 | Not Applicable | | End of Current Reporting Period | | | | | Net Assets Attributable to Shareholders of Listed Company | 1,792,604,803.32 | 1,709,848,206.17 | 4.84 | | Total Assets | 2,180,923,590.44 | 2,086,479,098.25 | 4.53 | Key Financial Indicators (January-June 2025) | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.12 | 0.11 | 9.09 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.08 | 0.05 | 60.00 | | Weighted Average Return on Net Assets (%) | 3.21 | 7.52 | Decrease of 4.31 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.00 | 3.22 | Decrease of 1.22 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 40.89 | 37.68 | Increase of 3.21 percentage points | - Operating revenue, total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses all increased year-on-year, primarily due to the mild recovery in downstream demand, growth in data storage demand driven by AI technology development, enhanced product competitiveness and brand influence, and a continuous increase in the revenue proportion of higher-margin PCIe Gen4 SSD controller chips[20] - Net cash flow from operating activities improved compared to the same period last year, mainly due to a significant increase in sales collections during the current reporting period[20] - Weighted average return on net assets and weighted average return on net assets after deducting non-recurring gains and losses decreased year-on-year, primarily because the company's net asset scale significantly increased due to the issuance of shares in November 2024[22] Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses for the reporting period, primarily driven by government subsidies Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government grants recognized in current profit or loss | 18,870,701.69 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 2,039,001.36 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 148,426.38 | | Other non-operating income and expenses apart from the above items | -16,584.02 | | Total | 21,041,545.41 | Net Profit After Deducting Share-Based Payment Impact This section discloses the company's net profit after deducting the impact of share-based payments, showing a significant increase compared to the prior period Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 82,895,899.65 | 53,540,831.18 | 54.83 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, business operations, financial performance, and future outlook Industry and Main Business Overview Maxio Technology, a platform-based chip design company, focuses on data storage controller chips and AIoT signal processing and transmission chips, with increasing market share in SSD controllers and strategic expansion into embedded storage and AIoT (I) Main Business and Products Maxio Technology specializes in R&D and industrialization of data storage controller chips and AIoT signal processing and transmission chips, with a comprehensive product portfolio across various interfaces and applications - Maxio Technology is a platform-based chip design company providing data storage controller chips and AIoT signal processing and transmission chips[28] - In the data storage sector, the company has become one of the global leading independent SSD controller chip manufacturers by shipment volume, having completed a comprehensive layout for SATA, PCIe3.0, PCIe4.0, and PCIe5.0, and launched over 10 SSD controller chips[28][32] - In the embedded storage sector, the company's first UFS controller chip, MAU320X, completed development in the first half of 2025 and is currently undergoing customer verification[32] - In the AIoT sector, the company has developed and mass-produced two types of products: sensing signal processing chips and wired communication chips, which can be integrated into smart IoT terminal devices such as cameras, industrial PCs, and smart gateways[28][33] - The company's sensing signal processing chips primarily focus on image sensing and recognition, with the first mass-produced in 2021, and MAV0105 launched in 2024, supporting 4K@30fps video input[35] (II) Main Business Model The company operates on a Fabless model, focusing on chip design and solution development, with R&D driven by both innovation and market demand, and sales primarily through direct channels - The company adopts the common Fabless model for integrated circuit chip design enterprises, dedicating R&D efforts to integrated circuit chip design, solution development, and quality control, while outsourcing production, packaging, and testing to third-party manufacturers[38] - The R&D model combines a forward-looking strategy led by technological innovation with a service-oriented strategy driven by market demand, implementing a "research one generation, mass-produce one generation" approach[40] - The sales model is "primarily direct sales, supplemented by distribution," selling chip products directly to terminal equipment manufacturers and module brand manufacturers, or through distributors[48] - The company has established a relatively strict procurement management system to ensure the effectiveness of supplier management[47] (III) Industry Status, Position, and Development Trends Operating within the growing integrated circuit industry, Maxio Technology holds the second-largest global market share in independent SSD controller chips and is expanding into embedded storage and AIoT, driven by AI and mobile terminal demands - The global integrated circuit market size is projected to grow by 11.2% to $700.9 billion in 2025, and further by 8.5% to $760.7 billion in 2026, with logic chips and memory being the main drivers[53] - The global memory market size is expected to reach $319.3 billion by 2028, with Solid State Drives (SSDs) being one of the fastest-growing segments, projected to reach a market size of $55 billion[54] - The global Ethernet PHY chip market size is expected to grow to $12.8 billion by 2030, with a compound annual growth rate exceeding 20%[55] - Among independent third-party controller manufacturers, Maxio Technology's SSD controller shipments accounted for approximately 25%, an increase of 3 percentage points compared to 2023, ranking second globally in shipment share[69] - The gradual rise of AI PCs and AI phones will drive comprehensive upgrades in performance and capacity for consumer-grade SSDs and UFS storage, accelerating the process of UFS replacing eMMC[60][61][85] - PCIe 5.0 SSD and UFS 3.1/4.0/4.1 technologies are expected to become mainstream in the future storage market[79][85] Operating Performance Analysis In the first half of 2025, Maxio Technology achieved significant revenue and net profit growth due to market recovery and AI advancements, with strong performance in PCIe Gen4/Gen5 SSD controllers and AIoT chips, supported by increased R&D investment - In the first half of 2025, the company achieved operating revenue of RMB 609.72 million, a year-on-year increase of 15.68%[88] - Net profit attributable to shareholders of the listed company was RMB 56.14 million, a year-on-year increase of 36.38%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 35.09 million, a year-on-year increase of 99.18%[88] - The company's SSD controller chip shipments achieved stable growth compared to the same period last year, with PCIe Gen4 product shipments increasing by 42.85% year-on-year[89] - The company's new generation PCIe 5.0 8-channel controller chip has achieved mass shipments, and the latest generation PCIe 5.0 4-channel controller chip has entered a critical stage of customer verification[95] - The company's UFS 3.1 controller chip is undergoing customer verification and is expected to become a new business growth point outside the SSD controller domain in the future[95] - AIoT product sales achieved steady growth, with overall shipments significantly exceeding the prior period, and the new generation sensing signal processing chip MAV0105 achieved mass shipments[93] - During the reporting period, the company's R&D expenses were RMB 249.31 million, a year-on-year increase of 25.53%. As of the end of June 2025, the number of R&D personnel was 583, a year-on-year increase of 11.26%[94] Core Competitiveness Analysis Maxio Technology's core strengths lie in its independent R&D platform, strong customer and supply chain relationships, a highly skilled talent pool, and synergistic data storage and AIoT chip businesses (I) Core Competencies The company boasts an R&D platform-centric innovation system with 86 patents, strong partnerships with major storage module and PC brands, a large R&D team, and synergistic data storage and AIoT chip businesses - The company has established an R&D system centered on an R&D platform with multi-departmental coordination, building shareable and reusable IP and SoC architecture design technologies to minimize R&D costs and shorten product development cycles[99] - As of the end of June 2025, the company has been granted 86 domestic and international invention patents[100] - The company's SSD controller chips can be integrated with NAND flash from the seven major global NAND manufacturers and are widely used in SSD products by most mainstream storage module manufacturers worldwide, holding a leading market share in the consumer retail channel segment and achieving breakthroughs with top-tier customers in the PC-OEM pre-installation market[101] - As of June 30, 2025, Maxio Technology's R&D team comprised 583 people, with R&D personnel accounting for 81.08% of the total employees[103] - Data storage controller chips and AIoT sensing signal processing and transmission chips can fully achieve shared general IP technology and SoC chip design platform technology, effectively saving R&D costs, shortening R&D cycles, and reducing error rates[104] (III) Core Technologies and R&D Progress Maxio Technology has developed core technologies in ECC, protocol controllers, data security, and SoC design, with significant R&D investment in UFS, PCIe Gen5 SSD, and AIoT chips - The company's core technologies include advanced error correction codes, protocol controllers, data security, high-speed interface IP, SoC IP, automated testing technology, high-order process analog design, advanced process SoC design, solid-state storage controller SoC architecture, Agile ECC flash signal processing technology, flash-specific processors, flash storage low-power management technology, flash storage firmware architecture, storage chip data security technology, storage chip end-to-end fault tolerance technology for full data paths, SSD mass production process and tool design, IoT sensing signal processing SoC architecture, automotive-grade chip functional safety design technology, efficient bus memory bandwidth management technology, multi-chip cascading data parallel processing technology, Ethernet transmitter driver technology, Ethernet receiver analog-to-digital conversion technology, Ethernet advanced digital signal processing technology, channel error calibration, and line diagnostic technology[105][106][107] - In the first half of 2025, the company applied for 25 invention patents and was granted 7 invention patents. As of the end of June 2025, the company cumulatively holds 86 valid authorized invention patents, 62 software copyrights, and 27 integrated circuit layout designs[108] R&D Investment Table | Indicator | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 249,308,018.41 | 198,606,091.97 | 25.53 | | Total R&D Investment | 249,308,018.41 | 198,606,091.97 | 25.53 | | Total R&D Investment as Percentage of Operating Revenue (%) | 40.89 | 37.68 | Increase of 3.21 percentage points | In-Progress Project Status (Partial) | No. | Project Name | Estimated Total Investment Scale (RMB 10,000) | Current Period Investment Amount (RMB 10,000) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | | 1 | Embedded Storage Controller Chip UFS Product Design and Development | 2,144.37 | 8,821.39 | Development | | 2 | Fourth Channel Fifth Generation PCIe Solid State Drive Controller Chip Product Design and Development | 11,158.37 | 52,823.58 | Development | | 3 | Large Capacity SATA Storage Management Chip Product Design and Development | 800.61 | 9,071.26 | Development | | 4 | New Generation Automotive Sensing Signal Processing Chip Product Design and Development | 2,392.96 | 14,656.65 | Development | | 5 | New Generation Sensing Signal Processing SoC Chip Product Design and Development | 1,533.57 | 5,979.28 | Development | Risk Factors The company faces various risks, including intense industry competition, R&D uncertainties, operational fluctuations, customer and supplier concentration, inventory and accounts receivable risks, and geopolitical impacts on the semiconductor supply chain - Core Competitiveness Risks: The integrated circuit design industry is highly competitive, requires significant R&D investment, involves high uncertainty, and experiences rapid product iteration. Failure to successfully launch chip products supporting new technologies and standards or to penetrate the embedded storage sector will adversely affect the company's operating performance[120][121] - Operating Risks: Operating performance is subject to fluctuations due to changes in operating revenue and continuous increases in R&D expenses. High customer concentration poses risks of reduced or lost orders if major customers' market share declines or cooperation changes. Supplier concentration risks stable production if suppliers face operational difficulties or cooperation is restricted[122][123][124] - Financial Risks: Period-end inventory book value is RMB 453.88 million, accounting for 20.81% of total assets, posing impairment risks if market conditions change or technology updates render inventory obsolete. Accounts receivable book value is RMB 301.36 million, accounting for 13.82% of total assets, potentially leading to recovery risks if downstream customers lose repayment ability[126][127] - Industry Risks: The data storage controller chip industry is highly concentrated, facing risks of rapid technological iteration, price competition from new entrants, and insufficient phased support resources. The AIoT signal processing and transmission chip sector is highly competitive, with the company's market share being relatively limited, potentially preventing large-scale sales if market promotion falls short of expectations[128] - Macro Environmental Risks: International trade policies and geopolitical tensions may impose restrictions and adverse effects on domestic chip design enterprises, impacting the development of the local semiconductor industry chain, and potentially leading to a reduction in related orders for the company[129] Key Operating Performance During the Reporting Period During the reporting period, the company achieved a 15.68% increase in operating revenue and a 36.38% rise in net profit, with positive changes across financial indicators and operations, despite significant shifts in certain balance sheet items (I) Analysis of Changes in Financial Statement Items This section analyzes the changes in key financial statement items, attributing revenue and cost growth to market recovery, increased expenses to market expansion and R&D, and improved cash flow to higher sales collections Analysis of Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 609,721,474.32 | 527,082,216.87 | 15.68 | Benefiting from the mild recovery in downstream demand and the continuous development of AI technology, terminal applications' demand for data storage continues to grow, leading to sustained growth in the company's overall data storage controller chip shipments; the company's product competitiveness and brand influence continue to improve, and its penetration rate among downstream customers is steadily increasing | | Operating Cost | 294,760,846.40 | 270,238,344.48 | 9.07 | Primarily due to the growth in operating revenue driving an increase in operating costs | | Selling Expenses | 14,683,202.78 | 12,168,086.61 | 20.67 | Primarily due to the company's active market expansion, a slight increase in sales personnel, and increased investment in sales personnel compensation and share-based incentives | | Administrative Expenses | 32,270,539.52 | 25,373,566.87 | 27.18 | Primarily due to organizational structure optimization and business expansion leading to a moderate increase in administrative personnel, and an increase in share-based payment expenses | | Financial Expenses | 5,204,709.49 | 1,542,572.00 | 237.40 | Primarily due to higher exchange losses recognized due to exchange rate fluctuations | | R&D Expenses | 249,308,018.41 | 198,606,091.97 | 25.53 | Primarily due to the company's increased investment in new product development, and a significant year-on-year increase in tape-out expenditures for R&D projects | | Net Cash Flow from Operating Activities | -17,969,442.78 | -137,933,181.05 | Not Applicable | Primarily due to a significant increase in sales collections during the reporting period compared to the same period last year | | Net Cash Flow from Investing Activities | -443,857,646.16 | 11,153,445.40 | -4,079.56 | Primarily due to the company increasing its cash management of idle funds during the reporting period | | Net Cash Flow from Financing Activities | 61,582,368.69 | 33,874,568.05 | 81.80 | Primarily due to the company increasing short-term borrowings to meet production and operating needs during the reporting period | (III) Assets and Liabilities Status This section analyzes the company's assets and liabilities at period-end, noting decreases in monetary funds due to cash management, significant increases in prepayments and inventory, and a substantial rise in short-term borrowings Changes in Assets and Liabilities Status | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 781,605,790.60 | 35.84 | 1,181,668,646.91 | 56.63 | -33.86 | Primarily due to the company using idle funds to purchase wealth management products and large-denomination certificates of deposit during the reporting period | | Trading Financial Assets | 371,082,569.86 | 17.01 | - | - | Not Applicable | Primarily due to the company using idle funds to purchase wealth management products during the reporting period | | Accounts Receivable | 301,362,996.05 | 13.82 | 443,772,075.36 | 21.27 | -32.09 | Primarily due to an increase in accounts receivable collections during the reporting period | | Prepayments | 69,106,328.02 | 3.17 | 3,626,316.54 | 0.17 | 1,805.69 | Primarily due to a significant increase in prepayments for wafer suppliers | | Inventories | 453,881,042.04 | 20.81 | 308,941,013.77 | 14.81 | 46.92 | Primarily due to the company increasing safety stock and general inventory | | Other Current Assets | 23,468,230.96 | 1.08 | 3,040,455.12 | 0.15 | 671.87 | Primarily due to increased inventory during the reporting period leading to an increase in deductible input VAT | | Other Non-Current Assets | 50,545,571.57 | 2.32 | 21,015,530.46 | 1.01 | 140.52 | Primarily due to the company using idle funds to purchase large-denomination certificates of deposit during the reporting period | | Short-Term Borrowings | 163,114,823.60 | 7.48 | 83,069,402.78 | 3.98 | 96.36 | Primarily due to the company increasing bank borrowings to meet production and operating needs during the reporting period | | Taxes Payable | 3,176,650.02 | 0.15 | 11,072,480.30 | 0.53 | -71.31 | Primarily due to a decrease in VAT payable and related surcharges | | Other Payables | 8,508,839.10 | 0.39 | 17,942,933.62 | 0.86 | -52.58 | Primarily due to the payment of remaining issuance expenses in the current period | | Other Current Liabilities | 699,002.43 | 0.03 | 172,415.64 | 0.01 | 305.42 | Primarily due to an increase in VAT output tax to be transferred | - Overseas assets amounted to RMB 456.08 million, accounting for 20.91% of total assets[137] (IV) Investment Status Analysis This section analyzes the company's investment activities, which resulted in a net negative investment during the reporting period, primarily due to increased cash management of idle funds Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Current Period Fair Value Change Gain/Loss (Yuan) | Current Period Purchase Amount (Yuan) | Current Period Sale/Redemption Amount (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | - | 1,755,720.54 | 615,000,000.00 | 245,673,150.68 | 371,082,569.86 | | Other Equity Instrument Investments | 5,099,908.20 | - | - | - | 5,099,908.20 | | Total | 5,099,908.20 | 1,755,720.54 | 615,000,000.00 | 245,673,150.68 | 376,182,478.06 | (VI) Analysis of Major Holding and Joint-Stock Companies This section lists the key financial details of the company's major subsidiaries, highlighting that Maxio Technology (Hong Kong) Limited was profitable, while others incurred losses Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital | Total Assets (Yuan) | Net Assets (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Maxio Technology Co., Ltd. | Subsidiary | R&D and Sales Activities | RMB 20 million | 24,012,296.19 | -54,748,988.85 | -6,967,790.66 | | Maxio Technology (Hong Kong) Limited | Subsidiary | Production and Sales Activities | USD 5 million | 456,079,196.54 | 36,179,247.93 | 10,021,724.64 | | Suzhou Maxio Technology Co., Ltd. | Subsidiary | R&D Activities | RMB 20 million | 15,332,991.18 | -62,548,654.45 | -11,567,034.41 | | Chengdu Liany Technology Co., Ltd. | Subsidiary | R&D Activities | RMB 20 million | 4,468,456.20 | -59,935,240.88 | -16,013,487.32 | Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including board and senior management appointments, and outlines its social responsibility initiatives Changes in Directors, Senior Management, and Core Technical Personnel The company completed the re-election of its second board of directors and appointed new senior management, with no changes to core technical personnel during the reporting period - The term of the company's first board of directors expired, and Mr. Xu Peng no longer served as a company director[145] - On June 16, 2025, the company convened a staff and workers' congress and elected Mr. Chen Bingjun as an employee representative director for the second board of directors[145] - On the same day, the company held its second extraordinary general meeting of shareholders in 2025, electing Mr. Fang Xiaoling, Mr. Li Guoyang, and Mr. Zhan Junhua as non-independent directors for the second board of directors, and Mr. Lou Hetong, Ms. Sun Lingling, and Mr. Zhu Xin as independent directors for the second board of directors[145] - On June 16, 2025, the company held the first meeting of the second board of directors, appointing Mr. Li Guoyang as General Manager, Mr. Chen Bingjun, Ms. Wang Ying, and Mr. Xu Wei as Deputy General Managers, and Ms. Qian Xiaofei as Chief Financial Officer and Board Secretary[146] - There were no changes in the company's core technical personnel during the reporting period[146] Profit Distribution or Capital Reserve Conversion Plan The company did not propose any profit distribution or capital reserve to share capital conversion plan in its semi-annual report - Proposed profit distribution plan and capital reserve to share capital conversion plan for the semi-annual period: Not Applicable[146] Consolidating Poverty Alleviation Achievements, Rural Revitalization, etc. The company actively fulfilled its social responsibilities by conducting a book donation event in May 2025, providing books worth RMB 14,680 to a primary school in Guizhou - In May 2025, the company organized the "One Book, One Dream" Maxio Technology Public Book Donation event, delivering books valued at RMB 14,680 to Tufa Primary School in Douqing Town, Shuicheng District, Liupanshui City, Guizhou[147] Significant Matters This section addresses key events and commitments, including the fulfillment of various undertakings, related party transactions, and the progress of raised capital utilization Fulfillment of Commitments The company, its controlling shareholders, and related parties have strictly fulfilled all commitments during or continuing into the reporting period, covering share lock-ups, price stabilization, and related party transaction regulations - The commitment of Mr. Fang Xiaoling, the company's shareholder and actual controller, regarding share lock-up, pledging not to transfer or entrust others to manage shares within 36 months from the listing date, has been strictly fulfilled[149][151] - The commitment of Hongling Investment, Tongjin Investment, and Xinxing Investment, acting in concert with the company's shareholder and actual controller, regarding share lock-up, pledging not to transfer or entrust others to manage shares within 36 months from the listing date, has been strictly fulfilled[149][154] - Xizang Yuanshi and Xinyue Technology, new shareholders in the past year, committed not to transfer or entrust others to manage shares within 12 months from the company's stock listing date or 36 months from the date of industrial and commercial change registration for acquiring company shares (whichever is later), and have strictly fulfilled this commitment[149][158] - Hikvision and Haikang Technology, shareholders holding more than 5% of the company's shares, committed not to transfer or entrust others to manage shares within 12 months from the company's stock listing date, and have strictly fulfilled this commitment[149][159] - The company, its actual controller, all directors (excluding independent directors), and senior management committed to measures for stabilizing stock price, pledging to implement share repurchase or increase holdings when trigger conditions are met, and have strictly fulfilled this commitment[150][163][164][165][166] - The company, its actual controller, all directors, and senior management committed to measures for compensating for diluted immediate returns, pledging to actively implement fundraising projects, strengthen R&D, optimize management, and improve the return mechanism, and have strictly fulfilled this commitment[150][167][168][169] - Actual controller Fang Xiaoling and his concerted parties, and shareholders holding more than 5% of shares, Hikvision and Haikang Technology, committed to regulating and reducing related party transactions, pledging to minimize such transactions, strictly adhere to decision-making procedures, and not use related party transactions to transfer profits, and have strictly fulfilled this commitment[150][169][170][171] - Actual controller Fang Xiaoling and his concerted parties, and shareholders holding more than 5% of shares, Hikvision and Haikang Technology, committed to avoiding horizontal competition, pledging not to engage in businesses identical, similar, or competitive with the company, and have strictly fulfilled this commitment[151][172] - The company, its actual controller, all directors, supervisors, and senior management committed to restrictive measures for non-fulfillment of commitments, pledging to publicly explain reasons, apologize, bear responsibility, compensate for losses, etc., if commitments are not fulfilled, and have strictly fulfilled this commitment[151][177][178][179][180] Significant Related Party Transactions The company's routine related party transactions for 2025 were approved as planned, with no other undisclosed significant related party transactions during the reporting period - The company's 19th meeting of the first board of directors, 9th meeting of the first supervisory board, and the 2024 annual general meeting of shareholders reviewed and approved the "Proposal on Estimated Routine Related Party Transactions for 2025"[183] Progress of Raised Capital Utilization The company's raised capital utilization is progressing, with RMB 257 million invested to date, representing 24.89% of the total, and idle funds are being managed through cash management activities (I) Overall Utilization of Raised Capital The company's initial public offering raised RMB 1.125 billion, with RMB 257 million invested by the end of the reporting period, representing 24.89% of the net proceeds, following adjustments to investment amounts and project timelines Overall Utilization of Raised Capital | Source of Raised Capital | Total Raised Capital (Yuan) | Net Raised Capital (Yuan) | Total Committed Investment in Prospectus or Offering Document (Yuan) | Cumulative Raised Capital Invested as of Period End (Yuan) | Cumulative Raised Capital Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 1,125,000,000.00 | 1,033,365,759.76 | 1,519,893,300.00 | 257,169,087.56 | 24.89 | - On December 13, 2024, the company held the 18th meeting of the first board of directors and the 8th meeting of the first supervisory board, which reviewed and approved the "Proposal on Adjusting the Proposed Investment Amount and Extending the Timeline for Raised Capital Investment Projects"[188] (II) Details of Raised Capital Investment Projects Raised capital projects include R&D and industrialization of new-generation data storage controller chips, AIoT signal processing chips, and a data management chip industrialization base, with the data storage project showing the fastest progress Details of Raised Capital Investment Projects | Project Name | Estimated Total Investment Scale (Yuan) | Current Period Investment Amount (Yuan) | Cumulative Investment Amount (Yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | New Generation Data Storage Controller Chip Series Product R&D and Industrialization Project | 363,211,959.76 | 99,059,186.69 | 206,846,526.46 | 56.95 | | AIoT Signal Processing and Transmission Chip R&D and Industrialization Project | 255,632,400.00 | 6,331,013.75 | 50,322,561.10 | 19.69 | | Maxio Technology Data Management Chip Industrialization Base Project | 414,521,400.00 | - | - | 0.00 | - The construction period for the Maxio Technology Data Management Chip Industrialization Base Project is 36 months, and as of June 30, 2025, the project has not yet commenced[190] (IV) Other Aspects of Raised Capital Utilization The company utilized temporarily idle raised capital for cash management, with an approved limit of RMB 850 million and a period-end balance of RMB 400 million - On December 17, 2024, the company published an announcement agreeing to use temporarily idle raised capital not exceeding RMB 850 million for cash management, provided it does not affect the normal progress of raised capital investment plans and ensures fund security[193] - The cash management balance at the end of the reporting period was RMB 400 million[193] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and their holdings Share Capital Changes During the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by 4,902,503, leading to a corresponding increase in unrestricted tradable shares due to the lifting of IPO lock-ups Share Change Table | Item | Quantity Before Change (shares) | Percentage Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 394,902,503 | 85.85 | -4,902,503 | 390,000,000 | 84.78 | | II. Unrestricted Tradable Shares | 65,097,497 | 14.15 | 4,902,503 | 70,000,000 | 15.22 | | III. Total Shares | 460,000,000 | 100.00 | - | 460,000,000 | 100.00 | - On May 29, 2025, 4,902,503 shares of the company's initial public offering's offline placement restricted shares were released from lock-up and became tradable[198] Shareholder Information As of the end of the reporting period, the company had 16,903 common shareholders, with Hangzhou Hongling Investment Partnership (Limited Partnership), Hangzhou Hikvision Digital Technology Co., Ltd., and Hangzhou Hikvision Technology Co., Ltd. being the top three - Total number of common shareholders at the end of the reporting period: 16,903 households[202] Top Ten Shareholders' Shareholding Status | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Hongling Investment Partnership (Limited Partnership) | 87,400,432 | 19.00 | 87,400,432 | Other | | Hangzhou Hikvision Digital Technology Co., Ltd. | 80,751,886 | 17.55 | 80,751,886 | State-owned Legal Person | | Hangzhou Hikvision Technology Co., Ltd. | 53,828,336 | 11.70 | 53,828,336 | State-owned Legal Person | | Fang Xiaoling | 30,263,308 | 6.58 | 30,263,308 | Overseas Natural Person | | Hangzhou Tongjin Investment Management Partnership (Limited Partnership) | 30,263,308 | 6.58 | 30,263,308 | Other | | Guoxin Central Enterprise Operation Investment Fund Management (Guangzhou) Co., Ltd. - Guoxin Central Enterprise Operation (Guangzhou) Investment Fund (Limited Partnership) | 17,267,033 | 3.75 | 17,267,033 | Other | | Xizang Yuanshi Venture Capital Management Co., Ltd. | 15,428,587 | 3.35 | 15,428,587 | Domestic Non-State-owned Legal Person | | Hangzhou Xinxing Equity Investment Partnership (Limited Partnership) | 14,868,817 | 3.23 | 14,868,817 | Other | | Xizang Hongyin Enterprise Management Service Co., Ltd. | 13,994,157 | 3.04 | 13,994,157 | Domestic Non-State-owned Legal Person | | Changcun Capital (Wuhan) Investment Management Co., Ltd. | 10,212,766 | 2.22 | 10,212,766 | Domestic Non-State-owned Legal Person | - The executive partners of Hongling Investment, Tongjin Investment, and Xinxing Investment are all Lingqi Technology, which is a wholly-owned company of the company's actual controller, Fang Xiaoling; Haikang Technology is a wholly-owned subsidiary of Hikvision[205] Directors, Senior Management, and Core Technical Personnel Information The shareholding changes of current and former directors, senior management, and core technical personnel were not applicable during the reporting period - Shareholding changes of current and former directors, senior management, and core technical personnel during the reporting period: Not Applicable[211] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - Changes in controlling shareholder or actual controller: Not Applicable[211] Bond-Related Information This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments: Not Applicable[213] - Convertible corporate bonds: Not Applicable[213] Financial Report This section comprises the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[4] Financial Statements This section presents Maxio Technology (Hangzhou) Co., Ltd.'s consolidated and parent company financial statements for the first half of 2025, detailing its financial position, operating results, cash flows, and equity changes - Consolidated Balance Sheet, as of June 30, 2025[215] - Parent Company Balance Sheet, as of June 30, 2025[218] - Consolidated Income Statement, January-June 2025[221] - Parent Company Income Statement, January-June 2025[225] - Consolidated Cash Flow Statement, January-June 2025[228] - Parent Company Cash Flow Statement, January-June 2025[232] - Consolidated Statement of Changes in Owners' Equity, January-June 2025[236] - Parent Company Statement of Changes in Owners' Equity, January-June 2025[244] Company Basic Information This section outlines Maxio Technology's establishment, registration, and initial public offering on the Shanghai Stock Exchange STAR Market, including its increased registered capital - Maxio Technology (Hangzhou) Co., Ltd., formerly Maxio Technology (Hangzhou) Co., Ltd., was established by Fang Xiaoling and registered with the Hangzhou Administration for Industry and Commerce on November 7, 2014[248] - On November 29, 2024, the company was listed on the STAR Market of the Shanghai Stock Exchange with an initial public offering of 100,000,000 A-shares, increasing its registered capital by RMB 100,000,000.00, resulting in a changed registered capital and share capital of RMB 460,000,000.00[249] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts identified regarding its ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis[251] - The company has assessed its ability to continue as a going concern for 12 months from June 30, 2025, and found no significant doubts regarding its going concern ability[252] Significant Accounting Policies and Estimates This section details the company's adherence to enterprise accounting standards, covering key policies and estimates for financial instruments, receivables, inventory, R&D, employee compensation, revenue recognition, and government grants - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[254] - Financial assets are initially measured at fair value and subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, depending on their classification[269][272] - The Group performs impairment accounting for financial assets measured at amortized cost and contract assets based on expected credit losses and recognizes loss provisions[278] - The Group's inventory primarily includes raw materials, work-in-progress, finished goods, goods in transit, consigned goods, and contract costs, initially measured at cost, with actual cost determined using the weighted average method upon issuance, and measured at the lower of cost or net realizable value at the balance sheet date[301][302] - The Group's product sales and technical service businesses are both performance obligations fulfilled at a point in time, with revenue recognized when the customer obtains control of the related goods or services[329] - Government grants are recognized when the conditions attached to the grant are met and the grant is received. Asset-related government grants are recognized as deferred income, while income-related government grants are recognized as deferred income or current profit or loss depending on the circumstances[336][338][340] Taxation This section outlines the company's and its subsidiaries' main tax categories and rates, along with applicable tax incentives for integrated circuit enterprises and high-tech companies Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable product sales revenue or taxable labor income | 13%, 6% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Enterprise Income Tax | Taxable income | 25%, 20%, 16.5%, 15% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - According to the "Notice of the Ministry of Finance and the State Taxation Administration on the Policy of Additional VAT Deduction for Integrated Circuit Enterprises," from January 1, 2023, to December 31, 2027, integrated circuit design, manufacturing, packaging, testing, equipment, and material enterprises are allowed to deduct an additional 15% of the current period's deductible input VAT from their payable VAT[353][355] - The company is recognized as a high-tech enterprise, with an enterprise income tax preferential period from 2023 to 2025[356] - Maxio Technology (Hong Kong) Limited (registered in Hong Kong, China) applies a profits tax rate of 8.25% for assessable profits not exceeding HKD 2,000,000, and 16.5% for the portion above this amount[356] Notes to Consolidated Financial Statement Items This section provides detailed notes for consolidated financial statement items, including monetary funds, financial assets, receivables, inventory, borrowings, and expenses, highlighting changes due to cash management, increased inventory, and R&D investments - The period-end balance of monetary funds was RMB 781.61 million, of which RMB 99.84 million was deposited overseas[358] - The period-end balance of trading financial assets was RMB 371.08 million, primarily consisting of bank wealth management products[359] - The period-end book value of accounts receivable was RMB 301.36 million, with an impairment provision of RMB 4.11 million[365] - The period-end balance of prepayments was RMB 69.11 million, a significant increase of 1,805.69% from the beginning of the period, primarily due to a substantial increase in prepayments to wafer suppliers[136][374] - The period-end book value of inventory was RMB 453.88 million, with an inventory impairment provision of RMB 32.46 million[384] - The period-end balance of short-term borrowings was RMB 163.11 million, all of which were credit borrowings[415] - The period-end balance of employee compensation payable was RMB 46.59 million[421] - R&D expenses incurred in the current period amounted to RMB 249.31 million, primarily including employee compensation and tape-out fees[462] - Financial expenses incurred in the current period amounted to RMB 5.20 million, primarily affected by exchange differences[463] - Other income in the current period amounted to RMB 38.65 million, primarily government grants[465] Research and Development Expenses This section details the company's R&D expenditures by nature of expense, all of which are recognized as current period expenses, with no capitalized development expenditures R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 130,323,193.76 | 128,532,197.96 | | Share-Based Payment Expenses | 13,095,367.58 | 4,283,375.83 | | Royalty Fees | 588,956.31 | 12,647,083.96 | | Depreciation and Amortization Expenses | 23,673,320.34 | 23,107,136.97 | | Tape-out Fees | 71,168,109.46 | 22,870,989.86 | | Material Costs | 3,044,709.78 | 1,741,535.94 | | Rent, Property Management Fees, and Utilities | 1,106,109.07 | 1,401,199.87 | | Processing and Testing Fees | 3,595,934.32 | 2,536,085.03 | | Other Expenses | 2,712,317.79 | 1,486,486.55 | | Total | 249,308,018.41 | 198,606,091.97 | - All R&D expenditures incurred by the Group are recognized as current period expenses. The Group has no R&D project development expenditures that meet capitalization criteria, nor any externally acquired R&D projects[462] Interests in Other Entities This section outlines the company's group structure, including its subsidiaries in Guangzhou, Hong Kong, Suzhou, and Chengdu, detailing their operations, registered capital, and the company's direct ownership Subsidiary Composition | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Maxio Technology Co., Ltd. | Guangzhou, Guangdong | RMB 20 million | Technology Development, Sales | 100.00 | Investment Establishment | | Maxio Technology (Hong Kong) Limited | Hong Kong, China | USD 5 million | Production and Sales | 100.00 | Investment Establishment | | Suzhou Maxio Technology Co., Ltd. | Suzhou, Jiangsu | RMB 20 million | Technology Development | 100.00 | Investment Establishment | | Chengdu Liany Technology Co., Ltd. | Chengdu, Sichuan | RMB 20 million | Technology Development | 100.00 | Investment Establishment | Government Grants This section discloses the company's government grants for the reporting period, including those recognized as deferred income and those recognized in current profit or loss, totaling RMB 34.47 million in current period income Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Beginning Balance (Yuan) | Current Period New Grant Amount (Yuan) | Current Period Amount Recognized in Non-Operating Income (Yuan) | Current Period Transferred to Other Income (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 33,190,123.19 | 14,348,235.10 | - | 15,599,449.56 | 33,411,915.77 | Asset-related | | Deferred Income | 154,859.65 | 12,943,954.90 | - | 11,200,219.72 | 425,587.79 | Income-related | | Total | 33,344,982.84 | 27,292,190.00 | - | 26,799,669.28 | 33,837,503.56 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 15,599,449.56 | 9,047,314.54 | | Income-related | 18,870,701.69 | 23,391,827.76 | | Total | 34,470,151.25 | 32,439,142.30 | Risks Related to Financial Instruments This section discusses the company's financial instrument risks, including market risk (foreign exchange, interest rate, other price risks), credit risk, and liquidity risk, and the measures taken to manage them - The Group's main financial instruments include monetary funds, trading financial assets, accounts receivable, other receivables, other equity instrument investments, short-term borrowings, accounts payable, other payables, long-term payables, large-denomination certificates of deposit within other non-current assets, and long-term payables due within one year within non-current liabilities due within one year[503] - Foreign exchange risk is primarily related to the US dollar, and exchange rate fluctuations may impact operating performance[507] - Interest rate risk is primarily associated with floating-rate bank borrowings and fixed-rate large-denomination certificates of deposit[512][513] - Credit risk primarily arises from the failure of a counterparty to fulfill its obligations, leading to losses on the Group's financial assets, managed by conducting credit assessments of counterparties and continuously monitoring the recovery of accounts receivable and other receivables[515][517] - As of June 30, 2025, the Group's accounts receivable balance from its top five customers was RMB 244.24 million, accounting for 79.95% of the total accounts receivable balance[518] - Liquidity risk is managed by maintaining and monitoring sufficient cash and cash equivalents to meet operating needs and mitigate the impact of cash flow fluctuations[519] Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily transactional financial assets and other equity instrument investments, valued using discounted cash flow or recent transaction prices Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | - | 371,082,569.86 | - | 371,082,569.86 | | (III) Other Equity Instrument Investments | - | - | 5,099,908.20 | 5,099,908.20 | | Total Assets Continuously Measured at Fair Value | - | 371,082,569.86 | 5,099,908.20 | 376,182,478.06 | - The fair value of the aforementioned trading financial assets is determined using a general pricing model based on the discounted future cash flow method[525] - The fair value of non-listed other equity instrument investments is determined by reference to recent transaction prices[525] - The Group's management believes that the book value of financial assets and financial liabilities measured at amortized cost in the financial statements approximates their fair value[527] Related Parties and Related Party Transactions This section identifies the company's related parties, primarily