亚世光电(002952) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides important notices, the table of contents, and definitions of key terms used throughout the report Important Notice The company's board, supervisors, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with no plans for profit distribution - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4] - Company head Jia Jitao, chief accountant Jia Yan, and head of accounting Yuan Jing declare the financial report is true, accurate, and complete[5] - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for this reporting period[6] Catalogue of Documents for Inspection Documents for inspection include signed financial statements, all publicly disclosed company files, and the semi-annual report signed by the legal representative - Documents for inspection include financial statements signed and sealed by the company head, chief accountant, and head of accounting department[10] - Originals of all company documents and announcements publicly disclosed on the CSRC designated website during the reporting period[10] - The 2025 semi-annual report signed by the legal representative[10] Definitions This section defines common terms, including company names, major subsidiaries, and industry-specific terms, clarifying the reporting period as H1 2025 - Yeshiled Optoelectronics, the Company, or the Company Limited by Shares refers to Yeshiled Optoelectronics (Group) Co, Ltd[11] - Reporting period refers to January 1, 2025 - June 30, 2025[11] - TFT refers to Thin Film Transistor, LCD refers to Liquid Crystal Display, LCM refers to Liquid Crystal Module[11] Section II Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, and key financial performance metrics for the reporting period I Company Profile Yeshiled Optoelectronics (Group) Co, Ltd, stock code 002952, is listed on the Shenzhen Stock Exchange, with Jia Jitao as its legal representative - Company stock abbreviation Yeshiled Optoelectronics, stock code 002952, listed on Shenzhen Stock Exchange[15] - The company's legal representative is Jia Jitao[15] II Contact Persons and Information The company's Board Secretary is Bian Ruiqun, and Securities Affairs Representative is Peng Bing, sharing the same contact details - Board Secretary is Bian Ruiqun, Securities Affairs Representative is Peng Bing[16] - Contact address is No 288 Yueling Road, Lishan District, Anshan City, Liaoning Province, phone 0412-5218968, fax 0412-5211729, email yesdongban@yes-lcd.com[15][16] III Other Information No changes occurred in the company's registered address, office address, website, email, or information disclosure locations during the reporting period - No changes in registered address, office address, postal code, website, or email during the reporting period, refer to 2024 annual report[17] - No changes in the designated stock exchange website and media for semi-annual report disclosure or report placement during the reporting period, refer to 2024 annual report[18] IV Key Accounting Data and Financial Indicators In H1 2025, operating revenue increased by 30.01%, but net profit attributable to shareholders decreased by 36.21%, and operating cash flow turned negative 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 432,473,378.92 | 332,652,477.81 | 30.01% | | Net Profit Attributable to Shareholders | 5,380,415.59 | 8,434,050.28 | -36.21% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 627,709.99 | 6,841,202.57 | -90.82% | | Net Cash Flow from Operating Activities | -34,933,694.14 | 51,452,126.15 | -167.90% | | Basic Earnings Per Share (Yuan/share) | 0.0331 | 0.0520 | -36.35% | | Diluted Earnings Per Share (Yuan/share) | 0.0331 | 0.0520 | -36.35% | | Weighted Average Return on Net Assets | 0.62% | 0.98% | -0.36% | | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,172,157,939.17 | 1,156,139,571.20 | 1.39% | | Net Assets Attributable to Shareholders | 863,131,597.48 | 866,183,324.20 | -0.35% | V Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - No differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[22] - No differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards[23] VI Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period were 4,752,705.60 Yuan, primarily from government subsidies and entrusted investment income 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Non-current asset disposal gains/losses | 8,494.85 | | Government subsidies included in current profit/loss | 3,800,004.64 | | Fair value changes and disposal gains/losses from financial assets/liabilities held by non-financial enterprises | -177,633.00 | | Gains/losses from entrusted investment or asset management | 2,172,569.42 | | Other non-operating income and expenses | -67,210.34 | | Less: Income tax impact | 618,483.31 | | Minority interest impact (after tax) | 365,036.66 | | Total | 4,752,705.60 | - No other items meeting the definition of non-recurring gains/losses, nor reclassification of non-recurring items as recurring[26] Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competencies, financial performance, and risk factors I Main Business Activities During the Reporting Period The company specializes in customized LCD and e-paper display modules for various industries, operating on an "order-to-production" model with strict quality control - Specializes in optoelectronic display industry, main business is R&D, design, production, and sales of customized LCD and e-paper display modules[28] - Products widely used in industrial control, medical instruments, white goods, automotive displays, smart retail, exported to over 20 countries and regions including the US, Europe, Japan, Korea, and mainland China[28] - Adopts an "order-to-production" model, with procurement, production, and sales centered on customization, managed by SAP system for all production processes, with high emphasis on quality control[29][30][32] II Analysis of Core Competencies Core competencies include experienced talent, strong customer relationships with global brands, significant technological innovation with 149 patents, and robust quality management systems - Possesses a professional R&D team and experienced management, a crucial foundation for stable development in the LCD industry[33] - Established long-term stable cooperative relationships with internationally renowned enterprises such as Samsung, Omron, HP, and Schneider, with products covering over 20 countries and regions including Europe, America, Japan, and Korea[34] - As a high-tech enterprise, holds 149 domestic patents (including 23 invention patents) as of the reporting period end, and obtained ISO9000, ISO14000, IATF16949 quality management system certifications, achieving full-process digital control[35][36][38] III Analysis of Main Business H1 2025 operating revenue grew by 30.01% due to increased orders, but net profit significantly declined, and operating cash flow turned negative, mainly due to increased raw material payments and exchange losses 2025 Semi-Annual Main Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 432,473,378.92 | 332,652,477.81 | 30.01% | Sales orders increased, leading to revenue growth | | Net Profit Attributable to Shareholders | 5,380,415.59 | 8,434,050.28 | -36.21% | | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 627,709.99 | 6,841,202.57 | -90.82% | | | Net Cash Flow from Operating Activities | -34,933,694.14 | 51,452,126.15 | -167.90% | Increased payments for raw materials | | Financial Expenses | 2,219,472.84 | -4,595,155.16 | 148.30% | USD to RMB exchange rate fluctuations resulted in exchange losses this year, compared to exchange gains last year | 2025 Semi-Annual Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | % of Operating Revenue | Prior Year Amount (Yuan) | % of Operating Revenue | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | LCD Display Panels and Modules | 217,480,443.14 | 50.29% | 222,797,177.70 | 66.98% | -2.39% | | E-paper Display Modules | 210,312,112.96 | 48.63% | 103,598,411.58 | 31.14% | 103.01% | | Other | 4,680,822.82 | 1.08% | 6,256,888.53 | 1.88% | -25.19% | - No significant changes in the company's profit structure or sources of profit during the reporting period[41] IV Analysis of Non-Main Business The company had no non-main business analysis content during the reporting period - No non-main business analysis during the reporting period[44] V Analysis of Assets and Liabilities Total assets increased by 1.39%, while monetary funds decreased by 7.72% due to increased raw material payments and structured deposit reclassification; accounts receivable and inventory grew by 3.12% and 1.51% respectively 2025 Semi-Annual Significant Changes in Asset Composition | Item | End of Current Period Amount (Yuan) | % of Total Assets | End of Prior Year Amount (Yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 102,772,746.83 | 8.77% | 190,596,030.07 | 16.49% | -7.72% | Increased payments for raw materials; increased balance of structured deposits reclassified as other current assets | | Accounts Receivable | 178,302,302.59 | 15.21% | 139,751,282.39 | 12.09% | 3.12% | Increased revenue led to a corresponding increase in accounts receivable balance | | Inventory | 338,074,241.60 | 28.84% | 315,994,966.48 | 27.33% | 1.51% | Increased orders and sales scale led to a corresponding increase in inventory scale | | Lease Liabilities | 3,297,528.13 | 0.28% | 1,180,501.94 | 0.10% | 0.18% | Vietnamese subsidiary added new leased factory buildings, and rent payable was recognized as lease liabilities | 2025 Semi-Annual Key Overseas Asset Information | Specific Asset Content | Asset Scale (10,000 Yuan) | Location | Operating Model | Profit/Loss (10,000 Yuan) | % of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets of Vietnamese Subsidiary | 19,237.78 | Vietnam | On-demand production, flexible response to customer needs | -58.98 | 21.85% | 2025 Semi-Annual Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (10,000 Yuan) | Fair Value Change Gain/Loss for Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Financial Liabilities | 27.55 | 3.50 | 31.05 | - No asset rights restrictions at the end of the reporting period[50] VI Analysis of Investment Status The company had no significant equity, non-equity, or securities investments, primarily engaging in forward foreign exchange contracts for hedging purposes, with an ending investment amount of 0 Yuan - No securities investments, significant equity investments, or ongoing significant non-equity investments during the reporting period[50] 2025 Semi-Annual Derivative Investment Information (for Hedging Purposes) | Derivative Investment Type | Beginning Balance (10,000 Yuan) | Fair Value Change Gain/Loss for Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | % of Ending Investment Amount to Company's Net Assets at Period End | | :--- | :--- | :--- | :--- | :--- | | Forward Foreign Exchange Settlement | 2,121.27 | -3.5 | 0 | 0.00% | - Implements multiple control measures, including careful selection of counterparties, choosing highly liquid and controllable financial derivatives, continuous contract monitoring, and timely strategy adjustments during market fluctuations, to mitigate exchange rate volatility risks[51] - No use of raised funds or speculative derivative investments during the reporting period[53][54] VII Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - No significant asset sales during the reporting period[55] - No significant equity sales during the reporting period[56] VIII Analysis of Major Controlled and Invested Companies Major subsidiary Qixin Optoelectronics Co, Ltd saw a 90.22% increase in operating revenue but a net loss of 8.76 million Yuan, a 304.92% decrease, due to intensified market competition 2025 Semi-Annual Financial Information of Major Controlled Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qixin Optoelectronics Co, Ltd | Subsidiary | E-paper display module R&D, design, production, and sales | 10,800 | 47,717.39 | 8,020.17 | 19,941.43 | -881.07 | -876.01 | - Qixin Optoelectronics Co, Ltd specializes in e-paper display modules, offering advantages such as ultra-low power consumption, paper-like feel, and visibility under sunlight[58] - Qixin Optoelectronics' operating revenue increased by 90.22%, but net profit was a loss of 8.76 million Yuan, a 304.92% decrease, mainly due to intensified market competition leading to lower product prices and reduced gross margins[59] IX Information on Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - No structured entities controlled by the company during the reporting period[60] X Risks Faced by the Company and Countermeasures The company faces raw material supply, customer concentration, overseas market, and exchange rate risks, mitigated by monitoring prices, diversifying customers, and hedging foreign exchange exposure - Faces raw material supply risk, where fluctuations in major raw material prices may impact operating performance[60] - Sales to the top 5 customers account for 53.76% of total sales, indicating a risk of customer concentration[60] - High proportion of overseas sales exposes the company to risks from political and economic situations and trade policy changes in overseas markets[61] - Overseas sales primarily settled in USD, exposing the company to adverse impacts from USD/RMB exchange rate fluctuations, which are hedged through forward foreign exchange settlement transactions[62] XI Implementation of Market Value Management System and Valuation Enhancement Plan The company's Board of Directors approved the "Market Value Management System" on June 26, 2025, to regulate market value management and protect investor interests, but no valuation enhancement plan was disclosed - The company has formulated the "Market Value Management System," approved by the Fifth Board of Directors' Fifth Meeting on June 26, 2025[63] - The system aims to strengthen the company's market value management, further regulate market value management behavior, and protect the legitimate rights and interests of the company, investors, and other stakeholders[63] - No valuation enhancement plan was disclosed[63] XII Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period - No "Quality and Return Dual Improvement" action plan announcement disclosed during the reporting period[64] Section IV Corporate Governance, Environment, and Society This section covers changes in company leadership, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives I Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period - No changes in directors, supervisors, and senior management during the reporting period, refer to 2024 annual report[66] II Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - No cash dividends, bonus shares, or capital increase from capital reserves planned for the semi-annual period[67] III Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - No equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[68] IV Environmental Information Disclosure The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[69] V Social Responsibility The company fulfills social responsibilities through sound governance, protecting shareholder and employee rights, environmental protection, and contributing to local economic development - Strictly adheres to laws and regulations, establishes sound corporate governance and internal control systems, ensures truthful, accurate, timely, complete, and fair information disclosure, protecting shareholder and creditor rights[69] - Establishes human resource management systems, improves compensation and welfare, provides a safe and comfortable working environment, and focuses on employee training and development in accordance with labor laws and regulations[69] - Highly values environmental protection, strictly implements the ISO14000 environmental management system, actively carries out energy saving and emission reduction activities, and has been awarded the national "Green Factory" title[70][71] - Consistently upholds lawful operation and tax compliance as fundamental development principles, accurately accounts for operating results, actively pays taxes, creates employment opportunities, and supports local economic development[71] Section V Significant Matters This section details significant matters including commitments, related party transactions, litigation, and other events impacting the company I Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period Commitments by directors, senior management, controlling shareholder, and actual controller regarding share transfer, reduction price, lock-up period, and avoiding horizontal competition were strictly fulfilled, with no overdue unfulfilled commitments - Commitments by directors and senior management (Jia Jitao, Bian Ruiqun, and Lin Xuefeng) regarding share transfer, reduction price, and lock-up period were strictly fulfilled during the reporting period[73] - Commitments by controlling shareholder Yeshiled Hong Kong and actual controller Jia Jitao regarding avoiding horizontal competition were strictly fulfilled during the reporting period[74] - No overdue unfulfilled commitments[75] II Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - No non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[76] III Irregular External Guarantees The company had no irregular external guarantees during the reporting period - No irregular external guarantees during the reporting period[77] IV Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - Semi-annual financial report was not audited[78] V Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period The company had no non-standard audit report for the current period, thus no explanation from the Board of Directors or Supervisory Board is required - No non-standard audit report for the current period[79] VI Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit report for the previous year, thus no explanation from the Board of Directors is required - No non-standard audit report for the previous year[79] VII Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - No bankruptcy and reorganization matters during the reporting period[79] VIII Litigation Matters The company had no significant litigation or arbitration matters during the reporting period - No significant litigation or arbitration matters during the reporting period[80] IX Penalties and Rectification The company had no penalties or rectification situations during the reporting period - No penalties or rectification situations during the reporting period[80] X Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company had no integrity issues requiring disclosure during the reporting period - No integrity issues requiring disclosure during the reporting period[81] XI Significant Related Party Transactions The company had no related party transactions concerning daily operations, asset/equity acquisition/disposal, joint external investments, or related party creditor/debtor relationships - No related party transactions related to daily operations during the reporting period[81] - No related party transactions involving asset or equity acquisition/disposal during the reporting period[83] - No related party creditor/debtor relationships, or deposits, loans, credit, or other financial business with affiliated financial companies during the reporting period[85][86] XII Significant Contracts and Their Performance The company had no entrustment, contracting, leasing, or significant guarantee matters, but engaged in entrusted wealth management with an outstanding balance of 215 million Yuan - No entrustment, contracting, or leasing situations during the reporting period[89] - No significant guarantee situations during the reporting period[90] 2025 Semi-Annual Entrusted Wealth Management Information | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unexpired Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 48,000 | 21,500 | 0 | - No other significant contracts during the reporting period[93] XIII Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - No other significant matters requiring explanation during the reporting period[94] XIV Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - No significant matters concerning subsidiaries during the reporting period[95] Section VI Share Changes and Shareholder Information This section details changes in share capital, shareholder numbers, and shareholdings of directors, supervisors, and senior management I Share Change Information Total share capital remained 164,340,000 shares; restricted shares decreased by 1,200,000 shares while unrestricted shares increased by the same amount, primarily due to a senior executive's share sale 2025 Semi-Annual Share Change Information | Share Type | Number Before Change (shares) | % Before Change | Increase/Decrease in Current Change (shares) | Number After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 32,294,968 | 19.65% | -1,200,000 | 31,094,968 | 18.92% | | II. Unrestricted Shares | 132,045,032 | 80.35% | 1,200,000 | 133,245,032 | 81.08% | | III. Total Shares | 164,340,000 | 100.00% | 0 | 164,340,000 | 100.00% | - Main reason for share change was a senior executive's share reduction in the prior year, leading to changes in their executive-locked shares[99] 2025 Semi-Annual Restricted Share Change Information | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Bian Ruiqun | 15,660,000 | 1,200,000 | 14,460,000 | Executive-locked shares | II Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - No securities issuance or listing activities during the reporting period[102] III Number of Shareholders and Shareholding Information As of the reporting period end, the company had 23,328 common shareholders; Yeshiled Optoelectronics (Hong Kong) Co, Ltd is the controlling shareholder with 36.65% - Total number of common shareholders at the end of the reporting period was 23,328[103] 2025 Semi-Annual Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yeshiled Optoelectronics (Hong Kong) Co, Ltd | Overseas Legal Person | 36.65% | 60,223,500.00 | 0 | 60,223,500.00 | | Lin Xuefeng | Domestic Natural Person | 11.91% | 19,570,783.00 | 15,659,987.00 | 3,910,796.00 | | Bian Ruiqun | Domestic Natural Person | 11.73% | 19,280,000.00 | 14,460,000.00 | 4,820,000.00 | | Xie Zhigang | Domestic Natural Person | 7.76% | 12,760,000.00 | 0 | 12,760,000.00 | - Actual controller Mr Jia Jitao holds 100% equity of controlling shareholder Yeshiled Optoelectronics (Hong Kong) Co, Ltd[105] - As of the end of this reporting period, Yeshiled Optoelectronics (Group) Co, Ltd's share repurchase special securities account holds 2,000,000 shares, accounting for 1.22% of the company's total share capital[105] IV Changes in Shareholdings of Directors, Supervisors, and Senior Management Director and Vice President Lin Xuefeng reduced his shareholding by 1,309,200 shares, with an ending holding of 19,570,783 shares; other directors, supervisors, and senior management had no changes 2025 Semi-Annual Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lin Xuefeng | Director, Vice President | Current | 20,879,983 | 1,309,200 | 19,570,783 | V Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - No change in controlling shareholder during the reporting period[108] - No change in actual controller during the reporting period[108] VI Preferred Share Information The company had no preferred shares during the reporting period - No preferred shares during the reporting period[109] Section VII Bond-Related Information This section confirms the absence of any bond-related information for the company during the reporting period Bond-Related Information The company had no bond-related information during the reporting period - No bond-related information during the reporting period[111] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes I Audit Report The company's semi-annual financial report was not audited - Semi-annual financial report was not audited[113] II Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet Key Data as of June 30, 2025 | Item | Ending Balance (Yuan) | | :--- | :--- | | Total Assets | 1,172,157,939.17 | | Total Liabilities | 291,722,709.66 | | Total Owners' Equity Attributable to Parent Company | 863,131,597.48 | | Minority Interests | 17,303,632.03 | | Total Owners' Equity | 880,435,229.51 | Consolidated Income Statement Key Data for H1 2025 | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Total Operating Revenue | 432,473,378.92 | | Total Operating Costs | 429,606,806.32 | | Total Profit | 4,114,624.97 | | Net Profit | 3,490,869.41 | | Net Profit Attributable to Parent Company Shareholders | 5,380,415.59 | | Minority Interest Loss/Gain | -1,889,546.18 | Consolidated Cash Flow Statement Key Data for H1 2025 | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -34,933,694.14 | | Net Cash Flow from Investing Activities | -43,985,120.79 | | Net Cash Flow from Financing Activities | -10,173,025.69 | | Net Increase in Cash and Cash Equivalents | -87,823,283.24 | III Company Basic Information Yeshiled Optoelectronics (Group) Co, Ltd was registered in Liaoning Province on July 9, 2012, with a registered capital of 164.34 million Yuan, listed on the New Third Board in 2015 and Shenzhen Stock Exchange in 2019, operating in computer, communication, and other electronic equipment manufacturing - Yeshiled Optoelectronics (Group) Co, Ltd was registered and established on July 9, 2012, at the Liaoning Provincial Administration for Industry and Commerce[150] - Registered capital, after multiple capital increases and share transfers, ultimately changed to 164.34 million Yuan[155][156] - Listed on the National Equities Exchange and Quotations on July 21, 2015, and traded on the Shenzhen Stock Exchange on March 28, 2019[154][155] - Industry is computer, communication, and other electronic equipment manufacturing, legal representative is Jia Jitao[156] IV Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC disclosure rules, with the company assessing its going concern ability as good for the next 12 months - Prepared on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards and CSRC disclosure rules[158] - Assessed going concern ability for 12 months from the end of the reporting period, finding no issues affecting it[159] V Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, asset impairment, employee compensation, revenue recognition, government grants, deferred income tax, and leases - Financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[161] - Fiscal year runs from January 1 to December 31, normal operating cycle is one year, and functional currency is RMB[162][163][164] - Details the recognition, derecognition, classification, measurement, and impairment of financial instruments, as well as accounting treatments for business combinations, consolidated financial statements, and various assets (e.g., notes receivable, accounts receivable, inventory, fixed assets, intangible assets)[166][171][205][249][250][255][280][291] - No significant changes in accounting policies and estimates during the reporting period[355] VI Taxation Key taxes include VAT (6%/13%), Urban Maintenance and Construction Tax (7%), Corporate Income Tax (15% or 25%), Education Surcharge (3%), and Local Education Surcharge (2%) 2025 Semi-Annual Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 6%/13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%/25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - The company and its subsidiary Qixin Optoelectronics Co, Ltd are recognized as high-tech enterprises, enjoying a 15% corporate income tax preferential rate[357] - The company and its subsidiary Qixin Optoelectronics enjoy tax incentives for 100% super deduction of R&D expenses and 100% super deduction for employing disabled individuals[358] VII Notes to Consolidated Financial Statement Items This section details the composition and changes of consolidated financial statement items, including monetary funds of 103 million Yuan, accounts receivable of 178 million Yuan, inventory of 338 million Yuan, and accounts payable of 259 million Yuan at period-end Consolidated Financial Statement Major Asset and Liability Items as of June 30, 2025 | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 102,772,746.83 | 190,596,030.07 | | Accounts Receivable | 178,302,302.59 | 139,751,282.39 | | Inventory | 338,074,241.60 | 315,994,966.48 | | Accounts Payable | 258,560,130.68 | 235,078,256.17 | | Total Owners' Equity Attributable to Parent Company | 863,131,597.48 | 866,183,324.20 | Consolidated Financial Statement Major Profit and Loss Items for H1 2025 | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 432,473,378.92 | 332,652,477.81 | | Operating Costs | 388,524,317.17 | 293,660,026.04 | | Financial Expenses | 2,219,472.84 | -4,595,155.16 | | Net Profit Attributable to Parent Company Owners | 5,380,415.59 | 8,434,050.28 | | Net Cash Flow from Operating Activities | -34,933,694.14 | 51,452,126.15 | - Provides detailed notes on various consolidated financial statement items including monetary funds, notes receivable, accounts receivable, inventory, fixed assets, intangible assets, accounts payable, employee compensation payable, taxes payable, and deferred income[360][363][369][440][484][501][530][545][551][574] VIII Research and Development Expenses Total R&D expenditure for H1 2025 was 13,610,646.00 Yuan, all expensed, covering 24 projects including automotive anti-vibration LCD, TFT integration, FS LCD modules, and e-paper display modules 2025 Semi-Annual R&D Expenditure Projects and Amounts | Project | Amount for Current Period (Yuan) | | :--- | :--- | | A type of automotive anti-vibration VA LCD display technology R&D | 620,345.19 | | R&D of integrated design solution for LCD and TFT screen structures | 566,160.40 | | R&D of a TN type display and STN type display combination display with fast response | 659,074.05 | | R&D of a new type of FS LCD display module for safety exits | 637,788.47 | | R&D of a new type of hybrid display mode LCD display module | 640,700.67 | | R&D of a multi-screen LCD display module driven by serial protocol | 558,190.32 | | R&D of COB module product assembly alignment flip bonding technology | 592,771.35 | | R&D of a vacuum adsorption LCD and backlight alignment technology for COG module products | 612,978.89 | | R&D of a composite reinforced module frame support structure | 726,199.27 | | R&D of a display module product's visual area adaptive support integrated technology | 637,389.30 | | R&D of efficient and precise display module homing technology | 576,521.79 | | Application and implementation of LCM module anti-electromagnetic interference circuit enhancement and stable display technology | 554,719.57 | | R&D of outdoor high-reliability capacitive screen modules | 626,464.96 | | R&D of resistive screen button replacement and capacitive screen integration technology | 695,400.86 | | R&D of touchscreen product technology with compilation traceability | 530,793.08 | | R&D of cover plate and TFT bonding technology | 546,255.80 | | R&D of an EPD product automatic inspection program technology | 558,707.78 | | R&D of an e-paper laser cutting automation technology | 497,355.81 | | R&D of an e-paper master sheet automatic detection and automatic defect marking technology | 439,370.55 | | Research on four-color e-paper optical quality technology | 470,180.81 | | R&D of an e-ink screen battery self-detection display technology | 657,264.90 | | R&D of an e-ink screen display area covering bezel display technology | 497,105.58 | | R&D of a black-and-white product CROSSTALK technology solution | 543,374.68 | | R&D of TFT substrate quick insertion technology method | 165,531.92 | | Total | 13,610,646.00 | - Total R&D expenditure for H1 2025 was 13,610,646.00 Yuan, all expensed[647] - No R&D projects meeting capitalization criteria or significant externally acquired in-progress projects during the reporting period[648][650] IX Changes in Consolidation Scope The company had no transactions or events leading to changes in the consolidation scope during the reporting period - No non-same control business combinations during the reporting period[650] - No same control business combinations during the reporting period[655] - No transactions or events resulting in loss of control over subsidiaries during the reporting period[659] X Interests in Other Entities The company's group includes several subsidiaries; Qixin Optoelectronics Co, Ltd is a significant non-wholly owned subsidiary with a 21.57% minority interest, incurring a -1,889,546.18 Yuan loss attributable to minority shareholders Enterprise Group Composition as of June 30, 2025 | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (Direct) (%) | Shareholding Ratio (Indirect) (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Yeshiled Optoelectronics (Anshan) Co, Ltd | 15,000,000.00 | Manufacturing | 100.00% | | Investment establishment | | Qixin Optoelectronics Co, Ltd | 108,000,000.00 | Manufacturing | 66.85% | 11.58% | Investment establishment | | Qixin Optoelectronics (Vietnam) Co, Ltd | 21,451,600.00 | Manufacturing | | 78.43% | Investment establishment | Financial Information of Significant Non-Wholly Owned Subsidiaries for H1 2025 | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit/Loss Attributable to Minority Shareholders for Current Period (Yuan) | Minority Interest Balance at Period End (Yuan) | | :--- | :--- | :--- | :--- | | Qixin Optoelectronics Co, Ltd | 21.57% | -1,889,546.18 | 17,303,632.03 | Summary of Financial Information for Significant Associates for H1 2025 | Item | Ending Balance/Amount for Current Period (Yuan) | | :--- | :--- | | Total Carrying Value of Investment | 908,466.17 | | --Net Profit | -142,605.00 | | --Total Comprehensive Income | -142,605.00 | - During January-June 2025, the company provided a loan of 53.2 million Yuan to Qixin Optoelectronics Co, Ltd, a structured entity within the consolidated financial statements, to supplement its working capital[665] XI Government Grants The company had no government grants recognized at receivable amounts; deferred income related to government grants had an ending balance of 16,684,688.88 Yuan, with 1,040,504.64 Yuan transferred to other income - No government grants recognized at receivable amounts at the end of the reporting period[674] 2025 Semi-Annual Liability Items Related to Government Grants | Accounting Account | Beginning Balance (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 17,725,193.52 | 1,040,504.64 | 16,684,688.88 | Asset-related government grants | 2025 Semi-Annual Government Grants Recognized in Current Profit/Loss | Accounting Account | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Other Income | 3,808,087.42 | 1,119,960.67 | XII Risks Related to Financial Instruments The company faces credit, liquidity, and market risks (primarily foreign exchange risk), managed through credit assessment, export credit insurance, cash monitoring, and hedging strategies - Risks related to financial instruments stem from credit risk, liquidity risk, and market risk (primarily foreign exchange risk)[677] - Credit risk primarily arises from monetary funds, accounts receivable, and other receivables, managed by credit assessment of customers and export credit insurance to limit exposure[678] - Liquidity risk is centrally controlled by the finance department through monitoring cash balances and reasonably managing the amount and term of short-term investments[685] - Market risk is mainly foreign exchange risk, which the company hedges through forward foreign exchange settlement and other financial derivative transactions to mitigate exchange rate fluctuation risks, avoiding purely speculative trading for profit[686] XIII Disclosure of Fair Value Total assets measured at fair value at period-end were 1,653,893.78 Yuan, entirely comprising receivables financing, classified as Level 3 fair value measurements 2025 Semi-Annual Assets and Liabilities Measured at Fair Value | Item | Ending Fair Value (Yuan) | | :--- | :--- | | Receivables Financing | 1,653,893.78 | | Total Assets Continuously Measured at Fair Value | 1,653,893.78 | - Fair value of notes receivable in receivables financing is determined by their face amount, as the probability of loss is very small and recoverable amounts are largely certain[691] - No changes in valuation techniques or reasons for change during the reporting period[692] XIV Related Parties and Related Party Transactions The company's parent is Yeshiled Optoelectronics (Hong Kong) Co, Ltd, with Jia Jitao as the ultimate controlling party; no related party transactions involving sales/purchases, services, entrusted management, leasing, or guarantees occurred - Parent company is Yeshiled Optoelectronics (Hong Kong) Co, Ltd, with registered capital of 10,000 USD, holding 36.65% of shares and voting rights[693] - The ultimate controlling party is Jia Jitao[694] - No related party transactions involving sales/purchases of goods, provision/acceptance of services, entrusted management/contracting, leasing, or guarantees during the reporting period[697][699][701][703] 2025 Semi-Annual Key Management Personnel Compensation | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,411,946.04 | 1,060,966.00 | 2025 Semi-Annual Related Party Payables | Item Name | Related Party | Ending Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Jia Jitao | 62,974.71 | 64,873.74 | | Other Payables | Yeshiled Optoelectronics (Hong Kong) Co, Ltd | 8,038.84 | 8,163.04 | XV Share-Based Payments The company had no information regarding overall share-based payments, equity-settled share-based payments, cash-settled share-based payments, or share-based payment expenses for the current period - No overall share-based payment information during the reporting period[713] - No equity-settled share-based payment information during the reporting period[713] - No cash-settled share-based payment information during the reporting period[713] - No share-based payment expenses for the current period[713] XVI Commitments and Contingencies The company has significant lease commitments, including a factory lease with Anshan Dadaowan Construction Investment Co, Ltd, and an expanded lease for its controlled sub-subsidiary Qixin Optoelectronics (Vietnam) Co, Ltd; no significant contingencies existed as of June 30, 2025 - The company signed a factory lease contract with Anshan Dadaowan Construction Investment Co, Ltd, for the period from January 1, 2025, to December 31, 2025[713] - Controlled sub-subsidiary Qixin Optoelectronics (Vietnam) Co, Ltd signed a factory lease contract until May 31, 2026, and a supplementary contract in March 2025 to increase leased area by 2,000 square meters and extend the original 8,000 square meters lease term to May 31, 2029[714] - As of June 30, 2025, no significant contingencies requiring disclosure[715] XVII Events After the Balance Sheet Date The company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date requiring explanation during the reporting period - No significant non-adjusting events during the reporting period[717] - No profit distribution during the reporting period[719] - No sales returns during the reporting period[719] XVIII Other Significant Matters The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other significant transactions and events affecting investor decisions during the reporting period - No prior period accounting error corrections during the reporting period[719] - No debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information during the reporting period[722][729][724] - No other significant transactions or events affecting investor decisions during the reporting period[726] XIX Notes to Parent Company Financial Statement Major Items This section details the composition and changes of parent company financial statement items, including accounts receivable of 317 million Yuan, other receivables of 25.44 million Yuan, long-term equity investments of 90.11 million Yuan, operating revenue of 241 million Yuan, and investment income of 1.44 million Yuan Parent Company Accounts Receivable Classified by Bad Debt Provision Method as of June 30, 2025 | Category | Book Balance (Yuan) | Proportion (%) | Bad Debt Provision (Yuan) | Provision Rate (%) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable for which bad debt provisions are made individually | 19,921,726.17 | 5.86% | 18,758,837.36 | 94.16% | 1,162,888.81 | | Accounts Receivable for which bad debt provisions are made in combination | 320,086,107.06 | 94.14% | 4,088,480.17 | 1.28% | 315,997,626.89 | | Total | 340,007,833.23 | 100.00% | 22,847,317.53 | 6.72% | 317,160,515.70 | Parent Company Other Receivables Classified by Nature of Payment as of June 30, 2025 | Nature of Payment | Ending Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Intercompany receivables within consolidation scope | 24,232,907.95 | 2,436,809.54 | | Deposits | 797,487.85 | 1,211,534.33 | | Petty cash | 403,616.95 | 6,179.71 | | Employee advances | 33,674.59 | 38,388.92 | | Total | 25,467,687.34 | 3,692,912.50 | Parent Company Long-Term Equity Investments as of June 30, 2025 | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Investments in subsidiaries | 89,200,000.00 | 89,200,000.00 | | Investments in associates and joint ventures | 908,466.17 | 1,051,071.17 | | Total | 90,108,466.17 | 90,251,071.17 | Parent Company Operating Revenue and Operating Costs for H1 2025 | Item | Amount for Current Period (Revenue) (Yuan) | Amount for Current Period (Costs) (Yuan) | Amount for Prior Period (Revenue) (Yuan) | Amount for Prior Period (Costs) (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 236,347,372.21 | 198,239,105.87 | 247,394,093.73 | 214,842,752.25 | | Other Business | 4,687,496.30 | 2,347,033.07 | | | | Total | 241,034,868.51 | 200,586,138.94 | 247,394,093.73 | 214,842,752.25 | Section XX Supplementary Information This section provides supplementary financial details, including non-recurring gains and losses, net asset returns, and earnings per share 1. Details of Non-Recurring Gains and Losses for the Current Period Total non-recurring gains and losses for H1 2025 were 4,752,705.60 Yuan, mainly from government subsidies, entrusted investment income, and non-current asset disposal gains, after tax and minority interest 2025 Semi-Annual Details of Non-Recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Non-current asset disposal gains/losses | 8,494.85 | | Government subsidies included in current profit/loss | 3,800,004.64 | | Fair value changes and disposal gains/losses from financial assets/liabilities held by non-financial enterprises | -177,633.00 | | Gains/losses from entrusted investment or asset management | 2,172,569.42 | | Other non-operating income and expenses | -67,210.34 | | Less: Income tax impact | 618,483.31 | | Minority interest impact (after tax) | 365,036.66 | | Total | 4,752,705.60 | - No other items meeting the definition of non-recurring gains/losses, nor reclassification of non-recurring items as recurring[163] 2. Return on Net Assets and Earnings Per Share The weighted average return on net assets attributable to common shareholders was 0.62%, with basic and diluted EPS at 0.0331 Yuan/share; after deducting non-recurring items, these figures were 0.07% and 0.0039 Yuan/share, respectively 2025 Semi-Annual Return on Net Assets 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 Common Shareholders of the Company | 0.62% | 0.0331 | 0.0331 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.07% | 0.0039 | 0.0039 | 3. Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - No differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[163] - No differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards[163] 4. Other The company had no other supplementary information during the reporting period - No other supplementary information during the reporting period[798] Section IX Other Submitted Data This section covers other submitted data, including social security issues, investor relations activities, and fund transactions with related parties I Other Significant Social Security Issues The company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - Neither the listed company nor its subsidiaries had other significant social security issues[800] - No administrative penalties during the reporting period[800] II Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company had no registration records for research, communication, interview, or other activities during the reporting period - No registration records for research, communication, interview, or other activities during the reporting period[800] III Fund Transactions Between the Listed Company and Controlling Shareholders and Other Related Parties The company had no fund transactions with controlling shareholders or other related parties during the reporting period - No fund transactions between the listed company and controlling shareholders or other related parties during the reporting period[800]