麦克奥迪(300341) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, which discloses operational risks and corresponding measures, and states no dividend distribution or capitalization of reserves for the period - The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or material omissions[3] - The company has detailed the potential operational risks and corresponding countermeasures in the 'X. Company Risks and Countermeasures' section of the 'Management Discussion and Analysis' chapter[3] - The company plans no cash dividend distribution, no bonus share issuance, and no capitalization of public reserves for the period[4] Table of Contents The report's table of contents clearly lists eight main sections, covering all content from important notes to financial reports for easy investor reference - The report includes eight main sections: Important Notes, Company Profile and Key Financial Indicators, Management Discussion and Analysis, Corporate Governance, Environment and Society, Significant Events, Share Capital Changes and Shareholder Information, Bond-related Matters, and Financial Report[6] Definitions This section defines key terms used in the report, including company names, regulatory bodies, the reporting period, and industry-specific vocabulary such as epoxy insulators and various voltage levels - "The Company, Motic, Listed Company" refers to Motic (Xiamen) Electric Co, Ltd[11] - "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[11] - "Epoxy Insulator" refers to a device made of epoxy resin material that provides both electrical insulation and mechanical support between conductors at different potentials or between conductors and grounded components[11] Company Profile and Key Financial Indicators I. Company Profile This section provides basic company information, including its stock abbreviation, code, listing exchange, Chinese and English names, and legal representative - The company's stock abbreviation is "Motic" and its stock code is "300341", listed on the Shenzhen Stock Exchange[14] - The company's Chinese name is 麦克奥迪（厦门）电气股份有限公司, and its legal representative is Yang Wenliang[14] II. Contacts and Contact Methods This section lists the contact address, telephone, fax, and email for the Board Secretary, Li Zhen, and the acting Securities Affairs Representative, Sun Jiawei - The Board Secretary is Li Zhen, with the email address James_Li@motic.com[15] - The acting Securities Affairs Representative is Sun Jiawei, with the email address sunjiawei@motic.com[15] III. Other Information During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure locations, or registration details, which remain consistent with the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16] - The locations for information disclosure and document preparation remained unchanged during the reporting period[17] - The company's registration details remained unchanged during the reporting period[18] IV. Key Accounting Data and Financial Indicators During the reporting period, operating revenue and net profit attributable to shareholders grew by 5.60% and 18.46% respectively, while net cash flow from operating activities significantly decreased by 74.37% Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 691,118,287.90 | 654,469,264.19 | 5.60% | | Net Profit Attributable to Shareholders | 91,774,843.92 | 77,475,534.06 | 18.46% | | Net Cash Flow from Operating Activities | 28,784,730.39 | 112,295,364.19 | -74.37% | | Basic Earnings Per Share (CNY/Share) | 0.1774 | 0.1497 | 18.50% | | Total Assets (End of Period) | 2,623,529,243.12 | 2,538,704,154.72 | 3.34% | | Net Assets Attributable to Shareholders (End of Period) | 1,870,515,127.39 | 1,818,146,758.50 | 2.88% | V. Differences in Accounting Data under Domestic and Foreign Accounting Standards The company reports no discrepancies in net profit or net assets between financial reports prepared under Chinese accounting standards and those prepared under international or foreign accounting standards for the period - The company has no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards for the reporting period[20] - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards for the reporting period[21] VI. Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss for the period totaled CNY 7,341,233.95, primarily from gains on disposal of non-current assets and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 5,433,701.89 | | Government Grants Recognized in Current Profit or Loss | 2,666,857.30 | | Other Non-operating Income and Expenses | -396,288.08 | | Other P/L Items Meeting Non-recurring Definition | 105,451.37 | | Less: Income Tax Impact | 73,157.80 | | Less: Minority Interest Impact (After Tax) | 395,330.73 | | Total | 7,341,233.95 | Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company operates three core businesses—Smart Electrical, Digital & Intelligent Healthcare, and Smart Optics—achieving a consolidated operating revenue of CNY 691 million and a net profit of CNY 92 million in the period - The company has three core business segments: "Smart Electrical," "Digital & Intelligent Healthcare," and "Smart Optics"[26] - During the reporting period, the consolidated operating revenue reached CNY 691.12 million, a year-on-year change of 5.60%[30] - Net profit attributable to shareholders was CNY 91.77 million, a year-on-year change of 18.46%[30] Smart Electrical The Smart Electrical business, a global leader in epoxy insulators covering all voltage levels from 10kV to 1,100kV, increased its medium-voltage workshop capacity by 12% and achieved an 87.2% high-voltage capacity utilization rate in June - The Smart Electrical business has over 30 years of experience in epoxy insulators, covering voltage levels from 10kV to 1,100kV, and is a leader in its global niche market[26] - During the reporting period, the medium-voltage workshop's capacity increased by 12% year-on-year, and the high-voltage workshop's capacity utilization rate reached 87.2% in June[26] - Future focus will be on high-end and intelligent solutions, deepening applications in new energy and rail transit, promoting intelligent and digital production upgrades, and expanding its overseas presence[27] Digital & Intelligent Healthcare The Digital & Intelligent Healthcare business focuses on the digital pathology value chain, having completed over one million remote diagnoses and obtained Beijing's first registration certificate for a pathology slide image asset - The Digital & Intelligent Healthcare business has built an integrated ecosystem covering R&D, manufacturing, sales, and services, with its core business centered on digital pathology scanning and application systems[28] - During the reporting period, the company obtained Beijing's first registration certificate for a pathology slide image asset[28] - To date, the company has completed over one million remote diagnoses, significantly enhancing grassroots pathology diagnostic capabilities[29] - As of June 30, 2025, the company holds 131 valid medical device registration certificates[33] Smart Optics The Smart Optics business, with over 30 years of experience and a customer network spanning 109 countries, is focused on developing advanced microscopy systems and expanding into machine vision and 3D printing applications - The Smart Optics business has over 30 years of experience in the R&D, production, and sales of optical microscopes, digital microscopes, and integrated microscopy imaging systems[30] - Its customer network covers 109 countries and regions, including mainland China, Spain, Japan, and Germany[30] - The company is pursuing a strategy to expand its product lines, strengthen its industrial applications, advance scientific research, and stabilize its educational technology business, aiming to create "wider, clearer, faster" intelligent inspection equipment[31] II. Core Competitiveness Analysis The company's core competitiveness is built on technology, brand, talent, and institutional advantages, with each business segment possessing deep technical expertise, leading market positions, and strong team support - Technological accumulation and continuous innovation are key to maintaining the company's core competitiveness[48] - Brand cultivation is the foundation for building a differentiated competitive advantage[52] - Talent development is the driving force behind the company's high-quality growth[53] - The mixed-ownership system provides a guarantee for the company's development[54] 1. Technological Advantages The company leverages national platforms for digital pathology, pioneers innovations in microscopy, and holds proprietary core technologies in epoxy insulators, establishing leadership across its business segments - Digital & Intelligent Healthcare relies on the National Health Commission's "Digital Pathology Remote Diagnosis and Quality Control Platform," one of the most effective remote consultation platforms in China, covering over 2,700 hospitals nationwide[48] - Smart Optics pioneered the "built-in digital microscope" in 1999 and the "digital microscopy interactive classroom" in 2001, and is actively developing industrial products like the EasyZoom super-depth-of-field digital microscope[50] - Smart Electrical has established an international technological leadership position in the epoxy insulator industry through a core technology system of proprietary patents, innovative applications, and process know-how[51] 2. Brand Advantages The company has established strong brand recognition, boasting one of China's largest pathology databases, a preferred brand status in the optics market, and a "hidden champion" reputation in the electrical insulation sector - In the digital healthcare sector, the company has accumulated over 12.6 million DNA ploidy cervical screening samples and 1 million typical case digital pathology slides, forming one of China's largest pathology databases[51] - In the optics sector, with over 30 years of experience, the company has become a preferred brand for educational institutions, research institutes, and industrial enterprises both domestically and internationally[52] - In the electrical sector, the company has established a "hidden champion" status in the epoxy insulation niche, with its products recognized by international giants like ABB, Schneider, Siemens, and Hitachi Energy[52] 3. Talent Advantages The company's strength is supported by a global, interdisciplinary R&D team, an experienced management team ensuring efficient execution, and a widespread sales network providing market insight - The company has a global, interdisciplinary R&D team covering fields such as optics, mechanics, materials, industrial design, electronics, and computer technology[53] - The company is equipped with a professional and experienced management team whose members possess deep industry knowledge and excellent management skills[53] - The company has built a sales network covering all provinces and cities in China as well as Europe, North America, and Hong Kong, with team leaders having extensive industry experience[53] 4. Institutional Advantages As a state-owned holding with a mixed-ownership structure, the company benefits from a robust governance framework, an efficient management system, and a strong internal control and compliance culture - As a state-owned holding with a mixed-ownership structure, the company fully leverages the advantages of Beijing E-Town Chipone[54] - The company has improved its corporate governance and modern management systems, establishing a standardized framework that includes rules of procedure, authorization lists, work processes, and constraint mechanisms[54] - The company continuously strengthens its internal control system and enhances its compliance management capabilities, transforming the institutional advantages of mixed ownership into governance effectiveness[54] III. Main Business Analysis Revenue and net profit grew by 5.60% and 18.46% respectively, while financial expenses surged 123.63% due to currency fluctuations and operating cash flow dropped 74.37% Key Financial Data Y-o-Y Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Y-o-Y Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 691,118,287.90 | 654,469,264.19 | 5.60% | No significant change | | Net Profit Attributable to Shareholders | 91,774,843.92 | 77,475,534.06 | 18.46% | No significant change | | Financial Expenses | -25,346,319.99 | -11,333,944.74 | 123.63% | Primarily due to exchange rate fluctuations | | Net Cash Flow from Operating Activities | 28,784,730.39 | 112,295,364.19 | -74.37% | Decrease in other cash receipts from operating activities and increase in cash paid for goods and services | | R&D Investment | 40,544,227.93 | 34,498,692.61 | 17.52% | Continued increase in R&D investment during the period | Performance of Products/Services Accounting for Over 10% of Revenue | Product/Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | Revenue Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | | Power Transmission & Distribution Equipment Manufacturing | 415,112,330.71 | 270,718,755.99 | 34.78% | 28.31% | | Microscope Manufacturing | 177,193,121.67 | 80,954,718.95 | 54.31% | -11.10% | | Medical Diagnostic Products & Services | 98,812,835.52 | 59,054,318.58 | 40.24% | -24.93% | - Domestic market operating revenue increased by 4.31% year-on-year, while overseas market (including Hong Kong, Macau, and Taiwan) operating revenue increased by 6.98%[57] IV. Non-core Business Analysis Non-core business activities, including investment income and asset impairment, contributed minimally to the company's total profit and are generally not sustainable Non-core Business Items and Amounts | Item | Amount (CNY) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 11,905.71 | 0.01% | Mainly from derecognition of accounts payable and P/L changes of investees | No | | Asset Impairment | 739,369.24 | 0.73% | Mainly from reversal of inventory write-down provision | No | | Non-operating Income | 86,172.33 | 0.09% | Mainly from gains on fixed asset disposal and insurance claims | No | | Non-operating Expenses | 675,495.69 | 0.67% | Mainly from losses on fixed asset retirement and short-term provisions | No | V. Analysis of Assets and Liabilities Total assets grew 3.34%, with a significant increase in fixed assets due to the capitalization of the Xiang'an Phase III project, which correspondingly reduced construction in progress - At the end of the period, total assets were CNY 2,623,529,243.12, an increase of 3.34% from the previous year-end[19] - The balance of accounts receivable as a percentage of total assets increased by 2.48%, mainly due to an increase in sales receivables[60] - The balance of fixed assets as a percentage of total assets increased by 5.24%, primarily due to the capitalization of the company's Xiang'an Phase III project[61] - The balance of construction in progress as a percentage of total assets decreased by 6.26%, also due to the capitalization of the Xiang'an Phase III project[61] - The balance of accounts payable as a percentage of total assets increased by 2.44%, mainly due to an increase in payables from business procurement[61] Financial Assets Measured at Fair Value | Item | Closing Balance (CNY) | | :--- | :--- | | Trading Financial Assets | 1,661,900.00 | | Accounts Receivable Financing | 27,755,026.70 | | Total | 29,416,926.70 | - At the end of the period, CNY 744,000.07 of cash and cash equivalents were restricted, primarily as security deposits[64] VI. Investment Status Analysis The company did not engage in any significant equity investments, non-equity investments, wealth management, derivatives investments, or entrusted loans during the reporting period - The company had no use of raised funds during the reporting period[65] - The company had no wealth management, derivatives investments, or entrusted loans during the reporting period[66][67][68] VII. Sale of Major Assets and Equity No major assets or significant equity stakes were sold by the company during the reporting period - The company did not sell any major assets during the reporting period[69] - The company did not sell any major equity stakes during the reporting period[70] VIII. Analysis of Major Holding and Participating Companies This section details the financial data and main business of key subsidiaries, including Motic Industrial Group, Motic (Xiamen) Smart Electrical, and Motic (Xiamen) Medical Diagnostic Systems Key Subsidiary Financial Data | Company Name | Main Business | Registered Capital (CNY 10k) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Motic Industrial Group Co, Ltd | R&D, production, and sales of optical microscopes and related systems | 17,219.41 | 939,529,544.98 | 813,601,737.60 | 184,109,098.03 | 15,956,023.22 | 13,522,406.76 | | Motic (Xiamen) Smart Electrical Co, Ltd | Production and sales of epoxy insulators | 6,000.00 | 569,988,631.48 | 305,779,852.69 | 355,338,440.47 | 72,015,958.18 | 62,315,287.32 | | Motic (Xiamen) Medical Diagnostic Systems Co, Ltd | Medical diagnostic products and services | 4,125.00 | 753,969,189.83 | 474,012,525.86 | 98,864,758.85 | -4,433,611.06 | -2,594,432.37 | - There were no acquisitions or disposals of subsidiaries during the reporting period[71] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[75] X. Company Risks and Countermeasures The company faces risks from the macroeconomic environment, operational management, technology updates, accounts receivable, and exchange rate fluctuations, and has implemented corresponding mitigation strategies - The company faces macroeconomic risks, including weak global growth, geopolitical conflicts, and monetary policy tightening[75] - Countermeasures for macroeconomic risks include establishing a policy tracking mechanism, seizing equipment upgrade opportunities, strengthening supply chain resilience, and forward-looking technology layout[76] - The company faces operational management risks due to its cross-industry operations, which demand higher standards for asset control, talent integration, and financial management[77] - Countermeasures for operational risks include promoting informatization, enhancing supply chain management, diversifying high-end talent cultivation, and improving production safety[77] - The company faces technology and product development risks, as deviations from technology trends or sudden market shifts could impact investment returns[78] - Countermeasures for technology risks include closely monitoring industry trends, increasing R&D investment, accelerating the recruitment of high-end talent, and optimizing new product development processes[78] - The company faces accounts receivable recovery risk, as long settlement cycles in the digital healthcare business and extended delivery times for overseas products may lead to collection difficulties[78] - Countermeasures for accounts receivable risk include optimizing target customers, strengthening credit management, improving contract systems, increasing collection performance assessments, and making adequate bad debt provisions[79] - The company faces exchange rate fluctuation risk, as overseas sales are settled in foreign currencies, and changes in the RMB exchange rate can affect revenue and profit[79] - Countermeasures for exchange rate risk include focusing on transaction, settlement, and policy risks, using hedging instruments, contractual constraints, dynamic warnings, and striving to include currency fluctuation clauses or use RMB for settlement[79] XI. Record of Investor Relations Activities During the reporting period, the company engaged with investors online to discuss its 2024 annual operating performance - On May 9, 2025, the company participated in an online briefing for its 2024 annual report via a web platform[81] - On May 15, 2025, the company answered investor questions through the "Investor Relations Interactive Platform" on p5w.net[81] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[82] - The company has not disclosed a valuation enhancement plan[82] XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company did not disclose an announcement regarding a "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding a "Dual Improvement in Quality and Returns" action plan[82] Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, Tan Zhiang was elected as a director and appointed as Deputy General Manager, and Liu Yajun was appointed as Chief Financial Officer, both due to work transfers - Tan Zhiang was elected as a director on April 2, 2025, and appointed as Deputy General Manager on March 13, 2025, both due to work transfers[83] - Liu Yajun was appointed as Chief Financial Officer on March 13, 2025, due to a work transfer[83] II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the current semi-annual period - The company plans no cash dividend distribution, no bonus share issuance, and no capitalization of public reserves for the semi-annual period[84] 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 - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[85] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[86] V. Social Responsibility The company actively fulfills its social responsibilities by promoting environmental protection, safeguarding stakeholder rights, and participating in social welfare initiatives - The company adheres to environmental protection principles of efficiency, consumption reduction, energy saving, and pollution reduction, aiming to develop the Xiang'an Industrial Park into Xiamen's first low-carbon electrical industrial park[87] - The company strictly complies with laws and regulations, continuously improves corporate governance, and protects the legitimate rights and interests of investors and creditors, especially small and medium-sized investors[86] - The company adheres to a "people-oriented" talent philosophy, safeguarding employees' legal rights and paying close attention to their health, safety, and job satisfaction[86] - The company upholds the philosophy of "survival by quality, development by innovation," fully respecting and protecting the legitimate rights of suppliers, customers, and consumers[87] - The company actively undertakes social responsibilities, participates in public welfare, and ensures proper virus prevention and logistical support[87] Significant Events I. Commitments Fulfilled or Overdue by Relevant Parties There were no commitments fulfilled during the reporting period or overdue commitments as of the end of the reporting period by the company's actual controller, shareholders, related parties, or acquirers - The company reports no commitments that were fulfilled during the period or remained unfulfilled past their deadlines by the actual controller, shareholders, related parties, acquirers, or the company itself[89] II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties There were no instances of non-operating fund occupation of the listed company by its controlling shareholder or other related parties during the reporting period - The company reports no instances of non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[90] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[91] IV. Appointment and Dismissal of Accounting Firm The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[92] V. Explanation on "Non-standard Audit Report" for the Current Period No explanation is required as there was no non-standard audit report for the current period - There was no non-standard audit report for the current period[93] VI. Board's Explanation on "Non-standard Audit Report" from the Previous Year No explanation is required as there was no non-standard audit report for the previous year - There was no non-standard audit report for the previous year[93] VII. Bankruptcy and Restructuring Matters The company was not involved in any bankruptcy or restructuring matters during the reporting period - The company was not involved in any bankruptcy or restructuring matters during the reporting period[93] VIII. Litigation Matters The company was involved in a major arbitration case where the applicant's claim was dismissed after it was proven that the company's seal on relevant agreements was forged, resulting in no liability for the company - In May 2019, the company received an arbitration notice from the Shenzhen Court of International Arbitration regarding the transfer of accounts receivable from Kaijia Gongmao to Boshi Factoring[94] - A police investigation confirmed that the company seals on the relevant agreements were forged by other parties involved in the case, leading the arbitral tribunal to declare the agreements invalid[96][97] - The arbitral tribunal dismissed the applicant's claim for payment against the company, meaning the company bears no liability and the ruling will not have a significant adverse impact on its profit or loss[94][97] IX. Penalties and Rectifications The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[97] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period - There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period[98] XI. Major Related-Party Transactions The company did not engage in any major related-party transactions related to daily operations, asset acquisitions or sales, joint investments, or related-party debts during the reporting period - The company had no related-party transactions associated with daily operations during the reporting period[98] - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[99] - The company had no related-party transactions involving joint external investments during the reporting period[100] - The company had no related-party credit or debt transactions during the reporting period[101] - There were no deposits, loans, credit lines, or other financial services between the company and any related finance companies[102][103] XII. Major Contracts and Their Performance The company had no custody, contracting, or leasing arrangements, nor any major guarantees or other significant contracts during the reporting period - The company had no custody, contracting, or leasing arrangements during the reporting period[105][106][107] - The company had no major guarantees during the reporting period[108] - The company had no other major contracts during the reporting period[111] XIII. Explanation of Other Significant Matters There were no other significant matters that required explanation during the reporting period - There were no other significant matters that required explanation during the reporting period[112] XIV. Significant Matters of Company Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[113] Share Capital Changes and Shareholder Information I. Share Capital Changes During the reporting period, restricted shares decreased by 40,875 while unrestricted shares increased by the same amount, leaving the total share capital unchanged Share Capital Changes | Share Type | Pre-change Quantity (Shares) | Pre-change Ratio (%) | Change (+/- Shares) | Post-change Quantity (Shares) | Post-change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 2,082,675 | 0.40% | -40,875 | 2,041,800 | 0.39% | | Unrestricted Shares | 515,327,661 | 99.60% | 40,875 | 515,368,536 | 99.61% | | Total | 517,410,336 | 100.00% | 0 | 517,410,336 | 100.00% | - The change in restricted shares was primarily due to the release of 40,875 shares from lock-up for executive Hu Chunhua[118] II. Securities Issuance and Listing The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[120] III. Number of Shareholders and Shareholding Status As of the period end, the company had 37,235 common shareholders, with Beijing E-Town Chipone being the largest shareholder at 29.57% - At the end of the reporting period, the total number of common shareholders was 37,235[120] Top 10 Shareholders or Shareholders with >5% Holding | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | Shares Held at Period End | | :--- | :--- | :--- | :--- | | Beijing E-Town Chipone Technology Co, Ltd | State-owned Legal Entity | 29.57% | 152,997,984 | | Motic Holdings Co, Limited | Foreign Legal Entity | 14.49% | 74,985,522 | | Hong Kong Xie Li Xing Co, Limited | Foreign Legal Entity | 8.26% | 42,721,398 | - Motic Holdings and Hong Kong Xie Li Xing have signed agreements with E-Town Chipone to waive voting rights on a total of 10,681,468 shares to ensure E-Town Chipone's status as the controlling shareholder[121] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, Director Pan Weixing's shareholding decreased by 546,200 shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares at Start of Period | Shares Reduced This Period | Shares at End of Period | | :--- | :--- | :--- | :--- | :--- | | Pan Weixing | Director | 2,185,400 | 546,200 | 1,639,200 | V. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[124] - The company's actual controller did not change during the reporting period[124] VI. Preferred Stock Information The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[125] Bond-related Matters Bond-related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[127] Financial Report I. Audit Report The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[129] II. Financial Statements This section provides the consolidated and parent company financial statements for the first half of 2025, reflecting the company's financial position and operating results - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[130][134][138][142][146][148][150][157] 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were CNY 2.62 billion, with total liabilities of CNY 636 million and total equity of CNY 1.99 billion Consolidated Balance Sheet Summary | Item | Closing Balance (CNY) | | :--- | :--- | | Total Assets | 2,623,529,243.12 | | Total Liabilities | 635,729,495.58 | | Total Equity | 1,987,799,747.54 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were CNY 950 million, with total liabilities of CNY 110 million and total equity of CNY 840 million Parent Company Balance Sheet Summary | Item | Closing Balance (CNY) | | :--- | :--- | | Total Assets | 949,820,829.67 | | Total Liabilities | 109,599,059.86 | | Total Equity | 840,221,769.81 | 3. Consolidated Income Statement For the first half of 2025, the company's consolidated total operating revenue was CNY 691 million, with a net profit of CNY 89.51 million and a net profit attributable to parent company shareholders of CNY 91.77 million Consolidated Income Statement Summary | Item | H1 2025 (CNY) | | :--- | :--- | | Total Operating Revenue | 691,118,287.90 | | Net Profit | 89,506,016.40 | | Net Profit Attributable to Parent Company Shareholders | 91,774,843.92 | | Basic Earnings Per Share (CNY/Share) | 0.1774 | 4. Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was CNY 12.37 million, with a net profit of CNY 29.83 million Parent Company Income Statement Summary | Item | H1 2025 (CNY) | | :--- | :--- | | Operating Revenue | 12,371,838.62 | | Net Profit | 29,834,363.88 | 5. Consolidated Cash Flow Statement For the first half of 2025, net cash flow from operating activities was CNY 28.78 million, a significant year-on-year decrease of 74.37%, resulting in a net decrease in cash and cash equivalents of CNY 10.14 million Consolidated Cash Flow Statement Summary | Item | H1 2025 (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 28,784,730.39 | | Net Cash Flow from Investing Activities | -16,382,125.37 | | Net Cash Flow from Financing Activities | -36,485,300.41 | | Net Increase in Cash and Cash Equivalents | -10,135,997.32 | - Net cash flow from operating activities decreased by 74.37% year-on-year[147] 6. Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities was -CNY 5.04 million, while net cash flow from investing activities was CNY 35.67 million Parent Company Cash Flow Statement Summary | Item | H1 2025 (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -5,039,923.74 | | Net Cash Flow from Investing Activities | 35,667,330.64 | | Net Cash Flow from Financing Activities | -36,878,380.81 | | Net Increase in Cash and Cash Equivalents | -6,250,785.32 | 7. Consolidated Statement of Changes in Equity In the first half of 2025, the company's consolidated total equity increased by CNY 49.45 million, reaching a closing balance of CNY 1.99 billion - The net change in total equity for the period was CNY 52,368,368.89, with the same amount attributable to parent company shareholders[152] - The closing balance of total equity was CNY 1,987,799,747.54[153] 8. Parent Company Statement of Changes in Equity In the first half of 2025, the parent company's total equity decreased by CNY 6.38 million, reaching a closing balance of CNY 840 million - The net change in total equity for the period was -CNY 6,384,359.64[159] - The closing balance of total equity was CNY 840,221,769.81[160] III. Company Basic Information The company is a joint-stock limited company registered in Fujian Province, listed on the ChiNext board of the Shenzhen Stock Exchange since July 26, 2012 - Motic (Xiamen) Electric Co, Ltd was listed on the ChiNext board of the Shenzhen Stock Exchange on July 26, 2012[163] - The company's share capital has undergone several changes, reaching CNY 517,410,336 as of June 2023[169] - The company has established a corporate governance structure with a Shareholders' Meeting, Board of Directors, and Supervisory Committee, and its main business activities include the production and sale of epoxy insulators, optical microscopes, molds, and medical testing products; medical diagnostic services; and R&D and operation of energy internet technologies[169] IV. Basis of Preparation of Financial Statements These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant CSRC regulations, on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards - Basic Standard" and various specific accounting standards, application guides, interpretations, and other relevant regulations issued by the Ministry of Finance[170] - These financial statements are prepared on a going concern basis, with no events or conditions identified that may cast significant doubt on the company's ability to continue as a going concern[171] V. Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including compliance with accounting standards, accounting period, operating cycle, functional currency, and policies for financial instruments, revenue recognition, and government grants - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, and truly and completely reflect the company's financial position, operating results, and cash flows[173] - The company uses the Renminbi (RMB) as its functional currency and has an operating cycle of 12 months[175][176] - The main accounting policy change in the current period involves adopting "Interpretation No 18 of the Enterprise Accounting Standards," which reclassifies the accounting treatment for assurance-type warranties from "selling expenses" to a debit against "cost of main business operations" or "cost of other operations"[332] VI. Taxation This section lists the company's main taxes and tax rates, noting that several subsidiaries benefit from preferential income tax rates for high-tech or small-scale enterprises Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | Parent company rate is 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 12%, 1.2% | - Subsidiaries such as Motic (Xiamen) Smart Electrical Co, Ltd and Motic Industrial Group Co, Ltd are eligible for a preferential corporate income tax rate of 15%[336] - Subsidiaries such as Beijing Motic Energy Technology Co, Ltd qualify as small and micro enterprises and enjoy a tiered preferential income tax policy[337] - Medical services provided by subsidiaries like Xiamen Motic Medical Laboratory Co, Ltd are exempt from VAT[338] - Subsidiaries in Hong Kong are subject to a two-tiered profits tax system, with a rate of 8.25% on the first HKD 2 million of assessable profits and 16.50% on the remainder[339] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on items in the consolidated financial statements, including cash and cash equivalents, receivables, inventories, fixed assets, intangible assets, and various payables - At the period end, cash and cash equivalents totaled CNY 813,582,551.63, of which CNY 744,000.07 was restricted[341] - At the period end, the carrying amount of accounts receivable was CNY 659,631,143.80, with a bad debt provision of CNY 81,659,591.60[358] - At the period end, the carrying amount of fixed assets was CNY 519,652,843.08, a significant increase from the beginning of the period, mainly due to the capitalization of the Xiang'an Phase III project[486] - At the period end, the carrying amount of construction in progress was CNY 3,276,080.24, a significant decrease from the beginning of the period, also due to the capitalization of the Xiang'an Phase III project[495] - At the period end, accounts payable totaled CNY 439,481,293.75, primarily for goods and services[536] VIII. R&D Expenditures Total R&D expenditure for the reporting period was CNY 40,544,227.93, all of which was expensed, primarily consisting of personnel costs, material costs, and depreciation R&D Expenditure Breakdown | Item | Current Period Amount (CNY) | | :--- | :--- | | Personnel Costs | 24,199,497.72 | | Material Costs | 4,825,835.13 | | Depreciation and Amortization | 2,773,329.19 | | Material Consumption | 3,290,654.62 | | Total | 40,544,227.93 | - All R&D expenditures for the period were expensed[651] IX. Changes in the Scope of Consolidation During the reporting period, the company did not engage in any business combinations but completed the deregistration of three subsidiaries to optimize its medical segment operations - The company had no business combinations under common or non-common control during the reporting period[655][660] - The company deregistered three subsidiaries during the reporting period: Motic Incorporation Limited, Maxunway (Xiamen) Optics Co, Ltd, and Motic (Xiamen) Pathology Research Institute Co, Ltd[664] - The deregistration of these subsidiaries was based on a resolution passed at the 26th meeting of the fourth Board of Directors on August 5, 2022, to optimize the medical business segment[664] X. Interests in Other Entities This section discloses the company's interests in its subsidiaries, joint ventures, and associates, detailing their registered capital, business nature, and the company's ownership percentage - The company owns several wholly-owned subsidiaries, including Motic Industrial Group Co, Ltd and Motic (Xiamen) Smart Electrical Co, Ltd[666][669] - The company holds a majority stake of over 50% in subsidiaries such as Yinchuan Motic Pathology Diagnosis Center Co, Ltd and Hohhot Motic Medical Laboratory Co, Ltd[667][668] - The company uses the equity method to account for its investments in joint ventures and associates[677] - The total carrying amount of investments in associates is CNY 2,396,247.32, with a net loss of CNY -362,849.08 for the period[682] XI. Government Grants Government grants recognized as deferred income amounted to CNY 16.47 million at the period end, with CNY 1.00 million in new grants received and CNY 1.56 million transferred to other income during the period Liabilities Related to Government Grants | Account | Opening Balance (CNY) | New Grants (CNY) | Transferred to Other Income (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 17,022,419.89 | 1,001,942.20 | 1,558,329.86 | 16,466,032.23 | Asset-related | - Government grants recognized in current profit or loss (other income) for the period amounted to CNY 1,232,612.57[688] XII. Risks Related to Financial Instruments The company manages credit, liquidity, and market risks through customer credit assessments, diversified banking, and monitoring of foreign currency transactions, without engaging in hedging activities during the period - The company is exposed to credit risk, liquidity risk, and market risk (including exchange rate risk and interest rate risk) in its operations[689] - Credit risk, arising mainly from cash, notes receivable, and accounts receivable, is managed by assessing customer creditworthiness and regularly monitoring their credit history[689][690] - Exchange rate risk arises from foreign currency assets and liabilities; a 10% appreciation or depreciation of the RMB against the USD would decrease or increase the company's net profit by CNY 32.66 million[694] - The company did not enter into any forward foreign exchange contracts or currency swap contracts for hedging purposes during the current or prior period[694] - The amount of financial assets derecognized due to the endorsement of bank acceptance bills was CNY 15,123,507.50[698] XIII. Fair Value Disclosure This section discloses assets and liabilities measured at fair value, which total CNY 29.42 million and consist primarily of trading financial assets and accounts receivable financing, all classified as Level 3 fair value measurements Fair Value of Assets and Liabilities at Period End | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Trading Financial Assets | 1,661,900.00 | 1,661,900.00 | | Accounts Receivable Financing | 27,755,026.70 | 27,755,026.70 | | Total Assets at Fair Value | 29,416,926.70 | 29,416,926.70 | - There were no transfers between Level 1 and Level 2 fair value measurements, nor any transfers into or out of Level 3, for the company's financial assets and liabilities[706] XIV. Related Parties and Related-Party Transactions The company's ultimate controlling party is the Beijing Economic-Technological Development Area Management Committee, and this section details transactions with related parties, including sales, purchases, and leasing arrangements - The ultimate controlling party of the enterprise is the Beijing Economic-Technological Development Area Management Committee[708] - The company engaged in transactions for the purchase of goods/services with related parties such as Beijing E-Town Jiuzhu Engineering Management Co, Ltd and Beijing E-Town Urban Services Group Co, Ltd[712] - The company sold goods/provided services to related parties including XJ (Xiamen) Smart Power Equipment Co, Ltd and Aiqi (Xiamen) Electrical Technology Co, Ltd[714] - As a lessor, the company collected rental income from related parties such as Aiqi (Xiamen) Electrical Technology Co, Ltd and Xiamen Naichao Technology Co, Ltd[719] - Compensation for key management personnel for the current period amounted to CNY 3,261,200.00[728] XV. Share-based Payment The company had no equity-settled or cash-settled share-based payment arrangements, and incurred no related expenses during the reporting period - The company had no equity-settled share-based payment arrangements during the reporting period[735] - The company had no cash-settled share-based payment arrangements during the reporting period[735] - The company incurred no share-based payment expenses during the reporting period[735] XVI. Commitments and Contingencies As of the period end, the company had capital commitments of CNY 6.27 million for the acquisition and construction of long-term assets, with no other significant contingencies to disclose Capital Commitments | Item | June 30, 2025 (CNY) | | :--- | :--- | | Commitments for acquisition and construction of long-term assets | 6,267,400.00 | - The company has no other significant contingencies to disclose[736] [XVII. Post-Balance Sheet Events](index=181&type=section&id=%E5%8D%81%E4%B8%83%E