杰华特(688141) - 2025 Q2 - 季度财报

Section I Definitions This section provides a comprehensive glossary of terms, including company-specific entities, industry jargon, and technical processes, essential for understanding the report Definitions of Common Terms This chapter provides definitions of common terms used in the report, covering company entities, subsidiaries, industry terms (such as integrated circuits, analog chips, power management chips, signal chain chips, etc.), and semiconductor manufacturing processes and technologies (such as virtual IDM, BCD process), ensuring a clear understanding of the report content - Company adopts a "virtual IDM" operating model, focusing on R&D and sales of analog integrated circuits, and possesses its own internationally advanced BCD process technology[12] - Reporting period refers to January 1, 2025, to June 30, 2025[11] - Detailed definitions of core industry terms such as semiconductor, integrated circuit, analog integrated circuit, power management chip, and signal chain chip[11] Section II Company Profile and Key Financial Indicators This section outlines the company's fundamental information, contact details, stock overview, and presents key accounting data and financial performance metrics for the reporting period I. Company's Basic Information Joulwatt Microelectronics Co., Ltd. is a company registered in Xihu District, Hangzhou, with Ma Wenwen as its legal representative, and its registered address changed in May 2025 - Company's Chinese name: 杰华特微电子股份有限公司, Abbreviation: Joulwatt[14] - Company's registered address changed in May 2025 from Room 901-23, 9th Floor, West Building 4, Xigang Development Center, No. 298 Zhenhua Road, San Dun Town, Xihu District, Hangzhou, Zhejiang Province to Santangxin City, No. 19 Santangba Street, San Dun Town, Xihu District, Hangzhou[14] II. Contact Person and Contact Information Discloses the contact information, including address, phone number, and email, for the company's Board Secretary (domestic information disclosure representative) Ma Wenwen and Securities Affairs Representative Han Jingjing - Board Secretary: Ma Wenwen, Contact number: 0571-87806685, Email: ir@joulwatt.com[16] - Securities Affairs Representative: Han Jingjing, contact information is the same as the Board Secretary[16] III. Brief Introduction to Changes in Information Disclosure and Document Placement Locations The company designates Shanghai Securities News, China Securities Journal, Securities Times, Securities Daily, and Economic Reference News as its information disclosure newspapers, with www.sse.com.cn as the website for semi-annual reports, and the company's Board Office as the placement location. No changes occurred during the reporting period - Information disclosure newspapers: Shanghai Securities News, China Securities Journal, Securities Times, Securities Daily, Economic Reference News[17] - Report publication website: **www.sse.com.cn**[17](index=17&type=chunk) IV. Company Stock/Depositary Receipt Summary The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Joulwatt" and stock code 688141 - Stock type: A-shares, Listing exchange: STAR Market of Shanghai Stock Exchange[18] - Stock abbreviation: Joulwatt, Stock code: 688141[18] VI. Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 58.20% to 1.187 billion yuan, and losses narrowed year-on-year, but gross profit margin did not effectively recover due to market competition, and R&D, sales, and administrative expenses increased Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Indicator | This Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,187,346,067.54 yuan | 750,517,885.40 yuan | 58.20 | | Total Profit | -300,535,065.16 yuan | -337,977,637.76 yuan | Not applicable | | Net Profit Attributable to Listed Company Shareholders | -295,089,956.24 yuan | -337,006,080.76 yuan | Not applicable | | Net Cash Flow from Operating Activities | -97,195,775.43 yuan | -123,866,779.97 yuan | Not applicable | Key Financial Indicators (Jan-Jun 2025 vs Prior Year Period) | Indicator | This Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.67 | -0.75 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.67 | -0.75 | Not applicable | | R&D Investment as % of Operating Revenue (%) | 35.45 | 42.71 | Decrease 7.26 percentage points | - Operating revenue significantly increased primarily due to recovery in downstream terminal market demand and scaled production of products in computing and automotive sectors[22] - Losses primarily affected by intense market competition leading to an ineffective recovery in gross profit margin, and increased investment in R&D, sales, and administrative expenses[23] VIII. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 32.017 million yuan, primarily including government subsidies, fair value changes in financial assets, and other non-operating income and expenses, with a one-time recognized share-based payment cost as a negative item Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit or loss | 21,303,399.24 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 5,806,128.35 | | Other non-operating income and expenses beyond the above | 11,708,450.52 | | Other non-recurring items (one-time recognized share-based payment cost) | -6,704,185.33 | | Total | 32,016,964.41 | Section III Management Discussion and Analysis This section offers an in-depth review of the company's industry, operational performance, core competencies, and identifies significant risk factors affecting its business I. Description of the Company's Industry and Main Business During the Reporting Period The company specializes in R&D and sales of analog integrated circuits, operating under a virtual IDM model, with products covering power management and signal chain chips, widely used in computing, automotive electronics, and communication. The semiconductor market, especially China's analog chip market, is experiencing strong growth driven by AI, 5G, and new energy vehicles - Global semiconductor chip market size grew from 2.49 trillion yuan in 2020 to 3.61 trillion yuan in 2024, with a compound annual growth rate of 9.7%, projected to reach 6.3 trillion yuan by 2029 with a compound annual growth rate of 11.0% from 2025-2029[28] - China's semiconductor chip market size grew from 0.88 trillion yuan in 2020 to 1.45 trillion yuan in 2024, with a compound annual growth rate of 13.3%, projected to reach 2.74 trillion yuan by 2029 with a compound annual growth rate of 12.8% from 2025-2029[29] - China's analog chip market is expected to reach 304.6 billion yuan by 2029, with the power management chip market reaching 198.7 billion yuan and the signal chain chip market reaching 105.9 billion yuan by 2029[30] - Company's main business is the R&D and sales of analog integrated circuits using a virtual IDM model, with primary products being power management and signal chain chips[41] - In the first half of 2025, the company continued to focus on GaN-related products, successively releasing and mass-producing a new generation AHB solution, as well as new generation SSR and PFC platforms using upgraded GaN, and integrating supporting protocol chip products, covering power from a few watts to hundreds of watts[47] - In the automotive sector, the company launched a complete 5-100V DC-DC product matrix meeting AEC-Q100 standards, progressively entering the supply chains of well-known automakers and Tier-1 suppliers[52] II. Discussion and Analysis of Operating Performance During the reporting period, the company's operating revenue increased by 58.20% to 1.187 billion yuan, primarily due to the recovery in downstream market demand and scaled production of products in computing and automotive sectors. The company continued to increase R&D investment, expand product lines, and enhance competitiveness through M&A, while also initiating preparations for H-share listing - In the first half of 2025, the company achieved operating revenue of 1.187 billion yuan, a year-on-year increase of 58.20%, mainly due to the recovery in downstream terminal market demand and scaled production of products in computing and automotive sectors[64] - As of the end of the reporting period, the company and its controlled subsidiaries had 1,022 R&D personnel, accounting for 61.49% of the total workforce, a year-on-year increase of 60.94%; R&D investment reached 421 million yuan, a year-on-year increase of 31.31%[66] - As of the end of the reporting period, the company and its controlled subsidiaries had applied for 1,550 domestic and international patents, including 1,135 invention patents; 768 effective domestic and international patents had been obtained, including 509 invention patents[66] - The company significantly enhanced its core competitiveness by integrating enterprises such as Lijiwei, Tianyihexin, and Lingxinwei, bringing them into the scope of the listed company's consolidated financial statements to achieve synergistic effects through complementary strengths[73] - The company initiated preparations for the overseas issuance of shares (H-shares) and listing on The Stock Exchange of Hong Kong Limited, submitting its application on May 30, 2025[65][220] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness is reflected in independent process innovation, an excellent leadership team, a diverse product matrix, lean operational management, expanding brand influence, upstream and downstream synergistic development, a comprehensive quality control system, and sound financial internal controls - The company has successfully built a complete process technology platform system at mainstream domestic wafer foundries: 90nm 5-55V medium-low voltage BCD process platform, 0.18µm 10-200V high voltage BCD process platform, 0.35µm 10-700V ultra-high voltage BCD process platform, and has extended to 12-inch wafer 90nm and below processes[75] - The company has formed a broad and diverse product matrix, including AC-DC, DC-DC, linear power and battery management as four major power management product lines, as well as detection products, interface products, converter products, clock products, linear products, sensor products and high-speed products as signal chain product lines[78][79] - The company's products have obtained multiple system certifications, including ISO9001:2015, ISO14001:2015, ISO14064-1:2018, and the automotive industry functional safety standard ISO26262:2018[84] - The company was recognized as a National "Little Giant" enterprise in 2021 and successfully re-evaluated in 2024; it was recognized as a Single Champion Demonstration Enterprise (switching power converter chips) in 2024[88] R&D Investment | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 420,898,050.56 yuan | 320,526,663.50 yuan | 31.31 | | Total R&D Investment as % of Operating Revenue (%) | 35.45 | 42.71 | Decrease 7.26 percentage points | - As of the end of the reporting period, the company and its controlled subsidiaries had 1,022 R&D personnel, accounting for 61.49% of the total workforce, with the number of R&D personnel increasing by 60.94% year-on-year[103] IV. Risk Factors The company faces core competitiveness risks such as significant performance decline or losses, R&D not meeting expectations, loss of key technical personnel, and core technology leakage. Additionally, management risks from expanding operations, customer and supplier concentration risks, impairment of external investments, gross profit margin fluctuations, inventory write-downs, impact of share-based payments on profit, bad debt of accounts receivable, capital expenditures, as well as industry and macroeconomic risks like semiconductor industry policy adjustments, intensified market competition, and global trade disputes, may adversely affect the company's operations - In the first half of 2025, the company's net profit attributable to shareholders was -295 million yuan, and net profit attributable to shareholders after deducting non-recurring gains and losses was -327 million yuan, with losses narrowing year-on-year, but if market competition intensifies or demand falls short of expectations, the company may face risks of further performance decline and increased losses[104][105] - The company faces core competitiveness risks such as R&D not meeting expectations, loss of key technical personnel, and core technology leakage[106][107][108] - The company faces management risks arising from expanding operations and risks related to customer and supplier concentration[109][110] - The company faces financial risks including impairment of external investments, gross profit margin fluctuations, inventory write-downs (ending inventory impairment provision of 434 million yuan, accounting for 31.88% of inventory book balance), potential impact of share-based payments on profit, bad debt of accounts receivable, and capital expenditures[111][112][113][114][115][116][117] - The company faces industry and macroeconomic risks such as semiconductor industry policy adjustments, intensified market competition, and escalating global trade disputes[118][119][120] V. Key Operating Performance During the Reporting Period During the reporting period, the company's total operating revenue increased by 58.20% to 1.187 billion yuan, and net profit losses narrowed. Sales growth drove increases in operating revenue and cash receipts, but R&D, sales, and administrative expenses also increased. In terms of assets and liabilities, total assets grew by 22.03%, mainly due to newly consolidated companies and increased external investments, leading to significant increases in intangible assets, goodwill, and long-term equity investments, while short-term and long-term borrowings also increased significantly - During the reporting period, the company achieved total operating revenue of 1.187 billion yuan, a year-on-year increase of 58.20%; net profit attributable to shareholders was -295 million yuan, with losses narrowing compared to the prior year period[121] Financial Statement Item Variation Analysis | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,187,346,067.54 yuan | 750,517,885.40 yuan | 58.20 | | Operating Cost | 853,023,876.78 yuan | 541,951,456.93 yuan | 57.40 | | Sales Expenses | 80,454,820.31 yuan | 56,725,408.65 yuan | 41.83 | | Administrative Expenses | 90,265,700.98 yuan | 59,810,511.59 yuan | 50.92 | | Financial Expenses | -1,888,900.16 yuan | 9,176,361.39 yuan | -120.58 | | R&D Expenses | 420,898,050.56 yuan | 320,526,663.50 yuan | 31.31 | | Net Cash Flow from Operating Activities | -97,195,775.43 yuan | -123,866,779.97 yuan | Not applicable | | Net Cash Flow from Investing Activities | -431,692,835.34 yuan | -352,053,088.05 yuan | Not applicable | | Net Cash Flow from Financing Activities | 186,542,695.43 yuan | 93,604,060.18 yuan | 99.29 | - Total assets at period-end were 5.13 billion yuan, an increase of 22.03% from the end of the previous year[21] - Intangible assets increased by 572.97%, goodwill by 2457.96%, and long-term equity investments by 113.09%, primarily due to newly consolidated companies and increased external investments during the reporting period[126] - Short-term borrowings increased by 50.34%, long-term borrowings by 58.99%, and other payables by 2576.86%, mainly due to increased working capital needs, newly consolidated companies, and equity transfer payments[126][128] - Restricted assets totaled 124 million yuan at period-end, primarily used for pledged bank acceptance bills, endorsed unexpired bills, and mortgage loans[130] VI. Other Disclosure Matters This section contains no specific content and serves as a placeholder Section IV Corporate Governance, Environment and Society This section details changes in the company's governance structure, personnel, profit distribution policies, environmental impact, and social responsibility initiatives I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, the company's board of directors added an employee representative director position, with Ms. Ma Wenwen elected as the employee representative director; Ms. Lin Guihong was nominated as an independent director candidate. These changes aim to improve corporate governance structure and protect employee rights - The company's board of directors added an employee representative director position, and Ms. Ma Wenwen was elected as the company's second board of directors' employee representative director[145][146] - Ms. Lin Guihong was nominated as an independent director candidate for the company's second board of directors[146] - Article 106 of the "Articles of Association" was revised to state that the board of directors shall consist of 9 directors, including 4 independent directors[145] II. Profit Distribution or Capital Reserve Conversion Plan During the reporting period, the company did not formulate a profit distribution plan or a capital reserve to share capital increase plan - Proposed semi-annual profit distribution plan, capital reserve to share capital increase plan: No[147] III. Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section contains no equity incentive, employee stock ownership plans, or other incentive measures disclosed in temporary announcements or with subsequent progress IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company and its subsidiaries primarily engage in chip design R&D and integrated circuit chip testing, not direct product manufacturing, thus not generating industrial wastewater, exhaust gas, waste residue, or noise pollution, and are not classified as heavy polluting industries - The company and its subsidiaries primarily engage in chip design R&D and integrated circuit chip testing, not direct product manufacturing[149] - No industrial wastewater, exhaust gas, waste residue, or noise is generated during the R&D process, posing no environmental pollution[149] - The company and its subsidiaries' main business does not belong to the heavy polluting industries stipulated by the state, and does not involve environmental pollution[149] V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work This section contains no specific content Section V Significant Matters This section covers the company's fulfillment of commitments, related-party transactions, significant contracts, use of raised funds, and other material events during the reporting period I. Fulfillment of Commitments The company's actual controllers, controlling shareholders, directors, supervisors, senior management, and core technical personnel have strictly fulfilled commitments related to initial public offering, including share lock-up, holding and reduction intentions, share price stabilization, share repurchase and buyback, fraudulent issuance share buyback, compensation for diluted immediate returns, profit distribution policy, truthfulness of issuance application documents, shareholder information disclosure, enforcement of public commitment constraints, avoidance of horizontal competition, standardization and reduction of related-party transactions, and equity incentives - Actual controllers, controlling shareholders, and other shareholders strictly adhere to share lock-up commitments, with reduction prices not lower than the issue price after the lock-up period expires, and provisions for extending the lock-up period[156][157][158] - The company, actual controllers, controlling shareholders, company directors (excluding independent directors), and senior management committed to share price stabilization measures if the company's share price falls below net assets per share within three years after listing, including share increases by actual controllers or controlling shareholders, share increases by company directors (excluding independent directors) and senior management, and company repurchases[162][163][164][165] - The company, actual controllers, controlling shareholders, and directors committed to share repurchases and buybacks, including buybacks for fraudulent issuance[167][168][169][170][171][172][173] - The company, actual controllers, directors, and senior management issued a "Commitment Letter on Measures to Compensate for Diluted Immediate Returns," committing to compensate returns through strengthening fundraising management, accelerating investment progress in fundraising projects, improving efficiency of fundraising use, strengthening market expansion, and enhancing technological innovation[173][174][175][176][177][178][179] - The company committed that its profit distribution policy will maintain continuity and stability, with cash dividends prioritized over other distribution methods, and annual cash dividends not less than 10% of the distributable profit realized in that year[179][180][181][182] - Actual controllers and controlling shareholders committed to avoid horizontal competition, and standardize and reduce related-party transactions[187][188][189][190] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties III. Irregular Guarantees During the reporting period, there were no irregular guarantees IV. Semi-Annual Report Audit Status This semi-annual report is unaudited - This semi-annual report is unaudited[4] V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report This section contains no relevant content VI. Bankruptcy and Reorganization Matters This section contains no relevant content VII. Significant Litigation and Arbitration Matters During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[197] VIII. Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholders, Actual Controllers Suspected of Violations, Penalties, and Rectification This section contains no relevant content IX. Explanation of the Integrity Status of the Company and Its Controlling Shareholders, Actual Controllers During the Reporting Period This section contains no relevant content X. Significant Related-Party Transactions During the reporting period, the company increased its estimated daily related-party transaction amount for 2025 by 30 million yuan, primarily for product sales to related parties. Additionally, the company made external investments through capital increases and participating in funds, consolidating Shanghai Lijiwei into its financial statements, and investing in Oumicro, Jiangxi Xinli Sensing Technology, Wuxi Yixin, and Jiebote companies - On July 24, 2025, the company approved the "Proposal on Increasing the Company's 2025 Estimated Daily Related-Party Transactions," increasing the estimated amount by 30 million yuan, bringing the total estimated amount for 2025 to 72 million yuan[197] - The company plans to use 40 million yuan of its own funds to subscribe for 2 million yuan of new registered capital in its associate, Shanghai Lijiwei Semiconductor Co., Ltd. After the capital increase, the company and its wholly-owned subsidiaries will collectively hold 60% of Lijiwei's equity, consolidating it into the company's financial statements[199] - The company's associate fund, Xinyuan Jiechuang (Jiashan) Venture Capital Partnership (Limited Partnership), invested in Oumicro Company and Jiangxi Xinli Sensing Technology Co., Ltd., with a total capital contribution of 60 million yuan[200] - The company's associate fund, Xiamen Huijie Private Equity Investment Fund Partnership (Limited Partnership), plans to invest 50 million yuan in the company's controlled subsidiary, Xiamen Jiebote Semiconductor Co., Ltd., accounting for 25.00% of the equity after the capital increase[201] XI. Significant Contracts and Their Fulfillment During the reporting period, the company had no external guarantees, but provided joint liability guarantees totaling 122 million yuan to its subsidiaries, accounting for 5.44% of the company's net assets. All these guarantees were not overdue, and there were no guarantees provided for controlling shareholders, actual controllers, or their related parties - During the reporting period, all external guarantees provided by the company were for its subsidiaries, with no guarantees provided for controlling shareholders, actual controllers, or their related parties[205] - The total guarantee balance for subsidiaries at the end of the reporting period was 122.33 million yuan, accounting for 5.44% of the company's net assets[205] - All guarantees for subsidiaries were joint liability guarantees and were not overdue[204] XII. Explanation of Progress in Use of Raised Funds As of the end of the reporting period, the company's initial public offering raised funds totaling 1.365 billion yuan, representing 66.45% of the committed investment. Excess raised funds of 145 million yuan were used to repay bank loans, and 90 million yuan was invested in the high-performance power management chip R&D and industrialization project. The company used 250 million yuan of idle raised funds to temporarily supplement working capital and managed 458 million yuan of idle raised funds through cash management Overall Use of Raised Funds | Item | Amount | | :--- | :--- | | Net Raised Funds | 2,222,140,800.00 yuan | | Committed Investment Total | 2,054,684,929.68 yuan | | Cumulative Investment as of Reporting Period End | 1,364,842,554.24 yuan | | Cumulative Investment Progress (%) | 66.45 | | Total Excess Raised Funds | 483,737,657.18 yuan | | Cumulative Investment of Excess Raised Funds | 235,121,297.15 yuan | | Progress (%) | 48.61 | - Excess raised funds of 145.12 million yuan were used to repay bank loans, and 90 million yuan was invested in the high-performance power management chip R&D and industrialization project[212] - The company used idle raised funds not exceeding 250 million yuan to temporarily supplement working capital for a period not exceeding 12 months. As of June 30, 2025, 250 million yuan had been used and not yet returned[214] - As of June 30, 2025, the ending balance of funds used by the company for cash management products was 458 million yuan[218] XIII. Explanation of Other Significant Matters During the reporting period, to accelerate its internationalization strategy and overseas business layout, and enhance overseas financing capabilities, the company initiated preparations for the overseas issuance of H-shares and listing on the Hong Kong Stock Exchange, submitting its application on May 30, 2025 - The company initiated preparations for the overseas issuance of shares (H-shares) and listing on The Stock Exchange of Hong Kong Limited[220] - The company submitted its application for this H-share listing to The Stock Exchange of Hong Kong Limited on May 30, 2025[220] - This H-share listing still involves significant uncertainties, and investors are advised to pay attention to investment risks[220] Section VI Share Changes and Shareholder Information This section provides an overview of the company's share capital movements, detailed shareholder information, and changes in key personnel's shareholdings I. Share Capital Changes During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[222] II. Shareholder Information As of the end of the reporting period, the total number of ordinary shareholders was 10,999. Among the top ten shareholders, JoulWatt Technology Inc. Limited was the controlling shareholder, holding 30.18%, and Hangzhou Jiewo Information Consulting Partnership (Limited Partnership) held 6.24%. Seven of the top ten shareholders were restricted share shareholders - Total number of ordinary shareholders as of the end of the reporting period: 10,999[223] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | | JoulWatt Technology Inc. Limited | 134,857,188 | 30.18 | 134,857,188 | | Hangzhou Jiewo Information Consulting Partnership (Limited Partnership) | 27,868,176 | 6.24 | 27,868,176 | | Habble Technology Venture Capital Co., Ltd. | 13,543,308 | 3.03 | 0 | | China Merchants Bank Co., Ltd. - Yinhe Innovation Growth Mixed Securities Investment Fund | 11,000,000 | 2.46 | 0 | | CITIC Securities Co., Ltd. - Harvest SSE STAR Market Chip ETF | 6,367,693 | 1.42 | 0 | | Bank of China Co., Ltd. - SDIC UBS New Energy Mixed Securities Investment Fund | 5,358,494 | 1.20 | 0 | | CEIC (Hangzhou) Equity Investment Management Co., Ltd. - Hangzhou Haikang Smart Industry Equity Investment Fund Partnership (Limited Partnership) | 5,229,278 | 1.17 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Fullgoal Emerging Industry Stock Securities Investment Fund | 4,723,559 | 1.06 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Qianhai Open Source New Economy Flexible Allocation Mixed Securities Investment Fund | 4,562,156 | 1.02 | 0 | | Industrial Bank Co., Ltd. - Xingquan Trend Investment Mixed Securities Investment Fund | 4,200,000 | 0.94 | 0 | Top Ten Restricted Share Shareholders' Shareholding and Restrictions | No. | Restricted Share Shareholder Name | Number of Restricted Shares Held | Tradable Date | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | JoulWatt Technology Inc. Limited | 134,857,188 | December 23, 2025 | 36 months from listing date | | 2 | Hangzhou Jiewo Information Consulting Partnership (Limited Partnership) | 27,868,176 | December 23, 2025 | 36 months from listing date | | 3 | Hangzhou Jiecheng Investment Management Partnership (Limited Partnership) | 4,041,684 | December 23, 2025 | 36 months from listing date | | 4 | Hangzhou Jiewa Investment Management Partnership (Limited Partnership) | 4,041,684 | December 23, 2025 | 36 months from listing date | | 5 | Hangzhou Jiwei Investment Management Partnership (Limited Partnership) | 4,041,684 | December 23, 2025 | 36 months from listing date | | 6 | Hangzhou Jiete Investment Management Partnership (Limited Partnership) | 4,041,684 | December 23, 2025 | 36 months from listing date | | 7 | Hangzhou Jiwan Investment Management Partnership (Limited Partnership) | 4,041,684 | December 23, 2025 | 36 months from listing date | III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel This section contains no information on changes in shareholdings or equity incentives for directors, supervisors, senior management, and core technical personnel IV. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller V. Implementation and Changes of Depositary Receipt Arrangements During the Reporting Period This section contains no depositary receipt arrangements VI. Special Voting Rights Shares This section contains no information on special voting rights shares VII. Preferred Shares This section contains no information on preferred shares Section VII Bond-Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[4] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, reflecting the financial position and operating results at the end of the reporting period Consolidated Balance Sheet (June 30, 2025 vs Dec 31, 2024) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 5,130,489,471.65 yuan | 4,204,325,263.41 yuan | | Total Liabilities | 2,883,010,991.36 yuan | 2,080,966,813.32 yuan | | Total Owners' Equity Attributable to Parent Company | 1,834,316,229.58 yuan | 2,067,619,866.66 yuan | | Total Owners' Equity | 2,247,478,480.29 yuan | 2,123,358,450.09 yuan | Consolidated Income Statement (Jan-Jun 2025 vs Jan-Jun 2024) | Item | First Half of 2025 | First Half of 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 1,187,346,067.54 yuan | 750,517,885.40 yuan | | Total Profit | -300,535,065.16 yuan | -337,977,637.76 yuan | | Net Profit Attributable to Parent Company Shareholders | -295,089,956.24 yuan | -337,006,080.76 yuan | | Basic Earnings Per Share (yuan/share) | -0.67 | -0.75 | Consolidated Cash Flow Statement (Jan-Jun 2025 vs Jan-Jun 2024) | Item | First Half of 2025 | First Half of 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -97,195,775.43 yuan | -123,866,779.97 yuan | | Net Cash Flow from Investing Activities | -431,692,835.34 yuan | -352,053,088.05 yuan | | Net Cash Flow from Financing Activities | 186,542,695.43 yuan | 93,604,060.18 yuan | | Net Increase in Cash and Cash Equivalents | -340,758,799.51 yuan | -381,013,578.39 yuan | III. Company's Basic Information Joulwatt Microelectronics Co., Ltd. was established on March 18, 2013, and restructured into a joint-stock company on April 2, 2021, headquartered in Hangzhou, Zhejiang Province. The company's registered capital is 447 million yuan, and its shares were listed on the STAR Market of the Shanghai Stock Exchange on December 23, 2022. The company's main business is the R&D, design, and sales of power management chips and signal chain chips - The company's predecessor was Joulwatt Microelectronics (Hangzhou) Co., Ltd., registered on March 18, 2013, with the Hangzhou Administration for Industry and Commerce[271] - Joulwatt (Hangzhou) Co., Ltd. was wholly restructured into the current company on April 2, 2021, with November 30, 2020, as the base date, and registered with the Hangzhou Market Supervision Administration[271] - The company's shares were listed on the Shanghai Stock Exchange on December 23, 2022[271] - The company's main business activities are the R&D, design, and sales of power management chips and signal chain chips[272] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, comply with enterprise accounting standards, and truly and completely reflect the company's financial position, operating results, changes in shareholders' equity, and cash flows - The company's financial statements are prepared on a going concern basis[273] - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[274] - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the company's financial position, operating results, changes in shareholders' equity, and cash flow information[276] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for financial instrument impairment, depreciation of fixed assets, amortization of intangible assets, revenue recognition, etc., including business combinations, consolidated financial statement preparation, financial instrument classification and measurement, inventory impairment provisions, long-term equity investments, employee compensation, share-based payments, revenue recognition principles, government grants, and deferred income tax, ensuring the accuracy and compliance of financial reporting - The company's accounting year runs from January 1 to December 31; the company's operating cycle is short, with 12 months as the liquidity classification standard for assets and liabilities[277][279] - The company performs impairment testing and recognizes loss provisions for financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, and contract assets, based on expected credit losses[295] - Inventories are measured at the lower of cost and net realizable value, with impairment provisions recognized for the excess of cost over net realizable value, and net realizable value determined based on inventory age[302][304] - Long-term equity investments over which the company exercises control are accounted for using the cost method; long-term equity investments in joint ventures and associates are accounted for using the equity method[310] - Fixed assets are depreciated using the straight-line method over a useful life of 5 years, with a residual value rate of 5%, resulting in an annual depreciation rate of 19%[315] - Intangible assets with finite useful lives are systematically and reasonably amortized over their useful lives in a manner that reflects the expected pattern of economic benefits; if the expected pattern cannot be reliably determined, the straight-line method is used[321] - Expenditure during the research phase of internal R&D projects is expensed as incurred. Expenditure during the development phase of internal R&D projects is recognized as an intangible asset if specific conditions are met simultaneously[324] - At the contract inception date, the company assesses the contract, identifies each distinct performance obligation, determines whether each distinct performance obligation is satisfied over time or at a point in time, and measures revenue based on the transaction price allocated to each distinct performance obligation[337][338] - Government grants are recognized when the company can meet the conditions attached to the grant and can receive the grant. Government grants related to assets are recognized as deferred income, while government grants related to income that compensate for future costs are recognized as deferred income, and those that compensate for incurred costs are directly recognized in current profit or loss[343] VI. Taxation The company's main taxes include VAT (6%, 13%), Urban Maintenance and Construction Tax (7%), Education Surcharge (3%), Local Education Surcharge (2%), and Corporate Income Tax (15%, 20%, 25%). The company and several subsidiaries enjoy a 15% corporate income tax preferential rate as high-tech enterprises, and some subsidiaries enjoy a 20% preferential rate as small low-profit enterprises Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | VAT | 6%, 13% (Export tax rebate rate is 13%) | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20%, 25% | - The company and Joulwatt Microelectronics (Zhangjiagang) Co., Ltd., Wuxi Yixin Technology Co., Ltd., Joulwatt Microelectronics (Shenzhen) Co., Ltd., Joulwatt Microelectronics (Shanghai) Co., Ltd., Xiamen Jiebote Semiconductor Co., Ltd., Hangzhou Lingxin Microelectronics Co., Ltd., Nanjing Tianyihexin Electronics Co., Ltd., and Shanghai Hongkun Hexin Electronics Co., Ltd. are recognized as high-tech enterprises and are subject to a 15% corporate income tax rate for this period[353][355][356][357][358] - Subsidiaries such as Joulwatt Microelectronics (Nanjing) Co., Ltd., Shanghai Jiexin Microelectronics Co., Ltd., Hangzhou Xinyu Technology Co., Ltd., and Wuxi Aixinzhe Microelectronics Co., Ltd. are small low-profit enterprises, applying a preferential policy of calculating taxable income at 25% and paying corporate income tax at a 20% rate for this year[359] VII. Notes to Consolidated Financial Statement Items This section details the period-end balances, beginning balances, and changes for each item in the consolidated financial statements, including cash and bank balances, trading financial assets, notes receivable, accounts receivable, other receivables, inventories, other current assets, long-term equity investments, other equity instrument investments, other non-current financial assets, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, restricted assets, short-term borrowings, trading financial liabilities, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, long-term payables, deferred income, share capital, capital reserves, other comprehensive income, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, supplementary cash flow information, foreign currency monetary items, and leases Cash and Bank Balances | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total | 853,439,309.06 yuan | 1,194,198,108.57 yuan | | Of which: Funds deposited overseas | 1,885,020.05 yuan | 2,441,105.38 yuan | Trading Financial Assets | Item | Period-End Balance | | :--- | :--- | | Financial assets measured at fair value through profit or loss | 99,444,152.76 yuan | | Of which: Wealth management products | 99,444,152.76 yuan | | Total | 99,444,152.76 yuan | Notes Receivable | Item | Period-End Balance | | :--- | :--- | | Bank acceptance bills | 82,443,749.61 yuan | | Commercial acceptance bills | 20,761,250.32 yuan | | Total | 103,204,999.93 yuan | Accounts Receivable | Category | Book Value at Period-End | | :--- | :--- | | Provision for bad debts on an individual basis | 0 yuan | | Provision for bad debts on a portfolio basis | 547,209,239.41 yuan | | Total | 547,209,239.41 yuan | Inventories | Item | Book Value at Period-End | | :--- | :--- | | Raw materials | 48,796,456.91 yuan | | Merchandise inventory | 323,484,522.62 yuan | | Goods in transit | 27,155,521.02 yuan | | Consigned processing materials | 511,879,859.37 yuan | | Work in progress | 15,308,946.17 yuan | | Total | 926,625,306.09 yuan | Goodwill Book Value | Name of Investee or Goodwill-Generating Event | Period-End Balance | | :--- | :--- | | Wuxi Yixin Company | 4,626,457.01 yuan | | Joulwatt (Huzhou) Company | 2,942,356.78 yuan | | Aixinzhe | 6,687,127.18 yuan | | Tianyihexin | 151,726,674.10 yuan | | Lingxinwei | 67,808,395.49 yuan | | Lijiwei | 24,186,105.72 yuan | | Yucan Technology | 87,284,161.26 yuan | | Xinjiejing | 19,400,109.68 yuan | | Total | 364,661,387.22 yuan | Short-Term Borrowings | Item | Period-End Balance | | :--- | :--- | | Pledged loans | 80,061,444.07 yuan | | Guaranteed loans | 207,395,930.57 yuan | | Credit loans | 397,747,888.64 yuan | | Total | 685,205,263.28 yuan | Other Payables | Item | Period-End Balance | | :--- | :--- | | Equity transfer payments | 335,031,909.86 yuan | | Borrowed funds | 101,267,264.76 yuan | | Accounts payable not yet paid | 10,292,563.08 yuan | | Deposits and guarantees | 9,731,000.00 yuan | | Other | 4,247,665.63 yuan | | Total | 460,570,403.33 yuan | Operating Revenue and Operating Cost | Item | Current Period Amount (Revenue) | Current Period Amount (Cost) | | :--- | :--- | :--- | | Main business | 1,187,133,613.92 yuan | 853,023,876.78 yuan | | Other business | 212,453.62 yuan | 0 yuan | | Total | 1,187,346,067.54 yuan | 853,023,876.78 yuan | R&D Expenses | Item | Current Period Amount | | :--- | :--- | | Employee compensation | 279,077,292.13 yuan | | Share-based payment expenses | 20,311,361.59 yuan | | Materials and testing fees | 82,567,946.23 yuan | | Lease expenses | 10,529,425.02 yuan | | Depreciation and amortization | 23,146,780.90 yuan | | Office expenses | 918,430.96 yuan | | Travel expenses | 2,833,738.06 yuan | | Other | 1,513,075.67 yuan | | Total | 420,898,050.56 yuan | Investment Income | Item | Current Period Amount | | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 1,665,775.05 yuan | | Dividend distribution | 759,585.16 yuan | | Investment income from disposal of derivative financial assets | 755,328.00 yuan | | Gain from remeasurement of equity in original associates at fair value | 8,323,175.57 yuan | | Wealth management income | 45,552.57 yuan | | Total | 11,548,414.45 yuan | VIII. R&D Expenses During the reporting period, the company's total expensed R&D expenditure was 421 million yuan, primarily consisting of employee compensation, materials and testing fees, lease expenses, and depreciation and amortization, with no capitalized R&D expenditure R&D Expenses by Nature | Item | Current Period Amount | | :--- | :--- | | Employee compensation | 227,501,127.54 yuan | | Share-based payment expenses | 20,311,361.59 yuan | | Materials and testing fees | 134,144,110.82 yuan | | Lease expenses | 10,484,225.22 yuan | | Depreciation and amortization | 23,151,497.80 yuan | | Office expenses | 941,869.80 yuan | | Travel expenses | 2,833,738.06 yuan | | Other | 1,530,119.73 yuan | | Total | 420,898,050.56 yuan | | Of which: Expensed R&D expenditure | 420,898,050.56 yuan | | Capitalized R&D expenditure | 0 yuan | IX. Changes in Consolidation Scope During the reporting period, the company expanded its consolidation scope through non-common control business combinations, including Zhejiang Yucan Technology, Shanghai Xinjiejing Semiconductor Technology, Hangzhou Ruixin Zhisuo Semiconductor, Shanghai Lijiwei Semiconductor, Xiamen Jiebote Semiconductor, Nanjing Tianyihexin Electronics, and Hangzhou Lingxin Microelectronics, and established new subsidiaries such as Aixinzhe Microelectronics (Zhuhai Hengqin) Co., Ltd., Jiebote Semiconductor (Wuxi) Co., Ltd., Yixin Technology (Jiashan) Co., Ltd., Hangzhou Joulwatt Zhisuo Technology Co., Ltd., and WJ TECHNOLOGY CO., LIMITED - The company consolidated Zhejiang Yucan Technology Co., Ltd., Shanghai Xinjiejing Semiconductor Technology Co., Ltd., Hangzhou Ruixin Zhisuo Semiconductor Co., Ltd., Shanghai Lijiwei Semiconductor Co., Ltd., Xiamen Jiebote Semiconductor Co., Ltd., Nanjing Tianyihexin Electronics Co., Ltd., and Hangzhou Lingxin Microelectronics Co., Ltd. into its financial statements through non-common control business combinations[195] - Zhejiang Yucan Technology Co., Ltd. had a merger cost of 200 million yuan, resulting in 87.28 million yuan of goodwill; Shanghai Xinjiejing Semiconductor Technology Co., Ltd. had a merger cost of 50 million yuan, resulting in 19.40 million yuan of goodwill; Shanghai Lijiwei Semiconductor Co., Ltd. had a merger cost of 48 million yuan, resulting in 24.19 million yuan of goodwill; Nanjing Tianyihexin Electronics Co., Ltd. had a merger cost of 319 million yuan, resulting in 152 million yuan of goodwill; Hangzhou Lingxin Microelectronics Co., Ltd. had a merger cost of 97.55 million yuan, resulting in 67.81 million yuan of goodwill[560][561][562] - During the reporting period, the company established new subsidiaries including Aixinzhe Microelectronics (Zhuhai Hengqin) Co., Ltd., Jiebote Semiconductor (Wuxi) Co., Ltd., Yixin Technology (Jiashan) Co., Ltd., Hangzhou Joulwatt Zhisuo Technology Co., Ltd., and WJ TECHNOLOGY CO., LIMITED[205] X. Interests in Other Entities The company owns multiple wholly-owned and controlled subsidiaries with business natures covering manufacturing, trade, and R&D. During the reporting period, the company's ownership interests in Wuxi Yixin Company, Jiebote, Shenzhen Yucan, and Joulwatt Zhuhai Hengqin subsidiaries changed, but control was maintained. Additionally, the company holds equity in joint ventures and associates, with the total book value of investments in associates amounting to 388 million yuan - The company owns wholly-owned subsidiaries such as Joulwatt (Zhangjiagang) Co., Ltd., Joulwatt (Shenzhen) Co., Ltd., Joulwatt (Hangzhou) Co., Ltd., and controlled subsidiaries such as Wuxi Yixin Company, Aixinzhe Company, and Zhejiang Yucan Technology Co., Ltd[207][208][209] Changes in Ownership Interests in Subsidiaries | Subsidiary Name | Shareholding Percentage Before Change | Shareholding Percentage After Change | | :--- | :--- | :--- | | Wuxi Yixin Company | 60.00% | 57.59% | | Jiebote | 51.30% | 38.48% | | Shenzhen Yucan | 61.66% | 62.89% | | Joulwatt Zhuhai Hengqin | 80.00% | 100.00% | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount | | :--- | :--- | | Total book value of investments in joint ventures | 9,999,170.36 yuan | | Net profit of joint ventures | -412.34 yuan | | Total book value of investments in associates | 388,114,332.86 yuan | | Net profit of associates | 1,666,187.39 yuan | | Other comprehensive income of associates | -906,334.60 yuan | XI. Government Grants During the reporting period, the company received asset-related government grants of 30.90 million yuan, recognized as deferred income, with 13.01 million yuan transferred to other income; income-related government grants of 8.29 million yuan were directly recognized in other income. Total government grants recognized in current profit or loss amounted to 21.30 million yuan - New asset-related government grants of 30.904 million yuan were added this period, with an ending deferred income balance of 62.030 million yuan[587] Government Grants Included in Current Profit or Loss | Type | Current Period Amount | | :--- | :--- | | Asset-related | 13,013,153.44 yuan | | Income-related | 8,290,245.80 yuan | | Total | 21,303,399.24 yuan | XII. Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk). To manage these risks, the company conducts credit assessments of customers, places funds with highly-rated financial institutions, and balances liquidity through various financing methods. Interest rate risk primarily arises from floating-rate bank borrowings, and foreign exchange risk is mainly associated with foreign currency monetary assets and liabilities - The company's objective in risk management is to achieve a balance between risk and return, minimizing the negative impact of risk on the company's operating performance and maximizing the interests of shareholders and other equity investors[588] - The company's credit risk primarily arises from cash and bank balances and receivables. 53.20% of accounts receivable originate from the top five customers, indicating a certain concentration of credit risk[590][591] - To control liquidity risk, the company comprehensively utilizes various financing methods such as bill settlement and bank borrowings, and adopts a combination of long-term and short-term financing to optimize its financing structure[592] Financial Liabilities by Remaining Maturity (Period-End) | Item | Book Value | Undiscounted Contract Amount | Within 1 Year | 1-3 Years | Over 3 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank borrowings | 1,739,944,842.47 yuan | 1,810,063,888.00 yuan | 755,330,870.39 yuan | 1,032,296,225.94 yuan | 22,436,791.67 yuan | | Notes payable | 6,404,713.70 yuan | 6,404,713.70 yuan | 6,404,713.70 yuan | | | | Accounts payable | 265,105,095.92 yuan | 265,105,095.92 yuan | 265,105,095.92 yuan | | | | Other payables | 460,570,403.33 yuan | 460,570,403.33 yuan | 460,570,403.33 yuan | | | | Lease liabilities | 40,610,909.41 yuan | 42,022,700.70 yuan | 22,226,592.87 yuan | 18,864,724.01 yuan | 931,383.82 yuan | - The company's cash flow interest rate risk primarily relates to its floating-rate bank borrowings, which amounted to 901 million yuan as of June 30, 2025[594] - The company's foreign exchange risk primarily relates to its foreign currency monetary assets and liabilities, managed by buying and selling foreign currencies at market exchange rates to maintain net risk exposure at an acceptable level[594] - Endorsed notes receivable not derecognized amounted to 83.32 million yuan, and derecognized accounts receivable financing amounted to 164 million yuan[597][600] XIII. Disclosure of Fair Value The company's total assets measured at fair value at period-end amounted to 783 million yuan, primarily including trading financial assets (wealth management products and debt instrument investments), other equity instrument investments (non-listed company equity), and accounts receivable financing (bank acceptance bills). The fair value of these assets is mainly determined using Level 3 valuation techniques Total Assets Measured at Fair Value at Period-End | Item | Period-End Fair Value | | :--- | :--- | | Total assets continuously measured at fair value | 782,818,480.37 yuan | | Of which: Trading financial assets | 206,995,028.60 yuan | | Other equity instrument investments | 278,606,340.95 yuan | | Accounts receivable financing | 18,610,769.87 yuan | - The company's Level 3 fair value measurement for accounts receivable financing, which consists of bank acceptance bills, is determined by its face value[606] - The company's Level 3 fair value measurement for other equity instrument investments and debt instrument investments, which are unlisted company equities, is estimated by comprehensively considering market