金百泽(301041) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, disclaiming false statements or omissions - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[3] - Company head Wu Shoukun and chief accountant Wang Juan declare the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This report's table of contents lists eight main chapters covering important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report comprises eight main chapters, covering company operations, finance, and governance[6] List of Documents for Inspection Documents for inspection include signed financial statements, publicly disclosed company files, and the original semi-annual report, all available at the Board of Directors' Office/Securities Affairs Department - Documents for inspection include signed and sealed financial statements, original publicly disclosed documents, and the original report signed by the legal representative[8] - All documents for inspection are kept at the company's Board of Directors' Office/Securities Affairs Department[9] Definitions This section defines common terms used in the report, including company and subsidiary names, related entities, and technical acronyms, ensuring clear understanding of the content - The report details the names of the company and its main subsidiaries, such as Jinbaize, Jinbaize Technology, and Zaowu Factory[10] - Multiple professional terms and acronyms from the electronics industry are explained, such as IPD (Integrated Product Design), IPM (Integrated Product Manufacturing), PCB (Printed Circuit Board), and HDI (High-Density Interconnect Board)[10][12] - Management and technology-related acronyms are covered, such as AI (Artificial Intelligence), MES (Manufacturing Execution System), and ESG (Environmental, Social, and Governance)[12] Company Profile and Key Financial Indicators Company Profile Shenzhen Jinbaize Electronic Technology Co., Ltd. (Stock Code: 301041) is listed on the Shenzhen Stock Exchange, with no changes in contact or registration information during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jinbaize | | Stock Code | 301041 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Jinbaize Electronic Technology Co., Ltd. | | Legal Representative | Wu Shoukun | - During the reporting period, there were no changes in the company's contact information, registration details, or information disclosure locations[16][17][18] Key Accounting Data and Financial Indicators In H1 2025, revenue grew 2.93% to 338 million yuan, but net profit attributable to shareholders significantly dropped 78.84% to 3.42 million yuan, while operating cash flow increased 213.76% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 337,581,854.02 | 327,984,413.94 | 2.93% | | Net Profit Attributable to Shareholders of Listed Company | 3,424,595.96 | 16,187,887.43 | -78.84% | | Net Profit Attributable to Shareholders of Listed Company, Excluding Non-Recurring Gains and Losses | -135,428.31 | 11,516,138.03 | -101.18% | | Net Cash Flow from Operating Activities | 31,845,126.95 | 10,149,405.85 | 213.76% | | Basic Earnings Per Share (Yuan/Share) | 0.03 | 0.15 | -80.00% | | Diluted Earnings Per Share (Yuan/Share) | 0.03 | 0.15 | -80.00% | | Weighted Average Return on Net Assets | 0.51% | 2.40% | -1.89% | | End of Current Period | End of Prior Year | Change from End of Prior Year | | | Total Assets | 888,584,841.13 | 883,389,436.60 | 0.59% | | Net Assets Attributable to Shareholders of Listed Company | 674,199,247.16 | 685,733,990.96 | -1.68% | Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 3.56 million yuan, primarily from government subsidies and fair value changes of financial assets, partially offset by non-current asset disposal losses Non-Recurring Gains and Losses for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -51,575.11 | | Government Subsidies Recognized in Current Profit/Loss | 1,135,590.96 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities | 3,272,927.55 | | Other Non-Operating Income and Expenses Apart from the Above | -119,249.17 | | Less: Income Tax Impact | 630,896.40 | | Minority Interest Impact (After Tax) | 46,773.56 | | Total | 3,560,024.27 | Management Discussion and Analysis Main Business Activities During the Reporting Period Jinbaize focuses on electronic interconnection technology, offering integrated product design (IPD), integrated product manufacturing (IPM), PCB, and innovation services, aiming to be a world-class electronic circuit industry operator - The company's main businesses include integrated product design (IPD), integrated product manufacturing (IPM), printed circuit board (PCB), innovation services, and digital transformation services[27] - The company's IPD design center provides hardware, software, industrial design, and EDA software R&D services, and independently develops KBEDA-Skill and KBEDA-DFM auxiliary tools[29] - The IPM center offers one-stop EMS services including product integration solutions, electronic component selection and supply, PCBA assembly, and emphasizes high-reliability manufacturing[30] - The PCB business focuses on prototype and small-to-medium batch board demands, with products covering high-layer, HDI, rigid-flex boards, applied in smart cities, automotive electronics, and AI[31][32] - The innovation service system includes the Intelligent Engineering Research Institute, vocational education, pilot verification, and capital incubation, promoting deep integration of 'technology chain-industry chain-talent chain-capital chain'[33] - Digital transformation services, through platforms like 'Yinglong Zaowu', provide digital solutions for electronic manufacturing enterprises, empowering hardware innovation and industrial digital upgrading[34][35] - The Intelligent Engineering Research Institute focuses on cutting-edge technologies like IoT, 5G, and AI; the Yingjian Institute of Technology is dedicated to industry-education integration, cultivating international excellent engineers; Jiyun Tianxia provides intelligent computing support with AI computing as its core[36][37][38][39] Business Model The company primarily offers integrated design (IPD), integrated manufacturing (IPM), electronic engineering, and PCB manufacturing services, while also accelerating innovation and digital transformation for tech enterprises - The company's business model primarily focuses on IPD, IPM, electronic engineering services, and PCB manufacturing, while also accelerating innovation services and digital transformation[40] - The R&D model is market-oriented, conducting product development and technological research, and collaborating with universities and research institutions for industry-academia-research cooperation[41][42] - The domestic marketing model is coordinated by the marketing center with customer service centers; overseas, it operates locally through international BGs and local service providers, while micro and small customers are served via the online platform 'Zaowu Factory'[43][44] - The procurement model establishes a complete supplier selection and control system, with procurement methods including single-source, inquiry-based competitive procurement, and bidding[45] - The design and production model is 'make-to-order' customized flexible manufacturing, with orders quickly processed by the engineering center and advanced scheduling systems implemented[46] Overview of Operating Performance in H1 2025 In H1 2025, total operating revenue grew 2.93% to 338 million yuan, but net profit attributable to shareholders declined 78.84% to 3.42 million yuan, mainly due to increased investment in innovation services and rising costs Operating Performance for H1 2025 | Indicator | Amount (100 Million Yuan) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 3.38 | 2.93% | | Net Profit Attributable to Shareholders of Listed Company | 0.0342 | -78.84% | Key Business Sales Revenue for H1 2025 | Business Segment | Sales Revenue (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Smart Hardware | 6,699.02 | 23.56% | | Automotive Electronics | 1,497.00 | 146.80% | - The main reasons for the decline in net profit include: increased investment in innovation services, digitalization, and industrial intelligent entities; a slight decrease in gross profit margin for the PCB business and rising raw material costs (e.g., high prices for precious metals like gold and copper); and significant fixed cost amortization pressure from the flexible intelligent manufacturing fundraising project reaching its intended usable state[49] - The company focuses on AI-driven industrial demand upgrades and product structure optimization, centered around four business segments: 'Zaowu Factory, Jinbaize Electronics, YunChuang YingJian, and Shuke Zaowu'[51] - The Zaowu Factory business made progress in embedded product development and EDA software secondary development, and upgraded its PLM management system[52] - PCB and IPM businesses integrated production capacity, with high-tech value-added products (HDI, rigid-flex boards, high-frequency high-speed) increasing by over 30%; IPM output value grew by approximately 15% year-on-year[53] - Within the YunChuang YingJian business segment, the Intelligent Engineering Research Institute completed partial development of IoT and multimodal control platforms, the Yingjian Institute of Technology expanded university collaborations, and innovation services focused on Southeast Asia and North America[53][54] - The Zaowu Shuke business segment continued to iterate the InZ Yinglong platform, completed core business system development for PCB/SMT/component distribution, and strategically deployed new quality productive forces, intelligent robots, and industrial internet integration businesses[55] Company Performance Drivers Performance growth is driven by digital transformation, national innovation strategies, and increased demand for integrated design and manufacturing (IPDM) and digital services, supported by the company's talent, technology, and market advantages - Performance is primarily driven by the growth in demand for IPDM one-stop innovation and digital construction services under digital transformation and national innovation strategies[56] - The unveiling of the PCB Business Unit headquarters marks a strategic upgrade, which will strengthen IPDM integrated service capabilities and deepen breakthroughs in core technologies such as high-frequency high-speed and high-density interconnects[57][58] - The IPDM business benefits from the industry's demand for 'product + service' one-stop delivery, and the development of AI computing power and new energy industries driving electronic circuit products towards high precision, high density, and high reliability[59] - The growth in demand for multi-variety, small-batch customized orders under the intelligent trend aligns with the company's long-standing flexible manufacturing model[60] - Innovation services, through the construction of industrial internet platforms, provide innovation industrial rainforest services from enterprises to industries, and from parks to regions, facilitating the commercialization of scientific and technological achievements[61][62] - Zaowu Shuke's '1+N' platform model addresses the digital transformation challenges of SMEs, integrating manufacturing experience and cloud factory resources to provide one-stop digital services[63] Analysis of Core Competencies The company's core competencies include advanced integrated design and manufacturing, agile digital capabilities, a multi-dimensional 'innovation+capital+education' layout, extensive customer resources, and continuously evolving operational management - The company's core competencies include integrated design and manufacturing service capabilities, digital capabilities, a multi-dimensional 'innovation+capital+education' layout, customer resource advantages, and operational management capabilities[64] - Electronic product integrated design (IPD) services cover hardware, software, industrial design, professional PCB design, and EDA software R&D, providing one-stop hardware innovation solutions[65] - Leading PCB R&D prototype technology serves as a business entry point; the company is among the first batch of enterprises compliant with the Ministry of Industry and Information Technology's PCB industry standards, holding multiple patents and high-tech products[66][67] - Strengthening integrated product manufacturing (IPM), providing PCBA electronic assembly, BOM complete solutions, component testing, and reliability services, ensuring high-reliability products through DFM/PFM/DFP[69][70] - A systematic electronic product engineering service capability has been established, with a composite technical team of over 300 engineers, providing comprehensive engineering services from design to manufacturing and testing[71][72] - A standardized technological innovation platform, with a research institute established in collaboration with universities, has obtained multiple intellectual property authorizations and published papers, maintaining technological leadership[73][74] - Agile and flexible digital capabilities, achieving full-process digital business management through systems like CRM, CSS, PLM, and MES, and conducting AI large model training[75][76][77] - A multi-dimensional 'innovation+capital+education' layout strengthens the innovation service ecosystem, promotes pilot platform construction, deepens industry-education integration, and established Beijing Jiyun Tianxia with Zhiyun Suanneng Technology to empower AI intelligent computing[78][79] - Significant customer resource advantages, having served over 20,000 customers globally, accumulating rich industry experience, and offering differentiated online and offline service models[80] - Continuously change-driven operational management capabilities, enhancing organizational efficiency and decision-making scientificity through management innovation, process reform, data middle platform construction, talent development, and risk management[81] Analysis of Main Business Main business revenue increased 2.93%, but higher operating costs led to a decreased gross margin; sales and administrative expenses rose, and financial expenses significantly increased due to foreign exchange fluctuations and interest Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 337,581,854.02 | 327,984,413.94 | 2.93% | | | Operating Cost | 260,123,895.50 | 242,513,627.66 | 7.26% | | | Sales Expenses | 21,591,356.49 | 18,935,274.47 | 14.03% | | | Administrative Expenses | 31,870,142.63 | 27,214,460.97 | 17.11% | | | Financial Expenses | 239,543.85 | 60,672.24 | 294.82% | Mainly due to the combined impact of foreign currency exchange rate fluctuations, interest expenses, and interest income | | Income Tax Expense | -230,934.15 | -497,204.05 | 53.55% | Mainly due to the combined impact of current income tax expense and deferred income tax expense | | Net Cash Flow from Operating Activities | 31,845,126.95 | 10,149,405.85 | 213.76% | Mainly due to increased cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -120,698,662.23 | -24,422,255.00 | -394.22% | Mainly due to the impact of purchasing wealth management products | | Net Cash Flow from Financing Activities | -17,283,919.85 | -17,907,504.18 | 3.48% | Mainly due to the combined impact of share repurchases and dividend distributions | | Net Increase in Cash and Cash Equivalents | -106,066,921.26 | -31,468,785.41 | -237.05% | Mainly due to the combined impact of cash flows from operating, investing, and financing activities | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Printed Circuit Board | 186,617,358.04 | 146,976,452.78 | 21.24% | 0.29% | 4.19% | -2.95% | | Electronic Manufacturing Services | 112,499,140.02 | 89,870,849.92 | 20.11% | 3.15% | 5.08% | -1.47% | Analysis of Non-Core Business Non-core business positively impacted total profit through investment income and fair value changes, while asset and credit impairment losses had a negative effect, with government subsidies also contributing significantly Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 1,010,843.13 | 39.87% | Mainly due to income generated from purchasing wealth management products during the reporting period | | Gains/Losses from Changes in Fair Value | 2,262,084.42 | 89.22% | Mainly due to fair value changes recognized for other non-current financial assets and trading financial assets during the reporting period | | Asset Impairment | -1,339,545.23 | -52.84% | Mainly due to inventory impairment provisions made in accordance with the company's accounting policies during the reporting period | | Credit Impairment Losses | -1,294,379.55 | -51.05% | Mainly due to bad debt provisions made in accordance with the company's accounting policies during the reporting period | | Other Income | 2,730,443.81 | 107.70% | Mainly due to income recognized from government projects during the reporting period | Analysis of Assets and Liabilities Total assets slightly increased by 0.59% to 889 million yuan, with a significant decrease in monetary funds offset by a rise in trading financial assets; certain assets are restricted, primarily cash and right-of-use assets Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 70,360,830.41 | 7.92% | 176,427,751.67 | 19.97% | -12.05% | | Trading Financial Assets | 194,576,188.42 | 21.90% | 89,466,640.00 | 10.13% | 11.77% | | Inventories | 67,325,791.33 | 7.58% | 51,233,147.98 | 5.80% | 1.78% | | Fixed Assets | 185,148,924.50 | 20.84% | 190,745,578.85 | 21.59% | -0.75% | | Construction in Progress | 2,578,289.26 | 0.29% | 7,831,803.27 | 0.89% | -0.60% | | Contract Liabilities | 18,124,602.11 | 2.04% | 12,111,021.61 | 1.37% | 0.67% | Changes in Financial Assets Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 89,466,640.00 | 1,432,084.42 | 592,216,476.00 | 488,539,012.00 | 194,576,188.42 | Asset Restriction Status | Item | Amount (Yuan) | Restriction Status | | :--- | :--- | :--- | | Monetary Funds | 728,000.00 | Margin Account | | Right-of-Use Assets | 10,699,516.61 | Pledged | Analysis of Investment Status Total investment significantly increased by 190.86% to 602 million yuan, mainly due to increased purchases of financial assets measured at fair value; fundraising projects are largely complete, with one digital platform project extended Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (Yuan) | Investment Amount in Prior Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 601,944,735.00 | 206,955,480.00 | 190.86% | Overall Utilization of Raised Funds | Net Raised Funds (10,000 Yuan) | Total Raised Funds Used in Current Period (10,000 Yuan) | Total Raised Funds Used Cumulatively (10,000 Yuan) | Utilization Ratio of Raised Funds at End of Reporting Period | Total Unused Raised Funds (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | 15,209.31 | 1,112.09 | 13,991.08 | 91.99% | 1,066.02 | - The flexible manufacturing project for smart hardware and the R&D center construction project have reached their intended usable state[101][102] - The digital middle platform project for electronic circuit flexible engineering services has been extended to February 28, 2026, due to external macroeconomic environment, technological updates, and other factors[102] Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Amount Purchased in Reporting Period (Yuan) | Amount Sold in Reporting Period (Yuan) | Cumulative Investment Income (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 89,466,640.00 | 1,432,084.42 | 592,216,476.00 | 488,539,012.00 | 1,461,926.47 | 194,576,188.42 | Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 2,000 | 0 | | Brokerage Wealth Management Products | 7,000.03 | 0 | | Total | 9,000.03 | 0 | Analysis of Major Holding and Participating Companies Major subsidiaries include Huizhou Jinbaize Circuit Technology and Jinbaize Technology, with Huizhou Jinbaize reporting 246 million yuan in revenue and 2.44 million yuan in net profit; the company also acquired Beijing Yingjian Technology Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Huizhou Jinbaize Circuit Technology Co., Ltd. | Subsidiary | PCB | 245,555,724.63 | 2,435,042.71 | | Jinbaize Technology Co., Ltd. | Subsidiary | PCB, PCBA Export | 86,321,834.96 | 8,065,270.11 | | Shenzhen Zaowuyun Industrial Internet Technology Co., Ltd. | Subsidiary | Technology Development of Electronic Products | 12,514,835.29 | 2,445,921.78 | - During the reporting period, the company acquired Beijing Yingjian Technology Co., Ltd. as a new subsidiary, which did not have a significant impact on overall production, operations, and performance[111] Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic fluctuations, raw material price volatility, intensified competition, accounts receivable, foreign exchange, and operational management, addressed through diversification, supply chain management, and technological innovation - Macroeconomic fluctuations may lead to decreased or slowed demand, which the company addresses by increasing service diversification, strengthening customer loyalty, and enhancing supply chain management[112] - To mitigate raw material price fluctuation risks, the company increases cooperation with strategic suppliers, builds inventory, innovates technology, reduces costs and increases efficiency, and negotiates repricing with customers[113] - To address intensified industry competition and overcapacity risks, the company must continuously improve its technological level, management capabilities, and product quality to maintain competitiveness[114][115] - Accounts receivable risk is managed by improving control mechanisms, formulating credit strategies, strengthening collections, and optimizing customer structure[116] - Foreign exchange risk is mitigated through hedging measures such as matching foreign currency receipts and payments, signing forward foreign exchange contracts, and adjusting sales/purchase plans[117] - Operational management risks are addressed by enhancing organizational structure and management systems, building a data middle platform, investing in intelligent manufacturing, talent development, and establishing sound internal risk control mechanisms[118] Registration Form for Research, Communication, Interview Activities During the Reporting Period On May 19, 2025, the company held its 2024 annual performance briefing via an online platform, engaging with investors on its operations, strategy, and financial results - On May 19, 2025, the company communicated with investors via an online platform for its 2024 annual performance briefing[119] - The discussions covered the company's basic situation, performance, development strategy, and operating conditions[119] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company approved and implemented a 'Market Value Management System' on July 25, 2025, to enhance investment value and shareholder returns, but no valuation enhancement plan was disclosed - The company formulated and approved the 'Market Value Management System' on July 25, 2025[121] - This system aims to strengthen market value management, enhance investment value, and increase investor returns[121] - The company did not disclose a valuation enhancement plan[121] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management personnel - During the reporting period, there were no changes in the company's directors, supervisors, or senior management personnel[124] Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[125] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[126] Environmental Information Disclosure The company and its key subsidiary, Huizhou Jinbaize Circuit Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law Enterprises Included in the List for Legal Environmental Information Disclosure | No. | Enterprise Name | | :--- | :--- | | 1 | Huizhou Jinbaize Circuit Technology Co., Ltd. | Social Responsibility The company released its first ESG report, achieving A/AA ratings in 2024 Wind and Huazheng ESG evaluations, demonstrating commitment to stakeholder rights, environmental protection, and community engagement - The company released its first ESG report, achieving A and AA ratings in the 2024 Wind and Huazheng ESG evaluations, respectively, with a significant improvement in industry ranking[128] - The company is committed to protecting the legitimate rights and interests of investors, employees, suppliers, and customers through sound management systems, training, and standardized transactions[130][131][132] - The company highly values environmental protection and sustainable development, implementing energy conservation, emission reduction, green, and safety policies, and actively participating in social welfare activities such as rural revitalization[133][134] Significant Matters Fulfillment of Commitments During the reporting period, the company had no unfulfilled or overdue commitments from its actual controller, shareholders, related parties, or the company itself - During the reporting period, the company had no unfulfilled or overdue commitments[136] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of company funds by the controlling shareholder or other related parties[137] Illegal External Guarantees During the reporting period, the company had no illegal external guarantees - During the reporting period, the company had no illegal external guarantees[138] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[139] Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy or reorganization related matters - During the reporting period, the company had no bankruptcy or reorganization related matters[140] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period, with other minor cases totaling 2.32 million yuan, some ongoing, but none with a material impact - During the reporting period, the company had no significant litigation or arbitration matters[141] Summary of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of Other Litigation (Arbitration) Not Meeting Significant Disclosure Standards 1 (Company as Plaintiff) | 103.54 | No | Not yet concluded | No significant impact | | Summary of Other Litigation (Arbitration) Not Meeting Significant Disclosure Standards 2 (Subsidiary as Defendant) | 3.76 | No | Concluded | No significant impact | | Summary of Other Litigation (Arbitration) Not Meeting Significant Disclosure Standards 3 (Subsidiary as Defendant) | 128.57 | No | Not yet concluded | No significant impact | Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - During the reporting period, the company had no penalties or rectification situations[143] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled commitments, investigations, or administrative penalties - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity with no adverse records[144] Significant Related Party Transactions The company engaged in related party transactions for procurement and leasing with Xi'an Xinkai Electronics, and provided guarantees for subsidiaries Huizhou Jinbaize Circuit Technology and Shenzhen Zaowu Factory Technology Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Party Transaction Content | Amount Incurred in Current Period (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Xi'an Xinkai Electronics Co., Ltd. | Acceptance of Services | 3,865,114.74 | 8,500,000.00 | No | Related Party Leasing (Company as Lessee) | Lessor Name | Type of Leased Asset | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Xi'an Xinkai Electronics Co., Ltd. | Buildings | 1,146,811.60 | 1,191,437.96 | Related Party Guarantees (Company as Guarantor) | Guaranteed Party | Guaranteed Amount (Yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Huizhou Jinbaize Circuit Technology Co., Ltd. | 100,000,000.00 | 2020年08月28日 | 2025年12月31日 | No | | Shenzhen Zaowu Factory Technology Co., Ltd. | 3,000,000.00 | 2025年01月31日 | 2028年01月31日 | No | Key Management Personnel Remuneration | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 3,043,672.92 | 2,743,178.74 | Related Party Receivables and Payables | Item Name | Related Party | Ending Book Balance (Yuan) | | :--- | :--- | :--- | | Other Receivables | Xi'an Xinkai Electronics Co., Ltd. | 621,555.00 | | Other Payables | Xi'an Xinkai Electronics Co., Ltd. | 509,893.12 | Significant Contracts and Their Fulfillment The company has no trust or contracting arrangements, but holds multiple property lease contracts with various entities, and no significant guarantees or major operational contracts - The company has no trust or contracting arrangements[152][153] - The company has multiple property lease contracts for office, production/R&D/office, and factory use, with lease terms ranging from 2025 to 2039[154][155][156] - The company has no significant guarantees or major operational contracts[158][161] Explanation of Other Significant Matters Significant matters include share reductions by major shareholders Wu Shouyong and Zhang Wei, the completion of a share repurchase program totaling 1.28 million shares, and the approval of a 2024 profit distribution plan of 1.00 yuan per 10 shares - Shareholder Wu Shouyong, holding over 5% of shares, reduced his holdings by 1,146,000 shares, with an equity change ratio exceeding 1%[163] - Mr. Wu Shouyong further reduced his holdings by 1,668,100 shares, decreasing his stake to 4.9999%, and is no longer a shareholder holding over 5% of the company's shares[164] - Mr. Zhang Wei cumulatively reduced his holdings by 4,908,100 shares, decreasing his stake to 4.9999%, and is no longer a shareholder holding over 5% of the company's shares[165] - The company completed its share repurchase plan, cumulatively repurchasing 1,280,800 shares, accounting for 1.20% of total share capital, with a total transaction amount of 30,007,008.00 yuan[166] - The company approved the 2024 profit distribution plan, proposing to distribute a cash dividend of 1.00 yuan (including tax) per 10 shares to all shareholders, totaling 10,539,920.00 yuan[167] Significant Matters of Company Subsidiaries The company established a wholly-owned grandchild company, KING BROTHER TECHNOLOGY SINGAPORE PTE.LTD., in Singapore through its subsidiary Jinbaize Technology Co., Ltd., to expand its overseas market presence - The company established a wholly-owned grandchild company, KING BROTHER TECHNOLOGY SINGAPORE PTE.LTD., in Singapore to expand its overseas market[169] Share Changes and Shareholder Information Share Change Status During the reporting period, restricted shares decreased by 16,875, while unrestricted shares increased by the same amount, keeping total share capital unchanged, primarily due to director/supervisor/senior management share unlocking and locking Share Change Status | Item | Number Before Change (Shares) | Proportion Before Change | Increase/Decrease in Current Change (Shares) | Number After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 27,776,236 | 26.04% | -16,875 | 27,759,361 | 26.02% | | II. Unrestricted Shares | 78,903,764 | 73.96% | 16,875 | 78,920,639 | 73.98% | | III. Total Shares | 106,680,000 | 100.00% | 0 | 106,680,000 | 100.00% | - Share changes were primarily due to the unlocking and locking of shares held by directors, supervisors, and senior management[173] - The company completed its share repurchase plan, cumulatively repurchasing 1,280,800 shares, accounting for 1.20% of total share capital, with a total transaction amount of 30,007,008.00 yuan[175] - As of the end of the reporting period, the repurchased shares have not yet been used for employee stock ownership plans or equity incentive plans[175] Changes in Restricted Shares During the reporting period, senior executive Wu Shumei's restricted shares decreased by 16,875, resulting in an ending balance of 50,625 restricted shares, while other senior executives' restricted share counts remained unchanged Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (Shares) | Shares Released from Restriction in Current Period (Shares) | Ending Restricted Shares (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wu Shoukun | 27,582,174 | 0 | 27,582,174 | Senior Executive Locked Shares | | Pan Quan | 84,375 | 0 | 84,375 | Senior Executive Locked Shares | | Wu Shumei | 67,500 | 16,875 | 50,625 | Senior Executive Locked Shares | | Chen Chun | 42,187 | 0 | 42,187 | Senior Executive Locked Shares | | Total | 27,776,236 | 16,875 | 27,759,361 | | Shareholder Numbers and Shareholding Status As of the reporting period end, there were 13,912 common shareholders; Wu Shoukun is the largest shareholder with 34.47%, while Zhang Wei and Wu Shouyong hold less than 5% each, and the company's repurchase account holds 1.20% of unrestricted shares Total Number of Common Shareholders at End of Reporting Period | Indicator | Number | | :--- | :--- | | Total Number of Common Shareholders at End of Reporting Period | 13,912 | Shareholding Status of Shareholders Holding Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Increase/Decrease During Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Shoukun | Domestic Natural Person | 34.47% | 36,776,232 | 0 | 27,582,174 | 9,194,058 | | Zhang Wei | Domestic Natural Person | 4.72% | 5,032,000 | -897,800 | 0 | 5,032,000 | | Wu Shouyong | Domestic Natural Person | 3.70% | 3,950,000 | -3,148,000 | 0 | 3,950,000 | - Wu Shoukun and Wu Shouyong are brothers[179] - As of June 30, 2025, the company's special share repurchase account held 1,280,800 unrestricted shares, accounting for 1.20% of total share capital[179] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, or senior management personnel - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, or senior management personnel[181] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[182] Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related matters - During the reporting period, the company had no bond-related matters[185] Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[187] Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, detailing financial position, operating results, and cash flows - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity are provided[188][192][195][200][203][207][211][215][218] Company Basic Information Shenzhen Jinbaize Electronic Technology Co., Ltd., established on May 28, 1997, with Wu Shoukun as legal representative and actual controller, specializes in PCB manufacturing and electronic product design, assembly, and testing - The company's registered Chinese name is Shenzhen Jinbaize Electronic Technology Co., Ltd., established on May 28, 1997[221][222] - The legal representative is Wu Shoukun, and the actual controller is Wu Shoukun[221][223] - Its business scope includes the production and processing of printed circuit boards; electronic product design, assembly, and testing, belonging to the printed circuit board manufacturing industry[224][225] Basis of Financial Statement Preparation These financial statements are prepared based on the company's going concern assumption, in accordance with enterprise accounting standards and significant accounting policies and estimates, with the company possessing going concern ability for at least 12 months from the reporting period end - The financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards[228] - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[229] Significant Accounting Policies and Estimates This section details the company's adherence to enterprise accounting standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, financial instruments, revenue recognition, government grants, deferred taxes, and leases - The company's financial statements comply with the latest enterprise accounting standards issued by the Ministry of Finance[231] - Detailed explanations are provided for the recognition, classification, measurement, and impairment treatment of financial instruments, including the measurement methods for expected credit losses[249][252][262] - Revenue recognition and measurement adopt the principle of recognizing revenue when the customer obtains control of the related goods, distinguishing between performance obligations satisfied over time or at a point in time[361][362] - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in current profit/loss, respectively[375][376] - Deferred income tax assets and liabilities are recognized and measured based on temporary differences between the carrying amounts of assets and liabilities and their tax bases[381] - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases, and applies simplified treatment for short-term leases and leases of low-value assets[393] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with varying rates; several subsidiaries enjoy preferential 15% or 20% corporate income tax rates as high-tech or small-profit enterprises, and benefit from R&D expense super deduction and advanced manufacturing VAT credit policies Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 6.00%、13.00% | | Urban Maintenance and Construction Tax | 7.00% | | Corporate Income Tax | 15.00%、16.50%、20.00%、25.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | - Huizhou Jinbaize Circuit Technology Co., Ltd., Xi'an Jinbaize Circuit Technology Co., Ltd., Beijing Jinbaize Technology Co., Ltd., and Shenzhen Zaowu Factory Technology Co., Ltd. are subject to a 15% corporate income tax rate as high-tech enterprises[404][405] - Several subsidiaries, as small low-profit enterprises, are subject to a 20% corporate income tax rate on the portion of their annual taxable income not exceeding 3 million yuan, which is reduced by 25% into taxable income[406] - The company and its subsidiaries apply the R&D expense super deduction policy, allowing 100% super deduction for R&D expenses that do not form intangible assets[407] - Huizhou Jinbaize Circuit Technology Co., Ltd. and Xi'an Jinbaize Circuit Technology Co., Ltd. apply the VAT super deduction policy for advanced manufacturing enterprises[408] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including monetary funds, trading financial assets, accounts receivable, inventories, fixed assets, and operating revenue and costs, offering insights into the company's financial position and performance - The ending balance of monetary funds is 70.36 million yuan, of which 0.728 million yuan is restricted as bill margin deposits[411] - The ending balance of trading financial assets is 194.58 million yuan, primarily comprising structured deposits and Cunliying products[412] - The ending book value of accounts receivable is 199.25 million yuan, with bad debt provisions of 23.24 million yuan already made[430] - The ending book value of inventories is 67.33 million yuan, with inventory impairment provisions of 2.40 million yuan already made[469][471] - Net profit attributable to owners of the parent company is 3.42 million yuan, and the ending balance of undistributed profits is 314.45 million yuan[198][546] - Operating revenue is 337.58 million yuan, operating cost is 260.12 million yuan, and the gross profit margin is 22.95%[549] - R&D expenses incurred in the current period amounted to 22.17 million yuan, a year-on-year decrease[558] - Net cash flow from operating activities is 31.85 million yuan, and net cash flow from investing activities is -120.70 million yuan[592] R&D Expenses Total R&D expenses for the reporting period were 22.17 million yuan, entirely expensed, primarily comprising employee compensation, material costs, office expenses, depreciation, and amortization, showing a decrease from the prior period Composition of R&D Expenses | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 14,664,068.08 | 16,300,239.99 | | Material Costs | 5,986,360.83 | 6,696,972.57 | | Office Expenses | 118,483.39 | 375,346.89 | | Depreciation and Amortization | 423,254.42 | 393,462.86 | | Other | 972,807.91 | 1,011,768.69 | | Total | 22,164,974.63 | 24,777,791.00 | - All R&D expenses for the current period were expensed[603] Changes in Consolidation Scope The company expanded its consolidation scope by acquiring Beijing Yingjian Technology, resulting in negative goodwill of -62,515.86 yuan, and establishing several new subsidiaries and an overseas grandchild company Non-Identical Control Business Combinations Occurring in Current Period | Acquiree Name | Acquisition Date of Equity | Cost of Equity Acquisition (Yuan) | Proportion of Equity Acquired | Acquisition Date | | :--- | :--- | :--- | :--- | :--- | | Beijing Yingjian Technology Co., Ltd. | 2025年04月21日 | 500.00 | 100.00% | 2025年04月21日 | Consolidation Cost and Goodwill | Item | Amount (Yuan) | | :--- | :--- | | Total Consolidation Cost | 500.00 | | Less: Fair Value Share of Identifiable Net Assets Acquired | 63,015.86 | | Goodwill / Amount by which Consolidation Cost is Less than Fair Value Share of Identifiable Net Assets Acquired | -62,515.86 | - The company established Chongqing Zaowu Digital Technology Co., Ltd., Huizhou Zaowu Shuke Industrial Technology Co., Ltd., Tianjin Jinbaize Intelligent Engineering Research Institute Co., Ltd., Shenzhen Yingjian Education Technology Co., Ltd., and the overseas grandchild company KING BROTHER TECHNOLOGY SINGAPORE PTE. LTD., expanding its consolidation scope[608][609] Interests in Other Entities This section outlines the company's group structure, including various wholly-owned and controlled subsidiaries involved in PCB, PCBA, components, and technical services, with financial details for significant non-wholly-owned subsidiaries like Hangzhou Baifu IoT Technology - The company owns multiple wholly-owned and controlled subsidiaries, with business activities covering PCB, PCBA, components, engineering design, and technical services[611][612][613] Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit/Loss Attributable to Minority Shareholders in Current Period (Yuan) | Ending Balance of Minority Interests (Yuan) | | :--- | :--- | :--- | :--- | | Hangzhou Baifu IoT Technology Co., Ltd. | 30.00% | -476,416.95 | -1,235,857.83 | | Shenzhen Zaowu Digital Industrial Technology Co., Ltd. | 40.00% | -618,145.54 | 1,463,751.56 | | Huizhou Zeguo Electronics Co., Ltd. | 30.00% | -8,319.08 | 1,663,413.55 | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Ending Balance / Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Total Carrying Amount of Investments | 238,073.08 | | Net Profit | -451,083.34 | | Total Comprehensive Income | -451,083.34 | Government Grants The company received various government grants, with asset-related grants recognized as deferred income totaling 5.85 million yuan at period-end, and income-related grants of 2.73 million yuan recognized in current profit/loss, including VAT super deduction and provincial development funds Liability Items Involving Government Grants | Accounting Account | Beginning Balance (Yuan) | New Grant Amount in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | 2015 Industrial Transformation and Upgrading Intelligent Manufacturing and "Internet+" Action Support and Guarantee Capability Project - Intelligent Audio Key Components | 832,587.19 | 0 | 202,478.58 | 630,108.61 | Asset Related | | Data Model Standard Preparation and Implementation Consulting Research Project | 470,100.00 | 0 | 470,100.00 | 0.00 | Asset Related | | Huizhou Ecological Environment Bureau Daya Bay Branch Daya Bay Key Water-Related Enterprise Upgrading and Rectification Project Reward Fee | 385,096.04 | 0 | 154,038.48 | 231,057.56 | Asset Related | | Daya Bay Economic and Technological Development Zone Management Committee Economic Development and Statistics Bureau Huizhou City Support for Manufacturing Digital Transformation Benchmark Demonstration (Industrial Internet-Based Electronic Circuit Industry Flexible Intelligent Factory Project) | 1,097,345.27 | 0 | 82,300.86 | 1,015,044.41 | Asset Related | | Huizhou Daya Bay Development Zone Management Committee Economic Development and Statistics Bureau 2024 Provincial Advanced Manufacturing Development Special Fund (2021 Technical Transformation Project - High-Frequency High-Speed Multi-Layer Printed Circuit Board Production Line Expansion) | 1,738,324.99 | 0 | 112,150.02 | 1,626,174.97 | Asset Related | | 3D Component and Electronic Component Basic Resource Library Construction Software Phase II Key Project for Skyworth and Jinbaize Company | 0 | 1,194,200.00 | 0 | 1,194,200.00 | Income Related | | Total | 5,718,011.85 | 1,194,200.00 | 1,066,075.38 | 5,846,136.47 | | Government Grants Recognized in Current Profit/Loss | Accounting Account | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | VAT Super Deduction | 704,044.91 | 1,187,146.02 | | Data Model Standard Preparation and Implementation Consulting Research Project | 470,100.00 | 0 | | Huizhou Daya Bay Economic and Technological Development Zone Management Committee Economic Development and Statistics Bureau 2024 Provincial Advanced Manufacturing Development Special Fund (2021 Technical Transformation Project - High-Frequency High-Speed Multi-Layer Printed Circuit Board Production Line Expansion) | 112,150.02 | 0 | | Shaanxi Province 'Specialized, Refined, Unique, New' Small and Medium-sized Enterprises | 200,000.00 | 0 | | 2025 Provincial Service-Oriented Manufacturing Demonstration Special Fund | 100,000.00 | 0 | | Total | 2,730,443.81 | 3,610,411.75 | [Risks Related to Financial Instruments](index=137&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E