赛微微电(688325) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of key terms used throughout the report, ensuring clarity and consistent understanding of company-specific and industry-related terminology Definitions of Common Terms This chapter provides definitions of common terms used in the report, covering company names, subsidiaries, shareholders, industry terms (such as integrated circuits, analog chips, power management chips, battery management chips, etc.), and financial reporting periods, aiming to ensure a clear understanding of the report content - Company full name: Guangdong Cellwise Microelectronics Co., Ltd - Core business related terms: analog integrated circuits, power management chips, battery management chips, battery safety chips, battery metering chips, charging management chips, etc - Reporting period: January 1, 2025 to June 30, 2025[13] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, information disclosure, stock profile, and key financial performance indicators for the reporting period I. Company Basic Information This section outlines the company's basic registration information, including its Chinese name, abbreviation, legal representative, registered and office addresses, company website, and email address, providing investors with a fundamental overview of the company - Company Chinese name: Guangdong Cellwise Microelectronics Co., Ltd., abbreviation: Cellwise Microelectronics[15] - Legal Representative: Jiang Yanbo[15] - Company registered and office address: Building 56, No. 2, Keji 10th Road, Songshan Lake Park, Dongguan City, Guangdong Province[15] II. Contact Persons and Information This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, facilitating information inquiries and communication for investors - Board Secretary (Domestic Representative for Information Disclosure): Hu Jingbao[16] - Securities Affairs Representative: Sun Yilin[16] - Contact Phone and Fax: 0769-22852036[16] - Email: ir@cellwise-semi.com[16] III. Information Disclosure and Location for Document Availability Changes Overview This section specifies the company's information disclosure channels and locations for making its semi-annual report available, ensuring investors can timely access public company information - Company's selected information disclosure newspapers: Shanghai Securities News, Securities Times[17] - Website address for the semi-annual report: www.sse.com.cn[17](index=17&type=chunk) - Location for the company's semi-annual report: Company Securities Affairs Department[17] IV. Company Stock/Depositary Receipts Overview This section briefly introduces the company's stock exchange, stock abbreviation, and code, and clarifies that the company has no depositary receipts - Company stock listing exchange and board: Shanghai Stock Exchange STAR Market[18] - Company stock abbreviation: Cellwise Microelectronics, stock code: 688325[1] - The company has no depositary receipts[20] V. Other Relevant Information This section states that the company has no other relevant information to disclose - The company has no other relevant information[20] VI. Company's Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 31.00% to 218 million yuan, and net profit attributable to shareholders increased by 29.91% to 39.3432 million yuan, primarily due to sustained downstream market demand, expanded product portfolio, and accumulated customer resources. However, net cash flow from operating activities was a negative 8.3932 million yuan, a decrease of 123.26% year-on-year, mainly due to the company's strategic increase in inventory Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 218,399,361.64 | 166,712,309.98 | 31.00 | | Total Profit | 40,464,786.50 | 31,196,881.98 | 29.71 | | Net Profit Attributable to Shareholders of Listed Company | 39,343,164.59 | 30,283,835.64 | 29.91 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 36,044,982.03 | 27,602,152.39 | 30.59 | | Net Cash Flow from Operating Activities | -8,393,155.94 | 36,082,087.58 | -123.26 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period/End of Prior Year) | 1,692,397,834.10 | 1,711,977,281.93 | -1.14 | | Total Assets (End of Current Period/End of Prior Year) | 1,908,236,316.20 | 1,782,656,928.69 | 7.04 | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.4753 | 0.3679 | 29.19 | | Diluted Earnings Per Share (yuan/share) | 0.4571 | 0.3560 | 28.40 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.4354 | 0.3353 | 29.85 | | Weighted Average Return on Net Assets (%) | 2.30 | 1.82 | Increased by 0.48 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 2.10 | 1.66 | Increased by 0.44 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 30.06 | 30.82 | Decreased by 0.76 percentage points | - Net cash flow from operating activities was a negative 8.393 million yuan, a year-on-year decrease of 123.26%, mainly due to the company strategically increasing inventory based on market conditions and actively strengthening supply chain management[23] VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section states that there are no differences in accounting data under domestic and overseas accounting standards for the company - The company has no differences in accounting data under domestic and overseas accounting standards[24] VIII. Non-recurring Gains and Losses Items and Amounts This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling 3.2982 million yuan, primarily including government subsidies and fair value changes in financial assets Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Items | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 1,227,970.08 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 2,640,889.13 | | Other non-operating income and expenses apart from the above | -215.62 | | Less: Income tax impact | 570,461.03 | | Total | 3,298,182.56 | IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact This section states that the company is not applicable for disclosing net profit after deducting the impact of share-based payments - The company is not applicable for disclosing net profit after deducting the impact of share-based payments[26] X. Explanation of Non-GAAP Performance Indicators This section states that the company has no explanation for non-GAAP performance indicators - The company has no explanation for non-GAAP performance indicators[26] Section III Management Discussion and Analysis This section provides a comprehensive discussion and analysis of the company's industry, main business operations, core competitiveness, risk factors, and key operating performance during the reporting period I. Description of the Company's Industry and Main Business During the Reporting Period The company primarily engages in R&D and sales of analog chips, focusing on battery management chips and expanding into power management chips. The industry, integrated circuit design, is gradually recovering after a global economic slowdown, with the global semiconductor market expected to grow by 11.2% in 2025 and the analog chip market by 6.7%. The company's products include battery safety chips, battery metering chips, and other charging management chips, widely used in consumer electronics and industrial control. The company operates under a Fabless model (I) Industry and Industry Development Overview The company operates in the integrated circuit design industry, a core driver of semiconductor development. After a cyclical adjustment since 2022, the global semiconductor market is expected to recover in 2024 and continue growing in 2025, with the analog chip market projected to achieve a restorative growth of 6.7% to 84.34 billion USD. The Chinese mainland integrated circuit market continues to expand, expected to account for 54.69% of the global market by 2030. The battery management chip market, a key segment of power management chips, is projected to grow at an 8.8% CAGR, offering significant domestic substitution opportunities - The company's main business is the R&D and sales of analog chips, belonging to the integrated circuit design industry[27] - The global integrated circuit design industry scale grew from 101.1 billion USD in 2017 to approximately 245.5 billion USD in 2023, with an average compound annual growth rate of approximately 15.94%[28] - WSTS expects the global semiconductor market size to reach 700.9 billion USD in 2025, a year-on-year increase of 11.2%, with the analog chip market size expected to achieve a restorative growth of 6.7%, reaching 84.34 billion USD[28] - According to the IBS report, the Chinese semiconductor market size is expected to reach 738.9 billion USD by 2030, accounting for 54.69% of the global market[29] - According to Mordor Intelligence, the global battery management chip market size is expected to achieve a compound annual growth rate of 8.8% from 2023 to 2028[30] (II) Main Business, Products, or Services The company specializes in analog chip R&D and sales, with a core focus on battery management chips and an expansion into a wider range of power management chips. Its main products include battery safety chips (for overcharge, overdischarge, overcurrent, short-circuit protection, used in TWS earphones, POS machines, power tools, etc.), battery metering chips (high-precision power and health status estimation via "FastCali" algorithm, used in smartphones, tablets, AIoT devices, etc.), and other charging management chips (including charging management, power switches, DC/DC converters, LDOs, used in smartphones, laptops, AIoT devices, etc.) - Since its establishment, the company has been committed to the R&D and sales of analog chips, focusing on battery management chips and extending into the power management chip field[31] - The company's products feature "high precision, high safety, high stability, and ultra-low power consumption"[31] - The main products are centered on battery management chips, including battery safety chips, battery metering chips, and other charging management chips[32] - Battery safety chips are widely used in terminal products such as TWS earphones, POS machines, smart door locks, power tools, outdoor and home mobile power supplies, light electric vehicles, cordless home appliances, and smartphones[35] - Battery metering chips, relying on the independently developed “FastCali” battery power algorithm, achieve high precision, low power consumption, and simple application solutions, widely used in terminal products such as smartphones, tablets, TWS earphones, POS machines, AIoT devices, AR/VR devices, PD mobile power supplies, and power tools[36][37] - Other charging management chips are functionally divided into charging management chips, power switch chips, DC/DC converters, and linear regulators (LDOs), applied in smartphones, laptops, TWS earphones, AIoT devices, mobile power supplies, and charging products[38][39][40] (III) Main Business Model The company adopts the typical Fabless (fabless semiconductor company) business model in the integrated circuit industry, focusing on chip design and sales. Wafer manufacturing, packaging, and testing are all outsourced to professional manufacturers, which helps in rapid product iteration and shorter R&D cycles - The company adopts the typical Fabless business model in the integrated circuit industry, focusing on chip design and sales[41] - Wafer manufacturing, packaging, and testing steps are outsourced to professional manufacturers[41] - This business model facilitates product iteration and shortens product R&D cycles[42] II. Discussion and Analysis of Operations In the first half of 2025, the company overcame uncertainties from US trade policies and capitalized on the recovery of domestic downstream markets, achieving robust growth in core businesses through continuous introduction of high-performance differentiated products, strengthened market expansion, and technological iteration. Operating revenue increased by 31.00% year-on-year, and net profit increased by 29.91% year-on-year. The company maintained high R&D investment, with R&D personnel accounting for 66% of total employees, R&D expenses increasing by 27.77% year-on-year, and continuously improved its corporate governance structure - During the reporting period, operating revenue reached 218.399 million yuan, a year-on-year increase of 31.00%[42] - Net profit attributable to shareholders of listed company was 39.343 million yuan, a year-on-year increase of 29.91%[42] - Net profit attributable to shareholders of listed company after deducting non-recurring gains and losses was 36.045 million yuan, a year-on-year increase of 30.59%[42] - The company continuously expanded and upgraded its product lines, launching high-performance, highly differentiated products to meet market demand, increase market share, and seize opportunities for domestic substitution[43] - A total of 128 R&D personnel accounted for 66% of the company's total employees, with total R&D investment of 65.646 million yuan, a year-on-year increase of 27.77%, accounting for 30.06% of operating revenue[44] - The company continuously improved its corporate governance structure and enhanced its standardized operation level, establishing a scientifically designed, concise, applicable, and effective internal control system[46] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its technological advantages (adhering to forward design, breaking international patent barriers, integrating multidisciplinary knowledge, deeply cultivating industrial and consumer markets), outstanding product performance and stable quality, comprehensive service system and high customer stickiness, strong brand image, and experienced R&D team. There were no significant changes in core technologies during the reporting period, R&D investment continued to grow, and the company was recognized as a national "Little Giant" enterprise specializing in niche sectors (I) Core Competitiveness Analysis The company breaks international patent barriers through forward design, achieving technological independence, especially in battery metering chips. By integrating battery electrochemistry and chip design multidisciplinary knowledge, it has accumulated a vast battery database. Products exhibit outstanding performance and stable quality, forming multiple solutions, and establishing high-stickiness cooperative relationships with renowned terminal customers like Dell, HP, and Xiaomi. The company has built a strong brand image in battery management chips and possesses an experienced and stable R&D team - The company adheres to forward design, breaking international manufacturers' patent barriers in core battery metering chip technology, achieving technological independence[47] - The company's management and R&D team master battery electrochemical characteristics and deeply integrate them with chip design, accumulating extensive data and experience[48] - As of June 30, 2025, the company holds 34 domestic and international patents, including 27 invention patents[50] - The company's products are widely used in terminal products such as TWS earphones, POS machines, smart door locks, power tools, outdoor and home mobile power supplies, light electric vehicles, cordless home appliances, and smartphones[35] - The company's products feature outstanding performance and stable quality, with long-term cooperation with wafer foundries and packaging and testing plants, ensuring quality control throughout the entire production and manufacturing process[50][51] - The company has an experienced and technically proficient on-site technical support team, capable of efficiently and quickly resolving issues during initial product introduction, shortening product introduction time[51] - The company has established a strong brand image and service reputation in the battery management chip field[53] - The company's R&D team is experienced and highly stable, serving as a barrier for new entrants to the industry[53] (II) Events During the Reporting Period That Severely Affected the Company's Core Competitiveness, Impact Analysis, and Countermeasures During the reporting period, no events occurred that severely affected the company's core competitiveness - The company's core competitiveness was not severely affected during the reporting period[54] (III) Core Technologies and R&D Progress During the reporting period, there were no significant changes in the company's core technologies, all derived from independent R&D, covering 13 items such as battery characteristic analysis, low offset error current acquisition, high-precision battery metering algorithms, multi-channel high-voltage acquisition and comparison, high-voltage switches, high-precision voltage reference design, ultra-low power circuit design, low-cost high-precision circuit trimming, system-level ESD protection, low-power battery disconnection detection, low-noise high-PSRR linear regulator design, DC/DC loop control, and highly flexible low-cost battery temperature acquisition. The company maintained high R&D investment, with R&D expenses increasing by 27.77% year-on-year, holding 34 authorized patents and 22 integrated circuit layout design rights, and was recognized as a national "Little Giant" enterprise specializing in niche sectors. Ongoing R&D projects include 16 items such as high-precision lithium battery protection, high-reliability lithium battery protection, high-voltage analog front-end, industrial switches and drivers, high-performance linear regulators, general-purpose switching regulators, high-performance charging management, industrial switching regulators, high-current current limiting and load switches, high-performance single-cell fuel gauges, high-performance multi-cell fuel gauges, high-voltage linear regulators, power management technology platform R&D, battery management technology platform R&D, intelligent power circuit controllers, and battery information management chips, with a total investment of 575 million yuan - During the reporting period, there were no significant changes in the company's core technologies, all derived from independent R&D[55] - The company possesses 13 core technologies, including battery characteristic analysis, low offset error current acquisition, high-precision battery metering algorithms, multi-channel high-voltage acquisition and comparison, high-voltage switches, high-precision voltage reference design, ultra-low power circuit design, low-cost high-precision circuit trimming, system-level ESD protection, low-power battery disconnection detection, low-noise high-PSRR linear regulator design, DC/DC loop control, and highly flexible low-cost battery temperature acquisition technology[55][56] - As of June 30, 2025, the company holds 34 authorized patents (including 27 invention patents) and 22 integrated circuit layout design rights. One new invention patent was obtained during this reporting period[57][59] R&D Investment | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 65,646,319.96 | 51,376,788.64 | 27.77 | | Total R&D Investment | 65,646,319.96 | 51,376,788.64 | 27.77 | | Total R&D Investment as Percentage of Operating Revenue (%) | 30.06 | 30.82 | Decreased by 0.76 percentage points | - Total R&D investment increased by 27.77% year-on-year, mainly due to the year-on-year increase in R&D personnel leading to higher employee compensation[62] - The company has a total of 16 ongoing R&D projects, with an estimated total investment of 575 million yuan, a current period investment of 43.6934 million yuan, and a cumulative investment of 295 million yuan, covering high-precision lithium battery protection, high-reliability lithium battery protection, high-voltage analog front-end, industrial switches and drivers, high-performance linear regulators, general-purpose switching regulators, high-performance charging management, industrial switching regulators, high-current current limiting and load switches, high-performance single-cell fuel gauges, high-performance multi-cell fuel gauges, high-voltage linear regulators, power management technology platform R&D, battery management technology platform R&D, intelligent power circuit controllers, and battery information management chips[64][65] R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 128 | 113 | | R&D Personnel as Percentage of Total Company Employees (%) | 66.0 | 64.2 | | Total R&D Personnel Compensation (yuan) | 43,168,293.42 | 32,651,488.83 | | Average R&D Personnel Compensation (yuan) | 337,252.29 | 288,951.23 | - The company was recognized as a national "Little Giant" enterprise specializing in niche sectors (recognized in 2022)[56] IV. Risk Factors The company faces multiple risks, including operational risks (high concentration of suppliers and customers), financial risks (gross margin fluctuations, inventory impairment), industry risks (semiconductor industry cyclicality), technological risks (R&D failure, product iteration due to technological upgrades), risks in implementing fundraising projects (new energy battery management chip R&D project market expansion falling short of expectations), and macroeconomic environment risks (international trade friction) (I) Operational Risks The company faces risks associated with high concentration of suppliers and customers. During the reporting period, purchases from the top five suppliers accounted for 99.61% of total purchases, and revenue from the top five distributors accounted for 58.77% of the company's operating revenue. Insufficient supplier capacity or changes in major customers' operating strategies or loss of major customers would adversely affect the company's operations - During the reporting period, the top five suppliers accounted for 99.61% of the company's total procurement, indicating high concentration[69] - During the reporting period, the top five distributors' operating revenue accounted for 58.77% of the company's total operating revenue, indicating relatively high concentration[69] (II) Financial Risks The company faces risks of gross margin fluctuations and inventory impairment. Semiconductor products update rapidly, and market competition may lead to a decline in gross margin. Inventory increased to ensure supply chain security may face impairment if the market declines or technological iteration accelerates - If the company fails to upgrade or develop products in a timely manner according to market changes, it may be at a disadvantage in market competition, potentially leading to a decrease in product selling prices and fluctuations in gross margin levels[70] - The company's inventory primarily consists of chips and wafers, and significant resources have been invested to ensure supply chain security. If the market declines rapidly in the future, or if technological iteration accelerates product updates, the risk of inventory impairment may increase[70] (III) Industry Risks The semiconductor industry is cyclical, and the demand for the company's products is affected by macroeconomic fluctuations. Upstream wafer manufacturing, packaging, and testing capacity construction cycles are long, potentially leading to cyclical shortages or oversupply, causing fluctuations in the company's performance - The semiconductor industry, in which the company operates, faces cyclical risks, and its market demand is inevitably affected by macroeconomic fluctuations[70] - Due to the long construction cycles for upstream wafer manufacturing, packaging, and testing industries, supply chain capacity may experience cyclical shortages and oversupply, leading to fluctuations in the company's performance[70] (IV) Technological Risks The company faces risks of R&D failure and product iteration due to technological upgrades. New product R&D requires significant human and financial investment; if products do not meet market demand or competitors introduce entirely new technologies, product sales and market competitiveness may be adversely affected - The company in product R&D needs to invest significant human and financial resources. If future developed products do not meet market demand, it will adversely affect the company's product sales and market competitiveness[71] - The integrated circuit design industry is technology-intensive, with rapid technological updates. If the company cannot make forward-looking judgments, respond quickly, and accurately grasp market changes, or if competitors introduce entirely new technologies, the company's product R&D capabilities and production process requirements may not adapt to customers' evolving iteration needs, gradually losing market competitiveness[71] (V) Implementation Risks of the New Energy Battery Management Chip R&D Project The new energy battery management chip R&D project faces implementation risks. Currently, the company's chips are primarily used in consumer electronics and industrial control, with new energy applications limited to small-scale energy storage systems and light electric vehicles, not yet applied in large-scale energy storage systems and new energy vehicles. If key technologies are not breakthroughs, performance indicators do not meet expectations, or market expansion falls short of expectations during R&D, the project may contribute little to the company's performance - The new energy battery management chip R&D project will focus on developing cutting-edge battery management chips for new energy fields such as electrochemical energy storage and new energy vehicle battery management systems[71] - As of the end of the reporting period, the company's chip products are primarily used in consumer electronics and industrial control, with new energy applications mainly involving small-scale energy storage systems and light electric vehicles, not yet applied in large-scale energy storage systems and new energy vehicles[72] - If key technologies are not breakthroughs, performance indicators do not meet expectations, R&D progress is slow, or investment costs are too high in future R&D, new product R&D faces the risk of failure[72] - After new products are launched, related businesses face market expansion risks. If the company's market development efforts fall short of expectations, the new energy battery management project may contribute little to the company's performance in the future[72] (VI) Macroeconomic Environment Risks Intensified international trade friction may negatively impact the company's terminal customers, thereby affecting product sales and normal operations - If international trade friction further intensifies in the future, leading to negative impacts on the company's terminal customers, thereby affecting product sales, it may adversely affect the company's normal operations[72] V. Key Operating Performance During the Reporting Period During the reporting period, the company focused on high-end analog chip design and sales, with battery management chips as its core. Through increased product development and customer accumulation, it achieved operating revenue of 218 million yuan, a year-on-year increase of 31.00%; and net profit of 39.3432 million yuan, a year-on-year increase of 29.91%. The asset-liability structure underwent significant changes, with a substantial increase in current portion of non-current assets and other current assets, mainly due to maturing or new large-denomination certificates of deposit and time deposits. On the liability side, short-term borrowings and dividends payable led to a significant increase in other payables. The company also made new equity investments in private equity funds - During the reporting period, operating revenue reached 218.399 million yuan, a year-on-year increase of 31.00%; net profit attributable to shareholders of listed company was 39.343 million yuan, a year-on-year increase of 29.91%[73] (I) Main Business Analysis During the reporting period, the company's operating revenue increased by 31.00% to 218 million yuan, primarily driven by sustained downstream market demand, expanded product portfolio, and accumulated customer resources. Operating costs increased by 26.20% year-on-year. Sales expenses and R&D expenses increased by 26.92% and 27.77% respectively, while administrative expenses increased by 15.76%. Financial expenses changed due to reduced bank deposit interest income. Net cash flow from operating activities was a negative 8.3932 million yuan, a year-on-year decrease of 123.26%, mainly due to a strategic increase in inventory. Net cash flow from investing activities was a negative 6.4490 million yuan, a year-on-year decrease of 104.16%, mainly due to new private equity fund investments. Net cash flow from financing activities was a positive 73.3303 million yuan, primarily due to new borrowings Financial Statement Related Item Changes Analysis | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 218,399,361.64 | 166,712,309.98 | 31.00 | | Operating Cost | 101,312,849.08 | 80,279,200.52 | 26.20 | | Sales Expenses | 13,849,619.20 | 10,911,753.67 | 26.92 | | Administrative Expenses | 14,748,566.95 | 12,740,317.91 | 15.76 | | Financial Expenses | -1,291,194.13 | -2,640,363.52 | Not applicable | | R&D Expenses | 65,646,319.96 | 51,376,788.64 | 27.77 | | Net Cash Flow from Operating Activities | -8,393,155.94 | 36,082,087.58 | -123.26 | | Net Cash Flow from Investing Activities | -6,448,965.10 | 154,956,300.54 | -104.16 | | Net Cash Flow from Financing Activities | 73,330,337.47 | -74,706,654.63 | Not applicable | - Operating revenue growth was mainly influenced by sustained downstream terminal market demand, the company's continuous expansion of product portfolio, and strengthened customer resource accumulation[75] - Net cash flow from operating activities was an outflow, mainly due to the company strategically increasing inventory based on market conditions and actively strengthening supply chain management[77] - Net cash flow from investing activities decreased, mainly due to new private equity fund investments in the current period[77] - Net cash flow from financing activities turned from negative to positive, mainly due to new borrowings in the current period[77] (II) Explanation of Significant Profit Changes Caused by Non-Core Businesses During the reporting period, there were no significant profit changes caused by non-core businesses - No significant profit changes caused by non-core businesses during the reporting period[78] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets increased by 7.04% to 1.908 billion yuan. The asset structure underwent significant changes, with trading financial assets decreasing by 30.08%, mainly due to maturing structured deposits. Accounts receivable financing, other receivables, and inventory increased by 180.19%, 44.56%, and 36.41% respectively. Current portion of non-current assets and other current assets significantly increased by 1060.14% and 599.38% respectively, primarily due to large-denomination certificates of deposit maturing within one year and new large-denomination certificates of deposit with contract terms within one year. Other non-current financial assets increased by 38.5126 million yuan, mainly due to new equity investments in industry-related private equity funds. On the liability side, short-term borrowings increased by 50.8581 million yuan, and other payables significantly increased by 3832.99% to 86.2791 million yuan, mainly due to accrued cash dividends Changes in Assets and Liabilities | Item Name | Current Period End (yuan) | Current Period End as % of Total Assets | Prior Year End (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 140,257,083.34 | 7.35 | 200,608,717.57 | 11.25 | -30.08 | Mainly due to maturing structured deposits | | Accounts Receivable Financing | 4,691,209.54 | 0.25 | 1,674,293.57 | 0.09 | 180.19 | Mainly due to an increase in notes receivable in the current period | | Other Receivables | 19,006,229.83 | 1.00 | 13,147,506.09 | 0.74 | 44.56 | Mainly due to an increase in employee loans in the current period | | Inventory | 143,901,267.98 | 7.54 | 105,488,672.62 | 5.92 | 36.41 | Mainly due to the company strategically increasing inventory based on market conditions and actively strengthening supply chain management | | Current Portion of Non-current Assets | 638,550,663.90 | 33.46 | 55,040,833.35 | 3.09 | 1,060.14 | Consists of large-denomination certificates of deposit maturing within 1 year | | Other Current Assets | 103,277,300.74 | 5.41 | 14,767,081.03 | 0.83 | 599.38 | Mainly due to new large-denomination certificates of deposit with contract terms within 1 year in the current period | | Other Non-current Financial Assets | 38,512,606.92 | 2.02 | 0 | 0 | — | Mainly due to new equity investments in industry-related private equity funds in the current period | | Other Non-current Assets | 356,103,047.15 | 18.66 | 977,756,800.08 | 54.85 | -63.58 | Mainly consists of large-denomination certificates of deposit and time deposits with contract terms of 1 year or more | | Short-term Borrowings | 50,858,122.51 | 2.67 | 0 | 0 | — | Mainly due to new borrowings in the current period | | Accounts Payable | 34,320,406.52 | 1.80 | 25,101,887.37 | 1.41 | 36.72 | Mainly due to an increase in company sales orders and procurement demand | | Other Payables | 86,279,081.78 | 4.52 | 2,193,726.07 | 0.12 | 3,832.99 | Mainly due to accrued cash dividends in the current period | | Current Portion of Non-current Liabilities | 2,705,976.93 | 0.14 | 1,761,323.86 | 0.10 | 53.63 | Mainly due to new long-term borrowings maturing within 1 year | | Long-term Borrowings | 8,826,735.94 | 0.46 | 0 | 0 | — | Mainly due to new borrowings in the current period | - Overseas assets amounted to 1.7964 million yuan, accounting for 0.09% of total assets[80] - Major asset restrictions at the end of the reporting period: Accounts receivable of 1.9532 million yuan were endorsed but not derecognized[82] (IV) Investment Status Analysis During the reporting period, the company's total equity investment was 38.75 million yuan, primarily new private equity fund investments. The company, as a limited partner, subscribed to 75 million yuan in Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership), with 37.5 million yuan already paid in, holding a 4.66% stake, and an investment loss of 0.1909 million yuan for the period. Additionally, it invested 1.25 million yuan in Guangdong Fengyuan Semiconductor Integrated Circuit Equity Investment Partnership (Limited Partnership), with an investment loss of 0.0465 million yuan for the period - Investment amount for the reporting period was 38.75 million yuan[84] Significant Equity Investments | Investee Company Name | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Progress as of End of Reporting Period | Investment Gain/Loss for Current Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership) | Capital Increase | 75,000,000.00 | 4.66% | The company's total subscribed amount is 75 million yuan, with 37.5 million yuan already paid in, representing 50% progress | -190,921.10 | | Guangdong Fengyuan Semiconductor Integrated Circuit Equity Investment Partnership (Limited Partnership) | Capital Increase | 10,000,000.00 | 12.50% | Current period investment amount is 1.25 million yuan, with 1.25 million yuan already invested | -46,471.98 | - The ending balance of private equity funds was 38.5126 million yuan[85] (V) Significant Asset and Equity Disposals During the reporting period, the company had no significant asset and equity disposals - No significant asset and equity disposals during the reporting period[88] (VI) Analysis of Major Holding and Associate Companies The company's main holding subsidiaries include Shanghai Cellwise Microelectronics Technology Co., Ltd., Cellwise Microelectronics Co., Ltd., and Cellwise Microelectronics Technology (Shanghai) Co., Ltd., all engaged in scientific research and technical services. Among them, Shanghai Cellwise Microelectronics Technology Co., Ltd. reported an operating loss of 2.1140 million yuan and a net loss of 2.5090 million yuan for the reporting period. Cellwise Microelectronics Co., Ltd. reported an operating profit and net profit of 0.6929 million yuan. Cellwise Microelectronics Technology (Shanghai) Co., Ltd. reported an operating profit and net profit of 0.1389 million yuan Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Cellwise Microelectronics Technology Co., Ltd. | Subsidiary | Scientific research and technical services | 165 million RMB | -2,113,951.96 | -2,509,044.13 | | Cellwise Microelectronics Co., Ltd. | Subsidiary | Scientific research and technical services | 0.5 million USD | 692,916.53 | 692,916.53 | | Cellwise Microelectronics Technology (Shanghai) Co., Ltd. | Subsidiary | Scientific research and technical services | 5 million RMB | 138,888.34 | 138,888.34 | (VII) Structured Entities Controlled by the Company During the reporting period, the company had no structured entities under its control - The company has no structured entities under its control[90] VI. Other Disclosure Matters During the reporting period, the company had no other matters requiring disclosure - The company has no other disclosure matters[90] Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, including directors and management, equity incentive plans, and environmental and social responsibilities I. Changes in Directors, Senior Management, and Core Technical Personnel During the reporting period, there were no changes in the company's directors, senior management, and core technical personnel. The company has a total of 3 core technical personnel, whose identification criteria are primarily based on work background, education, research experience, R&D capabilities, and contributions - No changes in the company's directors, senior management, and core technical personnel during the reporting period[92] - There are a total of 3 core technical personnel, with identification criteria including outstanding performance in work background, educational background, research experience, previously undertaken R&D projects, and significant contributions in R&D capabilities, R&D achievements, and R&D economic benefits[92] II. Profit Distribution or Capital Reserve Conversion Plan During the reporting period, the company is not applicable for profit distribution plans or capital reserve conversion to share capital plans - The company is not applicable for profit distribution plans or capital reserve conversion to share capital plans[93] III. Status and Impact of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's 2025 Restricted Stock Incentive Plan and 2020 Stock Option Incentive Plan are continuously progressing. The 2025 Restricted Stock Incentive Plan has been approved by the Board of Directors, Supervisory Board, and Shareholders' Meeting, and the list of initial grantees has been publicly announced. For the 2020 Stock Option Incentive Plan, the conditions for the fourth exercise period of both the initial grant and reserved grant portions have been met, and some shares have been exercised and listed for trading. The conditions for the first vesting period of the 2023 and 2024 Restricted Stock Incentive Plans have also been met, and share registration procedures have been completed - The company's 2025 Restricted Stock Incentive Plan has been approved by the Board of Directors, Supervisory Board, and Shareholders' Meeting, and the list of initial grantees has been publicly announced[94] - The conditions for the fourth exercise period of both the initial grant and reserved grant portions of the company's 2020 Stock Option Incentive Plan have been met, and some shares have been exercised and listed for trading[95] - The conditions for the first vesting period of the company's 2023 Restricted Stock Incentive Plan have been met, and share registration procedures have been completed[95] - The conditions for the first vesting period of the company's 2024 Restricted Stock Incentive Plan have been met, and share registration procedures have been completed[95] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law During the reporting period, the company is not applicable for environmental information disclosure by law - The company is not applicable for environmental information disclosure by law[96] V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work During the reporting period, the company is not applicable for disclosing specific situations regarding consolidating and expanding poverty alleviation achievements, rural revitalization, and other work - The company is not applicable for disclosing specific situations regarding consolidating and expanding poverty alleviation achievements, rural revitalization, and other work[96] Section V Significant Matters This section covers significant matters including the fulfillment of commitments, related party transactions, use of raised funds, and other material events during the reporting period I. Fulfillment of Commitments During the reporting period, all commitments made by the company's actual controller, controlling shareholder, directors, senior management, core technical personnel, and other shareholders, including share lock-up, shareholding intentions and reduction intentions, stable stock price plans, share repurchases, fraudulent issuance buybacks, measures to offset dilution of immediate returns, profit distribution policies, legal liability for compensation, disciplinary measures for unfulfilled public commitments, and resolution of horizontal competition, have been strictly fulfilled as scheduled - All commitments made by the company's actual controller, controlling shareholder, directors, senior management, core technical personnel, and other related parties during or continuing into the reporting period have been strictly fulfilled as scheduled[98][99][100][101][102] - Commitment types include share lock-up, shareholding intentions and reduction intentions, stable stock price plans and corresponding disciplinary measures, share repurchase and share buyback commitments, commitments to buy back shares for fraudulent issuance and listing, measures and commitments to offset dilution of immediate returns, profit distribution policy commitments, commitments to bear legal compensation or liability, commitments regarding disciplinary measures for unfulfilled public commitments, and commitments to resolve horizontal competition[98][99][100][101][102] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties - During the reporting period, the company had no non-operating fund occupation by the controlling shareholder and other related parties[156] III. Irregular Guarantees During the reporting period, there were no irregular guarantees - During the reporting period, the company had no irregular guarantees[156] IV. Semi-Annual Report Audit Status This semi-annual report has not been audited - This semi-annual report has not been audited[4] V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report During the reporting period, there were no changes or handling of matters involving non-standard audit opinions in the previous year's annual report - During the reporting period, the company had no changes or handling of matters involving non-standard audit opinions in the previous year's annual report[157] VI. Bankruptcy and Reorganization Matters During the reporting period, there were no bankruptcy and reorganization matters - During the reporting period, the company had no bankruptcy and reorganization matters[157] VII. Significant Litigation and Arbitration Matters During the reporting period, there were no significant litigation and arbitration matters - During the reporting period, the company had no significant litigation and arbitration matters[157] VIII. Listed Company and Its Directors, Senior Management, Controlling Shareholder, Actual Controller Suspected of Violations, Penalties, and Rectification During the reporting period, the company and its directors, senior management, controlling shareholder, and actual controller were not suspected of violations, subject to penalties, or undergoing rectification - During the reporting period, the company and its directors, senior management, controlling shareholder, and actual controller were not suspected of violations, subject to penalties, or undergoing rectification[157] IX. Explanation of the Integrity Status of the Company and Its Controlling Shareholder, Actual Controller During the Reporting Period During the reporting period, the company and its controlling shareholder and actual controller maintained good integrity, with no adverse integrity issues such as unfulfilled effective court judgments or significant overdue debts - During the reporting period, the company and its controlling shareholder and actual controller maintained good integrity, with no adverse integrity issues such as unfulfilled effective court judgments or significant overdue debts[157] X. Significant Related Party Transactions During the reporting period, the company jointly invested 75 million yuan with a professional institution in Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership), with 37.5 million yuan already paid in. This matter has been disclosed in a temporary announcement - The company, as a new limited partner, contributed 75 million yuan to subscribe for new shares in Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership)[159] - The source of funds for this investment is the company's own funds or self-raised funds[160] - Related director Mr. Liu Jian recused himself from voting, and the independent directors' special meeting and the Board's audit committee issued clear opinions of consent[160] XI. Significant Contracts and Their Fulfillment During the reporting period, the company had no entrustment, contracting, or leasing matters, no significant guarantees, and no other significant contracts - The company has no entrustment, contracting, or leasing matters[162] - The company has no significant guarantees[162] - The company has no other significant contracts[162] XII. Explanation of Progress in Use of Raised Funds During the reporting period, the company's overall use of raised funds progressed smoothly, with a cumulative investment of 587.800 million yuan, accounting for 43.37% of the net raised funds. The implementation period for some fundraising projects has been extended to April 2028 due to changes in the global economic situation, weak downstream demand, and competition for talent in the semiconductor industry. The company has completed the share repurchase using over-raised funds and continues to use idle raised funds for cash management Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Raised Funds | 1,491,000,000.00 | | Net Raised Funds | 1,355,392,245.06 | | Cumulative Investment of Raised Funds as of End of Reporting Period | 587,799,692.65 | | Cumulative Investment Progress (%) | 43.37 | | Amount Invested in Current Year | 43,747,864.19 | - The implementation period for some of the company's fundraising projects (including “Consumer Electronics Battery Management and Power Management Chip R&D and Industrialization Project”, “Industrial Battery Management and Power Management Chip R&D and Industrialization Project”, “Technology R&D Center Construction Project”) has been extended to April 2028[175] - Reasons for project delays primarily include changes in the global economic situation and weak downstream demand, cyclical fluctuations in the semiconductor industry, and intense competition for high-end talent in the semiconductor industry, leading to rapidly increasing personnel costs[166][167] Detailed Use of Over-Raised Funds | Purpose | Total Over-Raised Funds Planned for Investment (yuan) | Cumulative Over-Raised Funds Invested as of End of Reporting Period (yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Permanent Supplement to Working Capital | 163,700,000.00 | 163,700,000.00 | 100.00 | | Purchase of Real Estate | 82,000,000.00 | 10,000,000.00 | 12.20 | | Repurchase of Company Shares | 100,000,000.00 | 87,531,846.05 | 87.53 | | Undetermined Investment Direction | 200,529,645.06 | - | - | - The company completed its repurchase plan on January 22, 2025, having cumulatively repurchased 1,479,567 shares, in line with the repurchase plan approved by the Board of Directors[174] - The company plans to use a maximum of 800 million yuan (inclusive) of over-raised funds and some idle raised funds for cash management, to purchase highly secure and liquid principal-protected investment products[172] XIII. Explanation of Other Significant Matters During the reporting period, the company had no other significant matters to explain - The company has no other significant matters to explain[176] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors, senior management, and core technical personnel I. Share Capital Changes During the reporting period, the company's total share capital increased by 1.191 million shares due to the exercise of the fourth tranche of the 2020 Stock Option Incentive Plan's initial and reserved grants, changing from 84.948 million shares to 86.139 million shares. Concurrently, some initially restricted shares (15.539 million shares) became tradable from April 29, 2025. These share capital changes had a dilutive effect on financial indicators such as earnings per share and net assets per share Share Capital Change Statement | Category | Quantity Before This Change | Percentage Before This Change (%) | Increase/Decrease in This Change (+,-) Subtotal | Quantity After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 46,643,623 | 54.91 | -14,347,524 | 32,296,099 | 37.49 | | Of which: Shares held by domestic natural persons | 6,051,740 | 7.12 | 1,191,275 | 7,243,015 | 8.41 | | II. Unrestricted Tradable Shares | 38,304,117 | 45.09 | 15,538,799 | 53,842,916 | 62.51 | | III. Total Shares | 84,947,740 | 100 | 1,191,275 | 86,139,015 | 100.00 | - The company's total share capital increased from 84.948 million shares to 86.139 million shares due to the exercise of the fourth tranche of the 2020 Stock Option Incentive Plan's initial and reserved grants, totaling 1.191 million shares exercised[180] - A total of 15.539 million shares of initially restricted shares held directly by shareholders Wuyuefeng Investment, Beijing Yihe, and Shanghai Lingguan became tradable from April 29, 2025[180] - Between the end of the reporting period and the disclosure date of the semi-annual report, the company's basic earnings per share and net assets per share for the first half of 2025 were diluted[182] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Reporting Period | Restricted Shares Increased in Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Wuyuefeng Integrated Circuit Equity Investment Partnership (Limited Partnership) | 9,778,735 | 9,778,735 | 0 | 0 | Restricted shares formed by initial public offering | April 29, 2025 | | Beijing Wuyuefeng Zhongqing Zhenghe Technology Venture Capital Management Co., Ltd. - Beijing Wuyuefeng Yihe High-Tech Industry Investment Partnership (Limited Partnership) | 3,348,874 | 3,348,874 | 0 | 0 | Restricted shares formed by initial public offering | April 29, 2025 | | Shanghai Lingguan Enterprise Management Partnership (Limited Partnership) | 2,411,190 | 2,411,190 | 0 | 0 | Restricted shares formed by initial public offering | April 29, 2025 | | 2020 Stock Option Incentive Plan Fourth Tranche Initial Grant, Reserved Grant Grantees | 0 | 0 | 1,191,275 | 1,191,275 | Shares obtained by grantees through exercise after the company's listing, not transferable within 3 years from the exercise date | May 22, 2028 / June 6, 2028 | II. Shareholder Information As of the end of the reporting period, the company had a total of 8,909 common shareholders. Among the top ten shareholders, Dongguan Weitu Investment Management Partnership (Limited Partnership) was the largest shareholder, holding 20.44% of the shares. The controlling shareholder and its concerted parties (Weitu Investment, Juhe Investment, Weihe Investment) held a high proportion of shares. Some shareholders had concerted action relationships - Total number of common shareholders at the end of the reporting period: 8,909[184] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Dongguan Weitu Investment Management Partnership (Limited Partnership) | 17,610