茂硕电源(002660) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents and Definitions Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[4] - Company Chairman Fu Liang, Chief Financial Officer Ai Jing, and Head of Accounting Department Qin Lihong declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the overall structure of the report, including major chapters such as company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, financial reports, and other submitted data, along with their starting page numbers - The report's table of contents is clear, covering major chapters such as company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, financial reports, and other submitted data[7] Definitions This section provides definitions for common terms used in the report, including the reporting period, company name, names of major subsidiaries, and explanations of core products (SPS switching power supplies, LED driver power supplies), ensuring accurate understanding of the report's content Major Definitions | Definition Item | Definition Content | | :--- | :--- | | Reporting Period | January 1, 2025 to June 30, 2025 | | The Company/Company/Parent Company/MOSO Power | MOSO Power Technology Co., Ltd | | SPS, SPS Switching Power Supply, Consumer Electronics Power Supply | Devices providing power for various consumer electronic products, essential accessories for consumer electronics; one of the company's main products | | LED Driver Power Supply | A power converter that converts power supply into specific voltage and current to drive LEDs; one of the company's main products | Part II Company Profile and Major Financial Indicators Company Profile MOSO Power Technology Co., Ltd. (stock code: 002660) is listed on the Shenzhen Stock Exchange, with Fu Liang as its legal representative - The company's stock abbreviation is "MOSO Power", stock code "002660", listed on the Shenzhen Stock Exchange[15] - The company's legal representative is Fu Liang[15] Contact Person and Contact Information This section provides contact information for the company's Board Secretary Song Chengzhan and Securities Affairs Representative Liu Yue, including address, phone, fax, and email, to facilitate investor communication Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Song Chengzhan | MOSO Technology Park, No. 1061 Songbai Road, Xili, Nanshan District, Shenzhen | 0755-27659888 | chengzhan.song@mosopower.com | | Securities Affairs Representative | Liu Yue | MOSO Technology Park, No. 1061 Songbai Road, Xili, Nanshan District, Shenzhen | 0755-27659888 | yue.liu@mosopower.com | Other Information During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or other relevant data, with specific details available in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[17] - Information disclosure and storage locations remained unchanged during the reporting period[18] Major Accounting Data and Financial Indicators This period, the company's operating revenue increased by 9.97%, but net profit attributable to shareholders significantly decreased by 168.17%, turning from profit to loss, with basic earnings per share also becoming negative; net cash flow from operating activities decreased by 304.68%, while total assets and net assets attributable to shareholders both declined Major Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 652,355,746.67 | 593,193,366.50 | 9.97% | | Net Profit Attributable to Shareholders of Listed Company | -22,529,861.72 | 33,050,613.32 | -168.17% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -27,405,993.48 | 28,344,678.97 | -196.69% | | Net Cash Flow from Operating Activities | -42,364,741.84 | -10,468,778.31 | -304.68% | | Basic Earnings Per Share (RMB/share) | -0.0632 | 0.0927 | -168.18% | | Diluted Earnings Per Share (RMB/share) | -0.0632 | 0.0927 | -168.18% | | Weighted Average Return on Net Assets | -1.80% | 2.58% | -4.38% | | Total Assets (Period-end) | 1,909,737,681.49 | 1,961,039,473.29 | -2.62% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,237,282,185.73 | 1,296,965,807.63 | -4.60% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and those under Chinese accounting standards - The company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22] Non-Recurring Gains and Losses and Amounts This period, non-recurring gains and losses totaled 4.88 million RMB, primarily from government grants, fair value changes of financial assets, and debt restructuring gains, with negative returns from asset disposal but significant contributions from wealth management product income and government subsidies Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -74,331.21 | Primarily due to the company's disposal of fixed assets | | Government grants recognized in current profit or loss | 2,589,994.27 | Primarily due to the company's export insurance subsidies, government interest subsidies, and amortization of deferred income from enterprise-related technology upgrades and technical transformation projects in previous years | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 3,003,294.68 | Primarily due to the company's wealth management product income and fair value changes | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 100,000.00 | Primarily due to the recovery of accounts receivable for which full bad debt provisions had been made | | Debt restructuring gains and losses | 39,251.13 | Primarily due to debt forgiveness for the company's accounts payable | | Other non-operating income and expenses apart from the above | 293,543.99 | Primarily due to the cleanup of long-aged accounts transferred to non-operating income | | Less: Income tax impact | 1,019,316.74 | | | Impact on minority interests (after tax) | 56,304.36 | | | Total | 4,876,131.76 | | Part III Management Discussion and Analysis Major Businesses Engaged by the Company During the Reporting Period The company primarily engages in the R&D, production, sales, and technical services of switching power supplies, focusing on LED driver power supplies and consumer electronics power supplies, continuously innovating and optimizing to drive performance growth - The company primarily engages in the R&D, production, sales, and technical services of switching power supplies, providing high-quality, cost-effective LED driver power supplies and consumer electronics power supplies[27] Major Products and Application Areas The company's LED driver power supplies focus on outdoor high-power lighting across six major fields, while consumer electronics power products cover adapters, industrial power, customized open-frame power supplies, PD fast charging, and smart chargers for various applications - LED driver power supplies focus on outdoor high-power lighting, applied in six major fields including road, industrial, stadium, plant growth, landscape, and urban large-space public lighting[28] - Consumer electronics power supply product lines include power adapters, industrial power supplies, open-frame customized power supplies, PD fast chargers, and smart chargers, widely used in ICT, security, smart home, and commercial equipment fields[29] Major Business Models The company adopts an IPD model for R&D, "sales-driven production, production-driven procurement, appropriate inventory" for procurement, order-based production with automation, and a sales model combining direct sales for consumer electronics with direct and distribution sales for LED power supplies, focusing on international markets - The R&D model is primarily independent R&D, adopting an Integrated Product Development (IPD) model, and collaborating with universities and other institutions for R&D[30] - The procurement model implements "production based on sales, procurement based on production, and appropriate inventory", establishing a business model with strategic suppliers for procurement based on forecasts and schedules, and introducing JIT delivery for procurement[32] - The production model is primarily order-based production, supplemented by standard product stocking, with continuous investment in automation and intelligent upgrades, having established overseas factories in Vietnam and India[33] - The sales model focuses on direct sales to high-end customers in the consumer electronics sector, while the LED power supply sector uses both direct sales and distribution in the domestic market, with a focus on key international markets such as Europe, North America, South America, and India[34] Major Performance Drivers The company's performance growth is primarily driven by continuous technological innovation, optimized product structure for higher added value, synergistic development of domestic and international sales channels, and ongoing upgrades in production automation and global manufacturing layout - Continuous technological innovation, strictly following the product planning direction of "researching one generation, pre-researching one generation, and conceiving one generation", and actively cultivating new energy storage businesses[35] - Optimized product structure, increasing R&D investment and sales proportion of high-power power products, with consumer power focusing on ODM model, and LED driver power developing towards high efficiency, low energy consumption, digitalization, and chip integration[37] - Synergistic sales channels, with direct sales and distribution并行 in the domestic market, and a focus on key international regions such as Europe, North America, Southeast Asia, and South America, building overseas localized service capabilities[38] - Continuous upgrading of production automation and intelligence, introducing fully automated production lines and highly flexible automated production lines, establishing overseas factories in Vietnam and India, and planning to complete the new Vietnam factory within 2025[39] Core Competitiveness Analysis The company possesses significant competitive advantages in the switching power supply sector, primarily in technological leadership, comprehensive product lines, global presence, strong brand recognition, and an experienced management team - As a well-known enterprise in the switching power supply sector, the company has obvious competitive advantages in technology, products, brand, and management team[40] Technological Advantage The company is a national high-tech enterprise, prioritizing R&D investment and team building, holding multiple core technologies, leading or participating in the formulation of national and industry standards, and collaborating with universities to maintain its technological leadership - The company is a national high-tech enterprise, highly valuing R&D investment and team building, which has established its leading technological position in the industry[41] - The company has led or participated in the formulation of 3 national standards, 6 industry standards, 2 local standards, and participated in over 20 alliance standards[41] - The company independently masters multiple core technologies for LED driver power supplies, including constant power driving technology, multi-function dimming technology, intelligent control technology, lightning surge suppression technology, and programmable technology[41] Product Advantage The company's switching power supply product line offers full-category coverage, with LED driver power supplies forming a complete series across six major lighting applications, and consumer electronics power supplies covering five major segments, including PD fast charging with industry-leading power density - The company's switching power supplies feature a full-category product line, providing comprehensive and cost-effective solutions for customers[43] - The LED driver power supply product line has complete specifications, covering six major application areas: road lighting, industrial lighting, stadium lighting, plant lighting, landscape lighting, and urban large-space public lighting[44][45][46] - Consumer electronics power supplies form five major product segments: adapters, open-frame customized power supplies, PD fast chargers, industrial power supplies, and high-power charging products, with PD fast chargers having formed a full series from 20W to 240W and industry-leading power density[47][48] Globalization Advantage The company's sales network spans over 100 countries and regions globally, with products certified in multiple countries, and three smart manufacturing bases in Shenzhen, Huizhou, and Vietnam, enhancing global operational capabilities and supply chain resilience - The company's sales regions cover over 100 countries and regions globally, including China, North America, Europe, Asia-Pacific, and South America, actively expanding markets through direct sales teams and distributors/resellers[49] - Products have obtained multiple international certifications, including China CCC, US UL, EU CE, and India BIS, allowing access to international markets[49] - The company has established three global smart manufacturing bases in Shenzhen, Huizhou, and Vietnam, enhancing global operational capabilities and multi-regional production capacity, contributing to a more complete global supply chain system[49] Brand Advantage The company's "MOSO" brand has received numerous accolades, including "Guangdong Famous Trademark" and "Shenzhen Famous Brand", and was selected among China's Top 500 Brands, with its products featured in many national key projects, demonstrating widespread market recognition - The company's "MOSO" trademarks have continuously been recognized as "Guangdong Famous Trademark" and "Shenzhen Famous Brand", selected among China's Top 500 Brands in 2017, and awarded "International Reputable Brand" in 2022[51] - The company's products have participated in numerous benchmark national key projects, such as the Shenzhen-Zhongshan Link, Hong Kong-Zhuhai-Macau Bridge, Beijing Daxing Airport, and classic cases like Shenzhen Civic Center and Hangzhou East Station Plaza[51] Management Team Advantage The company boasts a high-performing management team with extensive industry experience and international vision, committed to talent development through internal training and external recruitment, and a robust cadre management and incentive system - The company has essentially formed an excellent management team with high goals, high efficiency, and high performance, whose core members are widely recognized in the industry, possess high comprehensive qualities, strong professional capabilities, rich industry experience, and international vision[52][53] - The company adheres to the philosophy that "human resources are the primary resource", implementing a dual-driven approach of "internal cultivation and external recruitment" to optimize the age structure of senior management, introduce young and excellent management cadres from the industry, and vigorously promote internal backbone talents[53] Main Business Analysis This period, the company's main business revenue increased by 9.97% due to higher order volumes, but operating costs grew faster than revenue, leading to a decline in gross profit margin; SPS switching power supplies and LED driver power supplies were the main revenue sources, with significant growth in photovoltaic power generation and energy storage businesses, and domestic revenue growing faster than international revenue - This period, operating revenue increased by 9.97%, primarily due to increased order volumes[55] - Operating costs increased by 25.46% year-on-year, primarily due to increased revenue and after-sales expenses[55] - Net profit attributable to shareholders of the listed company decreased by 168.17% year-on-year, turning from profit to loss[20] Overview This section provides an overview of the company's main businesses during the reporting period, namely the R&D, production, sales, and technical services of switching power supplies, covering LED driver power supplies and consumer electronics power supplies - The company primarily engages in the R&D, production, sales, and technical services of switching power supplies, committed to providing high-quality, cost-effective LED driver power supplies and consumer electronics power supplies[27] Year-on-Year Changes in Major Financial Data This period, operating revenue grew by 9.97%, but operating costs increased by 25.46%, leading to a significant decline in profit indicators; financial expenses rose sharply due to increased exchange losses, and income tax expenses decreased; net cash flow from operating activities showed a significant outflow, net cash flow from investing activities turned positive, and net cash outflow from financing activities increased Year-on-Year Changes in Major Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 652,355,746.67 | 593,193,366.50 | 9.97% | Primarily due to increased order volumes in the current period | | Operating Costs | 552,472,801.57 | 440,340,708.63 | 25.46% | Primarily due to increased revenue and after-sales expenses in the current period | | Selling Expenses | 32,620,132.13 | 34,122,378.02 | -4.40% | Primarily due to decreased sales service fees and consulting fees in the current period | | Administrative Expenses | 53,725,055.41 | 50,871,833.98 | 5.61% | Primarily due to increased consulting, technical service, leasing, and office expenses in the current period | | Financial Expenses | 312,591.89 | -2,377,699.46 | 113.15% | Primarily due to increased exchange losses caused by exchange rate fluctuations in the current period | | Income Tax Expenses | -9,749,282.96 | -3,410,031.47 | -185.90% | Primarily due to decreased deferred income tax expenses in the current period | | R&D Investment | 50,974,512.45 | 52,616,261.40 | -3.12% | Primarily due to decreased R&D material and factory audit expenses in the current period | | Net Cash Flow from Operating Activities | -42,364,741.84 | -10,468,778.31 | -304.68% | Primarily due to increased payments for goods purchased and intercompany receivables/payables in the current period | | Net Cash Flow from Investing Activities | 3,608,827.33 | -132,435,530.69 | 102.72% | Primarily due to the recovery of matured large-denomination certificates of deposit and other wealth management products in the current period | | Net Cash Flow from Financing Activities | -54,071,043.71 | -22,424,538.83 | -141.12% | Primarily due to decreased new borrowings and increased repayment of borrowings in the current period | | Net Increase in Cash and Cash Equivalents | -92,784,711.19 | -164,937,237.02 | 43.75% | Comprehensive impact of the above factors | Operating Revenue Composition This period, total operating revenue was 652.36 million RMB, up 9.97%; computer, communication, and other electronic equipment manufacturing remained the main revenue source, accounting for 95.73%, but with a 10.71% year-on-year decrease in gross profit margin; SPS switching power supplies and LED driver power supplies were core products, with significant growth in photovoltaic power generation and energy storage businesses, the latter growing by 145.57%; domestic revenue accounted for 50.26%, growing by 13.97%, faster than international revenue Operating Revenue Composition (By Industry, Product, Region) | Category | Item | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Computer, Communication and Other Electronic Equipment Manufacturing | 624,486,496.66 | 95.73% | 573,519,669.19 | 96.68% | 8.89% | | | Photovoltaic Power Station Operation | 16,784,789.67 | 2.57% | 15,522,625.38 | 2.62% | 8.13% | | | Electricity, Heat Production and Supply Industry | 3,245,215.07 | 0.50% | 1,321,508.11 | 0.22% | 145.57% | | By Product | SPS Switching Power Supply | 331,546,001.11 | 50.82% | 302,881,526.96 | 51.06% | 9.46% | | | LED Driver Power Supply | 292,940,495.55 | 44.91% | 270,638,142.23 | 45.62% | 8.24% | | | Energy Storage Business | 3,245,215.07 | 0.50% | 1,321,508.11 | 0.22% | 145.57% | | By Region | Domestic | 327,870,158.39 | 50.26% | 287,681,873.03 | 48.50% | 13.97% | | | International | 324,485,588.28 | 49.74% | 305,511,493.47 | 51.50% | 6.21% | - The gross profit margin for computer, communication, and other electronic equipment manufacturing was 14.08%, a year-on-year decrease of 10.71%[59] - The gross profit margin for SPS switching power supplies was 5.39%, a year-on-year decrease of 15.35%; the gross profit margin for LED driver power supplies was 23.92%, a year-on-year decrease of 5.41%[59] Non-Main Business Analysis This period, non-main businesses had an impact on total profit ranging from -7.99% to 12.43%, primarily including investment income, fair value change gains/losses, asset impairment, non-operating income/expenses, credit impairment losses, other income, and asset disposal gains, most of which are non-recurring and unsustainable Impact of Non-Main Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,112,880.61 | -7.99% | Primarily due to investment income from disposal of financial assets held for trading, equity method accounting for long-term equity investments, and wealth management product income | No | | Fair Value Change Gains and Losses | -75,027.89 | 0.19% | Primarily due to fair value changes of financial assets or liabilities held for trading | No | | Asset Impairment | -4,844,124.04 | 12.43% | Primarily due to provision for inventory depreciation | No | | Non-Operating Income | 859,740.96 | -2.21% | Primarily due to cleanup of long-aged accounts transferred to non-operating income | No | | Non-Operating Expenses | 656,414.63 | -1.68% | Primarily due to penalty payments and losses from disposal of non-current assets | No | | Credit Impairment Losses | -628,825.80 | 1.61% | Primarily due to provision for expected credit losses on accounts receivable | No | | Other Income | 3,669,815.40 | -9.42% | Primarily due to various government grants received and VAT additional deduction | No | | Asset Disposal Gains | 15,886.45 | -0.04% | Primarily due to gains from disposal of right-of-use assets | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased; cash, inventory, short-term borrowings, and contract liabilities decreased, while accounts receivable, prepayments, other current assets, and deferred income tax assets increased; the company has overseas subsidiaries in Hong Kong, Vietnam, India, and the Netherlands, with Hong Kong Gamma and Vietnam MOSO having higher net assets; restricted assets include bank acceptance bill deposits and government project special funds - At the end of the reporting period, total assets were 1.91 billion RMB, a 2.62% decrease from the end of the previous year[20] - Net assets attributable to shareholders of the listed company were 1.24 billion RMB, a 4.60% decrease from the end of the previous year[20] Significant Changes in Asset Composition At the end of the reporting period, the proportion of cash, inventory, short-term borrowings, and contract liabilities to total assets decreased, while the proportion of accounts receivable, prepayments, other current assets, and deferred income tax assets increased; the proportion of financial assets held for trading and long-term equity investments remained largely unchanged Significant Changes in Asset Composition | Item | Period-end Amount (RMB) | Proportion of Total Assets | Prior Year-end Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 311,734,098.61 | 16.32% | 399,566,129.93 | 20.38% | -4.06% | | Accounts Receivable | 545,166,320.96 | 28.55% | 517,767,863.74 | 26.40% | 2.15% | | Inventories | 166,037,483.51 | 8.69% | 183,869,139.07 | 9.38% | -0.69% | | Short-term Borrowings | 35,045,559.04 | 1.84% | 46,033,458.37 | 2.35% | -0.51% | | Contract Liabilities | 10,701,716.27 | 0.56% | 14,205,186.55 | 0.72% | -0.16% | | Other Current Assets | 67,976,363.34 | 3.56% | 48,326,690.02 | 2.46% | 1.10% | | Deferred Income Tax Assets | 57,204,197.88 | 2.99% | 43,744,017.93 | 2.23% | 0.76% | Major Overseas Assets The company has overseas subsidiaries in Hong Kong, Vietnam, and India, including Hong Kong MOSO, Hong Kong Gamma, Vietnam MOSO, India Gamma, and MOSO Europe LLC; Hong Kong Gamma and Vietnam MOSO have relatively larger net assets, with Vietnam MOSO achieving a net profit of 0.69 million RMB this period; all overseas assets are free from significant impairment risks Major Overseas Assets (As of June 30, 2025) | Specific Content of Asset | Location | Operating Model | Net Assets (RMB) | Net Profit January-June 2025 (RMB) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong MOSO | Hong Kong, China | Wholly-owned, independently accounted | 1,158,479.18 | 230,476.38 | -0.09% | | Hong Kong Gamma | Hong Kong, China | Wholly-owned, independently accounted | 15,998,967.00 | 26,787,767.18 | -1.29% | | Vietnam MOSO | Vietnam | Wholly-owned, independently accounted | 19,704,663.47 | 688,987.29 | 1.59% | | India Gamma | India | Controlled subsidiary, independently accounted | -1,986,836.78 | -72,842.12 | -0.16% | | MOSO Europe LLC | Netherlands | Wholly-owned, independently accounted | 17,632.66 | 57,506.34 | 0.00% | - All overseas assets are free from significant impairment risks[65][66][67] Assets and Liabilities Measured at Fair Value At the end of the reporting period, the company's financial assets measured at fair value totaled 219.78 million RMB, primarily including financial assets held for trading (such as structured deposits) and other equity instrument investments; this period's fair value change loss was negative, mainly due to changes in the fair value of unexpired wealth management products and forward foreign exchange contracts Assets and Liabilities Measured at Fair Value (Period-end) | Item | Period-end Amount (RMB) | | :--- | :--- | | Financial Assets | | | 1. Financial assets held for trading (excluding derivative financial assets) | 194,259,606.08 | | 4. Other equity instrument investments | 21,959,946.00 | | Subtotal of Financial Assets | 216,219,552.08 | | Accounts receivable financing | 3,565,034.87 | | Total above | 219,784,586.95 | | Financial Liabilities | | | Financial liabilities held for trading | 0.00 | - This period's fair value change gain was -75,027.89 RMB, primarily due to changes in the fair value of unexpired wealth management products and forward foreign exchange contracts[57][62] Asset Rights Restriction Status as of the End of the Reporting Period As of the end of the reporting period, the company's total restricted cash was 32.87 million RMB, primarily comprising bank acceptance bill deposits, government project special funds, litigation-frozen funds, industrial and commercial change-frozen funds, and ETC-frozen funds Asset Rights Restriction Status (Cash and Bank Balances) | Item | Book Balance (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 31,897,681.17 | Deposit | Bank acceptance bill deposit | | Cash and Bank Balances | 517,447.86 | Deposit | Government project special funds | | Cash and Bank Balances | 456,440.73 | Frozen | Litigation-frozen funds | | Cash and Bank Balances | 574.53 | Frozen | Industrial and commercial change-frozen funds | | Cash and Bank Balances | 2,500.00 | Frozen | ETC-frozen funds | | Total | 32,874,644.29 | | | Investment Status Analysis During the reporting period, the company's investment amounted to 5 million RMB, a 100% year-on-year increase, primarily for capital injection into Foyee Technology (Foshan) Co., Ltd.; the company had no significant non-equity investments or securities investments, and its forward foreign exchange hedging operations resulted in a loss of 0.24 million RMB, effectively mitigating foreign exchange market risks; no raised funds were used - The investment amount for the reporting period was 5,000,000.00 RMB, a 100.00% increase year-on-year[72] - The company had no securities investments during the reporting period[78] - The company engaged in forward foreign exchange derivative investments for hedging purposes, with an actual loss of -0.24 million RMB during the reporting period[80] - The company had no use of raised funds during the reporting period[84] Overall Situation During the reporting period, the company's investment amounted to 5 million RMB, a 100% increase compared to the same period last year Year-on-Year Change in Investment Amount | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount for Reporting Period | 5,000,000.00 | 0.00 | 100.00% | Significant Equity Investments Acquired During the Reporting Period During the reporting period, the company made a 5 million RMB capital injection into Foyee Technology (Foshan) Co., Ltd., using its own funds, primarily for engineering and technical research and experimental development, with an expected investment income of zero - The company injected 5 million RMB into Foyee Technology (Foshan) Co., Ltd., holding a 3.80% stake[74] - The investment funds came from the company's own capital, primarily for engineering and technical research and experimental development, industrial design services, etc[74][75][76] - As of the report date, the expected return on this investment is 0.00 RMB, and it is not involved in litigation[74] Significant Non-Equity Investments Underway During the Reporting Period During the reporting period, the company had no significant non-equity investments underway - The company had no significant non-equity investments underway during the reporting period[77] Financial Asset Investments The company had no securities investments during the reporting period; its derivative investments primarily involved forward foreign exchange contracts for hedging purposes, with an initial investment totaling 46.99 million RMB and an actual loss of -0.24 million RMB this period, emphasizing adherence to risk hedging principles and strict risk control measures - The company had no securities investments during the reporting period[78] - The company's derivative investments for hedging purposes primarily involved forward foreign exchange contracts, with an initial investment totaling 46.99 million RMB[80] - During the reporting period, the actual loss from forward foreign exchange contracts was -0.24 million RMB[80] - The company conducts foreign exchange derivative transactions following the principle of locking in exchange rate and interest rate risks, avoiding speculative or arbitrage trading, and has established strict management systems and risk control measures[81] Use of Raised Funds The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[84] Major Asset and Equity Sales The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[85] - The company did not sell any major equity during the reporting period[86] Analysis of Major Holding and Participating Companies The company's major holding subsidiaries include Shenzhen MOSO Electronics Technology, Gamma Technology (Hong Kong), Huizhou MOSO Energy Technology, Gamma Technology Co., Ltd., and Runshuo Technology Co., Ltd.; Gamma Technology (Hong Kong) Co., Ltd. reported the highest net profit of 26.79 million RMB, while Runshuo Technology Co., Ltd. reported a net profit of 10.52 million RMB this period; the company did not acquire or dispose of any subsidiaries during the reporting period Major Holding and Participating Companies (As of June 30, 2025) | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen MOSO Electronics Technology Co., Ltd. | Subsidiary | Computer software development, switching power supplies, etc. | 80,000,000.00 | 659,946,805.47 | 249,081,462.41 | 289,489,813.11 | 9,405,012.08 | | Gamma Technology (Hong Kong) Co., Ltd. | Subsidiary | R&D and sales of switching power supplies, high-frequency transformers | HKD 10,000,000 | 214,262,509.04 | 15,998,967.00 | 157,906,991.29 | 26,787,767.18 | | Huizhou MOSO Energy Technology Co., Ltd. | Subsidiary | High-power LED street light power supplies, switching power supplies, etc. | 111,111,111.00 | 802,983,578.03 | 360,999,347.32 | 351,103,025.65 | 8,022,106.82 | | Gamma Technology Co., Ltd. | Subsidiary | New energy technology development, DC/DC power supplies, etc. | 50,000,000.00 | 400,056,706.60 | 30,003,780.95 | 86,951,103.11 | 4,558,448.58 | | Runshuo Technology Co., Ltd. | Subsidiary | Solar power generation technical services, battery manufacturing, etc. | 50,000,000.00 | 42,686,808.00 | 3,445,256.08 | 4,311,061.39 | 10,524,146.85 | - The company did not acquire or dispose of any subsidiaries during the reporting period[90] Information on Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[91] Risks Faced by the Company and Countermeasures The company faces risks from domestic and international macroeconomic fluctuations, intensified market competition and declining gross profit margins, technology and product R&D, exchange rate fluctuations, and raw material supply; it actively responds by flexibly adjusting operating strategies, optimizing product structure, increasing R&D investment, utilizing foreign exchange derivatives, and optimizing the supply chain - The company faces risks from domestic and international macroeconomic fluctuations, responding by continuously monitoring global economic changes and flexibly adjusting operating strategies to enhance risk resilience[91] - Risks of intensified market competition and declining gross profit margins are addressed by expanding into high-value-added power supply segments, implementing cost reduction measures, and strengthening accounts receivable and inventory management[92] - Technical and product R&D risks are mitigated by increasing R&D investment and deploying dedicated R&D FAE personnel to survey the market and guide product development[93] - Exchange rate fluctuation risks are managed by optimizing settlement currency structure, strengthening commercial terms, optimizing foreign currency asset allocation, and utilizing foreign exchange derivative instruments for hedging[94] - Raw material supply risks are reduced through supply chain center control, increasing the proportion of localized components, establishing strategic partnerships with key suppliers, and diversifying suppliers[95] Risks of Domestic and International Macroeconomic Fluctuations The global macroeconomic environment faces challenges such as high interest rates, geopolitical conflicts, and weak international trade, while the domestic economy faces subdued expectations and insufficient effective demand, which may create uncertainties for the company's market expansion and product sales; the company responds by adopting a global perspective, flexibly adjusting operating strategies, and optimizing its industrial chain layout - The global macroeconomic environment faces challenges such as high interest rates, geopolitical conflicts, and weak international trade, while the domestic economy faces subdued social expectations and slightly insufficient effective demand[91] - The company continuously monitors global economic changes, promptly and flexibly adjusts its operating strategies, and enhances its ability to withstand risks[91] Risks of Intensified Market Competition and Declining Gross Profit Margins The switching power supply industry faces fierce competition and a downward trend in product prices; the company will respond by strengthening its main business, expanding into high-value-added power supply segments, implementing cost reduction measures, and enhancing accounts receivable and inventory management - The general switching power supply industry faces fierce competition, with an increasing number of new LED driver power supply manufacturers, leading to intensified competition and a downward trend in product prices[92] - The company will vigorously expand into high-market-space, high-value-added niche power supply segments, and steadily implement various cost reduction measures, strengthening the management of accounts receivable and inventory[92] Technology and Product R&D Risks Power products are evolving towards high frequency, high power, high efficiency, high reliability, and intelligence, demanding increasingly advanced R&D technologies; the company will increase R&D investment and deploy dedicated R&D personnel to survey the market and grasp industry trends to maintain its leading position - Power products are developing towards high frequency, high power, high efficiency, high reliability, and intelligence, with continuously increasing R&D technical requirements[93] - The company will further increase R&D investment and assign dedicated R&D FAE personnel to survey the market alongside sales personnel, grasping industry development trends to provide decision-making and technical support for the company's product development roadmap[93] Exchange Rate Fluctuation Risks The company's export business is settled in foreign currencies, and the growth in foreign trade volume leads to increased foreign exchange receipts and payments; severe fluctuations in the international foreign exchange market may adversely affect operating performance; the company will respond by optimizing settlement currencies, strengthening commercial terms management, optimizing foreign currency asset allocation, utilizing foreign exchange derivative instruments, and dynamically monitoring foreign currency asset scale - The company's export business is primarily settled in currencies such as USD and VND; severe fluctuations in the international foreign exchange market may adversely affect the company's operating performance[94] - The company will optimize its settlement currency structure, increase the proportion of RMB used in cross-border trade settlement; strengthen commercial terms management; optimize foreign currency asset allocation; reasonably utilize foreign exchange derivative instruments for risk hedging; and dynamically monitor the scale of foreign currency assets[94] Raw Material Supply Risks Key components for the company's products are partly sourced from international brands, leading to significant supply fluctuations due to economic conditions and trade policies; price volatility of bulk raw materials also creates cost pressure; the company mitigates procurement risks through supply chain center control, increasing the proportion of localized components, establishing strategic partnerships, and diversifying suppliers - Key components for the company's products, such as ICs, MOS, and MCUs, are partly sourced from international brands, which are significantly affected by supply-demand relationships and trade policies due to economic development, potentially leading to supply fluctuations[95] - The company manages risks through supply chain center control and proactive planning, increasing the proportion of localized components, establishing strategic partnerships with key material suppliers, optimizing supply chain resources, strengthening diversification of material suppliers, and improving raw material procurement management[95] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[96] - The company did not disclose a valuation enhancement plan during the reporting period[96] Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[96] Part IV Corporate Governance, Environment and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including the election of Fu Liang as Chairman, Ai Jing as Director and appointment as CFO and Deputy General Manager, Chu Changzheng as Deputy General Manager, and Jiao Zhenfang as Director; former Chairman Zhang Xin, Director Chu Changzheng, and Yu Guanmin resigned due to work transfers or personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Fu Liang | Chairman | Elected | May 29, 2025 | Work transfer | | Ai Jing | Director | Elected | May 14, 2025 | Work transfer | | Jiao Zhenfang | Director | Elected | June 17, 2025 | Work transfer | | Ai Jing | CFO, Deputy General Manager | Appointed | April 16, 2025 | Work transfer | | Chu Changzheng | Deputy General Manager | Appointed | April 16, 2025 | Work transfer | | Zhang Xin | Chairman | Resigned | May 28, 2025 | Work transfer | | Chu Changzheng | Director | Resigned | May 13, 2025 | Work transfer | | Yu Guanmin | Director | Resigned | June 27, 2025 | Personal reasons | Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting 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[98] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[99] Environmental Information Disclosure The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[100] Social Responsibility MOSO Power, as a national high-tech enterprise, actively fulfills its social responsibilities, with specific measures in place for protecting shareholder rights, employee rights, environmental protection, and consumer and supplier rights, focusing on standardized operations to achieve win-win outcomes for stakeholders - The company strictly adheres to laws, regulations, and internal control systems, standardizing the operations of the general meeting of shareholders, board of directors, and supervisory board, diligently fulfilling information disclosure obligations, and maintaining communication with shareholders through various channels to actively protect their legitimate rights and interests[100] - The company strictly complies with labor laws and regulations, focusing on employee occupational safety, health, and satisfaction, providing a safe and good working environment, conducting safety training, and enhancing team cohesion through care, welfare, and interviews[101] - The company upholds the "green innovation, high efficiency, and energy saving" environmental philosophy, strictly complies with environmental laws and regulations, legally obtains and maintains environmental management system certifications, regularly conducts environmental monitoring, strictly controls hazardous waste, and actively responds to national energy-saving and emission reduction goals by developing photovoltaic power generation and energy storage businesses[102] - The company adheres to the business philosophy of "integrity, cooperation, and win-win", establishing long-term stable cooperative relationships with suppliers and customers, and upholding the quality policy of "excellent design, stable reliability; continuous improvement, customer satisfaction" to ensure product quality and protect consumers' legitimate rights and interests[103] Part V Significant Events Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - The company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[105] [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=33&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%8