英唐智控(300131) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, lists reference documents, and defines key terms for clarity Important Notes The board, supervisory board, and senior management guarantee the report's accuracy and completeness, while the company's leadership confirms the financial report's integrity, with forward-looking statements not constituting substantive commitments - The company's board of directors, supervisory board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4] - Company head Hu Qingzhou, chief accountant Yang Song, and head of accounting department Liao Hua 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 report's eight main chapters and their starting page numbers, providing an overview for quick navigation and reference - The report comprises eight main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[7] Reference Documents List This section lists documents available for inspection during the reporting period, including signed financial statements and original announcements of all publicly disclosed company documents, located at the company's securities affairs department - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department (accounting supervisor)[9] - Reference documents include the originals of all company documents publicly disclosed during the reporting period and their announcements[10] - The aforementioned reference documents are available at the company's securities affairs department[12] Definitions This section defines common terms used in the report, such as company name, reporting period, currency units, regulatory bodies, laws, and key subsidiary and product technology names, ensuring clear understanding of the content - The reporting period refers to January 1, 2025, to June 30, 2025[14] - DDIC refers to automotive display driver ICs, TDDI refers to automotive touch and display driver integration ICs, and MEMS micro-mirror refers to a tiny drivable reflective mirror fabricated using optical micro-electromechanical system technology[14] Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and presents its key financial performance metrics for the reporting period Company Profile This section outlines the company's basic information, including its stock ticker "Intang Control," stock code "300131," listing exchange, Chinese and English names, and legal representative, confirming no changes in contact or registration details during the period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Intang Control | | Stock Code | 300131 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | 深圳市英唐智能控制股份有限公司 | | Legal Representative | Hu Qingzhou | - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[18] Key Accounting Data and Financial Indicators This section presents the company's 2025 semi-annual financial data, showing a 3.52% revenue increase to CNY 2.639 billion, but a decline of over 14% in net profit attributable to shareholders and non-recurring net profit, with operating cash flow significantly down by 82.11% - The company does not need to retrospectively adjust or restate prior year accounting data[21] 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Same Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,639,291,796.70 | 2,549,647,288.40 | 3.52% | | Net Profit Attributable to Shareholders of Listed Company | 30,735,833.37 | 35,788,694.70 | -14.12% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 30,226,693.16 | 35,335,056.18 | -14.46% | | Net Cash Flow from Operating Activities | 44,816,594.18 | 250,504,370.66 | -82.11% | | Basic Earnings Per Share (CNY/share) | 0.03 | 0.03 | 0.00% | | Diluted Earnings Per Share (CNY/share) | 0.03 | 0.03 | 0.00% | | Weighted Average Return on Net Assets | 1.75% | 2.07% | -0.32% | | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End | | | Total Assets | 3,481,827,488.28 | 3,594,309,177.09 | -3.13% | | Net Assets Attributable to Shareholders of Listed Company | 1,787,014,133.24 | 1,743,188,068.26 | 2.51% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under international accounting standards and Chinese accounting standards[22] - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese accounting standards[23] Non-Recurring Gains and Losses and Amounts This section details the composition of non-recurring gains and losses for the reporting period, totaling CNY 509,140.21, primarily including disposal gains/losses on non-current assets, government grants, fair value changes, and financial asset/liability disposal gains/losses, after tax and minority interest adjustments 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains and losses on disposal of non-current assets (including the reversal of impairment provisions already made) | 7,843.92 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 287,356.03 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 358,754.13 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 108,053.88 | | Debt restructuring gains and losses | -18,324.48 | | Other non-operating income and expenses apart from the above | -168,347.50 | | Less: Income tax impact | 61,023.20 | | Minority interest impact (after tax) | 5,172.57 | | Total | 509,140.21 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[26] Management Discussion and Analysis This section provides an in-depth review of the company's operational performance, financial condition, and future outlook, including business activities, core competencies, and risk factors Main Business Activities During the Reporting Period The company's main businesses during the reporting period included electronic component distribution, chip design and manufacturing, and software R&D and sales, with strategic goals to become a full-产业链 semiconductor IDM enterprise - During the reporting period, the company's main businesses included electronic component distribution, chip design and manufacturing, and software R&D and sales[28] - The company will leverage its current semiconductor chip R&D and manufacturing capabilities to further expand its industrial layout in semiconductor chip manufacturing and packaging, ultimately forming a full-产业链 semiconductor IDM enterprise integrating R&D, manufacturing, and sales, based on electronic component channel distribution and centered on semiconductor design and manufacturing[37] Main Business This section details the company's three core business segments: electronic component distribution saw revenue growth but stable gross margin, chip design and manufacturing achieved bulk orders and R&D progress in MEMS micro-mirrors and automotive display chips, and software R&D launched AI solutions and expanded into new markets Electronic Component Distribution Business Operating Performance | Indicator | Amount (million CNY) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 2,417.45 | 2.34% | | Gross Margin | 6.60% | -0.02% | - The company's independently developed core product solutions, such as MEMS micro-mirrors and automotive display chips (DDIC/TDDI), have garnered widespread attention[30] - The 4mm MEMS micro-mirror product has achieved bulk orders from industrial customers, marking a critical leap from "technological breakthrough" to "market leadership"[30][31] - The company's first DDIC and TDDI product orders primarily come from screen manufacturers, both achieving bulk delivery with stable order volumes[33] - YouRuan Technology launched three AI solutions: UAS Intelligent Customer Service, AI-Report Assistant, and AI-Code Assistant, integrating DeepSeek's R1 large model and AI capabilities developed based on ByteDance's Coze platform[36][37] Operating Model This section describes the company's operating models, including the agency and procurement model for electronic component distribution, which provides full-process services to downstream customers, and the IDM and Fabless models for chip design and manufacturing, which combine distribution and direct supply sales strategies - The electronic component distribution business adopts an agency and procurement model, with the supply chain center responsible for procurement and the sales department promoting new product lines[38] - The electronic component distribution business provides full-process services, including secondary development technical support for original general products, commodity procurement, and warehousing logistics, through a comprehensive technical service team and warehousing logistics system[39] - The chip design and manufacturing business adopts IDM and Fabless models for procurement, selecting suppliers or outsourced processing plants based on quality, price, delivery time, environment, and stability[40] - The chip design and manufacturing business employs both distribution and direct supply sales models, utilizing the company's own channel resources for agency sales or direct technical support and sales by the semiconductor business unit[41] Key Performance Influencing Factors During the Reporting Period During the reporting period, the company's operating revenue increased by 3.52% to CNY 2.639 billion, but net profit attributable to shareholders and non-recurring net profit decreased by 14.12% and 14.46% respectively, while R&D investment in chip design and manufacturing significantly grew by 61.83% to CNY 56.37 million 2025 Semi-Annual Key Performance Indicators | Indicator | Amount (million CNY) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 2,639.29 | 3.52% | | Net Profit Attributable to Shareholders of Listed Company | 30.74 | -14.12% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 30.23 | -14.46% | - In the first half of 2025, China's electronic component distribution industry operated steadily, with market demand experiencing a rapid recovery, benefiting from national trade-in subsidies, low-altitude economy, artificial intelligence, new energy vehicles, and other emerging sectors[44] Chip Design and Manufacturing Business R&D Investment and Revenue Share | Indicator | Amount (million CNY) | YoY Change | | :--- | :--- | :--- | | R&D Investment | 56.37 | 61.83% | | Operating Revenue | 212.67 | - | | Share of Total Company Operating Revenue | 8.06% | Increased by 1.36 percentage points | Industry Development Overview This section analyzes the market outlook for electronic component distribution and chip design/manufacturing, highlighting China's electronic component market size, rapid growth in automotive chips, the expanding MEMS micro-mirror market, and the high prosperity and localization potential of the automotive display industry - According to data from China Business Industry Research Institute, China's electronic component market size is expected to reach CNY 19.86 trillion in 2025, with integrated circuits accounting for CNY 8.2 trillion, or 41% of the electronic component industry[47] - According to analysis by Zhongyan Puhua Industry Research Institute, China's automotive chip market size is expected to reach CNY 95.07 billion in 2025, accounting for nearly 30% of the global market[49] - According to a survey report by MARKET MONITOR GLOBAL, INC, the global precision MEMS micro-mirror market size was approximately US$131 million in 2023, with a projected compound annual growth rate (CAGR) of 7.5% over the next six years, reaching US$241 million by 2030[49] - According to the latest data from Omdia's "Automotive Display Intelligence Service," the global automotive display market size is expected to reach US$10.1 billion in 2025, maintaining a compound annual growth rate of 10% from 2024 to 2032[50][51] Analysis of Core Competencies The company's core competencies stem from its leading position in the electronic component industry, extensive product lines, rich customer resources, experienced team, and advanced product layout and R&D capabilities in MEMS micro-mirrors and automotive display chips, enabling one-stop semiconductor chip supply chain services - The company in the electronic component industry accumulated many years of experience, holding a leading position in terms of product line categories and industry scale, and can provide customers with one-stop services across the semiconductor chip industry chain in the future[52] - The company has been deeply involved in electronic distribution for nearly thirty years, making it one of the enterprises with the most diverse range of agency product lines in the distribution industry, accumulating rich customer resources and establishing strong customer stickiness[53] - The company's agency distribution team possesses nearly thirty years of experience in the electronic distribution industry, with professional industry insights and an international perspective[54] - The company's second-generation MEMS micro-mirror adopts electromagnetic drive technology, achieving horizontal and vertical dual-axis scanning of laser beams, with φ4mm specification products entering mass production; in the automotive display field, the company offers DDIC and TDDI chips covering all automotive display screens, supporting high-precision touch performance[56] - The MEMS R&D team has been deeply engaged since 2011, and the display driver IC (DDIC and TDDI) R&D team comprises nearly 50 R&D elites focused on display driver technology, possessing extensive technical reserves[56] Main Business Analysis This section reiterates the company's main business and details year-on-year changes in key financial data, including operating revenue, costs, expenses, income tax, and a significant 82.11% decrease in net cash flow from operating activities, also breaking down revenue, cost, and gross margin by product/service - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[58] Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Prior Year Same Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,639,291,796.70 | 2,549,647,288.40 | 3.52% | | | Operating Cost | 2,430,053,802.25 | 2,354,564,412.13 | 3.21% | | | Selling Expenses | 43,099,038.60 | 51,638,346.61 | -16.54% | | | Administrative Expenses | 60,948,870.12 | 53,974,371.14 | 12.92% | | | Financial Expenses | 24,781,990.30 | 28,943,103.21 | -14.38% | | | Income Tax Expense | 7,922,168.06 | 469,876.58 | 1,586.01% | Mainly due to increased deferred income tax expense | | R&D Investment | 56,370,472.35 | 34,833,957.11 | 61.83% | Mainly due to increased investment in new product R&D | | Net Cash Flow from Operating Activities | 44,816,594.18 | 250,504,370.66 | -82.11% | Mainly due to decreased sales collection and increased procurement payments | | Net Cash Flow from Investing Activities | -50,676,004.08 | -201,198,394.68 | 74.81% | Mainly due to decreased cash paid for fixed and intangible asset purchases, and equity payments in the prior year | | Net Cash Flow from Financing Activities | -34,842,379.54 | -89,599,013.61 | 61.11% | Mainly due to decreased repayment of borrowings and payment of deposits | | Net Increase in Cash and Cash Equivalents | -36,332,600.40 | -47,042,021.05 | 22.77% | | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Component Products | 2,417,451,788.07 | 2,257,987,815.89 | 6.60% | 2.34% | 2.36% | -0.02% | | Chip Design and Manufacturing | 212,668,770.83 | 167,524,307.34 | 21.23% | 24.57% | 21.42% | 2.05% | Non-Core Business Analysis During the reporting period, non-core businesses had a minor impact on total profit, with investment income and fair value changes contributing positively, but asset impairment losses negatively, and these items are not sustainable, collectively accounting for -15.14% of total profit Impact of Non-Core Businesses on Total Profit | Item | Amount (CNY) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 242,978.34 | 0.65% | Mainly investment income from associates | No | | Fair Value Change Gains and Losses | 358,754.13 | 0.95% | Mainly fair value changes of financial assets held for trading | No | | Asset Impairment | -5,693,632.95 | -15.14% | Mainly provision for bad debts on accounts receivable, other receivables, and inventory write-downs | No | | Non-Operating Income | 32,142.11 | 0.09% | Mainly non-payable amounts | No | | Non-Operating Expenses | 200,489.61 | 0.53% | Mainly business fines | No | Analysis of Assets and Liabilities At the end of the reporting period, total assets decreased by 3.13% year-on-year, with a reduction in monetary funds and short-term borrowings, while fixed assets, construction in progress, and right-of-use assets increased Significant Changes in Asset Composition | Item | Amount at End of Reporting Period (CNY) | Share of Total Assets | Amount at End of Prior Year (CNY) | Share of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 447,149,807.58 | 12.84% | 522,772,186.03 | 14.54% | -1.70% | Mainly due to repayment of bank borrowings | | Accounts Receivable | 790,150,873.83 | 22.69% | 832,817,509.60 | 23.17% | -0.48% | | | Inventories | 621,468,494.13 | 17.85% | 644,461,185.80 | 17.93% | -0.08% | | | Fixed Assets | 167,005,358.12 | 4.80% | 140,707,598.23 | 3.91% | 0.89% | Mainly due to new purchases of fixed assets | | Construction in Progress | 5,984,165.34 | 0.17% | 0 | 0.00% | 0.17% | Mainly equipment not yet installed and debugged | | Right-of-Use Assets | 39,246,718.99 | 1.13% | 18,477,211.77 | 0.51% | 0.62% | Mainly due to new property lease contracts | | Short-Term Borrowings | 578,928,676.95 | 16.63% | 665,303,139.15 | 18.51% | -1.88% | Mainly due to decreased bank borrowings | | Lease Liabilities | 29,181,191.80 | 0.84% | 12,174,828.79 | 0.34% | 0.50% | Mainly due to new property lease contracts | - Intang Micro Technology Co., Ltd. reported a net profit of CNY 9.95 million in the first half of 2025, with overseas assets accounting for 21.29% of the company's net assets[65] Financial Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (CNY) | | :--- | :--- | | Subtotal of Financial Assets | 42,299,184.81 | | Receivables Financing | 48,394,157.04 | | Total Above | 90,693,341.85 | | Financial Liabilities | 133,874,900.00 | Asset Rights Restriction Status as of Reporting Period End | Item | Period-End Book Value (CNY) | | :--- | :--- | | Monetary Funds | 245,572,912.98 | | Accounts Receivable | 132,555,990.25 | | Investment Properties | 39,445,252.79 | | Total | 417,574,156.02 | Analysis of Investment Status During the reporting period, the company's investment amounted to CNY 50.70 million, a significant year-on-year decrease of 74.81%, with overall utilization of raised funds at 77.05%, primarily for the MEMS micro-mirror R&D and industrialization project, which has been extended to September 2026 Reporting Period Investment Amount | Indicator | Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Investment Amount in Reporting Period | 50,700,168.18 | -74.81% | Overall Utilization of Raised Funds | Total Raised Funds (million CNY) | Net Raised Funds (million CNY) | Total Raised Funds Used Cumulatively (million CNY) | Utilization Rate of Raised Funds at Period End | | :--- | :--- | :--- | :--- | | 290.00 | 278.46 | 214.56 | 77.05% | - The scheduled date for the "Shenzhen Intang Intelligent Control Co., Ltd. MEMS Micro-Mirror R&D and Industrialization Project" to reach its intended usable state has been extended from February 2025 to September 2026[75] - The company plans to use no more than CNY 80 million of idle raised funds to temporarily supplement working capital; as of June 30, 2025, CNY 66.30 million of these funds have not yet been returned[77] - During the reporting period, the company had no significant equity investments, non-equity investments, wealth management, derivative investments, or entrusted loans[70][78][79][80][81] Significant Asset and Equity Sales During the reporting period, the company did not engage in any sales of significant assets or equity - The company did not sell significant assets during the reporting period[82] - The company did not sell significant equity during the reporting period[83] Analysis of Major Holding and Participating Companies This section details the financial status of the company's major subsidiaries, with Huashanglong Technology Co., Ltd. reporting the highest operating revenue and net profit of CNY 10.96 million, and Intang Micro Technology Co., Ltd. reporting a net profit of CNY 9.95 million Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit | Company Name | Main Business | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Yusheng Electronics Technology Co., Ltd. | Electronic Distribution | 262,959,481.46 | 3,226,485.14 | | Shenzhen Huashanglong Business Interconnection Technology Co., Ltd. | Electronic Distribution | 1,322,758,615.55 | 7,360,523.80 | | Huashanglong Technology Co., Ltd. | Electronic Distribution | 1,534,361,639.27 | 10,961,033.74 | | Intang Technology Co., Ltd. | Chip Design R&D | 17,032,313.99 | -5,394,642.67 | | Kofu Hong Kong Holdings Co., Ltd. | Holding | — | -4,455,416.16 | | Intang Micro Technology Co., Ltd. | Chip Production, R&D | 188,642,313.37 | 9,954,909.53 | | Hong Kong Intang Aurora Micro Technology Co., Ltd. | Chip Design R&D, Production, Sales | 10,776,249.59 | 5,739,364.55 | - During the reporting period, the company did not acquire or dispose of any subsidiaries[86] Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - During the reporting period, the company did not control any structured entities[87] Risks Faced by the Company and Countermeasures The company faces six major risks, including business transformation falling short of expectations, exchange rate fluctuations, raw material price volatility, talent shortages, lower-than-expected sales of self-developed chips, and macroeconomic/industry fluctuations, for which it has developed corresponding countermeasures - The company faces the risk of business transformation falling short of expectations, as its main business remains electronic component distribution, and its development into a full-产业链 semiconductor IDM enterprise may not meet expectations[88] - The company faces exchange rate fluctuation risks, with foreign exchange receipts and payments primarily involving US dollars, Hong Kong dollars, and Japanese yen, where exchange rate changes may affect exchange gains and losses[89] - The company faces raw material price fluctuation risks, as its main raw materials are chips and electronic components, and price increases could lead to higher production costs and impact profits[90] - The company faces talent shortage risks, as its transformation into semiconductor chip R&D and manufacturing urgently requires more high-quality R&D personnel and experienced production management personnel[91] - The company faces the risk of lower-than-expected sales of self-developed chip products, as the semiconductor chip market is highly competitive, potentially leading to difficulties in selling self-developed products[93] - The company faces risks from macroeconomic policies and industry fluctuations, as an unstable macroeconomic situation and cyclical fluctuations in the semiconductor industry can significantly impact product sales[94] - The company's countermeasures include: maintaining electronic component distribution business as a foundation while accelerating the deep integration of semiconductor businesses; closely monitoring changes in the RMB exchange rate against foreign currencies and adopting hedging measures; optimizing inventory management strategies and negotiating product price adjustments with suppliers and customers; increasing efforts in talent cultivation and recruitment; establishing a professional market research team to adjust product and marketing strategies; and researching and analyzing macroeconomic trends and semiconductor industry dynamics to expand product lines[88][89][90][92][93][94] Registration Form for Investor Relations Activities During the Reporting Period During the reporting period, the company hosted two investor activities, including a conference call and an online interactive platform exchange, primarily communicating with institutional and all investors on company development, products, technology, customers, and operations - On April 25, 2025, the company through a conference call hosted 35 institutions, including Zhongtian Huifu Fund, Huafu Securities, Caitong Securities, and Tongtai Fund[95] - On May 13, 2025, the company through an online interactive platform online exchange participated in the 2024 Annual Online Performance Briefing with all investors[95] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a "Market Value Management System," effective February 24, 2025, which defines responsibilities and methods for market value management, including capital operations, equity incentives, share repurchases, and investor relations, but has not disclosed a valuation enhancement plan - The company has formulated the "Market Value Management System," which became effective after being reviewed and approved by the board of directors on February 24, 2025[97] - The "Market Value Management System" defines the responsibilities and division of labor for the board of directors, directors, and senior management in market value management, clarifies key market value management methods such as acquiring quality assets, refinancing and other capital operations, equity incentives, share repurchases and shareholder increases, equity distribution, and investor relations management, and establishes a market value management monitoring and early warning mechanism and countermeasures[97] - The company has not disclosed a valuation enhancement plan[96] "Quality and Return Dual Enhancement" Action Plan Implementation Status During the reporting period, the company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[98] Corporate Governance, Environment, and Society This section covers the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives, demonstrating its commitment to sustainable development Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[100] Profit Distribution and Capital Reserve Conversion to Share Capital in This 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[101] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof[102] Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[103] Social Responsibility The company actively fulfills its social responsibilities by balancing economic and social benefits, short-term and long-term interests, and self-development with societal progress, focusing on investor protection, employee rights, and strategic partnerships with suppliers, customers, and consumers - The company emphasizes fulfilling its social responsibilities, striving to balance economic and social benefits, short-term and long-term interests, and its own development with societal progress, to achieve harmonious development among the enterprise, employees, and society[103] - The company interacts daily with investors through the Shenzhen Stock Exchange's investor relations interactive platform (Interactive Easy) and designates dedicated personnel to answer investor service calls, periodically participating in strategy meetings organized by professional investment management entities[104][105] - The company strictly adheres to relevant laws and regulations such as the "Labor Law," "Labor Contract Law," and "Law on the Protection of Women's Rights and Interests," respecting and safeguarding employees' individual rights, and continuously sharing enterprise development achievements with all employees, focusing on employee growth and well-being, and has been approved to establish a labor union[106][107] - The company consistently adheres to the principles of "integrity, equality, and mutual benefit," actively building and developing strategic partnerships with suppliers and customers, and emphasizing communication and coordination with all stakeholders[108] Significant Matters This section addresses various important corporate events, including commitments, related party transactions, litigation, and other material disclosures, ensuring transparency and compliance Commitments During the reporting period, the company had no unfulfilled commitments by the actual controller, shareholders, related parties, acquirers, or the company itself, nor any commitments fulfilled within the period - During the reporting period, the company had no unfulfilled commitments by the actual controller, shareholders, related parties, acquirers, or the company itself, nor any commitments fulfilled within the period[110] Non-Operating Occupation of Funds During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties[111] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - During the reporting period, the company had no irregular external guarantees[112] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[113] Explanation of Non-Standard Audit Report During the reporting period, the company did not have a non-standard audit report - During the reporting period, the company did not have a non-standard audit report[114] Explanation of Prior Year's Non-Standard Audit Report During the reporting period, the company did not have a non-standard audit report for the prior year - During the reporting period, the company did not have a non-standard audit report for the prior year[114] Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization related matters - During the reporting period, the company did not experience any bankruptcy or reorganization related matters[114] Litigation Matters The company is involved in a significant litigation matter concerning a CNY 120.02 million bank loan default, where it won the case and has received CNY 55.11 million in partial repayment through enforcement, with other minor disputes totaling CNY 62.02 million having no major impact - Significant litigation and arbitration matter: Due to a loan default by Qingdao Supply Chain Bank, the company as guarantor fulfilled its guarantee obligations and is seeking recourse from Qingdao Supply Chain and related parties, involving an amount of CNY 120.02 million[115] - The company won the case, has applied for compulsory enforcement, and some related parties have fulfilled their repayment responsibilities, with the company receiving a total of CNY 55.11 million in repayments[115] - Other litigation and arbitration matters not meeting the disclosure threshold for significant litigation involve CNY 62.02 million, primarily related to sales contract disputes, and have not caused a significant impact[116] Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - During the reporting period, the company had no penalties or rectification situations[117] Integrity Status During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[118] Significant Related Party Transactions During the reporting period, the company engaged in CNY 462.07 million in related party purchases of goods from Synaptics Hong Kong Limited, representing 19.99% of similar transactions and within approved limits, with no other significant related party transactions Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (million CNY) | Share of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Synaptics Hong Kong Limited | Procurement from Related Party | Purchase of Goods | 462.07 | 19.99% | - During the reporting period, all related party transactions for goods procurement with Synaptics Hong Kong were within the 2025 annual related party transaction plan[119] - During the reporting period, the company had no related party transactions involving asset or equity acquisitions or disposals[120] - During the reporting period, the company had no related party transactions involving joint external investments[121] - During the reporting period, the company had no related party creditor-debtor transactions[122] - The company and its controlled financial companies had no deposits, loans, credit lines, or other financial business with related parties[123][124] Significant Contracts and Their Performance During the reporting period, the company had no trust or contracting arrangements but maintained numerous property lease contracts for offices and warehouses across various locations, and provided multiple external guarantees for subsidiaries, totaling CNY 373.58 million in actual outstanding guarantees, representing 20.91% of net assets - During the reporting period, the company had no trust arrangements[126] - During the reporting period, the company had no contracting arrangements[128] - The company has multiple property lease contracts for offices and warehouses, located in Shenzhen, Hong Kong, Shanghai, Chongqing, Beijing, Qingdao, Xiamen, Suzhou, Hangzhou, Japan, and other places[129] Company Guarantees for Subsidiaries (Partial) | Guaranteed Party | Guaranteed Limit (million CNY) | Actual Guaranteed Amount (million CNY) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Huashanglong | 100.00 | 100.00 | Joint and Several Liability Guarantee | 3 years | No | | Shanghai Yusheng | 90.00 | 90.00 | Joint and Several Liability Guarantee | 3 years | No | | Shenzhen Huashanglong | 950.00 | 50.00 | Joint and Several Liability Guarantee | 1 year | No | | Shanghai Yusheng | 150.00 | 10.00 | Joint and Several Liability Guarantee | 1 year | No | | Huashanglong Technology | 400.00 | 91.20 | Joint and Several Liability Guarantee | 1 year | No | Total Company Guarantees | Indicator | Amount (million CNY) | | :--- | :--- | | Total Approved Guarantee Limit in Reporting Period | 2,568.01 | | Total Actual Guarantees Issued in Reporting Period | 618.90 | | Total Approved Guarantee Limit at Period End | 3,768.01 | | Total Actual Outstanding Guarantees at Period End | 373.58 | | Ratio of Total Actual Guarantees to Company Net Assets | 20.91% | | Outstanding Guarantees for Shareholders, Actual Controllers, and Related Parties | 0 | Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - During the reporting period, the company had no other significant matters requiring explanation[137] Significant Matters of Company Subsidiaries During the reporting period, there were no significant matters concerning the company's subsidiaries - During the reporting period, there were no significant matters concerning the company's subsidiaries[138] Share Changes and Shareholder Information This section details the company's share capital structure, including changes in shares, securities issuance, and shareholder holdings, providing insights into ownership and control Share Change Status During the reporting period, the company's total share capital remained unchanged, with no alterations in the number or proportion of restricted and unrestricted shares, and no applicable information on reasons for changes, approvals, transfers, or share repurchase progress Share Change Status | Share Class | Number Before Change (shares) | Proportion Before Change | Change (+, -) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 92,751,969 | 8.17% | 0 | 92,751,969.00 | 8.17% | | II. Unrestricted Shares | 1,042,267,516 | 91.83% | 0 | 1,042,267,516.00 | 91.83% | | III. Total Shares | 1,135,019,485 | 100.00% | 0 | 1,135,019,485.00 | 100.00% | - Information regarding the reasons for share changes, approval status, transfer status, progress of share repurchases, implementation progress of reducing repurchased shares through centralized bidding, and the impact of share changes on basic and diluted earnings per share and net assets per ordinary share for the most recent year and period is not applicable[142] Securities Issuance and Listing Status During the reporting period, the company had no securities issuance or listing activities - During the reporting period, the company had no securities issuance or listing activities[142] Number of Shareholders and Shareholding Status At the end of the reporting period, the company had 79,293 ordinary shareholders, with Hu Qingzhou holding the largest stake at 10.87%, of which 91.29 million shares are pledged, and no associated or concerted action relationships were found among the top ten shareholders - At the end of the reporting period, the total number of ordinary shareholders was 79,293[144] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number Pledged, Marked, or Frozen (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hu Qingzhou | Domestic Natural Person | 10.87% | 123,429,292.00 | 92,571,969.00 | 30,857,323.00 | Pledged | 91,290,000 | - The company found no associated or concerted action relationships among the aforementioned shareholders[144] - Among the top 10 ordinary shareholders, Zhang Yuejun, Liu Shenggang, Yuan Zhigang, Yu Jun, Zhang Xiaokun, and Huang Yadan held shares through both ordinary securities accounts and margin trading and securities lending accounts[146] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[147] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, the company's controlling shareholder did not change[148] - During the reporting period, the company's actual controller did not change[148] Preferred Share Related Matters During the reporting period, the company had no preferred shares - During the reporting period, the company had no preferred shares[149] Bond Related Matters During the reporting period, the company had no bond-related matters - During the reporting period, the company had no bond-related matters[151] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial instrument risks Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[153] Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of its financial position, operating results, and cash flows Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 447,149,807.58 | 522,772,186.03 | | Financial Assets Held for Trading | 1,531,823.19 | 0 | | Notes Receivable | 84,491,672.48 | 93,862,263.85 | | Accounts Receivable | 790,150,873.83 | 832,817,509.60 | | Inventories | 621,468,494.13 | 644,461,185.80 | | Total Assets | 3,481,827,488.28 | 3,594,309,177.09 | | Short-Term Borrowings | 578,928,676.95 | 665,303,139.15 | | Total Liabilities | 1,698,137,637.69 | 1,853,404,746.39 | | Total Owners' Equity Attributable to Parent Company | 1,787,014,133.24 | 1,743,188,068.26 | | Total Owners' Equity | 1,783,689,850.59 | 1,740,904,430.70 | Key Consolidated Income Statement Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 2,639,291,796.70 | 2,549,647,288.40 | | Total Operating Cost | 2,596,963,555.86 | 2,508,782,991.17 | | Operating Profit | 37,777,071.22 | 33,156,845.03 | | Total Profit | 37,608,723.72 | 33,256,852.78 | | Net Profit | 29,686,555.66 | 32,786,976.20 | | Net Profit Attributable to Parent Company Shareholders | 30,735,833.37 | 35,788,694.70 | | Net Other Comprehensive Income After Tax | 13,098,864.23 | -19,664,360.41 | | Total Comprehensive Income | 42,785,419.89 | 13,122,615.79 | | Basic Earnings Per Share (CNY/share) | 0.03 | 0.03 | Key Consolidated Cash Flow Statement Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 44,816,594.18 | 250,504,370.66 | | Net Cash Flow from Investing Activities | -50,676,004.08 | -201,198,394.68 | | Net Cash Flow from Financing Activities | -34,842,379.54 | -89,599,013.61 | | Net Increase in Cash and Cash Equivalents | -36,332,600.40 | -47,042,021.05 | | Period-End Cash and Cash Equivalents Balance | 201,576,894.60 | 237,955,348.33 | Company Basic Information Shenzhen Intang Intelligent Control Co., Ltd., established on July 6, 2001, in Shenzhen, with its headquarters in Bao'an District, primarily engages in electronic component distribution, chip design and manufacturing, and software R&D and sales, with its financial statements approved by the board on August 25, 2025 - Shenzhen Intang Intelligent Control Co., Ltd. was established on July 6, 2001, in Shenzhen, with its current headquarters located at 6, Baoxing Road, Hainabaichuan Headquarters Building B, 6th, 7th, and 8th Floors, Haiwang Community, Xin'an Street, Bao'an District, Shenzhen[192] - During the reporting period, the company's main businesses included electronic component distribution, chip design and manufacturing, and software R&D and sales[192] - These financial statements were approved for issuance by the company's board of directors on August 25, 2025[192] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, adhering to the "Enterprise Accounting Standards" and "Information Disclosure Rules No. 15" issued by the Ministry of Finance and the CSRC, using the accrual basis and historical cost measurement, confirming its ability to continue operations for 12 months from the reporting period end - These financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and the disclosure requirements of the "Enterprise Accounting Standards - Basic Standards" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission[193] - In accordance with relevant provisions of enterprise accounting standards, the company's accounting is based on the accrual basis; except for certain financial instruments, these financial statements are measured at historical cost[193] - The company possesses the ability to continue as a going concern for 12 months from the end of this reporting period[194] Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and significant estimates for revenue recognition, leases, financial asset impairment, inventory write-downs, fair value measurement, long-term asset impairment, depreciation, amortization, development expenditures, deferred income tax, income tax, post-employment benefits, and provisions, affirming compliance with enterprise accounting standards and accurate financial representation - The company needs to make judgments, estimates, and assumptions regarding financial statement item amounts in areas such as revenue recognition, leases, financial asset impairment, inventory write-down provisions, fair value of financial instruments, long-term asset impairment provisions, depreciation and amortization, development expenditures, deferred income tax assets, income tax, internal retirement benefits and supplementary retirement benefits, provisions, and fair value measurement[195][196][197][198][199][200][201][202][204][205][206][207][208][209][210][211][212] - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the financial position of the company and its subsidiaries as of June 30, 2025, and the operating results and cash flows for the first half of 2025, and other relevant information[213] - The company's accounting year adopts the calendar year, from January 1 to December 31 annually; the company considers 12 months as one operating cycle[214][215] - The RMB is the functional currency in the primary economic environment where the company and its domestic subsidiaries operate, and the company and its domestic subsidiaries use RMB as their bookkeeping base currency; the company's overseas subsidiaries determine the US dollar and Japanese yen as their bookkeeping base currencies based on the primary economic environment in which they operate[216] Materiality Standard Determination Methods and Selection Basis (Partial) | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired receivables | Individually impaired amount accounts for over 5% of the total impairment provisions for all types of receivables and exceeds CNY 2.00 million | | Significant construction in progress | When the beginning-of-year amount, end-of-year amount, or current-year transfer to fixed assets amount of a single construction in progress project exceeds CNY 2.00 million, the company discloses it as a significant construction in progress project | | Significant goodwill | When the end-of-year book value of a single goodwill item (or the book value before impairment if impairment is recognized in the current year) exceeds 1% of the company's total consolidated assets, the company discloses its impairment testing process in detail as significant goodwill | Taxes This section outlines the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharges, local education surcharges, and overseas corporate profit taxes, detailing preferential tax policies for high-tech and small-profit enterprises Main Tax Categories and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 6%, 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%, 20%, 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Profits Tax (Hong Kong) | 16.5% | | Consumption Tax (Japan) | 10% | | Asset Tax (Japan) | 1.4% | | Corporate Tax (Japan) | 15%, 23.2% | - Shenzhen Youruan Technology Co., Ltd. is recognized as a high-tech enterprise, and applies a 15% corporate income tax rate for this period[370] - Chongqing Huashanglong Technology Co., Ltd., Qingdao Huashanglong Technology Co., Ltd., Xiamen Huashanglong Technology Co., Ltd., and Beijing Beishanglong Technology Co., Ltd. are small and micro-profit enterprises, enjoying preferential tax reduction policies, calcula