芯碁微装(688630) - 2025 Q2 - 季度财报

Definitions This section provides definitions of common terms used in the report, ensuring accurate understanding of company names, subsidiaries, investment institutions, industry companies, laws and regulations, currency units, and specialized terms like micro-nano manufacturing and lithography technology Definitions of Common Terms This chapter defines common terms used in the report, covering company names, subsidiaries, investment institutions, industry companies, laws and regulations, currency units, and specialized terms like micro-nano manufacturing and lithography technology, ensuring accurate understanding of the report content - "Company", "the Company", "Fabology Microelectronics" all refer to Hefei Fabology Microelectronics Equipment Co., Ltd[10] - The reporting period refers to the first half of 2025[11] - Lithography is the smallest and most precise processing technology in the modern electronic information industry; direct imaging (DI) lithography is a maskless direct scanning exposure technology[11] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, information disclosure, stock summary, and key financial data for the reporting period Company Basic Information Fabology Microelectronics (CFMEE), registered in Hefei High-tech Zone, Anhui Province, with Cheng Zhuo as legal representative, primarily engages in R&D, manufacturing, sales, and maintenance services of micro-nano direct imaging lithography equipment - The company's Chinese name is Hefei Fabology Microelectronics Equipment Co., Ltd., abbreviated as Fabology Microelectronics[16] - The company's legal representative is Cheng Zhuo, and its registered address is Building 1, No. 789 Changning Avenue, Hefei High-tech Zone, Anhui Province[16] Contact Person and Contact Information The report discloses contact information for the company's Board Secretary Wei Yongzhen and Securities Affairs Representative Yuan Luxi, including address, phone, fax, and email, for investor and stakeholder communication - The Board Secretary is Wei Yongzhen, and the Securities Affairs Representative is Yuan Luxi; both have the contact address of No. 789 Changning Avenue, Hefei High-tech Zone[17] Information Disclosure and Location Change Summary The company designates China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times as information disclosure newspapers, the Shanghai Stock Exchange website for the semi-annual report, and the company's securities department as the report's filing location, with no changes during the reporting period - The company's information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times[18] - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn)[18](index=18&type=chunk) Company Stock/Depositary Receipt Summary The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Fabology Microelectronics" and stock code "688630"; there were no depositary receipts during the reporting period - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation “Fabology Microelectronics” and stock code “688630”[19] Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 45.59% to 654.33 million Yuan, and net profit attributable to shareholders increased by 41.05% to 142.03 million Yuan, driven by high-end PCB market trends and increased product penetration; however, net cash flow from operating activities decreased by 121.89% to -105.25 million Yuan due to increased procurement of production materials 2025 Semi-Annual Key Accounting Data | Indicator | Jan-Jun 2025 (Yuan) | Jan-Jun 2024 (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 654,333,326.85 | 449,434,289.81 | 45.59 | | Total Profit | 157,289,043.66 | 109,784,629.66 | 43.27 | | Net Profit Attributable to Shareholders of Listed Company | 142,033,159.26 | 100,694,227.54 | 41.05 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 135,941,690.62 | 98,529,823.36 | 37.97 | | Net Cash Flow from Operating Activities | -105,249,222.88 | -47,434,123.78 | -121.89 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,156,754,556.14 | 2,062,601,576.72 | 4.56 | | Total Assets (Period-end) | 2,956,484,972.24 | 2,788,843,157.82 | 6.01 | 2025 Semi-Annual Key Financial Indicators | Indicator | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 1.08 | 0.77 | 40.26 | | Diluted Earnings Per Share (Yuan/share) | 1.08 | 0.77 | 40.26 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/share) | 1.03 | 0.75 | 37.33 | | Weighted Average Return on Net Assets (%) | 6.66 | 4.84 | Increased by 1.82 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 6.37 | 4.73 | Increased by 1.64 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.32 | 10.89 | Decreased by 1.57 percentage points | - Net cash flow from operating activities decreased by 121.89% year-on-year, primarily due to increased procurement of production materials[24] 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -236,963.38 | | Government Subsidies Included in Current Profit/Loss (excluding those continuously affecting) | 100,000.00 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 7,367,176.14 | | Other Non-Operating Income and Expenses | -63,779.06 | | Less: Income Tax Impact | 1,074,965.06 | | Total | 6,091,468.64 | Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, main business, operational performance, core competencies, and risk factors during the reporting period Overview of Industry and Main Business during the Reporting Period As a leading direct imaging lithography equipment manufacturer, the company focuses on PCB and pan-semiconductor fields, driving innovation and product expansion to meet AI industry development and domestic substitution demands - The company is a leading domestic direct imaging lithography equipment manufacturer, serving customers in the PCB and pan-semiconductor fields[29] - Business expanded from PCB mid-to-low-end markets to high-end markets like substrate-like PCBs and IC substrates, with pan-semiconductor applications covering IC packaging, FPD panel display, IC mask making, new displays, and new energy photovoltaics[29] - During the reporting period, the company actively promoted cutting-edge technology R&D, accelerated new product development, launched bonding process solutions, and planned metrology and inspection technology roadmaps[29] Industry Development Overview The booming AI industry drives a continuous recovery in the PCB sector, with strong demand for high-end PCBs from AI servers, high-speed networks, and data centers, highlighting the advantages of direct imaging lithography - The rapid development of the AI industry drives a continuous recovery in the global PCB industry, with global AI server shipments expected to grow by 46% in 2024[30] - Demand for high-end PCBs is strong, with the market size for 18-layer and above high-layer boards expected to grow by 41.7% in 2025, HDI boards by 12.9%, and packaging substrates by 7.6%[34] - Direct imaging lithography, with its maskless direct writing and real-time deformation compensation features, has become essential equipment for high-end PCB manufacturing, accelerating the replacement of traditional exposure machines[35] - The global semiconductor market is experiencing strong growth driven by AI, with market size expected to grow by 11.2% in 2025 and 8.5% in 2026 year-on-year[40][41] - The advanced packaging market is projected to reach 80 billion USD by 2030, with 2.5D/3D packaging market seeing an average growth rate of 37%[45] - The IC substrate market is expected to reach 13.566 billion USD in 2025, a 7.6% year-on-year increase, with an average growth rate of 7.4% over the next five years[51] - The power device market is projected to grow at an average rate of 8% from 2022-2028, with increasing penetration of direct imaging lithography technology in power device manufacturing[54] - The new display industry continues to expand, with advanced display technologies like Micro-LED, OLED, and Mini-LED accelerating commercialization, making direct imaging lithography a key process choice[55][56] Business and Products The company's main business includes micro-nano direct imaging lithography equipment and maintenance services, covering PCB direct imaging equipment (MAS, RTR, NEX, FAST, MUD/MCD series) and automated line systems (DILINE series), as well as pan-semiconductor direct imaging lithography equipment (LDW, WLP, PLP, MLF, MLC series) and automated line systems, offering solutions for lead frames, FPD, IC substrates, alignment, and bonding, with product functions covering micron to nanometer-level lithography - The company's main products include PCB direct imaging equipment and automated line systems, pan-semiconductor direct imaging lithography equipment and automated line systems, other laser direct imaging equipment, and after-sales maintenance services[57][58] - PCB direct imaging equipment series include MAS (flexible/HDI/multi-layer board circuit exposure), RTR (FPC roll-to-roll direct imaging), NEX (high-performance solder mask DI), FAST (high-capacity LDI), and MUD/MCD (blind hole laser drilling)[59] - Pan-semiconductor direct imaging lithography equipment series include LDW (mask/IC chip/MEMS), WLP (integrated circuit advanced packaging), PLP (panel-level advanced packaging), MLF (power devices/MEMS/ceramic packaging), and MLC (chip/mask/MEMS/bio-chip micro-nano lithography)[60][61] - The company also provides solutions for lead frames, FPD display panels, IC substrates, wafer aligners (WA 8), and wafer bonders (WB 8)[61] Discussion and Analysis of Operations In the first half of 2025, Fabology Microelectronics maintained high growth momentum amid global semiconductor and high-end manufacturing recovery, with surging order demand leading to overloaded capacity, and the second phase base is set to launch to alleviate delivery pressure - In the first half of 2025, the company maintained high growth momentum, achieving comprehensive business breakthroughs amidst the global semiconductor and high-end manufacturing industry recovery[62] - The company's capacity is overloaded, with March and April shipments reaching historical highs, and the second phase base is expected to be operational in Q3 to significantly enhance delivery capabilities for high-end direct imaging lithography equipment[63] - PCB business is driven by "high-endization" (MAS4 equipment with minimum line width of 3–4μm, NEX series solder mask equipment recognized by leading enterprises) and "internationalization" (Thailand subsidiary as Southeast Asian hub, expanding into Vietnam and Malaysia markets)[64][65] - The pan-semiconductor sector achieved multi-domain breakthroughs, with MAS 6P successfully accepted and mass-produced by a leading IC packaging substrate customer, WLP 2000 wafer-level direct imaging lithography equipment receiving repeat orders, mask direct imaging equipment meeting 90nm node requirements, and the launch of high-precision wafer aligner WA 8 and wafer bonder WB 8[69][70][71][72][73] - R&D investment in the first half of 2025 was 60.95 million Yuan, a 24.56% year-on-year increase, with R&D personnel accounting for 34.48% and a cumulative total of 220 authorized patents[74] - The company is advancing its digitalization strategy, improving IPD system, CRM system, and expense control management, and deploying SRM and WMS systems to build an integrated digital transformation framework[75][76] - The company plans to initiate preparatory work for overseas H-share issuance and listing on the Hong Kong Stock Exchange, aiming to broaden international financing channels, enhance brand international recognition, and accelerate overseas business expansion[79] Analysis of Core Competencies The company's core competencies include technological innovation, extensive market and customer resources, rapid service response, diverse product application scenarios, a professional team, and a differentiated competitive strategy - The company has built a full-stack "optics, mechanics, electronics, software, computing" technology system in micro-nano direct imaging lithography, possessing eight core technological barriers, and as of the first half of 2025, has accumulated 274 intellectual property rights (79 invention patents)[81][90][95] - In the PCB sector, the company's equipment sales revenue has grown year by year, market share has increased, achieving full coverage of the top 100 PCB enterprises, and deepening cooperation with leading customers like Pengding Holdings and Wus Printed Circuit[83] - In the pan-semiconductor sector, products are applied in IC, MEMS, advanced packaging, new displays, and other segments, expanding to quality customers such as Tongfu Microelectronics, Huatian Technology, and BOE Group[84] - The company has a professional technical service team providing 7*24 hour technical support, reaching domestic sites within 2 hours, and actively building overseas sales and operation & maintenance teams[85] - The company's direct imaging lithography equipment covers multiple segmented application fields including PCB manufacturing, IC/MEMS, advanced packaging, display lithography, and new energy photovoltaics, with a rich product portfolio[87] - The R&D technical team comprises 241 people, accounting for 34.48% of total employees, including highly educated talents with doctorates and master's degrees, and a scientist team with over 30 years of semiconductor equipment development experience[88][103] - Differentiated competitive strategies include benchmarking international competitors to capture high-end markets, seizing mid-to-low-end markets with cost-effective advantages, and providing automated product lines and intelligent overall solutions[89] Technology and Innovation Advantages The company continuously invests in R&D, forming a systematic technological upgrade capability, accumulating 274 intellectual property rights by the first half of 2025, including 79 invention patents - The company continuously invests in R&D, accumulating 274 intellectual property rights by the first half of 2025, including 79 invention patents[81][95] - The company has developed a series of key direct imaging lithography technologies, including system integration, lithography UV optics and light source, high-precision auto-focusing, high-precision multi-axis high-speed large-stroke precision drive control, high-reliability and high-stability ECC technology, and high-speed real-time high-precision graphics processing[81] - Through market, customer, and industry integration, the company has developed a series of new products, driving product upgrades towards finer lithography precision and expanding into FPD manufacturing, IC back-end packaging, OLED, new displays, mask making, and new energy photovoltaics[81][82] Market and Customer Resource Advantages Leveraging product competitiveness and sales network, the company has accumulated extensive customer resources in PCB and pan-semiconductor fields, achieving full coverage of top 100 PCB enterprises and expanding to quality customers in pan-semiconductor applications - The company has achieved full coverage of the top 100 PCB enterprises and deepened cooperation with leading customers such as Shengyi Technology, Pengding Holdings, Dongshan Precision, Shennan Circuits, Shengyi Electronics, Dingying Electronics, Wus Printed Circuit, Red Board, and Gold Circuit Electronics[83] - In the pan-semiconductor sector, the company's products are applied in IC, MEMS, bio-chips, discrete power devices manufacturing, IC mask manufacturing, advanced packaging, display lithography, and third-generation semiconductors, accumulating enterprise-level customers such as Tongfu Microelectronics, Huatian Technology, and BOE Group[84] Rapid Service and Response Advantages The company boasts a professional technical service team strategically located in major electronic information industry hubs, providing prompt 724 hour technical support to domestic clients with a 30-minute response time and 2-hour on-site arrival, while actively expanding its overseas sales and operations teams - The company has a professional technical service team capable of providing prompt **724** hour technical support and services to domestic customers, with a 30-minute response time and 2-hour on-site arrival domestically[85] - The company is actively building overseas sales and operation & maintenance teams to accelerate overseas market expansion, with equipment successfully sold to Thailand, Vietnam, Japan, South Korea, and Malaysia[85] Product Application Scenario Advantages The company's direct imaging lithography equipment covers multiple segmented application fields, including PCB manufacturing, IC/MEMS/bio-chip/discrete power device manufacturing, IC mask manufacturing, advanced packaging, display lithography, and new energy photovoltaics, offering a rich product portfolio to meet diverse customer needs and continuously expanding into pan-semiconductor segments - The company's direct imaging lithography equipment covers multiple segmented application fields including PCB manufacturing, IC/MEMS/bio-chip/discrete power device manufacturing, IC mask manufacturing, advanced packaging, display lithography, and new energy photovoltaics[87] - The company has a relatively rich product portfolio in direct imaging lithography, capable of covering a broader range of downstream segmented markets and meeting diverse customer needs within those segments[87] Professional Team Advantages The company prioritizes talent development, fostering a highly qualified and experienced technical team through internal training and external recruitment, with 241 R&D personnel by the first half of 2025, accounting for 34.48% of total employees - As of the first half of 2025, the company's R&D technical team consists of 241 people, accounting for 34.48% of the total employees[88][103] - R&D personnel have a wide range of professional coverage, including optics, precision machinery, graphics processing, machine vision, deep learning, measurement and control technology, and instrumentation[88] - The company's scientist team possesses over 30 years of semiconductor equipment development experience, with members from international manufacturers such as Zeiss, KLA-Tencor, and Applied Materials[88] Differentiated Competitive Strategy Advantages The company employs a differentiated competitive strategy, directly benchmarking international competitors in the high-end PCB market with product stability, reliability, and localized service advantages, while capturing market share in the mid-to-low-end PCB market with the cost-effectiveness and reliability of its FAST series products - In the high-end PCB market, the company directly benchmarks international competitors, capturing the high-end market with product stability, reliability, and localized service advantages[89] - In the mid-to-low-end PCB market, the company's FAST series products seize market share with their cost-effectiveness, reliability, and stability advantages[89] - The company offers automated product lines, enabling automated production for circuit, solder mask, and substrate processes, providing intelligent overall solutions for exposure processes to customers in various fields[89] - In the pan-semiconductor sector, the company has a dedicated pan-semiconductor business unit, fully supporting product line development, continuously innovating R&D, comprehensively expanding application areas, and striving to become a leading international enterprise in micro-nano direct imaging lithography[89] Core Technologies and R&D Progress The company has established a full-stack "optics, mechanics, electronics, software, computing" technology system in micro-nano direct imaging lithography, forming eight core technological barriers and leading the formulation of multiple industry standards - The company has built a full-stack "optics, mechanics, electronics, software, computing" technology system, forming eight core technological barriers, and has led the formulation of multiple industry standards[90][91] - During the reporting period, 29 new R&D achievements were added, including 4 invention patents, 15 utility model patents, 2 design patents, and 8 software copyrights[95] R&D Investment | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 60,953,153.66 | 48,934,569.54 | 24.56 | | Total R&D Investment | 60,953,153.66 | 48,934,569.54 | 24.56 | | Total R&D Investment as % of Operating Revenue (%) | 9.32 | 10.89 | Decreased by 1.57 percentage points | - Ongoing R&D projects include wafer-level packaging lithography equipment (estimated total investment 32 million Yuan), 90nm-65nm mask making lithography equipment (estimated total investment 50 million Yuan), laser drilling project (estimated total investment 28.78 million Yuan), and wafer bonding equipment project (estimated total investment 20 million Yuan), aiming for independent technological control and domestic substitution[99][100][101] R&D Personnel | Indicator | Current Period (persons) | Prior Period (persons) | | :--- | :--- | :--- | | Number of Company R&D Personnel | 241 | 214 | | R&D Personnel as % of Total Company Employees (%) | 34.48 | 34.80 | | Total R&D Personnel Compensation (Ten Thousand Yuan) | 3,248.71 | 2,307.45 | | Average R&D Personnel Compensation (Ten Thousand Yuan) | 11.01 | 10.68 | Risk Factors The company faces risks related to core competitiveness (unexpected technological upgrades), intensified market competition (increased domestic and international competition, more potential entrants), industry cyclicality (influenced by downstream PCB and pan-semiconductor market demand fluctuations), and macroeconomic environment (complex international trade, global inflation, geopolitical issues) - The company faces core competitiveness risks; if it fails to accurately grasp technological trends or if technological upgrades do not meet expectations, product competitiveness will be impacted[105] - Market competition is intensifying, with fierce competition from domestic and international manufacturers, and growing market demand attracting more potential entrants[106] - Industry development is subject to cyclical risks influenced by fluctuations in demand from downstream PCB and pan-semiconductor end markets[107] - A complex international trade environment, global inflation, and worsening geopolitical situations may adversely affect the company's global market layout and raw material procurement[108] Key Operating Performance During the Reporting Period During the reporting period, the company achieved operating revenue of 654 million Yuan, a 45.59% year-on-year increase, and net profit attributable to shareholders of 142 million Yuan, a 41.05% year-on-year increase, primarily due to growth in PCB and pan-semiconductor businesses - During the reporting period, the company achieved operating revenue of 654 million Yuan, a 45.59% year-on-year increase; net profit attributable to shareholders of the listed company was 142 million Yuan, a 41.05% year-on-year increase[109] - The main business growth came from the PCB and pan-semiconductor sectors[109] Analysis of Main Business During the reporting period, the company's operating revenue and operating costs both increased by over 45%, mainly due to market expansion and increased product investment; sales expenses increased by 78.23% due to overseas market expansion, financial expenses decreased by 38.16% due to reduced interest income, and R&D expenses increased by 24.56% due to increased R&D personnel and project investment; net cash flow from operating activities decreased by 121.89% to a negative value, primarily due to increased procurement payments Analysis of Financial Statement Items | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 654,333,326.85 | 449,434,289.81 | 45.59 | | Operating Cost | 379,061,916.08 | 261,216,355.80 | 45.11 | | Selling Expenses | 28,284,531.67 | 15,869,877.58 | 78.23 | | Administrative Expenses | 19,905,817.55 | 20,796,028.52 | -4.28 | | Financial Expenses | -5,658,058.98 | -9,149,311.57 | 38.16 | | R&D Expenses | 60,953,153.66 | 48,934,569.54 | 24.56 | | Net Cash Flow from Operating Activities | -105,249,222.88 | -47,434,123.78 | -121.89 | | Net Cash Flow from Investing Activities | 63,130,921.25 | 104,251,897.51 | -39.44 | | Net Cash Flow from Financing Activities | -45,850,605.88 | -104,966,837.76 | 56.32 | - The change in selling expenses was mainly due to the company's increased overseas market开拓, leading to higher distribution service fees[112] - The decrease in net cash flow from operating activities was mainly due to a year-on-year increase in procurement payments[112] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets increased by 6.01% to 2.96 billion Yuan; monetary funds significantly decreased by 72.06% due to dividend payments and purchases of transactional financial assets; receivables and inventories increased by 10.17% and 37.47% respectively, reflecting business expansion and strategic stockpiling; transactional financial assets surged by 291.95% to 401 million Yuan due to increased investment in wealth management products; construction in progress increased by 50.43% to 132 million Yuan due to increased investment in the second phase of the production base project Changes in Assets and Liabilities | Item Name | Period-end Amount (Yuan) | % of Total Assets (Period-end) | Prior Year-end Amount (Yuan) | % of Total Assets (Prior Year-end) | % Change from Prior Year-end | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 187,512,280.87 | 6.34 | 671,016,915.84 | 24.06 | -72.06 | Dividend payments and purchase of transactional financial assets | | Receivables | 944,024,700.28 | 31.93 | 856,875,247.65 | 30.73 | 10.17 | Increased with operating revenue | | Inventories | 794,235,529.30 | 26.86 | 577,756,671.24 | 20.72 | 37.47 | Due to strategic stockpiling and increased goods issued | | Contract Assets | 20,607,167.51 | 0.70 | 15,432,786.32 | 0.55 | 33.53 | Due to increased business scale | | Construction in Progress | 131,664,170.44 | 4.45 | 87,526,908.84 | 3.14 | 50.43 | Increased investment in production base project (Phase II) | | Short-term Borrowings | 4,979,200.00 | 0.17 | 3,185,933.00 | 0.11 | 56.29 | Due to increased discounted but unmatured bills | | Taxes Payable | 13,336,504.20 | 0.45 | 2,288,648.90 | 0.08 | 482.72 | Due to increased income tax payable balance | | Transactional Financial Assets | 400,543,507.83 | 13.55 | 102,192,371.54 | 3.66 | 291.95 | Due to increased wealth management products held | | Long-term Receivables | 27,916,469.49 | 0.94 | 7,034,231.91 | 0.25 | 296.87 | Due to reclassification of long-term receivables to non-current assets due within one year at period-end | - Overseas assets amounted to 21.09 million Yuan, accounting for 0.71% of total assets[115] Analysis of Investment Status At the end of the period, the company's transactional financial assets reached 401 million Yuan, a 291.95% increase from the beginning of the period, mainly due to increased purchases of wealth management products; other non-current financial assets were 30.97 million Yuan; the company also invested in three private equity funds with a total intended investment of 50 million Yuan, of which 30 million Yuan has been invested, aiming to broaden investment channels, enhance capital utilization efficiency, cultivate new profit growth points, and promote industrial synergy Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold/Redeemed in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 102,192,371.54 | 122,000,000.00 | 120,125,961.11 | 400,543,507.83 | | Receivables Financing | 12,893,040.80 | - | -1,786,201.16 | 11,106,839.64 | | Other Non-Current Financial Assets | 31,223,561.28 | 1,000,000.00 | - | 30,967,962.87 | | Total | 146,308,973.62 | 123,000,000.00 | 118,339,759.95 | 442,618,310.34 | - Transactional financial assets increased by 291.95% from the beginning of the period, mainly due to increased purchases of large-denomination certificates of deposit in mid-2025[148] Private Equity Fund Investment Status | Private Equity Fund Name | Total Intended Investment (Yuan) | Amount Invested as of Period-end (Yuan) | Profit Impact in Current Period (Yuan) | Cumulative Profit Impact (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Suzhou Anxin Tongying Venture Capital Partnership (Limited Partnership) | 10,000,000.00 | 10,000,000.00 | -190,446.98 | 127,499.24 | | Chengdu Gaoxin Xindongneng Huajing Equity Investment Fund Partnership (Limited Partnership) | 20,000,000.00 | 10,000,000.00 | 1,012,155.72 | 975,300.00 | | Nantong Quandexue Loukexin Phase II Venture Capital Fund Management (Limited Partnership) | 20,000,000.00 | 10,000,000.00 | -77,307.15 | -134,836.37 | | Total | 50,000,000.00 | 30,000,000.00 | 744,401.59 | 967,962.87 | Analysis of Major Holding and Participating Companies The company's main holding subsidiaries include Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. and XIN QI TECHNOLOGY (THAILAND) CO., LTD. (Thailand subsidiary); the Thailand subsidiary has a registered capital of 20 million Yuan, total assets of 21.09 million Yuan at period-end, and a net loss of 0.35 million Yuan Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. | Subsidiary | Technology promotion and application services | 100 | 4.86 | - | - | -12.31 | -12.31 | | XIN QI TECHNOLOGY (THAILAND) CO.,LTD. | Subsidiary | Technology promotion and application services | 2,000 | 2,108.77 | -34.76 | - | -34.76 | -34.76 | - The Thailand subsidiary's registered capital is 100,000,000 Thai Baht, approximately 20 million Yuan, and its financial data is settled in Thai Baht and converted to Yuan for reporting[121] Corporate Governance, Environment and Society This section details changes in directors, supervisors, senior management, and core technical personnel, as well as profit distribution plans and equity incentive schemes Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel - During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel[124] Profit Distribution or Capital Reserve to Share Capital Plan During the reporting period, the company had no profit distribution plan or capital reserve to share capital plan - During the reporting period, the company had no profit distribution or capital reserve to share capital plan[124] Equity Incentive Plans and Employee Incentive Measures The company's board of directors resolved to cancel 349,800 restricted shares from the first grant's third vesting period and the reserved grant's second vesting period of the 2022 Restricted Stock Incentive Plan, as the 2024 performance targets were not met, concluding the entire plan - The company canceled 349,800 restricted shares from the first grant's third vesting period and the reserved grant's second vesting period of the 2022 Restricted Stock Incentive Plan[125] - The cancellation was due to the company's 2024 operating revenue growth rate and net profit growth rate failing to meet the company-level performance targets[125] - Following this cancellation, the company's 2022 Restricted Stock Incentive Plan has concluded[125] Significant Matters This section covers the fulfillment of commitments, the progress of raised funds utilization, and other important corporate events Fulfillment of Commitments The company's controlling shareholder, actual controller, directors, supervisors, senior management, and other related parties have timely and strictly fulfilled various commitments made during the initial public offering and refinancing, primarily concerning share lock-up, stock price stabilization, information disclosure accuracy, resolution of horizontal competition and related party transactions, employee social security and housing fund contributions, and immediate return enhancement, aiming to protect investor interests and standardize corporate governance - Controlling shareholder and actual controller Cheng Zhuo committed not to transfer shares within 36 months from the listing date and to not reduce holdings below the offering price within 2 years after the lock-up period expires[129] - The company, controlling shareholder, directors, and senior management committed to initiating stock price stabilization measures under specific conditions, including company share repurchases and increased holdings by the controlling shareholder, directors, and senior management[132] - The company, actual controller, controlling shareholder, all directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear compensation liability[137] - The controlling shareholder and actual controller committed to resolving horizontal competition, avoiding activities that substantially compete with the company's business, and granting the company a preemptive right to purchase[138][140][141][142][143] - The controlling shareholder, actual controller, and other related parties committed to standardizing related party transactions, ensuring fair transaction prices, and not harming the interests of the company and other shareholders[139][140][147][148] - The company committed not to provide loans or other financial assistance to equity incentive recipients[148] Progress of Raised Funds Utilization The company's utilization of raised funds is progressing well, with a cumulative investment of 481 million Yuan as of the reporting period end, representing 60.98% of the committed investment; projects like the modern direct imaging lithography equipment production workshop, IC substrate/substrate-like direct imaging lithography equipment industrialization, and key subsystem/core component R&D are advancing as planned, yielding multiple patent achievements; the company also utilized idle raised funds for cash management, with an ending balance of 310 million Yuan Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (Yuan) | Total Committed Investment (Yuan) | Cumulative Raised Funds Invested as of Period-end (Yuan) | Cumulative Investment Progress (%) | Amount Invested in Current Year (Yuan) | Amount Invested in Current Year as % of Total Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 797,685,647.55 | 789,362,921.17 | 481,327,125.60 | 60.98% | 103,113,117.43 | 13.06% | - The modern direct imaging lithography equipment production workshop and supporting facilities project has completed shipments of multiple NEX series new-generation high-performance solder mask direct imaging lithography equipment for new displays, PCB solder masks, and lead frames, yielding 9 patents[154][155] - The IC substrate/substrate-like direct imaging lithography equipment industrialization project is researching and developing higher-precision IC substrate and substrate-like direct imaging lithography equipment, with breakthroughs in MAS series models, yielding 5 invention patents[155][156] - Key subsystem and core component independent R&D projects are progressing normally; the intelligent direct imaging lithography system based on deep learning algorithms is operating well in client trials, the development of ultra-large format high-resolution exposure engines is largely complete, high-precision dynamic environmental control system R&D is largely complete, and advanced laser light source R&D has improved domestic content[156][157][158] Cash Management of Idle Raised Funds | Date of Board Approval | Approved Limit for Cash Management of Raised Funds (Ten Thousand Yuan) | Start Date | End Date | Period-end Cash Management Balance (Ten Thousand Yuan) | Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | April 23, 2025 | 40,000.00 | May 14, 2025 | May 14, 2026 | 31,000.01 | No | Changes in Shares and Shareholder Information This section details changes in share capital, shareholder structure, and the holdings of directors, supervisors, senior management, and core technical personnel Changes in Share Capital During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[163] Shareholder Information As of the end of the reporting period, the company had 9,994 ordinary shareholders; among the top ten shareholders, Cheng Zhuo held 27.92% as the controlling shareholder, and Ningbo Yage Venture Capital Partnership (Limited Partnership) held 7.17%; the top ten unrestricted shareholders' holdings were largely consistent with the top ten shareholders, and Cheng Zhuo is the executive partner of Ningbo Yage Venture Capital Partnership (Limited Partnership) and has an associated relationship with Ningbo Dingqing Venture Capital Partnership (Limited Partnership) - As of the end of the reporting period, the total number of ordinary shareholders was 9,994[164] Top Ten Shareholders' Holdings as of Period-end | Shareholder Name | Period-end Holdings (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Cheng Zhuo | 36,787,490 | 27.92 | Domestic Natural Person | | Ningbo Yage Venture Capital Partnership (Limited Partnership) | 9,450,000 | 7.17 | Other | | Ningbo Dingqing Venture Capital Partnership (Limited Partnership) | 4,606,713 | 3.50 | Other | | China Everbright Bank Co., Ltd. - Xingquan Commercial Model Preferred Mixed Securities Investment Fund (LOF) | 3,211,049 | 2.44 | Other | | China Merchants Bank Co., Ltd. - Xingquan Herun Mixed Securities Investment Fund | 2,716,091 | 2.06 | Other | | Industrial Bank Co., Ltd. - Xingquan New Horizon Flexible Allocation Periodical Open-ended Mixed Initiated Securities Investment Fund | 2,460,370 | 1.87 | Other | | Shenzhen Guolong Capital Equity Investment Management Co., Ltd. - Shenzhen Qifu Guolong Small and Medium-sized Enterprise Equity Investment Fund Partnership (Limited Partnership) | 2,000,000 | 1.52 | Other | | Fang Lin | 1,100,000 | 0.83 | Domestic Natural Person | | He Shaofeng | 1,060,000 | 0.80 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 829,401 | 0.63 | Other | - Cheng Zhuo is the executive partner of Ningbo Yage Venture Capital Partnership (Limited Partnership); Yang Guoqing, the executive partner of Ningbo Dingqing Venture Capital Partnership (Limited Partnership), is Cheng Zhuo's sister's spouse, indicating an associated relationship[167][168] Information on Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, core technical personnel He Shaofeng's shareholding decreased by 60,000 shares due to secondary market trading; the company did not disclose any equity incentives granted to directors, supervisors, senior management, or core technical personnel Changes in Holdings of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Beginning Holdings (shares) | Period-end Holdings (shares) | Change in Holdings During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | He Shaofeng | Core Technical Personnel | 1,120,000 | 1,060,000 | -60,000 | Secondary market trading | Bond-Related Information This section confirms that the company had no corporate bonds, debt financing instruments, or convertible corporate bonds during the reporting period Corporate Bonds and Debt Financing Instruments During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[173] Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds[173] 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 items Audit Report This semi-annual report is unaudited[4] Financial Statements This chapter provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, as well as consolidated and parent company statements of changes in owners' equity, comprehensively presenting the financial position, operating results, and cash flows at the end of the reporting period Company Basic Information Hefei Fabology Microelectronics Equipment Co., Ltd., established on October 23, 2019, with a registered capital of 131,740,716.00 Yuan and Cheng Zhuo as legal representative, primarily engages in R&D, manufacturing, sales, and maintenance services of micro-nano direct imaging lithography equipment - The company was established on October 23, 2019, with a registered capital of 131,740,716.00 Yuan[209][214] - The company's main business includes micro-nano direct imaging lithography equipment and maintenance services, covering PCB direct imaging equipment and automated line systems, and pan-semiconductor direct imaging lithography equipment and automated line systems[215] - The company first publicly issued shares in March 2021, issued shares to specific objects in July 2023, and conducted restricted stock vesting in August 2023 and November 2024[209][210][211][212] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and an assessment of its ability to continue as a going concern for 12 months from the end of the reporting period revealed no issues affecting this ability - The company's financial statements are prepared on a going concern basis[216] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting this ability[217] Significant Accounting Policies and Estimates This chapter details the company's significant accounting policies and estimates, formulated in accordance with enterprise accounting standards, covering business combinations, consolidated financial statements, financial instruments, receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, intangible assets, employee compensation, provisions, share-based payments, revenue recognition, contract costs, government grants, deferred income tax, and leases, ensuring the truthfulness, accuracy, and completeness of financial reporting - The company prepares financial statements in accordance with enterprise accounting standards, truthfully and completely reflecting its financial position, operating results, and other information[219] - Detailed explanations are provided for the classification, measurement, and impairment of financial instruments, including those measured at amortized cost and fair value, and bad debt provision methods for notes receivable, accounts receivable, and other receivables[268][269][270][271][272][280][311][315][319][321][322][323][324] - Revenue recognition and measurement policies are clarified, including criteria for fulfilling performance obligations over time or at a point in time, and specific recognition methods for equipment sales, maintenance services, and lease income[408][409][410][418][419][420] - Disclosure includes recognition criteria for fixed assets, depreciation methods (buildings and structures 40 years, machinery and equipment 5 years, transportation equipment 3-5 years, electronic equipment and others 3-5 years), and standards for transferring construction in progress to fixed assets[355][357][359][360][361] - Intangible asset valuation, useful life estimation (land use rights 50 years, computer software 3-5 years), and amortization methods are explained, along with specific conditions for capitalizing R&D expenditures[366][367][368][372] Taxes The company's main taxes include VAT (tax rates 6%-13%), Urban Maintenance and Construction Tax (7%), Corporate Income Tax (15%-25%), Education Surcharge (3%), and Local Education Surcharge (2%); as a high-tech enterprise, the company enjoys a 15% preferential corporate income tax rate and VAT super deduction policies for advanced manufacturing and integrated circuit enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue | 6%, 7%, 9%, 13% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | - As a high-tech enterprise, the company enjoys a 15% preferential corporate income tax rate[464] - The company benefits from VAT super deduction policies for advanced manufacturing enterprises and integrated circuit enterprises, allowing an additional 5% and 15% respectively of current deductible input VAT to be deducted from payable VAT[464] Notes to Consolidated Financial Statements This chapter provides detailed notes on various asset, liability, owner's equity, income, cost, and expense items in the consolidated financial statements; period-end monetary funds decreased by 72.06% due to purchases of wealth management products, while transactional financial assets significantly increased by 291.95%; notes receivable, accounts receivable, inventories, and construction in progress all showed significant changes, reflecting the company's business expansion and investment activities; selling expenses and R&D expenses increased, while financial expenses increased due to reduced interest income; credit impairment losses and asset impairment losses increased due to higher provisions for accounts receivable and inventory write-downs Monetary Funds | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 75.61 | 73.61 | | Bank Deposits | 159,604,448.92 | 629,474,372.90 | | Other Monetary Funds | 27,907,756.34 | 41,542,469.33 | | Total | 187,512,280.87 | 671,016,915.84 | | Of which: Funds deposited overseas | 20,396,099.33 | 20,269,820.73 | - Monetary funds decreased by 72.06%, mainly due to the reclassification of large-denomination certificates of deposit to transactional financial assets[466] Transactional Financial Assets | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Wealth Management Products | 400,543,507.83 | 102,192,371.54 | | Total | 400,543,507.83 | 102,192,371.54 | - Transactional financial assets increased by 291.95% from the beginning of the period, mainly due to increased purchases of large-denomination certificates of deposit in mid-2025[468] Notes Receivable | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 28,374,355.55 | 31,789,550.97 | | Commercial Acceptance Bills | 31,368,187.68 | 17,973,613.07 | | Total | 59,742,543.23 | 49,763,164.04 | Aging Distribution of Accounts Receivable | Aging | Period-end Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 812,566,142.51 | 686,381,808.32 | | 1 to 2 years | 159,735,091.61 | 200,101,081.99 | | 2 to 3 years | 44,683,292.94 | 38,753,822.23 | | 3 to 4 years | 6,094,508.22 | 2,873,499.68 | | Total | 1,023,079,035.28 | 928,110,212.22 | Inventory Classification | Item | Period-end Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 319,501,491.44 | 172,995,036.12 | | Work in Progress | 170,980,543.20 | 210,275,901.29 | | Finished Goods | 60,152,067.47 | 94,412,252.53 | | Goods Issued | 243,601,427.19 | 100,073,481.3 | | Total | 794,235,529.30 | 577,756,671.24 | - The period-end balance of construction in progress increased significantly compared to the beginning of the period, mainly due to substantial new investment in the company's production base Phase II project[537] Operating Revenue and Operating Cost | Item | Current Period (Revenue) (Yuan) | Current Period (Cost) (Yuan) | Prior Period (Revenue) (Yuan) | Prior Period (Cost) (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 651,603,832.49 | 378,263,390.97 | 446,544,480.31 | 260,699,895.71 | | Other Business | 2,729,494.36 | 798,525.11 | 2,889,809.50 | 516,460.09 | | Total | 654,333,326.85 | 379,061,916.08 | 449,434,289.81 | 261,216,355.80 | - Selling expenses for the current period increased by 78.23% compared to the prior period, mainly due to increased compensation for sales personnel[608] - Financial expenses for the current period increased by 38.16% compared to the prior period, mainly due to reduced interest income[611] - Investment income for the current period increased significantly compared to the prior period, mainly due to a substantial increase in investment income from the disposal of transactional financial assets[613] - Credit impairment losses for the current period increased significantly compared to the prior period, mainly due to a substantial increase in provisions for notes receivable and accounts receivable losses[618] - Asset impairment losses for the current period increased significantly compared to the prior period, mainly due to a substantial increase in provisions for inventory write-downs[620] R&D Expenses During the reporting period, the company's total R&D investment was 60.95 million Yuan, all expensed, representing a 24.56% increase from the prior year, with employee compensation and material expenditures being the main components, accounting for 53.3% and 32.2% respectively R&D Expenses by Nature | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 32,487,131.83 | 25,107,753.63 | | Material Expenditures | 19,646,453.11 | 11,491,341.39 | | Depreciation and Amortization | 4,298,885.43 | 4,088,627.95 | | R&D Service Fees | 1,335,788.98 | 2,698,465.27 | | Other Expenses | 3,184,894.31 | 3,223,489.30 | | Total | 60,953,153.66 | 48,934,569.54 | | Of which: Expensed R&D Investment | 60,953,153.66 | 48,934,569.54 | - Total R&D investment increased by 24.56% compared to the prior year, all of which was expensed R&D expenditure[97][646] Changes in Consolidation Scope During the reporting period, the company had no changes in its consolidation scope due to business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in its consolidation scope due to business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[647][648][649] Interests in Other Entities The company owns two wholly-owned subsidiaries: Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. and XIN QI TECHNOLOGY (THAILAND) CO., LTD. (Thailand subsidiary), with shareholding percentages of 100% and 99% (direct) + 1% (indirect) respectively; the Thailand subsidiary has a registered capital of 20 million Yuan and primarily engages in manufacturing and technology promotion services Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Location | Business Nature | Shareholding Ratio (%) (Direct) | Shareholding Ratio (%) (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. | Suzhou | Suzhou | Technology promotion and application services | 100.00 | — | Establishment | | XIN QI TECHNOLOGY (THAILAND) CO., LTD. | Bangkok, Thailand | Bangkok, Thailand | Manufacturing, technology promotion and application services | 99.00 | 1.00 | Establishment | - The Thailand subsidiary's registered capital is 100,000,000 Thai Baht, approximately 20 million Yuan[651] Government Grants At the end of the reporting period, the company's government grant-related liabilities included 3.27 million Yuan in "other payables" (income-related) and 62.78 million Yuan in "deferred income" (asset- and income-related); total government grants recognized in profit or loss for the current period amounted to 3.26 million Yuan, with 3.16 million Yuan asset-related and 0.1 million Yuan income-related Liability Items Related to Government Grants | Financial Statement Item | Beginning Balance (Yuan) | Period-end Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | | Other Payables | 3,270,000.00 | 3,270,000.00 | Income-related | | Deferred Income | 65,936,200.00 | 62,775,800.00 | Asset- and income-related | | Total | 69,206,200.00 | 66,045,800.00 | / | Government Grants Included in Current Profit or Loss | Type | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Income-related | 100,000.00 | 1,357,115.00 | | Asset-related | 3,160,400.00 | 3,160,400.00 | | Total | 3,260,400.00 | 4,517,515.00 | Risks Related to Financial Instruments The company faces credit risk (primarily from accounts receivable, notes, etc., with the top five customers accounting for 24.91% of total accounts receivable), liquidity risk (managed by monitoring cash needs and borrowing agreements to ensure ample cash reserves), and market risk (exchange rate risk and interest rate risk); these risks are managed through credit policies, regular customer credit monitoring, cash flow management, and market environment assessment - The company faces credit risk, liquidity risk, and market risk (exchange rate risk and interest rate risk)[656] - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, receivables financing, other receivables, contract assets, and long-term receivables[656] - Among the company's accounts receivable, the top five customers' accounts receivable account for 24.91% of the total accounts receivable[659] - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs, ensuring sufficient cash reserves and readily convertible marketable securities[660] - Exc