斯达半导(603290) - 2025 Q2 - 季度财报

Important Notice This section provides crucial declarations regarding the report's authenticity, audit status, financial report responsibility, forward-looking statements, and significant risk factors Statement on Report Authenticity The Board of Directors, Supervisory Board, and all senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal liabilities - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3] Audit Status This semi-annual report has not been audited - This semi-annual report has not been audited[5] Statement by Financial Report Responsible Persons The company's head, chief accountant, and head of accounting department declare the truthfulness, accuracy, and completeness of the financial report within the semi-annual report - Company head Shen Hua, chief accountant Zhang Zhe, and head of accounting department Cen Shu declare that the financial report in the semi-annual report is true, accurate, and complete[5] Risk Statement for Forward-Looking Statements Forward-looking descriptions regarding future plans and development strategies in this report do not constitute substantial commitments, urging investors to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute substantial commitments to investors, who are advised to be aware of investment risks[6] Significant Risk Warning The company has detailed potential risk factors and countermeasures in the Board of Directors' report for investors' review - The company has detailed potential risk factors in this report; please refer to the section on risk factors and countermeasures in the Board of Directors' report concerning the company's future development discussion and analysis[7] Section I Definitions This section provides definitions for common terms used throughout the report, ensuring clarity and accurate understanding for readers Definitions of Common Terms This section defines common terms, including company names, subsidiaries, investment institutions, government departments, and semiconductor industry specific terms like Fabless, IDM, IGBT, MOSFET, BJT, IPM, Tier1, FRD, GaN HEMT, and MCU, to ensure accurate understanding of the report content - The report defines several semiconductor industry terms, such as Fabless (fabless manufacturing), IDM (integrated device manufacturer), IGBT (insulated gate bipolar transistor), MOSFET (metal-oxide-semiconductor field-effect transistor), BJT (bipolar junction transistor), IPM (intelligent power module), Tier1 (direct supplier to vehicle manufacturers), FRD (fast recovery diode), GaN HEMT (gallium nitride high electron mobility transistor), and MCU (microcontroller unit)[12] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance metrics for the reporting period Company Information This section lists the company's basic information, including its Chinese name "斯达半导体股份有限公司", abbreviation "斯达半导", English name "StarPower Semiconductor Ltd.", abbreviation "StarPower", and legal representative "沈华" - The company's Chinese name is StarPower Semiconductor Co., Ltd., abbreviated as StarPower, with Shen Hua as the legal representative[15] Contact Persons and Information This section provides contact details for the company's Board Secretary Zhang Zhe and Securities Affairs Representative Li Junyue, including address, phone, fax, and email, for investor communication - The company's Board Secretary is Zhang Zhe, and the Securities Affairs Representative is Li Junyue, both located at No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, with the email investor-relation@powersemi.com[16] Brief Introduction to Changes in Basic Information The company's registered and office address is No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, postal code 314006, website www.powersemi.com, and email investor-relation@powersemi.com, with no changes during the reporting period - The company's registered and office address is No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, with no changes during the reporting period[17] Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily" for information disclosure, with the semi-annual report published on www.sse.com.cn and available at the Board Secretary's office, with no changes during the reporting period - The company's information disclosure newspapers include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily", with reports published on www.sse.com.cn, and no changes during the reporting period[18] Brief Introduction to Company Shares The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "斯达半导" and stock code 603290 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation: StarPower, stock code: 603290[19] Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 26.25% to CNY 1.936 billion, net profit attributable to shareholders slightly increased by 0.26% to CNY 275 million, but non-recurring net profit decreased by 2.72%; net cash flow from operating activities decreased by 30.06%, while total assets and net assets attributable to shareholders both grew Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | 26.25 | | Total Profit | 311,057,346.57 | 318,007,799.47 | -2.19 | | Net Profit Attributable to Shareholders | 275,449,577.27 | 274,740,249.40 | 0.26 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 260,655,325.01 | 267,947,241.48 | -2.72 | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | -30.06 | | End of Current Period | End of Prior Year | Change from Prior Year-End (%) | | Net Assets Attributable to Shareholders | 6,808,872,842.89 | 6,681,947,061.23 | 1.90 | | Total Assets | 10,391,162,878.80 | 9,645,676,460.22 | 7.73 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | 1.15 | 1.15 | 0.00 | | Diluted EPS (CNY/share) | 1.15 | 1.15 | 0.00 | | Basic EPS (Excluding Non-Recurring Items) (CNY/share) | 1.09 | 1.12 | -2.68 | | Weighted Average ROE (%) | 4.05 | 4.24 | Decrease of 0.19 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | 3.84 | 4.13 | Decrease of 0.29 percentage points | - In the first half of 2025, the company's operating revenue was CNY 1.936 billion, a 26.25% year-on-year increase; net profit attributable to shareholders was CNY 275 million, a 0.26% year-on-year increase; net profit excluding non-recurring items was CNY 261 million, a 2.72% year-on-year decrease[22] Non-Recurring Gains and Losses Items and Amounts In the first half of 2025, the company's total non-recurring gains and losses amounted to CNY 14.7943 million, primarily from government subsidies, fair value changes in financial assets, and other non-operating income and expenses, positively impacting net profit after tax and minority interests Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -102,681.22 | | Government subsidies recognized in current profit or loss | 12,016,458.19 | | Gains or losses from changes in fair value of financial assets and liabilities, and investment income from disposal of financial assets and liabilities (excluding effective hedging activities related to the company's normal business operations) | 4,537,441.21 | | Other non-operating income and expenses apart from the above | 59,001.10 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 459,891.21 | | Less: Income tax impact | 1,909,301.32 | | Minority interest impact (after tax) | 266,556.91 | | Total | 14,794,252.26 | Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's industry, main business operations, financial performance, core competencies, and risk factors during the reporting period Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company's main business involves the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, serving high-growth sectors like new energy vehicles, industrial control, and AI servers, operating under a "Fabless+IDM dual-driven" hybrid model - The company's main business is the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, operating in the semiconductor discrete device manufacturing industry[27] - The company's product portfolio covers power semiconductor devices such as IGBT, SiC MOSFET, GaN HEMT, and fast recovery diodes, as well as automotive and industrial grade MCUs and gate driver IC chips, widely applied in new energy, new energy vehicles, industrial control and power, white goods, AI server power supplies, data centers, robotics, and low/high-altitude aircraft[28] - The company's operating model consists of three stages: chip and module design, chip manufacturing (primarily outsourced, with self-built SiC and high-voltage power chip production lines completed), and module production, with sales primarily conducted through direct channels[30][31] Main Business and Industry The company specializes in the design, R&D, production, and sales of power semiconductor chips and modules, including IGBT and SiC, expanding into MCU and gate driver IC products to form a "brain-heart-nerve" collaborative architecture, serving high-growth sectors like new energy vehicles, industrial control, and AI servers - The company's main business is the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC[27] - The company's product portfolio covers IGBT, SiC MOSFET, GaN HEMT, fast recovery diodes, and other power semiconductor devices, as well as automotive and industrial grade MCUs and gate driver IC chips[28] - The synergy of MCU, power semiconductors, and gate driver ICs forms a crucial "brain-heart-nerve" collaborative architecture in intelligent systems, enhancing the company's ability to provide system-level solutions to customers[29] Operating Model The company's operating model encompasses chip and module design, chip manufacturing (primarily outsourced, with self-built SiC and high-voltage power chip production lines operational), and module production, utilizing a direct sales approach for rapid customer response, achieving an annual production capacity of 60,000 6-inch automotive-grade SiC MOSFET chips and 300,000 6-inch 3300V+ high-voltage power chips - The company's product manufacturing process is mainly divided into three stages: chip and module design, chip manufacturing, and module production[30] - The company's chip manufacturing primarily relies on third-party foundries, while its fundraising projects have been completed, forming a production capacity of 60,000 6-inch automotive-grade SiC MOSFET chips and 300,000 6-inch 3300V+ high-voltage specialty power chips annually[30] - The company's sales primarily adopt a direct sales approach, with sales liaison offices and subsidiaries in China and Europe responsible for international market operations[31] Industry Status The global power semiconductor market is projected to reach $59.6 billion by 2027, with China's market growing significantly faster than the global average; demand from new energy vehicles is driving rapid growth in IGBT and SiC wide-bandgap semiconductor devices, with the SiC power device market expected to exceed $10 billion by 2027, at a CAGR of nearly 40% - Power semiconductors are core devices for electrical energy processing, widely used in new energy, new energy vehicles, industrial control, and other fields[33] Power Semiconductor Market Size Forecast | Indicator | 2023 | 2024 | 2026 | 2027 | | :--- | :--- | :--- | :--- | :--- | | Global Power Semiconductor Market Size | 50.3 billion USD | - | 59.6 billion USD (forecast) | 59.6 billion USD (forecast) | | China Power Semiconductor Market Size | - | 175.255 billion CNY (15.3% YoY growth) | - | - | | Global IGBT Market Size | 9 billion USD | - | 12.1 billion USD (forecast) | - | | China IGBT Market Size | 3.2 billion USD | - | 4.2 billion USD (forecast) | - | | SiC Power Device Market Size | - | - | - | Over 10 billion USD (forecast) | - The SiC power device market is driven by demand from industries such as new energy vehicles, with a projected CAGR of nearly 40% from 2018-2027[34] Discussion and Analysis of Operations In the first half of 2025, the company achieved CNY 1.936 billion in operating revenue, a 26.25% year-on-year increase, and CNY 275 million in net profit attributable to shareholders, a 0.26% year-on-year increase, driven by strong growth in the new energy sector and strategic expansion into AI servers and robotics, despite a decline in industrial control - In the first half of 2025, the company achieved operating revenue of CNY 1.936 billion, a 26.25% year-on-year increase; net profit attributable to shareholders was CNY 275 million, a 0.26% year-on-year increase[35] Main Business Revenue by Segment for H1 2025 | Segment | Operating Revenue (CNY 10k) | YoY Change (%) | | :--- | :--- | :--- | | New Energy Sector | 121,322.75 | 52.82 | | Industrial Control and Power Sector | 50,616.26 | -16.52 | | Variable Frequency White Goods and Other Sectors | 21,500.74 | 63.31 | - The company's new energy vehicle sector continued rapid growth, with operating revenue increasing by 25.80% year-on-year; the new energy power generation sector saw demand recovery, with operating revenue increasing by over 200% year-on-year[36] - The company completed the equity transfer of Meiken Semiconductor, gaining control of 80% of its shares, which will accelerate market expansion in variable frequency white goods[43] - The company achieved breakthrough progress in emerging sectors such as AI server power supplies, data centers, robotics, and low/high-altitude aircraft, with multiple projects secured and mass production commencing[44] Overview of Operations In the first half of 2025, the company achieved CNY 1.936 billion in operating revenue, a 26.25% year-on-year increase, and CNY 275 million in net profit attributable to shareholders, a 0.26% year-on-year increase, driven by strong demand in new energy vehicles and power generation, while consolidating technological advantages and expanding into home appliance and emerging industries - In the first half of 2025, the company's operating revenue was CNY 1.9356104 billion, a 26.25% increase compared to the same period in 2024; net profit attributable to shareholders was CNY 275.4496 million, a 0.26% increase compared to the previous year[35] - The company continued to consolidate its technological and brand advantages, steadily increasing market share in key industries such as new energy vehicles, new energy power generation (wind, solar, storage), and industrial control and power[34] - The company actively expanded into the home appliance industry, entering the IPM market for white goods, and continuously explored emerging industries such as AI server power supplies, data centers, robotics, and low/high-altitude aircraft[34] Analysis of Operations by Segment The new energy sector's revenue grew by 52.82%, with new energy vehicles up 25.80% and new energy power generation over 200%, driven by increased shipments of automotive-grade IGBT and SiC MOSFET modules and overseas market expansion; industrial control and power revenue declined by 16.52% due to macroeconomic factors; variable frequency white goods and other sectors saw a 63.31% increase, boosted by the acquisition of Meiken Semiconductor; breakthroughs were also made in emerging sectors like AI servers and robotics - Operating revenue from the new energy sector was CNY 1.213 billion, a 52.82% year-on-year increase; specifically, the new energy vehicle sector grew by 25.80%, and the new energy power generation sector grew by over 200% year-on-year[35][36] - The company's automotive-grade IGBT modules continued to increase in volume, with Plus version chips mass-installed in vehicles and continuous large-volume deliveries to European Tier1 brands, securing multiple new IGBT and SiC MOSFET main motor controller project platforms[37] - Operating revenue from the industrial control and power sector was CNY 506.16 million, a 16.52% year-on-year decrease, primarily due to macroeconomic influences[35][41] - Operating revenue from variable frequency white goods and other sectors was CNY 215.01 million, a 63.31% year-on-year increase, as the company completed the equity transfer of Meiken Semiconductor, accelerating market expansion[35][42][43] - The company's automotive-grade IGBT and SiC MOSFET modules secured multiple low-altitude aircraft projects and began mass installation, with SiC MOSFET modules entering the commercial aviation sector for the first time[44] Analysis of Core Competencies During the Reporting Period The company's core competencies include strong technological advantages, rapid response to customized customer needs, leading position in niche markets, first-mover advantage, talent pool, a balanced "Fabless+IDM dual-driven" business model, and robust market development capabilities, collectively forming a competitive barrier in power semiconductors - The company possesses a high-caliber international R&D team, having achieved mass production of proprietary IGBT chips, fast recovery diode chips, SiC MOSFET chips, and large-scale production and sales of IGBT and SiC modules[45] - The company adopts a direct sales model, with design and application experts for IGBT, SiC MOSFET, and other chips and modules, enabling rapid and accurate understanding and conversion of customized customer needs into hundreds of personalized products[46] - The company holds significant competitive advantages in niche markets such as new energy vehicles, new energy power generation, and industrial control, serving as a major domestic supplier of automotive-grade IGBT/SiC modules and establishing strategic partnerships with leading enterprises[47][48] - The company's chip production adopts a "Fabless+IDM dual-driven" hybrid business model, balancing rapid response and control over key processes through collaboration with leading foundries and self-built production lines[51] Key Operating Performance During the Reporting Period This section analyzes the company's financial statement item changes, asset-liability status, investment activities, and the operating performance of major subsidiaries; operating revenue and costs significantly increased, as did management and R&D expenses; fixed assets surged due to construction in progress being capitalized, and goodwill increased from the acquisition of Meiken Semiconductor - Operating revenue increased by 26.25% year-on-year, operating costs increased by 29.53% year-on-year, management expenses and R&D expenses grew by 51.56% and 51.89% respectively, while financial expenses significantly decreased by 277.87% due to increased exchange gains[54][55] - Fixed assets at period-end increased by 59.82% (an increase of CNY 1.496 billion) compared to the end of the previous year, primarily due to the capitalization of construction in progress; construction in progress decreased by 38.39% (a decrease of CNY 1.175 billion) at period-end, mainly due to continuous capitalization[57][58] - Goodwill at period-end increased by 100% (an increase of CNY 51.597 million) primarily due to the company's acquisition of 80% equity in Meiken Semiconductor Technology Co., Ltd. during the current period[58] - Shanghai Daozhi Technology Co., Ltd. reported operating revenue of CNY 1.171 billion and net profit of CNY 246 million during the reporting period; Jiaxing StarPower Microelectronics Co., Ltd. reported operating revenue of CNY 214 million and net loss of CNY 67.4795 million, being in the implementation phase of its fundraising projects[64][65][67] Analysis of Main Business During the reporting period, the company's operating revenue increased by 26.25%, and operating costs increased by 29.53%; both management and R&D expenses surged by over 50% due to business expansion, increased personnel, and continuous R&D investment; financial expenses significantly decreased due to higher exchange gains Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | 26.25 | | Operating Cost | 1,359,980,480.73 | 1,049,933,179.95 | 29.53 | | Selling Expenses | 15,580,507.84 | 13,308,485.43 | 17.07 | | Administrative Expenses | 62,492,060.32 | 41,231,300.51 | 51.56 | | Financial Expenses | -24,149,150.70 | -6,390,905.25 | -277.87 | | R&D Expenses | 229,679,094.42 | 151,210,038.94 | 51.89 | | Taxes and Surcharges | 10,860,669.65 | 6,297,394.65 | 72.46 | | Credit Impairment Losses | 195,032.02 | -565,416.67 | 134.49 | | Asset Impairment Losses | -5,079,146.67 | -444,149.00 | -1,043.57 | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | -30.06 | | Net Cash Flow from Investing Activities | -473,620,861.35 | -1,396,236,672.49 | 66.08 | | Net Cash Flow from Financing Activities | 111,358,918.53 | 171,936,288.47 | -35.23 | - The change in administrative expenses was mainly due to company expansion, increased personnel, and higher administrative operating costs; the change in financial expenses was primarily due to increased exchange gains; the change in R&D expenses was mainly due to the company's continuous increase in R&D investment[55] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets reached CNY 10.391 billion, a 7.73% year-on-year increase; fixed assets significantly grew by 59.82% due to the capitalization of construction in progress, which consequently decreased by 38.39%; goodwill increased by CNY 51.597 million due to the acquisition of Meiken Semiconductor; overseas assets accounted for 1.40% of total assets; certain assets, including monetary funds and notes receivable, were restricted at period-end Changes in Assets and Liabilities | Item | Current Period-End (CNY) | Share of Total Assets at Period-End (%) | Prior Year-End (CNY) | Share of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Prepayments | 29,348,861.29 | 0.28 | 8,276,021.65 | 0.09 | 254.63 | | Other Current Assets | 82,655,338.19 | 0.80 | 32,250,954.65 | 0.33 | 156.29 | | Fixed Assets | 3,997,813,133.91 | 38.47 | 2,501,475,980.08 | 25.93 | 59.82 | | Construction in Progress | 1,884,940,837.75 | 18.14 | 3,059,489,709.76 | 31.72 | -38.39 | | Goodwill | 51,596,953.76 | 0.50 | - | 0.00 | 100.00 | | Other Non-Current Assets | 182,272,102.70 | 1.75 | 112,531,176.56 | 1.17 | 61.79 | | Payroll Payable | 38,557,521.50 | 0.37 | 57,119,313.96 | 0.59 | -32.50 | | Other Payables | 86,205,735.23 | 0.83 | 15,165,444.50 | 0.16 | 468.44 | | Deferred Income | 336,492,398.99 | 3.24 | 230,494,844.14 | 2.39 | 45.99 | - Fixed assets at period-end increased by 59.82% (an absolute increase of CNY 1.496 billion) compared to the end of the previous year, primarily due to the capitalization of construction in progress during the current period; construction in progress at period-end decreased by 38.39% (an absolute decrease of CNY 1.175 billion), mainly due to continuous capitalization of construction in progress during the current period[57][58] - Goodwill at period-end increased by 100% (an absolute increase of CNY 51.597 million) primarily due to the company's acquisition of 80% equity in Meiken Semiconductor Technology Co., Ltd. during the current period[58] Major Restricted Assets at Period-End | Item | Book Value at Period-End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 20,384,723.21 | Margin deposits, frozen funds | | Notes Receivable | 5,971,824.40 | Asset pledge | | Total | 26,356,547.61 | | Analysis of Investment Status At period-end, the company held other equity instrument investments of CNY 572,000, notes receivable financing of CNY 308 million, and trading financial assets of CNY 2.825 billion; during the current period, both purchases and sales of trading financial assets amounted to CNY 2.825 billion, while notes receivable financing decreased by CNY 99.8095 million Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Purchases in Current Period (CNY) | Sales/Redemptions in Current Period (CNY) | Other Changes (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 571,988.55 | - | - | - | 571,988.55 | | Notes Receivable Financing | 408,027,953.03 | - | - | -99,809,513.34 | 308,218,439.69 | | Trading Financial Assets | - | 2,825,000,000.00 | 2,825,000,000.00 | - | - | | Total | 408,599,941.58 | 2,825,000,000.00 | 2,825,000,000.00 | -99,809,513.34 | 308,790,428.24 | Analysis of Major Holding and Associate Companies Shanghai Daozhi Technology Co., Ltd. is a significant profitable subsidiary with total assets of CNY 1.937 billion and net profit of CNY 246 million; Jiaxing StarPower Microelectronics Co., Ltd., with total assets of CNY 5.041 billion and a net loss of CNY 67.4795 million, is the implementing entity for fundraising projects; during the reporting period, the company acquired 80% equity in Meiken Semiconductor Technology Co., Ltd. and established new subsidiaries, StarPower Semiconductor (Chongqing) Co., Ltd. and StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A Financial Data of Major Subsidiaries | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Daozhi Technology Co., Ltd. | Subsidiary | 210,300,000.00 | 1,936,655,549.70 | 1,622,214,465.28 | 1,171,253,758.08 | 245,864,186.01 | | Jiaxing StarPower Microelectronics Co., Ltd. | Subsidiary | 2,109,331,600.00 | 5,041,062,917.13 | 1,943,215,954.59 | 213,967,776.75 | -67,479,455.74 | - Jiaxing StarPower Microelectronics Co., Ltd is the implementing entity for the company's fundraising projects, "R&D and Industrialization of High-Voltage Specialty Power Chips" and "R&D and Industrialization of SiC Chips"[65] - During the reporting period, the company acquired 80% equity in Meiken Semiconductor Technology Co., Ltd. through a non-common control business combination, and established new subsidiaries, StarPower Semiconductor (Chongqing) Co., Ltd. and StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A[67] Other Disclosures The company faces risks from macroeconomic fluctuations, new energy vehicle market volatility, and exchange rate changes; to address these, the company is implementing a "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, emphasizing core business, R&D investment, shareholder returns, investor communication, governance improvement, and ESG management for high-quality sustainable development - The company faces risks from macroeconomic fluctuations, new energy vehicle market volatility, and exchange rate fluctuations[69][70][71] - The company continuously increased R&D investment, with R&D expenses of CNY 230 million in the first half of 2025, accounting for 11.87% of sales revenue, and established three domestic and two overseas R&D centers[76] - The company highly values investor returns, with cumulative cash dividends of CNY 670 million over the past three years (2022-2024), representing 30% of net profit attributable to parent company shareholders[77] - The company actively promotes ESG management, committed to sustainable development, and strengthens the fulfillment of responsibilities and risk prevention for controlling shareholders, actual controllers, directors, supervisors, and senior management[82][83] Potential Risks The company faces risks from macroeconomic fluctuations impacting downstream industries, potential slowdown in new energy vehicle market penetration, and adverse effects from foreign currency exchange rate fluctuations (Euro, Swiss Franc, US Dollar) on asset values and operating performance in overseas business - Macroeconomic fluctuations may negatively impact the overall profitability of the company's main application industries (new energy vehicles, new energy, industrial control and power, variable frequency white goods, etc.)[69] - The new energy vehicle market may face risks of slowing penetration, and factors such as changes in industrial policies, supply chain support, infrastructure construction, and customer acceptance may adversely affect the company's profitability[70] - The company's overseas procurement and sales are priced and settled in foreign currencies, and exchange rate fluctuations in the foreign exchange market may affect the value of the company's monetary funds and operating performance[71] "Quality Improvement, Efficiency Enhancement, and Return Focus" Action Plan Progress The company actively implements its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan by focusing on its core power semiconductor business, continuously increasing R&D investment (R&D expenses accounted for 11.87% of revenue in H1), prioritizing shareholder returns (cumulative cash dividends of 30% of net profit over the past three years), enhancing investor communication, improving corporate governance, and promoting ESG management to achieve high-quality development - The company focuses on the design, R&D, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC, with products widely applied in new energy vehicles, new energy, industrial control and power, and other fields[73] - In the first half of 2025, the company's R&D expenses amounted to CNY 230 million, accounting for 11.87% of sales revenue, continuously launching market-demanded products and solutions through sustained R&D investment[76] - Over the past three years (2022-2024), the company's cumulative cash dividends distributed to shareholders amounted to CNY 670 million, representing 30% of the net profit attributable to listed company shareholders from 2022-2024[77] - The company actively fulfills its social responsibilities, establishing a complete ESG management system, and strengthening the performance of duties and risk prevention for controlling shareholders, actual controllers, directors, supervisors, and senior management[82][83] Section IV Corporate Governance, Environment and Society This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, and the status and impact of equity incentive plans and employee stock ownership plans Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - During the reporting period, there were no changes in the company's directors, supervisors, and senior management, indicated as "not applicable"[85] Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve conversion plan is "No", meaning no profit distribution or capital reserve conversion will occur for this reporting period - The proposed semi-annual profit distribution plan and capital reserve conversion plan are "No", with zero bonus shares, dividends, or conversion shares per share[85] Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The third exercise period of the company's 2021 stock option incentive plan saw 100,570 shares exercised and registered by March 31, 2025, representing 30.05% of the exercisable total; on April 25, 2025, the Board of Directors resolved to cancel the remaining 234,086 unexercised stock options - The third exercise period of the company's 2021 stock option incentive plan was from April 23, 2024, to April 22, 2025; as of March 31, 2025, a cumulative total of 100,570 shares were exercised and registered, accounting for 30.05% of the total exercisable stock options[86] - The company held a Board of Directors meeting on April 25, 2025, and approved the cancellation of 234,086 unexercised stock options from the third exercise period that had expired[86] Section V Significant Matters This section details the fulfillment of commitments, absence of non-operating fund occupation by controlling shareholders, lack of irregular guarantees, and information on significant contracts, particularly guarantees for subsidiaries Fulfillment of Commitments The company's actual controllers, Shen Hua and Hu Wei, and shareholders Dai Zhizhan and Tang Yi, strictly fulfilled their IPO share lock-up commitments, including transferring no more than 25% of their total shares annually during their tenure and not transferring shares within six months after resignation, with no violations reported - The company's actual controllers, Shen Hua and Hu Wei, committed that after the lock-up period expires, they would not transfer more than 25% of the total shares directly or indirectly held by them annually during their tenure, and would not transfer shares within six months after resignation, which they have strictly fulfilled[90] - Shareholders Dai Zhizhan and Tang Yi also made similar share lock-up commitments, including that the reduction price would not be lower than the issue price within two years after the lock-up period expires, and that they would not transfer more than 25% of their shares annually during their tenure, which they have strictly fulfilled[90][91] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the company[92] Irregular Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[92] Significant Litigation and Arbitration Matters There were no significant litigation or arbitration matters for the company during this reporting period - There were no significant litigation or arbitration matters for the company during this reporting period[93] Significant Contracts and Their Fulfillment During the reporting period, the company primarily involved guarantees for its subsidiaries; as of the end of the reporting period, the total guarantee balance for subsidiaries was CNY 2.27 billion, accounting for 33% of the company's net assets Company's Guarantees for Subsidiaries | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During Reporting Period | 231,354,176.71 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 2,270,000,000.00 | | Total Guarantee Amount (A+B) | 2,270,000,000.00 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 33 | Section VI Share Changes and Shareholder Information This section details changes in the company's share capital due to equity incentive plan exercises and provides an overview of shareholder structure, including the total number of shareholders and the top ten shareholders Changes in Share Capital During the reporting period, the company's share capital increased by 4,452 shares due to the exercise of the 2021 stock option incentive plan, raising the total share capital from 239,469,014 shares to 239,473,466 shares, all of which are unrestricted tradable shares Table of Share Changes | | Quantity Before Change (shares) | Increase/Decrease in Current Change (subtotal) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 239,469,014.00 | 4,452.00 | 239,473,466.00 | | III. Total Shares | 239,469,014.00 | 4,452.00 | 239,473,466.00 | - From January 1, 2025, to June 30, 2025, the company's 2021 stock option incentive plan saw a cumulative exercise of 4,452 options, resulting in an actual increase of 4,452 RMB A-shares[102] Shareholder Information As of the end of the reporting period, the company had 53,935 common shareholders; among the top ten shareholders, StarPower Holdings (Hong Kong) Co., Ltd. held 41.66%, Zhejiang Xingdeli Textile Co., Ltd. held 12.32%, and Jiaxing Furide Investment Partnership (Limited Partnership) held 3.12%; all top ten shareholders held unrestricted tradable shares - As of the end of the reporting period, the total number of common shareholders was 53,935 households[103] Top Ten Shareholders' Holdings at Period-End | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | StarPower Holdings (Hong Kong) Co., Ltd. | 99,773,520 | 41.66 | Overseas Legal Person | | Zhejiang Xingdeli Textile Co., Ltd. | 29,493,471 | 12.32 | Domestic Non-State-Owned Legal Person | | Jiaxing Furide Investment Partnership (Limited Partnership) | 7,481,230 | 3.12 | Domestic Non-State-Owned Legal Person | | Hong Kong Securities Clearing Company Limited | 4,279,448 | 1.79 | Other | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 1,814,940 | 0.76 | Domestic Non-State-Owned Legal Person | | SDIC Chuanghe Investment Management Co., Ltd. - Advanced Manufacturing Industry Investment Fund Phase II (Limited Partnership) | 1,272,726 | 0.53 | Domestic Non-State-Owned Legal Person | | Guotai Junan Securities Co., Ltd. - Guolian An CSI All-Index Semiconductor Products and Equipment ETF | 1,271,070 | 0.53 | Domestic Non-State-Owned Legal Person | | Li Xiaochun | 915,216 | 0.38 | Domestic Natural Person | | Fujian Tianbao Mining Investment Group Co., Ltd. | 899,900 | 0.38 | Domestic Non-State-Owned Legal Person | | Dai Zhizhan | 807,986 | 0.34 | Overseas Natural Person | Information on Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of the company's Deputy General Managers Dai Zhizhan and Tang Yi remained unchanged, at 807,986 shares and 496,500 shares respectively Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Dai Zhizhan | Deputy General Manager | 807,986 | 807,986 | 0 | / | | Tang Yi | Deputy General Manager | 496,500 | 496,500 | 0 | / | Section VII Bond-Related Information This section confirms the absence of company bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period Company Bonds and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no information regarding company bonds (including corporate bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no information regarding company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[111] Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[111] Section VIII Financial Report This section presents the company's unaudited 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 specific financial items Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[113] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025; the consolidated statements show total assets of CNY 10.391 billion, net assets attributable to parent company shareholders of CNY 6.809 billion; operating revenue of CNY 1.936 billion and net profit attributable to parent company shareholders of CNY 275 million for the first half; and net cash flow from operating activities of CNY 364 million Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 10,391,162,878.80 | 9,645,676,460.22 | | Total Liabilities | 3,491,684,040.86 | 2,901,998,166.17 | | Total Owners' Equity Attributable to Parent Company | 6,808,872,842.89 | 6,681,947,061.23 | | Minority Interests | 90,605,995.05 | 61,731,232.82 | | Total Owners' Equity | 6,899,478,837.94 | 6,743,678,294.05 | Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,935,610,435.81 | 1,533,108,670.90 | | Total Operating Costs | 1,654,443,662.26 | 1,255,589,494.23 | | Total Profit | 311,057,346.57 | 318,007,799.47 | | Net Profit | 279,110,671.29 | 278,957,271.85 | | Net Profit Attributable to Parent Company Shareholders | 275,449,577.27 | 274,740,249.40 | | Minority Interest Income/Loss | 3,661,094.02 | 4,217,022.45 | | Total Comprehensive Income | 283,915,887.66 | 277,012,928.97 | | Basic EPS (CNY/share) | 1.15 | 1.15 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 364,353,112.55 | 520,962,279.20 | | Net Cash Flow from Investing Activities | -473,620,861.35 | -1,396,236,672.49 | | Net Cash Flow from Financing Activities | 111,358,918.53 | 171,936,288.47 | | Net Increase in Cash and Cash Equivalents | 23,009,686.37 | -706,513,061.87 | Company's Basic Information StarPower Semiconductor Co., Ltd., formerly Jiaxing StarPower Semiconductor Co., Ltd., was listed on the Shanghai Stock Exchange in February 2020; as of June 30, 2025, its registered capital was CNY 239,473,466.00, primarily engaged in semiconductor discrete device manufacturing and sales, with StarPower Holdings (Hong Kong) Co., Ltd. as its parent company and Shen Hua and Hu Wei as actual controllers - StarPower Semiconductor Co., Ltd. was listed on the Shanghai Stock Exchange in February 2020[145] - As of June 30, 2025, the company's total issued share capital was 239,473,466.00 shares, with a registered capital of CNY 239,473,466.00[147] - The company's main business includes semiconductor discrete device manufacturing, sales, integrated circuit chip design and services, with StarPower Holdings (Hong Kong) Co., Ltd. as its parent company and Shen Hua and Hu Wei as the actual controllers[147] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with management assessing that the company can continue as a going concern for 12 months from the end of the reporting period, in compliance with enterprise accounting standards - The company's financial statements are prepared on a going concern basis[148] - The company's management assesses that the company can continue as a going concern for 12 months from the end of the reporting period[149] Significant Accounting Policies and Estimates This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, notes receivable financing, other receivables, inventories, contract assets, non-current assets held for sale or disposal groups, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[151] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with an operating cycle of 12 months, and the functional currency is RMB[152][153][154] - The company's financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[164][166] - The company recognizes revenue when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services, primarily from the sale of IGBT modules[219][222] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax; the company and several subsidiaries enjoy a 15% corporate income tax rate as high-tech enterprises, with some also benefiting from small and micro-enterprise income tax concessions (20% rate) and VAT input tax deduction policies Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 6%, 9%, 10%, 13%, 7.7%, 19% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 8%, 8.5%, 15%, 16.5%, 17%, 20%, 24%, 25% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | StarPower Semiconductor Co., Ltd. | 15% | | Shanghai Daozhi Technology Co., Ltd. | 15% | | StarPower Europe AG | 8%, 8.5%, 15% | | Jiaxing StarPower Electronics Technology Co., Ltd. | 20% | | Zhejiang Gulan Electronics Technology Co., Ltd. | 15% | | Jiaxing StarPower Microelectronics Co., Ltd. | 15% | | Jiaxing StarPower Integrated Circuit Co., Ltd. | 25% | | Chongqing Anda Semiconductor Co., Ltd. | 25% | | StarPower Semiconductor (Shanghai) Co., Ltd. | 25% | | StarPower Semiconductor (Hong Kong) Co., Ltd. | 16.5% | | Meiken Semiconductor Technology Co., Ltd. | 15% | | StarPower Semiconductor (Chongqing) Co., Ltd. | 25% | | StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A | 17% | | StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A | 24% | - The company and several subsidiaries (e.g., Shanghai Daozhi, Zhejiang Gulan, Jiaxing StarPower Microelectronics, Meiken Semiconductor) enjoy a preferential corporate income tax rate of 15% as high-tech enterprises[238][239][240][242] - The company and Jiaxing StarPower Microelectronics Co., Ltd. benefit from a preferential policy allowing R&D expenses for integrated circuit enterprises to be additionally deducted at 120% (if no intangible assets are formed) or 220% (if intangible assets are formed)[238][241] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses; period-end monetary funds were CNY 1.189 billion, accounts receivable CNY 926 million, and inventories CNY 1.574 billion; fixed assets totaled CNY 3.998 billion, and construction in progress CNY 1.885 billion; short-term borrowings were CNY 11.15 million, and long-term borrowings CNY 1.838 billion; operating revenue was CNY 1.936 billion, operating costs CNY 1.360 billion; R&D expenses were CNY 230 million, and financial expenses were negative CNY 24.1492 million; total non-recurring gains and losses amounted to CNY 14.7943 million Period-End Balances of Major Asset Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Monetary Funds | 1,189,453,072.75 | | Accounts Receivable | 926,253,707.44 | | Notes Receivable Financing | 308,218,439.69 | | Inventories | 1,574,232,978.75 | | Fixed Assets | 3,997,813,133.91 | | Construction in Progress | 1,884,940,837.75 | | Goodwill | 51,596,953.76 | Period-End Balances of Major Liability Items | Item | Period-End Balance (CNY) | | :--- | :--- | | Short-Term Borrowings | 11,151,672.47 | | Accounts Payable | 1,017,874,262.44 | | Contract Liabilities | 43,757,452.95 | | Payroll Payable | 38,557,521.50 | | Taxes Payable | 31,651,408.14 | | Other Payables | 86,205,735.23 | | Long-Term Borrowings | 1,838,048,253.91 | | Provisions | 11,203,600.00 | | Deferred Income | 336,492,398.99 | Current Period Amounts of Major Profit/Loss and Expense Items | Item | Current Period Amount (CNY) | | :--- | :--- | | Operating Revenue | 1,935,610,435.81 | | Operating Cost | 1,359,980,480.73 | | Selling Expenses | 15,580,507.84 | | Administrative Expenses | 62,492,060.32 | | R&D Expenses | 229,679,094.42 | | Financial Expenses | -24,149,150.70 | | Other Income | 32,784,844.33 | | Investment Income | 2,033,523.46 | | Credit Impairment Losses | 195,032.02 | | Asset Impairment Losses | -5,079,146.67 | | Total Profit | 311,057,346.57 | | Income Tax Expense | 31,946,675.28 | | Net Profit | 279,110,671.29 | | Total Non-Recurring Gains and Losses | 14,794,252.26 | R&D Expenses In the first half of 2025, the company's total R&D expenditure was CNY 230 million, all expensed; the main components included employee compensation, material consumption, depreciation and amortization, and other expenses, with employee compensation and material consumption being the largest portions R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 95,600,392.40 | 50,619,027.43 | | Material Consumption | 85,503,996.01 | 69,184,763.08 | | Depreciation and Amortization | 26,543,631.25 | 16,391,789.24 | | Other Expenses | 22,031,074.76 | 15,014,459.19 | | Total | 229,679,094.42 | 151,210,038.94 | | Of which: Expensed R&D Expenditure | 229,679,094.42 | 151,210,038.94 | | Capitalized R&D Expenditure | - | - | Changes in Consolidation Scope During the reporting period, the company acquired 80% equity in Meiken Semiconductor Technology Co., Ltd. for a cash consideration of CNY 162.4 million through a non-common control business combination, resulting in goodwill of CNY 51.597 million; additionally, the company established new subsidiaries: StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A, StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A, and StarPower Semiconductor (Chongqing) Co., Ltd., further expanding its consolidation scope - On January 15, 2025, the company acquired 80% equity in Meiken Semiconductor Technology Co., Ltd. for CNY 162.4 million in cash, gaining control and forming goodwill of CNY 51.597 million[392][393] - Meiken Semiconductor Technology Co., Ltd. generated revenue of CNY 68.3934 million and net profit of CNY 3.4925 million from the acquisition date to period-end[392] - The company established StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A in January 2025, StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A in February, and StarPower Semiconductor (Chongqing) Co., Ltd. in June, all with 100% shareholding[397] Interests in Other Entities The company holds interests in multiple wholly-owned and controlled subsidiaries operating in manufacturing, wholesale, trade R&D, and investment holding across Jiaxing, Shanghai, Switzerland, Chongqing, Hong Kong, Singapore, and Malaysia; Shanghai Daozhi Technology Co., Ltd. is a significant non-wholly-owned subsidiary with a 0.50% minority interest, contributing CNY 1.2293 million to minority shareholders' profit for the current period Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | :--- | | Jiaxing StarPower Electronics Technology Co., Ltd. | Zhejiang Jiaxing | 10,000,000.00 CNY | Wholesale | 100.00 | | Zhejiang Gulan Electronics Technology Co., Ltd. | Zhejiang Haining | 12,500,000.00 CNY | Manufacturing | 100.00 | | Shanghai Daozhi Technology Co., Ltd. | Shanghai | 210,300,000.00 CNY | Manufacturing | 99.50 | | StarPower Europe AG | Switzerland | 600,000.00 CHF | Trade R&D | 70.00 | | Jiaxing StarPower Microelectronics Co., Ltd. | Zhejiang Jiaxing | 2,109,331,600.00 CNY | Manufacturing | 100.00 | | Jiaxing StarPower Integrated Circuit Co., Ltd. | Zhejiang Jiaxing | 50,000,000.00 CNY | Manufacturing | 100.00 | | Chongqing Anda Semiconductor Co., Ltd. | Chongqing | 150,000,000.00 CNY | Manufacturing | 70.00 | | StarPower Semiconductor (Shanghai) Co., Ltd. | Shanghai | 50,000,000.00 CNY | Wholesale | 100.00 | | StarPower Semiconductor (Hong Kong) Co., Ltd. | Hong Kong | 100,000.00 USD | Trade R&D and Investment Holding | 100.00 | | StarPower Semiconductor (Chongqing) Co., Ltd. | Chongqing | 50,000,000.00 CNY | Manufacturing | 100.00 | | Meiken Semiconductor Technology Co., Ltd. | Chongqing | 200,000,000.00 CNY | Manufacturing | 80.00 | | StarPower Semiconductor (Hong Kong) Co., Ltd. Subsidiary A | Singapore | 3,000.00 SGD | Trade R&D and Investment Holding | 100.00 (Indirect) | | StarPower Semiconductor (Hong Kong) Co., Ltd. Grandchild Company A | Malaysia | 2,500,000.00 MYR | Manufacturing | 100.00 (Indirect) | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (CNY) | Minority Interests Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Daozhi Technology Co., Ltd. | 0.50% | 1,229,320.93 | 8,111,098.34 | Government Grants At the end of the reporting period, the balance of government grants in deferred income was CNY 336 million, with CNY 118 million in new grants received and CNY 11.6076 million transferred to other income during the current period; total government grants recognized in current profit or loss amounted to CNY 53.6802 million, comprising CNY 11.6076 million related to assets and CNY 42.0726 million related to income Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | New Grants Received in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 230,494,844.14 | 117,605,110.00 | 11,607,555.15 | 336,492,398.99 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-Related | 11,607,555.15 | 7,972,914.32 | | Income-Related | 42,072,646.47 | 27,012,326.66 | | Total | 53,680,201.62 | 34,985,240.98 | Fair Value Disclosures The company's total assets measured at fair value on a recurring basis amounted to CNY 309 million, primarily comprising other equity instrument investments of CNY 572,000 and notes receivable financing of CNY 308 million, both measured using Level 3 fair value; other equity instrument investments are valued using the discounted future cash flow method, while notes receivable financing's fair value is similar to its book value due to its short maturity Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 571,988.55 | 571,988.55 | | Notes Receivable