蓝箭电子(301348) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The board, supervisory board, and senior management guarantee the report's truthfulness and completeness, with no cash dividends or bonus shares planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4] - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents The report is structured into eight sections, providing a comprehensive overview from important notes to financial statements for investor navigation - The report comprises eight sections, including important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, and financial reports[7] Definitions This section defines key terms, including company details, financial units, and extensive semiconductor terminology, to ensure accurate report comprehension - Basic information such as company, shareholders, industry-related enterprises, laws and regulations, and financial units are defined[10] - Detailed explanations are provided for semiconductor professional terms, such as discrete devices, integrated circuits, packaging, testing, and assembly and test[10] - Advanced packaging technologies and materials, such as gallium nitride, power semiconductors, wide bandgap, IDM, Fabless, Flip Chip, and SIP, are covered[10][11][12] Company Profile and Key Financial Indicators Company Profile Foshan Blue Rocket Electronics Co, Ltd (stock code: 301348) is listed on the Shenzhen Stock Exchange, with Zhang Shun as its legal representative - The company's stock abbreviation is "Blue Rocket Electronics", stock code "301348", listed on the Shenzhen Stock Exchange[14] - The company's Chinese name is Foshan Blue Rocket Electronics Co, Ltd, and its legal representative is Zhang Shun[14] Contact Person and Contact Information The company's board secretary is Zhang Guoguang, and the securities affairs representative is Lin Pinwang, both located at No 45 Guxin Road, Chancheng District, Foshan City, Guangdong Province, China, with phone number 0757-63313388 and fax 0757-63313400 - The board secretary is Zhang Guoguang, and the securities affairs representative is Lin Pinwang[15] - The company's contact address is No 45 Guxin Road, Chancheng District, Foshan City, Guangdong Province, China, with phone number 0757-63313388[15] Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and storage locations, or registration status, with details available in the 2024 annual report - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[16][17][18] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 4.86% to 339 million yuan, but net profit attributable to shareholders decreased by 40.35% to -11 million yuan, with non-recurring net profit down 25.06%; net cash flow from operating activities significantly grew by 286.81% to 106 million yuan, while total assets increased by 6.87% to 2.003 billion yuan, and net assets attributable to the parent company decreased by 1.51% to 1.504 billion yuan 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Period-End/Prior Year-End (yuan) | Prior Year-End (yuan) | Period-End vs Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 338,721,347.21 | 323,010,996.79 | 4.86% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | -10,999,171.72 | -7,837,166.85 | -40.35% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Items | -11,190,694.71 | -8,948,333.49 | -25.06% | - | - | - | | Net Cash Flow from Operating Activities | 106,013,330.06 | 27,407,014.10 | 286.81% | - | - | - | | Basic Earnings Per Share (yuan/share) | -0.0550 | -0.0392 | -40.31% | - | - | - | | Diluted Earnings Per Share (yuan/share) | -0.0550 | -0.0392 | -40.31% | - | - | - | | Weighted Average Return on Net Assets | -0.72% | -0.50% | -0.22% | - | - | - | | Total Assets | - | - | - | 2,003,214,308.98 | 1,874,396,635.95 | 6.87% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 1,503,703,294.25 | 1,526,702,465.97 | -1.51% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company's report period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20] - The company's report period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[21] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 191,522.99 yuan, primarily including gains/losses from disposal of non-current assets, government subsidies, fair value changes, and other non-operating income/expenses, after deducting income tax effects 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 157,305.82 | | Government subsidies included in current profit/loss (excluding those with continuous impact) | 112,525.38 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities held by non-financial enterprises | 425,228.68 | | Other non-operating income and expenses apart from the above | -469,738.71 | | Less: Income tax impact | 33,798.18 | | Total | 191,522.99 | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24] Management Discussion and Analysis Main Business Activities During the Reporting Period The company primarily engages in semiconductor packaging and testing, offering discrete devices and integrated circuit products within the electronic device manufacturing industry; the semiconductor market is driven by macroeconomics and emerging applications, with global growth expected and advanced packaging as a core driver, while the company employs an "own-brand + packaging and testing services" model, leveraging core technologies and diverse product lines to expand into new application areas Industry Overview The company's main business is semiconductor packaging and testing, classified under electronic device manufacturing (industry code: C397) within the computer, communication, and other electronic equipment manufacturing industry - The company's main business is semiconductor packaging and testing[26] - The company's industry is electronic device manufacturing (industry code: C397) under computer, communication, and other electronic equipment manufacturing[26] Industry Fundamentals The semiconductor industry, a foundational element of information technology, is cyclical but finds new opportunities in 5G, AI, and IoT; the global market is projected to grow by 11.2% to 700.9 billion US dollars in 2025, driven by logic and memory chips, with a rebound in discrete device and analog chip prices, while China's integrated circuit output and exports show strong growth, and the packaging and testing market is set to expand, with advanced packaging as a key driver, supported by various national policies - The semiconductor industry is the foundation and core of the information technology industry, characterized by cyclicality, but new development opportunities arise from emerging fields such as 5G communication, IoT, artificial intelligence, and intelligent driving[27] Global Semiconductor Market Size and Growth Forecast | Indicator | 2024 (US$M) | 2025 (US$M) | 2026 (US$M) | 2024 YoY Growth (%) | 2025 YoY Growth (%) | 2026 YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total World - $M | 630,549 | 700,874 | 760,700 | 19.7 | 11.2 | 8.5 | | Discrete Semiconductors | 31,026 | 30,219 | 32,733 | -12.7 | -2.6 | 8.3 | | Integrated Circuits | 539,505 | 611,582 | 667,390 | 25.9 | 13.4 | 9.1 | | Logic | 215,768 | 267,259 | 286,842 | 20.8 | 23.9 | 7.3 | | Memory | 165,516 | 184,841 | 214,826 | 79.3 | 11.7 | 16.2 | - In the first half of 2025, China's integrated circuit output increased by 8.7% year-on-year to 239.5 billion units, export volume increased by 20.6% year-on-year to 167.77 billion units, and export value increased by 20.3% year-on-year to 650.26 billion yuan[33] - China's semiconductor packaging and testing market size is projected to grow from 346.7 billion yuan in 2021 to 518.9 billion yuan in 2025, with a compound annual growth rate of approximately 7%[40] - The state has introduced multiple policies to support the development of the integrated circuit industry, including high-end electronic components industrialization projects, action plans for metrology to support new quality productive forces, and large-scale equipment renewal and consumer goods trade-in programs[42][43] Company Market Position The company specializes in semiconductor packaging and testing, building a "discrete device + integrated circuit" system with an "own-brand + packaging and testing services" model; it possesses through-hole, SMT, flip-chip, and system-in-package technologies, offering a wide range of discrete and integrated circuit products, establishing itself as a significant semiconductor device production base in South China, with strong technical innovation in metal substrate packaging, DFN ultra-thin packaging, SIP, wide bandgap semiconductor packaging and testing, and automotive-grade product development, while actively pursuing digitalization and intelligent manufacturing - The company specializes in semiconductor packaging and testing, building a packaging and testing system centered on "discrete devices + integrated circuits", adopting a business model of "own-brand + packaging and testing services"[44] - The company masters through-hole insertion, surface mount packaging, flip-chip technology, and system-in-package technology, with discrete device packaging products covering over 50 series, and integrated circuit packaging products encompassing over 50 series including SOT, SOP, DFN, PDFN, and QFN[44] - The company possesses core technologies in metal substrate packaging, fully integrated lithium battery protection ICs, and SIP system-in-package, having achieved mass production of frameless packaging, reduced DFN series packaging thickness to 300μm, and possesses full-process packaging and testing capabilities for 4-inch to 12-inch wafers[45][46] - The company has mastered a complete wide bandgap semiconductor packaging and testing technology system, actively developing high-power MOSFET automotive-grade products, with multiple products having passed AEC-Q101 third-party testing certification[47] - The company promotes organic interconnection of equipment through systems such as MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS, essentially achieving intelligent interconnection from customer order reception to the entire product production process[48] Company's Main Business The company's main business is semiconductor packaging and testing, offering discrete devices like diodes, transistors, MOSFETs, IGBTs, SiC SBDs, and SiC MOS, as well as integrated circuits such as LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, and LED driver ICs; the company emphasizes R&D upgrades, mastering core technologies like metal substrate packaging, fully integrated lithium battery protection ICs, power device packaging, ultra-thin chip packaging, SIP, and flip-chip technology, having established a digital, intelligent, and automated production system applied in emerging fields like 5G communication and automotive electronics - The company's main business is semiconductor packaging and testing, providing discrete devices and integrated circuit products, including diodes, transistors, field-effect transistors, IGBTs, SiC SBDs, SiC MOS and other discrete devices, and LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, LED driver ICs, and Hall effect devices as integrated circuit products[52] - The company masters a series of core technologies including metal substrate packaging, fully integrated lithium battery protection ICs, power device packaging, ultra-thin chip packaging, semiconductor/IC testing, high-reliability welding, high-density frame packaging, System-in-Package (SIP), Flip Chip (FC) technology, and copper bridge technology[52] - Through independent innovation, the company has successfully built a digital, intelligent, and automated production system across the entire packaging and testing process, possessing full-process packaging and testing capabilities for 4-inch to 12-inch wafers[53] - The company's products are directly or indirectly applied in emerging fields such as 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots[66] Company's Main Products and Services The company offers over 50 series of discrete device products, including power diodes, transistors, MOSFETs, and IGBTs, with diverse packaging forms and technical advantages in innovative structural design, trench technology, and copper bridge packaging; integrated circuit products also span over 50 series, such as LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, and LED driver ICs, featuring technical strengths in independent frame design, multi-chip interconnection, high-density wire bonding, high-efficiency testing, and integrated packaging - The company's discrete device products involve over 50 series, including power diodes, power transistors, power MOS, IGBTs, and other power devices and small signal devices[56] - Discrete device products come in various packaging forms, including TO, SOT, SOD, SOP, DFN, PDFN, SMA, SMAF, SMB, SMBF, SMC, ABS, ABF, MBF, TOLL, LFPAK, D3K, GBL/P, etc[58] - Integrated circuit products involve over 50 series, mainly including LDO, AC-DC, DC-DC, lithium battery protection ICs, and LED driver ICs[61] - Integrated circuit product technical advantages include independent frame design, multi-chip interconnection welding technology, high-density wire bonding technology, multi-site high-efficiency precision testing technology, and high-reliability packaging technology[61][63][65] Company's Main Business Model The company's profit model combines "own-brand" and "packaging and testing services," either by self-procuring chip materials for packaging and testing or by providing services on client commission; its R&D model is primarily independent, supplemented by collaborative efforts, with a complete process from market research to mass production; procurement is direct, focusing on supplier management and staggered purchasing; production combines stock-based (own-brand) and order-based (packaging and testing services) approaches, primarily in-house with some outsourcing, adhering to strict quality management systems; sales are direct, expanding client base through close contact and trade channels - The company's profit model is divided into two categories: selling own-brand products and providing packaging and testing services to customers[68] - The R&D model is primarily independent research and development, supplemented by collaborative research and development, establishing a complete process from market research, feasibility analysis, project initiation application, design and process development, sample trial production and review, to mass production and quality control[71][72][73][74][75][76] - Procurement involves direct purchase of raw materials such as chips, frames, internal leads, and molding compounds, with a sound internal control system for procurement and supplier management, and a staggered procurement strategy[81][82][84] - The production model combines sales forecasts and orders, with own-brand products adopting stock-based production and packaging and testing services adopting order-based production, primarily in-house production supplemented by outsourced processing, and strictly adhering to ISO9001 and IATF16949 quality management systems[86][87][89] - The sales model is direct sales, expanding customers through telephone follow-ups, on-site visits, direct development, and customer referrals, and utilizing trader channels to expand market coverage[91][92] Company's Development Strategy and Business Plan The company's strategic focus is on semiconductor packaging and testing, emphasizing independent innovation and continuous R&D investment, particularly in automotive-grade products, gallium nitride fast charging, and advanced packaging technologies; it plans to concentrate core resources, deepen IC product R&D, and expand into industrial, automotive, new energy, and overseas markets, while strengthening brand building, enhancing market visibility and share, fostering new quality productive forces through digitalization and intelligent manufacturing, optimizing talent mechanisms, and broadening financing channels to support business growth - The company's strategic core is to focus on its main business of semiconductor packaging and testing, insisting on developing high-end products and expanding high-end customer groups to build a differentiated competitive advantage[93] - The company will continue R&D investment and active technological innovation, developing new competitive products in automotive-grade product R&D, gallium nitride fast charging, and other cutting-edge technology fields, and actively conducting research on advanced packaging platforms[94] - The company plans to deepen its core business, focusing on enhancing IC product R&D capabilities, and actively expanding into industrial, automotive, new energy, and overseas markets[95] - The company will strengthen brand building, consolidate existing customers, actively develop new customers and traders, and increase the development and layout of overseas customers[96] - The company will continue to build digital and intelligent workshops to achieve intelligent interconnection from customer order reception to the entire product production process, improving operational quality and production efficiency[97] - The company will improve its talent mechanism, increase the introduction of talent for key positions, refine employee training systems, and establish a performance management system with high goals, strict requirements, and strong incentives[98] - The company will reasonably formulate financing plans, leverage the capital market, broaden financing channels, reduce financing costs, and optimize its financial structure[99] Macro Demand Analysis of Downstream Application Fields Semiconductors are widely applied, with emerging fields like automotive, industrial, IoT, and AI being key to future growth; the global semiconductor market is projected to grow by 12.5% to 687 billion US dollars by 2025, with China's integrated circuit industry also expanding, though uncertainties from international trade changes must be monitored - Semiconductors are widely applied, with emerging fields such as automotive, industrial, IoT, and artificial intelligence being key factors for future growth[100] - The global semiconductor market is expected to continue growing by 12.5% by 2025, with a market valuation reaching 687 billion US dollars[100] - China's integrated circuit industry will continue to maintain a growth trend, but continuous vigilance is needed regarding uncertainties arising from changes in the international trade environment[100] Core Competitiveness Analysis The company's core competitiveness lies in its comprehensive semiconductor packaging and testing technology system, diverse product portfolio, advanced automated production equipment, robust R&D capabilities, extensive customer base, and complete management certifications; it possesses core technologies in metal substrate packaging, power devices, ultra-thin chip packaging, SIP, DFN/PDFN/QFN mass production platforms, and automotive-grade product development, continuously enhancing production efficiency and R&D capabilities through digitalization and intelligent manufacturing Technological Advantages The company possesses a complete semiconductor packaging and testing technology, mastering core technologies such as metal substrate packaging, power device packaging, semiconductor/IC testing, ultra-thin chip packaging, high-reliability welding, high-density frame packaging, robotic automation production systems, fully integrated lithium battery protection ICs, and SIP system-in-package; it has full-process packaging and testing capabilities for 4-inch to 12-inch wafers and is dedicated to advanced packaging process research for automotive-grade power devices, chip-level packaging, and wide bandgap semiconductor devices - The company possesses complete semiconductor packaging and testing technology, mastering core technologies in metal substrate packaging, power device packaging, semiconductor/IC testing, ultra-thin chip packaging, high-reliability welding, high-density frame packaging, robotic automation production systems, fully integrated lithium battery protection ICs, and SIP system-in-package[101] - The company possesses full-process packaging and testing capabilities covering 4-inch to 12-inch wafers, masters flip-chip technology, can solve multi-chip packaging challenges using SIP system-in-package technology, and has established mass production platforms for DFN, PDFN, and QFN packaging series[101] - The company is committed to research on advanced packaging processes for automotive-grade power devices, chip-level packaging, and wide bandgap semiconductor devices, building a foundation of advanced process technology for the development of SiC, GaN, and other third-generation semiconductors and automotive electronics[101] Product Advantages The company offers a rich product portfolio in power semiconductors, chip-level surface mount packaging, and third-generation semiconductors, with over 100 series of packaging products including SOT23-X, SOP, TO-252, PDFN, DFN, and QFN, covering a wide range of applications; integrated circuit products include LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, and LED driver ICs, featuring high technical content, with fully integrated lithium battery protection IC technology effectively reducing on-resistance and cost; new MOSFETs offer advantages in high switching frequency and power density, meeting green energy efficiency requirements and providing high product flexibility to meet customized customer needs - The company has a rich product portfolio in power semiconductors, chip-level surface mount packaging, and third-generation semiconductors, with over 100 series of packaging products including SOT23-X, SOP, TO-252, PDFN, DFN, and QFN, offering diverse product structures[103] - The company's integrated circuit products include various categories such as LDO, AC-DC, DC-DC, lithium battery protection IC, charging management IC, and LED driver IC, all with high technical content[104] - The company successfully applies high-density frame packaging and multi-chip co-packaging technology to lithium battery protection IC products using fully integrated lithium battery protection IC technology, effectively reducing on-resistance, increasing current capability, and saving costs[104] - The company's new-structure MOSFETs offer advantages in high switching frequency and high power density, applied in power synchronous rectification, electric tools, adapters, battery protection, wireless charging, and other fields[104] Equipment Advantages The company possesses over 3,100 sets of advanced domestic and international semiconductor packaging, testing, inspection, analysis, and experimental equipment, including high-end devices like US K&S wire bonders, Japanese TOWA molding machines, and ASM flip-chip equipment; adhering to a digitalization and intelligent manufacturing strategy, the company achieves intelligent production interconnection through MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS systems, enhancing R&D and production efficiency; the R&D center construction project, funded by raised capital, adds advanced R&D and testing equipment and attracts high-end technical talent, further strengthening R&D capabilities and technological innovation - The company possesses over 3,100 sets of advanced domestic and international semiconductor packaging, testing, inspection, analysis, and experimental equipment, including US K&S wire bonders, Japanese TOWA molding machines, and ASM flip-chip equipment[105] - The company promotes organic interconnection of equipment through systems such as MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS, essentially achieving intelligent interconnection from customer order reception to the entire product production process, accelerating the industrialization of core technologies and improving R&D and production capabilities and efficiency[106] - The R&D center construction project, funded by raised capital, adds advanced R&D and testing equipment and attracts high-end technical talent, providing a fundamental guarantee for shortening new product and technology R&D cycles and enhancing R&D capabilities and technological innovation[106] R&D Advantages As of June 30, 2025, the company has 177 R&D personnel, with core technical staff possessing over 20 years of semiconductor industry experience, forming an excellent R&D team led by senior engineers; the company has obtained 155 patents, including 36 invention patents and 109 utility model patents, with one new utility model patent added; the company emphasizes collaborative R&D with universities and research institutions like Sun Yat-sen University, Xidian University, and the Fifth Electronic Research Institute of MIIT, enhancing technological innovation and reserves through industry-academia-research projects - As of June 30, 2025, the company has 177 R&D personnel, with core technical personnel possessing over 20 years of work experience in the semiconductor industry[107] - As of June 30, 2025, the company has obtained 155 patents, including 36 invention patents, 109 utility model patents, 3 software copyrights, and 7 integrated circuit layout design exclusive rights[107] - During the reporting period, the company added 1 utility model patent, titled "A Reinforced Semiconductor Packaging Device"[107] - The company collaborates closely with renowned domestic universities and research institutions such as Sun Yat-sen University, Xidian University, and the Fifth Electronic Research Institute of MIIT, promoting industry-academia-research projects to enhance technological innovation capabilities[107] Customer Advantages The company offers diverse product categories, providing "one-stop" semiconductor device services to customers across South China, East China, Northwest, and Southwest regions, and has established long-term stable cooperative relationships with renowned enterprises such as Torex Semiconductor, CR Micro, Bright Power Semiconductor, Midea Group, Gree Electric, Samsung Electronics, TP-Link, Salcomp, and Huntkey; with the development of 5G communication and new energy markets, the company's products are now applied in emerging fields including 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots - The company offers a wide range of product categories, providing "one-stop" semiconductor device products and services to customers[107] - The company's customers are located across various regions including South China, East China, Northwest, and Southwest, and it has established long-term stable cooperative relationships with renowned enterprises such as Torex Semiconductor, CR Micro, Bright Power Semiconductor, Midea Group, Gree Electric, Samsung Electronics, TP-Link, Salcomp, and Huntkey[108] - The company's products are directly or indirectly applied in emerging market fields such as 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots[108] Comprehensive Management System and Qualification Advantages The company possesses a complete SOP, FMEA, CP system, full-process MES coverage, and robust trial production and acceptance procedures, implementing TPM management and a professional project management team; as of the end of the reporting period, the company has obtained multiple quality management system certifications, including ISO9001, ISO14001, IATF16949, GB/T29490, ISO45001, ESD S20.20, and QC080000, ensuring product quality and management standards - The company possesses a complete SOP, FMEA, CP system, full-process MES coverage, robust trial production and acceptance procedures, implements TPM management, and has a professional project management team[109] - As of the end of the reporting period, the company has passed ISO9001 quality management system certification, ISO14001 environmental management system certification, IATF16949 automotive industry quality management system standard certification, GB/T29490 intellectual property management system certification, ISO45001 occupational health and safety management system certification, ESD S20.20 electrostatic protection system, and QC080000 hazardous substance process management system standard certification[109] Main Business Analysis During the reporting period, the company's operating revenue increased by 4.86% to 339 million yuan, with operating costs rising by 4.48%; selling and administrative expenses grew by 20.42% and 16.46% respectively, while financial expenses decreased by 33.21% due to reduced interest income; R&D investment declined by 11.84%, but net cash flow from operating activities surged by 286.81%; the gross profit margin for own-brand business was 12.25%, while for packaging and testing services it was -5.01%; the company maintained a focus on R&D, with expenses totaling 12.1858 million yuan, representing 3.60% of operating revenue Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 338,721,347.21 | 323,010,996.79 | 4.86% | - | | Operating Cost | 318,894,818.61 | 305,220,253.33 | 4.48% | - | | Selling Expenses | 5,398,316.34 | 4,482,862.20 | 20.42% | - | | Administrative Expenses | 14,520,137.86 | 12,467,894.50 | 16.46% | - | | Financial Expenses | -5,874,844.05 | -8,796,546.69 | 33.21% | Primarily due to a decrease in interest income | | R&D Investment | 12,185,776.77 | 13,821,597.32 | -11.84% | - | | Net Cash Flow from Operating Activities | 106,013,330.06 | 27,407,014.10 | 286.81% | Primarily due to an increase in cash received from sales of goods and provision of services and a decrease in cash paid for purchases of goods and acceptance of services compared to the prior year period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Own Brand | 166,658,374.50 | 146,247,917.88 | 12.25% | 4.81% | 1.98% | 2.44% | | Packaging and Testing Services | 164,405,236.82 | 172,646,242.39 | -5.01% | 3.05% | 6.70% | -3.59% | - During the reporting period, the company's R&D expenses totaled 12.1858 million yuan, accounting for 3.60% of operating revenue, primarily invested in projects such as multi-pin high-density packaging technology development, power semiconductor devices, composite packaging technology, charging management chips, and new high-voltage device chips[117] Non-Main Business Analysis During the reporting period, non-main business activities impacted total profit, with asset impairment (provision for inventory depreciation) accounting for 93.64%, other income (government subsidies and VAT super deduction) for 44.08%, and investment income (wealth management product gains) for 4.88%; these non-recurring gains and losses are not sustainable Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Percentage of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 705,367.81 | 4.88% | Primarily income from wealth management products | No | | Fair Value Change Gains/Losses | 13,574.89 | 0.09% | Primarily fair value changes of wealth management products at period-end | No | | Asset Impairment | -13,547,781.00 | 93.64% | Provision for inventory depreciation | No | | Non-Operating Income | 21,241.66 | 0.15% | Primarily other occurrences in the current period | No | | Non-Operating Expenses | 490,980.37 | 3.39% | Primarily other occurrences in the current period | No | | Credit Impairment | 66,303.52 | 0.46% | Provision for doubtful accounts | No | | Asset Disposal Gains | 157,305.82 | 1.09% | Gains from disposal of non-current assets in the current period | No | | Other Income | 6,377,276.28 | 44.08% | Primarily confirmed government subsidies and VAT super deduction | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were 2.003 billion yuan, an increase of 6.87% from the end of the previous year; significant asset changes included a 1.78% increase in long-term equity investments to 37.6069 million yuan (due to investment in an associate), a 2.83% increase in construction in progress to 56.7455 million yuan (due to increased equipment awaiting installation), and a 2.50% increase in trading financial assets to 50.0136 million yuan (due to increased wealth management products); on the liability side, short-term borrowings increased by 2.56% to 62.7663 million yuan (due to increased bank borrowings), accounts payable increased by 1.74% to 158 million yuan (due to increased material payments), and deferred income increased by 0.26% to 15.0098 million yuan (due to increased government subsidies); the total restricted assets at period-end amounted to 122 million yuan, mainly comprising bill deposits and pledged notes receivable Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Percentage of Total Assets (%) | Amount at End of Prior Year (yuan) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Long-Term Equity Investments | 37,606,913.58 | 1.88% | 1,967,284.99 | 0.10% | 1.78% | Primarily due to investment in an associate in the current reporting period | | Construction in Progress | 56,745,540.30 | 2.83% | - | - | 2.83% | Primarily due to an increase in equipment awaiting installation at period-end | | Short-Term Borrowings | 62,766,297.65 | 3.13% | 10,632,325.28 | 0.57% | 2.56% | Primarily due to an increase in bank borrowings at period-end | | Trading Financial Assets | 50,013,574.89 | 2.50% | - | - | 2.50% | Primarily due to an increase in wealth management products not yet matured and redeemed at period-end | | Accounts Payable | 157,818,493.00 | 7.88% | 115,081,687.09 | 6.14% | 1.74% | Primarily due to an increase in material payments | | Deferred Income | 15,009,833.87 | 0.75% | 9,253,079.51 | 0.49% | 0.26% | Primarily due to an increase in asset-related government subsidies received | - At the end of the reporting period, the company's total assets amounted to 2.003 billion yuan, an increase of 6.87% compared to the end of the previous year[19] Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 75,025,705.02 | 75,025,705.02 | Pledge | Bill deposit | | Notes Receivable | 46,683,741.20 | 46,683,741.20 | Pledge | Issuance of bank acceptance bills | | Total | 121,709,446.22 | 121,709,446.22 | - | - | Investment Status Analysis During the reporting period, the company's total investment was 256 million yuan, an increase of 1.50% year-on-year; the overall utilization of raised funds shows a cumulative use of 651 million yuan, with 22.7867 million yuan used in the current period and 136 million yuan remaining unused; the "Semiconductor Packaging and Testing Expansion Project" and "R&D Center Construction Project" have been completed, with remaining raised funds of 4.3444 million yuan permanently transferred to working capital; the company also engaged in cash management and entrusted wealth management using idle raised funds and its own capital, with an outstanding entrusted wealth management balance of 50 million yuan at period-end Overall Investment Amount During the Reporting Period | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | | 255,660,248.02 | 251,891,885.27 | 1.50% | - The company's net raised funds amounted to 784 million yuan; as of June 30, 2025, the cumulative amount of raised funds used totaled 651 million yuan, with 22.7867 million yuan used in the current period, and 136 million yuan remaining unused[130] - The raised investment projects "Semiconductor Packaging and Testing Expansion Project" and "R&D Center Construction Project" have been completed, with remaining raised funds of 4.3444 million yuan permanently supplementing working capital[130][133] Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 11,500 | 4,000 | | Brokerage Wealth Management Products | Own Funds | 1,000 | 1,000 | | Total | - | 12,500 | 5,000 | Major Asset and Equity Sales During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell any major assets during the reporting period[139] - The company had no major equity sales during the reporting period[140] Analysis of Major Holding and Participating Companies During the reporting period, the company had no important holding or participating company information that required disclosure - The company had no important holding or participating company information that required disclosure during the reporting period[140] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[141] Risks Faced by the Company and Countermeasures The company faces risks including product price fluctuations, industry cyclicality and gross profit margin volatility, rising raw material prices, low proportion of advanced packaging revenue and R&D pressure, gap with industry leaders and high product substitutability, product structure adjustment, concentrated sales regions, and R&D failure; the company actively addresses these risks through measures such as optimizing product structure, technological innovation, customer expansion, deepening emerging technology R&D, cost reduction and efficiency improvement, strengthening supplier management, diversified sales layout, and continuous R&D investment - The company faces risks of product sales price fluctuations, primarily influenced by market demand, industry competition, global policies, supply chain, and technological updates; countermeasures include expanding advantageous product capacity, optimizing product structure, technological innovation, developing new products, establishing long-term cooperative relationships, optimizing supply chain costs, strengthening market analysis, and exploring emerging application areas[141] - The company faces risks of industry cyclicality and gross profit margin fluctuations, influenced by the semiconductor industry's prosperity, market competition, product structure, raw material, and labor costs; countermeasures include increasing R&D for high-value-added and advanced packaging products, improving product performance, expanding customer development channels, deepening emerging technology R&D, and enhancing internal operational management[142] - The company faces risks of rising raw material prices, primarily influenced by fluctuations in non-ferrous metal prices upstream and geopolitical uncertainties; countermeasures include establishing long-term stable relationships with suppliers, real-time monitoring of market dynamics, staggered procurement, expanding new qualified supplier resources, and enhancing bargaining power[143] - The company faces risks of a low proportion of advanced packaging revenue and significant R&D pressure, as it currently relies mainly on traditional packaging technologies, and the coverage of advanced packaging technologies needs expansion; countermeasures include expanding development of new power devices, automotive-grade devices, and innovative products for 5G communication, IoT, and big data industries, deeply researching cutting-edge technologies such as embedded board-level packaging, chip-level packaging, and multi-process platforms, increasing R&D investment, attracting top talent, and strengthening cooperation with research institutions[144][145] - The company faces risks of a gap with industry leading manufacturers and high substitutability of some products, as it primarily uses traditional packaging technologies with relatively fewer advanced packaging technologies; countermeasures include maintaining advantages in traditional packaging, closely monitoring the development trends of advanced packaging technologies, improving advanced packaging capabilities, expanding product lines, and applying new materials and technologies to existing products through technological upgrades[146] - The company faces risks of product structure adjustment due to continuous technological and product advancements and changes in market demand; countermeasures include closely monitoring the development trends of new technologies, products, materials, and market trends, strengthening market research, feasibility studies, and analysis and argumentation for technological R&D, and timely adjusting and optimizing the company's internal product structure[147] - The company faces risks of concentrated sales regions, with current revenue primarily concentrated in South China; countermeasures include improving product structure, actively transforming and upgrading customers, horizontally expanding existing customers, focusing on developing customers in different regions and overseas, and gradually achieving a diversified sales region layout[148][149] - The company faces risks of R&D failure, as semiconductor packaging and testing technology needs to keep pace with technological innovations in chip design and wafer manufacturing, and the downstream market's demand for thinner, smaller, and low-power power devices continues to grow; countermeasures include closely monitoring the dynamics of new technologies, products, materials, and new packaging technologies and market development trends, strengthening market research, feasibility studies, and analysis and argumentation for technological R&D, continuously increasing R&D funding, and actively introducing and cultivating experienced R&D personnel[150] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company held its 2024 annual performance briefing on May 9, 2025, via the Value Online interactive platform, hosting online investors and providing an "Investor Relations Activity Record Form" (No: 2025-001) - On May 9, 2025, the company held its 2024 annual performance briefing via the Value Online interactive platform[151] - The attendees were online investors, and an "Investor Relations Activity Record Form" (No: 2025-001) was provided[151] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[152] - The company has not disclosed a valuation enhancement plan[152] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[152] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management of the Company During the reporting period, there was a change in the company's senior management, with Mr Li Yi appointed as Deputy General Manager on May 23, 2025, due to a job transfer Changes in Directors, Supervisors, and Senior Management of the Company | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Yi | Deputy General Manager | Appointment | May 23, 2025 | Job transfer | Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[155] Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[156] Environmental Information Disclosure Foshan Blue Rocket Electronics Co, Ltd is included in the list of enterprises required to disclose environmental information by law and does so through the Guangdong Provincial Department of Ecology and Environment and the National Pollutant Discharge Permit Management Information Platform - Foshan Blue Rocket Electronics Co, Ltd is included in the list of enterprises required to disclose environmental information by law[157] - The company's environmental information disclosure report can be found on the Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System and the National Pollutant Discharge Permit Management Information Platform[157] Social Responsibility The company actively fulfills its social responsibilities by protecting shareholder rights through sound corporate governance, safeguarding minority shareholder interests, timely information disclosure, and stable profit distribution policies; it prioritizes employees, ensuring their legal rights, offering competitive compensation and benefits, and conducting health management and humanistic care activities; in the supply chain, the company builds strategic win-win relationships with suppliers and customers, ensuring product quality and service through robust management systems and quality control; furthermore, the company operates legally, pays taxes, actively participates in social welfare, collaborates with universities for industry-academia-research, and highly values environmental protection and safety production, strictly adhering to relevant laws, regulations, and management system certifications - The company protects shareholder rights by establishing a sound corporate governance structure, safeguarding the interests of minority shareholders, timely information disclosure, and stable profit distribution policies[158][159][160] - The company adheres to a people-oriented approach, safeguarding employees' legal rights, strictly implementing national wage, employment, labor protection, social security, and medical insurance systems, and providing competitive compensation, benefits, and performance appraisal systems[160] - The company strengthens employee care and enhances team cohesion through welfare activities such as regular health check-ups, birthday parties, garden parties, summer camps, and holiday benefits[161] - The company establishes strategic win-win relationships with upstream suppliers and downstream customers, ensuring product quality and service through a sound internal procurement control system, supplier management system, and quality control system[161][162] - The company operates legally, pays taxes in accordance with the law, actively participates in social welfare activities, and collaborates with Foshan University to establish a joint postgraduate training base, promoting the integration of industry, academia, and research[162] - The company highly values environmental protection and safety production management and control, strictly managing production in accordance with national laws and regulations, and has obtained multiple industry standard certifications including ISO9001, ISO14001, QC080000, and ISO45001[164] Significant Matters Commitment Matters Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the reporting period, there were no commitment matters fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company - During the reporting period, there were no commitment matters fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company[166] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[167] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[168] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[169] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period The company's semi-annual report was not audited, thus there is no explanation regarding the accounting firm's "non-standard audit report" for the current reporting period - The company's semi-annual report was not audited, so there is no explanation regarding the accounting firm's "non-standard audit report" for the current reporting period[169][170] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company has no explanation regarding the "non-standard audit report" for the previous year - The company has no explanation regarding the "non-standard audit report" for the previous year[170] Bankruptcy and Reorganization Related Matters During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[170] Litigation Matters During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters in the current reporting period[171] - The company had no other litigation matters[171] Penalties and Rectification Status During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[172] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintain good integrity, with no inapplicable situations - The integrity status of the company, its controlling shareholder, and actual controller has no inapplicable situations[173] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, dealings with affiliated financial companies, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[173] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[174] - The company had no related party transactions involving joint external investments during the reporting period[175] - The company had no related party creditor-debtor relationships during the reporting period[176] - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and related parties[177][178] - The company had no other significant related party transactions during the reporting period[179] Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any significant guarantees; there were no significant contracts requiring disclosure in daily operations, nor any other significant contracts - The company had no entrustment situations during the reporting period[180] - The company had no contracting situations during the reporting period[181] - The company had no leasing situations during the reporting period[182] - The company had no significant guarantee situations during the reporting period[183] - The company had no significant contracts requiring disclosure in its daily operations[185] - The company had no other significant contracts during the reporting period[186] Explanation of Other Significant Matters On April 27, 2025, the company approved the 2024 profit distribution and capital reserve conversion to share capital plan, distributing a cash dividend of 0.6 yuan (including tax) per 10 shares to all shareholders and converting 2 shar