中瓷电子(003031) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board, supervisory board, and senior management guarantee report accuracy, with financial reports confirmed by key personnel, and no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[3] - Company head Bu Aimin, chief accountant Dong Hui, and head of accounting (accounting supervisor) Ma Meiyan declare that the financial report in this semi-annual report is true, accurate, and complete[3] - The company plans no cash dividends, no bonus shares, and no conversion of capital reserves into share capital[4] Table of Contents This section lists the report's nine main chapters and their starting page numbers, providing a guide to the overall structure - The report includes nine main chapters: Company Profile and Key Financial Indicators, Management Discussion and Analysis, Corporate Governance, Environment and Society, Significant Matters, Share Changes and Shareholder Information, Bond-Related Matters, Financial Report, and Other Submitted Data[6] Reference Documents This section lists the company's semi-annual report reference documents, including signed financial statements, audit reports (if any), and publicly disclosed documents - Reference documents include financial statements signed and sealed by the company's head, chief accountant, and head of accounting (accounting supervisor)[8] - Reference documents include the original audit report (if any) sealed by the accounting firm and signed and sealed by certified public accountants[9] - Reference documents include the originals of all company documents and announcements publicly disclosed during the reporting period[10] Definitions This section defines common terms used in the report, ensuring consistent understanding of specialized terminology - "Sinopack Electronic" refers to Hebei Sinopack Electronic Technology Co., Ltd[12] - "CETC No. 13 Research Institute" refers to China Electronics Technology Group Corporation No. 13 Research Institute, the controlling shareholder[12] - "Aluminum Nitride Ceramics" refers to ceramic materials primarily composed of aluminum nitride (AlN)[12] Company Profile and Key Financial Indicators Company Profile This section provides the company's basic information, including stock abbreviation, stock code, listing exchange, Chinese and English names, and legal representative - Stock Abbreviation: Sinopack Electronic, Stock Code: 003031[14] - Stock Listing Exchange: Shenzhen Stock Exchange[14] - Company Chinese Name: Hebei Sinopack Electronic Technology Co., Ltd., Legal Representative: Bu Aimin[14] Contact Information This section provides contact details for the company's board secretary and securities affairs representative, facilitating communication for investors and stakeholders - Board Secretary: Dong Hui, Securities Affairs Representative: Wang Dan[15] - Contact Address: No. 21 Changsheng Street, Luquan Economic Development Zone, Shijiazhuang City[15] - Phone: 0311-83933981, Email: hui.dong@sinopack.cc / dan.wang@sinopack.cc[15] Other Information This section states that the company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[16] - The company's designated securities exchange website and media for semi-annual report disclosure, and the location for semi-annual report storage, remained unchanged during the reporting period, as detailed in the 2024 annual report[17] Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the current and prior periods, including operating revenue, net profit, EPS, and total assets, showing year-on-year changes - The company is not required to retrospectively adjust or restate prior-year accounting data[19] Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,398,044,740.97 | 1,222,346,282.04 | 14.37% | | Net Profit Attributable to Shareholders of Listed Company | 277,926,203.71 | 212,280,924.62 | 30.92% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 264,113,095.07 | 170,326,748.67 | 55.06% | | Net Cash Flow from Operating Activities | 338,130,206.72 | 317,724,319.27 | 6.42% | | Basic Earnings Per Share (CNY/share) | 0.62 | 0.47 | 31.91% | | Diluted Earnings Per Share (CNY/share) | 0.62 | 0.47 | 31.91% | | Weighted Average Return on Net Assets | 4.50% | 3.72% | 0.78% | | Period-End Indicators: | | | | | Total Assets | 7,714,545,249.42 | 7,590,678,002.43 | 1.63% | | Net Assets Attributable to Shareholders of Listed Company | 6,127,666,975.41 | 6,033,936,561.29 | 1.55% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports disclosed no differences in net profit and net assets between international accounting standards and Chinese accounting standards during the reporting period[20] - The company's financial reports disclosed no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards during the reporting period[21] Non-Recurring Gains and Losses and Amounts This section lists non-recurring gains and losses and their amounts for the reporting period, totaling 13.81 million CNY, with specific explanations for tax incentives classified as non-recurring Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of impairment provisions) | 1,790.29 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed under fixed standards, and having a continuous impact on company profit or loss) | 8,841,624.32 | | Fair value changes and disposal gains or losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 7,531,986.76 | | Other non-operating income and expenses apart from the above | -1,049,257.81 | | Other profit and loss items conforming to the definition of non-recurring gains and losses | 1,887,893.09 | | Less: Income tax impact | 2,582,105.50 | | Minority interest impact (after tax) | 818,822.51 | | Total | 13,813,108.64 | - According to relevant tax preferential policies, the land use tax for Sinopack United's subsidiary is reduced by 21,067.20 CNY for January-June 2025, and property tax is reduced by 1,866,825.89 CNY for January-June 2025, with these reductions impacting current profit or loss recorded under other non-recurring gains and losses[24] - The company has not classified any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[25] Management Discussion and Analysis Main Business Activities During the Reporting Period Sinopack Electronic is a high-tech enterprise with core businesses in third-generation semiconductor devices and modules, and electronic ceramic materials and components - Sinopack Electronic is a high-tech enterprise with core business capabilities in gallium nitride (GaN) communication base station RF chips and devices, silicon carbide (SiC) power modules and their applications, and electronic ceramics[27] - The business is divided into two main areas: third-generation semiconductor devices and modules, and electronic ceramic materials and components[27] - The GaN communication base station RF chip business covers chip manufacturing, primarily supplying GaN communication base station RF chips for terminal products of Bowei Company and Sinopack United[28] Core Competitiveness Analysis The company's core competitiveness stems from its mature technology, extensive customer resources, leading brand, and strong management and talent advantages - Bowei Company has established platforms for 5G high-power base station GaN RF devices, 5G MIMO base station GaN RF devices, microwave point-to-point communication RF devices, and semiconductor device reliability technology research[29] - Sinopack United's SiC power product quality and stability are recognized by major customers, demonstrating advanced technology and strong competitiveness in the terminal market; its SiC chip wafer process line was upgraded from 6-inch to 8-inch in the first half of 2025 and is now in the product upgrade and customer introduction phase[30] - As a leading domestic supplier of GaN communication base station RF chips and devices, and microwave point-to-point communication RF chips and devices, the company holds the number one domestic market share in its segmented fields, with product performance reaching domestic leading and international advanced levels[32] - Sinopack Electronic, as a leader in the electronic ceramics industry, actively engages in brand management and construction, establishing a strong market image and building long-term cooperative relationships with several world-renowned optical communication manufacturers[35] - The company consistently focuses on its main business, adheres to a specialized path with a clear development strategy, and utilizes diversified employee incentive methods to build core teams, improve talent development mechanisms, and attract top talent, ensuring the stability and growth of its existing management teams[36] Main Business Analysis During the reporting period, the company's main business revenue increased by 14.37%, with electronic ceramic materials and components revenue growing by 18.60% and third-generation semiconductor devices and modules revenue by 0.44%, leading to an overall gross margin increase of 3.52 percentage points - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[38] Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,398,044,740.97 | 1,222,346,282.04 | 14.37% | | | Net Profit Attributable to Shareholders of Listed Company | 277,926,203.71 | 212,280,924.62 | 30.92% | | | Financial Expenses | -20,751,527.19 | -9,069,273.54 | -128.81% | Primarily due to increased interest income from fixed deposits of raised funds by subsidiaries | | Income Tax Expense | 35,468,706.98 | 22,549,546.64 | 57.29% | Primarily due to increased profit in the current period | | Net Cash Flow from Investing Activities | -128,897,509.63 | -2,165,229,948.67 | 94.05% | Primarily due to reduced cash payments for principal-protected bank structured deposits | Operating Revenue Composition (by Product) | Product Category | Current Period Amount (CNY) | % of Operating Revenue | Prior Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Ceramic Materials and Components | 970,039,313.02 | 60.37% | 817,893,396.97 | 56.33% | 18.60% | | Third-Generation Semiconductor Devices and Modules | 636,902,901.72 | 39.63% | 634,099,955.44 | 43.67% | 0.44% | Gross Margin (by Product) | Product Category | Current Period Gross Margin | Prior Period Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | | Electronic Ceramic Materials and Components | 28.57% | 23.40% | 5.17% | | Third-Generation Semiconductor Devices and Modules | 38.01% | 33.00% | 5.01% | Non-Main Business Analysis The company's non-main business primarily includes investment income, fair value change gains/losses, non-operating income/expenses, and credit impairment losses, which have a minor and unsustainable impact on total profit Impact of Non-Main Business on Total Profit | Item | Amount (CNY) | % of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 6,171,574.28 | 1.77% | Primarily income from principal-protected bank structured deposits purchased during the reporting period | No | | Fair Value Change Gains/Losses | 1,360,412.48 | 0.39% | Primarily unrealized gains from principal-protected bank structured deposits purchased during the reporting period | No | | Non-Operating Income | 442,608.27 | 0.13% | Primarily other income unrelated to daily operations | No | | Non-Operating Expenses | 1,491,866.08 | 0.43% | Primarily other expenses unrelated to daily operations | No | | Credit Impairment Losses | -2,866,604.48 | -0.82% | Primarily bad debt provisions for accounts receivable calculated according to established accounting estimates | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly increased, with no significant changes in asset composition, and principal-protected bank structured deposits being the main assets measured at fair value - The company's asset composition did not undergo significant changes during the reporting period[47] Significant Changes in Asset Composition (Period-End vs. Prior Year-End) | Item | Current Period-End Amount (CNY) | % of Total Assets | Prior Year-End Amount (CNY) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2,509,428,741.60 | 32.53% | 2,517,063,389.45 | 33.16% | -0.63% | | Accounts Receivable | 1,020,396,178.68 | 13.23% | 849,419,085.95 | 11.19% | 2.04% | | Inventories | 660,564,036.46 | 8.56% | 711,380,194.55 | 9.37% | -0.81% | | Fixed Assets | 1,446,757,894.02 | 18.75% | 1,341,367,211.06 | 17.67% | 1.08% | | Construction in Progress | 550,182,859.99 | 7.13% | 508,223,069.62 | 6.70% | 0.43% | - The company had no significant overseas assets during the reporting period[48] - Assets measured at fair value primarily consist of trading financial assets (principal-protected bank structured deposits), with a period-end balance of 881.36 million CNY[49] - As of the end of the reporting period, restricted cash and bank balances amounted to 2.03 million CNY, mainly for bill and letter of credit deposits[50] Investment Status Analysis During the reporting period, the company's total investment decreased by 12.26%, with several ongoing non-equity investment projects in electronic ceramics, SiC power modules, and third-generation semiconductors, some of which have been delayed due to external factors - The investment amount for the reporting period was 235.61 million CNY, a decrease of 12.26% compared to the prior period[51] - The company had no securities investments or derivative investments during the reporting period[55][56] Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Industry Involved | Amount Invested in Current Period (CNY) | Cumulative Actual Investment as of Period-End (CNY) | Project Progress | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Ceramic Package Production Line Construction Project | Self-built | Electronic Manufacturing | 69,721,027.32 | 453,432,001.72 | 47.00% | Self-raised | | SiC High-Voltage Power Module Key Technology R&D Project | Self-built | Electronic Manufacturing | 44,684,634.88 | 53,486,794.88 | 17.00% | Raised | | Third-Generation Semiconductor Process and Packaging & Testing Platform Construction Project | Self-built | Electronic Manufacturing | 3,650,281.73 | 83,281,569.81 | 13.50% | Self-raised, Raised Funds | | GaN Microwave Product Precision Manufacturing Production Line Construction Project | Self-built | Electronic Manufacturing | 23,067,166.23 | 23,067,166.23 | 4.00% | Self-raised, Raised Funds | | Communication Power Amplifier and Microwave Integrated Circuit R&D Center Construction Project | Self-built | Electronic Manufacturing | 17,754,641.96 | 17,754,641.96 | 8.00% | Self-raised, Raised Funds | - The implementation locations for the "GaN Microwave Product Precision Manufacturing Production Line Construction Project" and "Communication Power Amplifier and Microwave Integrated Circuit R&D Center Construction Project" have changed, and their expected operational readiness date has been postponed to October 2027[64] - The "Third-Generation Semiconductor Process and Packaging & Testing Platform Construction Project" has been delayed to October 2027, primarily due to objective factors such as international trade disputes, macroeconomic fluctuations, and changes in market demand[64] - The company's actual usable raised funds amounted to 2.46 billion CNY, of which 109.38 million CNY had been invested in fundraising projects and 662.87 million CNY used to supplement working capital as of June 30, 2025[61] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[67] - The company did not sell significant equity during the reporting period[68] Analysis of Major Holding and Participating Companies This section discloses the financial information of major subsidiaries, Hebei Bowei Integrated Circuit Co., Ltd. and Beijing Sinopack United Semiconductor Technology Co., Ltd., both engaged in computer, communication, and other electronic equipment manufacturing, with significant impacts on the company's net profit Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Bowei Integrated Circuit Co., Ltd. | Subsidiary | Computer, Communication, and Other Electronic Equipment Manufacturing | 10,000,000 | 1,908,715,861.37 | 1,332,313,263.94 | 510,095,666.69 | 154,131,725.66 | 132,538,691.00 | | Beijing Sinopack United Semiconductor Technology Co., Ltd. | Subsidiary | Computer, Communication, and Other Electronic Equipment Manufacturing | 600,730,598 | 2,635,562,111.12 | 2,279,279,681.82 | 295,037,708.64 | 119,668,816.36 | 106,170,308.13 | - The company did not acquire or dispose of any subsidiaries during the reporting period[69] Information on Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[70] Risks Faced by the Company and Countermeasures The company faces various risks including policy, operational management, market, financial, and public opinion risks, which it actively addresses through continuous policy monitoring, internal control improvements, R&D enhancement, supply chain optimization, and public opinion monitoring - Policy Risk: Future adjustments to national and industry policies may impact the company's development and the implementation of fundraising projects; countermeasures include continuously monitoring national economic and industrial policies, gathering information, and leveraging favorable policies while mitigating adverse effects based on the company's development strategy[70] - Operational Management Risk: The company faces an increasingly complex operating environment, and its organizational model and management systems may not meet future development needs; countermeasures include emphasizing compliant operations, continuously improving internal control systems, introducing advanced management concepts, focusing on talent development and retention, and refining management systems[70] - Market Risk: If the company fails to maintain technological leadership and product quality advantages, it may lose its competitive edge in an increasingly fierce market, leading to a decline in market share; countermeasures include consistently implementing a market-driven development strategy, accurately judging market trends, continuously enhancing R&D and product technology, exploring new product areas, and further diversifying risks[70][71] - Financial Risk: Rising material and labor costs may reduce the company's profitability, lead to declining product gross margins, and market share loss; countermeasures include continuously optimizing the procurement supply chain, monitoring product upgrade trends, and through lean production and technological innovation, timely updating product structures in response to market demand to maintain appropriate gross margin levels and enhance overall profitability[71][72] - Public Opinion Risk: Improper public opinion management can lead to stock price volatility, reputational damage, and economic losses; countermeasures include establishing a sound public opinion monitoring system for real-time tracking, strengthening early warning and analysis, developing rapid response emergency management mechanisms, improving the quality of information disclosure to ensure truthfulness, accuracy, and timeliness, and enhancing internal management to ensure legal and compliant operations, avoiding legal and ethical boundaries[72] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated and disclosed its "Market Value Management System" to regulate market value management and protect investors' legitimate rights, but has not disclosed a valuation enhancement plan - The company's "Market Value Management System" was reviewed and approved on April 23, 2025, by the Twelfth Meeting of the Second Board of Directors' Strategy Committee and the Thirty-Second Meeting of the Second Board of Directors, and disclosed on Juchao Information Network on April 25, 2025[73] - The company has not disclosed a valuation enhancement plan[73] 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[74] Corporate Governance, Environment and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, independent director Yuan Dasong was elected due to a job transfer - Independent director Yuan Dasong was elected on January 17, 2025, due to a job transfer[75] Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans no cash dividends, no bonus shares, and no conversion of capital reserves into share capital for the semi-annual period - The company plans no cash dividends, no bonus shares, and no conversion of capital reserves into share capital for the semi-annual period[76] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures 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[77] Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[78] Social Responsibility Status The company has no other social responsibility information to disclose for the reporting period - The company has no social responsibility information to disclose[78] Significant Matters Commitments Fulfilled and Overdue Unfulfilled Commitments by Related Parties During the reporting period, commitments by CETC No. 13 Research Institute, CETC Investment, and Sinopack Guoyuan regarding share lock-up periods, resolving horizontal competition, and reducing related-party transactions were either fulfilled or are being normally performed - CETC No. 13 Research Institute and CETC Investment's commitments regarding the share lock-up period are being normally fulfilled, with a lock-up period of 36 months from the end of the share issuance[80][81] - CETC No. 13 Research Institute, CETC Investment, and Sinopack Guoyuan's commitments regarding the 18-month lock-up of shares held before this transaction have been fulfilled[82][83][84] - CETC committed to actively define the industrial positioning of its subordinate units, positioning the assets injected into Sinopack Electronic in SiC module design, production, and sales, not engaging in external SiC chip business, and resolving existing minor horizontal competition through legal means within 5 years after the completion of this reorganization[85][86] - CETC No. 13 Research Institute committed not to directly or indirectly engage in any business that constitutes substantial horizontal competition with the listed company's new businesses[87][88] - CETC and CETC No. 13 Research Institute committed to minimize or reduce related-party transactions with the listed company and its subsidiaries, and to conduct unavoidable related-party transactions according to fair, just, and open principles[88][89][90] - All commitments were fulfilled on time, with no overdue unfulfilled situations[91] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[92] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[93] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[94] Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[95] Board of Directors' Explanation on "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[95] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[95] 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 during this reporting period[96] - The company had no other litigation matters during the reporting period[96] Penalties and Rectification Status The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[96] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[97] Significant Related-Party Transactions During the reporting period, the company engaged in related-party transactions for purchasing goods/receiving services totaling 230.95 million CNY, representing 26.19% of similar transactions, and maintained deposit accounts with CETC Finance Co., Ltd. with a period-end balance of 1.60 billion CNY Related-Party Transactions in Ordinary Operations (Purchase of Goods/Receipt of Services) | Related Party | Related Transaction Content | Related Transaction Amount (CNY thousands) | % of Similar Transaction Amount | | :--- | :--- | :--- | :--- | | China Electronics Technology Group Corporation No. 13 Research Institute and its subordinate units | Purchase of goods, receipt of services | 23,095.26 | 26.19% | - The company has deposit business with China Electronics Technology Finance Co., Ltd., with a period-end balance of 1.60 billion CNY[101] - The company did not engage in related-party transactions involving asset or equity acquisition/disposal during the reporting period[98] - The company did not engage in related-party transactions involving joint external investment during the reporting period[99] - The company had no related-party creditor-debtor relationships during the reporting period[100] - The company had no other significant related-party transactions during the reporting period[103] Significant Contracts and Their Performance During the reporting period, the company had no trusteeship, contracting, leasing, or significant guarantee matters, but engaged in entrusted wealth management, primarily using raised funds to purchase principal-protected bank structured deposits, with an outstanding balance of 880 million CNY at period-end - The company had no trusteeship situations during the reporting period[104] - The company had no contracting situations during the reporting period[105] - The company had no leasing situations during the reporting period[106] - The company had no significant guarantee situations during the reporting period[107] Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (CNY thousands) | Outstanding Balance (CNY thousands) | | :--- | :--- | :--- | :--- | | Other | Raised Funds | 305,000 | 88,000 | - The company had no other significant contracts during the reporting period[109] Explanation of Other Significant Matters The company provided a 200 million CNY entrusted loan to a controlling subsidiary for fundraising projects, completed its 2024 profit distribution, and transferred assets and liabilities of its Gaoxin branch to its wholly-owned subsidiary Sinopack United to streamline third-generation semiconductor manufacturing operations - On April 8, 2025, the company's Second Board of Directors' Thirty-First Meeting approved the "Proposal on Providing Entrusted Loans to Controlling Subsidiaries for Fundraising Projects Using Raised Funds," agreeing to provide 200 million CNY in entrusted loans to Bowei Company for the "GaN Microwave Product Precision Manufacturing Production Line Construction Project" and "Communication Power Amplifier and Microwave Integrated Circuit R&D Center Construction Project"[111] - On May 15, 2025, the company's 2024 Annual General Meeting approved the profit distribution plan: based on a total share capital of 451,052,859 shares, a cash dividend of 4.20 CNY (tax inclusive) per 10 shares was distributed to all shareholders, with no bonus shares or capital reserve conversions; additionally, 30% of the company's 2024 undistributed profits were allocated to discretionary surplus reserves, with the distribution completed on June 12, 2025[111] - Hebei Sinopack Electronic Technology Co., Ltd. gratuitously transferred the business assets and liabilities of its Gaoxin branch to Sinopack United to promote the integrated management of third-generation semiconductor manufacturing operations, a internal resource optimization that does not change the company's consolidated financial statement scope and will not have a significant adverse impact on its financial position and operating results[112] Significant Matters of Company Subsidiaries The company had no significant subsidiary matters during the reporting period - The company had no significant subsidiary matters during the reporting period[113] Share Changes and Shareholder Information Share Change Status During the reporting period, the company's restricted shares decreased by 174,944,855 shares, while unrestricted shares increased by the same amount, primarily due to the listing and circulation of restricted shares held by CETC No. 13 Research Institute, CETC Investment Holdings Co., Ltd., and Hefei CETC Guoyuan Industrial Investment Fund Partnership (Limited Partnership) starting March 12, 2025 - Restricted shares decreased by 174,944,855 shares, with the proportion falling from 63.37% to 24.59%[116] - Unrestricted shares increased by 174,944,855 shares, with the proportion rising from 36.63% to 75.41%[116] - A total of 174,944,855 restricted shares, representing 38.79% of the company's total share capital, held by CETC No. 13 Research Institute, CETC Investment Holdings Co., Ltd., and Hefei CETC Guoyuan Industrial Investment Fund Partnership (Limited Partnership) from the initial public offering, with a lock-up period of 36 months from the listing date, were further extended to be listed and circulated from March 12, 2025, due to commitments made during the company's major asset reorganization; these shares are now in circulation[117] - The company's total share capital remained unchanged at 451,052,859 shares[117] Changes in Restricted Shares This section details the changes in restricted shares held by CETC No. 13 Research Institute, CETC Investment Holdings Co., Ltd., and Hefei CETC Guoyuan Industrial Investment Fund Partnership (Limited Partnership), with a total of 174,944,855 shares released from restriction on March 11, 2025 Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Shares Released from Restriction in Current Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | China Electronics Technology Group Corporation No. 13 Research Institute | 245,418,282 | 135,632,861 | 109,785,421 | IPO restricted shares and shares locked for an extended period due to major asset reorganization | March 11, 2025 | | CETC Investment Holdings Co., Ltd. | 28,374,434 | 27,263,692 | 1,110,742 | IPO restricted shares and shares locked for an extended period due to major asset reorganization | March 11, 2025 | | Hefei CETC Guoyuan Industrial Investment Fund Partnership (Limited Partnership) | 12,048,302 | 12,048,302 | 0 | IPO restricted shares and shares locked for an extended period due to major asset reorganization | March 11, 2025 | Securities Issuance and Listing Status The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[121] Company Shareholder Numbers and Shareholding Status At the end of the reporting period, the total number of common shareholders was 20,203, with disclosures on the shareholding proportions, quantities, restricted and unrestricted shares of shareholders holding 5% or more or the top 10 shareholders, and their related-party relationships - At the end of the reporting period, the total number of common shareholders was 20,203[122] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Semiconductor Research Institute (China Electronics Technology Group Corporation No. 13 Research Institute) | State-owned Legal Person | 54.41% | 245,418,282 | 109,785,421 | 135,632,861 | | CETC Investment Holdings Co., Ltd. | State-owned Legal Person | 6.29% | 28,374,434 | 1,110,742 | 27,263,692 | | CETC Industrial Finance Private Equity Fund Management Co., Ltd. - CETC Electronic Information Industry Investment Fund (Tianjin) Partnership (Limited Partnership) | Domestic Non-State-owned Legal Person | 5.34% | 24,096,593 | 0 | 24,096,593 | - CETC No. 13 Research Institute and CETC Investment are both directly controlled by CETC; CETC Guoyuan (Beijing) Industrial Investment Fund Management Co., Ltd. is the executive partner of Sinopack Guoyuan, and CETC Investment indirectly holds 55.00% of CETC Guoyuan (Beijing) Industrial Investment Fund Management Co., Ltd.'s equity, with Sinopack Guoyuan holding 2.67% of the company's shares; apart from these, the company is unaware of any other related-party relationships or concerted actions among other shareholders[123] - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[124] Changes in Shareholdings of Directors, Supervisors, and Senior Management This section discloses changes in shareholdings of certain directors and senior management, including Liang Xiangyang, Zou Yongming, Zhang Wenjuan, Dong Hui, Zhao Dongliang, Niu Lina, and Sun Xiaoming, all of whom reduced their holdings in the current period - Liang Xiangyang (Director, Executive Deputy General Manager) held 2,151,733 shares at the beginning of the period, reduced holdings by 184,126 shares in the current period, and held 1,967,607 shares at the end of the period[125] - Zou Yongming (Deputy General Manager) held 2,151,733 shares at the beginning of the period, reduced holdings by 184,126 shares in the current period, and held 1,967,607 shares at the end of the period[125][126] - Zhang Wenjuan (Deputy General Manager, Core Technical Personnel) held 1,454,272 shares at the beginning of the period, reduced holdings by 124,441 shares in the current period, and held 1,329,831 shares at the end of the period[126] - Dong Hui (CFO, Deputy General Manager, Board Secretary) held 385,827 shares at the beginning of the period, reduced holdings by 33,015 shares in the current period, and held 352,812 shares at the end of the period[126] - Zhao Dongliang (Deputy General Manager, Core Technical Personnel) held 400,667 shares at the beginning of the period, reduced holdings by 34,285 shares in the current period, and held 366,382 shares at the end of the period[126] - Niu Lina (Deputy General Manager) held 222,593 shares at the beginning of the period, reduced holdings by 19,047 shares in the current period, and held 203,546 shares at the end of the period[126] - Sun Xiaoming (Deputy General Manager) held 254,393 shares at the beginning of the period, reduced holdings by 20,148 shares in the current period, and held 234,245 shares at the end of the period[126] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[127] - The company's actual controller did not change during the reporting period[127] Bond-Related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[130] Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[132] 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 for the first half of 2025, comprehensively reflecting its financial position and operating results Consolidated Balance Sheet (Period-End Balance) | Item | Amount (CNY) | | :--- | :--- | | Cash and Bank Balances | 2,509,428,741.60 | | Trading Financial Assets | 881,360,412.48 | | Accounts Receivable | 1,020,396,178.68 | | Inventories | 660,564,036.46 | | Fixed Assets | 1,446,757,894.02 | | Total Assets | 7,714,545,249.42 | | Total Liabilities | 1,227,153,692.75 | | Total Equity Attributable to Parent Company Owners | 6,127,666,975.41 | Consolidated Income Statement (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 1,398,044,740.97 | | Operating Profit | 350,229,615.07 | | Total Profit | 349,180,357.26 | | Net Profit | 313,711,650.28 | | Net Profit Attributable to Parent Company Shareholders | 277,926,203.71 | | Basic Earnings Per Share (CNY/share) | 0.62 | Consolidated Cash Flow Statement (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 338,130,206.72 | | Net Cash Flow from Investing Activities | -128,897,509.63 | | Net Cash Flow from Financing Activities | -214,872,200.78 | | Net Increase in Cash and Cash Equivalents | -5,670,503.63 | Company Basic Information This section outlines the company's historical evolution, changes in registered capital, stock listing status, business nature, and main operating activities, noting no change in the number of consolidated subsidiaries for the current period - Hebei Sinopack Electronic Technology Co., Ltd. was formerly Hebei Sinopack Electronic Technology Co., Ltd., a state-controlled limited liability company established on August 6, 2009[177] - On January 4, 2021, the company's shares were listed and traded on the SME Board of the Shenzhen Stock Exchange (merged with the Main Board on April 6, 2021), with stock code 003031[179] - On May 16, 2024, the company's 2023 profit distribution plan was approved by the shareholders' meeting, converting capital reserves into share capital at a rate of 4 shares for every 10 shares based on the existing total share capital of 322,180,614 shares, increasing the company's share capital to 451,052,859.00 CNY[182] - The company belongs to the communication and other electronic equipment manufacturing industry, with main products and services including electronic ceramic materials and components, third-generation semiconductor devices and modules, related technology development services, and product processing services[183] - The company consolidated 2 subsidiaries in the current period, as detailed in Financial Report Section X, Equity in Other Entities, with no change in the scope of consolidated financial statements compared to the prior period[183] Basis of Financial Statement Preparation The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truthfully and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[190] - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability; therefore, these financial statements are prepared on a going concern basis[185] Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates used in financial statement preparation, including financial instruments, notes and accounts receivable, inventories, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, highlighting key assumptions that may significantly impact financial statements - The company determines specific accounting policies and estimates based on its production and operation characteristics, primarily reflected in the methods for calculating expected credit losses on receivables, depreciation of fixed assets, amortization of intangible assets, and timing of revenue recognition[186] - Significant changes in key accounting estimates and assumptions could materially impact the carrying amounts of assets and liabilities in future accounting periods, including expected credit losses on accounts receivable and other receivables, inventory impairment estimates, long-term asset impairment estimates, estimated useful lives and net residual values of fixed assets, fair value of financial assets, deferred income tax assets and liabilities, and income tax[186][187][188][189] - The company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets: financial assets measured at amortized cost; financial assets measured at fair value through other comprehensive income; and financial assets measured at fair value through profit or loss[210] - The company recognizes revenue when it has satisfied a performance obligation in the contract, meaning when the customer obtains control of the relevant goods or services, at the transaction price allocated to that performance obligation[281] - The company does not recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets, with related lease payments recognized as asset costs or current profit or loss on a straight-line basis over the lease term[294] Taxes This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharges, property tax, and land use tax, and details the income tax preferences for high-tech enterprises, R&D expense super deduction for integrated circuit enterprises, VAT super deduction, and tax incentives for technology incubators enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, Exempt | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | | Land Use Tax | 10 CNY/sq. meter, 1.5 CNY/sq. meter | Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Hebei Sinopack Electronic Technology Co., Ltd. | 15% | | Beijing Sinopack United Semiconductor Technology Co., Ltd. | 15% | | Hebei Bowei Integrated Circuit Co., Ltd. | 15% | - Sinopack Electronic, Sinopack United, and Bowei Company have all obtained high-tech enterprise certificates and pay corporate income tax at a 15% rate during the reporting period[307] - Bowei Company, after review, meets the conditions for key national integrated circuit design enterprises and pays corporate income tax at a reduced rate of 10%[308] - Integrated circuit enterprises and industrial mother machine enterprises conducting R&D activities, where actual R&D expenses do not form intangible assets and are recognized in current profit or loss, are allowed an additional 120% deduction before tax from January 1, 2023, to December 31, 2027, on top of actual deductions; if intangible assets are formed, they are amortized at 220% of the intangible asset cost before tax during the same period[308] - Integrated circuit design, production, packaging and testing, equipment, and material enterprises are allowed an additional 15% deduction from the current period's deductible input VAT amount against their payable VAT[308] - Sinopack United, as a national and provincial technology enterprise incubator, is exempt from property tax and urban land use tax for properties and land it uses itself or provides gratuitously or through leasing to incubated entities[309] Notes to Consolidated Financial Statement Items This section provides detailed notes and explanations for various items in the consolidated financial statements, including assets, liabilities, owners' equity, income, and expenses, covering period-end balances, period-start balances, current period changes, and related accounting treatments - Cash and bank balances at period-end amounted to 2.51 billion CNY, of which restricted cash was 2.03 million CNY, mainly for bill and letter of credit deposits[311] - Trading financial assets at period-end amounted to 881.36 million CNY, primarily principal-protected bank structured deposits[314] - Notes receivable at period-end amounted to 50.27 million CNY, with bad debt provisions of 3.04 million CNY[315] - Accounts receivable at period-end amounted to 1.02 billion CNY, with bad debt provisions of 56.11 million CNY[326] - Inventory book value at period-end was 660.56 million CNY, with inventory impairment provisions of 987,758.53 CNY[385] - Fixed assets book value at period-end was 1.45 billion CNY[426] - Construction in progress book value at period-end was 550.18 million CNY[436] - Intangible assets book value at period-end was 158.14 million CNY[448] - Notes payable at period-end amounted to 183.70 million CNY[471] - Accounts payable at period-end amounted to 611.06 million CNY[474] - Employee compensation payable at period-end amounted to 57.24 million CNY[492] - Operating revenue for the current period was 1.40 billion CNY, and operating cost was 881.73 million CNY[536] - R&D expenses for the current period amounted to 153.95 million CNY, all expensed[585] - Financial expenses for the current period amounted to -20.75 million CNY, primarily due to increased interest income[546] - Government grants recognized in other income for the current period totaled 17.15 million CNY[547] R&D Expenses During the reporting period, the company's total R&D expenditure was 153.95 million CNY, all expensed, primarily for material and labor costs, with no capitalized R&D projects or significant externally acquired R&D projects R&D Expenditure Composition | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Material Costs | 77,760,305.79 | 60,758,748.25 | | Labor Costs | 40,133,039.84 | 34,821,074.58 | | Testing, Laboratory, and Processing Fees | 10,575,429.86 | 15,591,773.27 | | Depreciation and Amortization | 14,921,460.94 | 14,973,254.92 | | Power Costs | 9,205,322.03 | 9,801,363.38 | | Service Fees | 500,000.00 | 644,879.95 | | Travel Expenses | 559,335.83 | 551,747.03 | | Other | 295,462.69 | 468,170.23 | | Total | 153,950,356.98 | 137,611,011.61 | - All R&D expenditures for the current period were expensed[585] - The company has no R&D projects that meet capitalization criteria and no significant externally acquired R&D projects[586][588] Changes in Consolidation Scope During the reporting period, the company had no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - The company had no non-same-control business combinations during the reporting period[590] - The company had no same-control business combinations during the reporting period[594] - The company had no reverse acquisitions during the reporting period[597] - The company had no transactions or events resulting in loss of control over subsidiaries during the reporting period[597] - The company had no other changes in consolidation scope during the reporting period[598] Equity in Other Entities This section discloses the company's equity interests in subsidiaries, including Hebei Bowei Integrated Circuit Co., Ltd. and Beijing Sinopack United Semiconductor Technology Co., Ltd., and provides financial information for significant non-wholly-owned subsidiaries, with no significant joint ventures or associates - The company holds a direct equity interest of *