凯盛科技(600552) - 2025 Q2 - 季度财报

Important Notice Board and management affirm report integrity, caution on forward-looking statement risks; report is unaudited, no illegal financial activities - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, ensuring no false records, misleading statements, or major omissions[3] - This semi-annual report is unaudited[5] - Forward-looking statements regarding development strategies and operating plans are subject to various factors, including market condition changes, and do not constitute a substantial commitment to investors, who are advised to be aware of investment risks[6] Section I Definitions This section defines key terms and abbreviations for the company, its subsidiaries, and related parties, ensuring report clarity - This section provides definitions for common terms used in the report, including the company itself, major subsidiaries (e.g., Bengbu Zhongheng, Triumph Application Materials, Shenzhen Guoxian), and related parties (e.g., China Academy of Building Materials Science, Triumph Science & Technology Group, China National Building Material Group)[15] Section II Company Profile and Key Financial Indicators Company profile and H1 2025 key financial indicators show revenue and net profit growth, with significant improvement in operating cash flow Company Information Triumph Science & Technology Co., Ltd., abbreviated as Triumph Science & Technology, has Xia Ning as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 凯盛科技股份有限公司 | | Chinese Abbreviation | 凯盛科技 | | English Name | TRIUMPH SCIENCE&TECHNOLOGY CO.,LTD | | English Abbreviation | TSTC | | Legal Representative | Xia Ning | Contact Person and Contact Information Board Secretary Chen Xing and Securities Affairs Representative Niu Jingya are located at 8009 Huangshan Avenue, Bengbu City, Anhui Province Contact Persons and Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Chen Xing | 8009 Huangshan Avenue, Bengbu City, Anhui Province | 0552-4968015 | 0552-4077780 | chx12345@sina.com | | Securities Affairs Representative | Niu Jingya | 8009 Huangshan Avenue, Bengbu City, Anhui Province | 0552-4968015 | 0552-4077780 | niujingya@ctiec.net | Brief Introduction to Changes in Basic Information Company's registered and office addresses are 8009 Huangshan Avenue, Bengbu, Anhui; disclosures are made through major securities newspapers and the SSE website - The company's registered address and office address are both 8009 Huangshan Avenue, Bengbu City, Anhui Province, postal code 233010[16] - The company's designated information disclosure newspapers are 'Shanghai Securities News', 'Securities Daily', 'China Securities Journal', and 'Securities Times', with the semi-annual report available on http://www.sse.com.cn[17](index=17&type=chunk) Company Stock Overview Company A-shares are listed on the Shanghai Stock Exchange as Triumph Science & Technology (600552), formerly Fangxing Technology Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 凯盛科技 | 600552 | 方兴科技 | Company's Key Accounting Data and Financial Indicators H1 2025 saw significant growth in operating revenue and net profit, with substantial improvement in operating cash flow, reflecting positive financial performance Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,764,548,816.91 | 2,217,013,056.51 | 24.70 | | Total Profit | 81,601,252.91 | 80,808,262.24 | 0.98 | | Net Profit Attributable to Listed Company Shareholders | 51,507,360.03 | 41,637,948.36 | 23.70 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 28,842,705.43 | -29,970,319.99 | Not Applicable | | Net Cash Flow from Operating Activities | 258,475,743.58 | 28,637,360.43 | 802.58 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 4,173,928,903.03 | 4,169,651,887.70 | 0.10 | | Total Assets (Period-End) | 11,984,440,416.82 | 11,268,994,422.83 | 6.35 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0545 | 0.0441 | 23.58 | | Diluted Earnings Per Share (CNY/share) | 0.0545 | 0.0441 | 23.58 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (CNY/share) | 0.0305 | -0.0317 | Not Applicable | | Weighted Average Return on Net Assets (%) | 1.23 | 1.02 | Increased by 0.21 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 0.69 | -0.74 | Not Applicable | Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 22.6647 million, primarily from government subsidies, positively impacting net profit Non-Recurring Gains and Losses Items (January-June 2025) | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -60,501.38 | | Government Subsidies Included in Current Profit/Loss | 27,883,854.23 | | Gains/Losses from Entrusted Investment or Asset Management | 1,342,941.34 | | Other Non-Operating Income and Expenses Apart from the Above | -1,156,182.77 | | Less: Income Tax Impact | 1,901,731.39 | | Impact on Minority Interests (After Tax) | 3,443,725.43 | | Total | 22,664,654.59 | Section III Management Discussion and Analysis This section analyzes industry, core business, performance, and competitiveness, focusing on display and application materials, driven by innovation and market expansion, while addressing macroeconomic, FX, tech, and management risks Explanation of the Company's Industry and Main Business During the Reporting Period The company's business spans display and application materials, both key emerging industries, with products ranging from UTG to zirconium, silicon, and titanium-based materials for high-tech sectors Company's Industry The company operates in "Computer, Communication and Other Electronic Equipment Manufacturing" (display materials) and "Non-metallic Mineral Products Industry" (application materials), both strategic national emerging industries - The company has two major business segments: display materials (classified under "Computer, Communication and Other Electronic Equipment Manufacturing", code C39) and application materials (classified under "Non-metallic Mineral Products Industry", code C30)[24] - Both major businesses are strategic and fundamental emerging industries prioritized for national development[24] Explanation of Main Business Operations The display materials segment includes UTG and ultra-thin electronic glass, with 30-micron UTG achieving full domestic production; the application materials segment focuses on zirconium, silicon, and titanium elements, expanding into spherical powder materials and high-purity quartz sand for high-tech applications - Display materials business primarily includes flexible foldable glass (UTG), ultra-thin electronic glass, ITO conductive film glass, flexible touch, panel thinning, and integrated display touch modules, possessing a relatively complete display industry chain[25] - The company, in collaboration with China Academy of Building Materials Science, independently developed 30-micron ultra-thin flexible glass (UTG), establishing the only fully localized ultra-thin flexible glass industry chain in China covering "high-strength glass—extreme thinning—high-precision post-processing", with leading product performance[25] - Application materials products primarily revolve around zirconium, silicon, and titanium elements, focusing on zirconium-based products (e.g., fused zirconia, stabilized zirconia) and expanding product lines (e.g., spherical powder materials, high-purity quartz sand, nano barium titanate, rare earth polishing powders)[26] - Zirconium series products are the leading products in the company's application materials segment; fused zirconia is recognized as a national manufacturing single champion product, and nano-composite zirconia has application potential in the new energy sector[27] Discussion and Analysis of Operating Conditions During the reporting period, the company focused on improving cash flow, reducing costs, and addressing losses, achieving dual growth in revenue and net profit, driven by display materials, UTG customer collaborations, and new application material introductions, while enhancing competitiveness through innovation, digitalization, and international expansion, with plans for continued market potential and management optimization in H2 Operating Performance In H1, the company achieved operating revenue of CNY 2.765 billion, a 24.7% increase, and net profit attributable to listed company shareholders of CNY 51.5074 million, up 23.7%, primarily due to the positive development of the display materials business 2025 H1 Operating Performance | Indicator | Amount (CNY) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 2,764,548,800 | 24.7 | | Net Profit Attributable to Listed Company Shareholders | 51,507,400 | 23.7 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 28,842,700 | Not Applicable | - The increase in key operating indicators is primarily due to the positive development trend in the display materials business in H1 2025, leading to improved profitability[30] Completion of Key Tasks The company deepened UTG collaborations with leading clients, secured large-size orders for in-car display and 3A businesses, and entered Samsung Display's thinning supply chain; in application materials, zirconia products entered new industries, nano-zirconia gained new energy clients, and spherical powder material projects began trial operation, while international revenue grew 38.05% through innovation and digitalization - Display Materials Segment: UTG continued to strengthen deep cooperation with leading domestic terminal customers; in-car display, 3A, and other businesses secured multiple large-size project orders; thinning business successfully entered Samsung Display's supply chain system[31][32] - Application Materials Segment: Zirconia products successfully entered the ceramic filter and automotive brake pad industries; nano-zirconia gained new energy cathode material customers; the spherical powder materials project for electronic packaging commenced trial operation[32] - Technological Innovation: Accelerated breakthroughs in key core technologies such as UTG and yellow light AG; ultra-thin flexible glass (UTG) was selected as a landmark product in Anhui Province's key industrial chain; 11 new invention patents were authorized[33] - Digital Transformation: Promoted deep integration of digital technology with enterprise elements, with 4 advanced intelligent factories certified and the UTG digital enhancement project recognized as a typical demonstration project for digital transformation of SMEs in Anhui Province[33] - International Business Expansion: International business accelerated comprehensively, with international revenue growing by 38.05%[33] H2 Operating Plan In H2, the company will continue to integrate technological and industrial innovation, focusing on "display materials + application materials" as dual core businesses, exploring market potential, accelerating in-car display and UTG product iterations, and expanding the application materials product matrix, while advancing cash flow improvement, cost reduction, and loss management through comprehensive accounts receivable control, strict budget management, and accountability for losses to optimize key indicators and enhance management efficiency - In the second half of the year, the company will continue to promote the deep integration of technological innovation and industrial innovation, focusing on driving both "display materials + application materials" core businesses[34] - Display Materials Segment: Accelerate customer verification processes for in-car display and 3A cover plates; UTG will focus on product iteration and new application scenario development[34] - Application Materials Segment: Stabilize prices and expand volume, while actively broadening the product matrix and seizing emerging market opportunities[34] - Focus on three major initiatives: cash flow improvement (full-cycle management of accounts receivable, increasing inventory turnover), cost reduction (strict control of expense budgets, lowering BOM proportion, improving production first-pass yield), and loss management (implementing responsibility at all levels)[34] - Accelerate management penetration, leveraging both institutional guarantees and management penetration to enhance management efficiency[35] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its industrial innovation capabilities, talent pool, internal supply chain synergy, customer resources, and digital empowerment, supported by national innovation platforms, high R&D investment, 582 authorized patents, a 600-person R&D team, extensive marketing networks, and smart manufacturing initiatives - Industrial Innovation Capability Advantage: Relying on national innovation platforms such as the China Academy of Building Materials Science and national key laboratories, the company maintains high-intensity R&D investment, possesses 23 national and provincial innovation platforms, and has accumulated 582 authorized patents (including 167 invention patents)[36] - Talent Team Advantage: The company has an R&D team of approximately 600 people, including 20 provincial-level or higher talent teams, and employs influential technical leaders and experts in the industry[38] - Internal Supply Chain Synergy Advantage: The display materials segment has formed a complete industry chain layout from glass substrates to integrated modules; the application materials segment is transitioning from traditional fields to high-value-added electronic application materials for chips, integrated circuit packaging, photovoltaics, semiconductors, and biomedical applications[39][40] - Customer Resource Advantage: The company has established a marketing network covering multiple countries and regions domestically and internationally, providing services to renowned international and domestic brands such as LGD, Amazon, Samsung, and Kyocera, demonstrating strong customer loyalty[41] - Digital Empowerment Advantage: Actively building smart manufacturing capabilities and digital smart factories, with 4 advanced intelligent factories certified and 5 provincial-level digital demonstration projects[42] Key Operating Conditions During the Reporting Period This section analyzes the company's financial statement changes, asset-liability status, and investment during the reporting period, noting increased revenue and costs due to the display segment, a 25.76% rise in R&D investment, a 115.87% surge in monetary funds, and a 47.56% increase in short-term borrowings, with ongoing construction projects including UTG Phase II, semiconductor silicon dioxide, and spherical powder materials, some of which are in trial production Main Business Analysis During the reporting period, the company's operating revenue increased by 24.70% to CNY 2.765 billion, and operating costs rose by 23.83%; R&D expenses grew by 25.76%, primarily due to increased investment in new product development; net cash flow from operating activities significantly increased by 802.58%, mainly driven by higher cash receipts from sales of goods Financial Statement Item Variation Analysis (January-June 2025) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,764,548,816.91 | 2,217,013,056.51 | 24.70 | Increase in display segment revenue | | Operating Cost | 2,312,220,408.19 | 1,867,226,314.96 | 23.83 | Increase in display segment revenue | | Selling Expenses | 53,788,000.23 | 53,354,284.71 | 0.81 | Expansion of display segment business, increase in personnel | | Administrative Expenses | 129,164,207.38 | 126,755,986.90 | 1.90 | Increase in display segment revenue | | Financial Expenses | 53,230,530.36 | 42,357,833.91 | 25.67 | Increase in interest expenses | | R&D Expenses | 145,459,218.71 | 115,668,239.46 | 25.76 | Increase in new product R&D investment | | Net Cash Flow from Operating Activities | 258,475,743.58 | 28,637,360.43 | 802.58 | Increase in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -99,421,982.62 | -452,689,461.54 | 78.04 | Due to cash paid for the acquisition of fixed assets, intangible assets, and other long-term investments | | Net Cash Flow from Financing Activities | 201,507,449.87 | 466,865,068.76 | -56.84 | Increase in cash paid for debt repayment | | Other Income | 27,883,854.23 | 83,010,952.13 | -66.41 | Decrease in government subsidies received | | Investment Income | 864,773.13 | 2,137,563.26 | -59.54 | Decrease in wealth management income | | Net Increase in Cash and Cash Equivalents | 294,920,892.29 | 50,785,960.60 | 480.71 | Increase in net cash flow from operating activities | Analysis of Assets and Liabilities As of the end of the reporting period, monetary funds increased by 115.87% to CNY 647.63 million, primarily due to increased cash receipts; short-term borrowings rose by 47.56% to CNY 2.763 billion, and notes payable increased by 51.45% to CNY 474.89 million; total assets grew by 6.35% to CNY 11.984 billion, with restricted assets (monetary funds, fixed assets, intangible assets) totaling CNY 434.85 million Asset and Liability Status Changes (Period-End vs. Prior Year-End) | Item Name | Current Period-End Amount (CNY) | Current Period-End % of Total Assets | Prior Year-End Amount (CNY) | Prior Year-End % of Total Assets | Current Period-End Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 647,627,377.00 | 5.40 | 300,003,025.40 | 2.66 | 115.87 | Increase in cash received this period | | Financial Assets Held for Trading | 190,933,598.76 | 1.59 | 301,978,152.81 | 2.68 | -36.77 | Decrease in rolling purchases of wealth management products this period | | Notes Receivable | 203,771,447.29 | 1.70 | 355,691,118.49 | 3.16 | -42.71 | Reclassification of bank acceptance bills this period | | Receivables Financing | 149,778,627.47 | 1.25 | 52,532,786.72 | 0.47 | 185.11 | Reclassification of bank acceptance bills this period | | Long-Term Prepaid Expenses | 11,622,562.67 | 0.10 | 2,740,494.62 | 0.02 | 324.10 | Increase in decoration expenses this period | | Short-Term Borrowings | 2,762,703,195.74 | 23.05 | 1,872,274,629.73 | 16.61 | 47.56 | Increase in short-term borrowings this period | | Notes Payable | 474,890,708.14 | 3.96 | 313,557,469.66 | 2.78 | 51.45 | Increase in bank acceptance bills issued this period | | Contract Liabilities | 72,136,621.57 | 0.60 | 47,065,732.50 | 0.42 | 53.27 | Increase in contract liabilities related to sales of goods this period | | Taxes Payable | 22,094,614.65 | 0.18 | 41,202,596.92 | 0.37 | -46.38 | Decrease in income tax payable this period | | Other Current Liabilities | 22,881,784.99 | 0.19 | 77,426,262.81 | 0.69 | -70.45 | Decrease in notes receivable not derecognized this period | Major Restricted Assets (Period-End) | Item | Book Balance (CNY) | Book Value (CNY) | Type of Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 52,703,789.93 | 52,703,789.93 | Bank acceptance bill deposits, etc | | Fixed Assets | 367,789,923.10 | 367,789,923.10 | Mortgage loan | | Intangible Assets | 14,351,828.41 | 14,351,828.41 | Mortgage loan | | Total | 434,845,541.44 | 434,845,541.44 | / | Investment Status Analysis The company had no significant equity investments during the reporting period but is advancing four major non-equity investment projects: UTG Phase II, a 5,000-ton/year semiconductor silicon dioxide production line, an electronic packaging spherical powder materials project, and Information Display Ultra-thin Substrate Production Line Phase II, with some already in trial production - The main production line for the Ultra-Thin Flexible Glass (UTG) Phase II project has been completed, with some auxiliary works still under construction, expected to reach its intended usable state by October 2025, with a cumulative investment of CNY 749.69 million[50] - The 5,000-ton/year Semiconductor Silicon Dioxide Production Line project has been completed and is in trial production, currently undergoing technical debugging for the synthesis of trimethoxysilane and tetramethoxysilane products, with a cumulative investment of CNY 194.48 million[50] - The Electronic Packaging Spherical Powder Materials project has completed the construction of 2 spherical silicon and 2 spherical aluminum production lines and commenced trial production, with a cumulative investment of CNY 61.76 million[50] - The Information Display Ultra-Thin Substrate Production Line Phase II project's production line was commissioned in August 2025 and is currently in trial production, with a cumulative investment of CNY 483.79 million[50] Analysis of Major Holding and Participating Companies The company's main subsidiaries include Bengbu Zhongheng, Triumph Application Materials, and Guoxian Technology; Bengbu Zhongheng, primarily engaged in fused zirconia, reported H1 net profit of CNY 31.3307 million; Triumph Application Materials, focusing on nano barium titanate, had H1 net profit of CNY 16.4382 million; and Guoxian Technology, specializing in LCD modules, achieved H1 net profit of CNY 76.1316 million Major Holding and Participating Company Financial Performance (2025 H1) | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 蚌埠中恒 | Subsidiary | Fused zirconia, zirconium silicate, etc | 356,427,217.00 | 1,752,252,226.00 | 788,956,723.67 | 424,608,030.93 | 35,378,198.11 | 31,330,676.64 | | 凯盛应材 | Subsidiary | Nano barium titanate, rare earth polishing powder, high-purity quartz sand, etc | 55,940,600.00 | 1,284,518,496.70 | 444,323,751.34 | 241,092,055.01 | 21,935,314.73 | 16,438,219.37 | | 国显科技 | Subsidiary | LCD display modules | 90,000,000.00 | 4,270,225,214.02 | 1,210,488,295.84 | 1,885,786,859.35 | 78,525,269.12 | 76,131,639.59 | Other Disclosure Matters The company faces macroeconomic, exchange rate, technological iteration, and management risks, which it plans to address through product structure adjustments, foreign exchange hedging, technology reserves, and improved management practices Potential Risks The company may face macroeconomic uncertainties, exchange rate fluctuations, frequent technological iterations in the electronics industry, and management challenges from expanding asset and business scale, planning to respond through product structure adjustments, foreign exchange hedging, technology reserves, and management upgrades - Macroeconomic Risk: International economic uncertainties and escalating trade frictions may adversely affect exports and raw material imports; the company will adjust its product structure and implement flexible procurement and sales strategies[53] - Exchange Rate Risk: Foreign sales are settled in USD, and exchange rate fluctuations may lead to exchange losses; the company will monitor foreign exchange market trends, match foreign currency receipts and payments, settle foreign exchange promptly, and engage in foreign exchange hedging when necessary[53] - Technological Iteration Risk: The electronics industry experiences frequent technological upgrades and rapid product obsolescence; the company will leverage its R&D capabilities, monitor industry trends, build technological reserves, and introduce new technologies and equipment[53] - Management Risk: Expanding asset and business scale demands higher operational management capabilities; the company will improve management methods, enhance management levels, and upgrade adjustments in resource integration and internal control[54] Section IV Corporate Governance, Environmental and Social Responsibility This section covers board and management changes, no profit distribution, implemented equity incentives, and environmental disclosure status for eight subsidiaries Changes in Company Directors and Senior Management During the reporting period, the company's board of directors underwent re-election, with Xia Ning elected as Chairman, Liu Yuquan as Director and General Manager, and Chen Xing as CFO and Board Secretary; Xie Changqing, Wang Wei, and Wang Guoqiang, among others, resigned Changes in Directors and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Xia Ning | Chairman | Election | | Liu Yuquan | Director, General Manager | Election | | Wu Dan | Director | Election | | Li Beibei | Director, Deputy Party Secretary | Election | | Sheng Mingquan | Independent Director | Election | | An Guangshi | Independent Director | Election | | Zhang Lin | Independent Director | Election | | Zhang Shaobo | Deputy General Manager | Appointment | | Chen Xing | CFO, Board Secretary | Appointment | | Sun Nali | Deputy General Manager | Appointment | | Xie Changqing | Director | Resignation | | Wang Wei | Executive Deputy General Manager, Board Secretary | Resignation | | Wang Guoqiang | Deputy General Manager | Resignation | - The company convened a board meeting on January 16, 2025, to approve the re-election of the ninth board of directors and appoint new senior management; a shareholders' meeting was held on June 13, 2025, to abolish the supervisory board[57] Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none," meaning no distribution or conversion Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution or Conversion | No | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (CNY) (Tax Included) | 0 | | Number of Capitalized Shares per 10 Shares (shares) | 0 | | Explanation of Profit Distribution or Capital Reserve Conversion Plan | None | Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact The company's 2024 stock option incentive plan has been approved and implemented, with the initial grant registration of stock options completed on July 30, 2025 - The company held a board meeting on June 13, 2024, to review and approve the proposal to adjust the exercise price of the initial grant of stock options under the 2024 stock option incentive plan, as well as the proposal to grant stock options to incentive recipients for the first time[59] - Pursuant to the authorization, the company's board of directors completed the initial grant registration of stock options on July 30, 2025[60] Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law Eight of the company's subsidiaries, including Triumph Science & Technology Co., Ltd. Bengbu Huayi Branch and Bengbu Zhongheng New Materials Technology Co., Ltd., are listed as legally required environmental information disclosure enterprises, with corresponding inquiry indexes provided Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No | Enterprise Name | Inquiry Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | 凯盛科技股份有限公司蚌埠华益分公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 2 | 蚌埠中恒新材料科技有限责任公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 3 | 安徽凯盛应用材料有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 4 | 蚌埠中建材信息显示材料有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 5 | 中建材（蚌埠）光电材料有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 6 | 蚌埠国显科技有限公司 | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 7 | 深圳市国显科技有限公司 | https://www.ipe.org.cn/ | | 8 | 洛玻集团洛阳龙海电子玻璃有限公司 | http://222.143.24.250:8249/qyfwmh/ | Section V Significant Matters This section details major litigation, related party transactions, significant contracts, and 86.81% utilization of raised funds for key projects like UTG Phase II and Shenzhen Guoxian R&D base Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, related parties, and the company itself had no ongoing commitments extending into the reporting period - Commitments during or extending into the reporting period are "not applicable"[64] Major Litigation and Arbitration Matters The company's wholly-owned subsidiary, Bengbu Zhongheng New Materials Technology Co., Ltd., and its 62.57% owned subsidiary, Anhui Triumph Application Materials Co., Ltd., received a "Bill of Indictment" from the Nanjing Municipal People's Procuratorate, with the lawsuit currently undergoing court proceedings - The company's wholly-owned subsidiary, Bengbu Zhongheng New Materials Technology Co., Ltd., and its 62.57% owned subsidiary, Anhui Triumph Application Materials Co., Ltd., received a "Bill of Indictment" from the Nanjing Municipal People's Procuratorate, and the lawsuit is currently undergoing court proceedings[64] Major Related Party Transactions During the reporting period, the company engaged in related party transactions related to ordinary operations, including receiving services, purchasing goods and services, and providing products and services; additionally, the company had financial dealings such as deposits, loans, and credit lines with China Building Materials Group Finance Co., Ltd - The company has daily operating related party transactions, including receiving services and purchasing goods and services, with related parties such as China Building Materials Inspection and Certification Group Anhui Co., Ltd. and China Building Materials (Hefei) Powder Technology Equipment Co., Ltd[66] - The company provides products and services to related parties such as China Building Materials Triumph Mineral Resources Group Co., Ltd. and Taishan Fiberglass Co., Ltd[66] Financial Dealings with China Building Materials Group Finance Co., Ltd. (2025 H1) | Business Type | Related Party Relationship | Daily Maximum Deposit Limit (CNY) | Deposit Interest Rate Range | Beginning Balance (CNY) | Total Deposits This Period (CNY) | Total Withdrawals This Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit Business | Same ultimate controlling party | 700,000,000.00 | 0.55%-5.5% | 213,398,454.88 | 50,728,563,325.37 | 50,535,878,645.83 | 406,083,134.42 | | Loan Business | Same ultimate controlling party | 650,000,000.00 | 2.90% | 0 | 1,087,344.42 | 0 | 1,087,344.42 | | Credit Line Business | Same ultimate controlling party | 650,000,000.00 | Not Applicable | Not Applicable | 1,087,344.42 | Not Applicable | Not Applicable | Major Contracts and Their Performance The company has a trusteeship arrangement where Triumph Resources entrusts 70% equity of Bengbu Optoelectronics to Bengbu Zhongxian for management; the total guarantee amount for subsidiaries is CNY 49.828 billion, representing 11.94% of the company's net assets, with CNY 35.631 billion provided for guaranteed entities with an asset-liability ratio exceeding 70% - China Building Materials Triumph Mineral Resources Group Co., Ltd. entrusted 70% equity of China Building Materials (Bengbu) Optoelectronic Materials Co., Ltd. to Bengbu China Building Materials Information Display Materials Co., Ltd. for management, with minor trusteeship income[75][76] Company's Total Guarantee Amount (2025 H1) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During Reporting Period | 73,045.04 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 49,828.36 | | Total Guarantee Amount (A+B) | 49,828.36 | | Total Guarantee Amount as % of Company's Net Assets | 11.94% | | Of which: Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 35,630.78 | | Total of the Above Three Guarantee Amounts (C+D+E) | 35,630.78 | Explanation of Progress in Use of Raised Funds The company's total raised funds were CNY 1.499 billion, with a net amount of CNY 1.488 billion; as of the end of the reporting period, cumulative investment reached CNY 1.292 billion, representing 86.81% progress; major projects include UTG Phase II, Shenzhen Guoxian New Display R&D and Production Base, and repayment of interest-bearing debt and working capital replenishment, with UTG Phase II progressing in line with market demand, Shenzhen Guoxian completed, and debt repayment largely finished Overall Use of Raised Funds (2025 H1) | Source of Raised Funds | Total Raised Funds (CNY) | Net Raised Funds (CNY) | Total Committed Investment in Prospectus/Offering Document (CNY) | Cumulative Investment of Raised Funds at Period-End (CNY) | Cumulative Investment Progress of Raised Funds at Period-End (%) | Amount Invested This Year (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 1,499,999,995.30 | 1,487,999,995.34 | 1,487,999,995.34 | 1,291,746,291.39 | 86.81 | 85,160,454.74 | | Total | 1,499,999,995.30 | 1,487,999,995.34 | 1,487,999,995.34 | 1,291,746,291.39 | / | 85,160,454.74 | Detailed Use of Raised Fund Investment Projects (2025 H1) | Project Name | Planned Investment of Raised Funds (CNY) | Cumulative Investment of Raised Funds at Period-End (CNY) | Investment Progress (%) | Date Project Reached Intended Usable State | Specific Reasons for Investment Progress Not Meeting Plan | | :--- | :--- | :--- | :--- | :--- | :--- | | Ultra-Thin Flexible Glass UTG Phase II Project | 758,000,000.00 | 563,367,139.82 | 74.32 | October 2025 | To avoid low utilization rate after full capacity completion, project progress is aligned with market demand | | Shenzhen Guoxian New Display R&D and Production Base Project | 292,000,000.00 | 292,099,151.57 | 100.03 | October 2024 | Not Applicable | | Repayment of Interest-Bearing Debt and Replenishment of Working Capital | 437,999,995.34 | 436,280,000.00 | 99.61 | / | Not Applicable | - The company manages idle raised funds through cash management, with a board-approved limit of CNY 400 million; the cash management balance at the end of the reporting period was CNY 190 million, not exceeding the authorized limit[88] Section VI Share Changes and Shareholder Information This section confirms no change in share capital structure, details shareholder numbers, top ten holders, and identifies Triumph Science & Technology Group as the 29.28% controlling shareholder Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[90] Shareholder Information As of the end of the reporting period, the company had 64,286 ordinary shareholders; among the top ten shareholders, Triumph Science & Technology Group Co., Ltd. is the controlling shareholder, holding 29.28% of the shares Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total Number of Ordinary Shareholders at Period-End (accounts) | 64,286 | | Total Number of Preferred Shareholders with Restored Voting Rights at Period-End (accounts) | 0 | Top Ten Shareholders' Shareholding (End of 2025 H1) | Shareholder Name | Change During Reporting Period | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 凯盛科技集团有限公司 | 0 | 276,573,336 | 29.28 | 0 | Unrestricted | 0 | State-owned Legal Person | | 深创投红土私募股权投资基金管理（深圳）有限公司－深创投制造业转型升级新材料基金（有限合伙） | 0 | 45,783,132 | 4.85 | 0 | Unrestricted | 0 | State-owned Legal Person | | 郑天云 | 1,336,500 | 11,580,000 | 1.23 | 0 | Unrestricted | 0 | Domestic Natural Person | | 欧木兰 | 0 | 10,459,433 | 1.11 | 0 | Unrestricted | 0 | Domestic Natural Person | | 香港中央结算有限公司 | -6,130,558 | 9,177,214 | 0.97 | 0 | Unrestricted | 0 | Unknown | | 陈雷 | 0 | 8,095,036 | 0.86 | 0 | Unrestricted | 0 | Domestic Natural Person | | 招商银行股份有限公司－南方中证1000交易型开放式指数证券投资基金 | 718,700 | 6,967,400 | 0.74 | 0 | Unrestricted | 0 | Domestic Non-State-owned Legal Person | | 中国建设银行股份有限公司－国寿安保智慧生活股票型证券投资基金 | 720,000 | 4,531,257 | 0.48 | 0 | Unrestricted | 0 | Domestic Non-State-owned Legal Person | | 招商银行股份有限公司－华夏中证1000交易型开放式指数证券投资基金 | 765,900 | 4,113,500 | 0.44 | 0 | Unrestricted | 0 | Domestic Non-State-owned Legal Person | | 何伟芳 | 50,000 | 4,073,900 | 0.43 | 0 | Unrestricted | 0 | Domestic Natural Person | - Triumph Science & Technology Group Co., Ltd. is the controlling shareholder of the company[95] Section VII Bond-Related Information The company had no corporate bonds, non-financial debt instruments, or convertible bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[97] - The company has no convertible corporate bonds[97] Section VIII Financial Report This section presents unaudited consolidated and parent financial statements, detailing assets, liabilities, profit, cash flow, and equity, with notes on accounting policies, taxes, and financial risks Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[99] Financial Statements This section provides the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements for January-June 2025, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in owners' equity - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were CNY 11,984,440,416.82, total liabilities were CNY 7,328,156,583.02, and total owners' equity was CNY 4,656,283,833.80[100][101] - The consolidated income statement shows that for the first half of 2025, total operating revenue was CNY 2,764,548,816.91, net profit was CNY 71,250,365.65, and net profit attributable to parent company shareholders was CNY 51,507,360.03[103][104] - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was CNY 258,475,743.58, net cash flow from investing activities was -CNY 99,421,982.62, and net cash flow from financing activities was CNY 201,507,449.87[109][110] Company Basic Information Triumph Science & Technology Co., Ltd., established on September 30, 2000, and listed on the Shanghai Stock Exchange on November 8, 2002, primarily operates in display materials and application materials, including ultra-thin electronic glass, flexible foldable glass (UTG), and zirconium, silicon, and titanium-based products; the financial statements were approved by the board of directors on August 30, 2025 - Triumph Science & Technology Co., Ltd. was established on September 30, 2000, and listed on the Shanghai Stock Exchange on November 8, 2002[119][120] - The company has two major business segments: display materials (including ultra-thin electronic glass, flexible foldable glass UTG, etc.) and application materials (revolving around zirconium, silicon, and titanium elements, such as fused zirconia, spherical quartz powder, etc.)[120] - These financial statements and notes were approved by the company's Ninth Board of Directors at its second meeting on August 30, 2025[121] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no events or circumstances that could raise significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[124] - There are no events or circumstances that could raise significant doubt about the company's ability to continue as a going concern within 12 months from the end of the reporting period[125] [Significant Accounting Policies and Accounting Estimates](index=41&type=section&id=五、重要会计政策及会计