Financial Performance - Revenue for the six months ended June 30, 2025, was $45.9 million, a decrease of 25.8% compared to $61.9 million in the same period of 2024[8]. - Gross profit for the same period was $18.2 million, down 8.4% from $19.8 million, with a gross margin of 39.6%, an increase of 7.6 percentage points from 32.0%[8]. - Profit attributable to owners of the parent was $4.0 million, a decline of 46.4% from $7.5 million in the prior year[8]. - Earnings per share decreased to 0.16 US cents, down 46.7% from 0.30 US cents[8]. - The Group's profit attributable to owners for the period was US$4,003,000, a decrease of 46.5% compared to US$7,471,000 in 1H 2024[70][72]. - Revenue fell to USD 45.9 million, while profit attributable to owners of the Company was approximately USD 4.0 million, maintaining a gross profit margin of 39.6%[121]. - The Group recorded a revenue decrease of approximately 25.8% to US$45.9 million during the period, compared to US$61.9 million in 1H 2024[177]. - The Group's net profit attributable to owners of the parent was US$4.0 million, down from US$7.5 million in 1H 2024[182]. Assets and Liabilities - Total assets as of June 30, 2025, increased to $176.5 million, a rise of 7.8% from $163.7 million at the end of 2024[8]. - Shareholders' funds grew to $141.1 million, reflecting a 3.0% increase from $137.0 million[8]. - The current ratio decreased to 4.83 from 6.17, indicating a decline in liquidity[8]. - The debt to equity ratio remained low at 0.009, suggesting minimal leverage[8]. - Total current liabilities increased to US$34,182,000 from US$24,762,000, indicating a rise of 37.96%[15]. - Net assets reached US$141,123,000 as of June 30, 2025, compared to US$137,041,000 at the end of 2024, showing an increase of 2.03%[15]. - Total trade receivables increased to US$20,537,000 as of June 30, 2025, compared to US$19,886,000 at the end of 2024, reflecting a growth of 3.3%[81][82]. - As of June 30, 2025, trade payables increased to US$9,089,000 from US$7,535,000, representing a growth of 20.6%[86]. - Accrued expenses and other payables rose to US$17,237,000, up from US$11,313,000, indicating a 52.3% increase[86]. - Contract liabilities increased to US$3,288,000 from US$2,647,000, reflecting a growth of 24.2%[86]. Cash Flow - Net cash flows from operating activities decreased to $7,322,000 for the six months ended June 30, 2025, down from $14,031,000 in the same period of 2024, representing a decline of approximately 48.0%[17]. - Cash and cash equivalents rose to US$112,513,000, compared to US$104,242,000 at December 31, 2024, an increase of 7.73%[15]. - Cash flows from financing activities resulted in a net inflow of $574,000, contrasting with a net outflow of $1,150,000 in the same period last year[17]. - The company reported interest received of $2,171,000, slightly up from $2,132,000 in the previous year, marking an increase of about 1.8%[17]. - Total cash and cash equivalents increased to US$116.0 million as of June 30, 2025, up from US$107.7 million at the end of 2024, reflecting an increment of US$8.3 million[190]. Research and Development - Research and development costs increased to $9.9 million from $8.0 million, indicating a focus on innovation despite declining revenues[13]. - Research and development costs increased by 24.3% to US$9.9 million, representing 21.6% of total revenue, up from 12.9% in the same period last year[179]. Market and Product Development - The company specializes in the design and development of integrated circuits for various display applications, including smartphones and smart home devices[18]. - The Group is actively exploring new application areas, with a mini-LED backlight solution expected to launch in the second half of 2025 for automotive HUD systems[128]. - A seven-colour electronic display label IC prototype is scheduled for release in the fourth quarter, with plans for driver ICs for extra-large e-paper learning whiteboards to enter mass production in the latter half of the year[129]. - The Group's OLED Display IC products continue to be applied across smart home devices, portable devices, and Internet of Things (IoT) sectors, demonstrating product diversification[125]. - The Group is expanding into the emerging automotive display sector, indicating a strategic shift towards high-value applications[163]. Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2025[9]. - The Group did not declare or pay any dividends for the year ended December 31, 2024, nor for the interim period ended June 30, 2025[77][79]. - The company had a total of 2,497,752,351 issued and fully paid shares as of June 30, 2025, unchanged from the previous period[90]. - The Group has a significant shareholder, CEC, which owns approximately 28.3% of the issued shares[102]. Operational Challenges - The ongoing geopolitical landscape and restructuring of global supply chains pose notable challenges, with market demand expected to soften in the second half of the year[132]. - The average selling price of new display IC products declined due to intensified market competition, despite increased demand driven by retailers accelerating orders[144]. - The Group's large display IC products faced significant declines in shipment volumes and revenue due to fierce competition in the market[161].
晶门半导体(02878) - 2025 - 中期财报