3PEAK(SH:688536)2023-08-10 16:00Investment in R&D and Product Development - The company has invested a total of 10,493.97 million yuan in the development of a high-current, low-noise linear voltage regulator, which is currently in the R&D upgrade phase and aims to achieve a 3A output current capability with a 145mV ultra-low dropout voltage[1]. - A total of 672.00 million yuan has been invested in a low-power, high-performance general-purpose amplifier, which is now in mass production and meets high precision requirements at ultra-low supply currents[1]. - The company has cumulatively invested 10,762.11 million yuan in a low-noise high-performance clock controller, which is in the R&D upgrade phase and meets high-performance link clock jitter requirements[1]. - The total investment for the power monitoring product is 1,626.62 million yuan, currently in the R&D upgrade phase, designed to enhance system MCU reset time flexibility[1]. - The company has invested 17,715.62 million yuan in a high-integration high-performance MCU product line, which is in the engineering sample verification phase and aims for low power and intelligent control optimization[1]. - A total of 6,393.15 million yuan has been invested in high-precision battery protection products, which are in continuous development and provide high-precision charging and discharging for lithium battery terminal products and electric vehicles[1]. - The company has invested 6,220.78 million yuan in a high-precision high-performance ADC, which is in the R&D upgrade phase and features a 24-bit high-resolution design[3]. - The total investment for high-reliability automotive power products is 4,066.71 million yuan, currently in the R&D upgrade phase and developed according to automotive standards[3]. - The company has invested 8,479.44 million yuan in a general-purpose multi-channel ADC, which is in continuous development and achieves a sampling rate of 1MHz with a signal-to-noise ratio of 90dB[6]. - The company continues to invest in research and development to maintain its competitive edge in the semiconductor industry[38]. - The company reported a total R&D investment of ¥283,143,608.25, a decrease of 4.83% compared to ¥297,523,279.86 in the previous year[50]. - R&D investment accounted for 46.26% of operating revenue, an increase of 16.45 percentage points from 29.81% in the previous year[50]. - The company applied for 40 new invention patents during the reporting period, with a total of 256 applications to date[46]. - The company obtained 9 new invention patents, bringing the total to 81 granted patents[46]. - The company has developed several core technologies, including high-precision DAC technology with 16-bit resolution and low power consumption[42]. - The company has also developed a high-reliability RS232 interface chip technology, which is characterized by anti-interference and low cost[45]. - The company achieved a competitive edge with its proprietary BCD process technology, capable of withstanding 15kV ESD strikes across its entire product line[40]. - The company has made advancements in low-noise, low-drift reference voltage technology, enhancing its product competitiveness[40]. - The company has a strong focus on market expansion and new product development, particularly in linear and interface products[42]. - The company is focusing on high-performance, high-quality, and high-reliability product development strategies, with over 20 core technologies accumulated in the analog chip field[86]. - The first MCU product features high integration, high performance, and low power consumption, suitable for various applications including smart homes and industrial control[96]. Financial Performance - The net profit for the first half of 2023 was ¥14,087,736.19, a decrease of 94.01% compared to ¥235,072,432.87 in the same period of 2022[25]. - The share-based payment expenses amounted to ¥41,853,791.70, down 74.24% from ¥162,506,695.88 in the first half of 2022[25]. - The net profit excluding share-based payment expenses was ¥55,941,527.89, reflecting an 85.93% decline from ¥397,579,128.75 year-on-year[25]. - The company reported a total revenue of 216.7 million, with a net profit of 28.31 million, representing a year-on-year increase of 132.26 million[83]. - The company reported a revenue of CNY 612,009,004.84, a decrease of 38.68% compared to the same period last year[134]. - The net profit attributable to shareholders was CNY 14,087,700, a decline of 94.01% year-on-year, while the adjusted net profit was CNY 55,941,500, down 85.93%[138]. - Operating costs decreased by 33.42% to CNY 276,969,605.25, primarily due to a reduction in revenue[154]. - The company experienced a significant drop in cash flow from investment activities, with a net cash outflow of CNY 1,177,929,823.04, a decrease of 158.22% year-on-year[155]. - Other income increased by 44.40% to CNY 8,876,320.94, mainly due to increased government subsidies and tax refund[157]. - The company reported a significant increase in sales expenses by 31.85% to CNY 39,884,758.01, attributed to increased market expansion efforts[154]. - The company's operating revenue decreased by 38.68% year-on-year, primarily due to a decline in demand from downstream customers[176]. - The net cash flow from operating activities decreased by RMB 40,115.40 million, mainly due to reduced sales revenue[177]. Market Strategy and Expansion - The company is focusing on expanding its market presence through strategic partnerships and product innovation[38]. - The company is focusing on expanding into new markets and increasing market share while enhancing its R&D capabilities[141]. - The company is actively expanding its overseas business in the Asia-Pacific, North America, and Europe, aiming to increase brand awareness[92]. - The company has launched over 50 automotive-grade products, actively expanding into the automotive, industrial control, and energy storage markets[92]. - The company is collaborating with leading SoC companies to promote domestic reference designs, enhancing competitiveness in the robotics and automotive sectors[92]. - The company is investing in the construction of a comprehensive R&D center, indicating a commitment to long-term growth and innovation[159]. - The company has launched several new automotive-grade chips, including a full series of automotive CAN transceivers and a 16-channel 12-bit SAR ADC, enhancing its product offerings[139]. - The company is focusing on expanding its product offerings in the automotive, communication, and industrial sectors with new DC/DC converters[118]. Operational Efficiency and Management - The company has implemented strict management regulations to enhance production efficiency and reduce inventory accumulation[37]. - The sales model combines "mainly distribution, supplemented by direct sales," optimizing service content and improving demand response speed[37]. - The report emphasizes the importance of supplier selection and quality control in the company's operational processes[37]. - The company has adopted a Fabless business model, focusing on chip design and sales while outsourcing manufacturing, packaging, and testing to third-party firms[71]. - The company has established a fundraising management system to ensure the proper use of raised funds in accordance with legal regulations and to mitigate risks associated with fund usage[75]. - The company is committed to optimizing its internal governance structure to ensure effective decision-making and protect the rights of minority shareholders[75]. - The company will continue to strengthen internal controls and risk management to enhance operational efficiency and profitability[75]. - The company has a stock incentive plan to align employee interests with corporate goals, providing competitive compensation[112]. Challenges and Risks - The company faces risks related to core competitiveness, operational challenges, and potential changes in tax policies affecting its financial performance[126][127]. - The company faced challenges due to geopolitical conflicts and economic slowdowns, impacting the semiconductor market and leading to inventory destocking[138]. - The company faces potential operational challenges due to international trade tensions affecting the semiconductor industry[172]. Dividend Policy - The company plans to distribute cash dividends at least once a year, with a minimum cash distribution of 10% of the distributable profit for the year, provided certain conditions are met[54]. - In cases where the company has significant investment plans or cash expenditures, the board may propose a differentiated cash dividend policy, with minimum cash distribution ratios of 80% for mature stages without major expenditures, and 20% for growth stages with major expenditures[54]. - The company can conduct mid-term cash dividends if the net cash flow from operating activities in the first half exceeds the net profit for the period[54]. - Special circumstances that may affect dividend distribution include projected investments exceeding 20% of the latest audited net assets or a debt ratio exceeding 70%[54]. - The company has not distributed dividends or bonus shares during the reporting period, maintaining a conservative financial strategy[195].