中能电气 | 股票代码 CEEPOWER | 300062 中能电气股份有限公司 2025年半年度报告 Ceepower 2025 Semi-Annual Report 2025 年 8 月 28 日 中能电气股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈添旭、主管会计工作负责人李华蓉及会计机构负责人(会计 主管人员)卓敏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 公司存在市场竞争风险、应收账款风险、毛利率下降风险、新能源政策变 化风险等，具体内容请详见本报告"第三节 管理层讨论与分析 十、公司面 临的风险和应对措施"，敬请广大投资者关注并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 中能电气股份有限公司 2025 年半年度报告全文 | ...

招商局积余产业运营服务股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025 年 8 月 1 招商局积余产业运营服务股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吕斌、主管会计工作负责人陈智恒及会计机构负责人(会计主 管人员)江霞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来经营计划、发展战略等前瞻性描述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。公司已在 本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施" 部分详细阐述了公司未来发展可能存在的风险及应对措施，敬请投资者查阅。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"房地产业"的披露要求。 公司计划不派发现金红利，不送红股， ...

深南电路股份有限公司 2025 年半年度报告全文 深南电路股份有限公司 2025 年半年度报告 2025 年 8 月 1 深南电路股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人杨之诚、主管会计工作负责人楼志勇及会计机构负责人(会计 主管人员)楼志勇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性描述，不构成公司对投资者的实质 承诺，请投资者注意投资风险。 公司已在报告中描述可能存在的宏观经济波动风险、国际经贸摩擦风险、 市场竞争风险、进入新市场及开发新产品的风险、海外工厂建设运营风险、 产能扩张后的爬坡风险、原物料供应及价格波动风险、汇率风险，敬请查阅 "第三节 管理层讨论与分析 十、公司面临的风险和应对措施"相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- ...

龙芯中科技术股份有限公司 2025 年半年度报告 公司代码：688047 公司简称：龙芯中科 龙芯中科技术股份有限公司 2025 年半年度报告 1 / 188 龙芯中科技术股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 详见本报告第三节"管理层讨论与分析"之"四、风险因素"所述内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人胡伟武、主管会计工作负责人曹砚财及会计机构负责人（会计主管人员）何会茹 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性 ...

创耀（苏州）通信科技股份有限公司2025 年半年度报告 公司代码：688259 公司简称：创耀科技 创耀（苏州）通信科技股份有限公司 2025 年半年度报告 1 / 203 创耀（苏州）通信科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述可能存在的风险，敬请查阅"第三节管理层讨论与分析"之"四、风险因 素"部分，请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人YAOLONG TAN、主管会计工作负责人纪丽丽及会计机构负责人（会计主管人 员）纪丽丽声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 ...

峰岹科技（深圳）股份有限公司2025 年半年度报告 公司代码：688279 公司简称：峰岹科技 峰岹科技（深圳）股份有限公司 2025 年半年度报告 1 / 218 峰岹科技（深圳）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述公司面临的风险，敬请查阅本报告"第三节 管理层讨论与分析 四、 风险因素"相关内容，请投资者予以关注。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人BI LEI（毕磊）、主管会计工作负责人张红梅及会计机构负责人（会计主管人 员）张红梅声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注 ...

苏州新锐合金工具股份有限公司2025 年半年度报告 公司代码：688257 公司简称：新锐股份 苏州新锐合金工具股份有限公司 2025 年半年度报告 1 / 224 苏州新锐合金工具股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险，敬请查阅"第三节 管理层讨论与分析"之"四、风险因素"。敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人吴何洪、主管会计工作负责人刘国柱及会计机构负责人（会计主管人员）姚玲 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年半年度利润分配方案为：公司拟以实施权益分派股权登记日登记的总股本扣除公 司回购专用证券账户的股数为基数，向全体股东每 10 股派发现金红利 0.4 元（含税），截至本报 告披露之 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section contains critical declarations regarding the report's integrity, significant risks, board attendance, and financial statements [Statement on Truthfulness, Accuracy, and Completeness](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7) The company's board and management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - Company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[3](index=3&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Investors are advised to review the detailed risk factors disclosed in "Section III Management Discussion and Analysis" - The report has detailed relevant risks; please refer to "Section III Management Discussion and Analysis," "IV. Risk Factors" section[3](index=3&type=chunk) [Board Meeting Attendance](index=2&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%A8%E4%BD%93%E8%91%A3%E4%BA%8B%E5%87%BA%E5%B8%AD%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BC%9A%E8%AE%AE) All directors attended the board meeting, with one director delegating voting rights due to business commitments - All company directors attended the board meeting, with Director Wang Yong entrusting Director Guo Wentao to exercise voting rights due to business commitments[3](index=3&type=chunk) [Report Audit Status](index=2&type=section&id=%E5%9B%9B%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [Financial Report Truthfulness Statement](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E5%BA%84%E5%BF%97%E9%9D%92%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E5%BD%AD%E8%96%87%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E5%BD%AD%E8%96%87%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4) The company's responsible persons for finance and accounting guarantee the financial report's truthfulness, accuracy, and completeness - Company's responsible person Zhuang Zhiqin, head of accounting work Peng Wei, and head of accounting department Peng Wei declare to guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[4](index=4&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=2&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) There is no profit distribution or capital reserve to share capital conversion plan for this reporting period - There is no profit distribution plan or capital reserve to share capital conversion plan for this reporting period[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides a comprehensive glossary of basic and professional terms used throughout the report for clarity [Basic Terms](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%9F%BA%E6%9C%AC%E6%9C%AF%E8%AF%AD) This section defines basic terms used in the report, including company names, major shareholders, and key partners - "The Company, Company, Britesemi" refers to Britesemi (Shanghai) Semiconductor Co, Ltd[9](index=9&type=chunk) - "Zhuang Zhiqin and his concerted parties, largest shareholder" refers to Zhuang Zhiqin and multiple employee incentive/shareholding platforms[9](index=9&type=chunk) - "SMIC, Semiconductor Manufacturing International Corporation" refers to Semiconductor Manufacturing International Corporation[9](index=9&type=chunk) [Professional Terms](index=5&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%93%E4%B8%9A%E6%9C%AF%E8%AF%AD) This section explains professional terms in the integrated circuit industry, covering design, manufacturing, and testing concepts - "Fabless model" refers to the business model of integrated circuit companies without wafer fabs, focusing on chip R&D, design, application, and sales[10](index=10&type=chunk) - "Semiconductor IP, IP" refers to verified, reusable integrated circuit modules with specific functions[10](index=10&type=chunk) - "SoC" refers to System-on-Chip, a dedicated integrated circuit that contains a complete system with specific functions[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance indicators [Company Basic Information](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides the company's basic information, including its name, legal representative, and contact details - Company's Chinese name is Britesemi (Shanghai) Semiconductor Co, Ltd, abbreviated as Britesemi[13](index=13&type=chunk) - The legal representative is Zhuang Zhiqin, and the company website is www.britesemi.com[13](index=13&type=chunk) [Contact Persons and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's board secretary and securities affairs representatives for investor communication - The Board Secretary is Shen Wenping, and the Securities Affairs Representatives are Shi Xiaotian and Liang Yanqing, with contact phone number 021-50376585 and email IR@britesemi.com[14](index=14&type=chunk) [Information Disclosure and Document Availability](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section outlines the company's information disclosure channels and locations for the semi-annual report - The company's selected information disclosure newspapers include "Shanghai Securities News" and "China Securities Journal", and the website for the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) - The company's semi-annual report is available at the company's Board of Directors Office[15](index=15&type=chunk) [Company Stock Overview](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section introduces the company's stock listing exchange, board, ticker symbol, and code - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Britesemi" and stock code "688691"[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company experienced significant declines in revenue, net profit, and EPS, while increasing R&D investment during the period 主要会计数据和财务指标（2025年1-6月 vs 上年同期） | 指标 | 本报告期（1-6月） | 上年同期 | 增减 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 281,798,815.01 | 594,026,706.41 | -52.56 | | 利润总额 | -72,115,178.41 | 84,994,528.91 | -184.85 | | 归属于上市公司股东的净利润 | -60,882,270.62 | 80,433,423.81 | -175.69 | | 扣除非经常性损益后的净利润 | -70,055,633.40 | 71,550,984.19 | -197.91 | | 经营活动产生的现金流量净额 | -4,628,936.00 | 15,646,816.62 | -129.58 | | 基本每股收益（Yuan／share） | -0.51 | 0.80 | -163.75 | | 稀释每股收益（Yuan／share） | -0.51 | 0.80 | -163.75 | | 研发投入占营业收入的比例（%） | 32.44 | 10.74 | 增加21.70个百分点 | - During the reporting period, affected by fluctuations in customer demand and changes in revenue structure, the company's operating revenue and gross profit margin decreased, while R&D investment increased, leading to a decline in net profit and other financial data[19](index=19&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 9.17 million Yuan, primarily from government subsidies and investment income 非经常性损益项目和金额 | 非经常性损益项目 | 金额 (Yuan) | | :--- | :--- | | 计入当期损益的政府补助 | 4,138,925.00 | | 委托他人投资或管理资产的损益 | 6,509,533.58 | | 除上述各项之外的其他营业外收入和支出 | -291,103.27 | | 其他符合非经常性损益定义的损益项目 (个税扣缴税款手续费收入) | 458,697.27 | | 减：所得税影响额 | 1,642,689.80 | | **合计** | **9,173,362.78** | [Section III Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors during the reporting period [Industry and Main Business Overview](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company, a leading IC design service provider, offers one-stop chip customization, leveraging a Fabless model and strategic partnerships - The company focuses on providing one-stop chip customization services, positioned in the new generation information technology field, with large-scale SoC custom design technology and semiconductor IP development technology as its core[26](index=26&type=chunk) - The company adopts a Fabless model, generating revenue by providing customized services to chip design companies and system manufacturers, rather than selling its own brand chip products[33](index=33&type=chunk) - Global integrated circuit market size is expected to grow to **700.9 billion US dollars** in 2025, with rapid growth in wafer capacity in mainland China[44](index=44&type=chunk)[46](index=46&type=chunk) - The company is a leading player in the global integrated circuit design service industry, having established a strategic partnership with SMIC[49](index=49&type=chunk) [Main Business and Services](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) The company provides comprehensive chip design services from definition to mass production, including full and engineering customization - The company provides one-stop chip customization services, including chip definition, IP selection and authorization, architecture design, logic design, physical design, and other full-process design services[28](index=28&type=chunk) - Full chip customization services complete all aspects of chip design according to customer functional and performance requirements, and provide mass production services, forming a system-level chip design platform[30](index=30&type=chunk) - Chip engineering customization services focus on the consistency of design data with physical structure and process characteristics, providing process technology and IP selection, design data verification, and tape-out solution design services[31](index=31&type=chunk) [Main Business Model](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Operating under a Fabless model, the company focuses on chip design, R&D, and sales, outsourcing manufacturing and testing - As a Fabless chip design service enterprise, the company provides customers with one-stop chip customization services from chip definition to mass production[32](index=32&type=chunk) - The company primarily generates revenue and profit by providing chip design services to customers and offering chip mass production services based on their product requirements[34](index=34&type=chunk) - The company's procurement model includes purchasing general hardware and software for R&D, and outsourcing wafer, packaging, testing services, and IP based on customer orders[41](index=41&type=chunk) - The company adopts a direct sales model, setting up sales centers in areas with high concentrations of target customers to promptly understand market dynamics and identify customer needs[42](index=42&type=chunk) [Industry Situation](index=15&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The global IC market is growing, with China's capacity expanding, and the company holds a leading position in design services - The global integrated circuit market size had a compound annual growth rate of approximately **6.44%** between 2014 and 2024, and is expected to grow to **700.9 billion US dollars** in 2025[44](index=44&type=chunk) - The number of 300mm wafer fabs in mainland China is projected to increase from **29** in 2024 to **71** by 2027, accounting for **30%** of the global total[46](index=46&type=chunk) - China's ASIC design service market sales revenue is expected to grow from **1.503 billion US dollars** in 2023 to **3.416 billion US dollars** in 2030[48](index=48&type=chunk) - The company is a leading player in the global integrated circuit design service industry, having established a strategic partnership with SMIC, and possesses full-process design capabilities for advanced logic and specialized processes[49](index=49&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Revenue and net profit declined due to demand fluctuations and increased R&D, but the company is expanding into new areas - From January to June 2025, the company achieved operating revenue of **281.80 million Yuan**, and net profit attributable to shareholders of **-60.88 million Yuan**[50](index=50&type=chunk) - Chip design business revenue increased by **30.13%**, and the number of tape-out verification projects increased by **80.56%**[55](index=55&type=chunk) - R&D expenses increased by **43.25%** to **91.42 million Yuan**, accounting for **32.44%** of operating revenue[51](index=51&type=chunk)[68](index=68&type=chunk) - The company continues to make R&D progress in high-speed interface IP, high-performance analog IP, and system-level chip platforms, actively expanding into emerging fields such as automotive chips, artificial intelligence, and advanced packaging[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Key Financial Performance During the Reporting Period](index=17&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E8%A1%A8%E7%8E%B0) Revenue decreased by 52.56% due to lower chip mass production, leading to a negative net profit despite design service growth 营业收入构成情况（按业务类型） | 项目 | 2024年1-6月 (ten thousand Yuan) | 2025年1-6月 (ten thousand Yuan) | 增减 (%) | | :--- | :--- | :--- | :--- | | 芯片设计业务 | 10,885.28 | 14,165.27 | +30.13 | | 芯片量产业务 | 48,517.39 | 14,014.62 | -71.11 | | **合计** | **59,402.67** | **28,179.88** | **-52.56** | 营业收入构成情况（按服务类型） | 项目 | 2024年1-6月 (ten thousand Yuan) | 2025年1-6月 (ten thousand Yuan) | 增减 (%) | | :--- | :--- | :--- | :--- | | 全定制服务 | 42,736.97 | 11,870.10 | -72.23 | | 工程定制服务 | 16,665.70 | 16,309.79 | -2.14 | | **合计** | **59,402.67** | **28,179.88** | **-52.56** | - The company's comprehensive gross profit margin was **18.49%**, a year-on-year decrease, mainly due to a lower proportion of full customization service revenue[64](index=64&type=chunk) - As of June 30, 2025, the company's total outstanding orders amounted to **861 million Yuan**, with **307 million Yuan** from chip design services and **554 million Yuan** from chip mass production services[61](index=61&type=chunk) [Progress of Business Management During the Reporting Period](index=20&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%BB%8F%E8%90%A5%E7%AE%A1%E7%90%86%E5%B7%A5%E4%BD%9C%E6%8E%A8%E8%BF%9B%E6%83%85%E5%86%B5) The company advanced chip design projects, increased R&D in IP and platforms, expanded into automotive and AI, and optimized governance - The company successfully taped out chips for domestic testing equipment, continued to advance MRAM control chip and intelligent network chip projects, and its single-point LED driver chip passed functional verification[65](index=65&type=chunk)[66](index=66&type=chunk) - R&D expenses increased by **43.25%** to **91.42 million Yuan**, accounting for **32.44%** of operating revenue, with **16** new invention patent applications and **20** new authorized invention patents[68](index=68&type=chunk)[69](index=69&type=chunk) - In high-speed interface IP, DDR, SerDes, PCIe, MIPI, PSRAM, TCAM, and other IPs made progress on 28nm and 22nm process platforms, with some already mass-produced or in verification[69](index=69&type=chunk)[70](index=70&type=chunk) - In high-performance analog IP, ADC, PLL, PMU, and other IPs successfully completed design verification or entered the verification stage on 28nm and 40nm process platforms[71](index=71&type=chunk) - In system-level chip platform R&D, the automotive-grade dual-core lock-step MCU platform completed power-on tests and basic functional verification, the edge AI platform completed initial FPGA prototype verification, and the automated testing platform expanded its functions[72](index=72&type=chunk) - The company continues to increase investment in automotive-grade chip platforms, with its self-developed automotive-grade MCU platform having returned from tape-out and completed basic functional verification, while also optimizing IP interconnection efficiency with 3D packaging technology[74](index=74&type=chunk)[77](index=77&type=chunk) - The company revised its "Articles of Association" and other governance documents, elected an employee representative director, and approved the 2024 profit distribution plan (cash dividend of **1.70 Yuan** per 10 shares)[79](index=79&type=chunk) [Analysis of Core Competencies](index=23&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include superior design capabilities, strategic partnership with SMIC, talent, and continuous R&D innovation - The company possesses excellent chip design capabilities and rich chip customization experience, achieving high first-pass success rates, with products widely used in IoT, industrial control, and other industries[81](index=81&type=chunk) - The company independently developed a series of reusable and configurable SoC industry application solutions and high-performance IPs, capable of quickly meeting diverse customer needs[82](index=82&type=chunk) - The company has established a strategic partnership with SMIC, the most technologically advanced and largest wafer foundry in mainland China[83](index=83&type=chunk) - The company has assembled a highly skilled, technically proficient, and experienced R&D and management team, with most core technical personnel holding doctoral or master's degrees[85](index=85&type=chunk) - The company has formed two major core technology systems: large-scale SoC custom design technology and semiconductor IP development technology, and obtained **20** new authorized invention patents during the reporting period[89](index=89&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [Core Competencies Overview](index=23&type=section&id=%28%E4%B8%80%29%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include superior design capabilities, strategic partnership with SMIC, talent, and continuous R&D innovation - The company deeply researches different process technologies, combining chip design methodology with physical structure to provide chip customization solutions that balance performance, power consumption, and cost[81](index=81&type=chunk) - The company independently developed a series of reusable and configurable SoC industry application solutions and high-performance IPs, covering numerous fields such as IoT, artificial intelligence, and automotive electronics[82](index=82&type=chunk) - The company has established a strategic partnership with SMIC, accumulating extensive design experience across various process technologies to meet the product needs of different chip design companies[83](index=83&type=chunk)[84](index=84&type=chunk) - The company's core technical personnel all hold doctoral or master's degrees from top domestic and international universities and have worked for renowned chip design companies at home and abroad[85](index=85&type=chunk) - The company has successful cases with well-known customers in multiple fields, accumulating rich customer resources with strong demonstration effects[88](index=88&type=chunk) [Core Technologies and R&D Progress](index=25&type=section&id=%28%E4%BA%8C%29%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company's core technologies in large SoC design and IP development saw significant R&D investment and patent achievements - The company has formed two major core technology systems: large-scale SoC custom design technology and semiconductor IP development technology, with no significant changes during the reporting period[89](index=89&type=chunk) - Large-scale SoC custom design technology includes rapid design and verification of large-scale SoCs, rapid physical design of large-scale chips, system performance evaluation and optimization, and engineering service technology[89](index=89&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - Semiconductor IP development technology includes high-speed interface IPs such as DDR, SerDes, PCIe, MIPI, USB, and analog-to-digital converter IPs such as SAR ADC and PIPELINE ADC[96](index=96&type=chunk)[97](index=97&type=chunk) 研发投入情况 | 指标 | 本期数 (Yuan) | 上年同期数 (Yuan) | 变化幅度 (%) | | :--- | :--- | :--- | :--- | | 费用化研发投入 | 91,417,451.42 | 63,816,067.69 | 43.25 | | 研发投入总额占营业收入比例（%） | 32.44 | 10.74 | 增加21.70个百分点 | 知识产权列表（本期新增/累计数量） | 项目 | 本期新增申请数（个） | 本期新增获得数（个） | 累计申请数（个） | 累计获得数（个） | | :--- | :--- | :--- | :--- | :--- | | 发明专利 | 16 | 20 | 160 | 118 | | 实用新型专利 | 0 | 1 | 66 | 27 | | 软件著作权 | 0 | 1 | 38 | 32 | | 其他 | 0 | 1 | 23 | 18 | | **合计** | **16** | **23** | **287** | **195** | - R&D projects include high-speed interface IP R&D, high-performance analog IP R&D, and system-level chip platform R&D, with an estimated total investment of **918.43 million Yuan** and a current period investment of **91.42 million Yuan**[106](index=106&type=chunk)[107](index=107&type=chunk) [Risk Factors](index=31&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks including performance decline, R&D commercialization, core technology leakage, and market competition - The company faces the risk of significant performance decline or loss, with operating revenue decreasing by **52.56%** and net profit being negative during the reporting period[110](index=110&type=chunk) - Core competency risks include R&D projects failing to commercialize as expected or tape-out failures, as well as core technology leakage[111](index=111&type=chunk)[112](index=112&type=chunk) - Operating risks include supplier concentration (e.g., SMIC), technology licensing (e.g., Synopsys, ARM), intensified market competition, fluctuations in customer product life cycles, overseas sales risks, lower-than-expected demand for customized chip mass production, and low or even negative gross margins for some design projects[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - Financial risks include fluctuations in gross margins for chip design and mass production businesses, exchange rate fluctuations, and changes in tax preferential policies[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Industry risks primarily involve the loss of technical talent and intensified market competition; macroeconomic environment risks stem from anti-globalization trends, international trade frictions, and technology bans[120](index=120&type=chunk)[121](index=121&type=chunk) [Key Operating Performance During the Reporting Period](index=33&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Revenue and net profit declined, while R&D expenses increased, impacting cash flow and balance sheet items - During the reporting period, the company achieved operating revenue of **281.80 million Yuan**, a year-on-year decrease of **52.56%**, and net profit attributable to owners of the parent company was **-60.88 million Yuan**[122](index=122&type=chunk) [Main Business Analysis](index=33&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs significantly decreased, R&D expenses rose, and operating cash flow turned negative due to market conditions 财务报表相关科目变动分析（本期数 vs 上年同期数） | 科目 | 本期数 (Yuan) | 上年同期数 (Yuan) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 281,798,815.01 | 594,026,706.41 | -52.56 | | 营业成本 | 229,702,751.21 | 409,620,271.72 | -43.92 | | 销售费用 | 10,002,465.77 | 10,695,203.06 | -6.48 | | 管理费用 | 39,187,857.34 | 37,268,458.43 | 5.15 | | 财务费用 | -8,059,461.98 | -6,385,082.62 | 不适用 | | 研发费用 | 91,417,451.42 | 63,816,067.69 | 43.25 | | 经营活动产生的现金流量净额 | -4,628,936.00 | 15,646,816.62 | -129.58 | | 投资活动产生的现金流量净额 | -11,125,578.90 | 150,480,422.41 | -107.39 | | 筹资活动产生的现金流量净额 | -2,155,555.59 | 523,478,075.70 | -100.41 | - The decrease in operating revenue was mainly due to fluctuations in downstream customer demand and other factors, with operating costs decreasing accordingly[124](index=124&type=chunk)[125](index=125&type=chunk) - R&D expenses increased by **43.25%**, primarily due to the company's continuous investment in R&D innovation and increased resource allocation to ongoing projects[124](index=124&type=chunk)[125](index=125&type=chunk) - Net cash flow from operating activities decreased by **129.58%**, mainly due to a decline in revenue and gross profit, and an increase in R&D investment[124](index=124&type=chunk)[125](index=125&type=chunk) [Analysis of Assets and Liabilities](index=34&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Trading financial assets and prepayments increased, while receivables decreased, and contract liabilities significantly rose 资产及负债状况变动（本期期末数 vs 上年度末数） | 项目名称 | 本期期末数 (ten thousand Yuan) | 本期期末数占总资产的比例 (%) | 上年期末数 (ten thousand Yuan) | 上年期末数占总资产的比例 (%) | 本期期末金额较上年期末变动比例 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 交易性金融资产 | 12,021.18 | 6.90 | 9,000.00 | 5.19 | 33.57 | | 应收票据 | 769.60 | 0.44 | 1,660.95 | 0.96 | -53.67 | | 应收账款 | 3,803.35 | 2.18 | 7,308.90 | 4.21 | -47.96 | | 预付款项 | 15,218.09 | 8.74 | 5,127.51 | 2.95 | 196.79 | | 其他应收款 | 82.10 | 0.05 | 1,675.11 | 0.97 | -95.10 | | 其他流动资产 | 3,899.75 | 2.24 | 10,476.81 | 6.04 | -62.78 | | 使用权资产 | 1,033.55 | 0.59 | 690.66 | 0.40 | 49.65 | | 递延所得税资产 | 1,736.98 | 1.00 | 610.82 | 0.35 | 184.37 | | 应付账款 | 5,025.41 | 2.89 | 7,766.55 | 4.48 | -35.29 | | 合同负债 | 30,146.56 | 17.31 | 21,266.38 | 12.25 | 41.76 | | 应交税费 | 293.61 | 0.17 | 701.29 | 0.40 | -58.13 | | 其他应付款 | 2,448.27 | 1.41 | 405.60 | 0.23 | 503.62 | | 应付股利 | 2,042.50 | 1.17 | 2.50 | 0.00 | 81,600.00 | | 其他流动负债 | 3,723.89 | 2.14 | 2,713.66 | 1.56 | 37.23 | - Overseas assets amounted to **79.71 million Yuan**, accounting for **4.58%** of total assets[129](index=129&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=39&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance, including director and management changes, profit distribution plans, and rural revitalization efforts [Changes in Directors, Senior Management, and Core Technical Personnel](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) A director resigned, a new employee representative director was elected, and core technical personnel criteria were defined - Director Wang Huan resigned from his directorship and audit committee membership due to personal work reasons[135](index=135&type=chunk) - Mr Hu Hongming was elected as the employee representative director of the second board of directors[135](index=135&type=chunk) - The company's core technical personnel identification criteria include profound qualifications, rich R&D experience, mastery of core technologies, years of industry experience, alignment with corporate culture, holding important positions, and a master's degree or above[136](index=136&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=39&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) There is no profit distribution or capital reserve to share capital conversion plan for this semi-annual period - There is no profit distribution plan or capital reserve to share capital conversion plan for this semi-annual period[137](index=137&type=chunk) [Rural Revitalization Efforts](index=40&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%88%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company supported rural revitalization by purchasing 35,500 Yuan worth of agricultural products for employee welfare - The company engaged in consumer assistance, purchasing agricultural products totaling **35,500 Yuan** from Haihui Town, Lushan City, Jiangxi Province, for employee welfare, while also promoting rural revitalization[139](index=139&type=chunk) [Section V Significant Matters](index=41&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the fulfillment of commitments, significant related party transactions, and the progress of raised funds utilization [Fulfillment of Commitments](index=41&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and its key stakeholders strictly fulfilled all commitments made during the IPO, including share lock-up and price stabilization - The company's largest shareholder and concerted parties committed not to transfer pre-IPO shares within **36 months** from the listing date and to ensure that the reduction price is not lower than the offering price for **two years** after the lock-up period expires[141](index=141&type=chunk)[142](index=142&type=chunk) - Major shareholders such as SMIC Holdings and NVP committed not to transfer pre-IPO shares within **36 months** from the company's listing date[142](index=142&type=chunk)[143](index=143&type=chunk) - The company's directors, senior management, and core technical personnel committed not to transfer more than **25%** of their total shares annually during their tenure, and not to transfer shares within **six months** after leaving office[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - The company, its directors, and senior management committed to taking measures such as share buybacks or increased holdings to stabilize the stock price when stability conditions are triggered[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The company and its related parties committed that the prospectus and other information disclosure materials contain no false records, misleading statements, or major omissions, and assume corresponding compensation liabilities[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - The company's largest shareholder and shareholders holding more than **5%** of shares committed to avoiding businesses that compete or potentially compete with the company's main business[159](index=159&type=chunk)[160](index=160&type=chunk) - The company and its related parties committed to minimizing related party transactions with the company and its subsidiaries, and ensuring that transactions are fair and equitable[164](index=164&type=chunk)[165](index=165&type=chunk) [Significant Related Party Transactions](index=66&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in significant related party transactions, including procurement from SMIC and sales to Nanfei Microelectronics 采购商品/接受劳务关联交易情况 | 关联方 | 关联交易内容 | 本期发生额 (Yuan) | 获批的交易额度 (Yuan) | | :--- | :--- | :--- | :--- | | 中芯国际集成电路制造有限公司及其子公司 | 采购晶圆、光罩 | 159,568,910.28 | 600,000,000.00 | 出售商品/提供劳务关联交易情况 | 关联方 | 关联交易内容 | 本期发生额 (Yuan) | 上期发生额 (Yuan) | | :--- | :--- | :--- | :--- | | 深圳市楠菲微电子有限公司及其子公司 | 出售商品、提供服务 | 7,843,963.94 | 7,578,477.21 | [Progress of Raised Funds Utilization](index=69&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company utilized 124.35 million Yuan of its 521.29 million Yuan net raised funds, with a cumulative progress of 23.85% 募集资金整体使用情况 | 募集资金总额 (Yuan) | 募集资金净额 (Yuan) | 截至报告期末累计投入金额 (Yuan) | 本年度投入金额 (Yuan) | 累计投入进度 (%) | | :--- | :--- | :--- | :--- | :--- | | 595,800,000.00 | 521,294,888.99 | 124,349,626.68 | 51,197,278.81 | 23.85 | - The company used temporarily idle raised funds not exceeding **200 million Yuan** for cash management, purchasing highly secure and liquid principal-protected financial products or structured deposits, with an ending balance of **95 million Yuan** in cash management[181](index=181&type=chunk)[182](index=182&type=chunk) [Details of Raised Fund Investment Projects](index=69&type=section&id=%28%E4%BA%8C%29%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) Raised funds are invested in platforms for network communication, industrial internet, and high-performance analog IP, all under construction 募投项目明细使用情况 | 序号 | 项目名称 | 募集资金计划投资总额 (Yuan) | 本年投入金额 (Yuan) | 截至报告期末累计投入金额 (Yuan) | 累计投入进度 (%) | 预定可使用状态日期 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | 网络通信与计算芯片定制化解决方案平台 | 260,021,890.63 | 28,631,056.05 | 78,706,434.09 | 30.27 | 2027年4月 | | 2 | 工业互联网与智慧城市的定制化芯片平台 | 178,439,240.50 | 10,680,541.92 | 23,770,709.77 | 13.32 | 2027年4月 | | 3 | 高性能模拟IP平台建设 | 82,833,757.86 | 11,885,680.84 | 21,872,482.82 | 26.41 | 2027年4月 | [Section VI Share Changes and Shareholder Information](index=73&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, including restricted share releases, and provides an overview of shareholder information [Share Capital Changes](index=73&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The total share capital remained unchanged, but restricted shares decreased due to the expiration of lock-up periods 股份变动情况表 | 项目 | 本次变动前数量 (shares) | 本次变动前比例 (%) | 本次变动增减 (shares) | 本次变动后数量 (shares) | 本次变动后比例 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 一、有限售条件股份 | 94,500,000.00 | 78.75 | -45,965,010 | 48,534,990 | 40.45 | | 二、无限售条件流通股份 | 25,500,000.00 | 21.25 | 45,965,010 | 71,465,010 | 59.55 | | **三、股份总数** | **120,000,000.00** | **100.00** | **0** | **120,000,000.00** | **100.00** | - On April 11, 2025, the lock-up period for some of the company's initial public offering restricted shares and strategic placement restricted shares expired, involving **45,965,010 shares**, accounting for **38.30%** of the company's total share capital[187](index=187&type=chunk) [Details of Restricted Share Changes](index=74&type=section&id=%28%E4%BA%8C%29%20%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) 45.97 million restricted shares from 20 shareholders were released from lock-up on April 11, 2025 限售股份变动情况 | 股东名称 | 期初限售股数 (shares) | 报告期解除限售股数 (shares) | 报告期末限售股数 (shares) | 解除限售日期 | | :--- | :--- | :--- | :--- | :--- | | 徐屏 | 726,210 | 726,210 | 0 | 2025年4月11日 | | PIERRE RAPHAEL LAMOND | 584,550 | 584,550 | 0 | 2025年4月11日 | | 海通创新证券投资有限公司 | 3,645,960 | 2,145,960 | 1,500,000 | 2025年4月11日 | | 广西泰达新原股权投资有限公司 | 1,430,640 | 1,430,640 | 0 | 2025年4月11日 | | 元禾璞华（苏州）投资管理有限公司－江苏疌泉元禾璞华股权投资合伙企业（有限合伙） | 2,861,280 | 2,861,280 | 0 | 2025年4月11日 | | 湖北小米长江产业投资基金管理有限公司－湖北小米长江产业基金合伙企业（有限合伙） | 4,291,920 | 4,291,920 | 0 | 2025年4月11日 | | 海通新能源股权投资管理有限公司－湖州赟通股权投资合伙企业（有限合伙） | 572,220 | 572,220 | 0 | 2025年4月11日 | | 海通新能源私募股权投资管理有限公司－辽宁中德产业股权投资基金合伙企业（有限合伙） | 3,004,380 | 3,004,380 | 0 | 2025年4月11日 | | 上海金浦智能科技投资管理有限公司－上海金浦临港智能科技股权投资基金合伙企业（有限合伙） | 1,287,540 | 1,287,540 | 0 | 2025年4月11日 | | 盈富泰克（深圳）环球技术股权投资基金合伙企业（有限合伙） | 2,145,960 | 2,145,960 | 0 | 2025年4月11日 | | 上海临芯投资管理有限公司－共青城临晟股权投资合伙企业（有限合伙） | 2,861,280 | 2,861,280 | 0 | 2025年4月11日 | | 上海临芯投资管理有限公司－嘉兴临潇股权投资合伙企业（有限合伙） | 1,553,760 | 1,553,760 | 0 | 2025年4月11日 | | 戈壁（北京）创业投资管理有限公司－宁波戈壁赢昇股权投资中心（有限合伙） | 858,420 | 858,420 | 0 | 2025年4月11日 | | 戈壁创赢（上海）创业投资管理有限公司－上海戈壁企灵创业投资合伙企业（有限合伙） | 572,220 | 572,220 | 0 | 2025年4月11日 | | 上海君桐股权投资管理有限公司－嘉兴君柳投资合伙企业（有限合伙） | 5,337,720 | 5,337,720 | 0 | 2025年4月11日 | | 海通证券资管－兴业银行－海通资管汇享灿芯员工战略配售集合资产管理计划 | 3,000,000 | 3,000,000 | 0 | 2025年4月11日 | | 上海火山石投资管理有限公司－上海火山石一期股权投资合伙企业（有限合伙） | 2,145,960 | 2,145,960 | 0 | 2025年4月11日 | | IPV Capital I HK Limited | 1,249,110 | 1,249,110 | 0 | 2025年4月11日 | | BRITE EAGLE HOLDINGS, LLC | 4,889,070 | 4,889,070 | 0 | 2025年4月11日 | | GOBI LINE0 LIMITED | 4,446,810 | 4,446,810 | 0 | 2025年4月11日 | | **合计** | **47,465,010** | **45,965,010** | **1,500,000** | **/** | [Shareholder Information](index=76&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company has 10,870 common shareholders, with SMIC Holdings as the largest, and some shareholders having related party or concerted action relationships - As of the end of the reporting period, the total number of common shareholders was **10,870**[192](index=192&type=chunk) 前十名股东持股情况（不含通过转融通出借股份） | 股东名称 | 期末持股数量 (shares) | 比例 (%) | 持有有限售条件股份数量 (shares) | 股份性质 | | :--- | :--- | :--- | :--- | :--- | | 中芯国际控股有限公司 | 17,078,490 | 14.23 | 17,078,490 | 境内非国有法人 | | NORWEST VENTURE PARTNERS X, LP | 12,118,590 | 10.10 | 12,118,590 | 境外法人 | | BRITE EAGLE HOLDINGS, LLC | 4,690,576 | 3.91 | 0 | 境外法人 | | 湖北小米长江产业投资基金管理有限公司－湖北小米长江产业基金合伙企业（有限合伙） | 4,291,920 | 3.58 | 0 | 其他 | | 上海维灿企业管理中心（有限合伙） | 3,848,490 | 3.21 | 3,848,490 | 其他 | | 海通创新证券投资有限公司 | 3,645,960 | 3.04 | 1,500,000 | 国有法人 | | 上海灿巢软件咨询中心（有限合伙） | 3,150,000 | 2.63 | 3,150,000 | 其他 | | 庄志青 | 3,092,850 | 2.58 | 3,092,850 | 境外自然人 | | 海通新能源私募股权投资管理有限公司－辽宁中德产业股权投资基金合伙企业（有限合伙） | 3,004,380 | 2.50 | 0 | 其他 | | 上海灿成企业管理中心（有限合伙） | 2,849,400 | 2.37 | 2,849,400 | 其他 | - Zhuang Zhiqin, Shanghai Weican Enterprise Management Center (Limited Partnership), Shanghai Cancao Software Consulting Center (Limited Partnership), and Shanghai Cancheng Enterprise Management Center (Limited Partnership) are parties acting in concert[196](index=196&type=chunk) [Strategic Investors Becoming Top Ten Shareholders](index=79&type=section&id=%28%E5%9B%9B%29%20%E6%88%98%E7%95%A5%E6%8A%95%E8%B5%84%E8%80%85%E6%88%96%E4%B8%80%E8%88%AC%E6%B3%95%E4%BA%BA%E5%9B%A0%E9%85%8D%E5%94%AE%E6%96%B0%E8%82%A1%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E6%88%90%E4%B8%BA%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C) Haitong Innovation Securities Investment Co., Ltd. became a top ten shareholder through strategic placement with a 24-month lock-up period - Haitong Innovation Securities Investment Co, Ltd became a top ten shareholder due to strategic placement, with a lock-up period of **24 months** from the company's listing date[199](index=199&type=chunk) [Section VII Bond-Related Information](index=81&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds [Corporate Bonds and Debt Financing Instruments](index=81&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during this reporting period - During this reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[203](index=203&type=chunk) [Convertible Corporate Bonds](index=81&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) The company had no convertible corporate bonds during this reporting period - During this reporting period, the company had no convertible corporate bonds[203](index=203&type=chunk) [Section VIII Financial Report](index=82&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with detailed notes on accounting policies and financial items [Audit Report](index=82&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[205](index=205&type=chunk) [Financial Statements](index=82&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements, reflecting its financial position and performance [Consolidated Balance Sheet](index=82&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Consolidated total assets slightly increased to 1.74 billion Yuan, while total liabilities rose by 22.69%, and net assets decreased by 5.67% 合并资产负债表主要数据 | 项目 | 2025年6月30日 (Yuan) | 2024年12月31日 (Yuan) | | :--- | :--- | :--- | | 总资产 | 1,741,909,298.38 | 1,735,365,244.83 | | 负债合计 | 453,970,906.50 | 370,000,781.58 | | 归属于母公司所有者权益合计 | 1,287,938,391.88 | 1,365,364,463.25 | [Parent Company Balance Sheet](index=84&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Parent company total assets increased by 2.63% to 1.53 billion Yuan, liabilities rose by 21.88%, and owner's equity decreased by 4.12% 母公司资产负债表主要数据 | 项目 | 2025年6月30日 (Yuan) | 2024年12月31日 (Yuan) | | :--- | :--- | :--- | | 总资产 | 1,526,630,591.46 | 1,487,483,695.39 | | 负债合计 | 471,204,020.58 | 386,680,127.41 | | 所有者权益合计 | 1,055,426,570.88 | 1,100,803,567.98 | [Consolidated Income Statement](index=86&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) Consolidated revenue decreased by 52.56% to 281.80 million Yuan, resulting in a net loss of 60.88 million Yuan due to increased R&D 合并利润表主要数据 | 项目 | 2025年半年度 (Yuan) | 2024年半年度 (Yuan) | | :--- | :--- | :--- | | 营业总收入 | 281,798,815.01 | 594,026,706.41 | | 营业总成本 | 363,492,723.93 | 516,638,388.11 | | 研发费用 | 91,417,451.42 | 63,816,067.69 | | 利润总额 | -72,115,178.41 | 84,994,528.91 | | 净利润 | -60,882,270.62 | 80,433,423.81 | | 基本每股收益(Yuan/share) | -0.51 | 0.80 | [Parent Company Income Statement](index=88&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) Parent company revenue decreased by 55.54% to 186.33 million Yuan, leading to a net loss of 30.32 million Yuan 母公司利润表主要数据 | 项目 | 2025年半年度 (Yuan) | 2024年半年度 (Yuan) | | :--- | :--- | :--- | | 营业收入 | 186,328,774.66 | 419,080,963.01 | | 营业成本 | 154,479,075.94 | 297,515,607.99 | | 研发费用 | 48,622,678.20 | 39,474,525.95 | | 利润总额 | -41,596,198.03 | 49,432,528.17 | | 净利润 | -30,324,114.55 | 45,247,007.62 | [Consolidated Cash Flow Statement](index=90&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Consolidated operating, investing, and financing cash flows were all negative, resulting in a net decrease of 19.27 million Yuan in cash 合并现金流量表主要数据 | 项目 | 2025年半年度 (Yuan) | 2024年半年度 (Yuan) | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | -4,628,936.00 | 15,646,816.62 | | 投资活动产生的现金流量净额 | -11,125,578.90 | 150,480,422.41 | | 筹资活动产生的现金流量净额 | -2,155,555.59 | 523,478,075.70 | | 现金及现金等价物净增加额 | -19,267,993.52 | 691,319,652.35 | [Parent Company Cash Flow Statement](index=92&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Parent company operating, investing, and financing cash flows were all negative, leading to a net decrease of 135.18 million Yuan in cash 母公司现金流量表主要数据 | 项目 | 2025年半年度 (Yuan) | 2024年半年度 (Yuan) | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | -26,930,326.72 | -38,655,742.23 | | 投资活动产生的现金流量净额 | -107,544,568.68 | -6,817,930.12 | | 筹资活动产生的现金流量净额 | -701,577.04 | 525,213,791.58 | | 现金及现金等价物净增加额 | -135,179,022.46 | 479,740,119.23 | [Consolidated Statement of Changes in Owner's Equity](index=94&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Consolidated owner's equity decreased by 77.43 million Yuan, primarily due to net loss and profit distribution - Total owner's equity attributable to the parent company decreased from **1.37 billion Yuan** at the beginning of the period to **1.29 billion Yuan** at the end of the period[225](index=225&type=chunk)[228](index=228&type=chunk) - Total comprehensive income for the period was **-62.37 million Yuan**, and profit distribution decreased by **20.40 million Yuan**[225](index=225&type=chunk) [Parent Company Statement of Changes in Owner's Equity](index=98&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Parent company owner's equity decreased by 45.38 million Yuan, mainly due to net loss and profit distribution - Total owner's equity of the parent company decreased from **1.10 billion Yuan** at the beginning of the period to **1.06 billion Yuan** at the end of the period[231](index=231&type=chunk)[234](index=234&type=chunk) - Total comprehensive income for the period was **-30.32 million Yuan**, and profit distribution decreased by **20.40 million Yuan**[236](index=236&type=chunk)[237](index=237&type=chunk) [Company Basic Information](index=103&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Established in July 2008 and listed in March 2024, the company has a registered capital of 120 million Yuan, focusing on IC design and services - The company, formerly Britesemi (Shanghai) Semiconductor Co, Ltd, was established in **July 2008**[243](index=243&type=chunk) - The company publicly issued **30 million shares** of RMB ordinary shares (A-shares) on **March 29, 2024**, and listed them on the Shanghai Stock Exchange[244](index=244&type=chunk) - As of **June 30, 2025**, the company's registered capital and share capital were **120 million Yuan**[244](index=244&type=chunk) - The company's business scope includes the design and R&D of integrated circuits, software R&D and production, sales of self-produced products, and provision of related technical consulting and services[244](index=244&type=chunk) [Basis of Financial Statement Preparation](index=103&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant disclosure rules - The company's financial statements are prepared on a going concern basis and comply with the requirements of enterprise accounting standards[246](index=246&type=chunk)[247](index=247&type=chunk)[249](index=249&type=chunk) [Significant Accounting Policies and Estimates](index=103&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's key accounting policies and estimates for financial reporting, covering various financial and operational aspects - The company's accounting year runs from **January 1** to **December 31** of the Gregorian calendar, and its functional currency is RMB[250](index=250&type=chunk)[252](index=252&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income[264](index=264&type=chunk) - For notes receivable, accounts receivable, etc, loss provisions are recognized based on expected credit losses and measured according to credit risk stages[269](index=269&type=chunk)[271](index=271&type=chunk) - Inventories include merchandise inventory, work-in-progress, and contract fulfillment costs, valued using the weighted-average method upon issuance, and measured at the lower of cost or net realizable value[287](index=287&type=chunk)[288](index=288&type=chunk) - Fixed assets are depreciated using the straight-line method over their useful lives, and intangible assets (such as software usage rights, semiconductor IP) are amortized using the straight-line method over their estimated useful lives[298](index=298&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk) - Revenue is recognized when performance obligations are satisfied and the customer obtains control of the related goods, with different recognition points for chip mass production and chip design services[317](index=317&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) - Government grants are classified as asset-related or income-related, and recognized as deferred income or directly into current profit or loss, respectively[324](index=324&type=chunk) - Deferred income tax assets and liabilities are recognized and measured based on temporary differences between the carrying amounts of assets and liabilities and their tax bases[327](index=327&type=chunk) [Taxation](index=125&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax types and rates, including VAT and corporate income tax, with several entities enjoying preferential rates 主要税种及税率 | 税种 | 计税依据 | 税率 | | :--- | :--- | :--- | | 增值税 | 应税收入 | 13%、6% | | 城市维护建设税 | 应纳税流转额 | 7%、5% | | 教育费附加 | 应纳税流转额 | 3% | | 地方教育附加 | 应纳税流转额 | 2% | | 企业所得税 | 应纳税所得额 | 见下表 | - The company and its subsidiaries, including Hefei Britesemi, Britesemi Suzhou, and Britesemi Chengdu, are recognized as high-tech enterprises and enjoy a **15%** preferential corporate income tax rate[340](index=340&type=chunk) - Hainan Britesemi Technology Co, Ltd, a subsidiary, enjoys tax benefits for small and micro-profit enterprises, with an applicable corporate income tax rate of **20%** for the current period[341](index=341&type=chunk) [Notes to Consolidated Financial Statement Items](index=126&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each item in the consolidated financial statements, explaining balances and changes - The ending balance of monetary funds is **835 million Yuan**, of which the total amount deposited overseas is **1.47 million Yuan**[343](index=343&type=chunk) - The ending balance of trading financial assets is **120.21 million Yuan**, mainly structured deposits, an increase of **33.57%** from the beginning of the period[344](index=344&type=chunk)[127](index=127&type=chunk) - The ending book value of accounts receivable is **38.03 million Yuan**, a decrease of **47.96%** from the beginning of the period, mainly due to a decrease in current revenue and collection of prior period accounts receivable[348](index=348&type=chunk)[127](index=127&type=chunk) - The ending balance of contract liabilities is **301.47 million Yuan**, an increase of **41.76%** from the beginning of the period, mainly due to an increase in customer prepayments in the current period[418](index=418&type=chunk)[128](index=128&type=chunk) - R&D expenses incurred in the current period amounted to **91.42 million Yuan**, an increase of **43.25%** from the previous period, mainly due to increased resource allocation to ongoing R&D projects[458](index=458&type=chunk)[125](index=125&type=chunk) - The ending balance of undistributed profits is **213 million Yuan**, a decrease of **81.28 million Yuan** from the beginning of the period, mainly due to the net loss and profit distribution in the current period[447](index=447&type=chunk) [Research and Development Expenses](index=175&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenses were 91.42 million Yuan, fully expensed, representing a 43.25% increase year-over-year, primarily driven by staff costs 研发支出按费用性质列示 | 项目 | 本期发生额 (Yuan) | 上期发生额 (Yuan) | | :--- | :--- | :--- | | 职工薪酬 | 66,053,723.36 | 47,283,473.08 | | 材料及测试费 | 7,703,924.56 | 3,823,753.23 | | 折旧摊销费 | 17,178,469.26 | 11,665,412.22 | | 其他 | 481,334.24 | 1,043,429.16 | | **合计** | **91,417,451.42** | **63,816,067.69** | | 其中：费用化研发支出 | 91,417,451.42 | 63,816,067.69 | - Total R&D expenses for the current period amounted to **91.42 million Yuan**, all expensed, representing a **43.25%** increase compared to the same period last year[488](index=488&type=chunk) [Changes in Consolidation Scope](index=175&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) There were no changes in the company's consolidation scope during the reporting period - There were no changes in the company's consolidation scope during the reporting period[490](index=490&type=chunk) [Interests in Other Entities](index=176&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section lists the company's 10 subsidiaries, detailing their operations, registered capital, and ownership structure 企业集团的构成 | 子公司名称 | 主要经营地 | 注册资本 | 注册地 | 业务性质 | 持股比例 (%) (直接) | | :--- | :--- | :--- | :--- | :--- | :--- | | 上海灿芯半导体（香港）有限公司 | 香港 | 50,001 Hong Kong Dollars | 香港 | 销售 | 100.00 | | 合肥灿芯科技有限公司 | 合肥 | 40 million Yuan | 合肥 | 研发、销售 | 100.00 | | BRITE SEMICONDUCTOR USA CORPORATION | 美国加州 | 10 million US Dollars | 美国加州 | 销售 | 100.00 | | 灿芯半导体（苏州）有限公司 | 苏州 | 50 million Yuan | 苏州 | 研发、销售 | 100.00 | | 灿芯半导体（天津）有限公司 | 天津 | 10 million Yuan | 天津 | 研发、销售 | 100.00 | | 苏州矽睿微电子科技有限公司 | 苏州 | 3 million Yuan | 苏州 | 研发 | 100.00 (间接) | | 灿芯半导体（成都）有限公司 | 成都 | 10 million Yuan | 成都 | 研发、销售 | 100.00 | | 海南灿芯科技有限公司 | 海南 | 5 million Yuan | 海南 | 投资、销售 | 100.00 | | RIGHTSILICON HOLDINGS PTE. LTD. | 新加坡 | 0.5 million US Dollars | 新加坡 | 投资 | 60.00 | | RIGHTSILICON TECHNOLOGY PTE. LTD. | 新加坡 | 0.45 million US Dollars | 新加坡 | 研发、销售 | 60.00 | [Government Grants](index=179&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received 4.14 million Yuan in government grants, with 0.47 million Yuan related to assets and 3.67 million Yuan related to income 计入当期损益的政府补助 | 类型 | 本期发生额 (Yuan) | 上期发生额 (Yuan) | | :--- | :--- | :--- | | 与资产相关 | 473,625.00 | 0 | | 与收益相关 | 3,665,300.00 | 1,243,438.40 | | **合计** | **4,138,925.00** | **1,243,438.40** | 涉及政府补助的负债项目 | 财务报表项目 | 期初余额 (Yuan) | 本期转入其他收益 (Yuan) | 期末余额 (Yuan) | 与资产/收益相关 | | :--- | :--- | :--- | :--- | :--- | | 递延收益 | 1,558,000.00 | 473,625.00 | 1,084,375.00 | 与资产相关 | | 递延收益 | 2,135,000.00 | 0 | 2,135,000.00 | 与收益相关 | | **合计** | **3,693,000.00** | **473,625.00** | **3,219,375.00** | **/** | [Risks Related to Financial Instruments](index=180&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (foreign exchange, interest rate) through policies and hedging strategies - The risks associated with the company's financial instruments primarily include credit risk, liquidity risk, and market risk[497](index=497&type=chunk) - Credit risk mainly arises from monetary funds, notes receivable, accounts receivable, other receivables, and debt investments; the company controls credit risk by evaluating customer creditworthiness and regularly monitoring credit records[497](index=497&type=chunk)[498](index=498&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs, ensuring sufficient cash reserves and readily marketable securities[501](index=501&type=chunk) - Foreign exchange risk primarily stems from borrowings denominated in Hong Kong Dollars and US Dollars, as well as overseas subsidiaries' business settled in US Dollars, New Taiwan Dollars, or Singapore Dollars[503](index=503&type=chunk) - Interest rate risk mainly arises from long-term interest-bearing debts such as long-term bank borrowings and bonds payable; as of **June 30, 2025**, changes in interest rates had no significant impact on the company's financial statements[504](index=504&type=chunk) [Disclosure of Fair Value](index=183&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities measured at fair value, primarily structured deposits and equity investments 以公允价值计量的资产和负债的期末公允价值 | 项目 | 第二层次公允价值计量 (Yuan) | 第三层次公允价值计量 (Yuan) | 合计 (Yuan) | | :--- | :--- | :--- | :--- | | （一）交易性金融资产 (结构性存款) | 120,211,835.62 | 0 | 120,211,835.62 | | （三）其他权益工具投资 | 0 | 2,000,000.00 | 2,000,000.00 | | **持续以公允价值计量的资产总额** | **120,211,835.62** | **2,000,000.00** | **122,211,835.62** | - Fair value measurements use a three-level hierarchy of inputs, prioritizing observable inputs[281](index=281&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value are very close to their fair values[509](index=509&type=chunk) [Related Parties and Related P

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, including company control, subsidiaries, reporting period, and power industry terminology - Reporting period defined as **January 1, 2025 to June 30, 2025**[12](index=12&type=chunk) - Company's actual controller is **China Huaneng Group Co., Ltd.**[12](index=12&type=chunk) - Lists several associated companies and power plants, including Weijiamiao Company, Longyuan Wind Power Company, and Dalate Power Plant[12](index=12&type=chunk) - Defines key power industry terms such as power generation, on-grid power, kW, kWh/kkWh, MW, installed capacity, equity installed capacity, and utilization hours[12](index=12&type=chunk)[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, including its official names and legal representative - Company's Chinese name is **Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd.**, abbreviated as Neimeng Huadian[15](index=15&type=chunk) - Company's legal representative is **Gao Yuan**[15](index=15&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary is **Zhao Likun**, Securities Affairs Representative is **Aliya**[16](index=16&type=chunk) - Contact phone and fax are **0471-6222388** and **0471-6228410**, email is **nmhd@nmhdwz.com**[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces historical changes in the company's registered address and provides the current office location - Company's registered address changed on **April 21, 1999**, to No. 218 Xilin South Road, Hohhot City, Inner Mongolia[17](index=17&type=chunk) - Company's office address is Power Technology Building, Gongyichang Alley, Xilin South Road, Hohhot City, Inner Mongolia, postal code **010020**[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's selected information disclosure channels and the location for its semi-annual report - Newspapers selected for information disclosure include **"China Securities Journal"**, **"Shanghai Securities News"**, and **"Securities Times"**[18](index=18&type=chunk) - Website address for semi-annual report is **www.sse.com.cn**[18](index=18&type=chunk) - Company's semi-annual report is available at Power Technology Building, Gongyichang Alley, Xilin South Road, Hohhot City, Inner Mongolia[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides information on the company's stock listing, abbreviation, code, and previous abbreviation - Company's A-shares are listed on the **Shanghai Stock Exchange**, stock abbreviation **Neimeng Huadian**, stock code **600863**, previous stock abbreviation **G Mengdian**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, explaining the net profit decrease [(I) Key Accounting Data](index=6&type=section&id=(I)%20Key%20Accounting%20Data) This section details the company's operating revenue, total profit, net profit, cash flow, net assets, and total assets for 2025 H1 2025 H1 Key Accounting Data (Unit: Yuan) | Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,826,784,282.26 | 10,769,256,100.18 | -8.75 | | Total Profit | 2,266,238,420.45 | 2,274,760,633.74 | -0.37 | | Net Profit Attributable to Shareholders of Listed Company | 1,557,031,774.09 | 1,767,584,676.27 | -11.91 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 1,555,708,694.82 | 1,709,977,622.53 | -9.02 | | Net Cash Flow from Operating Activities | 2,295,211,757.67 | 2,519,349,279.36 | -8.90 | | Net Assets Attributable to Shareholders of Listed Company | 18,112,057,022.64 | 17,897,711,501.34 | 1.20 | | Total Assets | 40,592,778,942.41 | 39,877,812,141.43 | 1.79 | [(II) Key Financial Indicators](index=6&type=section&id=(II)%20Key%20Financial%20Indicators) This section lists the company's 2025 H1 earnings per share and return on net assets, explaining calculation methods and profit decline reasons 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.23 | 0.26 | -11.54 | | Diluted Earnings Per Share (Yuan/share) | 0.23 | 0.26 | -11.54 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.23 | 0.25 | -8.00 | | Weighted Average Return on Net Assets (%) | 8.91 | 10.59 | Decrease of 1.68 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 8.90 | 10.24 | Decrease of 1.34 percentage points | - Basic earnings per share calculation has deducted perpetual bond interest of **23.7125 million yuan**[22](index=22&type=chunk) - Net profit decrease primarily due to a **14.59%** year-on-year reduction in power generation from thermal power units and a **24.65%** year-on-year decrease in external coal sales price[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for 2025 H1, totaling **1,323,079.27 yuan** 2025 H1 Non-Recurring Gains and Losses Items and Amounts (Unit: Yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets | 545,601.77 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed at fixed standards, and with a continuous impact on the company's profit or loss) | 6,758,218.43 | | Other non-operating income and expenses apart from the above | -2,560,316.39 | | Less: Income tax impact | 600,680.29 | | Impact on minority interests (after tax) | 2,819,744.25 | | Total | 1,323,079.27 | Section III Management Discussion and Analysis [I. Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section details the company's main business, operating model, performance drivers, and the overall and regional conditions of the power and coal industries [(I) Main Business](index=8&type=section&id=(I)%20Main%20Business) The company is Inner Mongolia's first listed power company, with diverse operations including thermal power, heating, new energy, coal, and railway investments - The company is the first listed power company in Inner Mongolia Autonomous Region, with a wide range of businesses including thermal power generation, heating, wind power and other new energy power generation, coal, railway, and supporting infrastructure investment[29](index=29&type=chunk) 2025 H1 Main Business Revenue and Net Profit (Unit: 100 Million Yuan) | Indicator | Current Period | Year-on-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 98.27 | -8.75 | | Electricity Product Sales Revenue | 80.29 | -10.54 | | Heating Product Sales Revenue | 2.40 | -15.25 | | Coal Sales Revenue | 11.23 | -23.45 | | Net Profit Attributable to Parent Company | 15.57 | -11.91 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 15.56 | -9.02 | [(II) Operating Model](index=8&type=section&id=(II)%20Operating%20Model) The company primarily operates thermal power, heating, and new energy generation, alongside coal production and sales, leveraging a coal-power integrated model with competitive electricity sales - The company primarily operates power generation and heating businesses, mainly thermal power, as well as wind and solar new energy power generation, and is engaged in coal production and sales[30](index=30&type=chunk) - As of the end of the reporting period, the company had **19 operational power plants** within its consolidated scope, with an installed capacity of **13.2762 million kW**, of which coal-fired accounted for **85.87%** and new energy for **14.13%**[30](index=30&type=chunk) - The company's coal production capacity is **15 million tons/year**, with part of the coal for self-use and the rest for external sales[30](index=30&type=chunk) - Power generation business mainly supplies power to Mengxi Power Grid, North China Power Grid, and Mengdong Power Grid, with competitive bidding becoming the main sales method[30](index=30&type=chunk) [(III) Main Performance Drivers](index=8&type=section&id=(III)%20Main%20Performance%20Drivers) Company performance is driven by power generation, electricity prices, coal sales, and fuel costs; 2025 H1 saw decreased generation but higher electricity prices - Main factors affecting the company's performance include power generation (heating volume), electricity price (heating price), coal production and sales volume, coal sales price, and fuel procurement price[30](index=30&type=chunk) 2025 H1 Key Operating Data | Indicator | Current Period | Year-on-year Change (%) | | :--- | :--- | :--- | | Power Generation (100 Million kWh) | 243.23 | -14.59 | | On-grid Power (100 Million kWh) | 225.21 | -14.59 | | Heating Volume (10,000 GJ) | 924.33 | -17.07 | | Coal Production (10,000 Tons) | 694.80 | 1.74 | | Coal Sales (10,000 Tons) | 357.63 | 1.60 | | Average Electricity Sales Price (Yuan/1,000 kWh, excl. tax) | 356.49 | 4.74 | | Coal Sales Price (Yuan/ton, excl. tax) | 314.04 | -24.65 | [(IV) Industry Overview](index=9&type=section&id=(IV)%20Industry%20Overview) This section analyzes the 2025 H1 national and Inner Mongolia power industry, covering electricity consumption, clean energy growth, utilization hours, and regional market conditions [1. Overall Industry Analysis](index=9&type=section&id=1.%20Overall%20Industry%20Analysis) In 2025 H1, China's economy grew, electricity consumption increased, and clean energy rapidly developed, though power equipment utilization hours declined - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, and total electricity consumption reached **4.84 trillion kWh**, a **3.7%** year-on-year increase[32](index=32&type=chunk) - New energy power generation accounted for **26%** of total full-caliber power generation, an increase of **4.4 percentage points** year-on-year[33](index=33&type=chunk) - National average utilization hours of power generation equipment accumulated to **1,504 hours**, a decrease of **162 hours** year-on-year, with thermal power at **1,968 hours**, a decrease of **130 hours** year-on-year[33](index=33&type=chunk) - As of the end of June 2025, national cumulative installed power generation capacity reached **3.65 billion kW**, a **18.7%** year-on-year increase, with wind and solar power accounting for nearly **90%** of new installed capacity[33](index=33&type=chunk) - Total electricity consumption for the full year of 2025 is expected to grow by **5%-6%** year-on-year, with overall balanced power supply and demand[34](index=34&type=chunk) [2. Regional Analysis](index=9&type=section&id=2.%20Regional%20Analysis) Inner Mongolia saw increased electricity consumption and generation in 2025 H1, with significant growth in wind and solar power, and rising electricity prices in Mengxi and North China - In the first half of 2025, Inner Mongolia Autonomous Region's total electricity consumption was **265.8 billion kWh**, a **3.57%** year-on-year increase[34](index=34&type=chunk) - Thermal power generation in the region was **269.1 billion kWh**, a **7.32%** year-on-year decrease; wind power was **112.6 billion kWh**, a **31.48%** year-on-year increase; solar power was **28.4 billion kWh**, a **55.14%** year-on-year increase[34](index=34&type=chunk)[35](index=35&type=chunk) - As of June 2025, the region's installed capacity of power plants **6,000 kW** and above was **265.26 million kW**, a **18.90%** year-on-year increase, with wind and solar power installed capacity increasing by **23.79%** and **77.22%** year-on-year, respectively[35](index=35&type=chunk) - During the reporting period, the company's average electricity sales price in the Mengxi Power Grid region was **348.99 yuan/1,000 kWh**, a **6.53%** year-on-year increase[36](index=36&type=chunk) - During the reporting period, the company's average electricity sales price in the North China Power Grid region was **370.18 yuan/1,000 kWh**, a **1.65%** year-on-year increase[36](index=36&type=chunk) [3. Thermal Coal Market](index=10&type=section&id=3.%20Thermal%20Coal%20Market) In 2025 H1, the domestic coal market experienced ample supply and weak demand, leading to continuous price declines, while the company effectively controlled fuel costs - In the first half of 2025, China's raw coal output from industrial enterprises above designated size was **2.4 billion tons**, a **5.4%** year-on-year increase, and coal imports were **220 million tons**, an **11.13%** year-on-year decrease[36](index=36&type=chunk) - The domestic coal market continued to show a strong supply and weak demand pattern in the first half of the year, with prices for all coal types hitting new lows in recent years, and thermal coal prices generally continuing a downward trend[36](index=36&type=chunk) - The company's average standard coal price in the first half of the year was **517.17 yuan/ton** (including self-produced and self-used coal by Weijiamiao Coal Power Company), a decrease of **62.15 yuan/ton** year-on-year, or **10.73%** year-on-year[37](index=37&type=chunk) [4. Company's Industry Position](index=10&type=section&id=4.%20Company%27s%20Industry%20Position) The company is a major independent power generator in Inner Mongolia, with significant installed capacity and coal production, aiming to be a leading integrated clean energy company - The company is one of the large independent power generation companies in Inner Mongolia Autonomous Region, with main businesses in power generation, heating, and coal production and sales[37](index=37&type=chunk) - As of the end of June 2025, the company's operational installed capacity was **13.2762 million kW**, of which coal-fired accounted for **85.87%** and new energy for **14.13%**[38](index=38&type=chunk) - The company has a coal production capacity of **15 million tons/year**, enabling it to leverage coal-power integrated synergistic advantages and ensure power energy supply for Inner Mongolia Autonomous Region[38](index=38&type=chunk) - The company will be guided by "dual carbon" goals, accelerate the development of new energy industries, enhance the synergistic effect of the coal-power industry, and strive to become a regional first-class modern integrated clean energy company[38](index=38&type=chunk) [II. Discussion and Analysis of Operating Performance](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In 2025 H1, the company achieved robust energy supply, advanced low-carbon transition, strengthened industrial synergy, and enhanced innovation, while ensuring investor returns [(I) Robust Energy Supply and Stable Safety Production.](index=11&type=section&id=(I)%20Robust%20Energy%20Supply%20and%20Stable%20Safety%20Production.) The company actively ensured energy supply and strengthened safety management in 2025 H1, achieving stable power supply and improved coal mine management - The company successfully completed power supply tasks during key periods such as two festivals and two sessions in the first half of the year; Dalate Power Plant and Fengdian Energy Company achieved over **6,000 consecutive days** of safe production[39](index=39&type=chunk) - Fully tightened and implemented safety production responsibilities, focused on building intrinsically safe enterprises, and continuously improved the dual prevention mechanism[39](index=39&type=chunk) - Weijiamiao Open-pit Coal Mine successfully passed the quality, environment, and energy management three-system certification audit, achieving a major leap in management standardization, normalization, and scientificization[39](index=39&type=chunk) [(II) Deepening Low-Carbon Transition, Simultaneous Progress in Acquisition and Construction.](index=11&type=section&id=(II)%20Deepening%20Low-Carbon%20Transition%2C%20Simultaneous%20Progress%20in%20Acquisition%20and%20Construction.) The company accelerates new energy transition through self-construction and M&A, aiming for a significant increase in new energy installed capacity to nearly 50% of thermal power - The company is accelerating its new energy transition driven by "dual carbon" goals, adopting a "self-construction + acquisition" dual approach[40](index=40&type=chunk) - Kubuqi Desert Base Ordos New Energy Wind Power Project (Phase II Nuan Shui **600 MW**), Jinqiao Hulin Thermal Power Flexibility Retrofit Supporting New Energy **480 MW** Wind Power Project, and Chayouzhongqi Flexibility Retrofit Configuration **960 MW** New Energy Project are all progressing as planned[40](index=40&type=chunk) - The company plans to acquire **70%** equity of Zhenglanqi Wind Power **1.1 million kW** Wind Power Project and **75.51%** equity of Duolun Wind Power **500 MW** Wind Power Project from its controlling shareholder, Northern Company, through share issuance to purchase assets[40](index=40&type=chunk) - Upon completion of the ongoing projects and acquisitions, the company's new energy installed capacity will reach approximately **5.5 million kW**, accounting for nearly **50%** of thermal power installed capacity[41](index=41&type=chunk) - The company increased capital in Datang Tuoketuo Power Company and Huaneng Power and Heat Sales Company for investment in wind and solar projects and incremental distributed power grid green power supply projects[41](index=41&type=chunk) [(III) Three Major Industries Synergize, Demonstrating Resilient and Stable Operations.](index=12&type=section&id=(III)%20Three%20Major%20Industries%20Synergize%2C%20Demonstrating%20Resilient%20and%20Stable%20Operations.) Despite decreased power generation, the company maintained stable operations and profitability across its three major industries in 2025 H1, driven by optimized strategies and reduced costs - During the reporting period, the company's power generation reached **24.323 billion kWh**, a **14.59%** year-on-year decrease, of which thermal power generation was **22.376 billion kWh**, a **15.61%** year-on-year decrease[42](index=42&type=chunk) - In the first half of the year, the on-grid electricity price reached **356.49 yuan/1,000 kWh** (excl. tax), a year-on-year increase of **16.12 yuan/1,000 kWh**[42](index=42&type=chunk) - The standard coal price was controlled at **517.17 yuan/ton** (excl. tax), a year-on-year decrease of **62.15 yuan/ton**, or **10.73%** year-on-year[42](index=42&type=chunk) - In the first half of the year, coal production reached **6.948 million tons**, a **1.74%** year-on-year increase, and external sales reached **3.5763 million tons**, a **1.60%** year-on-year increase[42](index=42&type=chunk) - In the first half of the year, coal power profit was **1.556 billion yuan**, coal profit was **499 million yuan**, and new energy power generation profit was **210 million yuan**[43](index=43&type=chunk) - In the first half of 2025, financial expenses amounted to **114 million yuan**, a year-on-year saving of **34 million yuan**, or a **22.78%** year-on-year decrease[43](index=43&type=chunk) [(IV) Fully Develop New Quality Productive Forces, Continuously Enhance Innovation Momentum.](index=12&type=section&id=(IV)%20Fully%20Develop%20New%20Quality%20Productive%20Forces%2C%20Continuously%20Enhance%20Innovation%20Momentum.) The company continues to invest in technological innovation, achieving recognized breakthroughs and enhancing operational efficiency through digital management - Weijiamiao Coal Power Company's coupled steam molten salt thermal storage peak shaving and frequency regulation demonstration project was identified as **internationally leading** by China Electricity Council[43](index=43&type=chunk) - Dalate Power Plant's two innovative achievements won awards at the **"2025 Power Industry Team Innovation Conference"**[43](index=43&type=chunk) - Shangdu Power Plant successfully completed biomass fuel co-firing tests for thermal power units, effectively reducing carbon emissions[43](index=43&type=chunk) [(V) Emphasize Reasonable Investment Returns, Sustained and Stable Dividend Distribution.](index=12&type=section&id=(V)%20Emphasize%20Reasonable%20Investment%20Returns%2C%20Sustained%20and%20Stable%20Dividend%20Distribution.) The company prioritizes investor returns, with a three-year shareholder return plan committing to high-proportion dividends, and was selected for the "Shanghai Public Utility Red" index - The company has formulated a shareholder return plan every three years since **2016**, demonstrating a reasonable, stable, and continuous profit distribution policy[44](index=44&type=chunk) - Formulated the **"Shareholder Return Plan for the Next Three Years (2025-2027)"**, continuing the commitment to high-proportion dividends, which helps attract long-term capital[44](index=44&type=chunk) - The company was selected for the **2025 "Shanghai Public Utility Red" index**, reflecting its characteristics of high dividends, low debt, and stable profitability[44](index=44&type=chunk) - In 2025, the company distributed a dividend of **2.20 yuan** (incl. tax) per **10 shares**, with a cash dividend of **1.436 billion yuan**[45](index=45&type=chunk) [(VI) Strengthen Foundations, Empower, and Converge Efforts, Continuously Solidify Party Building.](index=13&type=section&id=(VI)%20Strengthen%20Foundations%2C%20Empower%2C%20and%20Converge%20Efforts%2C%20Continuously%20Solidify%20Party%20Building.) The company strictly implements Party Central Committee decisions, strengthens civilization and culture, and political supervision, ensuring high-quality development through robust Party building - Strictly implemented the **"first topic"** system, deepening, internalizing, and transforming the decisions and deployments of the Party Central Committee[45](index=45&type=chunk) - Strengthened civilization and culture construction; Shangdu Power Company has maintained the national civilized unit honor for **14 consecutive years**[45](index=45&type=chunk) - Focused on key areas to strengthen political supervision, enhanced supervision of "top leaders" and team members, and persistently rectified work styles and enforced discipline[45](index=45&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its regional resources, installed capacity, diversified strategy, energy structure, coal-power synergy, innovation, environmental efforts, governance, capital, management, and shareholder support [(I) Regional Resource Advantage](index=13&type=section&id=(I)%20Regional%20Resource%20Advantage) The company's power assets in Inner Mongolia leverage abundant energy resources and standardized management, providing a significant regional advantage and enhancing market competitiveness - All of the company's power generation assets are located within Inner Mongolia Autonomous Region, a crucial strategic energy base in China with unique resource endowments[46](index=46&type=chunk) - The company's power plants are strategically located in areas rich in coal resources and with high power loads, building unique development competitiveness through standardized management as a central enterprise[46](index=46&type=chunk) - The company will create differentiated market competitive advantages by deeply exploring operational potential, optimizing power source structure configuration, and enhancing technological innovation capabilities[46](index=46&type=chunk) [(II) Installed Power Generation Capacity Advantage](index=13&type=section&id=(II)%20Installed%20Power%20Generation%20Capacity%20Advantage) As of the reporting period, the company's operational installed capacity reached **13.2762 million kW**, with an additional **3.0782 million kW** from associate plants, securing a high market share in Inner Mongolia - As of the end of the reporting period, the company's operational installed capacity was **13.2762 million kW**[46](index=46&type=chunk) - Equity installed capacity in associate power plants was **3.0782 million kW**[46](index=46&type=chunk) - The company maintained a high market share in Inner Mongolia's power market, further highlighting its scale advantage[46](index=46&type=chunk) [(III) Strategic Layout Advantage](index=13&type=section&id=(III)%20Strategic%20Layout%20Advantage) The company has built a diversified and synergistic energy industry structure, optimizing its energy mix through "point-to-grid" transmission, coal-power integration, and new energy development, forming a "three-pillar" industrial structure - The company has built a diversified and synergistic energy industry structure, with its controlled Shangdu Power Plant serving as a "point-to-grid" cross-regional power transmission demonstration project[46](index=46&type=chunk) - Wholly-owned subsidiary Weijiamiao Company utilizes a coal-power integrated operating model to transmit power externally through UHV channels[46](index=46&type=chunk) - Continuously optimizing energy structure through the acquisition of Northern Longyuan Wind Power Company, integration of Cha'erhu PV project, commercial operation of Wudalai Wind Power project, and grid connection of Juda Company and Fengchuan distributed PV projects[46](index=46&type=chunk) - The company's total new energy installed capacity reached **1.8762 million kW**, with clean energy accounting for **14.13%**[46](index=46&type=chunk) - A "three-pillar" industrial structure of thermal power generation, new energy development, and coal resource synergistic development has been formed, with initial signs of strategic complementary effects across business segments[47](index=47&type=chunk) [(IV) Structural Adjustment Advantage](index=14&type=section&id=(IV)%20Structural%20Adjustment%20Advantage) Since the "14th Five-Year Plan", the company has significantly increased its clean energy proportion, with ongoing and planned new energy projects expected to boost new energy installed capacity to nearly 50% of thermal power - Since the "14th Five-Year Plan", the proportion of the company's low-carbon clean energy has continuously increased, with new energy installed capacity rising from **11.29%** to **14.13%**[47](index=47&type=chunk) - The company has **2.04 million kW** of new energy projects under construction, including Jinqiao Hulin, Chayouzhongqi, and Kubuqi Desert Base Ordos Wind Power projects[47](index=47&type=chunk) - The company initiated the acquisition of **70%** equity of Zhenglanqi Wind Power **1.1 million kW** Wind Power Project and **75.51%** equity of Duolun Wind Power **500 MW** Wind Power Project from its controlling shareholder, Northern Company[47](index=47&type=chunk) - Upon completion of the ongoing projects and acquisitions, new energy installed capacity will reach approximately **5.5 million kW**, accounting for nearly **50%** of thermal power installed capacity[47](index=47&type=chunk) [(V) Coal-Power Synergy Advantage](index=14&type=section&id=(V)%20Coal-Power%20Synergy%20Advantage) Wholly-owned subsidiary Weijiamiao Company operates a coal-power integrated model, creating a full industrial chain that reduces fuel costs and ensures stable coal supply - Wholly-owned subsidiary Weijiamiao Company's coal-power integrated project has built a full industrial chain operating model of **"coal production—power conversion—energy transmission"**[47](index=47&type=chunk) - Weijiamiao Company's mining area has an annual capacity of **15 million tons**, with coal produced for self-use by its own power plant and other power plants within the company's consolidated scope, forming an intensive **"pithead power plant"** operating structure[47](index=47&type=chunk) - In the first half of 2025, Weijiamiao Company's coal production reached **6.948 million tons**, a **1.74%** year-on-year increase, of which **1.288 million tons** were for self-use by the power plant, **2.0496 million tons** supplied to other power plants within the company's consolidated scope, and **3.5763 million tons** for external sales[47](index=47&type=chunk) [(VI) Technological Innovation Advantage](index=14&type=section&id=(VI)%20Technological%20Innovation%20Advantage) The company consistently invests in R&D, achieving recognized technological advancements and enhancing operational efficiency through digital management, bolstering high-quality development - Weijiamiao Coal Power Company's coupled steam molten salt thermal storage peak shaving and frequency regulation demonstration project was identified as **internationally leading** by China Electricity Council[48](index=48&type=chunk) - The testing center was rated as a **"Typical Case of Power Industry Laboratory Construction"** by the Chemical Professional Technology Committee of China Electric Power Technology Market Association[48](index=48&type=chunk) - Weijiamiao Company's digital and intelligent management demonstration project for the full life cycle quality of materials was launched, achieving automated material storage, collaborative operations, and visualized processes[48](index=48&type=chunk) [(VII) Energy Saving and Environmental Protection Advantage](index=14&type=section&id=(VII)%20Energy%20Saving%20and%20Environmental%20Protection%20Advantage) As a key energy supplier, the company has achieved ultra-low emissions for coal-fired units through systematic environmental governance, demonstrating its commitment to national environmental standards - The company has built a green production system covering the entire industrial chain by implementing systematic environmental governance projects[48](index=48&type=chunk) - The company's environmental emission levels comply with national standards, and all coal-fired units have achieved **ultra-low emissions** as required by environmental regulations[48](index=48&type=chunk) - During the reporting period, the company strengthened pollutant emission management, with nitrogen oxides, sulfur dioxide, and soot emissions all meeting national environmental requirements[48](index=48&type=chunk) [(VIII) Corporate Governance Advantage](index=14&type=section&id=(VIII)%20Corporate%20Governance%20Advantage) Since its listing, the company has continuously refined its tripartite governance structure, ensuring scientific decision-making, effective supervision, and standardized operations, fostering a strong market reputation - The company has built a **"strategic decision-making layer—supervision layer—executive layer"** tripartite governance structure, forming a closed loop of scientific decision-making, effective supervision, and standardized operations[48](index=48&type=chunk) - The company's general meeting of shareholders, board of directors, supervisory board, and management operate in accordance with laws and regulations, effectively safeguarding the interests of all shareholders[49](index=49&type=chunk) - The company has established a good image of transparency and compliance in the capital market, accumulating a good market reputation[49](index=49&type=chunk) [(IX) Capital Operation Advantage](index=15&type=section&id=(IX)%20Capital%20Operation%20Advantage) Since its 1994 listing, the company has built strong capital operation capabilities, optimizing debt through diverse financing and maintaining an "AAA" credit rating, supporting green transformation - The company continuously builds core capabilities in capital operation, establishing a multi-level capital operation system covering equity financing and bond issuance[49](index=49&type=chunk) - Through innovative financing combinations such as convertible bonds and perpetual bonds, the company has raised substantial funds for its operations and development[49](index=49&type=chunk) - With a stable financial structure and excellent credit rating, the company has maintained an **"AAA" corporate credit rating** for many consecutive years[49](index=49&type=chunk) - The company continuously explores diversified financing channels and optimizes its debt structure, providing strong support for promoting green transformation and new energy construction[49](index=49&type=chunk) [(X) Management Team Advantage](index=15&type=section&id=(X)%20Management%20Team%20Advantage) The company boasts a long history and a stable, high-quality management team, with most senior executives possessing extensive experience in power generation and coal management - The company has a team of high-quality management personnel, engineers, and technical staff[49](index=49&type=chunk) - Most senior management personnel have many years of rich experience in power generation operation management and coal safety production management[49](index=49&type=chunk) - The management team remains stable[49](index=49&type=chunk) [(XI) Strong Support from Major Shareholder](index=15&type=section&id=(XI)%20Strong%20Support%20from%20Major%20Shareholder) The controlling shareholder, Northern Company, demonstrated strong confidence in the company's future by cumulatively increasing its shareholding during the reporting period - From April to July 2025, the controlling shareholder, Northern Company, cumulatively increased its shareholding in the company by **12,565,800 shares**, accounting for approximately **0.1925%** of the company's total issued shares[49](index=49&type=chunk) - The cumulative increase in value was **50,099,475.00 yuan** (excluding commissions and transaction taxes)[49](index=49&type=chunk) - After the increase, Northern Company directly holds **51.24%** of the company's A-shares, and together with its concerted parties, holds **53.23%** of the company's A-shares[49](index=49&type=chunk) [IV. Major Operating Performance During the Reporting Period](index=15&type=section&id=IV.%20Major%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's major operating performance, including financial statement item changes, asset/liability status, external equity investments, and key subsidiaries [(I) Main Business Analysis](index=15&type=section&id=(I)%20Main%20Business%20Analysis) This section analyzes the primary reasons for changes in the company's operating revenue, costs, expenses, and cash flow through financial statement item variations Analysis of Changes in Relevant Financial Statement Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | Change Ratio (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 9,826,784,282.26 | 10,769,256,100.18 | -8.75 | Decrease in power generation, decrease in coal sales price | | Operating Cost | 7,415,005,558.54 | 8,253,562,200.83 | -10.16 | Decrease in power generation, decrease in standard coal price | | Administrative Expenses | 15,862,735.69 | 17,245,775.59 | -8.02 | Strengthened cost control | | Financial Expenses | 114,285,079.59 | 148,008,111.54 | -22.78 | Decrease in financing costs | | R&D Expenses | 3,348,299.60 | 378,820.44 | 783.88 | Increased R&D investment | | Net Cash Flow from Operating Activities | 2,295,211,757.67 | 2,519,349,279.36 | -8.90 | Decrease in electricity sales revenue | | Net Cash Flow from Investing Activities | -1,178,041,943.85 | -1,220,399,952.48 | 3.47 | Decrease in capital expenditure | | Net Cash Flow from Financing Activities | -1,003,226,675.22 | -1,438,826,578.15 | 30.27 | Increase in borrowings | [(III) Analysis of Assets and Liabilities](index=16&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section details the period-end changes in the company's assets and liabilities, explaining variations in key accounts and disclosing restricted major assets Analysis of Changes in Assets and Liabilities (Unit: Yuan) | Item Name | Current Period End Amount | Proportion of Total Assets at Current Period End (%) | Prior Year End Amount | Proportion of Total Assets at Prior Year End (%) | Change Ratio from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,036,853,507.73 | 2.55 | 709,325,986.98 | 1.78 | 46.17 | Increase in coal mine environmental restoration deposit | | Prepayments | 288,896,467.32 | 0.71 | 88,295,725.29 | 0.22 | 227.19 | Increase in prepaid coal | | Other Receivables | 397,355,138.99 | 0.98 | 207,365,689.09 | 0.52 | 91.62 | Increase in dividends receivable from associate companies | | Construction in Progress | 3,191,514,567.38 | 7.86 | 2,403,495,406.68 | 6.03 | 32.79 | Increase in company capital expenditure | | Short-term Borrowings | 2,400,964,981.31 | 5.91 | 3,313,389,350.16 | 8.31 | -27.54 | Repayment of short-term loans | | Other Payables | 2,507,335,968.75 | 6.18 | 1,335,439,193.82 | 3.35 | 87.75 | Declared dividends not yet distributed | | Other Current Liabilities | 675,970,219.74 | 1.67 | 32,980,002.52 | 0.08 | 1,949.64 | Issuance of super short-term commercial papers | | Long-term Borrowings | 5,851,137,548.55 | 14.41 | 6,692,347,286.52 | 16.78 | -12.57 | Optimized debt structure, decrease in long-term borrowings | Restricted Major Assets as of the End of the Reporting Period (Unit: Yuan) | Item | Period End Balance | Reason for Restriction of Ownership or Use Rights | | :--- | :--- | :--- | | Monetary Funds | 556,658,693.69 | Mine environmental restoration deposit, performance bond, and litigation frozen funds | | Accounts Receivable | 1,357,999,578.85 | Pledge of electricity tariff collection rights of Weijiamiao Coal Power Company and Wudalai Company, and pledge of operating income of Juda Company for REITs issuance | | Total | 1,914,658,272.54 | | [(IV) Investment Status Analysis](index=18&type=section&id=(IV)%20Investment%20Status%20Analysis) This section analyzes the company's external equity investments and financial assets measured at fair value, with long-term equity investments totaling **2.244 billion yuan** at period end - At the end of the reporting period, the company's long-term equity investment balance was **2.244 billion yuan**, mainly invested in Inner Mongolia Daihai Power Generation Co., Ltd., Inner Mongolia Guohua Zhungeer Power Generation Co., Ltd., Baotou Donghua Thermal Power Co., Ltd., etc[56](index=56&type=chunk) Changes in Financial Assets Measured at Fair Value (Unit: 10,000 Yuan) | Asset Category | Beginning Balance | Gains/Losses from Fair Value Changes in Current Period | Cumulative Fair Value Changes Recognized in Equity | Impairment Provision in Current Period | Purchase Amount in Current Period | Sale/Redemption Amount in Current Period | Other Changes | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 626.82 | -1,025.92 | 39.36 | | | | | 666.18 | | Others | 127,074.48 | 23,878.49 | -4,445.89 | | | | | 122,628.59 | | Total | 127,701.30 | 22,852.57 | -4,406.53 | | | | | 123,294.77 | [(VI) Analysis of Major Controlled and Associate Companies](index=20&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) This section lists the financial data of the company's major controlled subsidiaries, with Weijiamiao Company identified as the most profitable Financial Data of Major Controlled Subsidiaries (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fengtai Company | Subsidiary | Electricity, Heating | 40,000.00 | 54,109.29 | -41,225.61 | 37,448.00 | 3,971.17 | 3,990.04 | | Jingda Company | Subsidiary | Electricity | 47,176.20 | 82,854.08 | 69,654.13 | 51,399.24 | 10,438.14 | 8,330.56 | | Shangdu Power Generation Company | Subsidiary | Electricity | 207,921.86 | 281,965.51 | 220,195.60 | 167,861.89 | 9,354.29 | 9,366.32 | | Shangdu Second Power Generation Company | Subsidiary | Electricity, Heating | 101,735.00 | 193,769.23 | 120,224.27 | 64,799.43 | -7,188.70 | -7,145.68 | | Juhui Energy Partnership (Consolidated) | Subsidiary | Electricity | 254,100.00 | 259,740.44 | 216,337.50 | 201,548.37 | 14,670.16 | 14,753.12 | | Weijiamiao Company | Subsidiary | Coal, Electricity, Heating | 567,825.00 | 1,078,423.31 | 806,745.44 | 253,931.42 | 104,041.26 | 84,112.34 | | Mengda Company | Subsidiary | Electricity, Heating | 82,000.00 | 179,174.30 | 148,852.34 | 97,678.48 | 8,700.89 | 6,523.87 | | Longyuan Wind Power Company (Consolidated) | Subsidiary | Electricity | 265,377.62 | 699,674.36 | 369,497.06 | 50,410.34 | 18,072.22 | 11,064.54 | | Fengdian Energy Company | Subsidiary | Electricity, Heating | 10,000.00 | 59,633.55 | -128,571.29 | 66,102.01 | 12,451.06 | 12,463.31 | | Hulin Power Generation Company | Subsidiary | Electricity | 115,400.00 | 419,855.13 | 138,235.72 | 102,950.10 | 15,668.05 | 12,931.91 | | Cha'erhu PV Company | Subsidiary | Electricity | 18,000.00 | 42,772.16 | 19,797.31 | 2,927.51 | 926.49 | 687.55 | | Juda New Energy Company | Subsidiary | Electricity | 50,000.00 | 144,691.23 | 57,226.60 | 4,675.68 | 419.01 | 419.01 | | Fengchuan New Energy Company | Subsidiary | Electricity | 15,000.00 | 19,501.07 | 6,081.78 | 615.90 | 294.81 | 294.81 | - Weijiamiao Company is the company's most profitable subsidiary, achieving a net profit of **841.1234 million yuan** in the first half of the year[60](index=60&type=chunk) [V. Other Disclosure Matters](index=21&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks in electricity, fuel, coal, carbon, environmental, and capital markets, outlining the company's mitigation strategies and "Quality Improvement, Efficiency Enhancement, and Return" actions [(I) Potential Risks](index=21&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks, including decreased power generation and electricity prices, fuel cost fluctuations, declining coal prices, carbon market volatility, stricter environmental policies, and rising debt costs - Electricity market risk: Increased new energy power generation squeezes thermal power space, leading to a risk of decreased power generation; competitive bidding and new energy market entry may lead to decreased electricity prices[61](index=61&type=chunk) - Fuel procurement market risk: Macroeconomic recovery and peak electricity consumption may lead to localized coal supply pressure; the company will optimize procurement strategies and leverage long-term contracts[63](index=63&type=chunk) - Coal sales market risk: Release of new capacity and limited demand growth lead to a downward trend in coal prices; the company will optimize production sequencing and reduce production costs[63](index=63&type=chunk) - Carbon market risk: Continuous tightening of quota allocation may lead to market price volatility; the company will accelerate energy-saving and emission-reduction upgrades and optimize carbon trading strategies[63](index=63&type=chunk) - Environmental risk: Stricter government environmental policies; the company will optimize its industrial structure, increase technological transformation, and raise the proportion of clean energy[64](index=64&type=chunk) - Capital market risk: As a capital-intensive industry, LPR interest rate adjustments and macroeconomic controls will directly affect debt costs; the company will expand financing channels and control financing costs[64](index=64&type=chunk)[65](index=65&type=chunk) [(II) Other Disclosure Matters](index=23&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively pursues its "Quality Improvement, Efficiency Enhancement, and Return" action, advancing new energy projects, optimizing operations, and maintaining a strong shareholder return plan - The company continuously carried out the **"Quality Improvement, Efficiency Enhancement, and Return"** action, seizing the policy window for new energy marketization, and promoting new energy project construction through both self-construction and acquisition[67](index=67&type=chunk) - The company plans to acquire equity in Zhenglanqi Wind Power and Duolun Wind Power projects from its controlling shareholder, Northern Company, through share issuance to purchase assets and raise supporting funds[67](index=67&type=chunk) - Upon completion of the ongoing projects and acquisitions, new energy installed capacity will reach approximately **5.5 million kW**, accounting for nearly **50%** of thermal power installed capacity[67](index=67&type=chunk) - In the first half of the year, power generation decreased year-on-year, but on-grid electricity prices increased by **16.12 yuan/1,000 kWh** year-on-year, and standard coal prices decreased by **10.73%** year-on-year, effectively offsetting the negative impact on profit[68](index=68&type=chunk) - The company formulated the **"Shareholder Return Plan for the Next Three Years (2025-2027)"**, continuing the commitment to high-proportion dividends[68](index=68&type=chunk) - The company actively communicated with investors, participating in Huaneng Group's **"Power Sector"** collective performance briefing in May 2025[69](index=69&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section discloses changes in the company's directors, supervisors, and senior management during the reporting period, including resignations, elections, and appointments Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Ban Guorui | Director | Resignation | | Yang Xiaohua | Director | Election | | Wang Zhenrui | General Manager | Appointment | | Zhao Likun | Board Secretary | Appointment | - Mr. Ban Guorui resigned from his positions as director and member of the Board's Strategy and ESG Committee due to work changes; Ms. Yang Xiaohua was nominated as a non-independent director candidate and approved by the general meeting of shareholders[72](index=72&type=chunk) - Mr. Wang Zhenrui was appointed as the company's General Manager, and Ms. Zhao Likun was appointed as the company's Board Secretary, both for a term of **three years**[72](index=72&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=25&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section states that the company has no profit distribution or capital reserve conversion plan for the semi-annual period - The company's proposed profit distribution or capital reserve conversion plan for the semi-annual period is **"No"**[73](index=73&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=26&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section lists **10** subsidiaries required to disclose environmental information by law and provides an inquiry index for their reports - The company has **10 subsidiaries** included in the list of enterprises required to disclose environmental information by law[74](index=74&type=chunk) - Including Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. Wuhai Power Plant, Inner Mongolia Juda Power Generation Co., Ltd., Northern Weijiamiao Coal Power Co., Ltd., etc[74](index=74&type=chunk) - The inquiry index for environmental information disclosure reports is **http://111.56.142.62:40010/support-yfpl-web/web/viewRunner.html?viewId=http://111.56.142.62:40010/support-yfpl-web/web/sps/views/yfpl/views/yfplHomeNew/index.js&cantonCode=150000**[74](index=74&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=27&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the strict fulfillment of commitments by the company, its controlling shareholder, and actual controller regarding competition, related party transactions, independence, land titles, and shareholder returns - Controlling shareholder Northern Company committed to continuing to use Neimeng Huadian as the ultimate integration platform for coal-power integrated businesses and other operations, gradually injecting eligible businesses and assets, and has strictly fulfilled this commitment[77](index=77&type=chunk) - Northern Company committed to standardizing and minimizing related party transactions with the listed company, ensuring fair transaction prices, and has strictly fulfilled this commitment[77](index=77&type=chunk) - Northern Company committed to ensuring the listed company's independent operation in business, assets, finance, personnel, and organization, and has strictly fulfilled this commitment[77](index=77&type=chunk)[78](index=78&type=chunk) - Northern Company committed to resolving land and property title defects related to Northern Longyuan Wind Power, and has strictly fulfilled this commitment[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - The company formulated the **"Shareholder Return Plan for the Next Three Years (2025-2027)"**, committing to an annual cash dividend of no less than **70%** of the distributable profit from the consolidated financial statements for the year, and a per-share dividend of no less than **0.1 RMB** (incl. tax), and has strictly fulfilled this commitment[80](index=80&type=chunk) - Controlling shareholder Northern Company cumulatively increased its shareholding in the company by **12,565,800 shares** between April 8, 2025, and July 7, 2025, with a cumulative increase amount of **50,099,475.00 yuan**, completing the entire share increase plan[80](index=80&type=chunk) [X. Significant Related Party Transactions](index=32&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section discloses the company's daily operating related party transactions, asset/equity acquisitions, joint external investments, and related party creditor-debtor relationships, including financial business with an associated finance company [(I) Related Party Transactions Related to Daily Operations](index=32&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company engages in various daily operating related party transactions with its actual controller, controlling shareholder, and their subsidiaries, all within approved limits - Daily related party transactions between the company and its actual controller, China Huaneng Group Co., Ltd., and its controlled subsidiaries (excluding Northern United Power Co., Ltd. and its controlled subsidiaries, China Huaneng Finance Co., Ltd.) include technical services, equipment procurement, product procurement, product sales, carbon emission reduction resource sales, carbon emission reduction resource purchases, insurance, factoring and other financial services, and financing[83](index=83&type=chunk) - The company and China Huaneng Finance Co., Ltd. agreed on account opening, deposits, and other financial services, with an estimated maximum daily deposit balance of **3.5 billion yuan**, and an actual balance of **1.502 billion yuan**[83](index=83&type=chunk) - Daily related party transactions between the company and its controlling shareholder and its controlled subsidiaries include product sales, raw material procurement, carbon emission reduction resource sales, carbon emission reduction resource purchases, financing services, guarantee services, fuel management and safety production supervision services, property and land equipment leasing services, equipment maintenance, overhaul and operation services, electricity and heating sales services, and other management services[83](index=83&type=chunk)[84](index=84&type=chunk) [(II) Related Party Transactions Involving Asset or Equity Acquisition/Disposal](index=33&type=section&id=(II)%20Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisition%2FDisposal) The company plans to acquire equity in Zhenglanqi Wind Power and Duolun Wind Power projects from its controlling shareholder through share issuance and cash payment, with the matter currently under regulatory review - The company plans to acquire **70%** equity of Northern Shangdu Zhenglanqi New Energy Co., Ltd. and **75.51%** equity of Northern Duolun New Energy Co., Ltd. from its controlling shareholder, Northern United Power Co., Ltd., through a combination of share issuance and cash payment[85](index=85&type=chunk) - This transaction also includes raising supporting funds[85](index=85&type=chunk) - Currently, this project is under regulatory review[85](index=85&type=chunk) [(III) Significant Related Party Transactions for Joint External Investment](index=34&type=section&id=(III)%20Significant%20Related%20Party%20Transactions%20for%20Joint%20External%20Investment) The company increased capital in Datang Tuoketuo Power Company and Huaneng Inner Mongolia Power and Heat Sales Co., Ltd. for wind, solar, and green power grid projects, cumulatively injecting partial capital - The company increased capital in Inner Mongolia Datang International Tuoketuo Power Generation Co., Ltd. by **15%** of its equity, for investment in the Mengxi Tuoketuo **2 million kW** wind and solar power transmission project[88](index=88&type=chunk) - As of the end of June 2025, the company had cumulatively injected **305.49 million yuan** of capital into Datang Tuoketuo Power Generation Co., Ltd[88](index=88&type=chunk) - The company increased capital in Huaneng Inner Mongolia Power and Heat Sales Co., Ltd. by **20%** of its shareholding, for investment in the Dalate Economic Development Zone incremental distributed power grid green power supply project[88](index=88&type=chunk) - As of the end of June 2025, the company had injected **70.80 million yuan** of capital into Huaneng Inner Mongolia Power and Heat Sales Co., Ltd[88](index=88&type=chunk) [(IV) Related Party Creditor-Debtor Relationships](index=34&type=section&id=(IV)%20Related%20Party%20Creditor-Debtor%20Relationships) The company maintains financial and financing service-related creditor-debtor relationships with China Huaneng Finance Co., Ltd. and Northern United Power Co., Ltd., all within agreed terms - The company signed a financial services agreement with China Huaneng Finance Co., Ltd., with an estimated maximum daily deposit balance of **3.5 billion yuan** for 2025, and an actual amount of **1.502 billion yuan**[89](index=89&type=chunk) - The estimated total bill discount for 2025 is **1 billion yuan**, with an actual amount of **0 yuan**; the estimated maximum daily balance for financing businesses such as loans and bill acceptance is **3.5 billion yuan**, with an actual amount of **0 yuan**[90](index=90&type=chunk) - The company signed a daily related party transaction framework agreement with Northern United Power Co., Ltd., with an estimated maximum financing service amount of **2.5 billion yuan** provided to the company for 2025, and an actual amount of **989 million yuan**[90](index=90&type=chunk) [(V) Financial Business Between the Company and Related Finance Companies, and Between Company-Controlled Finance Companies and Related Parties](index=35&type=section&id=(V)%20Financial%20Business%20Between%20the%20Company%20and%20Related%20Finance%20Companies%2C%20and%20Between%20Company-Controlled%20Finance%20Companies%20and%20Related%20Parties) The company conducts deposit and other financial business with China Huaneng Finance Co., Ltd., with a period-end deposit balance of **409 million yuan** Deposit Business Situation (Unit: 100 Million Yuan) | Related Party | Relationship | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Total Deposit Amount in Current Period | Total Withdrawal Amount in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Huaneng Finance Co., Ltd. | Finance company controlled by the company's actual controller | 35.00 | 0.35%-1.15% | 3.71 | 136.30 | 135.92 | 4.09 | Loan Business Situation (Unit: 100 Million Yuan) | Related Party | Relationship | Loan Limit | Loan Interest Rate Range | Beginning Balance | Total Loan Amount in Current Period | Total Repayment Amount in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Huaneng Finance Co., Ltd. | Finance company controlled by the company's actual controller | 1.50 | / | 0 | 0 | 0 | 0 | Credit and Other Financial Business Situation (Unit: 10,000 Yuan) | Related Party | Relationship | Business Type | Total Amount | Actual Amount | | :--- | :--- | :--- | :--- | :--- | | China Huaneng Finance Co., Ltd. | Finance company controlled by the company's actual controller | Other financial business | 600.00 | 56.55 | [XI. Significant Contracts and Their Fulfillment](index=36&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses that the company had no significant guarantees during the reporting period - During the reporting period, the company had no significant guarantees[97](index=97&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=38&type=section&id=I.%20Share%20Capital%20Changes) This section states that there were no changes in the company's total share capital and share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital and share structure[99](index=99&type=chunk) [II. Shareholder Information](index=38&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of common shareholders, the top ten shareholders, and the top ten shareholders with unrestricted shares as of the end of the reporting period - As of the end of the reporting period, the total number of common shareholders was **152,043**[100](index=100&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period (Unit: Shares) | Shareholder Name (Full Name) | Change During Reporting Period | Number of Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Pledge, Mark or Freeze Status - Share Status | Pledge, Mark or Freeze Status - Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Northern United Power Co., Ltd. | 12,565,800 | 3,344,647,286 | 51.24 | 0 | None | 0 | State-owned Legal Person | | Tianjin Huaren Investment Management Co., Ltd. - Huaneng Structural Adjustment No. 1 Securities Investment Private Fund | 0 | 129,740,140 | 1.99 | 0 | Unknown | 0 | Other | | China Pacific Life Insurance Co., Ltd. - Traditional Insurance High Dividend Stock Management Portfolio | 11,899,963 | 102,899,152 | 1.58 | 0 | Unknown | 0 | Other | | Orient Securities Co., Ltd. | 28,319,025 | 79,124,462 | 1.21 | 0 | Frozen | 54,757,137 | Other | | Dongxing Securities Co., Ltd. | 56,549,796 | 56,549,796 | 0.87 | 0 | Unknown | 0 | Other | | CITIC Securities Co., Ltd. - Social Security Fund 1106 Portfolio | 48,588,800 | 48,588,800 | 0.74 | 0 | Unknown | 0 | Other | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 2,112,650 | 48,360,724 | 0.74 | 0 | Unknown | 0 | Other | | Li Qingsheng | 15,360,827 | 46,216,127 | 0.71 | 0 | Unknown | 0 | Other | | Central Huijin Asset Management Co., Ltd. | 0 | 41,648,800 | 0.64 | 0 | Unknown | 0 | Other | | China Pacific Life Insurance Co., Ltd. - Dividend - Individual Dividend | 0 | 41,498,802 | 0.64 | 0 | Unknown | 0 | Other | - Northern United Power Co., Ltd. and Tianjin Huaren Investment Management Co., Ltd. - Huaneng Structural Adjustment No. 1 Securities Investment Private Fund are concerted parties[103](index=103&type=chunk)[104](index=104&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=41&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section details the company's issued perpetual corporate bonds and super short-term commercial papers, including their terms, financial impact, and key financial indicators [(I) Corporate Bonds (Including Enterprise Bonds)](index=41&type=section&id=(I)%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)) The company issued two tranches of perpetual corporate bonds totaling **1.5 billion yuan**, traded on the Shanghai Stock Exchange with no delisting risk Corporate Bonds Basic Information (Unit: 100 Million Yuan) | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Latest Resale Date | Maturity Date | Bond Balance | Interest Rate (%) | Principal and Interest Payment Method | Trading Venue | Lead Underwriter | Trustee | Investor Suitability Arrangement | Trading Mechanism | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. 2023 Publicly Issued Perpetual Corporate Bonds to Professional Investors (Tranche 1) (Type 1) | 23MDY1 | 240363 | 2023/12/06 | 2023/12/07 | - | 2025/12/07 | 5.00 | 3.10 | Interest paid annually; principal and last year's interest repaid at maturity (if no deferral of interest payment/principal repayment right is exercised) | Shanghai Stock Exchange | CITIC Securities Co., Ltd., Industrial Securities Co., Ltd., China International Capital Corporation Limited | CITIC Securities Co., Ltd. | For Professional Investors | Centralized Bidding System, Fixed Income Securities Comprehensive Electronic Platform | No | | Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. 2023 Publicly Issued Perpetual Corporate Bonds to Professional Investors (Tranche 1) (Type 2) | 23MDY2 | 240364 | 2023/12/06 | 2023/12/07 | - | 2026/12/07 | 10.00 | 3.23 | Interest paid annually; principal and last year's interest repaid at maturity (if no deferral of interest payment/principal repayment right is exercised) | Shanghai Stock Exchange | CITIC Securities Co., Ltd., Industrial Securities Co., Ltd., China International Capital Corporation Limited | CITIC Securities Co., Ltd. | For Professional Investors | Centralized Bidding System, Fixed Income Securities Comprehensive Electronic Platform | No | [(III) Other Matters to be Disclosed for Special Category Bonds](index=43&type=section&id=(III)%20Other%20Matters%20to%20be%20Disclosed%20for%20Special%20Category%20Bonds) The company, as issuer of perpetual corporate bonds, disclosed renewal, interest rate step-up, interest deferral, and mandatory interest payment for both bond types, all recognized in equity Perpetual Corporate Bonds (Type 1) Information (Unit: 100 Million Yuan) | Bond Code | 240363 | | :--- | :--- | | Bond Abbreviation | 23MDY1 | | Bond Balance | 5.00 | | Renewal Status | Basic term 2 years, each 2 interest years is a repricing cycle, issuer has the right to choose to extend by 1 cycle (2 years) or redeem at maturity | | Interest Rate Step-up Status | Coupon rate 3.10%, subsequent cycles add 300 basis points to the current benchmark rate plus initial spread | | Interest Deferral Status | Issuer has the right to defer interest payment, no interes

上海复旦微电子集团股份有限公司2025 年半年度报告 公司代码：688385 公司简称：复旦微电 港股代码：01385 证券简称：上海复旦 上海复旦微电子集团股份有限公司 2025 年半年度报告 1 / 156 上海复旦微电子集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告"第三节管理层讨论与分析" 之"四、风险因素" 中披露了可能面对的风险，提 请投资者注意查阅。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张卫、主管会计工作负责人金建卫及会计机构负责人（会计主管人员）金建卫 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成本公司对投资者的 ...