杭州老板电器股份有限公司 2025 年半年度报告全文 杭州老板电器股份有限公司 2025 年半年度报告 2025 年 8 月 1 杭州老板电器股份有限公司 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。 公司负责人任建华、主管会计工作负责人张国富及会计机构负责人(会计 主管人员)张国富声明：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。 公司经本次董事会审议通过的利润分配预案为：以 944,938,916 股为基 数，向全体股东每 10 股派发现金红利 5 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 19 | | 第五节 | 重要事项 23 | | 第六节 | 股份变动及股东情况 27 | | 第七节 | 债券相关情况 32 ...

2025-039 【2025 年 8 月】 1 北京数字认证股份有限公司 2025 年半年度报告全文 北京数字认证股份有限公司 2025 年半年度报告 北京数字认证股份有限公司 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。 公司负责人詹榜华、主管会计工作负责人林雪焰及会计机构负责人(会计 主管人员)高青山声明：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。 本报告中涉及的未来计划等前瞻性陈述，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，请投资者注意投资风险。 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"软件与信息技术服务业"和《深圳证券交易所上市公司自律监 管指引第 4 号——创业板行业信息披露》中"网络安全相关业务"等特殊行 业的披露要求。公司经营可能面对的风险详见本报告中第三节"管理 ...

上海凯鑫分离技术股份有限公司 2025 年半年度报告全文 上海凯鑫分离技术股份有限公司 2025 年半年度报告 上海凯鑫分离技术股份有限公司 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。 公司负责人葛文越、主管会计工作负责人袁莉及会计机构负责人(会计主 管人员)倪晓菁声明：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。 本报告中涉及未来计划等前瞻性陈述的，均不构成公司对投资者的实质 承诺，投资者及相关人士均应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。 公司已在本报告中详细阐述可能存在的风险及应对措施，详见本报告"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，请广大 投资者仔细阅读并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2025-032 2025 年 8 月 1 2 | 目录 | | --- | | 第一节 | ...

凯龙高科技股份有限公司 2025 年半年度报告全文 凯龙高科技股份有限公司 公司在本报告"第三节 管理层讨论与分析"部分详细描述了公司主营业务、 核心竞争力、主要财务指标变动情况、所处行业景气情况等具体内容，敬请投 资者关注相关内容。公司主营业务、核心竞争力未发生重大不利变化，与行业 趋势一致，持续经营能力不存在重大风险。 2025 年半年度报告 2025 年 8 月 1 凯龙高科技股份有限公司 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。 公司负责人臧志成、主管会计工作负责人邓小青及会计机构负责人(会计 主管人员)白建林声明：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。 本年度报告中涉及未来计划或规划等前瞻性陈述的，均不构成公司对投资 者的实质承诺，投资者及相关人士均应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。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的 ...

西安中熔电气股份有限公司 2025 年半年度报告全文 西安中熔电气股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 西安中熔电气股份有限公司 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。 公司负责人方广文、主管会计工作负责人李文松及会计机构负责人(会计 主管人员)李文松声明：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。 本报告中如有涉及的未来计划、业绩预测等内容，均不构成公司对任何投 资者及相关人士的承诺，投资者及相关人士均应对此保持足够的风险意识， 并且应当理解计划、预测与承诺之间的差异。敬请广大投资者理性投资，注 意风险。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的经营风险及应对措施，敬请投 资者注意并仔细阅读该章节全部内容。 公司经本次董事会审议通过的利润分配预案为：以现有股份总数 98,322,480 股剔除公司回购 ...

深圳市联得自动化装备股份有限公司 2025 年半年度报告全文 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。 公司负责人聂泉、主管会计工作负责人曾垂宽及会计机构负责人(会计主 管人员)黄良芳声明：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。 公司在本报告"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"部分详细描述了公司未来经营中可能存在的风险及应对措施，敬请投资 者关注相关内容，并特别注意上述风险因素。 深圳市联得自动化装备股份有限公司 2025 年半年度报告 公告编号：2025-070 2025 年 08 月 1 深圳市联得自动化装备股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 7 | | ...

北京博晖创新生物技术集团股份有限公司 2025 年半年度报告全文 北京博晖创新生物技术集团股份有限公司 2025 年半年度报告 定 2025-03 【2025 年 8 月 28 日】 1 北京博晖创新生物技术集团股份有限公司 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。 公司负责人沈治卫、主管会计工作负责人刘佳及会计机构负责人(会计主 管人员)刘佳声明：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。 本半年度报告内容中涉及的未来计划等前瞻性陈述因存在不确定性，不构 成公司对投资者的实质承诺，投资者及相关人士均应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。请投资者谨慎决策，注意投 资风险。公司不存在因经营状况、财务状况和持续盈利能力方面有严重不利影 响的风险因素。有关公司可能面对的风险及公司应对措施等详见本报告第三节 "管理层讨论与分析"中相关内容。 公司计划不派发现金红利，不 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms to ensure clarity and understanding [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors and management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility for its content - The company's board of directors and senior management guarantee the report's truthfulness, accuracy, and completeness, and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - Content involving future plans and performance forecasts does not constitute a substantial commitment, and investors should be aware of the risks[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report lists eight main chapters and their starting page numbers, providing investors with an overall structural guide covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share capital changes, bond information, and financial reports - The report comprises eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share capital changes, bond information, and financial reports[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, related parties, accounting periods, and professional terms for key products and technologies like nylon, biodegradable materials, polyester, and hydrogen peroxide, ensuring clear understanding of the report's content - The company's short name is "Huitong Technology", and its full name is "Yangzhou Huitong Technology Co., Ltd."[13](index=13&type=chunk) - The reporting period refers to January 1, 2025 to June 30, 2025[13](index=13&type=chunk) - Detailed definitions are provided for core product and technology terms such as Nylon (PA66, PA56), Biodegradable Materials (PLA, PBAT, PBS), Polyester (PET), and Hydrogen Peroxide (H2O2)[13](index=13&type=chunk)[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information and a summary of its key financial data and performance indicators for the reporting period [Company Basic Information](index=7&type=section&id=Company%20Basic%20Information) This section provides the company's stock information, Chinese and English names, legal representative, contact details, registered and office addresses, website, and email, also disclosing the completion of industrial and commercial change registration and renewal of business license on March 31, 2025 - Stock Abbreviation: Huitong Technology, Stock Code: 301601, Listing Exchange: Shenzhen Stock Exchange[16](index=16&type=chunk) - Legal Representative: Zhang Jiangang[16](index=16&type=chunk) - Company Registered Address: No. 301 Wangjiang Road, Development Zone, Yangzhou City, Office Address: No. 8 Huayang East Road, Development Zone, Yangzhou City[18](index=18&type=chunk) - The company completed industrial and commercial change registration and obtained a new business license on March 31, 2025[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue and net profit attributable to shareholders significantly decreased year-on-year, and net cash flow from operating activities turned negative; however, total assets and net assets attributable to shareholders both achieved significant growth, reflecting the company's expansion in asset scale and shareholder equity Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 277,210,825.63 | 443,485,672.06 | -37.49% | | Net Profit Attributable to Shareholders of the Listed Company | 16,372,814.88 | 82,860,492.26 | -80.24% | | Net Cash Flow from Operating Activities | -17,962,777.63 | 130,325,377.15 | -113.78% | | Basic Earnings Per Share (Yuan/share) | 0.1216 | 0.7865 | -84.54% | | Weighted Average Return on Net Assets | 1.34% | 9.70% | -8.36% | | Total Assets (End of Period) | 2,140,188,938.30 | 1,852,381,948.92 | 15.54% | | Net Assets Attributable to Shareholders (End of Period) | 1,287,623,396.59 | 922,808,883.76 | 39.53% | - The decrease in operating revenue is primarily due to the high customization of the company's products, large single contract amounts, long execution cycles, and the high base from the Indonesian APP project delivery in the prior year[65](index=65&type=chunk) - The negative net cash flow from operating activities is mainly due to a decrease in sales collections during the current period[65](index=65&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The total non-recurring gains and losses for this reporting period amounted to **970,005.82 Yuan**, primarily including investment losses from the disposal of a portion of the subsidiary Huitong New Materials' equity, government grants recognized in current profit or loss, and gains or losses from entrusted investments or asset management Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the reversal of impairment provisions already made) | -6,540,633.92 | Primarily investment losses from losing control over subsidiary Huitong New Materials due to partial equity disposal | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 5,345,672.29 | | | Gains or losses from entrusted investments or asset management | 1,615,535.00 | | | Other non-operating income and expenses apart from the above | -142,955.45 | | | Other gains and losses meeting the definition of non-recurring gains and losses | 805,901.71 | Non-recurring gains and losses included in the net profit of Oerlikon Barmag Huitong (Yangzhou) Engineering Co., Ltd. and Element Huitong New Materials (Yangzhou) Co., Ltd. calculated based on shareholding ratio | | Less: Income tax impact | -5,748.87 | | | Impact on minority interests (after tax) | 119,262.68 | | | Total | 970,005.82 | | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's main business operations, core competencies, financial performance, and risk factors during the reporting period [Company's Main Business Activities During the Reporting Period](index=10&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) As a professional provider of integrated technical solutions for high-end chemical engineering equipment and products, the company primarily engages in equipment manufacturing, design consulting, and EPC general contracting in the production of polymer materials (nylon, biodegradable materials, polyester) and hydrogen peroxide; each sub-industry faces development trends such as capacity optimization, technological transformation, and policy drivers, and the company consolidates its market position through active layout in emerging fields, continuous R&D investment, and strengthened management - The company's main business covers equipment manufacturing, design consulting, and EPC general contracting, serving enterprises producing high-performance nylon, bio-based nylon, biodegradable materials, polyester, and hydrogen peroxide[32](index=32&type=chunk) - The nylon industry is in a period of capacity expansion, driven by technological breakthroughs and domestic substitution[29](index=29&type=chunk) - The biodegradable materials industry is in an adjustment phase after rapid capacity expansion, with policy and technological innovation as long-term drivers[29](index=29&type=chunk) - The hydrogen peroxide industry faces localized overcapacity and high-end transformation, with high growth demand for high-purity electronic-grade products and a wave of process upgrades for industrial-grade hydrogen peroxide[30](index=30&type=chunk) - The polyester industry is accelerating its transformation towards high-end and low-carbon directions, such as recycled polyester and bio-based polyester[30](index=30&type=chunk) [Industry Development Status](index=10&type=section&id=Industry%20Development%20Status) The nylon industry is in a period of capacity expansion driven by technological breakthroughs and domestic substitution; the biodegradable materials industry, after policy-driven expansion, is entering a phase of technological optimization and capacity integration; the hydrogen peroxide industry faces localized overcapacity but high demand for high-purity electronic-grade products, with industrial-grade hydrogen peroxide undergoing process upgrades; the polyester industry is accelerating its transformation towards high-end and low-carbon directions like recycled and bio-based polyester - Nylon 66 and Nylon 56 capacity expansion is primarily driven by technological breakthroughs and domestic substitution, expected to continue for a long period[29](index=29&type=chunk) - The biodegradable materials industry, after policy-driven expansion, is entering a phase of technological optimization and capacity integration, facing short-term price competition but with strong long-term prospects for replacing traditional plastics[29](index=29&type=chunk) - The hydrogen peroxide industry has localized overcapacity, but demand for high-purity electronic-grade products is growing rapidly, and industrial-grade hydrogen peroxide faces policy-driven elimination of acid-base fixed-bed processes and promotion of fluidized-bed processes[30](index=30&type=chunk) - The polyester industry, driven by "dual carbon" policies, is accelerating its transformation towards high-end and low-carbon directions such as recycled polyester and bio-based polyester, shifting from "scale expansion" to "value enhancement"[30](index=30&type=chunk) [Company's Main Business](index=11&type=section&id=Company%27s%20Main%20Business) The company is a professional provider of integrated technical solutions for high-end chemical engineering equipment and products, primarily engaging in equipment manufacturing, design consulting, and EPC general contracting in the production of polymer materials and hydrogen peroxide, holding a Grade A qualification for chemical engineering in the chemical, petrochemical, and pharmaceutical industries, and possessing comprehensive technical service capabilities from design and main equipment manufacturing to plant startup - The company provides equipment manufacturing, design consulting, and EPC general contracting services for enterprises producing high-performance nylon (PA66), bio-based nylon (PA56), biodegradable materials (PBAT/PBS), polyester (PET), and hydrogen peroxide (H2O2)[32](index=32&type=chunk) - The company holds a Grade A qualification for chemical engineering in the chemical, petrochemical, and pharmaceutical industries[32](index=32&type=chunk) [Company's Main Products and Services](index=11&type=section&id=Company%27s%20Main%20Products%20and%20Services) The company primarily offers equipment manufacturing, design consulting, and EPC general contracting services to clients in the nylon, biodegradable materials, polyester, and hydrogen peroxide production sectors; equipment manufacturing includes core equipment such as esterification reactors, polycondensation reactors, viscosity-increasing self-cleaning reactors, U-type reactors, flash evaporators, pre- and post-polymerization reactors, and hydrogen peroxide units; design consulting provides product technical solution design, preliminary design, and detailed construction drawing design; EPC general contracting adopts a "Design-Procurement-Construction" (EPC) model - Equipment Manufacturing: Provides esterification reactors, polycondensation reactors, and viscosity-increasing self-cleaning reactors for PET/PBAT/PBS production lines; U-type reactors, flash evaporators, and pre- and post-polymerization reactors for nylon production lines; and hydrogen peroxide units (fluidized bed process)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - Design Consulting: Offers product technical solution design, preliminary design, and detailed construction drawing design, possessing Grade A qualification and proprietary intellectual property technology[38](index=38&type=chunk) - EPC General Contracting: Adopts a "Design-Procurement-Construction" (EPC) general contracting model, taking full responsibility for project quality, safety, schedule, and cost[39](index=39&type=chunk) [Company's Main Business Model](index=13&type=section&id=Company%27s%20Main%20Business%20Model) The company employs an "order-based" production model for equipment manufacturing, generates revenue from design consulting through the delivery of design documents, and provides full-process services including design, procurement, and construction for EPC general contracting; procurement is driven by order requirements, sales combine "technical marketing" and "brand marketing" strategies, and the profitability model corresponds to the three business types: equipment manufacturing, design consulting, and EPC general contracting - Production/Service Model: Equipment manufacturing adopts "order-based" production; design consulting provides technical solutions and construction drawing design; EPC general contracting covers design, equipment manufacturing, procurement, installation, commissioning, acceptance, and after-sales service[40](index=40&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - Procurement Model: Based on order requirements, competitive inquiries are made to qualified suppliers through a "Procurement List"[44](index=44&type=chunk) - Sales Model: Combines "technical marketing" and "brand marketing" to expand customers through market information collection, business division, technical problem solving, and industry promotion[45](index=45&type=chunk) - Profitability Model: Equipment manufacturing generates revenue by delivering equipment based on core technology; design consulting earns revenue by providing services based on industry experience and talent; EPC general contracting generates revenue by offering full-process services leveraging design, equipment manufacturing, and engineering construction capabilities[48](index=48&type=chunk) [Company's Industry Position](index=15&type=section&id=Company%27s%20Industry%20Position) The company holds a leading domestic position in high-performance polymer material Nylon 66 technical services, its hydrogen peroxide fluidized bed palladium catalyst hydrogenation process technology has reached international leading levels, and its biodegradable material production line scale is domestically leading; the company is a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise, possessing numerous honors and innovative achievements - Holds a leading domestic position in Nylon 66 technical services, with successful application of melt direct spinning staple fiber technology and breakthroughs in filament-grade chips[49](index=49&type=chunk) - Advanced hydrogen peroxide fluidized bed palladium catalyst hydrogenation process technology, with a maximum single-line capacity of **1 million tons/year** (calculated at 27.50%), leading internationally[49](index=49&type=chunk) - PBAT/PBS biodegradable material production line designed annual capacity exceeds **300,000 tons**, leading domestically[49](index=49&type=chunk) - The company is a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise, a Jiangsu Province High-tech Enterprise, and a National Intellectual Property Advantage Enterprise, among others[49](index=49&type=chunk) [Main Performance Driving Factors](index=15&type=section&id=Main%20Performance%20Driving%20Factors) The company's performance is driven by policy and industry factors (supply-side reform, capacity optimization, energy conservation and emission reduction, breakthroughs in raw material localization) and internal company factors (market demand, core technological innovation, strengthened management); the company actively expands into emerging fields, continuously invests in R&D, and enhances profitability through differentiated competition and talent incentives - Policy and Industry Drivers: Supply-side structural reform, capacity optimization, energy conservation and emission reduction, elimination of outdated capacity, and breakthroughs in upstream raw material localization for Nylon 56/66 and increased demand for high-performance nylon and industrial hydrogen peroxide[50](index=50&type=chunk) - Market Demand Drivers: Closely follows industrial policies and market demand, strategically positioning in biodegradable materials, nylon, hydrogen peroxide, and other fields, benefiting from downstream capacity expansion and fixed asset investment demand[51](index=51&type=chunk) - Core Technological Innovation Drivers: Continuous R&D investment, with ongoing breakthroughs in technologies such as polylactic acid production equipment and high-capacity, high-concentration hydrogen peroxide fluidized beds, building a solid technological foundation[52](index=52&type=chunk) - Management Drivers: Strengthens production control and internal management, adopts differentiated competitive strategies, explores new markets, and incentivizes technological innovation through equity incentives and talent development[53](index=53&type=chunk) [Core Competitiveness Analysis](index=16&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness lies in technological innovation, customer resources, R&D and intellectual property, and qualification and industry standard advantages; through continuous R&D investment, deepened customer cooperation, improved R&D systems, and talent development, the company has solidified its leading position in high-end chemical engineering equipment and technical services - The company possesses multiple industry-leading core equipment manufacturing and engineering patent technologies and proprietary technologies in the fields of polyester, nylon, hydrogen peroxide, and biodegradable materials engineering[55](index=55&type=chunk) - Selected into the Ministry of Industry and Information Technology's list of key "Little Giant" enterprises, establishing a comprehensive independent R&D system in four major areas: nylon engineering, biodegradable material polymerization, polyester processes, and hydrogen peroxide fluidized beds[56](index=56&type=chunk) - Wholly-owned subsidiary Huitong Bio's polylactic acid project received a **50 million Yuan** central budget investment subsidy, with significant energy saving and carbon reduction effects[56](index=56&type=chunk) - Established business cooperation with industry-leading clients such as Yangnong Chemical, Pingmei Shenma, Cathay Biotech, Wanhua Chemical, with a client base primarily consisting of large state-owned enterprises and listed companies[57](index=57&type=chunk) - As of the end of June 2025, the company has **70 R&D personnel** and **102 engineering technicians**, holding **45 domestic invention patents**, **107 utility model patents**, and **5 software copyrights**[58](index=58&type=chunk)[60](index=60&type=chunk) - Holds multiple professional qualifications, including Grade A qualification for chemical engineering in the chemical, petrochemical, and pharmaceutical industries, and pressure vessel design and manufacturing licenses, and participates in the formulation of multiple national and industry standards[61](index=61&type=chunk)[62](index=62&type=chunk) - In April 2025, the company was selected as one of the first batch of key enterprises in Jiangsu Province authorized to conduct senior professional title evaluations independently[61](index=61&type=chunk) [Technological Innovation Advantage](index=16&type=section&id=Technological%20Innovation%20Advantage) The company has focused on technological innovation and independent R&D for over 20 years, accumulating numerous industry-leading core equipment manufacturing and engineering patent technologies in polyester, nylon, hydrogen peroxide, and biodegradable materials engineering, and has been selected as a key "Little Giant" enterprise by the Ministry of Industry and Information Technology; its wholly-owned subsidiary Huitong Bio's polylactic acid project received a **50 million Yuan** central budget investment subsidy, demonstrating significant energy saving and carbon reduction effects - The company possesses multiple industry-leading core equipment manufacturing and engineering patent and proprietary technologies in the fields of polyester, nylon, hydrogen peroxide, and biodegradable materials engineering[55](index=55&type=chunk) - In August 2024, it was selected into the Ministry of Industry and Information Technology's list of key "Little Giant" enterprises, building multi-dimensional technological barriers with core patents covering key links across the entire industry chain[56](index=56&type=chunk) - Wholly-owned subsidiary Huitong Bio's "Annual Production of 105,000 Tons of Polylactic Acid Biodegradable Plastics and Its Series Products R&D and Production Project" received a **50 million Yuan** central budget investment subsidy, expected to save **42,000 tons of standard coal/year** and reduce carbon dioxide emissions by **52,500 tons/year**[56](index=56&type=chunk) [Customer Resource Advantage](index=17&type=section&id=Customer%20Resource%20Advantage) Leveraging advanced technology and excellent service capabilities, the company has established a strong reputation in the industry, building cooperative relationships with leading clients such as Yangnong Chemical, Pingmei Shenma, Cathay Biotech, and Wanhua Chemical; its customer base primarily consists of large state-owned enterprises and listed companies and their subsidiaries, possessing deep resource accumulation and market influence - The company has established a good reputation and recognition in the industry due to its advanced technological processes and excellent design consulting, equipment manufacturing, and EPC general contracting capabilities[57](index=57&type=chunk) - Established business cooperation with industry-leading clients such as Yangnong Chemical, Pingmei Shenma, Cathay Biotech, China TCC, Changhong High-Tech, Wanhua Chemical, Yankuang Group, Shanxi Huayang, and Hubei Yihua[57](index=57&type=chunk) - The downstream customer base structure is clear, primarily composed of large state-owned enterprises, listed companies, and their subsidiaries[57](index=57&type=chunk) [R&D and Intellectual Property Advantage](index=17&type=section&id=R%26D%20and%20Intellectual%20Property%20Advantage) The company has established a comprehensive R&D system and a strong R&D team, comprising **70 R&D personnel** and **102 engineering technicians**; the company focuses on building an R&D talent pipeline, collaborates with universities and research institutions, and continuously invests in R&D; as of the end of June 2025, the company holds **45 domestic invention patents**, **107 utility model patents**, and **5 software copyrights** - As of the end of June 2025, the company has **70 R&D personnel** and **102 engineering technicians**[58](index=58&type=chunk) - Established Jiangsu Provincial Enterprise Technology Center and Jiangsu Provincial Industrial Design Center, providing product innovation, design, and R&D support[60](index=60&type=chunk) - As of the end of June 2025, the company holds **45 domestic invention patents**, **107 utility model patents**, and **5 software copyrights**[60](index=60&type=chunk) - Ongoing R&D projects involve technologies such as polylactic acid production equipment and high-capacity, high-concentration hydrogen peroxide fluidized beds[52](index=52&type=chunk) [Qualifications and Industry Standard Advantage](index=18&type=section&id=Qualifications%20and%20Industry%20Standard%20Advantage) The company has received over twenty honors, including being a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise, and holds multiple professional qualifications such as Grade A qualification for chemical engineering in the chemical, petrochemical, and pharmaceutical industries, and pressure vessel design and manufacturing licenses, demonstrating full-process service capabilities; the company also actively participates as a drafting unit in the formulation of multiple national and industry standards and was selected as one of the first batch of key enterprises in Jiangsu Province authorized to conduct senior professional title evaluations in April 2025 - Received over twenty honors, including national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise, National Intellectual Property Advantage Enterprise, Jiangsu Provincial Service-Oriented Manufacturing Demonstration Enterprise, and Jiangsu Provincial Industrial Design Center[61](index=61&type=chunk) - Holds multiple professional qualifications, including Grade A qualification for chemical engineering in the chemical, petrochemical, and pharmaceutical industries, and pressure vessel design and manufacturing licenses, possessing full-process service capabilities from design and manufacturing to plant startup[61](index=61&type=chunk)[62](index=62&type=chunk) - Actively participates as a drafting unit in the formulation of multiple national and industry standards[61](index=61&type=chunk) - In April 2025, successfully selected as one of the first batch of key enterprises in Jiangsu Province authorized to conduct senior professional title evaluations independently[61](index=61&type=chunk) [Main Business Analysis](index=19&type=section&id=Main%20Business%20Analysis) During this reporting period, the company's operating revenue decreased by **37.49%** year-on-year, and net profit attributable to the parent company decreased by **80.24%**, mainly due to the high base from the Indonesian APP project delivery and reduced sales collections; revenue from biodegradable materials business increased by **1365.60%** year-on-year, with significant revenue growth in East China and Central China regions; administrative expenses, taxes and surcharges, other income, credit impairment losses, and asset impairment losses all increased significantly year-on-year, while investment income decreased substantially Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 277,210,825.63 | 443,485,672.06 | -37.49% | High base from Indonesian APP project delivery, significant decline in current period revenue | | Operating Cost | 193,206,808.75 | 313,551,487.83 | -38.38% | Operating revenue decreased from prior period, leading to a corresponding reduction in costs | | Administrative Expenses | 34,147,900.23 | 24,592,378.56 | 38.86% | New office building capitalized, leading to increased depreciation and office expenses, as well as increased management personnel salaries and intermediary service fees compared to the prior period | | Financial Expenses | -328,645.11 | -1,551,453.53 | 78.82% | Increased loan interest expenses and decreased interest income in the current period compared to the prior period | | Income Tax Expense | -1,504,088.33 | 12,234,500.39 | -112.29% | Decrease in total profit in the current period led to a decrease in income tax expense | | Net Cash Flow from Operating Activities | -17,962,777.63 | 130,325,377.15 | -113.78% | Decrease in sales collections in the current period | | Net Cash Flow from Investing Activities | 56,625,625.01 | -39,618,450.98 | 242.93% | Cash received from redemption of wealth management products exceeded cash paid for purchase of wealth management products in the current period | | Net Cash Flow from Financing Activities | 227,793,055.99 | 31,546,269.70 | 622.09% | Proceeds from public offering of RMB ordinary shares in the current period | | Other Income | 5,467,718.79 | 244,822.10 | 2,133.34% | Increase in government grants in the current period compared to the prior period | | Investment Income | 108,838.24 | 10,552,822.66 | -98.97% | Investment loss from disposal of a portion of subsidiary Huitong New Materials' equity, and decrease in net profit of associate companies | | Credit Impairment Losses | -13,212,075.37 | -1,364,592.65 | 868.21% | Increase in accounts receivable led to an increase in impairment provisions compared to the prior period | | Asset Impairment Losses | -7,133,394.00 | -1,012,769.08 | 604.35% | Increase in contract assets led to an increase in impairment provisions compared to the prior period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equipment Manufacturing | 189,946,018.05 | 132,369,001.96 | 30.31% | -46.28% | -47.48% | 1.59% | | EPC General Contracting | 60,061,955.46 | 41,276,116.10 | 31.28% | 22.72% | 31.05% | -4.37% | | Nylon | 38,534,895.67 | 24,570,608.84 | 36.24% | -26.37% | -24.94% | -1.21% | | Hydrogen Peroxide | 114,505,178.74 | 76,524,978.51 | 33.17% | -64.53% | -67.02% | 5.07% | | Biodegradable Materials | 86,957,599.07 | 61,937,121.42 | 28.77% | 1,365.60% | 1,416.36% | -2.39% | | East China Region | 193,487,782.93 | 137,992,308.19 | 28.68% | 297.93% | 336.93% | -6.37% | | Central China Region | 60,851,778.26 | 38,686,416.87 | 36.43% | 921.81% | 1,439.68% | -21.38% | [Non-Main Business Analysis](index=20&type=section&id=Non-Main%20Business%20Analysis) The company's non-main business significantly impacts total profit, with items such as investment income, asset impairment, non-operating expenses, and asset disposal gains having a substantial contribution or effect on total profit; government grants are an important source of non-recurring income, but most non-main business activities are not sustainable Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 108,838.24 | 0.75% | Primarily investment income recognized under the equity method and investment losses from disposal of a portion of subsidiary Huitong New Materials' equity | Investment income recognized under the equity method is sustainable | | Gains or losses from changes in fair value | 0.00 | 0.00% | | | | Asset Impairment | -7,133,394.00 | -48.86% | Provision for impairment of contract assets and inventory depreciation | No | | Non-operating Income | 1.27 | 0.00% | Enterprise account verification funds | No | | Non-operating Expenses | 265,781.00 | 1.82% | Primarily external donations | No | | Gains from Asset Disposal | 110,304.08 | 0.76% | Disposal of fixed assets | No | | Other Income | 5,467,718.79 | 37.45% | Primarily government grants related to daily operating activities | No | [Asset and Liability Status Analysis](index=21&type=section&id=Asset%20and%20Liability%20Status%20Analysis) At the end of the reporting period, the company's total assets increased by **15.54%** year-on-year, and net assets attributable to shareholders increased by **39.53%**; monetary funds, fixed assets, accounts receivable, and contract assets significantly increased, mainly due to the proceeds from public offering and the capitalization of construction in progress; long-term borrowings and construction in progress decreased; total restricted assets at period-end amounted to **74,688,393.80 Yuan**, primarily for deposits and bank credit collateral Asset Composition Significant Changes | Item | End of Current Reporting Period (Yuan) | Proportion of Total Assets | End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 504,902,151.15 | 23.59% | 237,644,914.90 | 12.83% | 10.76% | Primarily due to proceeds from public offering of RMB ordinary shares in the current period | | Accounts Receivable | 202,074,040.46 | 9.44% | 128,639,002.86 | 6.94% | 2.50% | | | Contract Assets | 150,185,702.61 | 7.02% | 97,272,099.35 | 5.25% | 1.77% | | | Inventories | 191,419,917.91 | 8.94% | 206,966,230.27 | 11.17% | -2.23% | | | Fixed Assets | 236,641,243.40 | 11.06% | 56,063,115.30 | 3.03% | 8.03% | Primarily due to capitalization of construction in progress in the current period | | Construction in Progress | 456,879,960.10 | 21.35% | 609,515,041.71 | 32.90% | -11.55% | Primarily due to capitalization of construction in progress in the current period | | Long-term Borrowings | 230,000,000.00 | 10.75% | 315,000,000.00 | 17.01% | -6.26% | Primarily due to repayment of loans in the current period | - Total assets at period-end were **2,140,188,938.30 Yuan**, an increase of **15.54%** compared to the end of the prior year[22](index=22&type=chunk)[72](index=72&type=chunk) - Net assets attributable to shareholders of the listed company were **1,287,623,396.59 Yuan**, an increase of **39.53%** compared to the end of the prior year[22](index=22&type=chunk)[72](index=72&type=chunk) [Asset Rights Restriction Status as of the End of the Reporting Period](index=22&type=section&id=Asset%20Rights%20Restriction%20Status%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, certain monetary funds, intangible assets (land use rights), and fixed assets (buildings) of the company were restricted, primarily used as deposits for issuing bank acceptance bills and guarantees, and as collateral for bank credit Asset Rights Restriction Status as of the End of the Reporting Period | Item | End of Period Balance (Yuan) | Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,050,000.00 | 1,050,000.00 | Used as deposits for issuing bank acceptance bills, guarantees, etc. | | Intangible Assets - Land Use Rights | 37,129,131.00 | 34,715,737.29 | Pledged for bank credit | | Fixed Assets - Buildings | 36,509,262.80 | 15,612,744.18 | Pledged for bank credit | | Total | 74,688,393.80 | 51,378,481.47 | | [Investment Status Analysis](index=22&type=section&id=Investment%20Status%20Analysis) The company's net proceeds from its initial public offering amounted to **353.7179 million Yuan** in this reporting period, with a cumulative investment of **98.8044 million Yuan**, primarily for the Technology R&D Center project; wealth management products incurred during the reporting period totaled **504 million Yuan**, including **270 million Yuan** from proceeds and **234 million Yuan** from own funds; the company has no significant equity investments, non-equity investments, financial assets measured at fair value, derivative investments, or entrusted loans - Total proceeds from public offering were **414.4160 million Yuan**, with net proceeds of **353.7179 million Yuan**, transferred to the company's designated account on January 10, 2025[78](index=78&type=chunk) - As of June 30, 2025, the company has cumulatively invested **98.8044 million Yuan** of the proceeds, accounting for **27.93%** of the net proceeds[78](index=78&type=chunk) - The proceeds are primarily invested in the "Intelligent Upgrade and Technical Transformation Project for High-end Chemical Equipment Production Line" and the "Technology R&D Center (Huitong Research Institute) Project"[81](index=81&type=chunk) - The "Technology R&D Center (Huitong Research Institute) Project" has invested **98.8044 million Yuan**, with an investment progress of **39.16%**, and is expected to reach its intended usable state by September 30, 2026[81](index=81&type=chunk) - Wealth management products incurred during the reporting period totaled **504 million Yuan**, including **234 million Yuan** from own funds and **270 million Yuan** from proceeds[85](index=85&type=chunk) - The outstanding balance of wealth management products at period-end was **125.50 million Yuan**, all from own funds[85](index=85&type=chunk) [Use of Proceeds from Public Offering](index=22&type=section&id=Use%20of%20Proceeds%20from%20Public%20Offering) The company's net proceeds from its initial public offering amounted to **353.7179 million Yuan**, with a cumulative investment of **98.8044 million Yuan** as of the end of the reporting period, primarily for the Technology R&D Center project, representing an investment progress of **27.93%**; the company has used **91.9845 million Yuan** of the proceeds to replace self-raised funds previously invested in IPO projects and paid issuance expenses - The net proceeds from public offering amounted to **353.7179 million Yuan**[78](index=78&type=chunk) - As of June 30, 2025, the company has cumulatively invested **98.8044 million Yuan** of the proceeds, accounting for **27.93%** of the net proceeds[78](index=78&type=chunk) - The "Intelligent Upgrade and Technical Transformation Project for High-end Chemical Equipment Production Line" has a committed investment of **101.4179 million Yuan**, with **0 Yuan** invested in the current reporting period and **0 Yuan** cumulatively invested[81](index=81&type=chunk) - The "Technology R&D Center (Huitong Research Institute) Project" has a committed investment of **252.30 million Yuan**, with **98.8044 million Yuan** invested in the current reporting period and **98.8044 million Yuan** cumulatively invested, representing an investment progress of **39.16%**[81](index=81&type=chunk) - On March 26, 2025, the company approved the use of proceeds to replace self-raised funds previously invested in IPO projects and paid issuance expenses, totaling **91.9845 million Yuan**[82](index=82&type=chunk) [Wealth Management Products, Derivative Investments, and Entrusted Loans](index=26&type=section&id=Wealth%20Management%20Products%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) During the reporting period, the company's wealth management products incurred totaled **504 million Yuan**, comprising **234 million Yuan** from own funds and **270 million Yuan** from proceeds; the outstanding balance at period-end was **125.50 million Yuan**, all from own funds; the company had no derivative investments or entrusted loans during the reporting period Overview of Wealth Management Products During the Reporting Period | Specific Type | Source of Funds for Wealth Management | Amount Incurred (Yuan) | Unexpired Balance (Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 234,000,000 | 125,500,000 | | Bank Wealth Management Products | Proceeds from Public Offering | 270,000,000 | 0 | | Total | | 504,000,000 | 125,500,000 | - The company had no derivative investments during the reporting period[86](index=86&type=chunk) - The company had no entrusted loans during the reporting period[86](index=86&type=chunk) [Analysis of Major Holding and Associate Companies](index=26&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, the company's associate company, Oerlikon Barmag Huitong (Yangzhou) Engineering Co., Ltd., achieved a net profit of **13,926,123.94 Yuan**; the company disposed of a portion of its equity in subsidiary Element Huitong New Materials (Yangzhou) Co., Ltd., resulting in a loss of control and an investment loss of **6.65 million Yuan** Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Oerlikon Barmag Huitong (Yangzhou) Engineering Co., Ltd. | Associate Company | Chemical equipment sales, EPC general contracting | 100,000,000.00 | 13,926,123.94 | - During the reporting period, the company disposed of Element Huitong New Materials (Yangzhou) Co., Ltd. through equity transfer, resulting in a loss of control and an investment loss of **6.65 million Yuan**, with the shareholding ratio decreasing from **75%** to **29%**[90](index=90&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic fluctuations and industrial policies, technological updates, fluctuations in major raw material prices, loss of technical personnel and leakage of commercial and technical secrets, high customer concentration, and major contract performance; the company has formulated corresponding countermeasures, including strengthening market analysis, continuous R&D investment, optimizing procurement management, enhancing intellectual property protection, expanding customer base, and improving contract performance management - Macroeconomic Fluctuations and Industrial Policy Risks: The specialized petrochemical equipment manufacturing and engineering technical services industry is highly dependent on fixed asset investment, and is subject to cyclical fluctuations influenced by macroeconomic conditions and industrial policies[91](index=91&type=chunk) - Countermeasures: Continuously monitor macroeconomic trends and industrial policies, scientifically formulate forward-looking business layouts and operating strategies, and adjust and optimize product and service structures[91](index=91&type=chunk) - Technological Update Risks: High-end nylon preparation processes are becoming increasingly diverse, and there is a gap between hydrogen peroxide fluidized bed technology and electronic-grade hydrogen peroxide preparation technology; failure to timely update and iterate technologies and equipment may lead to market share loss to competitors[92](index=92&type=chunk) - Countermeasures: Establish and improve market policy and customer demand analysis mechanisms, continuously invest in R&D, focus on industry-university-research cooperation, and overcome core technological bottlenecks[93](index=93&type=chunk) - Major Raw Material Price Fluctuation Risks: Steel, a major raw material, accounts for a significant proportion of total product costs, and price fluctuations have a substantial impact on gross margin[94](index=94&type=chunk) - Countermeasures: Continuously monitor market dynamics and price changes, increase the number of suppliers to diversify risks, enhance bargaining power through long-term strategic cooperation, and strengthen price forecasting capabilities[94](index=94&type=chunk) - Risks of Technical Personnel Loss and Commercial and Technical Secret Leakage: The company's core technology relies on independent R&D, facing risks of intellectual property protection and talent loss[95](index=95&type=chunk) - Countermeasures: Establish a complete intellectual property protection system, sign confidentiality and non-compete agreements with core personnel, and focus on long-term incentives and stability measures for key talent[95](index=95&type=chunk) - High Customer Concentration Risk: Fixed asset investments in the downstream chemical industry are large in single scale and cyclical, and strategic adjustments or operational difficulties of major customers may impact the company's performance[96](index=96&type=chunk) - Countermeasures: Consolidate and deepen cooperation with existing major customers, strengthen business development, attract more domestic and international customers, and extend and expand business into other fields[97](index=97&type=chunk) - Major Contract Performance Risks: Engineering technical service contracts have long execution cycles and may be delayed or terminated due to macroeconomic changes, deterioration of customer operations, or project accidents[98](index=98&type=chunk) - Countermeasures: Closely monitor project industry dynamics, deepen customer communication, strictly enforce collection milestones; improve procurement management, strengthen supplier evaluation, and strictly adhere to manufacturing standards[98](index=98&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=30&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, environmental protection efforts, and social responsibility initiatives during the reporting period [Changes in Company Directors, Supervisors, and Senior Management](index=30&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[102](index=102&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=30&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[103](index=103&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=30&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[104](index=104&type=chunk) [Environmental Information Disclosure](index=30&type=section&id=Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) [Social Responsibility Status](index=30&type=section&id=Social%20Responsibility%20Status) The company actively fulfills its corporate social responsibilities, including protecting shareholder rights, safeguarding employee rights, protecting supplier and customer interests, prioritizing environmental protection and sustainable development, and actively participating in public relations and social welfare initiatives, striving for coordinated development between the enterprise and socio-economic progress - Shareholder Rights Protection: Strictly adheres to laws and regulations, improves corporate governance structure and internal control systems to safeguard shareholders' legitimate rights and interests; maintains principles of completeness, timeliness, and accuracy in information disclosure, and focuses on investor relations management[105](index=105&type=chunk) - Employee Rights Maintenance: Adheres to a "people-oriented" philosophy, implements employee benefits (social security, housing provident fund, dormitories, work meals, health checks), and the labor union distributes holiday gifts and daily necessities; encourages employees to obtain qualification certificates to enhance professional competence[106](index=106&type=chunk) - Supplier and Customer Interest Protection: Establishes a comprehensive supplier evaluation and management system, strictly controls procurement and material quality to protect suppliers' legitimate rights and interests; upholds a "people-oriented, customer-first" philosophy, provides high-quality products and services, ensures timely delivery, improves quality, and protects customers' legitimate rights and interests[107](index=107&type=chunk) - Environmental Protection and Sustainable Development: Places high importance on environmental protection, complies with national and local environmental regulations, and is certified under quality, environmental, and occupational health and safety management systems, with safety officers responsible for environmental work[108](index=108&type=chunk) - Public Relations and Social Welfare: Pays taxes honestly and legally, contributing to local economic development; actively participates in community activities and supports local construction, donating **265,000 Yuan** to the Yangzhou Economic and Technological Development Zone Charity Association in 2025[109](index=109&type=chunk) [Section V Significant Matters](index=33&type=section&id=Section%20V%20Significant%20Matters) This section outlines the company's commitments, related party transactions, litigation, and other significant events that occurred during the reporting period [Commitments](index=33&type=section&id=Commitments) During the reporting period, the company's controlling shareholder, actual controllers, shareholders holding 5% or more of shares, directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering or refinancing, including share lock-up, share reduction, share price stabilization, compensation for diluted immediate returns, avoidance of horizontal competition, reduction and standardization of related party transactions, and avoidance of fund occupation; all commitments are "in progress" - Controlling shareholder and actual controllers Yan Xuming and Zhang Jiangang committed to a **36-month** share lock-up, with a reduction price not lower than the offering price, and an extended lock-up period of **6 months** if the share price falls below the offering price within **6 months** after listing[112](index=112&type=chunk) - Shareholders holding **5%** or more of shares, directors, supervisors, and senior management committed to share lock-up periods ranging from **12 to 36 months**, and adhere to share reduction regulations[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The company, its controlling shareholder, actual controllers, directors, supervisors, and senior management all committed to stabilizing the share price, initiating stabilization measures if the price remains below net assets per share for **20 consecutive trading days**[127](index=127&type=chunk) - Controlling shareholder, actual controllers, directors, supervisors, and senior management committed not to overstep authority in intervening in the company's operations, not to infringe upon company interests, and to link remuneration systems with return compensation measures[129](index=129&type=chunk) - The company and its related parties committed to avoiding horizontal competition, reducing and standardizing related party transactions, and avoiding fund occupation[130](index=130&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk) - All commitments are "in progress"[112](index=112&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=48&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, the company had no non-operating fund occupation by its controlling shareholder or other related parties - The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[140](index=140&type=chunk) [Illegal External Guarantees](index=48&type=section&id=Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[141](index=141&type=chunk) [Appointment and Dismissal of Accounting Firms](index=48&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's half-year financial report was not audited - The company's half-year financial report was not audited[142](index=142&type=chunk) [Litigation Matters](index=48&type=section&id=Litigation%20Matters) During the reporting period, the company was involved in two major technical secret dispute lawsuits filed by Juyou Chemical, with claimed amounts of **260 million Yuan** and **300 million Yuan**, respectively; the plaintiff has withdrawn both cases, which the court has approved, and these cases have no impact on the company's current or future profits - Juyou Chemical's lawsuit against Zhongke Qicheng, Huitong Technology, and Huayang Group (Shanxi) Fiber New Materials Co., Ltd. for infringement of technical secrets, involving **260 million Yuan**, has been withdrawn by the plaintiff and approved by the court, with no impact on the company's profit[144](index=144&type=chunk) - Juyou Chemical's lawsuit against Zhongke Qicheng, Huitong Technology, Changhong High-Tech, and Changhong Bio for infringement of technical secrets, involving **300 million Yuan**, has been withdrawn by the plaintiff and approved by the court, with no impact on the company's profit[144](index=144&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers](index=49&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controllers) During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[146](index=146&type=chunk) [Significant Related Party Transactions](index=49&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions related to daily operations, primarily including procurement of utilities, materials, and transportation services, as well as sales of equipment manufacturing and design consulting services, and related party housing leases; the company had no other significant related party transactions such as asset or equity acquisitions/disposals, joint external investments, or related party debt/credit transactions Related Party Transactions for Purchase and Sale of Goods, and Provision and Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Yangzhou Yuantong Transportation Engineering Co., Ltd. | Road Signs | 505,000.00 | 0.00 | Yes | | Danyang Jierduo Peptide Co., Ltd. | Utilities | 59,000.00 | 200,000.00 | No | | Yangzhou Weiyang District Runxin Energy-Saving Heat Pipe Factory | Material Procurement | 11,100.00 | 200,000.00 | No | | Yangzhou Hongxiang Logistics Co., Ltd. | Transportation Fees | 506,800.00 | 1,500,000.00 | No | | Oerlikon Barmag Huitong (Yangzhou) Engineering Co., Ltd. | Equipment Manufacturing Business | 6,660,400.00 | 150,000,000.00 | No | | Oerlikon Barmag Huitong (Yangzhou) Engineering Co., Ltd. | Design Consulting Business | 1,893,200.00 | 25,000,000.00 | No | | Element Huitong New Materials (Yangzhou) Co., Ltd. | Chemical Product Sales | 179,400.00 | - | - | Related Party Lease Situations (as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (Yuan) | | :--- | :--- | :--- | | Oerlikon Barmag Huitong (Yangzhou) Engineering Co., Ltd. | Building Lease | 504,587.16 | Related Party Lease Situations (as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (Yuan) | | :--- | :--- | :--- | | Danyang Jierduo Peptide Co., Ltd. | Building Lease | 190,476.19 | | Yang Huijie | Building Lease | 100,000.00 | - The company had no related party transactions involving asset or equity acquisitions/disposals, joint external investments, related party debt/credit transactions, or dealings with affiliated financial companies, or other significant related party transactions during the reporting period[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk) [Significant Contracts and Their Performance](index=52&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had leasing activities, recognizing external lease income of **572,400 Yuan** and lease expenses of **659,000 Yuan**; the company had no significant guarantees, major daily operating contracts, or other significant contracts - During the reporting period, the company and its subsidiaries recognized external lease income totaling **572,400 Yuan**, and lease expenses totaling **659,000 Yuan**[159](index=159&type=chunk) - The company had no significant guarantees during the reporting period[160](index=160&type=chunk) - The company had no major daily operating contracts or other significant contracts during the reporting period[163](index=163&type=chunk) [Explanation of Other Significant Matters](index=53&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company successfully completed the re-election of its board of directors and the re-appointment of senior management and other relevant personnel in August 2025 - The company convened the fifteenth meeting of the third board of directors on August 1, 2025, and the first extraordinary general meeting of shareholders in 2025 on August 20, 2025, to approve the re-election of the board of directors[164](index=164&type=chunk) - The company has successfully completed the re-election of its board of directors and the re-appointment of senior management and other relevant personnel[164](index=164&type=chunk) [Section VI Share Capital Changes and Shareholder Information](index=54&type=section&id=Section%20VI%20Share%20Capital%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, and information regarding its shareholders and actual controllers [Share Capital Changes](index=54&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital increased from **105.36 million shares** to **140.48 million shares** due to the initial public offering of **35.12 million RMB ordinary shares (A-shares)**; after this change, restricted shares accounted for **78.66%** of the total share capital, and unrestricted shares accounted for **21.34%**; following this share capital change, the company's basic earnings per share for the first half of 2025 was **0.1216 Yuan/share**, diluted earnings per share was **0.1216 Yuan/share**, and net assets per share attributable to ordinary shareholders was **9.17 Yuan** - The company issued **35.12 million RMB ordinary shares (A-shares)** in its initial public offering[169](index=169&type=chunk) - Total share capital increased from **105.36 million shares** to **140.48 million shares**[169](index=169&type=chunk) Share Capital Changes | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (＋,－) Subtotal (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 105,360,000 | 100.00% | 5,147,894 | 110,507,894 | 78.66% | | II. Unrestricted Shares | 0 | 0.00% | 29,972,106 | 29,972,106 | 21.34% | | III. Total Shares | 105,360,000 | 100.00% | 35,120,000 | 140,480,000 | 100.00% | - After this share capital change, the company's basic earnings per share for the first half of 2025 was **0.1216 Yuan/share**, diluted earnings per share was **0.1216 Yuan/share**, and net assets per share attributable to ordinary shareholders was **9.17 Yuan**[171](index=171&type=chunk) [Reasons for Share Capital Changes](index=55&type=section&id=Reasons%20for%20Share%20Capital%20Changes) The company's total share capital increased by **35.12 million shares** due to the initial public offering of RMB ordinary shares (A-shares) approved by the China Securities Regulatory Commission - The company's initial public offering of **35.12 million RMB ordinary shares (A-shares)** led to the change in share capital[169](index=169&type=chunk) [Changes in Restricted Shares](index=55&type=section&id=Changes%20in%20Restricted%20Shares) During the reporting period, the total number of restricted shares increased by **5,147,894 shares** to **110,507,894 shares**, primarily due to the increase in strategically placed restricted shares and offline placed restricted shares from the initial public offering Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Yan Xuming | 21,600,000 | 0 | 21,600,000 | Restricted shares before initial public offering | | Zhang Jiangang | 17,900,000 | 0 | 17,900,000 | Restricted shares before initial public offering | | Shenwan Hongyuan Huitong Technology Employee Strategic Placement No. 1 Collective Asset Management Plan | 0 | 3,512,000 | 3,512,000 | Restricted shares from initial public offering strategic placement | | Restricted Shareholders from Initial Public Offering Offline Placement | 0 | 1,635,894 | 1,635,894 | Restricted shares from initial public offering offline placement | [Securities Issuance and Listing](index=57&type=section&id=Securities%20Issuance%20and%20Listing) The company was listed on the ChiNext board of the Shenzhen Stock Exchange on January 15, 2025, with an initial public offering of **35.12 million RMB ordinary shares (A-shares)** at an issue price of **11.80 Yuan/share** - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on January 15, 2025, with stock abbreviation "Huitong Technology" and stock code "301601"[175](index=175&type=chunk) - Initial public offering of **35.12 million RMB ordinary shares (A-shares)** at an issue price of **11.80 Yuan/share**[175](index=175&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=57&type=section&id=Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) At the end of the reporting period, the total number of ordinary shareholders was **19,160**; among the top ten shareholders, Yan Xuming and Zhang Jiangang are the actual controllers, jointly controlling **39.86%** of the company's voting rights directly and indirectly; the shareholding status of the top ten shareholders remained stable, with no pledges, markings, or freezes - At the end of the reporting period, the total number of ordinary shareholders was **1

深圳市建筑科学研究院股份有限公司 2025 年半年度报告全文 深圳市建筑科学研究院股份有限公司 2025 年半年度报告 2025-034 2025 年 8 月 1 深圳市建筑科学研究院股份有限公司 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。 公司负责人叶青、主管会计工作负责人邵晓东及会计机构负责人(会计主 管人员)陈友莲声明：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。 本报告中涉及未来计划或规划等前瞻性陈述的，均不构成公司对投资者 的实质承诺，投资者及相关人士均应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。 有关公司可能面对的风险及公司应对措施等详见本报告第三节"管理层 讨论与分析"中相关内容，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 | | | --- | --- | | ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The board, supervisory board, and senior management guarantee the report's truthfulness and completeness, with no cash dividends or bonus shares planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report is structured into eight sections, providing a comprehensive overview from important notes to financial statements for investor navigation - The report comprises eight sections, including important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, and financial reports[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company details, financial units, and extensive semiconductor terminology, to ensure accurate report comprehension - Basic information such as company, shareholders, industry-related enterprises, laws and regulations, and financial units are defined[10](index=10&type=chunk) - Detailed explanations are provided for semiconductor professional terms, such as discrete devices, integrated circuits, packaging, testing, and assembly and test[10](index=10&type=chunk) - Advanced packaging technologies and materials, such as gallium nitride, power semiconductors, wide bandgap, IDM, Fabless, Flip Chip, and SIP, are covered[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=8&type=section&id=I.%20Company%20Profile) Foshan Blue Rocket Electronics Co, Ltd (stock code: 301348) is listed on the Shenzhen Stock Exchange, with Zhang Shun as its legal representative - The company's stock abbreviation is "Blue Rocket Electronics", stock code "301348", listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's Chinese name is Foshan Blue Rocket Electronics Co, Ltd, and its legal representative is Zhang Shun[14](index=14&type=chunk) [Contact Person and Contact Information](index=8&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's board secretary is Zhang Guoguang, and the securities affairs representative is Lin Pinwang, both located at No 45 Guxin Road, Chancheng District, Foshan City, Guangdong Province, China, with phone number 0757-63313388 and fax 0757-63313400 - The board secretary is Zhang Guoguang, and the securities affairs representative is Lin Pinwang[15](index=15&type=chunk) - The company's contact address is No 45 Guxin Road, Chancheng District, Foshan City, Guangdong Province, China, with phone number 0757-63313388[15](index=15&type=chunk) [Other Information](index=8&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and storage locations, or registration status, with details available in the 2024 annual report - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **4.86%** to **339 million yuan**, but net profit attributable to shareholders decreased by **40.35%** to **-11 million yuan**, with non-recurring net profit down **25.06%**; net cash flow from operating activities significantly grew by **286.81%** to **106 million yuan**, while total assets increased by **6.87%** to **2.003 billion yuan**, and net assets attributable to the parent company decreased by **1.51%** to **1.504 billion yuan** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Period-End/Prior Year-End (yuan) | Prior Year-End (yuan) | Period-End vs Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 338,721,347.21 | 323,010,996.79 | 4.86% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | -10,999,171.72 | -7,837,166.85 | -40.35% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Items | -11,190,694.71 | -8,948,333.49 | -25.06% | - | - | - | | Net Cash Flow from Operating Activities | 106,013,330.06 | 27,407,014.10 | 286.81% | - | - | - | | Basic Earnings Per Share (yuan/share) | -0.0550 | -0.0392 | -40.31% | - | - | - | | Diluted Earnings Per Share (yuan/share) | -0.0550 | -0.0392 | -40.31% | - | - | - | | Weighted Average Return on Net Assets | -0.72% | -0.50% | -0.22% | - | - | - | | Total Assets | - | - | - | 2,003,214,308.98 | 1,874,396,635.95 | 6.87% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 1,503,703,294.25 | 1,526,702,465.97 | -1.51% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company's report period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - The company's report period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **191,522.99 yuan**, primarily including gains/losses from disposal of non-current assets, government subsidies, fair value changes, and other non-operating income/expenses, after deducting income tax effects 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 157,305.82 | | Government subsidies included in current profit/loss (excluding those with continuous impact) | 112,525.38 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities held by non-financial enterprises | 425,228.68 | | Other non-operating income and expenses apart from the above | -469,738.71 | | Less: Income tax impact | 33,798.18 | | **Total** | **191,522.99** | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in semiconductor packaging and testing, offering discrete devices and integrated circuit products within the electronic device manufacturing industry; the semiconductor market is driven by macroeconomics and emerging applications, with global growth expected and advanced packaging as a core driver, while the company employs an "own-brand + packaging and testing services" model, leveraging core technologies and diverse product lines to expand into new application areas [Industry Overview](index=11&type=section&id=I.%EF%BC%88%E4%B8%80%EF%BC%89Industry%20Overview) The company's main business is semiconductor packaging and testing, classified under electronic device manufacturing (industry code: C397) within the computer, communication, and other electronic equipment manufacturing industry - The company's main business is semiconductor packaging and testing[26](index=26&type=chunk) - The company's industry is electronic device manufacturing (industry code: C397) under computer, communication, and other electronic equipment manufacturing[26](index=26&type=chunk) [Industry Fundamentals](index=11&type=section&id=I.%EF%BC%88%E4%BA%8C%EF%BC%89Industry%20Fundamentals) The semiconductor industry, a foundational element of information technology, is cyclical but finds new opportunities in 5G, AI, and IoT; the global market is projected to grow by **11.2%** to **700.9 billion US dollars** in 2025, driven by logic and memory chips, with a rebound in discrete device and analog chip prices, while China's integrated circuit output and exports show strong growth, and the packaging and testing market is set to expand, with advanced packaging as a key driver, supported by various national policies - The semiconductor industry is the foundation and core of the information technology industry, characterized by cyclicality, but new development opportunities arise from emerging fields such as 5G communication, IoT, artificial intelligence, and intelligent driving[27](index=27&type=chunk) Global Semiconductor Market Size and Growth Forecast | Indicator | 2024 (US$M) | 2025 (US$M) | 2026 (US$M) | 2024 YoY Growth (%) | 2025 YoY Growth (%) | 2026 YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total World - $M | 630,549 | 700,874 | 760,700 | 19.7 | 11.2 | 8.5 | | Discrete Semiconductors | 31,026 | 30,219 | 32,733 | -12.7 | -2.6 | 8.3 | | Integrated Circuits | 539,505 | 611,582 | 667,390 | 25.9 | 13.4 | 9.1 | | Logic | 215,768 | 267,259 | 286,842 | 20.8 | 23.9 | 7.3 | | Memory | 165,516 | 184,841 | 214,826 | 79.3 | 11.7 | 16.2 | - In the first half of 2025, China's integrated circuit output increased by **8.7%** year-on-year to **239.5 billion units**, export volume increased by **20.6%** year-on-year to **167.77 billion units**, and export value increased by **20.3%** year-on-year to **650.26 billion yuan**[33](index=33&type=chunk) - China's semiconductor packaging and testing market size is projected to grow from **346.7 billion yuan** in 2021 to **518.9 billion yuan** in 2025, with a compound annual growth rate of approximately **7%**[40](index=40&type=chunk) - The state has introduced multiple policies to support the development of the integrated circuit industry, including high-end electronic components industrialization projects, action plans for metrology to support new quality productive forces, and large-scale equipment renewal and consumer goods trade-in programs[42](index=42&type=chunk)[43](index=43&type=chunk) [Company Market Position](index=15&type=section&id=I.%EF%BC%88%E4%B8%89%EF%BC%89Company%20Market%20Position) The company specializes in semiconductor packaging and testing, building a "discrete device + integrated circuit" system with an "own-brand + packaging and testing services" model; it possesses through-hole, SMT, flip-chip, and system-in-package technologies, offering a wide range of discrete and integrated circuit products, establishing itself as a significant semiconductor device production base in South China, with strong technical innovation in metal substrate packaging, DFN ultra-thin packaging, SIP, wide bandgap semiconductor packaging and testing, and automotive-grade product development, while actively pursuing digitalization and intelligent manufacturing - The company specializes in semiconductor packaging and testing, building a packaging and testing system centered on "discrete devices + integrated circuits", adopting a business model of "own-brand + packaging and testing services"[44](index=44&type=chunk) - The company masters through-hole insertion, surface mount packaging, flip-chip technology, and system-in-package technology, with discrete device packaging products covering over **50** series, and integrated circuit packaging products encompassing over **50** series including SOT, SOP, DFN, PDFN, and QFN[44](index=44&type=chunk) - The company possesses core technologies in metal substrate packaging, fully integrated lithium battery protection ICs, and SIP system-in-package, having achieved mass production of frameless packaging, reduced DFN series packaging thickness to **300μm**, and possesses full-process packaging and testing capabilities for **4-inch to 12-inch** wafers[45](index=45&type=chunk)[46](index=46&type=chunk) - The company has mastered a complete wide bandgap semiconductor packaging and testing technology system, actively developing high-power MOSFET automotive-grade products, with multiple products having passed AEC-Q101 third-party testing certification[47](index=47&type=chunk) - The company promotes organic interconnection of equipment through systems such as MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS, essentially achieving intelligent interconnection from customer order reception to the entire product production process[48](index=48&type=chunk) [Company's Main Business](index=17&type=section&id=I.%EF%BC%88%E5%9B%9B%EF%BC%89Company%27s%20Main%20Business) The company's main business is semiconductor packaging and testing, offering discrete devices like diodes, transistors, MOSFETs, IGBTs, SiC SBDs, and SiC MOS, as well as integrated circuits such as LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, and LED driver ICs; the company emphasizes R&D upgrades, mastering core technologies like metal substrate packaging, fully integrated lithium battery protection ICs, power device packaging, ultra-thin chip packaging, SIP, and flip-chip technology, having established a digital, intelligent, and automated production system applied in emerging fields like 5G communication and automotive electronics - The company's main business is semiconductor packaging and testing, providing discrete devices and integrated circuit products, including diodes, transistors, field-effect transistors, IGBTs, SiC SBDs, SiC MOS and other discrete devices, and LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, LED driver ICs, and Hall effect devices as integrated circuit products[52](index=52&type=chunk) - The company masters a series of core technologies including metal substrate packaging, fully integrated lithium battery protection ICs, power device packaging, ultra-thin chip packaging, semiconductor/IC testing, high-reliability welding, high-density frame packaging, System-in-Package (SIP), Flip Chip (FC) technology, and copper bridge technology[52](index=52&type=chunk) - Through independent innovation, the company has successfully built a digital, intelligent, and automated production system across the entire packaging and testing process, possessing full-process packaging and testing capabilities for **4-inch to 12-inch** wafers[53](index=53&type=chunk) - The company's products are directly or indirectly applied in emerging fields such as 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots[66](index=66&type=chunk) [Company's Main Products and Services](index=18&type=section&id=I.%EF%BC%88%E4%BA%94%EF%BC%89Company%27s%20Main%20Products%20and%20Services) The company offers over **50** series of discrete device products, including power diodes, transistors, MOSFETs, and IGBTs, with diverse packaging forms and technical advantages in innovative structural design, trench technology, and copper bridge packaging; integrated circuit products also span over **50** series, such as LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, and LED driver ICs, featuring technical strengths in independent frame design, multi-chip interconnection, high-density wire bonding, high-efficiency testing, and integrated packaging - The company's discrete device products involve over **50** series, including power diodes, power transistors, power MOS, IGBTs, and other power devices and small signal devices[56](index=56&type=chunk) - Discrete device products come in various packaging forms, including TO, SOT, SOD, SOP, DFN, PDFN, SMA, SMAF, SMB, SMBF, SMC, ABS, ABF, MBF, TOLL, LFPAK, D3K, GBL/P, etc[58](index=58&type=chunk) - Integrated circuit products involve over **50** series, mainly including LDO, AC-DC, DC-DC, lithium battery protection ICs, and LED driver ICs[61](index=61&type=chunk) - Integrated circuit product technical advantages include independent frame design, multi-chip interconnection welding technology, high-density wire bonding technology, multi-site high-efficiency precision testing technology, and high-reliability packaging technology[61](index=61&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) [Company's Main Business Model](index=24&type=section&id=I.%EF%BC%88%E5%85%AD%EF%BC%89Company%27s%20Main%20Business%20Model) The company's profit model combines "own-brand" and "packaging and testing services," either by self-procuring chip materials for packaging and testing or by providing services on client commission; its R&D model is primarily independent, supplemented by collaborative efforts, with a complete process from market research to mass production; procurement is direct, focusing on supplier management and staggered purchasing; production combines stock-based (own-brand) and order-based (packaging and testing services) approaches, primarily in-house with some outsourcing, adhering to strict quality management systems; sales are direct, expanding client base through close contact and trade channels - The company's profit model is divided into two categories: selling own-brand products and providing packaging and testing services to customers[68](index=68&type=chunk) - The R&D model is primarily independent research and development, supplemented by collaborative research and development, establishing a complete process from market research, feasibility analysis, project initiation application, design and process development, sample trial production and review, to mass production and quality control[71](index=71&type=chunk)[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) - Procurement involves direct purchase of raw materials such as chips, frames, internal leads, and molding compounds, with a sound internal control system for procurement and supplier management, and a staggered procurement strategy[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - The production model combines sales forecasts and orders, with own-brand products adopting stock-based production and packaging and testing services adopting order-based production, primarily in-house production supplemented by outsourced processing, and strictly adhering to ISO9001 and IATF16949 quality management systems[86](index=86&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk) - The sales model is direct sales, expanding customers through telephone follow-ups, on-site visits, direct development, and customer referrals, and utilizing trader channels to expand market coverage[91](index=91&type=chunk)[92](index=92&type=chunk) [Company's Development Strategy and Business Plan](index=28&type=section&id=I.%EF%BC%88%E4%B8%83%EF%BC%89Company%27s%20Development%20Strategy%20and%20Business%20Plan) The company's strategic focus is on semiconductor packaging and testing, emphasizing independent innovation and continuous R&D investment, particularly in automotive-grade products, gallium nitride fast charging, and advanced packaging technologies; it plans to concentrate core resources, deepen IC product R&D, and expand into industrial, automotive, new energy, and overseas markets, while strengthening brand building, enhancing market visibility and share, fostering new quality productive forces through digitalization and intelligent manufacturing, optimizing talent mechanisms, and broadening financing channels to support business growth - The company's strategic core is to focus on its main business of semiconductor packaging and testing, insisting on developing high-end products and expanding high-end customer groups to build a differentiated competitive advantage[93](index=93&type=chunk) - The company will continue R&D investment and active technological innovation, developing new competitive products in automotive-grade product R&D, gallium nitride fast charging, and other cutting-edge technology fields, and actively conducting research on advanced packaging platforms[94](index=94&type=chunk) - The company plans to deepen its core business, focusing on enhancing IC product R&D capabilities, and actively expanding into industrial, automotive, new energy, and overseas markets[95](index=95&type=chunk) - The company will strengthen brand building, consolidate existing customers, actively develop new customers and traders, and increase the development and layout of overseas customers[96](index=96&type=chunk) - The company will continue to build digital and intelligent workshops to achieve intelligent interconnection from customer order reception to the entire product production process, improving operational quality and production efficiency[97](index=97&type=chunk) - The company will improve its talent mechanism, increase the introduction of talent for key positions, refine employee training systems, and establish a performance management system with high goals, strict requirements, and strong incentives[98](index=98&type=chunk) - The company will reasonably formulate financing plans, leverage the capital market, broaden financing channels, reduce financing costs, and optimize its financial structure[99](index=99&type=chunk) [Macro Demand Analysis of Downstream Application Fields](index=29&type=section&id=I.%EF%BC%88%E5%85%AB%EF%BC%89Macro%20Demand%20Analysis%20of%20Downstream%20Application%20Fields) Semiconductors are widely applied, with emerging fields like automotive, industrial, IoT, and AI being key to future growth; the global semiconductor market is projected to grow by **12.5%** to **687 billion US dollars** by 2025, with China's integrated circuit industry also expanding, though uncertainties from international trade changes must be monitored - Semiconductors are widely applied, with emerging fields such as automotive, industrial, IoT, and artificial intelligence being key factors for future growth[100](index=100&type=chunk) - The global semiconductor market is expected to continue growing by **12.5%** by 2025, with a market valuation reaching **687 billion US dollars**[100](index=100&type=chunk) - China's integrated circuit industry will continue to maintain a growth trend, but continuous vigilance is needed regarding uncertainties arising from changes in the international trade environment[100](index=100&type=chunk) [Core Competitiveness Analysis](index=29&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its comprehensive semiconductor packaging and testing technology system, diverse product portfolio, advanced automated production equipment, robust R&D capabilities, extensive customer base, and complete management certifications; it possesses core technologies in metal substrate packaging, power devices, ultra-thin chip packaging, SIP, DFN/PDFN/QFN mass production platforms, and automotive-grade product development, continuously enhancing production efficiency and R&D capabilities through digitalization and intelligent manufacturing [Technological Advantages](index=29&type=section&id=II.%EF%BC%88%E4%B8%80%EF%BC%89Technological%20Advantages) The company possesses a complete semiconductor packaging and testing technology, mastering core technologies such as metal substrate packaging, power device packaging, semiconductor/IC testing, ultra-thin chip packaging, high-reliability welding, high-density frame packaging, robotic automation production systems, fully integrated lithium battery protection ICs, and SIP system-in-package; it has full-process packaging and testing capabilities for **4-inch to 12-inch** wafers and is dedicated to advanced packaging process research for automotive-grade power devices, chip-level packaging, and wide bandgap semiconductor devices - The company possesses complete semiconductor packaging and testing technology, mastering core technologies in metal substrate packaging, power device packaging, semiconductor/IC testing, ultra-thin chip packaging, high-reliability welding, high-density frame packaging, robotic automation production systems, fully integrated lithium battery protection ICs, and SIP system-in-package[101](index=101&type=chunk) - The company possesses full-process packaging and testing capabilities covering **4-inch to 12-inch** wafers, masters flip-chip technology, can solve multi-chip packaging challenges using SIP system-in-package technology, and has established mass production platforms for DFN, PDFN, and QFN packaging series[101](index=101&type=chunk) - The company is committed to research on advanced packaging processes for automotive-grade power devices, chip-level packaging, and wide bandgap semiconductor devices, building a foundation of advanced process technology for the development of SiC, GaN, and other third-generation semiconductors and automotive electronics[101](index=101&type=chunk) [Product Advantages](index=30&type=section&id=II.%EF%BC%88%E4%BA%8C%EF%BC%89Product%20Advantages) The company offers a rich product portfolio in power semiconductors, chip-level surface mount packaging, and third-generation semiconductors, with over **100** series of packaging products including SOT23-X, SOP, TO-252, PDFN, DFN, and QFN, covering a wide range of applications; integrated circuit products include LDOs, AC-DCs, DC-DCs, lithium battery protection ICs, charging management ICs, and LED driver ICs, featuring high technical content, with fully integrated lithium battery protection IC technology effectively reducing on-resistance and cost; new MOSFETs offer advantages in high switching frequency and power density, meeting green energy efficiency requirements and providing high product flexibility to meet customized customer needs - The company has a rich product portfolio in power semiconductors, chip-level surface mount packaging, and third-generation semiconductors, with over **100** series of packaging products including SOT23-X, SOP, TO-252, PDFN, DFN, and QFN, offering diverse product structures[103](index=103&type=chunk) - The company's integrated circuit products include various categories such as LDO, AC-DC, DC-DC, lithium battery protection IC, charging management IC, and LED driver IC, all with high technical content[104](index=104&type=chunk) - The company successfully applies high-density frame packaging and multi-chip co-packaging technology to lithium battery protection IC products using fully integrated lithium battery protection IC technology, effectively reducing on-resistance, increasing current capability, and saving costs[104](index=104&type=chunk) - The company's new-structure MOSFETs offer advantages in high switching frequency and high power density, applied in power synchronous rectification, electric tools, adapters, battery protection, wireless charging, and other fields[104](index=104&type=chunk) [Equipment Advantages](index=30&type=section&id=II.%EF%BC%88%E4%B8%89%EF%BC%89Equipment%20Advantages) The company possesses over **3,100** sets of advanced domestic and international semiconductor packaging, testing, inspection, analysis, and experimental equipment, including high-end devices like US K&S wire bonders, Japanese TOWA molding machines, and ASM flip-chip equipment; adhering to a digitalization and intelligent manufacturing strategy, the company achieves intelligent production interconnection through MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS systems, enhancing R&D and production efficiency; the R&D center construction project, funded by raised capital, adds advanced R&D and testing equipment and attracts high-end technical talent, further strengthening R&D capabilities and technological innovation - The company possesses over **3,100** sets of advanced domestic and international semiconductor packaging, testing, inspection, analysis, and experimental equipment, including US K&S wire bonders, Japanese TOWA molding machines, and ASM flip-chip equipment[105](index=105&type=chunk) - The company promotes organic interconnection of equipment through systems such as MES, EAP, EMS, RMS, RPT, ERP, RTMS, and APS, essentially achieving intelligent interconnection from customer order reception to the entire product production process, accelerating the industrialization of core technologies and improving R&D and production capabilities and efficiency[106](index=106&type=chunk) - The R&D center construction project, funded by raised capital, adds advanced R&D and testing equipment and attracts high-end technical talent, providing a fundamental guarantee for shortening new product and technology R&D cycles and enhancing R&D capabilities and technological innovation[106](index=106&type=chunk) [R&D Advantages](index=30&type=section&id=II.%EF%BC%88%E5%9B%9B%EF%BC%89R%26D%20Advantages) As of June 30, 2025, the company has **177** R&D personnel, with core technical staff possessing over **20** years of semiconductor industry experience, forming an excellent R&D team led by senior engineers; the company has obtained **155** patents, including **36** invention patents and **109** utility model patents, with one new utility model patent added; the company emphasizes collaborative R&D with universities and research institutions like Sun Yat-sen University, Xidian University, and the Fifth Electronic Research Institute of MIIT, enhancing technological innovation and reserves through industry-academia-research projects - As of June 30, 2025, the company has **177** R&D personnel, with core technical personnel possessing over **20** years of work experience in the semiconductor industry[107](index=107&type=chunk) - As of June 30, 2025, the company has obtained **155** patents, including **36** invention patents, **109** utility model patents, **3** software copyrights, and **7** integrated circuit layout design exclusive rights[107](index=107&type=chunk) - During the reporting period, the company added **1** utility model patent, titled "A Reinforced Semiconductor Packaging Device"[107](index=107&type=chunk) - The company collaborates closely with renowned domestic universities and research institutions such as Sun Yat-sen University, Xidian University, and the Fifth Electronic Research Institute of MIIT, promoting industry-academia-research projects to enhance technological innovation capabilities[107](index=107&type=chunk) [Customer Advantages](index=31&type=section&id=II.%EF%BC%88%E4%BA%94%EF%BC%89Customer%20Advantages) The company offers diverse product categories, providing "one-stop" semiconductor device services to customers across South China, East China, Northwest, and Southwest regions, and has established long-term stable cooperative relationships with renowned enterprises such as Torex Semiconductor, CR Micro, Bright Power Semiconductor, Midea Group, Gree Electric, Samsung Electronics, TP-Link, Salcomp, and Huntkey; with the development of 5G communication and new energy markets, the company's products are now applied in emerging fields including 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots - The company offers a wide range of product categories, providing "one-stop" semiconductor device products and services to customers[107](index=107&type=chunk) - The company's customers are located across various regions including South China, East China, Northwest, and Southwest, and it has established long-term stable cooperative relationships with renowned enterprises such as Torex Semiconductor, CR Micro, Bright Power Semiconductor, Midea Group, Gree Electric, Samsung Electronics, TP-Link, Salcomp, and Huntkey[108](index=108&type=chunk) - The company's products are directly or indirectly applied in emerging market fields such as 5G communication base stations, security electronics, rail transit, automotive electronics, drones, AI servers, and robots[108](index=108&type=chunk) [Comprehensive Management System and Qualification Advantages](index=31&type=section&id=II.%EF%BC%88%E5%85%AD%EF%BC%89Comprehensive%20Management%20System%2C%20Qualification%20Advantages) The company possesses a complete SOP, FMEA, CP system, full-process MES coverage, and robust trial production and acceptance procedures, implementing TPM management and a professional project management team; as of the end of the reporting period, the company has obtained multiple quality management system certifications, including ISO9001, ISO14001, IATF16949, GB/T29490, ISO45001, ESD S20.20, and QC080000, ensuring product quality and management standards - The company possesses a complete SOP, FMEA, CP system, full-process MES coverage, robust trial production and acceptance procedures, implements TPM management, and has a professional project management team[109](index=109&type=chunk) - As of the end of the reporting period, the company has passed ISO9001 quality management system certification, ISO14001 environmental management system certification, IATF16949 automotive industry quality management system standard certification, GB/T29490 intellectual property management system certification, ISO45001 occupational health and safety management system certification, ESD S20.20 electrostatic protection system, and QC080000 hazardous substance process management system standard certification[109](index=109&type=chunk) [Main Business Analysis](index=31&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by **4.86%** to **339 million yuan**, with operating costs rising by **4.48%**; selling and administrative expenses grew by **20.42%** and **16.46%** respectively, while financial expenses decreased by **33.21%** due to reduced interest income; R&D investment declined by **11.84%**, but net cash flow from operating activities surged by **286.81%**; the gross profit margin for own-brand business was **12.25%**, while for packaging and testing services it was **-5.01%**; the company maintained a focus on R&D, with expenses totaling **12.1858 million yuan**, representing **3.60%** of operating revenue Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 338,721,347.21 | 323,010,996.79 | 4.86% | - | | Operating Cost | 318,894,818.61 | 305,220,253.33 | 4.48% | - | | Selling Expenses | 5,398,316.34 | 4,482,862.20 | 20.42% | - | | Administrative Expenses | 14,520,137.86 | 12,467,894.50 | 16.46% | - | | Financial Expenses | -5,874,844.05 | -8,796,546.69 | 33.21% | Primarily due to a decrease in interest income | | R&D Investment | 12,185,776.77 | 13,821,597.32 | -11.84% | - | | Net Cash Flow from Operating Activities | 106,013,330.06 | 27,407,014.10 | 286.81% | Primarily due to an increase in cash received from sales of goods and provision of services and a decrease in cash paid for purchases of goods and acceptance of services compared to the prior year period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Own Brand | 166,658,374.50 | 146,247,917.88 | 12.25% | 4.81% | 1.98% | 2.44% | | Packaging and Testing Services | 164,405,236.82 | 172,646,242.39 | -5.01% | 3.05% | 6.70% | -3.59% | - During the reporting period, the company's R&D expenses totaled **12.1858 million yuan**, accounting for **3.60%** of operating revenue, primarily invested in projects such as multi-pin high-density packaging technology development, power semiconductor devices, composite packaging technology, charging management chips, and new high-voltage device chips[117](index=117&type=chunk) [Non-Main Business Analysis](index=32&type=section&id=IV.%20Non-Main%20Business%20Analysis) During the reporting period, non-main business activities impacted total profit, with asset impairment (provision for inventory depreciation) accounting for **93.64%**, other income (government subsidies and VAT super deduction) for **44.08%**, and investment income (wealth management product gains) for **4.88%**; these non-recurring gains and losses are not sustainable Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Percentage of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 705,367.81 | 4.88% | Primarily income from wealth management products | No | | Fair Value Change Gains/Losses | 13,574.89 | 0.09% | Primarily fair value changes of wealth management products at period-end | No | | Asset Impairment | -13,547,781.00 | 93.64% | Provision for inventory depreciation | No | | Non-Operating Income | 21,241.66 | 0.15% | Primarily other occurrences in the current period | No | | Non-Operating Expenses | 490,980.37 | 3.39% | Primarily other occurrences in the current period | No | | Credit Impairment | 66,303.52 | 0.46% | Provision for doubtful accounts | No | | Asset Disposal Gains | 157,305.82 | 1.09% | Gains from disposal of non-current assets in the current period | No | | Other Income | 6,377,276.28 | 44.08% | Primarily confirmed government subsidies and VAT super deduction | No | [Analysis of Assets and Liabilities](index=33&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **2.003 billion yuan**, an increase of **6.87%** from the end of the previous year; significant asset changes included a **1.78%** increase in long-term equity investments to **37.6069 million yuan** (due to investment in an associate), a **2.83%** increase in construction in progress to **56.7455 million yuan** (due to increased equipment awaiting installation), and a **2.50%** increase in trading financial assets to **50.0136 million yuan** (due to increased wealth management products); on the liability side, short-term borrowings increased by **2.56%** to **62.7663 million yuan** (due to increased bank borrowings), accounts payable increased by **1.74%** to **158 million yuan** (due to increased material payments), and deferred income increased by **0.26%** to **15.0098 million yuan** (due to increased government subsidies); the total restricted assets at period-end amounted to **122 million yuan**, mainly comprising bill deposits and pledged notes receivable Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Percentage of Total Assets (%) | Amount at End of Prior Year (yuan) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Long-Term Equity Investments | 37,606,913.58 | 1.88% | 1,967,284.99 | 0.10% | 1.78% | Primarily due to investment in an associate in the current reporting period | | Construction in Progress | 56,745,540.30 | 2.83% | - | - | 2.83% | Primarily due to an increase in equipment awaiting installation at period-end | | Short-Term Borrowings | 62,766,297.65 | 3.13% | 10,632,325.28 | 0.57% | 2.56% | Primarily due to an increase in bank borrowings at period-end | | Trading Financial Assets | 50,013,574.89 | 2.50% | - | - | 2.50% | Primarily due to an increase in wealth management products not yet matured and redeemed at period-end | | Accounts Payable | 157,818,493.00 | 7.88% | 115,081,687.09 | 6.14% | 1.74% | Primarily due to an increase in material payments | | Deferred Income | 15,009,833.87 | 0.75% | 9,253,079.51 | 0.49% | 0.26% | Primarily due to an increase in asset-related government subsidies received | - At the end of the reporting period, the company's total assets amounted to **2.003 billion yuan**, an increase of **6.87%** compared to the end of the previous year[19](index=19&type=chunk) Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 75,025,705.02 | 75,025,705.02 | Pledge | Bill deposit | | Notes Receivable | 46,683,741.20 | 46,683,741.20 | Pledge | Issuance of bank acceptance bills | | **Total** | **121,709,446.22** | **121,709,446.22** | - | - | [Investment Status Analysis](index=34&type=section&id=VI.%20Investment%20Status%20Analysis) During the reporting period, the company's total investment was **256 million yuan**, an increase of **1.50%** year-on-year; the overall utilization of raised funds shows a cumulative use of **651 million yuan**, with **22.7867 million yuan** used in the current period and **136 million yuan** remaining unused; the "Semiconductor Packaging and Testing Expansion Project" and "R&D Center Construction Project" have been completed, with remaining raised funds of **4.3444 million yuan** permanently transferred to working capital; the company also engaged in cash management and entrusted wealth management using idle raised funds and its own capital, with an outstanding entrusted wealth management balance of **50 million yuan** at period-end Overall Investment Amount During the Reporting Period | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | | 255,660,248.02 | 251,891,885.27 | 1.50% | - The company's net raised funds amounted to **784 million yuan**; as of June 30, 2025, the cumulative amount of raised funds used totaled **651 million yuan**, with **22.7867 million yuan** used in the current period, and **136 million yuan** remaining unused[130](index=130&type=chunk) - The raised investment projects "Semiconductor Packaging and Testing Expansion Project" and "R&D Center Construction Project" have been completed, with remaining raised funds of **4.3444 million yuan** permanently supplementing working capital[130](index=130&type=chunk)[133](index=133&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 11,500 | 4,000 | | Brokerage Wealth Management Products | Own Funds | 1,000 | 1,000 | | **Total** | - | **12,500** | **5,000** | [Major Asset and Equity Sales](index=39&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any major asset or equity sales - The company did not sell any major assets during the reporting period[139](index=139&type=chunk) - The company had no major equity sales during the reporting period[140](index=140&type=chunk) [Analysis of Major Holding and Participating Companies](index=40&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no important holding or participating company information that required disclosure - The company had no important holding or participating company information that required disclosure during the reporting period[140](index=140&type=chunk) [Information on Structured Entities Controlled by the Company](index=40&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[141](index=141&type=chunk) [Risks Faced by the Company and Countermeasures](index=40&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including product price fluctuations, industry cyclicality and gross profit margin volatility, rising raw material prices, low proportion of advanced packaging revenue and R&D pressure, gap with industry leaders and high product substitutability, product structure adjustment, concentrated sales regions, and R&D failure; the company actively addresses these risks through measures such as optimizing product structure, technological innovation, customer expansion, deepening emerging technology R&D, cost reduction and efficiency improvement, strengthening supplier management, diversified sales layout, and continuous R&D investment - The company faces risks of product sales price fluctuations, primarily influenced by market demand, industry competition, global policies, supply chain, and technological updates; countermeasures include expanding advantageous product capacity, optimizing product structure, technological innovation, developing new products, establishing long-term cooperative relationships, optimizing supply chain costs, strengthening market analysis, and exploring emerging application areas[141](index=141&type=chunk) - The company faces risks of industry cyclicality and gross profit margin fluctuations, influenced by the semiconductor industry's prosperity, market competition, product structure, raw material, and labor costs; countermeasures include increasing R&D for high-value-added and advanced packaging products, improving product performance, expanding customer development channels, deepening emerging technology R&D, and enhancing internal operational management[142](index=142&type=chunk) - The company faces risks of rising raw material prices, primarily influenced by fluctuations in non-ferrous metal prices upstream and geopolitical uncertainties; countermeasures include establishing long-term stable relationships with suppliers, real-time monitoring of market dynamics, staggered procurement, expanding new qualified supplier resources, and enhancing bargaining power[143](index=143&type=chunk) - The company faces risks of a low proportion of advanced packaging revenue and significant R&D pressure, as it currently relies mainly on traditional packaging technologies, and the coverage of advanced packaging technologies needs expansion; countermeasures include expanding development of new power devices, automotive-grade devices, and innovative products for 5G communication, IoT, and big data industries, deeply researching cutting-edge technologies such as embedded board-level packaging, chip-level packaging, and multi-process platforms, increasing R&D investment, attracting top talent, and strengthening cooperation with research institutions[144](index=144&type=chunk)[145](index=145&type=chunk) - The company faces risks of a gap with industry leading manufacturers and high substitutability of some products, as it primarily uses traditional packaging technologies with relatively fewer advanced packaging technologies; countermeasures include maintaining advantages in traditional packaging, closely monitoring the development trends of advanced packaging technologies, improving advanced packaging capabilities, expanding product lines, and applying new materials and technologies to existing products through technological upgrades[146](index=146&type=chunk) - The company faces risks of product structure adjustment due to continuous technological and product advancements and changes in market demand; countermeasures include closely monitoring the development trends of new technologies, products, materials, and market trends, strengthening market research, feasibility studies, and analysis and argumentation for technological R&D, and timely adjusting and optimizing the company's internal product structure[147](index=147&type=chunk) - The company faces risks of concentrated sales regions, with current revenue primarily concentrated in South China; countermeasures include improving product structure, actively transforming and upgrading customers, horizontally expanding existing customers, focusing on developing customers in different regions and overseas, and gradually achieving a diversified sales region layout[148](index=148&type=chunk)[149](index=149&type=chunk) - The company faces risks of R&D failure, as semiconductor packaging and testing technology needs to keep pace with technological innovations in chip design and wafer manufacturing, and the downstream market's demand for thinner, smaller, and low-power power devices continues to grow; countermeasures include closely monitoring the dynamics of new technologies, products, materials, and new packaging technologies and market development trends, strengthening market research, feasibility studies, and analysis and argumentation for technological R&D, continuously increasing R&D funding, and actively introducing and cultivating experienced R&D personnel[150](index=150&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=42&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company held its 2024 annual performance briefing on May 9, 2025, via the Value Online interactive platform, hosting online investors and providing an "Investor Relations Activity Record Form" (No: 2025-001) - On May 9, 2025, the company held its 2024 annual performance briefing via the Value Online interactive platform[151](index=151&type=chunk) - The attendees were online investors, and an "Investor Relations Activity Record Form" (No: 2025-001) was provided[151](index=151&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=42&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[152](index=152&type=chunk) - The company has not disclosed a valuation enhancement plan[152](index=152&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=42&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[152](index=152&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management of the Company](index=43&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20of%20the%20Company) During the reporting period, there was a change in the company's senior management, with Mr Li Yi appointed as Deputy General Manager on May 23, 2025, due to a job transfer Changes in Directors, Supervisors, and Senior Management of the Company | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Yi | Deputy General Manager | Appointment | May 23, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=43&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[155](index=155&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=43&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[156](index=156&type=chunk) [Environmental Information Disclosure](index=43&type=section&id=IV.%20Environmental%20Information%20Disclosure) Foshan Blue Rocket Electronics Co, Ltd is included in the list of enterprises required to disclose environmental information by law and does so through the Guangdong Provincial Department of Ecology and Environment and the National Pollutant Discharge Permit Management Information Platform - Foshan Blue Rocket Electronics Co, Ltd is included in the list of enterprises required to disclose environmental information by law[157](index=157&type=chunk) - The company's environmental information disclosure report can be found on the Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System and the National Pollutant Discharge Permit Management Information Platform[157](index=157&type=chunk) [Social Responsibility](index=43&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting shareholder rights through sound corporate governance, safeguarding minority shareholder interests, timely information disclosure, and stable profit distribution policies; it prioritizes employees, ensuring their legal rights, offering competitive compensation and benefits, and conducting health management and humanistic care activities; in the supply chain, the company builds strategic win-win relationships with suppliers and customers, ensuring product quality and service through robust management systems and quality control; furthermore, the company operates legally, pays taxes, actively participates in social welfare, collaborates with universities for industry-academia-research, and highly values environmental protection and safety production, strictly adhering to relevant laws, regulations, and management system certifications - The company protects shareholder rights by establishing a sound corporate governance structure, safeguarding the interests of minority shareholders, timely information disclosure, and stable profit distribution policies[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The company adheres to a people-oriented approach, safeguarding employees' legal rights, strictly implementing national wage, employment, labor protection, social security, and medical insurance systems, and providing competitive compensation, benefits, and performance appraisal systems[160](index=160&type=chunk) - The company strengthens employee care and enhances team cohesion through welfare activities such as regular health check-ups, birthday parties, garden parties, summer camps, and holiday benefits[161](index=161&type=chunk) - The company establishes strategic win-win relationships with upstream suppliers and downstream customers, ensuring product quality and service through a sound internal procurement control system, supplier management system, and quality control system[161](index=161&type=chunk)[162](index=162&type=chunk) - The company operates legally, pays taxes in accordance with the law, actively participates in social welfare activities, and collaborates with Foshan University to establish a joint postgraduate training base, promoting the integration of industry, academia, and research[162](index=162&type=chunk) - The company highly values environmental protection and safety production management and control, strictly managing production in accordance with national laws and regulations, and has obtained multiple industry standard certifications including ISO9001, ISO14001, QC080000, and ISO45001[164](index=164&type=chunk) Significant Matters [Commitment Matters Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=46&type=section&id=I.%20Commitment%20Matters%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, there were no commitment matters fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company - During the reporting period, there were no commitment matters fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company[166](index=166&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=46&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[167](index=167&type=chunk) [Irregular External Guarantees](index=46&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[168](index=168&type=chunk) [Appointment and Dismissal of Accounting Firms](index=46&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[169](index=169&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=46&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) The company's semi-annual report was not audited, thus there is no explanation regarding the accounting firm's "non-standard audit report" for the current reporting period - The company's semi-annual report was not audited, so there is no explanation regarding the accounting firm's "non-standard audit report" for the current reporting period[169](index=169&type=chunk)[170](index=170&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=46&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company has no explanation regarding the "non-standard audit report" for the previous year - The company has no explanation regarding the "non-standard audit report" for the previous year[170](index=170&type=chunk) [Bankruptcy and Reorganization Related Matters](index=46&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Related%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[170](index=170&type=chunk) [Litigation Matters](index=46&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters in the current reporting period[171](index=171&type=chunk) - The company had no other litigation matters[171](index=171&type=chunk) [Penalties and Rectification Status](index=47&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[172](index=172&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=47&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good integrity, with no inapplicable situations - The integrity status of the company, its controlling shareholder, and actual controller has no inapplicable situations[173](index=173&type=chunk) [Significant Related Party Transactions](index=47&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, dealings with affiliated financial companies, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[173](index=173&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[174](index=174&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[175](index=175&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[176](index=176&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and related parties[177](index=177&type=chunk)[178](index=178&type=chunk) - The company had no other significant related party transactions during the reporting period[179](index=179&type=chunk) [Significant Contracts and Their Performance](index=48&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any significant guarantees; there were no significant contracts requiring disclosure in daily operations, nor any other significant contracts - The company had no entrustment situations during the reporting period[180](index=180&type=chunk) - The company had no contracting situations during the reporting period[181](index=181&type=chunk) - The company had no leasing situations during the reporting period[182](index=182&type=chunk) - The company had no significant guarantee situations during the reporting period[183](index=183&type=chunk) - The company had no significant contracts requiring disclosure in its daily operations[185](index=185&type=chunk) - The company had no other significant contracts during the reporting period[186](index=186&type=chunk) [Explanation of Other Significant Matters](index=48&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) On April 27, 2025, the company approved the 2024 profit distribution and capital reserve conversion to share capital plan, distributing a cash dividend of **0.6 yuan** (including tax) per **10** shares to all shareholders and converting **2** shar