Kiwi Instruments(SH:688045) Zheng Quan Zhi Xing·2025-08-22 16:16Core Viewpoint - The report outlines the ongoing supervision and guidance provided by Shenwan Hongyuan Securities for Shenzhen Biyimi Microelectronics Co., Ltd. following its initial public offering on the Sci-Tech Innovation Board, emphasizing compliance with regulatory requirements and the company's operational status [1][2]. Ongoing Supervision Work - Shenwan Hongyuan has established and effectively executed a continuous supervision system, including a work plan for specific supervisory tasks [1]. - A continuous supervision agreement has been signed with Biyimi, clarifying the rights and obligations of both parties during the supervision period [1]. - The supervision work includes daily communication, regular and irregular visits, on-site inspections, and due diligence [1][2]. Compliance and Reporting - During the supervision period, any illegal or non-compliant activities by the company must be reported to the Shanghai Stock Exchange within five working days [3]. - The company and its executives are required to adhere to laws, regulations, and commitments made, with the supervisory body ensuring compliance [4]. Internal Control and Governance - The company has effectively implemented governance structures, including rules for shareholder meetings, board meetings, and the conduct of directors and senior management [5]. - Internal control systems, including financial management and accounting practices, are in place and compliant with relevant regulations [5]. Information Disclosure - The supervisory body reviews information disclosure documents to ensure they do not contain false statements or misleading information [7]. - Any issues found in information disclosure must be corrected or supplemented promptly, with reports made to the Shanghai Stock Exchange if necessary [7]. Financial Performance - For the first half of 2025, the company's operating income was 282.58 million yuan, a decrease of 6.99% from the previous year [16]. - The net profit attributable to shareholders was -8.81 million yuan, showing an improvement from -10.61 million yuan in the previous year [16]. - The net cash flow from operating activities decreased by 43.56% to 41.52 million yuan [16]. Core Competitiveness - The company has developed numerous core technologies in the analog and mixed-signal chip sector, which are essential for maintaining its competitive edge [18]. - A strong emphasis on research and development has led to the acquisition of 285 domestic and international patents, enhancing the company's technological advantage [18]. R&D Investment - R&D expenses for the first half of 2025 reached 71.85 million yuan, accounting for 25.42% of operating income [21]. - The company continues to optimize its equity incentive policies to enhance team cohesion and stability [21]. Use of Raised Funds - As of June 30, 2025, the company has effectively managed its raised funds, ensuring compliance with relevant regulations regarding storage and usage [22]. - The total amount of raised funds received was 879.22 million yuan, with specific allocations for projects and operational needs detailed [22].