Leadyo(SH:688135) Zheng Quan Zhi Xing·2025-09-02 09:15Core Viewpoint - The report outlines the ongoing supervisory work conducted by Guangfa Securities for Guangdong Liyang Chip Testing Co., Ltd., emphasizing the company's compliance with regulations and the absence of any violations during the supervisory period [1][2][6]. Group 1: Supervisory Work - Guangfa Securities has established and effectively implemented a continuous supervision work system and plan for Liyang Chip [2]. - A continuous supervision agreement has been signed between the sponsor and Liyang Chip, clarifying the rights and obligations of both parties during the supervision period [2]. - The supervisory work includes daily communication, regular visits, on-site inspections, and due diligence [2][3]. Group 2: Compliance and Governance - Liyang Chip has adhered to legal and regulatory requirements, with no reported violations or breaches of commitments during the supervisory period [2][6]. - The company has established effective corporate governance and internal control systems, including financial management and auditing procedures [2][3]. Group 3: Financial Performance - For the first half of 2025, Liyang Chip reported operating revenue of 284.04 million yuan, a 23.09% increase compared to 2024 [15]. - The total profit for the same period was -8.95 million yuan, showing an improvement from -16.37 million yuan in the previous year [15]. - The net profit attributable to shareholders was -7.06 million yuan, compared to -8.44 million yuan in the same period last year [15]. Group 4: Risks and Challenges - The company faces core competitiveness risks due to rapid technological advancements in the integrated circuit industry, necessitating continuous talent development [6][7]. - Operational risks are present as the industry is capital-intensive, requiring significant investment in testing equipment to meet market demands [7][8]. - The company is also exposed to financial risks, including fluctuations in gross profit margins due to changes in product structure and cost structures [11][12]. Group 5: Research and Development - Liyang Chip has invested 37.31 million yuan in R&D in the first half of 2025, a decrease of 4.27% from the previous year [25]. - The R&D expenditure accounted for 13.13% of operating revenue, reflecting a decrease of 3.76 percentage points [25]. - The company has made significant progress in patent applications and software copyrights, enhancing its innovation capabilities [25][26]. Group 6: Market Position and Competitive Advantage - Liyang Chip has established a strong market position in the integrated circuit testing industry, benefiting from its diverse testing platforms and proximity to local chip design companies [17][20]. - The company emphasizes customer loyalty and interaction, which contributes to its competitive edge in the market [18][20]. - The strategic focus on emerging applications such as automotive electronics and high-performance computing positions the company for future growth [21][22].