Shang Hai Zheng Quan Bao·2025-09-16 20:19Overview of Continuous Supervision Work - The sponsor has established a continuous supervision work system and corresponding work plan, clarifying the requirements for on-site inspections [2] - A sponsorship agreement has been signed between the sponsor and the company, outlining the rights and obligations during the supervision period [2] - The sponsor has performed continuous supervision duties in accordance with relevant regulations, including reviewing corporate governance documents, financial management systems, and fundraising management [2] Issues and Rectification - No significant issues were found during the continuous supervision period [3] Major Risk Matters - Core Competitiveness Risk: The company must keep pace with evolving customer requirements in thin film deposition technology; failure to do so may adversely affect operational performance [3] - Operational Risks: - New product validation may not meet expectations due to long verification cycles [5] - Quarterly performance may fluctuate significantly due to non-uniform customer orders and varying project timelines [5] - Order fulfillment risks may arise from market downturns or changes in customer demand [6] - Financial Risks: - High inventory levels may lead to inventory impairment risks if market conditions change [7] - Increased accounts receivable and contract assets may pose collection risks if customer financial conditions deteriorate [8] - Industry Risks: - Downstream industry fluctuations, particularly in the semiconductor and photovoltaic sectors, may impact demand for the company's products [9] - Intensifying domestic competition in ALD and CVD technologies may compress profit margins [10] - Macroeconomic Risks: Global supply chain adjustments and trade frictions may disrupt component supply and affect production capabilities [11] - Intellectual Property Disputes: The company may face risks related to potential infringement claims or challenges to its patents [12] Financial Performance - For the first half of 2025, the company reported revenue of 1,049.95 million, a year-on-year increase of 33.42%, driven by growth in the photovoltaic and semiconductor sectors [13] - Net profit attributable to shareholders reached 192.36 million, up 348.95% year-on-year, due to increased revenue and reduced expenses [13] - The net cash flow from operating activities was -181.70 million, an improvement compared to the previous year [13] Core Competitiveness - Technological Advantages: The company focuses on ALD technology, which offers significant application potential in various high-tech fields [14] - R&D Team and Infrastructure: The company has a strong R&D team with extensive experience and has established an industrial application center to support innovation [15] - Technology Accumulation: The company has developed eleven core technologies successfully applied in its products, enhancing its market position [16] - Product Matrix: The company offers a diverse range of products across multiple sectors, which helps mitigate market volatility [17] - Customer Resources: The company has secured orders from leading semiconductor and photovoltaic manufacturers, establishing a solid customer base [18] - Customer Service: The company provides tailored solutions and efficient technical support to meet customer needs [19] Changes in Core Competitiveness - No significant adverse changes in core competitiveness were identified during the supervision period [20] R&D Expenditure and Progress - R&D expenditure has decreased due to the completion of certain projects, but the company continues to innovate, with 40 new patents granted during the period [21] Compliance with Fundraising Regulations - The company has effectively complied with regulations regarding the use of raised funds, ensuring proper management and oversight [22] Shareholding and Management - The controlling shareholder holds a 50.43% stake, with no significant changes in shareholding or pledging during the supervision period [22]