Core Viewpoint - Suzhou Gude Electronic Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, providing insights into key business aspects such as gross margin fluctuations, customer and supplier dependencies, and industry competition [1] Gross Margin Fluctuations and Response Strategies - The company experienced revenue growth but a declining overall gross margin during the reporting period. From 2022 to 2024, revenue increased due to the growth of the photovoltaic silver paste business, while the gross margin decreased. In the first half of 2025, the gross margin was 10.88%, a decrease of 1.30% year-on-year [2] - In the semiconductor business, revenue and gross margin declined from 2022 to 2024 due to industry downturns and market competition. However, in the first half of 2025, the gross margin rebounded to 14.93% due to increased sales and cost reduction efforts [2] - The photovoltaic silver paste business saw revenue growth from 2022 to 2024, but gross margin decreased due to intensified competition and cost pressures. In the first half of 2025, both revenue and gross margin declined due to operational strategy adjustments [2] - The company is enhancing R&D and market promotion in the semiconductor sector, while increasing R&D investment and expanding into overseas markets in the photovoltaic silver paste sector [2] - Integrated circuit packaging and testing products have had negative gross margins since 2023, primarily due to reduced demand in consumer electronics and pricing pressures. However, the company is implementing product upgrades and cost reduction strategies to improve the negative gross margin situation [2] Customer and Supplier Situation - The company has a high concentration of its top five customers, which is typical in the solar cell industry. The relationships with major customers are stable and do not involve significant dependency [3] - Similarly, the top five suppliers also have a high concentration, primarily sourcing photovoltaic silver powder, which aligns with industry characteristics. The relationships with suppliers are stable and do not involve significant dependency [3] Sales Model and Distribution Business - The company primarily operates on a direct sales model. In the semiconductor business, the gross margin from distribution is higher than that from direct sales due to a higher proportion of overseas customers, leading to better pricing and margins [4] - In the photovoltaic silver paste business, the gross margin from direct sales is lower than that from distribution, as distribution products mainly consist of HJT low-temperature silver paste, which has a higher gross margin, although distribution revenue is minimal [4] - Changes in major distributors are minimal, and there are no related party relationships with the company's directors and supervisors. The distribution business is clearly defined and complies with industry norms, with various verification procedures ensuring authenticity [4] Accounts Receivable and Bad Debt Provisions - The company has a reasonable basis for calculating the bad debt provision on an individual basis, considering customer operating conditions and debt settlement agreements. The bad debt provisions at the end of each period are sufficient and are reasonable compared to comparable companies in the industry [5] Prepayments and Inventory Situation - Prepayments mainly consist of advance payments for goods, with a significant reduction in the balance by the end of 2024 due to changes in settlement methods and decreased procurement volumes. The provision for inventory impairment for photovoltaic silver paste products is lower than the industry average, indicating reasonableness, and the company has adequately provided for inventory impairment [6] Fixed Assets and Period Expenses - During the reporting period, the company adequately provided for fixed asset impairment, in line with industry practices. R&D expenses increased due to team building and material investments, while financial expenses remained stable in 2023 and 2024, influenced by interest expenses, revenue, and exchange gains and losses. Sales expenses related to business promotion decreased in 2024 due to reduced sales agency fees in the photovoltaic silver paste business [7] Industry Competition and Financial Investments - There is no significant adverse impact from competition with Suzhou Silicon Energy and Suzhou Jingxun. The company has disclosed commitments and measures to avoid competition, which are complete and feasible. The implementation of the fundraising projects will not introduce significant adverse competition [9] - As of June 30, 2025, the company has financial investments totaling 149.26 million yuan, accounting for 4.88% of the latest net assets attributable to the parent company, which is not considered a large financial investment [9]

Core Points - The company has established accounting policies to standardize accounting practices and ensure accurate financial reporting in compliance with relevant laws and regulations [1][2][3] - The accounting policies apply to the company and its subsidiaries, focusing on the recognition, measurement, and reporting of accounting elements [1][2] - The company adopts a historical cost basis for measuring accounting elements, with specific guidelines for foreign currency transactions and financial instruments [2][3][4] - The company recognizes revenue based on the completion of property sales and the provision of services, ensuring that economic benefits can flow into the company [32][33] Accounting Policies - The company uses the accrual basis for accounting, ensuring that transactions are recognized when they occur, regardless of cash flow [1][2] - The company measures financial assets and liabilities at fair value or amortized cost, depending on the classification of the financial instruments [4][5][6] - The company applies specific methods for inventory valuation, including cost and net realizable value, to determine any necessary write-downs [13][14] Financial Instruments - Financial assets are classified into categories such as fair value through profit or loss, held-to-maturity investments, loans and receivables, and available-for-sale financial assets [5][6] - The company recognizes financial liabilities at fair value upon initial recognition, with subsequent measurement based on their classification [6][7] - The company assesses financial assets for impairment, ensuring that any losses are recognized in a timely manner [9][10] Revenue Recognition - Revenue from property sales is recognized when the property is completed and accepted, while service revenue is recognized when the service is provided [32][33] - Government grants are recognized when conditions are met, and the company can receive the benefits [27][28] Lease Accounting - The company recognizes right-of-use assets and lease liabilities for leases, excluding short-term and low-value leases, measuring them at present value [29][30] - The company applies straight-line depreciation for right-of-use assets over the lease term [30][31] Employee Benefits - The company accounts for employee benefits, including salaries and social security contributions, based on statutory requirements and historical data [31][32] Investment Accounting - Long-term equity investments are accounted for using the cost method or equity method, depending on the level of control or influence [14][15] - Investment properties are measured at cost or fair value, with any subsequent expenditures capitalized if they enhance the asset's value [19][20]

Core Viewpoint - The financial statements of beyerdynamic GmbH & Co.KG for the period from January 1, 2023, to May 31, 2025, have been audited and found to fairly reflect the company's financial position in accordance with accounting standards [1][2]. Financial Statements Summary Audit Opinion - The audit report confirms that the financial statements present a true and fair view of the company's financial status as of December 31, 2023, December 31, 2024, and May 31, 2025 [1]. Financial Position - As of May 31, 2025, the total assets of beyerdynamic amounted to RMB 325,838,702.28, an increase from RMB 298,157,864.62 as of December 31, 2024, and RMB 268,679,827.46 as of December 31, 2023 [3][4]. - Total liabilities as of May 31, 2025, were RMB 264,323,892.61, compared to RMB 254,301,915.24 in 2024 and RMB 249,302,127.77 in 2023 [4][5]. - The total equity of the company increased to RMB 61,514,809.67 as of May 31, 2025, from RMB 43,855,949.38 in 2024 and RMB 19,377,699.69 in 2023 [4][5]. Profit and Loss - For the period of January to May 2025, the company reported total operating revenue of RMB 261,144,671.22, compared to RMB 676,570,733.28 for the entire year of 2024 and RMB 581,740,203.72 for 2023 [6]. - The total operating costs for the same period were RMB 251,126,334.08, down from RMB 602,677,799.39 in 2024 and RMB 617,377,511.23 in 2023 [6]. - The net profit for the first five months of 2025 was RMB 12,688,055.03, a significant recovery from a net loss of RMB 35,582,667.87 in 2023 [6][7]. Cash Flow - The net cash flow from operating activities for the first five months of 2025 was negative at RMB -21,715,878.34, compared to positive cash flow in the previous years [7]. - The cash and cash equivalents at the end of May 2025 were RMB 27,861,850.29, a decrease from RMB 51,574,182.52 at the end of 2024 [7].

Core Insights - Lujiazui reported a revenue increase but a decline in net profit for the first half of 2025, indicating a challenging financial environment [1][2] Financial Performance - Total revenue reached 6.598 billion yuan, a year-on-year increase of 33.91% [1] - Net profit attributable to shareholders was 815 million yuan, down 7.87% year-on-year [1] - Gross margin decreased to 50.8%, down 15.94% year-on-year [1] - Net margin fell to 17.76%, down 15.81% year-on-year [1] - Operating cash flow per share increased significantly by 96.98% to 0.94 yuan [1] Key Financial Metrics - The company’s total assets included cash and cash equivalents of 9.905 billion yuan, a 31.75% increase [2] - Accounts receivable decreased by 9.65% to 585 million yuan [1] - Interest-bearing liabilities rose by 2.13% to 70.637 billion yuan [1] - The ratio of selling, general, and administrative expenses to revenue decreased by 20.07% to 16.22% [1] Business Operations - The increase in revenue was attributed to higher sales in real estate, property services, hotel services, and financial business [3] - The cost of sales increased by 66.51%, primarily due to differences in project cost recognition [3] - The company’s return on invested capital (ROIC) was reported at 2.64%, indicating weak capital returns historically [4] Cash Flow and Debt Analysis - The company’s cash flow situation is healthy, with cash assets representing 8.7% of total assets [5] - The debt situation shows an interest-bearing asset liability ratio of 41.57% [5] - Inventory levels are high, with inventory to revenue ratio at 416.91% [5] Market Expectations - Analysts expect the company’s performance for 2025 to reach 1.585 billion yuan, with an average earnings per share of 0.31 yuan [5]

Core Viewpoint - The financial statements of Tongyu New Materials (Guangdong) Co., Ltd. have been reviewed, and no significant misstatements were identified, indicating that the financial reports fairly reflect the company's financial position as of March 31, 2025 [2][3]. Company Overview - Tongyu New Materials (Guangdong) Co., Ltd. was established through the overall restructuring of Guangdong Tongyu New Materials Co., Ltd. The registered capital is RMB 30 million, with the main business activities including research, production, and sales of electronic materials, engineering plastics, synthetic resins, and chemical products [3][5]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, in accordance with the relevant accounting standards and guidelines, reflecting the company's financial status, operating results, changes in equity, and cash flows [5][6]. Important Accounting Policies - The company adheres to significant accounting policies and estimates as per the enterprise accounting standards, ensuring that the financial statements provide a true and complete representation of the company's financial condition and results [5][6]. Consolidation Scope - The consolidation scope is determined based on control, including subsidiaries controlled by the company and structured entities, ensuring that the financial statements reflect the entire economic entity [7][8]. Financial Instruments - Financial instruments are recognized when the company becomes a party to the financial contract, with subsequent measurement based on their classification, including those measured at amortized cost and fair value [26][28]. Credit Risk Assessment - The company assesses credit risk based on the expected credit loss model, categorizing financial instruments into stages to determine the appropriate loss provisions [29][30].

深圳市华星光电半导体显示技术有限公司 已审财务报表 2022年度、2023年度及截至2024年10月31日止 10个月期间 深圳市华星光电半导体显示技术有限公司 目 录 | | | 页 次 | | | --- | --- | --- | --- | | 一、 | 审计报告 | 1 - | 3 | | 二、 | 已审财务报表 | | | | | 资产负债表 | 4 | - 5 | | | 利润表 | | 6 | | | 所有者权益变动表 | 7 | - 8 | | | 现金流量表 | 9 - | 10 | | | 财务报表附注 | 11 - | 85 | 审计报告 安永华明（2025）审字第80014905_H01号 深圳市华星光电半导体显示技术有限公司 深圳市华星光电半导体显示技术有限公司董事会： 一、审计意见 我们审计了深圳市华星光电半导体显示技术有限公司的财务报表，包括2022年12 月31日、2023年12月31日及2024年10月31日的资产负债表，2022年度、2023年度及 截至2024年10月31日止10个月期间的利润表、所有者权益变动表和现金流量表以及相 关财务报表附注。 我们认为，后附的深圳 ...

内蒙古华云新材料有限公司 已审财务报表 2024年度 内蒙古华云新材料有限公司 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 4 | | 二、 | 已审财务报表 | | | | | | 资产负债表 | 5 | - | 6 | | | 利润表 | | 7 | | | | 所有者权益变动表 | 8 | - | 9 | | | 现金流量表 | 10 | - | 11 | | | 财务报表附注 | 12 | - | 62 | 审计报告 安永华明（2025）审字第80016850_A01号 内蒙古华云新材料有限公司 内蒙古华云新材料有限公司董事会： 一、审计意见 我们审计了内蒙古华云新材料有限公司的财务报表，包括2024年12月31日的资产 负债表，2024年度的利润表、所有者权益变动表和现金流量表以及相关财务报表附 注。 我们认为，后附的内蒙古华云新材料有限公司的财务报表在所有重大方面按照企 业会计准则的规定编制，公允反映了内蒙古华云新材料有限公司2024年12月31日的财 务状况以及2024年度的经营成果和现金流量 ...