Group 1: Business Progress - The wafer foundry business of Guangxin Microelectronics has seen significant growth, with monthly production increasing from 6,000 wafers at the beginning of 2025 to 40,000 wafers by the end of the year, and order volume rising from 10,000 wafers to over 40,000 wafers per month [2][4] - The average production yield for MFER products improved from 93% at the beginning of the year to over 98%, while VDMOS products achieved yields above 95% for industrial and AI data center applications, and over 98% for consumer power supplies, reflecting an increase of more than 5% [2][4] - Guangxin Microelectronics has successfully launched products including MFER (45-200V) and VDMOS (200-2,000V), with plans to mass-produce high-voltage BCD, TVS, IGBT, and other products in 2026 [3][4] Group 2: Competitive Advantages - Guangxin Microelectronics operates a pure wafer foundry model, which addresses the pain points of power semiconductor design companies by ensuring intellectual property protection and stable production capacity, a rarity in the industry [4] - The company boasts high-end equipment and strong process platform capabilities, particularly in high-voltage and ultra-high-voltage sectors, giving it a competitive edge [4] Group 3: Financial and Investment Management - The company plans to focus its future investments primarily on expanding wafer foundry capacity, with minimal equity investments in other areas [6] - Recent investment activities include the sale of a controlling stake in logistics automation company Junan Hongtu for 14.8 million yuan, which optimized resource allocation and improved asset operational efficiency [6] - Guangxin Microelectronics is also involved in financing activities, with a special process wafer foundry recently securing several million yuan in equity financing [6] Group 4: Future Capacity and Product Development - Guangxin Microelectronics has a planned capacity of 100,000 pieces per month for its first phase of production, expected to reach full capacity by the end of 2026 or early 2027 [7][8] - The company is focusing on high-value products, with ongoing development in transient voltage suppressors (TVS) and high-voltage platforms, aiming for significant advancements in industrial applications [8] Group 5: Shareholder Activities - Major shareholders have pledged some shares for margin financing to increase their holdings in MinDe Electronics, with plans for share reductions to repay margin loans already executed [8]

Industry Overview - Demand for synthetic rubber in Western markets is declining due to a slowdown in automotive and tyre manufacturing, alongside increased global competition [1] - Global butadiene and synthetic rubber prices are experiencing a downward trend as a result of these market conditions [1] Price Trends - European butadiene contract price for December 2025 decreased to €720 per tonne ($837/t), down from €1,050 per tonne in March 2025, marking the ninth consecutive decline [2] - In the US, spot butadiene prices fell to $562 per tonne at the end of November 2025 [2] - In China, domestic butadiene prices averaged Yuan 7,021 per tonne ($988/t) in November, reflecting a 16% decrease from October and a 42% decline from January 2025 [2] - Global prices for Styrene-Butadiene Rubber (SBR) and Butadiene Rubber (BR) have also decreased in line with falling butadiene feedstock prices [2] Competitive Landscape - The synthetic rubber industry, particularly in the commodity segment, is facing intense competition from Chinese producers, which has negatively impacted profitability and led to plant closures [2] - Notable closures include Arlanxeo's Port Jerome facility in France and Lion Elastomers' facility in Texas, indicating a consolidation trend in Western synthetic rubber production [2] Demand Variability - Demand for advanced rubber grades remains strong, particularly supported by the automotive industry, while commodity rubber grades are experiencing sluggish demand [3] Trade Dynamics - In Europe, extra-regional EU27+UK SSBR exports increased by 30% in the first three quarters of 2025, driven by a 49% rise in shipments to China [4] - Conversely, extra-regional EU27+UK ESBR exports fell by 10% year-on-year, primarily due to significant losses to India [4] - Lower butadiene prices in Asia, combined with soft demand and uncertainty related to US tariffs, have made ESBR production in Asia more competitive, leading to reduced European exports [4] - China's synthetic rubber production is growing to meet higher demand from the automotive and tyre industries, resulting in increased exports to the ASEAN region [4]

常州天晟新材料集团股份有限公司 2025 年半年度报告全文 常州天晟新材料集团股份有限公司 常州天晟新材料集团股份有限公司 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。 公司负责人吴海宙、主管会计工作负责人黄冰及会计机构负责人(会计主 管人员)黄冰声明：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 "中"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风险及应对措施，敬请 投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 股份有限公司 2025 年半年度报告全文 常州天晟新材料集团股份有限公司 2025 年半年度报告全文 一、载有公司法定代表人、主管会计工作负责人、会计机 ...