国微控股2025中期报告

2025INTERIM REPORT中期報告 CONTENTS 2Corporate Information5Management Discussion and Analysis17Other Information25Condensed Consolidated Statement of Financial Position27Condensed Consolidated Income Statement28Condensed Consolidated Statement of Comprehensive Income29Condensed Consolidated Statement of Changes in Equity31Condensed Consolidated Statement of Cash Flows32Notes to the Condensed Consolidated Interim Financial Information CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Huang Xueliang(Chairman and Executive Director)Mr. Loong, Manfred Man-tsun(retired on 30 April 2025)Ms. Chen Ying Non-Executive Directors Mr. Kwan, Allan Chung-yuenMr. Cai Jing Independent Non-Executive Directors Mr. Zhang JunjieMr. Woo Kar Tung, RaymondMr. Jin YufengMs. Zhang Min(appointed on 29 April 2025) SENIOR MANAGEMENT Mr. Loong, Manfred Man-tsun(retired on 30 April 2025) COMPANY SECRETARY Mr. Cheng Kai Pui, Eric (CPA) (CPA) AUDIT COMMITTEE Mr. Woo Kar Tung, Raymond(Chairman)Mr. Kwan, Allan Chung-yuenMr. Zhang Junjie REMUNERATION COMMITTEE Mr. Zhang Junjie(Chairman)Mr. Jin YufengMr. Kwan, Allan Chung-yuen NOMINATION COMMITTEE Mr. Huang Xueliang(Chairman)Mr. Jin YufengMr. Woo Kar Tung, RaymondMs. Zhang Min(appointed on 29 April 2025) CORPORATE INFORMATION REGISTERED OFFICE IN THE CAYMANISLANDS Maples Corporate Services LimitedPO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands Maples Corporate Services LimitedPO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THE PRC 22F, Guoshi BuildingNo. 1801 Shahexi RoadNanshan DistrictShenzhen, PRC 180122 HEADQUARTERS AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG Room 4202-04,42/F China Resources Building,26 Harbour Road,Wanchai, Hong Kong 26424202-04 COMPANY’S WEBSITE www.smit.com.cn www.smit.com.cn CAYMAN SHARE REGISTRAR ANDTRANSFER AGENT Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands CORPORATE INFORMATION HONG KONG SHARE REGISTRAR 183171712 1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong PRINCIPAL BANKER Citibank N.A. Hong Kong Branch21/F, Tower 1, The Gateway, Harbour CityTsim Sha TsuiKowloonHong Kong 121 AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor STOCK CODE 22392239 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW The Group is a leading security devices provider globally forpay-TV broadcasting access. It designs, develops and marketssecurity devices primarily for the pay-TV industry worldwidethrough sales of conditional access modules, or CAMs,products which provide end users with access to pay-TVcontent. The Group is also engaged in intelligent sense technologybusiness which focuses on research, development and salesof smart sensing-oriented products and solutions; and otherbusinesses focusing on integrated circuit (“IC”) solution andnew energy sectors. IC CAM 5.75.780.3%81.4%2.1%188.4%25% In the first half of 2025, the Group’s revenue generated fromCAM sales amounted to approximately US$5.7 million, whichis the same as that in the first half of 2024 (for the six monthsended 30 June 2024: US$5.7 million), accounting for 80.3%of the Group’s total revenue. Among that, the revenue fromthe largest market for CAM, Europe, accounted for 81.4% ofCAM’s total sales, a year-on-year increase of 2.1%, primarilydue to the successful delivery of orders from Eastern Europeanoperators as planned, and new orders from both Easternand Central European operators. Sales in emerging marketsincreased by 188.4% year-on-year, mainly due to increasedsales in Middle Asia and Western Asia. Sales in the domesticmarket decreased by 25% year-on-year, mainly due to thedelay in the bidding process for major operators which has ledto the postponement of shipments until the third quarter. MANAGEMENT DISCUSSION AND ANALYSIS UWBUWB In the first half of 2025, the shipment share of Romanianoperator customers increased, and all subsequent ordershave been switched to the new platform. New customersin Serbia and Poland generated new order demands duringthe operator platform switch. In emerging markets, newcustomers were successfully developed in Central America,and the Indian operator project completed sample delivery bythe end of June, with customers expressing approval of theproducts. In the domestic wired gateway business, the Group’sproducts had obtained network access certification fromthe State Administration of Radio, Film and Television andcompleted product specification definitions for the nationalgrid. Provincial grid integration projects had been deployedas planned and are ready to be launched. The prototype ofthe one-way gateway product for cable/satellite to networkport h