2025 Annual Board of Directors Work Report
In 2025, Xi'an Pary Power Semiconductor Conversion Technology Co., Ltd. (hereinafter referred to as "the Company") adhered strictly to the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operations of GEM Listed Companies, and other relevant laws and regulations, as well as the Company's Articles of Association and Board Meeting Rules. The Board faithfully fulfilled its responsibilities entrusted by the shareholders' meeting, diligently carried out management and governance work, continuously strengthened internal controls, optimized the corporate governance structure, and comprehensively improved the level of standardized operations. The following is a report on the work of the Board of Directors for 2025:
1. Company Operating Conditions in 2025
As a key supplier of core components for the ultra-high voltage direct current transmission project—converter valves, the Company's main business revenue primarily comes from the high-voltage direct current valve component business. In 2025, the Company's operating revenue and other core financial indicators fluctuated due to the progress of customer project construction. In response to industry and market changes, the Company adopted a dual approach: on one hand, increasing research and development and market expansion efforts for power electronic equipment products, leading to a significant year-on-year increase in sales volume of power electronic devices in 2025; on the other hand, adhering to technology-driven innovation, consolidating customer trust with high-quality, high-performance products and specialized services, and continuously cultivating new performance growth points. As a core supplier of key components for ultra-high voltage direct current transmission projects, the Company closely tracked industry technology trends and quickly responded to project iteration demands while completing various transmission engineering support tasks with high quality. In 2025, the Company achieved significant breakthroughs in the field of next-generation high-power semiconductor devices, with core products such as IGCT, IGBT, and FRD completing key technological challenges and gradually acquiring the capability for large-scale, series production. Under the overall leadership of the Board, the management team implemented multiple measures to enhance production and operational efficiency while strictly adhering to product quality standards. The main financial data for the Company in 2025 is as follows:
| Indicator | Amount (10,000 yuan) | Year-on-Year Change |
|---|---|---|
| Operating Revenue | 1874.746 | -12.61% |
| Net Profit Attributable to Shareholders | 442.278 | -37.99% |
| Net Cash Flow from Operating Activities | 768.911 | +6676.06% |
| Total Assets | 1055.5155 | +5.19% |
| Total Equity Attributable to Shareholders | 957.8723 | +3.19% |
2. Company Governance and Standardized Operations
(1) Effective Execution of Governance Systems
The Company's shareholders' meeting and Board of Directors operated strictly according to established rules, with management matters adhering to decision-making and approval procedures, ensuring effective execution of governance systems.
(2) Daily Work of the Board of Directors
In 2025, the Company held 7 Board meetings, with all processes including meeting notifications, proposal submissions, voting procedures, resolutions, and meeting records strictly complying with the Company Law, Articles of Association, and Board Meeting Rules. The specific matters reviewed are as follows: