Company Profile
GalaxyCore Inc. (hereinafter referred to as "GalaxyCore" or the "Company") is dedicated
to fulfilling its mission of "Letting the World See China's Innovation and Feel the Integrity
of Chinese Enterprises." In active response to the special action initiative for "Improving
Quality, Enhancing Efficiency and Increasing Shareholder Returns," the Company
has consistently adhered to an "Investor-Oriented" development philosophy, firmly
safeguarded the legitimate interests of all shareholders, established a positive market
image, and promoted high-quality corporate development. The Company released the
Shareholder Returns" and the Semi-annual Evaluation Report on the 2024/2025 Action
Plan on "Improving Quality, Enhancing Efficiency and Increasing Shareholder Returns" in
made through its active deployment and diligent implementation of the action plan.
Based on its confidence in the Company's prospects and to clarify the main work
directions for "Improving Quality, Enhancing Efficiency and Increasing Shareholder
Returns" in 2026, the Company has formulated this action plan. This plan is based
on the implementation of the 2025 action plan, its own development strategy, and
actual operating conditions, focusing on five aspects: consolidating the core business
and continuously promoting innovation, building a compliance governance system,
strengthening the responsibilities of key personnel, enhancing communication with
investors, and prioritizing investor returns. The specific contents are as follows:
Consolidating the Core Business and
Continuously Promoting Innovation
Review of the 2025 Plan Implementation
The Company is one of the leading and internationally renowned semiconductor
R&D, design, manufacturing, packaging, testing, and sales of CMOS image sensors
Overview of (CIS) and display driver ICs (DDIC). The Company currently offers CMOS image
Operating Results sensors ranging from QVGA (80,000 pixels) to 50 megapixels, as well as LCD DDIC/
TDDI (with resolutions from QQVGA to FHD+) and AMOLED display driver ICs for
wearables. Its products are primarily used in the mobile phone sector and are also
widely applied in consumer electronics and industrial applications, including tablets,
laptops, wearables, mobile payments, and automotive electronics.
In 2025, the Company focused on its core business, continuously optimized, and
upgraded its product structure, and promoted the iteration of products from high
cost-performance to high performance, achieving significant growth in revenue.
In 2025, the Company achieved a total operating revenue of RMB 7.782 billion, a
year-on-year increase of 21.91%; the net profit attributable to owners of the parent
company was RMB 50.5091 million, a year-on-year decrease of 72.96%.
In 2025
In 2025, the Company achieved a year-on-year increase of
a total operating revenue of RMB
the net profit attributable to owners a year-on-year decrease of
of the parent company was RMB
Operating Results and Product Innovation by Business Segment
CMOS Image Sensor - Mobile Phone
In FY2025, the shipment volume of the Company's high-pixel image sensor products
continued to increase, and the 32-megapixel and 50-megapixel image sensor
products have achieved a cumulative total of more than 100 million units shipped.
The 50-megapixel products include various specifications such as 0.61 μm, 0.7 μm,
and 1.0 μm, which are widely used in the front and rear main cameras of numerous
branded customer models. This has propelled the Company's continued growth in
revenue from its high-pixel products and further increased their share in the mobile the 32-megapixel and 50-megapixel
CIS business revenue. image sensor products have achieved
a cumulative total of more than
In 2025, based on the GalaxyCell technology platform, the Company continued
to promote the R&D and iteration of high-pixel CIS products and has formed a million units shipped
with more flexible and diversified imaging solutions. The GC50F0 adopts 0.64
μm pixels based on the GalaxyCell 2.0 process, achieving high-resolution, high-
dynamic-range, and low-noise imaging. With an optical format of 1/2.8", it can be
flexibly adapted to various mobile phone lenses, including the main camera, ultra-
wide-angle, telephoto, and front camera, and is currently under evaluation by
multiple brand customers. The GC50D1, which adopts 0.8 μm pixels based on the
GalaxyCell 2.0 process, possesses the advantages of high sensitivity, high dynamic
range, and 100% full-pixel auto-focus (PDAF), and supports smooth 4K 60fps HD
video recording, meeting application requirements such as equivalent 2x optical
zoom. It is suitable for main, ultra-wide-angle, and telephoto lenses and has already
begun initial shipments, with mass production imminent.
In addition, a 0.7 μm specification 50-megapixel image sensor product from the
Company has received ODM orders from internationally renowned brands, and
the Company has already achieved partial shipments. The product has achieved
significant improvements in pixel performance, dynamic range, and power
consumption optimization, and has increased the phase detection auto-focus
(PDAF) density to 100%, comprehensively enhancing autofocus capability and
improving shooting precision and speed. Furthermore, the product is equipped
with the Company's self-developed DAG HDR technology, capable of outputting 12-
bit image data, resulting in rich highlight and shadow details with vivid imagery. It
also features always-on (AON) low-power technology, supporting Ultra-Low-Power
(ULP) mode and Ambient Light Sensing (ALS) mode to meet diverse operational
requirements.
Going forward, the Company will further iterate the performance of high-
pixel products such as 32 million and 50 million pixels based on the GalaxyCell
technology platform and simultaneously launch products with higher specifications
of over 100 million pixels, continuously enhancing the Company's core
competitiveness, increasing market share, and expanding its leading advantage.
CMOS Image Sensor - Non-Mobile
The Company continues to enrich its product specifications, iterate, and upgrade its product portfolio, and expand product
application areas. In 2025, the Company launched its first large-format BlackLight Full-Color image sensor, GC8602, as a
flagship 4K imaging benchmark. With its excellent light sensitivity, near-infrared performance, and low-power design, it provides
customers with outstanding all-scenario imaging, showcasing GalaxyCore's technological strength in high-end imaging and
adding to its product portfolio in the smart IoT field. The Company also introduced a new generation of ultra-low-power
sensor, GC4053, which addresses the pain points of traditional solutions—slow startup, high power consumption, and complex
configuration—through upgraded low-power technology that supports quick low-power startup, standby, and regular operating
modes, significantly improving system response speed and power efficiency. Additionally, the Company launched the BlackLight
Full-Color grade sensor GC4683, which maintains exceptional dynamic range and color reproduction in low-light, backlit, and
high-contrast scenarios, providing stable and reliable imaging for all-day operation. The GC4683 achieves an ideal balance
between performance, cost, and versatility, making it the preferred solution for system upgrades and multi-scenario deployments,
and further enriches the Company's product portfolio in the non-mobile CIS field, offering partners more diversified imaging
solution choices.
In addition, the Company continues to focus on emerging areas to open up new growth opportunities. The Company launched
the 5-megapixel AI PC image sensor GC5605, featuring high resolution, high dynamic range, and ultra-low power consumption,
with support for intelligent wake-up functions. In the automotive electronics field, it has launched a 3.0 μm 1.3-megapixel
product for 360° surround view and reversing rear-view applications and is actively promoting the commercialization of a higher-
pixel 3.0 μm 3-megapixel product for surround view, peripheral vision, auto-parking, and front-view all-in-one applications. In the
AI smart glasses field, the Company has a 5-megapixel CIS in mass production for AI glasses projects and continues to advance
related technology R&D and new product launches. The Company has also leveraged its proprietary optical image stabilization (OIS)
packaging technology to enter niche markets such as mirrorless cameras, compact cameras, and binoculars, further expanding
its market space.
Display Driver IC
T h e Co m p a n y 's p r o d u c t s c o v e r 03
resolutions from QQVGA to FHD+,
primarily targeting small and medium- Capacity Building
sized displays in mobile phones,
wearables, industrial control, and home The Company continued to deepen its Fab-lite model and strengthen its
appliances. It is also continuously "integrated design and manufacturing" capabilities. In 2025, the subsidiary
expanding its applications in various GalaxyCore Semiconductor (Shanghai) Limited was operating at nearly
intelligent scenarios such as medical full capacity, with its production capacity largely shifted to 50-megapixel
and commercial displays. In 2025, the products. This transition has continuously increased the unit value of the
sales proportion of the Company's LCD factory's products and further enhanced its profitability, accelerating its path
TDDI products continued to increase. to break even. GalaxyCore (Zhejiang) Limited Corporation continued to focus
T h e Co m p a n y a l s o s u c c e s s f u l l y on CIS and DDIC packaging and testing manufacturing and related technology
delivered its first AMOLED display R&D. It has established product lines such as FT, CP, RW, and COM, as well
driver IC to a smartwatch customer. as an OIS R&D project. In 2025, following the Lingang wafer fab, it, along with
As a significant milestone for the the Shanghai headquarters, successfully obtained IATF 16949 quality system
Co m p a n y 's e n t r y i n t o t h e O L E D certification. This signifies that the GalaxyCore Group now possesses full-
market, this achievement marks its chain mass production capabilities for automotive-grade products.
successful entry into the fast-growing
OLED display market, broadening the
growth potential of its display driver
business.
Business Development Plan for 2026
In November 2025, the Company completed the share registration for the second
of the 2023 restricted stock incentive plan, with a total of 1,633,520 shares vested
Talent Echelon to eligible participants. In 2026, the Company will continue to improve its training
Development – and incentive mechanisms for R&D talent. The incentive plan effectively aligns the
interests of shareholders, the Company, and the core team, encouraging all parties
Equity Incentive Plan to focus on the Company's long-term development and ensuring the achievement
of its strategic and operational goals. In 2026, the Company will continue to
evaluate the effectiveness of the incentive plan and, based on its development
needs, introduce new incentive measures in a timely manner to attract and retain
outstanding talent, motivate the core team, and provide talent assurance for the
Company's continuous innovation and development.
In 2026, the Company will continue to adhere to independent R&D, maintain
quality productive forces." Based on the Fab-lite model and driven by innovation,
Adhering to the Company will strive to create new quality productive forces that are "high-
Independent Innovation tech, high-efficiency, and high-quality." The Company will continue to build on
technologies such as high-pixel monolithic chip technology, advance key R&D
and Building Core projects that meet domestic and international advanced standards, accelerate
Competitiveness the transformation of core technologies into products, and maintain its industry
leadership and core competitiveness.
Key R&D projects include:
Progress
Technology Specific application
No. Project name or interim Intended goal
level prospects
results
Develop a 0.64 μm 50M pixel image
Second-generation new sensor, where the 0.64 μm pixel uses Internationally CMOS image sensor
pixel R&D project a new pixel architecture to achieve advanced chip
full isolation between pixels
Create a high-performance 0.8 μm
R&D of third-generation
BSI CMOS image sensor through
back-side illuminated
newly developed process technology, Internationally CMOS image sensor
logic architecture, digital algorithms, advanced chip
CMOS image sensor
analog circuits, and packaging
chip
technology
R&D and industrialization
of OLED display driver Develop OLED display driver ICs for Internationally
IC technology for smartphones advanced
smartphones
R&D of qHD TDDI chip Develop a qHD TDDI liquid crystal Domestically
for smartphones display (LCD) driver IC advanced
Progress
Technology Specific application
No. Project name or interim Intended goal
level prospects
results
Develop a new generation of SRAM
architecture with a more optimal
area based on the GalaxyCore Arc1.0
circuit platform and BSI1.3 pixel
Second-generation FSI
platform to reduce chip area, with an Internationally CMOS image sensor
optical format of 1/3 and an image advanced chip
chip R&D project
resolution of 4M (2560×1440), and
achieve a high cost-performance
product based on the new domestic
supply chain
Develop a 1/1.8 optical format with an
image resolution of 8M (3840×2160)
to complement and expand the high-
First-generation large-
end digital product line. Based on Internationally CMOS image sensor
this product, develop digital product advanced chip
sensor chip R&D project
applications with the new ACOM
packaging method and OIS digital
product applications.
Develop a 1/3 optical format with an
image resolution of 2M (1920×1080).
Based on GalaxyCore's Lingang fab,
Fifth-generation FSI 2M develop a new generation of FSI
Internationally CMOS image sensor
advanced chip
chip R&D project indicators reach the same level as
BSI of the same specification, and
expand the high-end applications of
FSI products
Develop a 1/3 optical format with an
image resolution of 2M (1920×1080).
Based on GalaxyCore's Arc1.0 circuit
platform and FPPI1.0 pixel platform,
Fourth-generation FSI develop a new generation of Always-
Internationally CMOS image sensor
advanced chip
chip R&D project to achieve system-level low power
consumption applications, and
achieve high cost-performance
products based on the new domestic
supply chain.
Develop a small-pixel 200M pixel
image sensor that supports multiple
First-generation ultra-
high dynamic range technologies Internationally CMOS image sensor
such as DCG HDR and LOFIC HDR, advanced chip
sensor R&D project
phase detection autofocus, and 4K
In 2026, the Company will continue to promote R&D investment in new products and technologies and accelerate the
transformation of innovative achievements.
In addition, the Company also attaches great importance to the application and protection of intellectual property rights for its
R&D achievements. During the reporting period, the Company filed 252 new intellectual property applications and was granted
In the future, the Company will continue to improve its intellectual property layout, aiming to break through the technological
leadership and monopoly in the high-pixel CIS field that leading international companies have built over many years, represented
by stacked technology architecture, and forge an independent technological path based on high-pixel monolithic chip integration
technology.
In 2025
During the reporting period, the Company filed was granted
As of December 31, 2025, the
Company had been granted a total of
Building a Compliance Governance System
Corporate Governance Work Report
The Company has established a standardized operational system centered on the
management. In 2025, the Company held 7 Board of Directors meetings, 4 Audit
Operation of the Three Committee meetings, 2 Strategy Committee meetings, 2 Remuneration and Appraisal
Governing Bodies Committee meetings, 1 Nomination Committee meeting, and 1 special meeting for
independent directors. In 2026, the Company will continue to convene meetings of the
Board of Directors, Audit Committee, etc., in strict accordance with relevant regulations
to ensure the scientific and standardized nature of its decision-making. The Company
will actively leverage the role of independent and external directors in corporate
governance, provide comprehensive and convenient conditions for independent
directors to perform their duties, and designate the Board Office as the communication
and coordination department to ensure that independent directors can carry out their
on-site work efficiently.
In 2025
the Company held
Board of Directors meetings Audit Committee meetings Strategy Committee meetings
Remuneration and Appraisal Nomination Committee special meeting for
Committee meetings meeting independent directors
governance, gaining market recognition. The Company has received an Information
Disclosure Rating A for three consecutive years. In 2026, the Company will continue to
Governance strive to improve its corporate governance and earn more honors and recognition.
Achievements
The Company places great importance on social responsibility and sustainable
development and has continuously published annual ESG reports in recent years,
showcasing its active efforts and significant achievements in operating performance,
development strategy, major business information, social responsibility fulfillment, and
ESG-related Matters sustainable development to investors from multiple dimensions and in a comprehensive
manner. In 2025, the Company received a CSI ESG Rating [A], a Huazheng ESG Rating
[BB], and a HSI ESG Rating [BB].
In 2026, the Company will continue to improve its ESG management system, actively
fulfill its social responsibilities, promote sustainable development, and strive to enhance
its ESG rating.
Continuously Improving the Corporate Governance
Structure
The Company has established and continuously optimizes a scientific and standardized
that includes basic salary, performance bonuses, and long-term incentives, ensuring that
management's remuneration is closely linked to the Company's operating performance,
Continuously strategic goals, and shareholder interests. The remuneration assessment implements a
comprehensive evaluation system that combines quantitative and qualitative measures,
Optimizing the organically integrating financial and non-financial indicators, and balancing short-term
Remuneration performance with long-term value creation. Performance bonuses are directly linked to
annual operating results and individual performance, and the alignment of management
Management System and shareholder interests is strengthened through long-term incentive tools such as equity
for Directors and incentives.
Senior Executives In the future, the Company will continue to clarify responsibilities and division of labor around
its strategic goals and key indicators of major projects, further deepen the institutional
construction of risk-sharing and benefit-sharing between management and shareholders, fully
stimulate the enthusiasm and creativity of the management team, and provide strong support
for the Company's sustainable and healthy development and the maximization of shareholder
value.
The Company strictly implements the requirements of relevant laws and regulations such as
of independent directors with professional backgrounds in finance and accounting, effectively
fulfills its supervisory responsibilities over major financial decisions, related-party transactions,
Strengthening the and capital operations through regular and ad-hoc supervision mechanisms, thereby
enhancing the transparency and standardization of corporate governance.
Supervisory Function
of the Board's Audit The Company will continue to strengthen the supervisory function of the Audit Committee,
improve its organizational structure and operating mechanism, ensure its independent
Committee supervisory role in key areas such as financial information disclosure, internal control, and
internal and external audits, and build an internal supervision system with clear rights and
responsibilities and efficient operation. This will provide a solid guarantee for the Company's
stable operation and sustainable development, while also enhancing investor confidence and
maintaining the healthy and stable development of the capital market.
The Company emphasizes the standardized performance of duties by the "key minority,"
including controlling shareholders, actual controllers, directors, and senior management.
It closely monitors changes in regulatory policies, conducts research and study on
these policies, and ensures that the "key minority" can adapt to the changing regulatory
Strengthening environment in a timely manner. In 2025, the Company organized 15 training sessions for
directors, supervisors, and senior management, hosted by the listed companies association,
Training and the SSE, and the CSRC. In 2026, the Company will continue to actively arrange for directors,
Learning senior management, and other relevant personnel to participate in training activities organized
by the CSRC, stock exchanges, and listed companies associations to stay informed of the
latest regulatory policies and legal requirements. In addition, the Company continuously
organizes the study of laws, regulations, and policy documents related to the capital
market. By studying non-compliance cases and regulatory rulebooks published by regulatory
authorities, the Company constantly enhances the compliance awareness and performance
capabilities of the "key minority" to effectively prevent and mitigate various risks.
In 2025
Specialized training:
Strengthen Investor Communication and
Improve the Quality of Information Disclosure
Distinctive Practices in Information Disclosure
To continuously optimize information disclosure and investor relations management, and to further enhance the readability and
effectiveness of disclosed information, the Company continues to use visual aids such as infographics to provide a more intuitive
interpretation of its annual reports. This helps investors better understand the Company's operating results, financial condition,
and development strategy. In addition to statutory disclosure channels, the Company also strengthens its brand management
and builds a positive image in the capital market. Throughout the year, it published 28 articles on its official website and the
official WeChat account "GalaxyCore" to deliver more comprehensive and timely product information, technology introductions,
and other corporate news to investors. These efforts enrich the Company's external information dissemination and improve the
quality of its information release management.
Furthermore, the Company actively engages in voluntary information disclosure beyond statutory requirements. On July 22,
Products . In December 2025, it published the Voluntary Announcement on the Shipment of High-Pixel Image Sensor Products ,
proactively disclosing significant progress, including the shipment of over 100 million units of its 32-megapixel and 50-megapixel
image sensor products and securing an ODM order from a renowned international brand for its 0.7 μm 50-megapixel image
sensor product. In 2026, the Company will continue to make timely voluntary disclosures to convey important information about
its business development to investors and enhance market transparency.
Regular Information Disclosure and Investor
Communication
The Company strictly adheres to the Rules Governing the Listing of Stocks on the STAR Market
of the Shanghai Stock Exchange , the Company's Information Disclosure Affairs Management
System , and other relevant regulations. It diligently fulfills its information disclosure obligations
by disclosing major information, such as periodic reports and ad-hoc announcements, in a
truthful, accurate, complete, timely, and effective manner. In 2025, the Company released a total
of 4 periodic reports and 44 ad-hoc announcements.
In 2025, the Company
The Company maintains regular communication with investors through multiple dimensions and released a total of
channels. In 2025, the Company held several online earnings calls via the SSE Roadshow Center
of the Shanghai Stock Exchange, including for the 2024 annual and Q1 2025 results, and the periodic reports
strategies, and product progress. In addition, the Company promptly responds to investor
inquiries through email, telephone, and the "SSE E-interactive" platform, strengthening interaction
with investors and safeguarding their right to know.
In 2026, the Company will continue to hold regular earnings calls after the disclosure of periodic
reports to ensure timely communication with investors. An announcement will be issued in
advance for each earnings call, and investor questions will be collected beforehand through the
"Question Collection" section of the SSE Roadshow Center website and the Company's email.
The management will use these earnings calls to provide authoritative interpretations of the
Company's strategy, operational data, and technological progress. In 2026, the Company will ad-hoc announcements
continue to strengthen its regular communication channels, including the SSE's "SSE E-interactive"
platform, the investor hotline, and the investor email, to ensure timely responses to investor
inquiries. It will provide prompt and accurate replies to market concerns, such as the progress
of high-pixel products, production ramp-up, and the layout of emerging businesses, within the
scope permitted by information disclosure rules, so as to reduce information asymmetry.
Prioritize Investor Returns and Share
Development Achievements
The Company has always placed the interests of investors in a prominent position. While continuously improving its operations
and focusing on its core business to enhance performance, the Company actively practices the philosophy of rewarding
shareholders. By implementing a consistent and stable cash dividend policy, it enables investors to genuinely share in the
benefits of the Company's growth, achieving mutual benefits and a win-win situation with shareholders.
Meanwhile, to demonstrate its firm confidence in future development prospects, the Company also implements share buybacks
based on market conditions and its own financial situation to further bolster market confidence.
Profit Distribution
On April 27, 2025, the Company held the 13th meeting of the second Board of
Directors, and on June 13, 2025, it held the 2024 Annual General Meeting of
Shareholders, at which the Proposal on the 2024 Annual Profit Distribution Plan was
reviewed and approved. On June 28, 2025, the Company issued the Announcement
on the Implementation of the 2024 Annual Equity Distribution , distributing a cash
dividend of RMB 0.022 per share (tax included), totaling RMB 56.5654 million
totaling RMB
(tax included), which accounted for over 30% of the net profit attributable to
shareholders of the listed company in the Company's 2024 consolidated financial
statements.
million (tax included)
Share Repurchase
On March 5, 2024, the Company held the second meeting of the second Board
of Directors, at which the Proposal on the Plan to Repurchase Company Shares
through Centralized Bidding Transactions was reviewed and approved. The Company
agreed to use its own funds to repurchase company shares through the Shanghai
Stock Exchange system via centralized bidding transactions. As of February 28,
having repurchased
million company shares, which accounted for 0.8686% of the Company's total
share capital at that time. The total amount of funds paid was RMB 299.4441 million
(excluding transaction fees such as stamp duty and trading commissions).
million company shares
Continuously Optimizing the Investor Return Mechanism
In 2026, the Company will continue to coordinate its development, performance growth, and funding needs. On the premise
of complying with relevant laws, regulations, and the profit distribution policy in the Articles of Association , the Company will
prioritize cash dividends as the method of profit distribution. It will strive to maintain an annual dividend amount of no less than
investment plans or significant capital expenditure arrangements. In addition, the Company will continue to explore a diversified
shareholder return mechanism that includes various forms such as cash dividends and share repurchases, and will advance share
repurchase work at appropriate times to genuinely enhance the sense of gain for investors.
Other Matters
“
The Company will continuously evaluate the implementation of the action plan
for "Improving Quality, Enhancing Efficiency and Increasing Shareholder Returns"
and fulfill its information disclosure obligations in a timely manner. The Company
will continue to focus on its core business, enhancing its core competitiveness,
profitability, and risk management capabilities. Through sound business
management, standardized corporate governance, and active investor returns,
the Company will effectively protect the interests of investors, earnestly fulfill its
responsibilities and obligations as a listed company, reward investor trust, maintain
a positive market image, and promote the stable and healthy development of the
capital market.
The Company plans, development strategies, and other forward-looking statements
involved in this plan are not established facts and do not constitute a substantial
commitment from the Company to investors. Investors should be aware of the
relevant risks.
”
Board of Directors of GalaxyCore Inc.
April 2026
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