机构：华创证券 研究员：岳阳/吴鑫 事项： 英诺赛科发布2025 年半年报：公司2025 年上半年实现营收5.53 亿元（YoY+43.43%），实现净利 润-4.29 亿元（去年同期亏损4.88 亿元，亏损收窄）。 评论： 营业收入持续高速增长，实现毛利率转正里程碑。2025 年上半年，人工智能算力需求爆发、新能源汽 车加速渗透以及人形机器人产业处于爆发前期，凭借高频、高功率密度、低导通电阻、高转换效率等材 料性能优势，氮化镓器件在功率半导体市场的渗透率逐年提升，迅速占领新兴应用市场。作为全球首家 大规模量产8 英寸晶圆的氮化镓IDM 企业，25H1 公司实现营收5.53 亿元（YoY+43.43%），实现毛利率 6.8%（24 年同期为-21.6%），大幅提升28.4pct，实现毛利率转正里程碑。此外，25H1 英诺赛科与意法 半导体、美的、联合汽车电子、英伟达等国内外多家知名企业达成合作意向，为公司业绩增长构筑强劲 动力。 与英伟达联合推动800V 直流电源架构落地，覆盖全链路氮化镓电源解决方案。人工智能算力需求爆发 式增长，推动AI 及数据中心企业加速部署高压HVDC 架构，全球AI 数据中心进入兆瓦 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 英諾賽科（蘇州）科技股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02577 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 504,841,187 | RMB | | 1 RMB | | 504,841,187 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 504,841,187 | RMB | | 1 RMB | | 504,841,187 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港 ...

Group 1: Hong Kong Stock Market Performance - Midea Group (00300) increased nearly 3% with Q2 revenue of 123.9 billion yuan, a year-on-year increase of 11.0%, and net profit of 13.59 billion yuan, up 15.1%. This marks the company's first interim dividend of 5 yuan per 10 shares (tax included) [2] - Sanofi (02257) saw a midday increase of over 12% as its mid-term shareholder loss narrowed by 91%, with STP705 expected to complete commercialization within the year [2] - Ocean Park (02255) rose nearly 3% in early trading, but reported a 14.2% year-on-year decline in revenue to 686 million yuan, with a loss of approximately 296 million yuan due to decreased visitor numbers and consumer spending [2] Group 2: Company Highlights - InnoCare Pharma (02577) increased over 6% with a sales revenue of 553 million yuan, a year-on-year growth of 43.4%, and a gross margin of 6.8%, marking a significant improvement of 28.4 percentage points [3] - Geekplus (02590) rose over 5%, achieving over 30% year-on-year revenue growth as a leader in global warehouse fulfillment AMR [3] - China Nonferrous Mining (01258) increased over 3.8% due to rising copper prices improving mid-term performance, with ongoing resource expansion and acquisitions [3] Group 3: Other Notable Movements - Hengrui Medicine (01276) rose over 1.5% after receiving drug registration approval for EZH2 inhibitor [3] - Horizon Robotics (09660) fell nearly 1% despite exceeding market expectations in revenue, with Goldman Sachs maintaining a positive outlook on HSD system mass production [3] - BYD Electronics (00285) dropped over 0.5% with a nearly 14% year-on-year increase in net profit, accelerating its layout in AI data centers and robotics [3] - Shandong Gold (01787) fell nearly 2% as it plans to raise approximately 3.9 billion HKD through a discounted placement to repay company debts [3]

Core Viewpoint - InnoScience (02577) has seen its stock price rise over 6%, reaching a new high of 104.2 HKD, driven by strong financial performance and growth in AI and data center sales [1] Financial Performance - For the first half of the year, the company achieved sales revenue of 553 million HKD, representing a year-on-year growth of 43.4% [1] - The gross margin improved to 6.8%, a significant increase of 28.4 percentage points compared to the same period in 2024, marking a milestone in achieving positive gross margins [1] - The net loss narrowed by 12.16% year-on-year [1] Market and Product Development - Sales related to AI and data centers grew by 180% year-on-year [1] - The company has entered mass production for its 48V-12V applications based on 100V gallium nitride (GaN) technology [1] Industry Position and Future Outlook - Huachuang Securities highlights that InnoScience is the only global supplier covering the entire voltage spectrum from 15V to 1200V for GaN power semiconductors, with applications in consumer electronics, data centers, new energy vehicles, and industrial power supplies [1] - The company is expected to benefit from the performance growth driven by GaN penetration in various downstream applications [1] - The firm has raised its revenue and net profit forecasts for the company for the years 2025-2027, reflecting rapid progress in high-end business layouts and breakthroughs in key areas such as data centers, new energy vehicles, and humanoid robots [1]

Core Viewpoint - InnoLux (02577) has seen its stock price rise over 6%, reaching a new high of 104.2 HKD, driven by strong financial performance and growth in AI and data center sales [1] Financial Performance - For the first half of the year, InnoLux achieved sales revenue of 553 million HKD, representing a year-on-year increase of 43.4% [1] - The gross margin improved to 6.8%, a significant increase of 28.4 percentage points compared to the same period in 2024, marking a milestone in achieving positive gross margins [1] - The net loss narrowed by 12.16% year-on-year [1] Growth Drivers - Sales related to AI and data centers surged by 180% year-on-year [1] - The company has entered mass production for 48V-12V applications based on 100V gallium nitride (GaN) technology [1] Market Position and Outlook - According to Huachuang Securities, InnoLux is the only global supplier covering the entire voltage spectrum from 15V to 1200V for GaN power semiconductors, with applications in consumer electronics, data centers, new energy vehicles, and industrial power supplies [1] - The company is expected to benefit from the performance growth driven by GaN penetration in various downstream applications [1] - The firm has raised its revenue and net profit forecasts for InnoLux for the years 2025-2027, reflecting rapid progress in high-end business layouts and breakthroughs in key areas such as data centers, new energy vehicles, and humanoid robots [1]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][8]. Core Insights - The company achieved a revenue of 553 million yuan in the first half of 2025, representing a year-on-year increase of 43.43%, and narrowed its net loss to 429 million yuan from a loss of 488 million yuan in the same period last year [1][8]. - The company reached a significant milestone with a gross margin of 6.8%, a substantial improvement of 28.4 percentage points from -21.6% in the same period last year [8]. - The company has established partnerships with several well-known firms, including NVIDIA, STMicroelectronics, and Midea, which are expected to drive future growth [8]. - The collaboration with NVIDIA aims to promote the implementation of the 800V DC power architecture, addressing the increasing demand for high-efficiency power solutions in AI data centers [8]. - The company plans to expand its wafer production capacity from 13,000 to 20,000 wafers per month, with a current yield rate exceeding 95%, positioning itself as a leading manufacturer in the GaN power semiconductor market [8]. - The revenue forecasts for 2025-2027 have been revised upward to 1.542 billion, 2.992 billion, and 4.755 billion yuan, respectively, reflecting the company's rapid progress in high-end business layouts and breakthroughs in key application areas [8]. Financial Summary - The company is projected to achieve a total revenue of 1.542 billion yuan in 2025, with a year-on-year growth rate of 86.1% [3]. - The net profit attributable to the parent company is expected to improve to -792 million yuan in 2025, with a significant turnaround anticipated by 2026, projecting a profit of 196 million yuan [3]. - The earnings per share (EPS) is forecasted to improve from -1.19 yuan in 2024 to 0.22 yuan in 2026, indicating a positive trend in profitability [3].

Group 1 - InnoCare Pharma (02577.HK) surged over 13%, reaching a new high of 98.7 HKD [1] - As of the time of reporting, the stock increased by 12.36%, trading at 97 HKD [1] - The trading volume amounted to 1.027 billion HKD [1]

Core Viewpoint - InnoPhase (02577) shares surged over 13%, reaching a new high of HKD 98.7, driven by strong interim performance and significant growth in AI and data center sales [1] Financial Performance - The company reported a sales revenue of HKD 5.53 billion for the first half of the year, representing a year-on-year increase of 43.4% [1] - Gross margin improved to 6.8%, a significant increase of 28.4 percentage points compared to the same period in 2024, marking the first time the company recorded a positive gross margin [1] - Net loss narrowed to approximately HKD 4.29 billion, a year-on-year reduction of 12.16% [1] Market Developments - Sales targeting AI and data centers grew by 180% year-on-year, with the company entering mass production for 48V-12V applications based on 100V gallium nitride technology [1] - InnoPhase has partnered with leading companies in the robotics sector, successfully launching the world's first gallium nitride robot [1] - The company anticipates that the shipment of gallium nitride chips for robots will exceed 10,000 units this year, with each robot requiring approximately 300 gallium nitride chips [1] - As technology continues to evolve, the demand for gallium nitride chips in humanoid robots is expected to rise significantly, with the chip usage per robot projected to increase to 1,000 chips for more complex movements [1]

Core Viewpoint - InnoCare (02577) shares surged over 13%, reaching a new high of HKD 98.7, following the release of its interim performance report, which showed significant growth in sales and improvements in profitability metrics [1] Financial Performance - The company reported a sales revenue of HKD 553 million for the first half of the year, representing a year-on-year increase of 43.4% [1] - The gross margin improved to 6.8%, marking a substantial increase of 28.4 percentage points compared to the same period in 2024, achieving positive gross profit for the first time [1] - The net loss narrowed to approximately HKD 429 million, a reduction of 12.16% year-on-year [1] Market Developments - Sales related to AI and data centers experienced a remarkable year-on-year growth of 180% [1] - The company has entered mass production for its 100V gallium nitride (GaN) applications in the 48V-12V range [1] Product Innovations - InnoCare has collaborated with leading companies in the robotics sector to launch the world's first gallium nitride robot [1] - The company anticipates that the shipment of gallium nitride chips for robots will exceed 10,000 units this year, with each robot requiring approximately 300 gallium nitride chips [1] - As technology continues to evolve, the demand for gallium nitride chips in humanoid robots is expected to rise significantly, with the usage per robot projected to increase to 1,000 chips for more complex movements [1]

Core Viewpoint - InnoScience reported significant growth in sales and gross margin for the first half of 2025, marking a turnaround in financial performance compared to the previous year [2][3]. Financial Performance - The company achieved sales revenue of RMB 553.54 million, representing a year-on-year increase of 43.4% [2][3]. - Gross margin improved to 6.8%, a substantial increase of 28.4 percentage points from -21.6% in the same period of 2024 [2][3]. - The net loss for the period was RMB 428.67 million, a decrease from RMB 488.00 million in the previous year [3]. Product Development and Market Position - InnoScience is advancing the adoption of Gallium Nitride (GaN) technology in AI and data centers, with sales in this segment growing by 180% year-on-year [4]. - The company has entered mass production of 100V GaN applications for 48V-12V systems and is now a supplier for NVIDIA's 800V high-voltage direct current solutions [4]. - In the automotive sector, the company reported a 128% year-on-year increase in the delivery of automotive-grade chips, collaborating with leading automotive electronics firms [4]. Strategic Partnerships - InnoScience has established partnerships with several prominent companies, including STMicroelectronics and Midea, to expand GaN applications in various sectors [5]. - The collaboration with Midea focuses on the application of GaN technology in home appliances, with successful mass production of 700V high-voltage GaN products in range hoods [5]. - A joint laboratory has been set up with United Automotive Electronics to develop smaller and lighter power systems for electric vehicles [5].