证券代码：600584 证券简称：长电科技 公告编号：临 2025-033 江苏长电科技股份有限公司 第八届监事会第十次临时会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 江苏长电科技股份有限公司（以下简称"公司"）第八届监事会第十次临时 会议于 2025 年 8 月 11 日以通讯方式发出会议通知，于 2025 年 8 月 20 日以现场 结合电话会议的方式召开，本次会议应参会监事 3 人，实际参会监事 3 人。监事 会主席林桂凤女士主持了会议。会议的召集和召开符合《中华人民共和国公司法》 《中华人民共和国证券法》及《公司章程》的规定。 二、监事会会议审议情况 经与会监事审议、表决，形成决议如下： （一）审议通过了《江苏长电科技股份有限公司 2025 年半年度报告及摘要》 公司监事会根据中国证券监督管理委员会（以下简称"中国证监会"） 《公开 发行证券的公司信息披露内容与格式准则第 3 号——半年度报告的内容与格式 （2025 年修订）》等有关规定，对公司 2025 年半年度报告进行了认 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [18]. Core Views - The semiconductor industry is experiencing a recovery, but performance is varied across different segments. The company is gradually contributing to revenue growth, particularly in advanced packaging technologies [5][8]. - The company is focusing on high-performance packaging technologies, including 2.5D/3D packaging, which positions it well to benefit from the growing demand for high-performance and high-computing power chips [12][13]. - The financial forecasts for the company have been adjusted, with expected net profits of 1.7 billion, 1.9 billion, and 2.2 billion for 2025, 2026, and 2027 respectively, indicating a solid growth trajectory [14]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 9.27 billion yuan, a year-on-year increase of 7.24%, while the net profit attributable to the parent company was 267 million yuan, a year-on-year decrease of 44.75% [7]. - The company’s gross margin was 14.3%, with a net margin of 2.88% [7]. - The company’s R&D expenses reached 5.7% of revenue in Q2, reflecting a commitment to innovation despite rising costs [7]. Revenue Breakdown - The revenue from different segments in H1 2025 includes: 1. Communication Electronics: 7.09 billion yuan, up 10.8% year-on-year [9]. 2. Computing Electronics: 4.17 billion yuan, up 71.4% year-on-year [9]. 3. Consumer Electronics: 4.02 billion yuan, down 4.6% year-on-year [9]. 4. Automotive Electronics: 1.73 billion yuan, up 34.6% year-on-year [9]. 5. Industrial and Medical Electronics: 1.6 billion yuan, up 37.8% year-on-year [9]. Future Outlook - The company is actively developing advanced packaging technologies, which are expected to support future growth in various applications, including automotive and high-performance computing [12][13]. - The integration of capabilities in computing, storage, power, and automotive electronics is anticipated to enhance the company's competitive position as the industry recovers [14].

Summary of JCET (600584.SS) Conference Call Company Overview - **Company**: JCET (Jiangsu Changjiang Electronics Technology Co., Ltd.) - **Industry**: Semiconductor and advanced packaging Key Financial Results - **2Q25 Revenue**: Rmb 9.27 billion, a 7% increase YoY but a 1% decrease QoQ, missing estimates by 17% and 9% respectively [1][2] - **Gross Margin**: Improved to 14.3%, matching 2Q24 levels, higher than estimates of 13.3% [1][2] - **Net Income**: Decreased by 45% YoY to Rmb 267 million, missing estimates by 50% [1][2] - **Operating Income**: Rmb 427 million, down 27% from estimates [2] Segment Performance - **Consumer Electronics**: Softer than expected, with a slight YoY decrease in 1H25 [1] - **Other Segments**: Communication, computation, automobile, industrial, and healthcare achieved double-digit revenue growth YoY [1] - **Automotive Electronics**: Revenue increased by 34% YoY in 1H25, supported by the new Shanghai plant expected to start production in 2H25 [3] Operational Insights - **R&D Investment**: Increased from Rmb 459 million in 1Q25 to Rmb 528 million in 2Q25, indicating ongoing expansion into new products [1] - **Capacity Expansion**: New Shanghai plant for automotive electronics completed in 1H25 [3] Earnings Revisions - **2025E Net Income**: Revised down by 15% due to lower revenues and higher operating expenses [8] - **2025E Revenue**: Revised down by 4% to Rmb 41.96 billion, reflecting weaker consumer electronics demand [8][9] - **Future Growth**: Expected revenue growth of 26% HoH in 2H25 due to seasonal demand recovery [8] Valuation and Price Target - **Target Price**: Rmb 39.3, based on a target P/E of 23.3x 2026E EPS [17][19] - **Current Price**: Rmb 37.70, indicating a modest upside of 4.2% [19] Risks and Considerations - **Key Risks**: Variability in semiconductor capex expansion in China, technology development pace, and advanced packaging shipment ramp-up [18] Conclusion - JCET is positioned to benefit from the recovery in semiconductor demand, particularly in the automotive sector, despite recent earnings misses and challenges in the consumer electronics segment. The company maintains a neutral rating due to modest upside potential based on current valuations.

Group 1 - The main focus of the article is on the significant outflow of capital from the top 20 stocks as of August 21, with specific amounts listed for each company [1] - The stock with the highest capital outflow is Shenghong Technology, with an outflow of 1.108 billion [1] - Other notable companies with substantial capital outflows include Wolong Electric Drive (-1.014 billion), Industrial Fulian (-0.880 billion), and Inspur Information (-0.858 billion) [1] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of reduced investor confidence in these companies [1] - The data highlights a diverse range of sectors represented among the companies experiencing capital outflows, suggesting broader market implications [1] - The amounts of capital outflow for other companies in the list range from 0.598 billion to 0.404 billion, indicating varying levels of investor sentiment [1]

Group 1 - The main stocks with significant capital outflow include Shenghong Technology (-1 billion), Industrial Fulian (-0.876 billion), and Wolong Electric Drive (-0.691 billion) [1] - The sectors affected by the capital outflow include electronic components, consumer electronics, and motors [2][3] - The largest percentage drop in stock prices was observed in Jintian Co. (-9.97%) and Wolong Electric Drive (-8.29%) [2][3] Group 2 - The total capital outflow from the top 20 stocks amounts to approximately 46.5 billion [1] - Other notable stocks with significant outflows include Yunnan Geology (-0.538 billion) and Dongfang Wealth (-0.521 billion) [1][2] - The communication equipment sector also experienced notable outflows, with companies like Tianfu Communication and Hainengda seeing outflows of 0.372 billion and 0.498 billion respectively [2][3]

Core Viewpoint - Longi Technology (600584.SH) reported its 2025 mid-year results, showing a significant increase in revenue but a decline in net profit and cash flow from operating activities [1][3]. Financial Performance - The company's total revenue reached 18.605 billion yuan, an increase of 3.119 billion yuan compared to the same period last year, representing a year-on-year growth of 20.14% [1]. - The net profit attributable to shareholders was 471 million yuan, a decrease of 148 million yuan from the same period last year, reflecting a year-on-year decline of 23.98% [1]. - The net cash flow from operating activities was 2.339 billion yuan, down by 688 million yuan compared to the same period last year, indicating a year-on-year decrease of 22.74% [1]. Profitability and Efficiency Ratios - The latest asset-liability ratio stood at 42.84%, a decrease of 0.87 percentage points from the previous quarter but an increase of 2.49 percentage points compared to the same period last year [3]. - The gross profit margin was reported at 13.47%, an increase of 0.84 percentage points from the previous quarter and an increase of 0.11 percentage points year-on-year [3]. - The return on equity (ROE) was 1.69%, a decrease of 0.64 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover Ratios - The diluted earnings per share were 0.26 yuan, a decrease of 0.09 yuan from the same period last year, reflecting a year-on-year decline of 25.71% [4]. - The total asset turnover ratio was 0.35 times, remaining flat compared to the same period last year, with a year-on-year increase of 0.17 [4]. - The inventory turnover ratio was 4.39 times, an increase of 0.33 times compared to the same period last year, indicating a year-on-year growth of 8.04% [4]. Shareholder Information - The number of shareholders was reported at 319,000, with the top ten shareholders holding 686 million shares, accounting for 38.36% of the total share capital [5].

Core Viewpoint - The semiconductor industry is experiencing significant growth, with global sales reaching $59.91 billion in June, a 20% year-on-year increase, and China's sales at $17.24 billion, up 13.1% year-on-year. The industry is expected to continue its upward trend, with a potential peak in sales by June 2025 [1]. Group 1: Market Performance - On August 21, A-shares showed mixed performance, with the Shanghai Composite Index rising by 0.21%. Sectors such as agriculture, beauty care, and computers saw gains, while machinery and communications faced declines [1]. - The semiconductor ETF (159995.SZ) rose by 1.22% in early trading, with notable increases in component stocks such as Zhaoyi Innovation (+6.72%), Cambricon (+4.74%), and Amlogic (+4.61%) [1]. Group 2: Industry Insights - The AI boom is expected to drive advancements in semiconductor packaging technology, particularly CoWoP, benefiting PCB manufacturing, material supply, and equipment sectors [1]. - The electronic semiconductor industry is anticipated to undergo a comprehensive recovery by 2025, with an accelerated clearing of the competitive landscape and a sustained recovery in industry profitability and related company profits [1]. Group 3: ETF Information - The semiconductor ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the semiconductor industry, including SMIC, Cambricon, and Northern Huachuang [2].

Group 1 - The semiconductor ETF (159813) opened with a gain of 0.45%, priced at 0.901 yuan [1] - Key holdings in the semiconductor ETF include: - SMIC opened up 0.02% - Haiguang Information up 0.72% - Cambrian up 0.69% - Northern Huachuang unchanged - OmniVision up 0.85% - Lattice Semiconductor up 0.02% - Zhongwei Company up 0.10% - Zhaoyi Innovation up 4.00% - Changdian Technology down 1.72% - Unisoc up 0.20% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return rate [1] Group 2 - The fund manager is Penghua Fund Management Co., Ltd., with the fund manager being Luo Yingyu [1] - Since its establishment on April 17, 2020, the ETF has returned 34.53%, with a return of 14.42% over the past month [1]

8月20日长电科技发布2025半年度分配预案，拟10派0.3元（含税），预计派现金额合计为5368.24万元。 派现额占净利润比例为11.40%，这是公司上市以来，累计第17次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派0.3元（含税） | 0.54 | 0.08 | | 2024.12.31 | 10派1.2元（含税） | 2.15 | 0.36 | | 2023.12.31 | 10派1元（含税） | 1.79 | 0.32 | | 2022.12.31 | 10派2元（含税） | 3.57 | 0.78 | | 2021.12.31 | 10派2元（含税） | 3.56 | 0.54 | | 2020.12.31 | 10派0.5元（含税） | 0.89 | 0.15 | | 2017.12.31 | 10派0.25元（含税） | 0.34 | 0.13 | | 2016.12.31 | 10派0.15元（含税） | 0.16 | 0.08 | | 2 ...

Core Insights - The company reported a revenue of 18,605,224,056.33 yuan for the first half of 2025, representing a year-on-year growth of 20.14% [2] - The net profit attributable to shareholders of the listed company was 470,785,267.86 yuan, showing a year-on-year decline of 23.98% [2] Financial Performance - Revenue for the first half of 2025: 18.61 billion yuan, up 20.14% year-on-year [2] - Net profit for the same period: 470.79 million yuan, down 23.98% year-on-year [2]