董事吕光帅、张纪勇及高管陈映旭计划减持。截至公告披露日，吕光帅、张纪勇各持股21.6万股，占比 0.0409%；陈映旭持股12万股，占比0.0227%。三人计划自公告发布之日起十五个交易日后至未来3个月 内（窗口期不减持），通过集中竞价合计减持不超13.8万股，占公司总股本比例不超0.0261%，每人减 持不超个人持股总额25%，减持价格按市场价格定，原因均为个人资金需求。减持计划实施存在不确定 性，不涉及公司控制权变更风险。 ...

柏诚股份(601133) 收入下滑业绩承压，静待下半年招标落地 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《竞争加剧毛利率承压，Q4 回款大幅加 快》 2025-04-22 2. 《收入增速有所放缓，现金流仍有承压 》 2024-10-29 3. 《下游景气带动收入高增，竞争加剧拖累 毛利率》 2024-08-28 证券研究报告 专业工程/ 公司点评/ 2025.08.27 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-26 | | --- | --- | | 收盘价(元) | 13.92 | | 流通股本(亿股) | 1.49 | | 每股净资产(元) | 5.48 | | 总股本(亿股) | 5.28 | 最近 12 月市场表现 -6% 5% 17% 29% 41% 53% 柏诚股份 沪深300 上证指数 专业工程 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) ...

制作：产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来， 我国已发布十四个"五年规划"。完善统一大市场：推进统一大市场建设 重点在于打破地方保护和市场分割，促进资源的高效配置流动，激发各类 市场主体活力与创造力。2、促进民生消费："十五五"规划可能在以下几 方面进一步对消费进行支持：1.财政支出从投资进一步转向民生；2.大力 支持消费结构升级。3、深化国有企业改革：整体来看，预计"十五五" 中，国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路， 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制："十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看，"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程，完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型，推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...

Market Overview - The professional engineering sector increased by 1.04% on August 26, with Yaxiang Integration leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Top Gainers in Professional Engineering Sector - Yaxiang Integration (603929) closed at 42.45, up 10.00% with a trading volume of 77,900 shares and a transaction value of 329 million [1] - Sentai Co., Ltd. (603098) closed at 16.20, up 9.98% with a trading volume of 460,500 shares and a transaction value of 733 million [1] - Rishang Group (002593) closed at 5.64, up 9.94% with a trading volume of 679,200 shares and a transaction value of 373 million [1] Other Notable Performers - Aiman Co., Ltd. (605289) closed at 49.88, up 7.57% with a trading volume of 95,400 shares [1] - Nenghuizhi (301046) closed at 22.69, up 4.51% with a trading volume of 86,400 shares [1] - Shenghui Integration (603163) closed at 40.56, up 4.46% with a trading volume of 124,900 shares [1] Decliners in Professional Engineering Sector - Shikong Technology (605178) closed at 25.07, down 4.89% with a trading volume of 54,100 shares and a transaction value of 138 million [2] - Tongguan Mining Construction (920019) closed at 24.93, down 3.33% with a trading volume of 47,700 shares and a transaction value of 120 million [2] - Yongfu Co., Ltd. (300712) closed at 26.60, down 2.67% with a trading volume of 48,200 shares and a transaction value of 129 million [2] Capital Flow Analysis - The professional engineering sector saw a net inflow of 172 million from main funds, while retail funds experienced a net outflow of 82.72 million [2] - Notable net inflows from main funds included Rishang Group (1.22 million) and Shensanda A (1.03 million) [3] - Significant net outflows from retail funds were observed in Rishang Group (-6.23 million) and Shensanda A (-7.60 million) [3]

公司报告 | 半年报点评 柏诚股份（601133） 证券研究报告 收入、业绩小幅承压，海外收入增速亮眼 收入、业绩小幅承压，拟派发中期分红回馈投资者 25H1 公司实现收入 24.2 亿，同比-3.14%，归母、扣非净利润为 0.83、0.79 亿，同比-16.1%、-17.7%；Q2 实现收入 13.87 亿，同比+2.15%，归母、扣 非净利润为 0.39、0.37 亿，同比-10.4%、-13.3%。25 年上半年公司拟进行 现金分红 0.26 亿，分红比例 31.6%，重视股东回报。考虑到上半年业绩有 所承压，我们预计 25-27 年公司归母净利润为 2.3、2.6、3 亿（前值为 2.54、 3、3.46 亿），对应 PE 为 31、27、23 倍，维持"买入"评级。 新型显示领域保持较高景气度，海外收入实现大幅增长 分下游来看，25H1 半导体及泛半导体、新型显示、生命科学及食品药品大 健康分别实现营收 14.9、4.2、2.5 亿，同比-23.2%、+47.2%、+8.7%；25H1 公司在手订单17.5亿，同比下滑22%，以上三个领域25H1 在手订单为12.3、 2.9、1.6 亿，同比-3 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Views - The company has shown significant achievements in overseas expansion and improved gross margin year-on-year [1][2] - The company is optimistic about the long-term development potential of the high-tech industry and is actively pursuing major project tenders in the second half of 2025 [4][1] - The company’s revenue for the first half of 2025 was 2.424 billion RMB, a year-on-year decrease of 3.14%, while the net profit attributable to the parent company was 83.5 million RMB, down 16.10% year-on-year [1][3] Revenue and Profitability - In the first half of 2025, the company achieved revenue of 2.424 billion RMB, with a gross margin increase of 0.7 percentage points year-on-year to 10.1% [2][3] - The revenue breakdown by sector shows semiconductor and related industries generated 1.49 billion RMB, with a year-on-year decrease of 23%, while the life sciences sector saw a 235% increase [2][3] - The company’s overall expense ratio increased to 3.88%, with sales expenses rising by 28.8% due to increased employee compensation and incentive stock payment [3][4] Order and Contract Status - The company had a backlog of orders amounting to 1.75 billion RMB at the end of the first half of 2025, a year-on-year decrease of 22.4% [4][1] - New contracts signed in the first half of 2025 totaled 1.28 billion RMB, down 32.2% year-on-year, indicating a focus on future growth opportunities [4][1] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 236.21 million RMB, 265.09 million RMB, and 282.02 million RMB respectively [5][10] - The target price has been adjusted to 17.92 RMB, based on a price-to-earnings ratio of 40x for 2025 [5][6]

Core Viewpoint - 柏诚股份 announced a semi-annual distribution plan for 2025, proposing a cash dividend of 0.5 yuan per 10 shares, totaling approximately 26.4 million yuan, which represents 31.62% of the company's net profit [2][5]. Financial Performance - The company reported a revenue of 2.424 billion yuan for the first half of 2025, reflecting a year-on-year decline of 3.14% [2]. - Net profit for the same period was approximately 83.5 million yuan, down 16.10% year-on-year, with basic earnings per share at 0.16 yuan [2]. Dividend History - This marks the sixth cumulative cash distribution since the company's listing, with the following historical distribution details: - 2025.06.30: 0.5 yuan per 10 shares, total cash of 26.4 million yuan, dividend yield of 0.42% [2]. - 2024.12.31: 1.6 yuan per 10 shares, total cash of 84 million yuan, dividend yield of 1.41% [2]. - 2024.06.30: 0.6 yuan per 10 shares, total cash of 32 million yuan, dividend yield of 0.54% [2]. - 2023.12.31: 1.6 yuan per 10 shares, total cash of 84 million yuan, dividend yield of 1.01% [2]. - 2023.06.30: 0.5 yuan per 10 shares, total cash of 26.4 million yuan, dividend yield of 0.29% [2]. - 2022.12.31: 1.45 yuan per 10 shares, total cash of 76 million yuan [2]. Market Activity - The stock experienced a net outflow of 14.68 million yuan in principal funds today, with a total net outflow of 1.79 million yuan over the past five days [3]. - The latest margin financing balance for the stock is 181 million yuan, with an increase of 17.06 million yuan over the past five days, representing a growth of 10.42% [4]. Industry Comparison - In the construction decoration industry, six companies announced their semi-annual distribution plans for 2025, with 亚翔集成 leading with a total cash distribution of 213.36 million yuan [4]. - 柏诚股份 ranks fourth in terms of cash distribution among its peers, with a total cash distribution of 26.4 million yuan, which is 31.62% of its net profit [5].

Group 1 - The core viewpoint of the article is that Baicheng Co., Ltd. (601133.SH) has reported significant institutional ownership, with 10 institutional investors holding a total of 285 million shares, representing 54.05% of the total share capital as of August 25, 2025 [1] - The top ten institutional investors include Baicheng Investment Holdings (Wuxi) Co., Ltd., Wuxi Rongji Enterprise Management Partnership (Limited Partnership), Wuxi Jinyuan Rongxin Industrial Investment Partnership (Limited Partnership), UBS AG, Morgan Stanley & Co. International PLC, China International Capital Corporation, Galaxy Derui Capital Management Co., Ltd., Bank of Communications Co., Ltd. - GF CSI Infrastructure Engineering ETF, Hong Kong Central Clearing Limited, and Huatai Securities Co., Ltd. [1] - Compared to the previous quarter, the total shareholding ratio of the top ten institutional investors increased by 0.66 percentage points [1] Group 2 - In the public fund sector, there was a decrease in holdings from one public fund, specifically the GF CSI Infrastructure Engineering ETF, which saw a slight decline in its shareholding ratio [1] - Regarding social security funds, one social security fund, the National Social Security Fund 412 Portfolio, was not disclosed in this period compared to the previous quarter [1]

Core Viewpoint - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, amounting to a total of approximately 26.4 million yuan, which represents 31.62% of the net profit attributable to shareholders for the first half of 2025 [3][8][25]. Company Overview - The company is named 柏诚系统科技股份有限公司 (Bacheng System Technology Co., Ltd.) and is listed under the stock code 601133 [4]. - The company held its 16th meeting of the 7th Board of Directors on August 25, 2025, where significant decisions were made regarding profit distribution and business scope expansion [15][16]. Financial Data - For the first half of 2025, the net profit attributable to shareholders was approximately 83.5 million yuan, while the parent company achieved a net profit of about 72.4 million yuan [8]. - The total share capital as of August 25, 2025, was 528,018,424 shares [3][8]. Profit Distribution Plan - The profit distribution plan includes a cash dividend of 0.50 yuan per 10 shares, with no stock bonus or capital increase [3][8][25]. - The total cash dividend distribution is calculated based on the total share capital as of the dividend record date, which is subject to adjustment if there are changes in the total share capital before the record date [3][7][8]. Business Scope Expansion - The company plans to expand its business scope to include the installation, maintenance, and testing of power transmission, supply, and receiving facilities [5][6]. Board Meeting Decisions - The Board of Directors approved several key proposals, including the profit distribution plan and the expansion of the business scope, with unanimous support from all attending members [9][10][25][30]. Asset Impairment Provision - The company has decided to recognize an asset impairment provision of approximately 40.4 million yuan for the first half of 2025, which will reduce the total profit for the period by the same amount [62][66]. Fund Management - The company has established a management system for the raised funds, ensuring compliance with relevant regulations and protecting investor interests [39][60]. - As of June 30, 2025, the company had not used any idle raised funds for temporary liquidity support [44]. Future Meetings - The company plans to hold its fourth extraordinary shareholders' meeting on September 11, 2025, to discuss further corporate matters [32].

Company Overview - Bosheng Co., Ltd. reported a stock price of 13.40 yuan on August 25, down 0.20 yuan or 1.47% from the previous trading day [1] - The company operates in the engineering construction sector, providing cleanroom system integration solutions primarily for high-tech industries, including semiconductors, new displays, and life sciences [1] Financial Performance - For the first half of 2025, Bosheng Co., Ltd. achieved a revenue of 2.424 billion yuan, a year-on-year decrease of 3.14% [1] - The net profit attributable to shareholders was 83.4953 million yuan, reflecting a year-on-year decline of 16.10% [1] - The company plans to distribute a cash dividend of 0.5 yuan for every 10 shares to all shareholders [1] Market Activity - On August 25, the net outflow of main funds was 16.0184 million yuan, accounting for 0.8% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 9.7047 million yuan, representing 0.48% of the circulating market value [1] Upcoming Events - Bosheng Co., Ltd. will hold its fourth extraordinary general meeting of 2025 on September 11 to discuss proposals for expanding its business scope [1]