智通财经APP获悉，中金发布研报称，低空经济政策与产业技术成熟构成农业无人机发展的核心驱动 力，预计中国农业无人机硬件潜在需求有望达624万台(单年124.8万台)，对应潜在市场空间2246亿元(单 年449亿元)；预计农业无人机单年服务市场潜在空间有望达2256亿元。产业链上游核心部件供应商、中 游品牌商及下游服务运营商，有望在行业快速发展浪潮中同步获益，合力实现科技兴农。关注传感器、 飞控芯片、定位等产业链相关标的。 盈利预测与估值 中金主要观点如下： 产业链相关标的：传感器(思特威-W(688213.SH)、晶方科技(603005.SH))、飞控芯片(瑞芯微 (603893.SH)、爱芯元智(未上市))、定位(海格通信(002456.SZ))、PCB(嘉立创(未上市))、电池与供电系 统(欣旺达(300207.SZ))、代工(中诺通信(未上市))、无人机(影石创新(688775.SH))。 无人机助力纾解劳力困境，筑牢农业根基 风险因素 农业现代化是中国式现代化的关键，农业无人机正成为破解农业发展矛盾的关键抓手。从需求侧看，食 品消费占居民支出比重显著，2023 年，中国人口占全球的18%，但却消费了全 ...

Core Viewpoint - The stock of Jingfang Technology has shown significant growth in recent months, with a notable increase in revenue and net profit for the first half of 2025, indicating strong business performance in the semiconductor packaging and testing sector [1][2]. Financial Performance - As of June 30, 2025, Jingfang Technology achieved a revenue of 667 million yuan, representing a year-on-year growth of 24.68% [2]. - The net profit attributable to shareholders for the same period was 165 million yuan, reflecting a year-on-year increase of 49.78% [2]. Stock Market Activity - On August 27, 2023, Jingfang Technology's stock price rose by 2.06%, reaching 33.15 yuan per share, with a trading volume of 929 million yuan and a turnover rate of 4.37% [1]. - The stock has increased by 17.70% year-to-date, with a 4.41% rise over the last five trading days, 15.30% over the last 20 days, and 26.35% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Jingfang Technology increased to 136,900, a rise of 19.44% from the previous period [2]. - The average number of tradable shares per shareholder decreased by 16.28% to 4,762 shares [2]. Dividend Distribution - Since its A-share listing, Jingfang Technology has distributed a total of 496 million yuan in dividends, with 130 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Dongwu Mobile Internet Mixed A, holding 14.46 million shares, a decrease of 1.51 million shares from the previous period [3]. - The third-largest shareholder is Guolian An Zhongzheng Semiconductor Products and Equipment ETF, with 6.92 million shares, an increase of 657,000 shares [3].

Core Viewpoint - The report from Huayuan Securities indicates that Jingfang Technology achieved a net profit of 165 million yuan in H1 2025, representing a year-on-year increase of 49.78%, as the industry enters a recovery phase and the company's performance continues to grow [1] Group 1: Company Performance - Jingfang Technology's net profit for H1 2025 reached 165 million yuan, marking a 49.78% increase year-on-year [1] - The company is benefiting from the rapid expansion of the automotive CIS market, which is projected to grow from 2.3 billion USD in 2023 to approximately 3.16 billion USD by 2029, with a compound annual growth rate of 5.4% [1] Group 2: Strategic Initiatives - The company has acquired the Dutch firm Anteryon, enhancing its capabilities in optical device design, research, and manufacturing, while actively promoting new product development and commercialization in the automotive intelligent projection field [1] - The integration of the Israeli company VisIC is aimed at expanding the application of high-power gallium nitride technology in automotive uses [1] Group 3: Market Position and Outlook - As a leader in the WLCSP advanced packaging sector, the company is expected to benefit from the rapid expansion of the automotive CIS application market and continues to drive technological innovation [1] - The company maintains a "buy" rating due to its strategic acquisitions and ongoing technological advancements [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is driven by high growth in the automotive CIS market, and its industrial synergy capabilities are continuously strengthening [5] - The global semiconductor industry is entering a recovery phase, with the company benefiting from trends in AI, automotive intelligence, and robotics [7] - The company is a leader in WLCSP advanced packaging technology and is expanding its capabilities through acquisitions [7] Financial Performance Summary - In H1 2025, the company achieved revenue of 667 million yuan, a year-on-year increase of 24.68%, and a net profit attributable to shareholders of 165 million yuan, up 49.78% year-on-year [7] - The company expects revenue to grow from 1,130 million yuan in 2024 to 2,559 million yuan in 2027, with a compound annual growth rate (CAGR) of 21.34% [6] - The projected net profit for 2025 is 391 million yuan, with a year-on-year growth rate of 54.50% [6] Market and Industry Insights - The global automotive CIS market is expected to grow from 2.3 billion USD in 2023 to approximately 3.16 billion USD by 2029, with a CAGR of 5.4% [7] - The semiconductor market size reached 346 billion USD in H1 2025, reflecting a year-on-year growth of 18.9% [7] Earnings Forecast and Valuation - The company’s projected earnings per share (EPS) are expected to increase from 0.39 yuan in 2024 to 0.98 yuan in 2027 [6] - The price-to-earnings (P/E) ratio is projected to decrease from 83.32 in 2024 to 32.80 in 2027, indicating improving valuation metrics [6]

Core Viewpoint - Jingfang Technology (603005) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1][4]. Financial Performance Summary - Total revenue reached 667 million yuan, a year-on-year increase of 24.68% [1] - Net profit attributable to shareholders was 165 million yuan, up 49.78% year-on-year [1] - In Q2 2025, total revenue was 376 million yuan, reflecting a 27.9% increase year-on-year [1] - Q2 net profit attributable to shareholders was approximately 99.51 million yuan, a 63.58% increase year-on-year [1] - Gross margin improved to 45.08%, up 3.83% year-on-year, while net margin increased to 23.91%, up 15.42% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) rose to 0.25 yuan, a 47.06% increase year-on-year [1] - Operating cash flow per share was 0.24 yuan, up 29.18% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 49.67 million yuan, accounting for 7.44% of revenue, a 23.75% increase year-on-year [1] Changes in Financial Items - Accounts receivable increased by 32.23% to 186 million yuan due to increased revenue [2] - Short-term borrowings surged by 1916.68%, indicating a significant rise in short-term bank loans [3] - The company’s cash flow from operating activities increased by 29.18%, driven by higher sales and profitability [3] Investment Insights - The company’s return on invested capital (ROIC) was reported at 3.92%, indicating moderate capital efficiency [4] - Analysts expect 2025 performance to reach 394 million yuan, with an average EPS forecast of 0.6 yuan [4] - The largest fund holding Jingfang Technology is Dongwu Mobile Internet Mixed A, managed by Liu Yuanhai, who has a strong track record in stock selection [5]

Group 1 - The number of shareholders for Jingfang Technology increased to 136,945 as of June 30, 2025, representing a rise of 22,288 shareholders or 19.44% compared to March 31, 2025 [1][2] - The average number of shares held per shareholder decreased from 5,688 shares to 4,762 shares, with an average market value of 135,200 yuan per shareholder [1][2] - Jingfang Technology's shareholder count is above the semiconductor industry average of 44,100 shareholders, while its average market value per shareholder is below the industry average of 578,400 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Jingfang Technology's stock price declined by 7.55%, despite the increase in shareholder count [1][2] - During the same period, the net outflow of main funds was 591 million yuan, while retail investors saw a net inflow of 873 million yuan [2]

Core Viewpoint - The company held its 18th temporary meeting of the fifth supervisory board on August 22, 2025, to review several key proposals, including the 2025 semi-annual report and changes to governance structures [1][2]. Group 1: Meeting Resolutions - The supervisory board approved the 2025 semi-annual report, confirming that its preparation and review complied with legal and regulatory requirements [1]. - The board agreed to increase the daily related party transaction limit, with unanimous support [2]. - A proposal to abolish the supervisory board and amend the company’s articles of association and related rules was approved, pending shareholder meeting approval [2][3]. - The board also approved the establishment of relevant company systems [2]. - A three-year shareholder return plan for 2025-2027 was proposed, which will also require shareholder approval [2][3].

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on September 8, 2025, at 14:00 [1] - The meeting will take place at the company's conference room located at 133 Changyang Street, Suzhou Industrial Park, Jiangsu Province [1] - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with voting starting on the same day [1][3] Voting Procedures - Shareholders can vote both on-site and via the online voting system [3] - The voting time for the online system is from 9:15 to 15:00 on the day of the meeting [3] - Shareholders must complete identity verification to access the online voting platform [4] Shareholder Participation - Only shareholders registered by the close of trading on September 2, 2025, are eligible to attend the meeting [3] - Shareholders can appoint proxies to attend and vote on their behalf, with specific documentation required for registration [5][6] Agenda Items - The meeting will review proposals that were approved in the 18th temporary meetings of the 5th Board of Directors and the 5th Supervisory Board held on August 22, 2025 [2] - There are no related shareholders that need to abstain from voting [2] Voting Rights and Procedures - Shareholders can use any of their accounts to participate in the online voting [7] - Votes exceeding the number of shares held will be considered invalid [7] - The cumulative voting system will be used for electing directors, independent directors, and supervisors [9]

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 on September 8, 2025, to discuss several key proposals [1][2] - The meeting will be conducted both in-person and via online voting, with specific time slots for each [2][5] - The agenda includes the proposal to abolish the supervisory board and amend the company's articles of association [3][4] Proposal Summaries - **Proposal 1: Abolishment of the Supervisory Board** The company plans to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors, and will also abolish related rules [3][4] - **Proposal 2: Amendment of Articles of Association** The company intends to amend its articles of association and related governance documents in accordance with relevant laws and regulations, with details disclosed on August 23, 2025 [5][6] - **Proposal 3: Shareholder Return Plan for 2025-2027** A shareholder return plan for the next three years has been developed to clarify the company's profit distribution policies and enhance shareholder oversight [5][6] - **Proposal 4: Election of the Sixth Board of Directors** The company is proposing the election of candidates for the sixth board of directors, including Mr. Wang Wei, Mr. Vage Oganesian, and Mr. Zhang Bin [7][8] - **Proposal 5: Election of Independent Directors** The company is also proposing the election of independent directors, nominating Ms. Liu Haiyan, Mr. Wang Zhenggen, and Mr. Wang Yiqian [9][10]

特此公告。 证券代码：603005 证券简称：晶方科技 公告编号：临 2025-023 苏州晶方半导体科技股份有限公司 关于选举职工董事的公告 本公司董事会及全体董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个别及连带责任。 苏州晶方半导体科技股份有限公司（以下简称"公司"）第五届董事会任期 已届满，根据《公司法》、《公司章程》等相关规定，经公司职工代表大会审议， 选举刘志华女士为公司第六届董事会职工代表董事，任期至公司第六届董事会届 满。刘志华女士（简历附后）将与公司 2025 年第一次临时股东大会选举产生的 六名非职工代表董事共同组成公司第六届董事会。 上述职工代表董事任职资格符合相关法律法规、规范性文件对董事任职资格的 要求，不存在《公司法》、《公司章程》规定的不得担任公司董事的情形，未受到中 国证券监督管理委员会的行政处罚或证券交易所惩戒，不存在上海证券交易所认定 不适合担任上市公司董事的其他情况。 苏州晶方半导体科技股份有限公司董事会 附件： 刘志华女士简历 刘志华，女，中国国籍，无境外居留权，1973 年 10 月出生，大学本科。2004 年 ...