深圳市共进电子股份有限公司2025 年半年度报告 公司代码：603118 公司简称：共进股份 深圳市共进电子股份有限公司 2025 年半年度报告 1 / 196 深圳市共进电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人胡祖敏、主管会计工作负责人唐晓琳及会计机构负责人（会计主管人员）吴英 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 十、 重大风险提示 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告包含若干公司对未来发展战略、业务规划、经营计划、财务状况等前瞻性陈述。这些 陈述乃基于当前能够掌握的信息与数据对未来所做出的估计或预测，不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对 ...

金融界消息 截至2025年8月25日收盘，共进股份（603118）报收于13.89元，上涨6.52%，换手率 17.77%，成交量139.92万手，成交金额19.42亿元。 共进股份最新一期业绩显示，截至2025一季报，公司营业总收入20.51亿元、同比增长6.75%，归属净利 润2229.90万元，同比增长267.63%，扣非净利润1306.57万元，同比增长276.08%，流动比率1.315、速动 比率1.029、资产负债率50.09%。 天眼查商业履历信息显示，深圳市共进电子股份有限公司，成立于1998年，位于深圳市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注册资本78727.6406万人民币，实缴资本 78727.6406万人民币。公司法定代表人为胡祖敏。 通过天眼查大数据分析，深圳市共进电子股份有限公司共对外投资了17家企业，参与招投标项目179 次，知识产权方面有商标信息101条，专利信息1307条，此外企业还拥有行政许可48个。 来源：金融界 资金流向方面，今日主力资金净流入1.45亿元，占比成交额7.45%。其中，超大单净流入2.31亿元、占 成交额11.91%，大单净流 ...

Summary of T&W (603118.SS) Conference Call Company Overview - T&W (603118.SS) specializes in manufacturing networking and telecom equipment, initially focusing on the telecom market and expanding into the data center market. [3][4] - Key clients in the data center sector include Ruijie, H3C, and Inspur. [3] - The company offers ODM (Original Design Manufacturer) and EMS (Electronics Manufacturing Services) solutions, with revenue contributions of 74% and 12% respectively in 2024. [3] Industry Insights - The switch market in China is experiencing a specification upgrade trend, particularly towards 400G and 800G switches, driven by the demand for high-speed transmission due to generative AI adoption. [2][7] - The value of 800G switches is projected to grow significantly, with year-over-year increases of 159% in 2025 and 92% in 2026. [2] - There is a rising demand for customized switch solutions tailored to various AI application scenarios. [2] Key Management Insights 1. **Transition to ODM**: T&W is transitioning from primarily providing EMS solutions for lower-speed switches to ODM solutions for high-speed switches, including the mass production of 800G data center switches. [4][9] 2. **Comprehensive Product Offerings**: The company is flexible in providing various solutions based on client needs, including one-stop ODM solutions and white-box solutions for CSP clients. The dollar content of server business is noted to be higher than that of switches due to higher BOM costs. [8][9] 3. **Business Outlook**: T&W anticipates rapid revenue growth in the server/switch business, particularly in high-end products like AI servers and 400G/800G switches. The company aims to expand its overseas market presence, especially in Europe, as domestic markets become saturated. [9] Financial Projections - Management expects strong revenue growth in the server/switch business by 2025/26, with a focus on high-end products. [1][9] - The company is currently using a net method for revenue recognition, which may affect the perceived revenue contribution from the server/switch business in the short term. [9] Additional Considerations - The company has established overseas production sites in Vietnam and the US, with branches in multiple countries, indicating a strategic approach to global market penetration. [3] - The increasing demand for 400G and 800G switches is expected to benefit T&W as more brand clients outsource manufacturing to third-party suppliers. [7]

Group 1 - On August 19, the company Gongjin Co., Ltd. executed a block trade of 170,000 shares, with a transaction value of 2.2202 million yuan, accounting for 0.12% of the total transaction volume for that day [1] - The transaction price was 13.06 yuan, which remained stable compared to the market closing price of 13.06 yuan [1]

Group 1 - As of August 19, the F5G concept index rose by 1.88%, ranking fourth among concept sectors, with 27 stocks increasing in value, including Cambridge Technology which hit the daily limit, and notable gainers such as Dongtian Micro (up 11.75%), Dekoli (up 8.55%), and Gongjin Co. (up 6.70%) [1][2] - The F5G concept sector saw a net inflow of 1.052 billion yuan from main funds today, with 18 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow. The top net inflow was from Zhongji Xuchuang at 528 million yuan, followed by Hengtong Optic-Electric (294 million yuan), Yihua Co. (238 million yuan), and Taicheng Light (235 million yuan) [2][3] - The stocks with the highest net inflow ratios included Yihua Co. (15.91%), Shanghai Port Group (14.76%), and Chuling Information (13.58%) [3] Group 2 - The top performers in the F5G concept included Zhongji Xuchuang (up 5.96%), Hengtong Optic-Electric (up 3.55%), and Yihua Co. (up 5.60%), with significant trading volumes and turnover rates [3][4] - Notable declines were observed in stocks such as TeFa Information (down 5.57%), XinYa Electronics (down 4.07%), and Sichuan Jiuzhou (down 1.60%), indicating a mixed performance within the sector [5]

Group 1 - The F5G concept sector is leading the market with an increase of 3.25% [1] - Cambridge Technology saw a significant rise of 9.99% [1] - Gongjin Shares increased by 9.97% [1] - Zhongji Xuchuang experienced a growth of 5.86% [1] - Other companies such as Feiling Kesi, Guangxun Technology, and Changxin Bochuang also saw increases of over 3% [1]

Group 1 - Shenzhen Gongjin Electronics Co., Ltd. has obtained a patent for "Surge Protection Circuit, Surge Protection System, and AP Equipment," with the authorization announcement number CN223231337U, applied on September 2024 [1] - The patent is applicable in the field of surge protection technology, providing a surge protection circuit that includes a first surge protection module and a second surge protection module [1] - The first surge protection module is designed to reduce the first surge energy input to the PSE interface of the AP device, while the second surge protection module reduces the second surge energy input to the LAN interface [1] Group 2 - Shenzhen Gongjin Electronics Co., Ltd. was established in 1998 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 787.276406 million RMB and has invested in 17 enterprises, participated in 179 bidding projects, and holds 1,306 patent information records [2] - Additionally, the company possesses 101 trademark information records and 48 administrative licenses [2]

Core Viewpoint - The company, Shenzhen Gongjin Electronics Co., Ltd., reported a significant increase in net profit and revenue for the first quarter of 2025, indicating strong financial performance despite a slight decline in stock price [1]. Financial Performance - As of the first quarter of 2025, the company achieved total operating revenue of 2.051 billion yuan, representing a year-on-year growth of 6.75% [1]. - The net profit attributable to shareholders was 22.299 million yuan, showing a remarkable year-on-year increase of 267.63% [1]. - The non-recurring net profit was 13.0657 million yuan, with a year-on-year growth of 276.08% [1]. - The company's liquidity ratios were reported as follows: current ratio at 1.315, quick ratio at 1.029, and debt-to-asset ratio at 50.09% [1]. Stock Market Activity - On August 14, 2025, the company's stock closed at 11.55 yuan, down 2.94%, with a turnover rate of 5.43% [1]. - The trading volume was 427,900 hands, with a transaction amount of 497 million yuan [1]. - The net inflow of main funds was 18.764 million yuan, accounting for 3.78% of the transaction amount [1]. - Large orders saw a net inflow of 12.9621 million yuan, while small orders experienced a net outflow of 41.0181 million yuan [1]. Company Background - Shenzhen Gongjin Electronics Co., Ltd. was established in 1998 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2]. - The company has a registered capital of 7.87276406 billion yuan and is located in Shenzhen [1][2]. - The legal representative of the company is Hu Zumin [1]. Investment and Intellectual Property - The company has made investments in 17 enterprises and participated in 179 bidding projects [2]. - It holds 101 trademark registrations and 1,303 patents, along with 48 administrative licenses [2].

Market Overview - The Shanghai Composite Index closed at 3602.13 points, with a gain of 0.53% [1] - The total trading volume of A-shares reached 10185.93 billion yuan [1] Technical Analysis - A total of 29 A-shares experienced a death cross between the 5-day and 10-day moving averages today [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Xiongdi Technology: 5-day MA down by 1.70% from the 10-day MA [1] - Sanwei Xinan: 5-day MA down by 1.11% from the 10-day MA [1] - Jinling Sports: 5-day MA down by 1.10% from the 10-day MA [1] Individual Stock Performance - Xiongdi Technology (300546): Today's change -0.23%, latest price 26.47 yuan, 5-day MA 27.31 yuan, 10-day MA 27.78 yuan [1] - Sanwei Xinan (688489): Today's change -0.80%, latest price 39.85 yuan, 5-day MA 40.62 yuan, 10-day MA 41.08 yuan [1] - Jinling Sports (300651): Today's change +0.89%, latest price 21.48 yuan, 5-day MA 23.82 yuan, 10-day MA 24.09 yuan [1] - Other notable stocks include: - Huanrui Century (000892): Today's change -0.86%, latest price 4.59 yuan [1] - Junshi Biological (688180): Today's change +0.45%, latest price 37.83 yuan [1] - Yihau New Materials (301176): Today's change -1.64%, latest price 30.65 yuan [1] Additional Stock Data - Other stocks with notable performance include: - Guanghe Technology (001389): Today's change -2.81%, latest price 62.20 yuan [1] - Kehua Data (002335): Today's change -2.13%, latest price 41.44 yuan [1] - ST Ruihe (002620): Today's change +0.26%, latest price 3.84 yuan [1] - The performance of these stocks indicates a mixed sentiment in the market, with some stocks showing declines while others remain stable or increase slightly [1][2]

Summary of Key Points Core Viewpoint - The company has provided a guarantee for its wholly-owned subsidiary, Haining Tongwei Electronics Co., Ltd., to support its business development, increasing the guarantee amount from RMB 10 million to RMB 30 million, with an extended guarantee period until June 2028 [1][4]. Group 1: Guarantee Details - The company signed a supplementary agreement with Haining Tongwei and Shenzhen Deep South Circuit Co., Ltd., providing a joint liability guarantee for debts incurred by Haining Tongwei, with a maximum debt amount of RMB 30 million [1][4]. - The total guarantee amount for the year 2025 is set at RMB 6.15 billion, with Haining Tongwei's current guarantee balance at RMB 3.35 billion after this agreement [2][10]. - The guarantee is intended to support the subsidiary's operational needs, including product delivery, quality, and after-sales service, aligning with the company's strategic goals [8]. Group 2: Internal Decision-Making Process - The company held board meetings on April 28, 2025, and the annual shareholders' meeting on May 20, 2025, to approve the guarantee proposal for the subsidiary [2][9]. - The board unanimously agreed to the guarantee, emphasizing that it is necessary for the subsidiary's operations and that the company can effectively manage associated risks [9]. Group 3: Overall Guarantee Situation - As of the announcement date, the total external guarantee amount provided by the company and its subsidiaries is RMB 49.41 billion, which represents 99.52% of the company's audited net assets for 2024 [10][11]. - The company has not provided guarantees to its controlling shareholders or related parties, and there are no overdue guarantees or litigation-related guarantees [11].