Key Points - The company will hold a half-year performance briefing on August 14, 2025, from 10:00 to 11:00 AM via an online platform [1][2] - The briefing aims to provide investors with a comprehensive understanding of the company's operational performance and to engage in discussions regarding investor concerns [1] - Key participants in the briefing will include the CEO, board secretary, financial officer, and an independent director [1] - Investors can submit questions via email to the company's investor relations before the briefing [2]

亚翔系统集成科技（苏州）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 证券代码：603929 证券简称：亚翔集成 公告编号：2025-032 重要内容提示： 一、业绩说明会类型 为便于广大投资者更加全面深入了解公司经营情况，公司将通过网络平台 在线交流的方式举行 2025 年半年度业绩说明会（以下简称"说明会"）。届 时将针对公司发展的经营业绩等投资者关心的问题与广大投资者进行交流和 沟通，同时广泛听取投资者的意见和建议。 会议召开时间：2025 年 8 月 14 日（周四）上午 10:00-11:00 会议召开方式：网络平台在线交流 上海证券报·中国证券网 https://roadshow.cnstock.com/ 投资者可于 2025 年 8 月 12 日（周二）23:59 前将相关问题通过电子 邮件的形式发送至本公司投资者关系邮箱 ：QJB@lkeng.com.cn 。本 公司将会于 2025 年半年度业绩说明会上对投资者普遍关注的问题进行 回答。 二 ...

已公布半年报公司净利润增幅排名 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 688636 | 智明达 | 0.2284 | 3829.80 | 2147.93 | 29475.64 | 84.83 | | 002052 | 同洲电 子 | 0.2722 | 20307.14 | 662.77 | 53976.95 | 606.52 | | 002107 | 沃华医 药 | 0.0800 | 4467.64 | 303.16 | 42535.85 | 7.64 | | 605228 | 神通科 技 | 0.1500 | 6427.80 | 111.09 | 81572.69 | 22.46 | | 300604 | 长川科 技 | 0.6800 | 42702.18 | 98.73 | 216684.82 | 41.80 | | 600257 | 大湖股 份 | -0.0053 | -257. ...

Overall Overview - Company reported total revenue of 1.683 billion yuan, a year-on-year decrease of 40.95% [1] - Net profit attributable to shareholders was 161 million yuan, down 32.2% year-on-year [1] - Despite revenue decline, profitability improved with a gross margin of 16.89%, an increase of 53.58% year-on-year [1] Quarterly Performance - In the second quarter, total revenue was 848 million yuan, a year-on-year decrease of 51.64% [2] - Net profit attributable to shareholders for the second quarter was 78.91 million yuan, down 34.5% year-on-year [2] Main Revenue Composition - Main revenue from cleanroom system integration engineering was 1.591 billion yuan, accounting for 94.53% of total revenue with a gross margin of 16.67% [4] - Other engineering construction revenue was 52.63 million yuan, accounting for 3.13% of total revenue with a gross margin of 10.31% [4] - Equipment sales revenue was 24.20 million yuan, accounting for 1.44% of total revenue with a gross margin of 15.41% [4] - Other income was 15.16 million yuan, accounting for 0.90% of total revenue with a gross margin of 64.87% [4] Regional Distribution - Singapore market contributed the most with revenue of 976 million yuan, accounting for 57.96% of total revenue and a gross margin of 19.80% [5] - Revenue from mainland China was 656 million yuan, accounting for 38.95% of total revenue with a gross margin of 13.06% [5] - Revenue from Vietnam was 52.04 million yuan, accounting for 3.09% of total revenue with a gross margin of 10.57% [5] Financial Indicator Changes - Gross margin increased to 16.89%, up 53.58% year-on-year [7] - Net margin improved to 9.63%, an increase of 16.14% year-on-year [7] - Operating cash flow per share was 4.11 yuan, a decrease of 24.3% year-on-year [7] - Earnings per share were 0.75 yuan, down 32.43% year-on-year [7] Industry Development and Outlook - The company provides cleanroom engineering and related services for the IC semiconductor and high-tech electronics industries [7] - The "old-for-new" initiative for electronic consumer goods is expected to continue, boosting demand for high-precision frequency components [7] - The integration of vehicle-road-cloud is anticipated to expand, increasing demand for new automotive sensors [7] Summary - Despite significant declines in revenue and net profit, the company's profitability has improved with notable increases in gross and net margins [10] - The company has maintained good cash flow management and low financial risk amid changing domestic and international operating environments [10] - Future growth is expected as new projects gradually unfold [10]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3][23] Core Views - The company is experiencing short-term pressure on performance due to the timing of major project confirmations, but there is clear growth momentum ahead [8][3] - The company has completed revenue recognition for the UMC Singapore project, and the VSMC project is transitioning smoothly [10][3] - The semiconductor industry is shifting supply chains to Southeast Asia due to geopolitical factors, with Singapore emerging as a preferred location for semiconductor companies [3][23] Financial Performance Summary - In H1 2025, the company reported revenue of 1.68 billion yuan, a year-on-year decrease of 41%, and a net profit of 161 million yuan, down 32% [8][2] - The company's gross margin improved to 16.9%, up 5.9 percentage points year-on-year, while the net margin increased to 9.56%, up 1.2 percentage points [2][12] - Operating cash flow for H1 2025 was a net inflow of 880 million yuan, with a cash collection ratio of 145% [18][22] Future Earnings Forecast - The company is expected to achieve net profits of 477 million yuan, 816 million yuan, and 713 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share of 2.24 yuan, 3.83 yuan, and 3.34 yuan [3][4][23] - The revenue forecast for 2025 is 4.57 billion yuan, reflecting a decrease of 15.1% compared to 2024 [4][3] Dividend Policy - The company plans to distribute a mid-term dividend totaling 213 million yuan, with a payout ratio of 133%, reflecting a strong commitment to shareholder returns [22][3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][18]. Core Views - The company experienced a temporary decline in mid-year performance but is expected to release significant potential due to a strong order backlog [1][2]. - The company has secured two large orders this year, totaling approximately 47.45 billion, indicating a positive outlook for the Singapore market and continued order fulfillment [2]. - The gross margin has improved significantly, and cash flow remains at a healthy level, with a net cash inflow of 877 million in the first half of 2025 [3]. - The company plans to distribute a cash dividend of 213 million for the first half of 2025, maintaining a strong commitment to shareholder returns [4]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 1.683 billion, a year-on-year decrease of 41%, and a net profit of 161 million, down 32% [1]. - The gross margin for the first half of 2025 was 16.9%, an increase of 5.89 percentage points year-on-year, with a net profit margin of 9.63%, up 1.34 percentage points [3]. - The company’s operating cash flow for the first half of 2025 was 877 million, a decrease of 282 million year-on-year, with a cash collection ratio of 145% [3]. Order Backlog and Market Outlook - As of mid-2025, the company has an uncompleted contract amount of 6.1 billion, indicating a robust order backlog [2]. - The company is optimistic about the semiconductor industry in Southeast Asia, driven by increased demand from AI applications [4]. Financial Projections - The projected net profits for 2025-2027 are 528 million, 797 million, and 844 million respectively, with corresponding P/E ratios of 15, 10, and 9.6 [4]. - The company’s revenue is expected to grow significantly in 2024, with a projected increase of 68.09% [6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant revenue decline of 40.95% year-on-year for 1H25, with revenue of 1.683 billion RMB, primarily due to a substantial decrease in domestic income. The net profit also fell by 32.20% year-on-year to 161 million RMB, largely impacted by foreign exchange losses [1][6] - Despite the revenue decline, the company is expected to benefit from the domestic semiconductor industry's growth and increased investments in Southeast Asia, with new orders progressing better than anticipated. Major projects are expected to commence in the third quarter [1][6] - The gross margin improved year-on-year by 5.89 percentage points to 16.89% in 1H25, with the second quarter showing a gross margin of 20.37%, up 10.33 percentage points year-on-year [2][6] Summary by Sections Financial Performance - In 1H25, the company achieved a net profit margin of 9.56%, an increase of 1.23 percentage points year-on-year. The second quarter net profit margin was 9.30%, up 2.43 percentage points year-on-year [3] - The company reported a net cash flow from operating activities of 877 million RMB in 1H25, a decrease of 24.3% year-on-year, attributed to new orders still being in the preparation phase [4] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 546 million RMB, 742 million RMB, and 780 million RMB, respectively, with a compound annual growth rate (CAGR) of 19.56%. The earnings per share (EPS) are expected to be 2.56 RMB, 3.48 RMB, and 3.66 RMB for the same period [5][6] - The target price has been raised to 45.24 RMB, reflecting a 17.8% increase from the previous target of 38.40 RMB, based on a 13x price-to-earnings ratio for 2026 [5][6]

Core Insights - As of July 25, 16 companies have released their semi-annual reports for 2025, with 12 reporting year-on-year profit growth and 4 showing declines [1] - Among these, 10 companies experienced year-on-year revenue growth, while 6 reported declines [1] - Eight companies, including Zhimingda, saw both profit and revenue growth, while two companies, including Zhongyan Chemical, reported declines in both metrics [1] - Three companies achieved profit growth exceeding 100%, with Zhimingda leading at a staggering 2147.93% increase [1] Company Performance Summary - Zhimingda (688636): Earnings per share of 0.2284, net profit of 38.298 million, net profit growth of 2147.93%, and revenue of 294.7564 million with a growth of 84.83% [1] - Wohua Medicine (002107): Earnings per share of 0.0800, net profit of 44.6764 million, net profit growth of 303.16%, and revenue of 425.3585 million with a growth of 7.64% [1] - Shentong Technology (605228): Earnings per share of 0.1500, net profit of 64.278 million, net profit growth of 111.09%, and revenue of 815.7269 million with a growth of 22.46% [1] - Changchuan Technology (300604): Earnings per share of 0.6800, net profit of 427.0218 million, net profit growth of 98.73%, and revenue of 2.1668482 billion with a growth of 41.80% [1] - Minshida (833394): Earnings per share of 0.4300, net profit of 63.0278 million, net profit growth of 42.28%, and revenue of 237.4942 million with a growth of 27.91% [1] - Ruigu Mould (002997): Earnings per share of 1.0800, net profit of 226.9641 million, net profit growth of 40.33%, and revenue of 1.6623784 billion with a growth of 48.30% [1] - Gaoneng Environment (603588): Earnings per share of 0.3290, net profit of 502.4205 million, net profit growth of 20.85%, and revenue of 6.7000252 billion with a decline of 11.20% [1] - Zhongyan Chemical (600328): Earnings per share of 0.0359, net profit of 52.7155 million, net profit decline of 88.04%, and revenue of 5.9977208 billion with a decline of 5.76% [1]

Group 1 - The core viewpoint of the news is that 亚翔集成 (603929.SH) has reported significant institutional ownership, with 19 institutional investors holding a total of 155 million shares, representing 72.57% of the company's total equity as of July 24, 2025 [1] - The top ten institutional investors collectively hold 72.52% of the shares, with an increase of 1.38 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 12 new public funds were disclosed this period, including 广发中小盘精选混合A and 国泰鑫利一年持有期混合A [2] - One foreign fund, WELLMAX HOLDINGS LIMITED, reduced its holdings by 0.12% compared to the previous quarter, while one new foreign institution, 香港中央结算有限公司, was disclosed [2]

公司代码：603929 公司简称：亚翔集成 公告编号：2025-030 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2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。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5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 经本公司2025年7月24日董事会会议同意，公司决定以2024年年末总股本21,336万股为基数向全体股东 每10股派发现金红利10元(含税)，分红总额为人民币213,360,000.00元，不送股，不转增股本，剩余未分 配利润全部结转以后年度分配。该项议案已获2025年4月8日召开的2024年度股东大会授权。 第二节 公司基本情况 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 ...