Group 1: Metal New Materials - The price of rhodium has increased for two consecutive months, while the price of lithium concentrate has also risen, reaching approximately 70,000 yuan/ton. Supply disruptions from the suspension of lithium mines are expected to elevate lithium prices in the short term [4] - The price of rhenium powder has risen, indicating a recovery in demand for military new materials [4] - The price of zirconium oxychloride has decreased in the nuclear power new materials sector, while silicon carbide prices have dropped in the consumer electronics new materials category [4] Group 2: Longqing Co., Ltd. (002391.SZ) - Longqing Co., Ltd. reported a revenue of 2.083 billion yuan for H1 2025, a year-on-year increase of 7.3%. The net profit attributable to shareholders reached 42 million yuan, up 117.8% year-on-year [4] Group 3: Oriental Cable (603606.SH) - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, a year-on-year increase of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan due to delays in offshore wind construction [5] Group 4: Lian Microelectronics (605358.SH) - Lian Microelectronics expects to achieve a revenue of 1.666 billion yuan in H1 2025, a year-on-year growth of 14.19%. However, the company anticipates a net loss of 121 million yuan, which is an increase in losses compared to the previous year [6] Group 5: Stone Technology (688169.SH) - Stone Technology reported total revenue of 7.9 billion yuan for H1 2025, a year-on-year increase of 79%. The net profit attributable to shareholders decreased by 40% to 700 million yuan [7] Group 6: Ecovacs Robotics (603486.SH) - Ecovacs Robotics achieved a revenue of 8.7 billion yuan in H1 2025, reflecting a year-on-year growth of 24%. The net profit attributable to shareholders increased by 61% to 1 billion yuan [8] Group 7: Tianshili (600535.SH) - Tianshili reported revenue of 4.288 billion yuan for H1 2025, a slight decrease of 1.91%. However, the net profit attributable to shareholders increased by 16.97% to 775 million yuan [8]

Core Viewpoint - The company is experiencing growth in its silicon wafer and epitaxial wafer business, but is facing increased losses in net profit due to various factors, including depreciation costs and inventory write-downs [4][5]. Group 1: Financial Performance - The company expects to achieve a revenue of 1.666 billion yuan in the first half of 2025, representing a year-on-year growth of 14.19% [4]. - The forecasted net profit attributable to shareholders is expected to be -121 million yuan, indicating an increase in losses of approximately 54 million yuan compared to the same period last year [4]. - The company anticipates a non-recurring net profit of -120 million yuan, with a year-on-year increase in losses of about 78 million yuan [4]. Group 2: Business Operations - The company's heavily doped epitaxial wafers have strong competitiveness, contributing to revenue growth due to high demand [5]. - The sales volume of 6-inch semiconductor wafers reached 9.2786 million pieces in the first half of 2025, a year-on-year increase of 38.72% and a quarter-on-quarter increase of 9.95% [5]. - The sales volume of 12-inch wafers was 811,500 pieces, equivalent to 3.2459 million 6-inch wafers, showing a year-on-year growth of 99.14% and a quarter-on-quarter growth of 16.68% [5]. - The sales volume of semiconductor power devices was 942,000 pieces, reflecting a year-on-year increase of 4.48% and a quarter-on-quarter increase of 2.12% [5]. Group 3: Future Growth Potential - The company’s subsidiary has developed a two-dimensional addressable VCSEL technology, which is the first of its kind in mainland China, with strong order fulfillment and significant growth in shipment volume [6]. - The VCSEL products are expected to drive future growth, with applications in automotive intelligent driving and robotics [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Viewpoints - The company's revenue for the first half of 2025 is expected to reach 1.666 billion yuan, representing a year-on-year growth of 14.19%. However, the net profit attributable to shareholders is projected to be a loss of 121 million yuan, which is an increase in loss of approximately 54 million yuan compared to the same period last year [1]. - The silicon wafer and epitaxial wafer business has shown strong performance in the first half of the year, contributing to revenue growth. The company's heavily doped epitaxial wafers are competitive, with high order volumes and capacity utilization rates for both 6-8 inch and 12-inch products [1][2]. - The company has a full order book for its two-dimensional addressable VCSEL chips, which are expected to drive future growth. The subsidiary has developed a unique manufacturing process for these chips, targeting applications in automotive and robotics [3]. Summary by Relevant Sections Revenue and Profit Forecast - The company forecasts revenue growth from 2.69 billion yuan in 2023 to 4.098 billion yuan in 2025, with a growth rate of 32.52% in 2025. However, net profit is expected to decline significantly in 2024 before recovering in subsequent years [4][9]. Sales and Production Data - In the first half of 2025, the company sold approximately 9.2786 million 6-inch equivalent semiconductor wafers, a year-on-year increase of 38.72%. The 12-inch wafer sales reached 811,500 units, showing a remarkable year-on-year growth of 99.14% [2]. Profitability and Valuation Metrics - The report projects a decline in net profit margins in the near term, with a forecasted net profit of 69 million yuan in 2025 and 165 million yuan in 2026. The current market valuation corresponds to a PE ratio of 247x for 2025, decreasing to 70x by 2027 [3][4][11].

格隆汇8月13日丨立昂微(605358.SH)在投资者互动平台表示，1.产品价值属于公司商业秘密不方便披 露；2. H公司供应的主要包括射频类芯片及FRD芯片等多种类产品；3. 立昂东芯是一家化合物半导体射 频芯片代工制造平台，立昂东芯的pHEMT工艺技术射频芯片产品已应用于国产低轨卫星千帆星座等， 其代工制造的产品的具体终端应用由客户决定。 ...

证券时报记者 阮润生 虽然全球半导体行业已经出现复苏趋势，但是位于产业链上游的半导体硅片的复苏进度却慢于整体市 场，多家A股半导体硅片上市公司2025年一季度盈利下滑。据公司高管介绍，今年一季度6英寸、8英寸 硅片价格已经逐步企稳回升，产能持续释放；随着半导体市场持续回暖叠加下游客户库存水平逐步正常 化，预计半导体硅片出货量及价格有望持续回暖。 另一方面，半导体硅片上市公司加速资本运作，内部整合与外延拓展成为本轮重点。 上游复苏缓慢 SEMI（国际半导体产业协会）数据显示，2024年全球半导体硅片出货量下降至122.66亿平方英寸，同 比下降2.67%，销售额下降至115亿美元，同比下降6.5%。 另外，今年一季度，随着半导体整体市场持续回暖，半导体硅片市场也维持温和复苏态势，全球硅片出 货面积同比增长4.6%，但不同尺寸出现分化：全球300mm半导体硅片出货面积实现同比增长5.7%，但 全球200mm半导体硅片复苏依然缓慢，出货面积同比下降2.9%。 作为国产半导体大硅片龙头，沪硅产业去年业绩下滑，营业收入实现约33.88亿元，归母净利润转亏约 9.71亿元，今年一季度归母净利润亏损约2亿元。 沪硅产业常务 ...

Core Viewpoint - The semiconductor industry in A-shares is experiencing a downturn due to the cyclical nature of the sector and slow recovery in consumer electronics demand, leading to widespread declines in net profits among listed companies. However, some leading firms have shown signs of recovery in the second quarter, driven by sectors like artificial intelligence, automotive electronics, and power grids. Group 1: Semiconductor Design Companies - Chip design companies are accelerating inventory reduction, with many reporting a decline in performance in the first half of the year, but some have stabilized and shown growth in the second quarter [2][3] - Rockchip, a leader in AIoT chips, expects revenue of approximately 858 million yuan, a year-on-year decrease of about 31%, but a sequential growth of around 60% in the second quarter [2] - GigaDevice, a leader in Nor Flash memory, anticipates a net profit of about 340 million yuan, down over 70% year-on-year, but with a nearly 30% increase from the first quarter [2] Group 2: Fingerprint Recognition and Wireless Chip Companies - Goodix, a leader in fingerprint recognition chips, expects revenue of about 2.02 billion yuan, a year-on-year increase of approximately 10.5%, but a net loss of about 137 million yuan [3] - Broadcom Integrated anticipates a net loss of between 64.8 million and 43.3 million yuan for the first half of 2023, with some improvement in the second quarter [3] - Zhaoxin Microelectronics, heavily reliant on the mobile market, expects a revenue decline of 25.48% year-on-year, with a net profit decrease of 50.01% to 55.06% [3] Group 3: Packaging and Testing Companies - Packaging and testing companies are showing significant sequential growth, with Tongfu Microelectronics reporting revenue of approximately 9.909 billion yuan, a year-on-year increase of 3.58%, but a net loss of 17 to 19.8 million yuan [7] - Longji Technology, a leading packaging and testing company, expects a net profit of 446 to 546 million yuan, a year-on-year decrease of 64.65% to 71.08%, but a significant increase in the second quarter [8] - Crystal Technology anticipates a net profit of 70 to 80 million yuan, a year-on-year decline of 58.11% to 63.35%, but expects to double its profit in the second quarter compared to the first [9] Group 4: Equipment Companies - Despite the overall semiconductor sector being in a downturn, equipment companies are experiencing rapid growth, with North Huachuang reporting revenue of 7.82 to 8.95 billion yuan, a year-on-year increase of 43.65% to 64.41% [10] - Zhongwei Company, a leader in etching equipment, expects revenue of approximately 2.527 billion yuan, a year-on-year increase of about 28.13%, with a net profit increase of 109.49% to 120.18% [11] - Wan Ye Enterprises is increasing its focus on integrated circuits, expecting a net profit of about 118 million yuan, a year-on-year increase of approximately 316% [12]

立昂微首次公开发行股票的发行费用总计为3,991.46万元，其中，承销与保荐费用为2,555.00万元。 中国经济网北京8月5日讯 立昂微(605358.SH)近日披露2025年半年度业绩预告。 经财务部门初步测算，立昂微预计2025年半年度实现营业收入166,600.00万元左右，同比增长14.20%左 右。其中实现主营收入165,200.00万元左右，同比增长14.14%左右。 立昂微预计2025年半年度实现归属于上市公司股东的净利润为-12,100.00万元左右，与上年同期相比， 亏损将增加5,414.36万元左右，同比增亏80.98%左右。 立昂微预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净利润为-12,000.00万元左 右，与上年同期相比，亏损将增加7,840.86万元左右，同比增亏188.52%左右。 2023年和2024年，立昂微实现营业收入分别为268,966.99万元和309,231.66万元，实现归属于上市公司股 东的净利润分别为6,575.25万元和-26,575.71万元，实现归属于上市公司股东的扣除非经常性损益的净利 润分别为-10,552.44万元和-26,5 ...

Core Viewpoint - The company, Lian Micro (立昂微), is actively responding to investor inquiries regarding its production capacity and product offerings in the RF chip sector, indicating a strong demand for its VCSEL products and plans for capacity expansion by 2025 [1] Group 1: Production Capacity - Current production capacity for RF chips is 90,000 pieces per year at the Hangzhou base and 60,000 pieces per year at the Haining Phase I facility [1] - The main product categories include GaAs HBT, VCSEL, GaN HEMT, and BiHEMT/others [1] Group 2: Future Plans - The company plans to enhance its production capacity and process adjustments to meet customer demand, with a target to expand the Hangzhou base by the end of 2025 [1] - The VCSEL product line currently has a full order book, indicating strong market demand [1]

格隆汇7月31日丨立昂微(605358.SH)在投资者互动平台表示，立昂东芯VCSEL产品目前订单饱满，公司 正积极进行产能、工艺的调试调配以满足客户的需求。公司规划至2025年底，杭州基地、海宁基地 VCSEL产品产能合计达到2000片/月，目前不存在技术、设备方面的障碍。除VCSEL产品外，公司化合 物半导体射频芯片的其他产品可根据产品订单调配产能，具体出货结构请以公司信息披露为准。 ...

格隆汇7月31日丨立昂微(605358.SH)在投资者互动平台表示，立昂东芯VCSEL产品目前订单饱满，公司 正积极进行产能、工艺的调试调配以满足客户的需求。公司规划至2025年底，杭州基地、海宁基地 VCSEL产品产能合计达到2000片/月，目前不存在技术、设备方面的障碍。除VCSEL产品外，公司化合 物半导体射频芯片的其他产品可根据产品订单调配产能，具体出货结构请以公司信息披露为准。 ...