Group 1 - The three major indices opened higher on August 14, with the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index rising by 1.4%, driven by significant gains in stocks such as Cambricon Technologies (up 11%) and others like Aerospace Hi-Tech, Yuntian Lifei, Tianzhun Technology, Hengxuan Technology, and Lanke Technology [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) increased by 1.15% with a turnover rate exceeding 5%, indicating active trading at the beginning of the session. Notably, this ETF has achieved three consecutive days of gains as of the close on August 13 [1] - According to Wind Financial Terminal data, the Sci-Tech Innovation Board Artificial Intelligence ETF (588930) saw a net inflow of over 15 million yuan yesterday, accumulating over 67 million yuan in the last five trading days [1] Group 2 - A report from Galaxy Securities suggests focusing on the main track of artificial intelligence, emphasizing three key lines: 1) Core assets in domestic computing power, high-end chips, and foundational large models; 2) Leading companies in overseas infrastructure construction and AI Agent subscription models expected to generate incremental revenue; 3) AI application leaders with monetization capabilities in high-paying scenarios such as AI+ office, AI+ finance, and intelligent connected vehicles, as well as AI+ healthcare leaders [2]

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year growth of 10.32%. However, it incurred a net loss attributable to shareholders of 14.19 million yuan, an improvement from a loss of 26.24 million yuan in the same period last year [4] - The company's performance in the smart driving solutions, consumer electronics, and PCB sectors showed significant growth, with visual measurement equipment revenue increasing by 72.44% year-on-year [4][5] - The semiconductor sector has made significant breakthroughs, with the company’s joint venture achieving major progress in the field [5] Financial Performance - The company’s revenue for Q2 2025 was 378 million yuan, a year-on-year increase of 8.76%, with a net profit attributable to the parent company of 18 million yuan, up 54.07% year-on-year [4] - The company’s net profit forecast for 2025-2027 is expected to be 170 million yuan, 180 million yuan, and 200 million yuan respectively, with year-on-year growth rates of 32.8%, 11.0%, and 10.0% [7] - The earnings per share (EPS) for 2025 is projected to be 0.86 yuan, with a price-to-earnings (P/E) ratio of 60.8 based on the closing price of 52.00 yuan on August 13 [7] Business Segments - The company’s visual measurement equipment generated revenue of 226 million yuan, driven by growth in major consumer electronics clients [4] - The smart driving solutions segment saw a revenue increase of 125.39% year-on-year, attributed to growth in automotive smart driving and humanoid robot sectors [4][5] - The visual detection equipment revenue decreased by 70.81% due to a decline in the photovoltaic industry [4] Market Position - The company is recognized as a leading visual equipment platform in China, focusing on the integration of artificial intelligence technology to drive industrial digital transformation [6] - The company is expanding its business collaborations in the smart driving sector, particularly with major automotive manufacturers [5][6]

Core Insights - The company reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year increase of 10% [1] - The net loss attributable to shareholders was 14 million yuan, a reduction in loss by 46% year-on-year [1] - The gross margin was 34.81%, down by 4 percentage points year-on-year, while the net margin improved to -2.39%, narrowing by 2 percentage points year-on-year [1] Business Segment Performance - **Visual Measurement Equipment**: Revenue reached 226 million yuan, up 73% year-on-year, with a gross margin of 48.74%, down 7 percentage points [2] - **Visual Inspection Equipment**: Revenue fell to 65 million yuan, down 71% year-on-year, with a gross margin of 30%, down 9 percentage points, primarily due to the ongoing downturn in the photovoltaic sector [2] - **Visual Process Equipment**: Revenue was 241 million yuan, an increase of 52% year-on-year, with a gross margin of 24.55%, down 6 percentage points [2] - **Intelligent Connected Solutions**: Revenue was 65 million yuan, up 124% year-on-year, with a gross margin of 29.19%, an increase of 19 percentage points [3] Future Outlook - The company is projected to achieve revenues of 1.897 billion yuan, 2.249 billion yuan, and 2.426 billion yuan for the years 2025 to 2027, with net profits of 164 million yuan, 218 million yuan, and 253 million yuan respectively [3] - The company is expected to benefit from significant domestic replacement opportunities in PCB and wafer inspection equipment, as well as advancements in intelligent driving control and humanoid robot brain products [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 597 million yuan in the first half of 2025, representing a year-on-year increase of 10.32%, while the net profit attributable to shareholders was a loss of 14 million yuan, a reduction in loss by 12 million yuan [8] - The second quarter performance met expectations, with revenue of 378 million yuan, up 8.76% year-on-year, and a net profit of 18 million yuan, up 54.07% year-on-year [8] - The company has seen progress across multiple sectors, including PCB, semiconductor, and controllers, despite challenges in the photovoltaic sector [8] - The forecast for revenue from 2025 to 2027 is 1.817 billion yuan, 2.070 billion yuan, and 2.286 billion yuan respectively, with net profits of 178 million yuan, 234 million yuan, and 258 million yuan [8] Financial Performance Summary - Revenue for 2023 is projected at 1,648 million yuan, with a growth rate of 3.7%, while 2024 is expected to see a slight decline of 2.4% [7] - The net profit for 2023 is estimated at 215 million yuan, with a significant growth rate of 41.5% [7] - Earnings per share (EPS) for 2025 is projected to be 0.92 yuan, with a price-to-earnings (PE) ratio of 55.8 [7] - The return on equity (ROE) is expected to be 8.9% in 2025, increasing to 12.2% by 2027 [7] Market Performance - The company's stock has shown a performance of -8% over the last 12 months, compared to a 14% increase in the CSI 300 index [4]

中国经济网北京8月13日讯天准科技(688003.SH)近日披露2025年半年度报告。 2025年1-6月，公司实现营业收入5.97亿元，同比增长10.32%；归属于上市公司股东的净利润为-1,419.23 万元，上年同期为-2,624.53万元；归属于上市公司股东的扣除非经常性损益的净利润为-2,267.59万元， 上年同期为-2,453.12万元；经营活动产生的现金流量净额为2,925.60万元，上年同期为-4,609.32万元。 | | | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上 年同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 596, 882, 369. 18 | 541, 034, 503. 40 | 10. 32 | | 利润总额 | -33.707. 442. 69 | -48.275.043.28 | 不适用 | | 归属于上市公司股东的净利润 | -14, 192, 273. 82 | -26, 245, 342. 57 | 不适用 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | -22.675.9 ...

据证券之星公开数据整理，近期天准科技（688003）发布2025年中报。截至本报告期末，公司营业总收 入5.97亿元，同比上升10.32%，归母净利润-1419.23万元，同比上升45.92%。按单季度数据看，第二季 度营业总收入3.78亿元，同比上升8.76%，第二季度归母净利润1810.56万元，同比上升54.07%。本报告 期天准科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达351.85%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率34.81%，同比减7.95%，净利率-2.39%，同比增 50.76%，销售费用、管理费用、财务费用总计1.33亿元，三费占营收比22.24%，同比减3.29%，每股净 资产9.58元，同比增4.54%，每股经营性现金流0.15元，同比增163.34%，每股收益-0.07元，同比增 46.13% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.41亿 | 5.971Z | 10.32% | | 归母浄利润（元） | -2624.53万 | -1419 ...

Core Insights - The core viewpoint of the report indicates that Tianzhun Technology (688003) has shown revenue growth in its 2025 mid-year report, but it continues to face challenges in profitability despite improvements in net profit figures [2][3]. Operational Overview - As of the end of the reporting period, the total operating revenue reached 597 million yuan, reflecting a year-on-year increase of 10.32%. However, the net profit attributable to shareholders was -14.19 million yuan, although this represents a 45.92% year-on-year improvement, the company remains in a loss position. The non-recurring net profit was -22.68 million yuan, up 7.56% year-on-year, indicating that while revenue is growing, profitability has not fully recovered [2]. Quarterly Performance - In the second quarter, total operating revenue was 378 million yuan, a year-on-year increase of 8.76%. The net profit attributable to shareholders was 18.11 million yuan, up 54.07% year-on-year. The non-recurring net profit was 15.58 million yuan, reflecting a 45.53% year-on-year increase, showing significant improvement in the latter half of the first half of the year [3]. Key Financial Metrics - The total of selling, administrative, and financial expenses was 133 million yuan, accounting for 22.24% of revenue, which is a decrease of 3.29% year-on-year [4]. - The gross margin was 34.81%, down 7.95% year-on-year, while the net margin was -2.39%, an increase of 50.76% year-on-year [8]. Cash Flow - The operating cash flow per share was 0.15 yuan, representing a significant increase of 163.34% year-on-year, indicating a notable improvement in the company's cash flow situation [5]. Asset and Liability Management - Cash and cash equivalents amounted to 676 million yuan, a year-on-year increase of 131.61%. Accounts receivable stood at 439 million yuan, up 4.60% year-on-year, which raises concerns as it represents 351.85% of the latest annual net profit, highlighting potential risks in accounts receivable recovery [9][11]. - Interest-bearing liabilities totaled 906 million yuan, an increase of 51.16% year-on-year, with an interest-bearing asset-liability ratio of 22.78%, indicating potential debt pressure [9]. Revenue Composition - Revenue from visual measurement equipment was 226 million yuan, accounting for 37.87% of total revenue, with a gross margin of 48.74%. Revenue from visual process equipment was 241 million yuan, making up 40.34% of total revenue, with a gross margin of 24.55%. Revenue from intelligent driving solutions was 65.27 million yuan, accounting for 10.93% of total revenue, with a gross margin of 29.19%. Revenue from visual inspection equipment was 64.76 million yuan, representing 10.85% of total revenue, with a gross margin of 30.00% [9].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][9]. Core Insights - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies like Huadian and Shenghong investing significantly in new projects [3]. - The expansion is primarily focused on high-layer HDI boards, leading to increased requirements for equipment quantity and pricing [3]. - The exposure segment of PCB equipment, which accounts for 10%-15% of the total equipment value, is seeing higher demand for advanced exposure equipment due to stricter requirements from high-end PCB boards [3]. - The drilling segment, which constitutes about 25% of PCB equipment value, is benefiting from the increasing complexity of PCB designs, with a shift towards laser drilling technology [3]. - The PCB drill needle market is experiencing growth due to the surge in AI demand, prompting manufacturers to expand production capacity [3]. - The electroplating segment, which represents around 10% of PCB equipment value, is seeing increased demand for high-end equipment as AI applications require thicker copper and finer lines [3]. Summary by Sections PCB Expansion - Continuous expansion in the PCB sector is driven by AI computing needs, with significant investments from leading companies [3]. Exposure Equipment - Exposure equipment is critical for high-end PCB production, with domestic companies improving their capabilities to meet rising demands [3]. Drilling Equipment - The drilling process is evolving with a shift towards laser technology, driven by the need for smaller apertures and tighter tolerances in PCB manufacturing [3]. Drill Needles - The demand for high-quality drill needles is increasing, with manufacturers ramping up production to meet the needs of upgraded AI server PCBs [3]. Electroplating Equipment - The demand for advanced electroplating equipment is growing, particularly for high-end applications in the AI sector [3].

Group 1 - The semi-annual report summary is derived from the full semi-annual report, and investors are encouraged to read the complete report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1] - The board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and they bear individual and joint legal responsibilities for any false records, misleading statements, or significant omissions [1] - The report period's profit distribution plan or capital reserve transfer to increase share capital has not been proposed [2] Group 2 - The company does not have any special arrangements for corporate governance or other significant matters [2] - The report does not include any significant changes in the company's operating conditions during the reporting period, nor does it mention any events that have had or are expected to have a significant impact on the company's operations [3]

无。 □适用 √不适用 苏州天准科技股份有限公司 苏州天准科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 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。 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 "第三节 管理层讨论与分析/五、风险因素"部分。 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。 苏州天准科技股份有限公司2025 年半年度报告摘要 公司代码：688003 公司简称：天准科技 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 上海证券交易所科 A股 天准科技 688003 不适用 创板 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 证券事务代表 姓名 杨聪 赵海蒙 苏州天准科技股份有限公司2025 年半年度报告摘要 电话 0512-62399021 0512-62399021 办公地址 苏州高新区五台山路188号 苏州高新区五台山路188号 电子信箱 ir@tzte ...