21世纪经济报道记者 张赛男 上海报道 2025年7月22日，科创板迎来开市六周年。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 遥想科创板开市之初，2019年7月22日，25家首批科创板公司在上海证券交易所挂牌上市，标志着科创 板的正式启动。六年来，科创板砥砺前行，持续发展壮大。截至2025年7月22日，科创板上市公司达到 589家。 值此科创板开市六周年之际，21世纪经济报道特别邀请了10位科创板龙头企业高管，共话科创板，寄语 新未来。 海光信息（688041.SH）总经理 沙超群 正逢科创板开市6周年，海光信息也即将上市满3年。科创板为科技企业提供了一个更加开放、包容、高 效的资本市场环境，得益于科创板丰沃的投融资土壤以及政策工具箱，海光信息近年来不断在公司治理 能力、创新能力、竞争能力和经营能力上取得显著进展。 海光信息始终聚焦高端处理器业务并持续加大研发投入，已独立实现多代通用处理器CPU和人工智能加 速器DCU的自研及商用。基于卓越性能、主流生态、安全可靠、自主迭代等产品优势，海光芯片已广 泛应用于云计算、大 ...

Group 1 - The semiconductor packaging equipment industry is experiencing robust growth in China, driven by strong demand in emerging applications such as smartphones, AI, IoT, and automotive electronics. The sales revenue for semiconductor packaging equipment in China is projected to reach 28.27 billion yuan in 2024, representing a year-on-year increase of 18.93% [1][18] - The industry is expected to continue evolving towards high-density, high-performance, and high-reliability equipment due to rapid advancements in technologies like 5G, IoT, and AI [1][18] - The global semiconductor equipment market is also witnessing significant growth, with sales expected to reach 117.1 billion USD in 2024, a 10.16% increase from 2023 [15][17] Group 2 - Key players in the semiconductor packaging equipment market include both international leaders such as ASM Pacific Technology, Kulicke & Soffa, and local Chinese companies like North Huachuang, Shengmei Semiconductor, and Xinyi Chang [21][23] - North Huachuang's revenue from electronic process equipment is projected to be 27.707 billion yuan in 2024, marking a 41.28% increase [23] - Shengmei Semiconductor's revenue is expected to reach 5.44 billion yuan in 2024, reflecting a 46.43% growth [25] Group 3 - The semiconductor packaging equipment industry is supported by various policies aimed at promoting domestic production and technological breakthroughs, including the implementation of national standards and talent cultivation initiatives [8][10] - The industry is characterized by a complex supply chain, with upstream components including sensors and subsystems, midstream manufacturing, and downstream applications serving OSATs, IDMs, and foundries [11][13] Group 4 - The industry is witnessing a shift towards high precision and intelligent equipment, with advancements in packaging technologies such as Chiplet and 3D IC driving innovation [27] - New application scenarios, particularly in electric vehicles and AI chips, are creating additional market opportunities for specialized packaging equipment [28] - The construction of digital factories is transforming traditional equipment operation and maintenance, enhancing efficiency through real-time data collection and predictive maintenance [29]

Group 1 - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its six years of operation, serving as a "testing ground" for capital market reforms and supporting the development of hard technology enterprises [2][4][11] - The recent implementation of the "1+6" reform measures, including the establishment of a growth tier and the reintroduction of the fifth listing standard, aims to enhance inclusivity for unprofitable tech companies and optimize the review process [2][3][11] - The STAR Market has successfully attracted a diverse range of companies, with over 589 listed firms, primarily in emerging industries such as information technology, biomedicine, and high-end equipment manufacturing [6][10] Group 2 - The STAR Market's inclusive system design has lowered the barriers for hard technology companies to access capital markets, allowing for a more flexible listing standard [3][6][12] - The introduction of strategic and professional institutional investors has improved the value discovery capabilities of the capital market, further supporting the growth of innovative companies [3][6] - Companies like Haiguang Information and Zhongkong Technology have reported significant advancements in governance, innovation, and market presence, attributing their success to the supportive environment provided by the STAR Market [7][8] Group 3 - The STAR Market is expected to continue evolving, with a focus on fostering high-quality development and supporting the transformation of the economy through technological innovation [4][5][11] - The board's reforms are anticipated to create a more favorable environment for long-term research and development investments, particularly for companies in the pharmaceutical and semiconductor sectors [10][12] - The STAR Market's role as a platform for showcasing innovation has enhanced the visibility and international influence of listed companies, contributing to their growth and market share expansion [8][10]

Summary of Key Points Group 1: Company Performance Highlights - Wan Ye Enterprise expects a net profit of 30 to 40 million yuan for H1 2025, marking a turnaround from losses, with a significant reduction in non-recurring losses [4] - Zhongwei Company anticipates a revenue of 49.61 billion yuan for H1 2025, a year-on-year increase of 43.88%, with net profit expected to be between 6.8 to 7.3 billion yuan, reflecting a growth of 31.61% to 41.28% [8] - Kema Technology projects H1 2025 revenue of 5.15 to 5.25 billion yuan, a growth of 33.93% to 36.53%, with net profit expected to be between 1.65 to 1.75 billion yuan, a year-on-year increase of 18.59% to 25.77% [12] - Tuo Jing Technology forecasts H2 2025 revenue of 12.10 to 12.60 billion yuan, a growth of 52.18% to 58.47%, with net profit expected to double year-on-year [15][16] Group 2: Industry Trends and Insights - The motorcycle industry saw a total sales volume of 8.317 million units in the first half of 2025, representing a year-on-year increase of 19% [19] - The medical insurance sector is expected to maintain a stable income and expenditure structure, with basic medical insurance income projected to reach 34.913 billion yuan in 2024, a growth of 4.2% [27][28] - The railway equipment sector is entering a high-growth cycle, with a projected net profit increase of 45% to 65% for H1 2025, driven by product volume and price increases [30][31] Group 3: Investment Opportunities - The semiconductor industry is witnessing significant growth, with companies like Zhongwei and Tuo Jing expected to benefit from increased demand for advanced manufacturing equipment [10][11] - The photovoltaic sector is undergoing supply-side reforms, with a focus on cost-effective production and advanced capacity selection, indicating potential investment opportunities in leading companies [42][43] - The electric heavy truck market is experiencing a surge, with sales in June 2025 reaching 18,000 units, a year-on-year increase of 158%, suggesting strong growth potential in the commercial vehicle sector [48]

Core Viewpoint - The company,拓荆科技, is experiencing a rapid recovery in its operating performance, driven by the successful introduction and mass production of new products, alongside a strong focus on independent innovation [1][2]. Financial Performance - For Q2 2025, the company expects revenue between 1.21 billion to 1.26 billion yuan, representing a year-on-year growth of 52% to 58% [2] - The projected net profit for the same period is between 238 million to 247 million yuan, showing a significant increase of 101% to 108% year-on-year [2] - The company reported a net loss of 147 million yuan in Q1 2025, marking its first loss since its listing in April 2022, primarily due to high costs during the customer validation of new products [2][3] Product and Market Strategy - The company is capitalizing on the domestic semiconductor equipment replacement strategy, leveraging its advanced technology in thin film deposition and 3D integration equipment [3] - The advanced process verification machines have successfully passed customer certification and are entering mass production [3] Research and Development - The company has consistently invested in R&D, with total expenditures from 2022 to 2024 amounting to 1.711 billion yuan, maintaining a high R&D expense ratio of around 20% [1][4] - As of the end of 2024, the company had 648 R&D personnel, accounting for 42.3% of its total workforce, and had applied for a total of 1,640 patents [4] Financial Health - The company reported a net cash flow from operating activities of 10.93 million yuan in Q1 2025, a year-on-year increase of 101.51% [5] - As of Q1 2025, the company's total assets reached 16.21 billion yuan, a 4.61-fold increase compared to 2.888 billion yuan in the same period of 2022 [5]

Summary of Conference Call Records Company: Inspur (000977.SZ) Key Points 1. **Upgrade to Buy**: Inspur has been upgraded from Neutral to Buy due to improving GPU supply in the China market, new GPU platforms expected in 2H25, and the growth of local chipset platforms to meet generative AI demand in China. The 12-month price target (TP) has been raised to Rmb77.8 from Rmb55, indicating a potential upside of 39.5% [1][9][10]. 2. **Revenue and Earnings Growth**: Revenue projections for Inspur have been revised upwards by 8% for 2025, 25% for 2026, and 27% for 2027, primarily driven by higher AI training server revenues. The company expects a significant ramp-up in shipments of AI training servers due to better GPU supply and new product cycles [14][18]. 3. **Market Position**: Inspur is positioned as a leading AI server ODM in China, supplying major Chinese cloud service providers (CSPs) and expanding its offerings from global-tier GPU-powered servers to local chipset-powered servers. This transition is expected to enhance its market share and profitability [10][13][14]. 4. **Earnings Revision**: Earnings have been revised upwards by 7% for 2025, 11% for 2026, and 9% for 2027, despite a lower gross margin (GM) and higher operating expenses (Opex) ratio. The expected GM is projected to decline slightly due to the higher contribution from AI training servers, which typically have lower margins [14][18]. 5. **Sensitivity Analysis**: A sensitivity analysis indicates that a 10% increase in AI training server shipments could lead to a 6% increase in total revenues and a 2% increase in gross profit. Conversely, a decrease in shipments would have the opposite effect [17]. 6. **Investment Thesis**: The investment thesis for Inspur is based on the anticipated increase in capital expenditure (Capex) from Chinese CSPs, telecom operators, and government clients focused on AI training and inferencing. The emergence of advanced AI applications is also expected to drive growth [29][32]. 7. **Risks**: Key risks include slower-than-expected ramp-up of AI servers in China, potential GPU supply constraints, and intensified pricing competition among ODM suppliers, which could negatively impact earnings [27][28][32]. Company: Piotech (688072.SS) Key Points 1. **Downgrade to Neutral**: Piotech has been downgraded from Buy to Neutral due to pressures on near-term profitability stemming from new product ramp-up. The revised TP is set at Rmb185, reflecting a 17% upside potential [2][33]. 2. **Profitability Concerns**: The company's gross margin fell to 20% in Q1 2025 from 47% in Q1 2024, attributed to higher delivery and service costs associated with new products. The expectation is that it will take time for margins to recover to the historical average of around 40% for deposition tools [35][37]. 3. **Earnings Revision**: Earnings estimates have been reduced by 3% to 5% for 2025-2027, primarily due to lower margins and adjustments in government subsidies. The target P/E multiple has been reset from 42.5x to 37.7x to reflect these changes [34][38]. 4. **Market Position**: Piotech is recognized as a local leader in deposition tools, expanding into high-end products. However, the company faces challenges due to its exposure to competitive mature nodes and the costs associated with new product delivery [34][39]. 5. **Government Subsidies**: Expected government subsidies have been lowered, reflecting the company's shift towards self-funding for new production facilities. Despite this, there is an ongoing effort to deepen cooperation with government entities [37][39]. Conclusion Inspur is positioned for significant growth in the AI server market, supported by favorable supply conditions and increasing demand. Conversely, Piotech faces challenges that have led to a downgrade, highlighting the importance of managing new product costs and maintaining profitability in a competitive landscape.

Group 1 - The core viewpoint of the articles highlights the positive performance of the semiconductor sector, particularly the growth in stock prices and anticipated earnings from leading companies in the industry [1][3]. - The Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index increased by 0.45%, with notable stock price rises from companies such as Tuojing Technology (up 4.43%) and Zhongwei Company (up 1.91%) [1]. - The Sci-Tech Semiconductor ETF (588170) has seen a continuous net inflow of funds over the past five days, totaling 30.4252 million yuan, with a peak single-day net inflow of 16.2147 million yuan [1]. Group 2 - Zhongwei Company expects a net profit attributable to the parent company of 680 million to 730 million yuan for the first half of 2025, representing a year-on-year growth of 31.61% to 41.28% [1]. - The company's revenue is projected to be approximately 4.961 billion yuan, reflecting a year-on-year increase of 43.88%, driven by significant growth in etching and LPCVD film equipment sales [1]. - Tuojing Technology anticipates a net profit of 238 million to 247 million yuan for the second quarter of 2025, indicating a year-on-year growth of 101% to 108% [1]. Group 3 - As of June 30, 2025, the top ten weighted stocks in the Sci-Tech Semiconductor ETF (588170) include Huahai Qingke, Zhongwei Company, and Tuojing Technology, collectively accounting for 72.71% of the ETF [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company,拓荆科技, is expected to achieve a significant increase in revenue and net profit for Q2 2025, with revenue projected between 1.21-1.26 billion yuan, representing a year-on-year growth of 52.18%-58.47% and a quarter-on-quarter growth of 74.26% [5] - The net profit attributable to the parent company is forecasted to be between 238-247 million yuan, showing a year-on-year increase of 100.64%-108.22% and a turnaround from loss to profit [5] - The gross profit margin has improved significantly quarter-on-quarter, indicating better cost control and operational efficiency [7] Financial Performance Summary - For Q2 2025, the company anticipates a net cash flow from operating activities of 1.48-1.58 billion yuan, a substantial year-on-year increase due to higher advance payments and sales collections [7] - The company is projected to achieve revenues of 5.61 billion, 7.23 billion, and 8.98 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 990 million, 1.38 billion, and 1.93 billion yuan [9][10] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 44, 32, and 23 respectively, indicating a favorable valuation trend as the company grows [9][10] Market Performance - As of July 17, 2025, the company's stock price is 156.55 yuan, with a market capitalization of approximately 43.79 billion yuan [6] - The company's performance relative to the CSI 300 index shows a 1-month increase of 11.7%, a 3-month decrease of 1.1%, and a 12-month increase of 22.9% [6]

Core Viewpoint - The company,拓荆科技, is expected to report significant revenue and profit growth in Q2 2025, driven by increased market share and the scaling of advanced machinery production [2][3][4]. Group 1: Financial Performance - Q2 2025 revenue is projected to be between 1.21 billion to 1.26 billion yuan, representing a year-on-year increase of 52% to 58% and a quarter-on-quarter increase of 70.7% to 77.8% [3]. - The net profit attributable to the parent company is expected to be between 238 million to 247 million yuan, showing a year-on-year increase of 100.6% to 108.2% and a quarter-on-quarter increase of 385 million to 394 million yuan, marking a significant turnaround [2][3]. - The non-recurring net profit is anticipated to be between 215 million to 224 million yuan, reflecting a year-on-year increase of 235% to 249% and a quarter-on-quarter increase of 395 million to 404 million yuan [3]. Group 2: Market Position and Product Development - The company has seen an increase in market share for its thin film deposition and advanced bonding equipment, with revenue and shipment of machinery showing sustained high growth year-on-year [3]. - Advanced process verification machines have passed customer certification and are gradually entering mass production [3]. - New platforms and advanced process equipment, such as PECVD Stack and ALD devices, have been successfully accepted by customers, with Q2 2025 revenue from ALD devices exceeding the total revenue for 2024 [3]. Group 3: Profitability and Cost Management - The gross margin has significantly improved quarter-on-quarter, attributed to the completion of technology introduction for new products and the realization of production breakthroughs [4]. - The scale effect from increased revenue has led to a decrease in the expense ratio year-on-year, further enhancing profit margins [4].

Group 1 - Chinese assets are experiencing a resurgence, with NIO and Li Auto rising nearly 7% as foreign investment increases in A-shares [2] - The Invesco Global Sovereign Asset Management Research indicates a noticeable recovery in interest from international investment institutions towards the Chinese market, managing approximately $27 trillion in assets [2] - Several foreign institutions express optimism about Chinese assets due to the stable economic performance, policy benefits, and improved corporate earnings outlook [2] Group 2 - The U.S. House of Representatives has advanced cryptocurrency legislation, supported by President Trump, which has led to significant stock price increases for companies in the crypto sector [3] - Blue Ocean Interactive surged over 45% after announcing the establishment of LK Crypto, focusing on mainstream crypto asset management and RWA [3] - Hong Kong is actively developing stablecoin products, creating a dual regulatory framework that connects the U.S. dollar stablecoin with the mainland [3] Group 3 - The Hong Kong IPO market is witnessing a surge, with a significant increase in financing amounts, reflecting global capital's confidence in China's industrial upgrade and consumption potential [7] - On July 9, the Hong Kong Stock Exchange saw five companies queueing for listing in a single day, raising over 10 billion HKD [7] Group 4 - The domestic consumption and investment policies are being emphasized by the Chinese government to strengthen the domestic circulation [5][6] - Analysts highlight the urgency and necessity of promoting consumption as a core strategy for economic growth [6] Group 5 - The A-share market has seen an increase in financing balance for eight consecutive days, totaling an increase of 44.038 billion CNY, indicating positive market sentiment [10] - Analysts suggest that the current macro environment and market risk appetite signal potential for further market growth [10] Group 6 - The number of private equity MOM products registered this year has reached a new high, with 43 products registered by July 15, surpassing the total for the past nine years [14] - This trend indicates a strong interest in the MOM fund model, which allows for diversified asset management [14] Group 7 - The beverage brand Wahaha is facing a decline in sales following a family dispute involving its chairman, which has raised concerns among distributors [16] - The internal family conflict could potentially disrupt the competitive landscape of the Chinese beverage industry [16] Group 8 - The domestic electric vehicle market is seeing significant growth, with L2-level assisted driving penetration exceeding 50% [18] - The heavy truck sales in the first half of the year have increased by approximately 7%, with new energy heavy trucks being a major highlight [18] Group 9 - The stock market is experiencing fluctuations, with the Shanghai Composite Index slightly declining by 0.03% to 3503.78 points [19] - The Hong Kong market is also showing mixed performance, with the Hang Seng Index and the Hang Seng Tech Index experiencing slight declines and gains, respectively [19] Group 10 - The U.S. stock market has seen gains driven by positive economic data and corporate earnings reports, with the S&P 500 rising by 0.45% [20] - Approximately 88% of S&P 500 companies that have reported earnings exceeded analyst expectations, boosting investor confidence [20] Group 11 - Several foreign investment banks have expressed positive views on the Chinese market, with Citigroup raising its ratings for Chinese and Korean markets to "overweight" [21] - Citigroup projects the Hang Seng Index to reach 25,000 points by the end of the year and the CSI 300 Index to reach 4,200 points [21] Group 12 - The stock market's investment logic is shifting towards cash flow analysis in a low-interest-rate environment, with a focus on high-dividend and strong cash flow companies [22] - Analysts are optimistic about sectors such as automotive, electronics, and traditional high-growth areas like AI and pharmaceuticals [22]