Company Overview - Tuojing Technology Co., Ltd. is located in Shenyang, Liaoning Province, and was established on April 28, 2010. The company went public on April 20, 2022. Its main business involves the research, production, sales, and technical services of high-end semiconductor equipment [1] - The revenue composition of the company is 96.47% from semiconductor equipment and 3.53% from other supplementary services [1] Stock Performance - On September 4, Tuojing Technology's stock fell by 5.32%, closing at 176.57 CNY per share, with a trading volume of 567 million CNY and a turnover rate of 1.12%. The total market capitalization is 49.392 billion CNY [1] Fund Holdings - Longsheng Fund has one fund heavily invested in Tuojing Technology. The Longsheng Electronic Information Industry Mixed A Fund (080012) reduced its holdings by 9,990 shares in the second quarter, holding a total of 193,000 shares, which represents 3.1% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 1.9165 million CNY [2] Fund Performance - The Longsheng Electronic Information Industry Mixed A Fund (080012) was established on March 27, 2012, with a current size of 383 million CNY. Year-to-date, it has returned 25.79%, ranking 2715 out of 8180 in its category. Over the past year, it has returned 55.03%, ranking 1983 out of 7978. Since inception, it has achieved a return of 247.8% [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Group 1 - The core point of the news is that拓荆科技 experienced a decline of 5.14% in its stock price, reaching 186.39 yuan per share, with a trading volume of 832 million yuan and a turnover rate of 1.56%, resulting in a total market capitalization of 52.139 billion yuan [1] - 拓荆科技, established on April 28, 2010, and listed on April 20, 2022, is located in Shenyang, Liaoning Province, and specializes in the research, production, sales, and technical services of high-end semiconductor equipment. The main business revenue composition is 96.47% from semiconductor equipment and 3.53% from other sources [1] Group 2 - From the perspective of fund holdings, 长城基金 has one fund heavily invested in 拓荆科技. The 长城科创两年定开混合A fund held 44,700 shares in the second quarter, accounting for 3.03% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 451,400 yuan [2] - The 长城科创两年定开混合A fund was established on September 1, 2021, with a current size of 220 million yuan. Year-to-date returns are 29.1%, ranking 2,686 out of 8,184 in its category, while the one-year return is 79.11%, ranking 866 out of 7,971. Since its inception, the fund has experienced a loss of 3.46% [2] - The fund manager, 赵凤飞, has been in the position for 7 years and 181 days, with the total asset size of the fund being 899 million yuan. The best fund return during his tenure is 50.42%, while the worst return is -5.37% [2]

Group 1: Company Analysis - Weichai Power - Weichai Power's 2025 interim report shows significant growth in data center large-capacity engines, with nearly 600 units sold, representing a 491% year-on-year increase [4] - The company's AIDC business is rapidly developing, and the KION logistics equipment business is expected to improve profitability after management optimization [2][4] - Weichai Power's revenue for the first half of 2025 was CNY 1131.5 billion, a slight increase of 0.6% year-on-year, while net profit attributable to shareholders was CNY 56.4 billion, down 4.4% year-on-year [3][4] Group 2: Company Analysis - Tuojing Technology - Tuojing Technology's advanced process verification equipment has successfully passed customer certification and is gradually entering the mass production phase, leading to a significant improvement in profitability [13][14] - The company's revenue for the first half of 2025 reached CNY 1.954 billion, a year-on-year increase of 54.25%, with a net profit of CNY 38.18 million, up 91.35% year-on-year [14] - The sales gross margin for Q2 2025 was 38.82%, indicating a clear upward trend in profitability [14] Group 3: Company Analysis - Iwu Biological - Iwu Biological's core product, dust mite drops, is steadily growing, while the new product, Artemisia annua drops, is rapidly gaining market share [17][18] - The company reported a revenue of CNY 484 million for the first half of 2025, a year-on-year increase of 12.81%, and a net profit of CNY 177 million, up 18.61% year-on-year [17][18] - The company is focusing on new research directions, including stem cells and natural medicines, which may enhance its growth potential [18] Group 4: Industry Analysis - Textile and Apparel - The textile and apparel industry faces significant operational challenges, with A-share apparel revenue declining in Q2, although some companies are showing strong performance [7][10] - The retail sales of clothing and accessories in China showed a year-on-year increase of 1.8% in July, indicating a slight recovery in consumer demand [9] - The export of textiles and garments from China saw a year-on-year decline of 0.3% in July, with garment exports weakening [9][11]

Core Viewpoint - The performance of Tuojing Technology has shown significant fluctuations in stock trading and financing activities, indicating a high level of investor interest and potential volatility in the semiconductor equipment sector [1][2]. Financing Activities - On August 29, Tuojing Technology experienced a stock price decline of 3.16% with a trading volume of 1.384 billion yuan. The financing buy-in amount for the day was 198 million yuan, while the financing repayment was 169 million yuan, resulting in a net financing buy-in of approximately 29.01 million yuan [1]. - As of August 29, the total financing and securities lending balance for Tuojing Technology was 1.036 billion yuan, with the financing balance accounting for 1.93% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, on August 29, Tuojing Technology repaid 900 shares and sold 561 shares, with a selling amount of approximately 106,600 yuan. The remaining securities lending volume was 57,200 shares, with a balance of approximately 10.87 million yuan, also indicating a high level compared to the past year [1]. Company Performance - As of June 30, Tuojing Technology had 14,100 shareholders, a decrease of 4.69% from the previous period. The average number of circulating shares per person increased by 89.04% to 19,794 shares [2]. - For the first half of 2025, Tuojing Technology reported a revenue of 1.954 billion yuan, representing a year-on-year growth of 54.25%. However, the net profit attributable to shareholders decreased by 26.96% to approximately 94.29 million yuan [2]. - Since its A-share listing, Tuojing Technology has distributed a total of 174 million yuan in dividends [2]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Tuojing Technology, the Huaxia SSE Sci-Tech Innovation Board 50 ETF ranked as the fourth largest shareholder with 7.7938 million shares, a decrease of 80,200 shares from the previous period. The Hong Kong Central Clearing Limited was the fifth largest shareholder with 6.8277 million shares, an increase of 1.1926 million shares [2]. - The E Fund SSE Sci-Tech Innovation Board 50 ETF ranked sixth with 5.7902 million shares, an increase of 192,500 shares. The Noan Growth Mixed A ranked seventh with 4.5488 million shares, a decrease of 184,700 shares. The Jiashi SSE Sci-Tech Innovation Board Chip ETF ranked ninth with 3.3219 million shares, an increase of 319,800 shares [2].

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by the successful mass production of advanced process verification equipment, although net profit saw a decline due to high costs associated with new product validation [4][5][6]. Financial Performance - The company achieved an operating revenue of 1.954 billion, representing a year-on-year growth of 54.25% [4]. - The net profit attributable to shareholders was 94 million, a decrease of 26.96% year-on-year, while the net profit excluding non-recurring items was 38 million, showing a substantial increase of 91.35% [4]. Production and Market Expansion - The company’s advanced process verification equipment has successfully passed customer certification and is entering mass production, contributing to rapid revenue growth [5]. - The company is optimizing its customer structure, maintaining strong partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, which has increased market penetration [5]. - As of the end of the first half of 2025, contract liabilities reached 4.536 billion, a growth of 52.07% compared to the end of 2024, indicating a solid foundation for future revenue growth [5]. Profitability Trends - The decline in net profit for the first half of 2025 was primarily due to a significant drop in Q1, attributed to high costs and low gross margins during the customer validation of new products and processes [6]. - However, the company saw a recovery in Q2, with net profit reaching 241 million, a year-on-year increase of 103.37%, and a sequential increase of 388 million from Q1, indicating a notable improvement in performance [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown optimistic progress in advanced process equipment, with both gross margin and net profit recovering [1] - In the first half of 2025, the company achieved operating revenue of 1.954 billion yuan, a year-on-year increase of 54.25%, driven by breakthroughs in core technology and increased demand for domestic equipment [4][5] - The gross margin was 31.96%, down 15.09 percentage points year-on-year, primarily due to high costs associated with new products and processes in the first quarter [4] - The net profit attributable to the parent company was 94 million yuan, a year-on-year decrease of 26.96% [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 56.64% and a quarter-on-quarter increase of 75.74% [5] - The gross margin for Q2 was 38.82%, an increase of 18.93 percentage points quarter-on-quarter [5] - The net profit attributable to the parent company for Q2 was 241 million yuan, reflecting a significant improvement due to the recovery in gross margin and reduced expense ratios [5] - The company maintains its previous profit forecasts, expecting revenues of 5.8 billion, 7.7 billion, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 970 million, 1.49 billion, and 1.95 billion yuan for the same years [5] Market and Product Development - The company’s advanced process equipment has successfully passed customer certification and is gradually entering large-scale production [6] - The company has optimized its customer structure, consolidating partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, leading to a 52.07% increase in contract liabilities compared to the end of 2024 [6] - The company is expected to benefit from the growing trend of advanced packaging with its 3D integration equipment [6] Financial Projections - The company’s projected operating revenues for 2025, 2026, and 2027 are 5.812 billion, 7.654 billion, and 9.450 billion yuan respectively, with corresponding net profits of 973 million, 1.491 billion, and 1.951 billion yuan [7] - The gross margin is expected to improve to 45.2%, 48.8%, and 48.9% over the next three years [7] - The price-to-earnings ratio (P/E) is projected to decrease from 56.4 in 2025 to 28.1 in 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has experienced rapid revenue growth, with a reported revenue of 1.954 billion yuan for the first half of 2025, representing a year-on-year increase of 54.25%. However, the net profit attributable to shareholders decreased by 26.96% to 94 million yuan [1][3]. - The company's advanced process verification equipment has entered large-scale production, driving revenue growth. The competitive edge of its products continues to improve, with successful customer certifications and increasing production scale [2]. - The company has optimized its customer structure, consolidating partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, leading to an increase in market penetration [2]. - The decline in net profit for the first half of 2025 was primarily due to a significant drop in Q1 profits, but Q2 showed a strong recovery with a net profit of 241 million yuan, a year-on-year increase of 103.37% [3]. - The company is projected to benefit from domestic production increases, with net profit forecasts for 2025, 2026, and 2027 at 1.044 billion yuan, 1.373 billion yuan, and 1.795 billion yuan, respectively [3]. Summary by Sections Financial Performance - Revenue for the first half of 2025 was 1.954 billion yuan, up 54.25% year-on-year. The net profit attributable to shareholders was 94 million yuan, down 26.96% year-on-year, while the non-recurring net profit increased by 91.35% to 38 million yuan [1]. - Q2 2025 saw a significant recovery in profitability, with net profit reaching 241 million yuan, a 103.37% increase year-on-year and a 3.88 billion yuan increase from Q1 [3]. Market Position and Growth - The company’s advanced process verification equipment has successfully passed customer certifications and is now in large-scale production, contributing to strong revenue growth [2]. - The company has improved its customer structure, enhancing market penetration and increasing contract liabilities to 4.536 billion yuan, a 52.07% increase from the end of 2024 [2]. Profitability Forecast - The report forecasts net profits of 1.044 billion yuan for 2025, 1.373 billion yuan for 2026, and 1.795 billion yuan for 2027, with corresponding PE ratios of 53x, 40x, and 31x [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's profitability has improved, and its product line has been further enriched. The gross margin in Q2 2025 increased significantly, indicating a steady recovery [12][10]. - The company has a substantial backlog of orders, with contract liabilities reaching 4.536 billion, a 52.07% increase compared to the end of 2024, laying a solid foundation for future revenue growth [12][10]. - The company is expanding its product line and enhancing its advanced packaging business, with several new products achieving customer certification and entering mass production [12][10]. Financial Performance Summary - In H1 2025, the company achieved revenue of 1.954 billion, a year-on-year increase of 54.25%. The net profit attributable to the parent company was 94 million, a decrease of 26.96%, while the non-recurring net profit increased by 91.35% to 38 million. The gross margin was 31.96%, down 15.1 percentage points year-on-year [6][12]. - In Q2 2025, the company reported revenue of 1.245 billion, a year-on-year increase of 56.64%, and a net profit attributable to the parent company of 241 million, an increase of 103.37%. The non-recurring net profit surged by 240.42% to 218 million, with a gross margin of 38.82%, down 8.1 percentage points year-on-year [6][12]. Future Profitability Forecast - The company is expected to achieve net profits attributable to the parent company of 950 million, 1.29 billion, and 1.67 billion for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 55x, 41x, and 31x based on the current stock price [12][10].

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Tuojing Technology, including stock price movements, financing activities, and shareholder dynamics [1][2]. Group 2 - On August 28, Tuojing Technology's stock rose by 4.33%, with a trading volume of 1.477 billion yuan. The net financing purchase on that day was 3.8738 million yuan, with a total financing and securities balance of 1.008 billion yuan [1]. - As of June 30, the number of shareholders for Tuojing Technology was 14,100, a decrease of 4.69% from the previous period. The average number of circulating shares per person increased by 89.04% to 19,794 shares [2]. - For the first half of 2025, Tuojing Technology reported a revenue of 1.954 billion yuan, a year-on-year increase of 54.25%. However, the net profit attributable to shareholders decreased by 26.96% to 94.288 million yuan [2]. - Since its A-share listing, Tuojing Technology has distributed a total of 174 million yuan in dividends [2]. - Among the top ten circulating shareholders as of June 30, 2025, notable changes included a decrease in holdings by Huaxia SSE Sci-Tech Innovation Board 50 ETF and an increase in holdings by Hong Kong Central Clearing Limited [2].