Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid growth in Q2 2025, with significant increases in revenue and net profit driven by the successful mass production of new products [7][8] - The company's revenue for H1 2025 reached 1.954 billion yuan, a year-on-year increase of 54.2%, while the net profit attributable to shareholders was 0.94 billion yuan, a decrease of 27.0% due to high costs during the customer validation process [7] - The gross margin for H1 2025 was 31.9%, reflecting a year-on-year decrease of 15.1 percentage points, while the net profit margin was 4.2%, down 5.4 percentage points year-on-year [7] - The company has optimized its customer structure, leading to a significant increase in contract liabilities and inventory, with contract liabilities reaching 4.54 billion yuan, up 122.6% year-on-year [7] - The company has successfully delivered over 3,000 advanced reaction chambers, with its PECVD and ALD products gaining traction in the market [7] Financial Projections - The company is projected to achieve total revenue of 5.917 billion yuan in 2025, with a year-on-year growth rate of 44.2% [1][8] - The net profit attributable to shareholders is expected to reach 1.004 billion yuan in 2025, representing a year-on-year increase of 45.93% [1][8] - The earnings per share (EPS) is forecasted to be 3.59 yuan in 2025, with a dynamic P/E ratio of 53.40 [1][8]

Summary of Semiconductor Industry Conference Call Industry Overview - The conference call focuses on the **semiconductor industry in China**, particularly in the context of the **CHIPS Act** and its implications for capital expenditures (capex) and technology development [1][4][5]. Key Points Capital Expenditures (Capex) - China's semiconductor capex is projected to increase to **US$43 billion to US$46 billion** for the period **2025-2030**, up from previous estimates of **US$40 billion to US$44 billion** [4][16]. - A strong investment of **US$41 billion** was recorded in **2024**, representing a **19% year-over-year increase** [4][16]. - The investment focus is expected to shift towards **memory** and **advanced node technologies**, with local suppliers anticipated to contribute **26%** of wafer fabrication equipment procurement in **2025**, increasing to **36%** by **2030** [4][16]. Demand and Supply Chain Migration - The semiconductor supply chain in China is undergoing significant migration, with expansions in **CIS**, **automotive chips**, and **AI chips** [5]. - Local foundries and OSATs are enhancing their manufacturing technologies, driven by structural technology innovations and better services [5]. Lithography Demand - An estimated **2,261 additional lithography systems** will be required by **2035** to meet the projected chip demand in China, necessitating an investment of approximately **US$110 billion** [6][39]. - The breakdown of required lithography systems includes **212 EUVs**, **843 immersion DUVs**, and **2,564 dry DUV/UV systems** [39]. Market Dynamics - The semiconductor market in China is expected to see a **5% to 1%** growth in capex from **2025 to 2030**, driven primarily by foundries and memory players, which will account for about **80%** of the capex [16][22]. - Chinese semiconductor manufacturers are projected to capture **17%** of the semiconductor demand value in **2024**, increasing to **37%** by **2030** [33]. Equipment Market - The Wafer Fabrication Equipment (WFE) market in China is expected to reach **US$41 billion** by **2026**, with local suppliers increasing their market share from **17%** in **2024** to **36%** by **2027** [28][32]. - The growth in WFE revenues is attributed to the increasing semiconductor spending, with China expected to account for **37% to 38%** of global WFE spending in **2025-2027** [28]. Implications for Global Suppliers - US suppliers are expected to maintain a strong market share in China's WFE spending, despite facing challenges from local manufacturers and export controls [45]. - Japanese SPE manufacturers may see a gradual decline in their market share in China, although they will still benefit from the high capex environment [49]. Additional Insights - The semiconductor industry in China is characterized by a robust local ecosystem supported by ongoing technology development and a large home market [1][4]. - The demand for lithography systems is critical for meeting future chip production needs, highlighting the importance of investment in R&D and local manufacturing capabilities [6][39]. This summary encapsulates the key insights and projections regarding the semiconductor industry in China, emphasizing the growth in capital expenditures, the demand for advanced technologies, and the evolving dynamics of the supply chain.

Core Viewpoint - The company experienced significant revenue growth in the first half of 2025, with a notable improvement in gross margin in Q2, despite a decline in net profit year-on-year [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.954 billion yuan, a year-on-year increase of 54.25%, while net profit attributable to shareholders was 94.288 million yuan, a decrease of 26.96% [2]. - 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, with net profit attributable to shareholders reaching 241 million yuan, a year-on-year increase of 103.37% [3]. Profitability and Margins - The gross margin improved significantly in Q2, reaching 38.82%, an increase of 18.93 percentage points from Q1, where the gross margin was 19.89% [3]. - The decline in net profit in H1 was attributed to high costs associated with new product verification processes in Q1, which resulted in lower gross margins [3]. Product Development and Market Position - The company has successfully advanced its new product lines, with various advanced process equipment passing customer acceptance tests and entering mass production [4]. - The company is expanding its market penetration by optimizing its customer structure and securing new clients while maintaining strong relationships with leading domestic wafer manufacturers [3][4]. Future Outlook - The company is well-positioned in the thin film deposition equipment market, with strong competitive advantages and significant growth potential anticipated [5]. - Profit forecasts for the company have been adjusted, with expected net profits of 958 million yuan, 1.357 billion yuan, and 1.824 billion yuan for 2025, 2026, and 2027 respectively, reflecting a positive outlook for the semiconductor industry [5].

Core Viewpoint - On August 27, a total of 21 A-share listed companies disclosed their shareholding reduction situations, while Zhonghong Medical announced an increase in shareholding by its general manager [1][2]. Group 1: Shareholding Increase - Zhonghong Medical's general manager, Yang Hao, plans to increase his holdings by no less than 50,000 shares [2]. Group 2: Shareholding Reduction - Keda Intelligent's actual controller, Huang Mingsong, cumulatively reduced his holdings by 4.5 million shares from August 26 to 27 [2]. - Wei Ning Health's directors and senior management, Wang Tao and Wang Li, plan to reduce their shareholdings [2]. - Guoxin Technology's shareholders, including the National Integrated Circuit Industry Investment Fund, plan to collectively reduce their holdings by no more than 5% [2]. - Jingyan Technology's shareholder, Shi Juanhua, intends to reduce his holdings by no more than 0.89% [2]. - Yalian Development's shareholder, Qian Dezhen, plans to reduce his holdings by no more than 2% [2]. - New Network's shareholders, Hongta Innovation and Sun Xiujie, plan to reduce their holdings by no more than 2% [2]. - Hangzhou Garden's shareholders plan to reduce their holdings by no more than 3% [2]. - Dongxin Technology's controlling shareholder and its concerted actors will see their shareholding ratio drop to 37.47% [2]. - Miaokelando's vice chairman and general manager, Chai Zhuo, plans to reduce his holdings by no more than 1.95% [2]. - Fudan Zhangjiang's shareholder, Wang Haibo, plans to reduce his holdings by no more than 0.01% [2]. - Kangchen Pharmaceutical's executive, Niu Zhanqi, plans to reduce his holdings by no more than 87,500 shares [2]. - Fulaite's controlling shareholder and directors intend to collectively reduce their holdings by no more than 2.1333% [2]. - Hehui Optoelectronics' Shanghai Integrated Circuit Industry Investment Fund plans to reduce its holdings by no more than 2% [2]. - Cambridge Technology's controlling shareholder reduced his holdings by 1.8 million shares [2]. - Tuojing Technology's directors and supervisors plan to collectively reduce their holdings by no more than 0.0522% [2]. - Hongxing Development's senior management, Liu Zhengtai, plans to reduce his holdings by no more than 15,300 shares [2]. - Su Bian Electric's executive, Li Daiping, plans to reduce his holdings by no more than 0.03% [2]. - Haohan Depth's Feng Yanjun plans to reduce his holdings by no more than 72,000 shares [2]. - Zhejiang University Network's shareholder, Wangxin Group, plans to reduce its holdings by no more than 0.97% [2]. - Youfa Group's executive, Han Deheng, plans to reduce his holdings by no more than 0.27% [2]. - Hengyin Technology's Wang Shuqin plans to reduce his holdings by no more than 15,615,600 shares [2].

Group 1 - Company shareholder CHANG HSIAO-YUNG holds approximately 390,000 shares, accounting for 0.139% of the total share capital, with 330,000 shares from the initial public offering and 60,200 shares from the equity incentive plan, all of which are tradable shares [1] - Company director and general manager LIU JING holds approximately 120,500 shares, accounting for 0.0431% of the total share capital [1] - Other executives, including vice presidents and the financial officer, hold shares ranging from approximately 3,290 to 6,430 shares, with total holdings of these executives being tradable shares from the equity incentive plan [1] Group 2 - The company has received letters of intent for share reduction from several executives, including CHANG HSIAO-YUNG and LIU JING, due to personal funding needs [2] - The planned reduction will occur within three months after the announcement, with a total of up to approximately 146,500 shares, representing no more than 1% of the total share capital [2]

证券代码：688072 证券简称：拓荆科技 公告编号：2025-045 拓荆科技股份有限公司 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： ? 股东及董事、高级管理人员持股的基本情况 截至本公告披露日，公司股东 CHANG HSIAO-YUNG（张孝勇）先生直接 持有公司股份 388,796 股，占公司总股本的 0.1390%，其中持有公司首次公开发 行前股份 328,560 股，持有公司股权激励计划获得股份 60,236 股，均为无限售流 通股。 公司董事、总经理刘静女士直接持有公司股份 120,472 股，占公司总股本的 的 0.0146%；公司副总经理宁建平女士直接持有公司股份 38,332 股，占公司总股 本的 0.0137%；公司副总经理牛新平先生直接持有公司股份 32,856 股，占公司总 股本的 0.0117%；公司副总经理许龙旭先生直接持有公司股份 39,427 股，占公司 总股本的 0.0141%；公司副总经理、董事会秘书赵曦女士直接持有公司股份 64,290 股，占公司总股 ...

【拓荆科技：董监高计划合计减持不超0.0522%公司股份】《科创板日报》27日讯，拓荆科技 (688072.SH)公告称，公司股东CHANGHSIAO-YUNG（张孝勇）、董事兼总经理刘静、副总经理陈新 益等7位董监高计划自公告披露之日起15个交易日后的3个月内，通过集中竞价方式合计减持不超过 14.63万股，占公司总股本的0.0522%。 转自：智通财经 ...

拓荆科技公告，股东CHANG HSIAO-YUNG（张孝勇）、董事总经理刘静、副总经理陈新益、宁建 平、牛新平、许龙旭、赵曦及财务负责人杨小强拟于2025年9月18日至2025年12月17日通过集中竞价分 别减持不超过60000股、30000股、10202股、9583股、8000股、9856股、16000股、2885股，合计不超 14.65万股，占公司总股本不超1%。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][11]. Core Views - The company achieved a revenue of 1.954 billion yuan in the first half of 2025, representing a year-on-year growth of 54.25%, while the net profit attributable to shareholders decreased by 26.96% to 94.288 million yuan [2][6]. - In Q2 2025, the company reported a revenue of 1.245 billion yuan, a year-on-year increase of 56.64%, and a net profit of 241 million yuan, which is a significant year-on-year growth of 103.37% [2][6]. - The improvement in Q2 gross margin to 38.82% reflects a recovery in profitability, following a lower margin of 19.89% in Q1 due to high costs associated with new product validation [6][7]. - The company is successfully optimizing its customer structure and increasing market penetration, with contract liabilities reaching 4.536 billion yuan, up 52.07% from the end of 2024, indicating a solid order backlog [6][7]. Financial Summary - Revenue projections for 2025-2027 are 5.590 billion yuan, 7.050 billion yuan, and 8.868 billion yuan, respectively, with year-on-year growth rates of 36.2%, 26.1%, and 25.8% [5][9]. - Net profit estimates for the same period are 958 million yuan, 1.357 billion yuan, and 1.824 billion yuan, with corresponding growth rates of 39.2%, 41.7%, and 34.5% [5][9]. - The company's gross margin is expected to improve from 44.0% in 2025 to 47.1% by 2027, while the net margin is projected to increase from 17.1% to 20.6% over the same period [5][9]. - The report highlights a strong competitive position in the semiconductor equipment sector, with a focus on advanced deposition and bonding equipment, indicating significant growth potential [7][9].

Company Overview -拓荆科技 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][2]. Financial Performance - As of June 30, 2025,拓荆科技 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 94.288 million yuan [2]. - The company has distributed a total of 174 million yuan in dividends since its A-share listing [3]. Stock Performance - On August 27, 2023, the stock price of 拓荆科技 increased by 2.00%, reaching 195.54 yuan per share, with a total market capitalization of 54.698 billion yuan. The stock has risen by 27.47% year-to-date and 37.87% over the past 60 days [1]. - The trading volume on August 27 was 264 million yuan, with a turnover rate of 0.49% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 4.69% to 14,100, while the average number of circulating shares per person increased by 89.04% to 19,794 shares [2]. - The top ten circulating shareholders include various ETFs and mutual funds, with notable changes in holdings among them [3].