Core Viewpoint - Huahai Qingke (688120.SH), a leading domestic semiconductor CMP equipment supplier, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business layout [1][4]. Group 1: Financial Performance - In the first half of 2025, Huahai Qingke achieved operating revenue of 1.95 billion yuan, a year-on-year increase of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% [2][3]. - For the year 2024, the company reported operating revenue of 3.406 billion yuan, a growth of 35.82%, and a net profit of 1.023 billion yuan, increasing by 41.40% [2][3]. - The company's cash flow from operating activities in the first half of 2025 increased by 6.17% to 395 million yuan [3]. Group 2: Business Strategy and Development - Huahai Qingke focuses on R&D and production capacity enhancement to strengthen its core competitiveness, particularly in CMP products, which are essential for integrated circuit manufacturing [3][4]. - The company has a comprehensive platform strategy that includes equipment and services, with products widely used in integrated circuits, advanced packaging, and other manufacturing processes [2][3]. - The company is expanding its production base and optimizing its industrial layout, with a new factory in Beijing and a project in Kunshan to increase wafer regeneration capacity [7]. Group 3: Intellectual Property and R&D Investment - As of June 30, 2025, Huahai Qingke has obtained 500 authorized patents and 39 software copyrights, emphasizing its commitment to technological innovation [6]. - The company's R&D investment in the first half of 2025 was 246 million yuan, a year-on-year increase of 40.44%, accounting for 12.63% of its operating revenue [6]. Group 4: Market Position and Future Outlook - If successful in its Hong Kong listing, Huahai Qingke will be the first company under Sichuan Energy Development Group to be listed on both A-share and Hong Kong markets, enhancing its international brand image and capital structure [4]. - The company has a strong order backlog, with contract liabilities reaching 1.755 billion yuan, a 30.81% increase, supporting its ongoing performance [7].

Group 1 - A-share companies are increasingly planning to list in Hong Kong, indicating a trend in the market [1] - A total of 29 A-share listed companies have disclosed plans for Hong Kong listings this month [1] - Notable companies involved in this trend include Huaxin Cement, Shengbang Co., Dongcheng Pharmaceutical, and others [1]

Core Viewpoint - Huahai Qingke (688120) reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating positive growth trends in its financial performance [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 1.95 billion yuan, a year-on-year increase of 30.28% compared to 1.497 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 505 million yuan, reflecting a year-on-year growth of 16.82% from 433 million yuan [1]. - In Q2 2025, the operating revenue was 1.037 billion yuan, up 27.05% year-on-year, while the net profit for the same quarter was 272 million yuan, an increase of 18.01% [1]. Profitability Metrics - The gross profit margin improved to 46.08%, a rise of 6.26% year-on-year, while the net profit margin decreased to 25.92%, down 10.33% [1]. - The total of selling, administrative, and financial expenses amounted to 223 million yuan, accounting for 11.46% of revenue, which is a significant increase of 57.02% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) increased to 2.14 yuan, a growth of 16.94% compared to 1.83 yuan in the previous year [1]. - The book value per share decreased to 29.52 yuan, down 20.22% year-on-year [1]. - Operating cash flow per share was reported at 1.67 yuan, a decline of 28.72% from the previous year [1]. Investment Insights - The company's return on invested capital (ROIC) was 15.16%, indicating strong capital returns, with a historical median ROIC of 13.75% since its listing [3]. - The company has shown a history of fluctuating financial performance, with three years of losses since its IPO, suggesting a potentially fragile business model [3]. - Analysts expect the company's performance in 2025 to reach 1.358 billion yuan, with an average EPS forecast of 3.84 yuan [3]. Fund Holdings - The largest fund holding Huahai Qingke is the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which has recently increased its position [4]. - Other notable funds include Yinhua Integrated Circuit Mixed A and Southern Information Innovation Mixed A, with varying changes in their holdings [4].

Group 1 - The company held its 10th meeting of the second Supervisory Board, which was conducted via communication, with all 5 supervisors present, ensuring compliance with relevant laws and regulations [1] - The Supervisory Board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation and complies with legal requirements [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with regulations and no misuse of funds [2] Group 2 - The board agreed to cancel the Supervisory Board and transfer its powers to the Audit Committee of the Board, while also approving a capital increase of 4.90 shares for every 10 shares held, totaling 115,743,812 shares [2][3] - The proposal to change the registered capital and amend the company's articles of association will be submitted to the shareholders' meeting for approval [3]

Meeting Information - The shareholder meeting is scheduled for September 16, 2025, at 14:30 [3][4] - The location of the meeting is Room 2102, Building 2, No. 11 Ju Xing Road, Xian Shui Gu Town, Tianjin [3][4] - Voting will be conducted through both on-site and online methods [3][4] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [3][4] - Shareholders must complete identity verification to vote on the online platform [4] - Duplicate voting through different methods will be counted only once, based on the first vote [4] Agenda Items - The meeting will discuss the following non-cumulative voting proposals: 1. Proposal to cancel the supervisory board and amend the registered capital and company articles [2] 2. Proposal to authorize the board and management to handle share repurchase matters [2] - These proposals were approved in the board and supervisory meetings held on August 28, 2025 [2] Attendance Requirements - Shareholders registered by the close of trading on September 9, 2025, are eligible to attend [4][5] - Registration for attendance will occur on September 11, 2025, from 8:30 to 11:30 and 13:00 to 16:30 [5] - Attendees must present valid identification and any necessary authorization documents if represented by a proxy [5] Additional Information - Shareholders are responsible for their own travel and accommodation expenses [9] - Contact information for the company is provided for any inquiries regarding the meeting [9]

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotai Junan Securities for Huahai Qingke Co., Ltd. during the first half of 2025, emphasizing the company's compliance with regulations and its operational performance [2][9]. Summary by Sections Continuous Supervision Work - The sponsor has established a continuous supervision system to ensure the company adheres to regulatory obligations, including information disclosure and operational compliance [2][3]. - The sponsor has assisted the company in developing internal systems and decision-making processes to meet legal and regulatory requirements [3][4]. - The company has maintained transparency in its information disclosure, ensuring it is accurate, complete, and timely [3][4]. Financial Performance - For the first half of 2025, the company reported a revenue of approximately RMB 1.95 billion, a year-on-year increase of 30.28% [17]. - The total profit reached approximately RMB 549.78 million, reflecting an 11.66% increase compared to the previous year [17]. - The net profit attributable to shareholders was approximately RMB 505 million, marking a 16.82% increase [17]. R&D and Innovation - The company has a strong focus on R&D, with R&D expenses accounting for 12.63% of revenue, an increase from 11.72% in the previous year [17][22]. - The company has developed a robust R&D team of 722 members, representing 31.99% of its total workforce [19][20]. - The company has obtained 500 patents and 39 software copyrights, showcasing its commitment to innovation [19][20]. Risk Management - The company faces risks related to core competitiveness, including potential talent loss and technological advancements in the semiconductor equipment industry [9][10]. - The company has established a quality management system to ensure product quality and customer satisfaction [20][21]. - The company is exposed to financial risks, particularly concerning accounts receivable and customer concentration [12][13]. Use of Raised Funds - The company raised a total of RMB 364.43 million through its IPO, with a net amount of RMB 348.99 million after deducting issuance costs [2][23]. - As of June 30, 2025, the company has utilized RMB 111.58 million of the raised funds for designated projects [23]. - The company has ensured compliance with regulations regarding the management and use of raised funds [23].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 1.95 billion yuan for H1 2025, representing a year-on-year increase of 30.28%, with Q2 revenue at 1.037 billion yuan, up 27.05% year-on-year, aligning with market expectations [3] - The main revenue driver is the CMP equipment, with significant growth in new orders for advanced processes, and a notable increase in orders for thinning equipment in advanced packaging [3] - The gross profit margin remains high at 46.08%, with a slight decline in net profit margin due to increased expenses related to the acquisition of a subsidiary [4] Summary by Sections Financial Performance - H1 2025 net profit attributable to shareholders was 505 million yuan, a year-on-year increase of 16.82%, while the net profit margin was 25.92%, down 2.99 percentage points year-on-year [4] - The company expects substantial growth in new orders in H2 2025, driven by the expansion of advanced processes and non-CMP businesses [3] Business Segments - CMP equipment orders have a significant share in new contracts, with advanced processes gaining traction among major clients [5] - The advanced packaging segment is seeing rapid growth, with successful validation of various equipment types [5] Future Projections - Revenue forecasts for 2025-2027 are set at 4.55 billion, 5.87 billion, and 7.59 billion yuan, respectively, with corresponding net profit forecasts of 1.35 billion, 1.73 billion, and 2.22 billion yuan [6] - The report indicates a projected EPS of 3.81, 4.89, and 6.28 yuan for the same period, with PE ratios of 34.09, 26.56, and 20.69 [6]

Core Viewpoint - The company, Huahai Qingke, reported steady growth in revenue and profit for Q2 2025, maintaining high gross and net profit margins, with significant contributions from advanced process CMP equipment orders and successful progress in new product developments [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.95 billion yuan, a year-on-year increase of 30.3%, and a net profit attributable to shareholders of 510 million yuan, up 16.8%. The growth in profit was slower than revenue due to rising employee compensation and the impact of the acquisition of Chipwave, alongside increased expense ratios and reduced interest income and government subsidies [1]. - For Q2 2025, revenue reached 1.04 billion yuan, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 13.7%. The gross margin was 45.8%, up 0.9 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter. The net profit attributable to shareholders was 270 million yuan, up 18% year-on-year and 16.5% quarter-on-quarter [1]. Product Development and Orders - The company saw a significant increase in orders for advanced process CMP equipment, with the new polishing system Universal-H300 receiving bulk repeat orders, achieving scale production. Advanced process CMP equipment orders accounted for a large proportion of new orders, with successful verification from several leading domestic clients [2]. - The self-developed 12-inch low-temperature ion implanter iPUMA-LT was delivered to a leading domestic logic chip fab, achieving full coverage of advanced process chip models. The company is also expanding its wafer regeneration capacity, with a planned total capacity of 400,000 pieces per month [2]. Investment Recommendations - The company is expected to maintain steady revenue growth and high profitability levels, with a significant proportion of new CMP equipment orders coming from advanced processes and substantial growth in orders for thinning machines. The progress of new products, including ion implanters, is also promising. Future revenue and net profit projections for 2025, 2026, and 2027 are anticipated to be strong, with corresponding PE ratios reflecting positive market sentiment [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][22]. Core Views - The company has demonstrated robust revenue growth, driven by opportunities in the advanced packaging market fueled by AI technology. The company achieved a revenue of 1.95 billion yuan in the first half of 2025, representing a year-on-year increase of 30.28%, and a net profit of 505 million yuan, up 16.82% year-on-year [3][7]. - The company is actively developing new products and technologies, enhancing its market competitiveness. It focuses on semiconductor key equipment and technology services, continuously updating existing products and expanding into new technologies [7]. - The construction of new production bases is accelerating, optimizing the company's industrial layout. The Beijing plant has commenced operations, and the company is expanding its capacity in the wafer regeneration project in Kunshan [7]. Financial Summary - Total revenue is projected to grow from 3.41 billion yuan in 2024 to 6.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 35.8% to 16.7% [3][8]. - Net profit attributable to the parent company is expected to increase from 1.02 billion yuan in 2024 to 1.98 billion yuan in 2027, with a CAGR of 41.4% to 17.0% [3][8]. - Earnings per share (EPS) is forecasted to rise from 2.90 yuan in 2024 to 5.60 yuan in 2027, reflecting strong profitability growth [3][8].

瑞财经 吴文婷 8月28日，华海清科发布公告称，为加快推进公司的国际化战略及海外业务布局，持续吸引并集聚优秀的国际化研发与管理人才，进一步提高 公司综合竞争力及国际品牌形象，优化资本结构，增强公司的境外融资能力，公司正在筹划发行境外上市股份(H股)并在香港联合交易所有限公司主板上 市。 早在2022年6月8日，华海清科登陆上交所科创板。截至发稿时，其报126.04元，总市值约445.29亿元。 相关公司：华海清科sh688120 公开资料显示，华海清科主要从事半导体专用装备的研发、生产、销售及技术服务，通过向下游集成电路制造商及科研院所等客户销售CMP、减薄、划 切、边抛、离子注入及湿法等半导体装备，并提供关键耗材与维保、升级等技术服务和晶圆再生业务来实现收入和利润。 2025上半年，公司实现营收为19.5亿元，同比增长30.28%；归母净利润为5.05亿元，同比增长16.82%。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | | --- | --- | --- | | 营业收入 | 1, 949, 592, 075. 74 | 1. 496. 518. | | 利润总额 | 549.784 ...