Core Viewpoint - The company is a well-known independent third-party testing technology service provider focusing on integrated circuit testing, implementing a "one body, two wings" strategy to drive growth [1][2]. Group 1: Business Overview - The company's main business includes integrated circuit testing solution development, wafer testing, and chip finished product testing services [1]. - The "one body, two wings" strategy consists of integrated circuit testing as the core, with wafer laser grooving, dicing, thinning as the left wing, and all-weather ultra-wide spectrum layered image sensor chips for autonomous driving and robotics as the right wing [1]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 284 million yuan, a year-on-year increase of 23.09%, with a net profit attributable to shareholders of -7.06 million yuan, indicating a narrowing loss [2]. - In Q2 2025, revenue reached 154 million yuan, up 35.29% year-on-year and 18.38% quarter-on-quarter, with a net profit of 523,400 yuan, marking a return to profitability for the quarter [2]. - The growth in performance is attributed to sustained strong demand for certain testing categories, improved terminal demand from existing customers, and new product introductions from newly acquired clients [2]. Group 3: Strategic Initiatives - The company is expanding into the autonomous driving and robotics sectors, having signed a strategic cooperation agreement with a subsidiary to provide ultra-wide spectrum layered image sensor chips and related testing services [3]. - The "TerraSight" chip, developed in collaboration with a partner, successfully demonstrated its capabilities in a mining truck, showcasing the company's advancements in technology [3]. - The company leverages its accumulated testing solutions in automotive electronics, high computing power, storage, and sensors to support the rapid reuse and customization of solutions in the robotics testing business [3]. Group 4: Future Outlook - Revenue is projected to grow by 24.6%, 24.2%, and 23.0% from 2025 to 2027, reaching 608 million, 756 million, and 930 million yuan respectively, with net profit expected to turn positive by 2027 [3].

中国经济网北京9月21日讯 利扬芯片（688135.SH）近期发布2025年半年度报告。2025年上半年，公司实现营业收入2.84亿元，同比增长23.09%；归属于上市公司股东的净利润-706.11万 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上 | | | (1-6月) | | 年同期增减(%) | | 营业收入 | 284, 036, 747, 38 | 230, 754, 593. 03 | 23.09 | | 利润息额 | -8. 946. 556. 63 | -16. 374. 304. 03 | 不活用 | | 归属于上市公司股东的净利润 | -7.061.056.54 | -8.444.249.31 | 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 | -6.759.610.05 | -7.983.544.97 | 不适用 | | 经营活动产生的现金流量净额 | 100.788.676.45 | 111. 240. 850. 65 | -9. 40 | | | 本报 ...

利扬芯片上市募集资金总额为53,605.20万元；扣除发行费用(不含增值税)后，募集资金净额为47,094.26 万元。2020年11月5日披露的招股书显示，公司拟募集资金47,094.26万元，分别用于芯片测试产能建设 项目、研发中心建设项目、补充流动资金项目。 中国经济网北京9月21日讯利扬芯片(688135.SH)近期发布2025年半年度报告。2025年上半年，公司实现 营业收入2.84亿元，同比增长23.09%；归属于上市公司股东的净利润-706.11万元，去年同期为-844.42万 元；归属于上市公司股东的扣除非经常性损益的净利润-675.96万元，去年同期为-798.35万元；经营活 动产生的现金流量净额为1.01亿元。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上 | | | (1-6月) | | 年同期增减(%) | | 营业收入 | 284, 036, 747, 38 | 230.754.593.03 | 23.09 | | 利润总额 | -8.946.556.63 | -16. ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook for the stock price in the near term [4]. Core Insights - The company has shown continuous improvement in profitability, with Q2 revenue reaching a record high for a single quarter, achieving 154 million yuan, a year-on-year increase of 35.29% [1][2]. - The overall gross margin for the first half of 2025 was 25.02%, reflecting a slight year-on-year increase, while the net margin was -2.02%, also showing improvement [2]. - The company is focusing on high-end integrated circuit testing capacity to meet the demands of existing and potential customers, with a strong emphasis on R&D to maintain its competitive edge [2][8]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 284 million yuan, a year-on-year increase of 23.09%, and a net profit attributable to shareholders of -0.07 million yuan, an increase of 16.38% year-on-year [1]. - The projected revenue for 2025 is estimated at 604 million yuan, with a growth rate of 23.8% year-on-year [1]. - The company is expected to achieve a net profit of 22 million yuan by 2027, with a significant increase in EPS from -0.09 yuan in 2025 to 0.11 yuan in 2027 [1][9]. Business Strategy and Market Position - The company is implementing a "one body, two wings" strategy, focusing on wafer processing and intelligent sensing technology to enhance its core competitiveness in the integrated circuit field [3][9]. - The revenue from the wafer thinning business increased by 111.61% year-on-year, indicating a significant improvement in production efficiency and product yield [3]. - The company is actively developing testing solutions for various applications, including industrial control, high-performance computing, automotive electronics, and AI, positioning itself to benefit from trends in AI computing and automotive intelligence [8][9].

上证指数周四低开后高走，再度创出新高走势，看来美联储降息后，A股市场指数依然高涨，但是个股却出现了跌多涨少的局面。一方面，美联储承认劳动 力市场走弱并开启降息。但另一方面，其发布的经济预测却显示通胀上行、仍处于较高位。随后鲍威尔在记者会上将此次降息定义为"风险管理"，这又被市 场解读为鹰派立场。午后注意上证指数能否在3900点之上稳住。 创业板指数周四反弹力度相对较差，低开后一度拉升翻红，但是早盘力度较差，中小盘个股下跌是主要的拖累原因之一。美股受到的影响不大，大宗商品受 到的影响也较为有限。后期美联储的独立性仍是市场关注的焦点，降息这一因素对市场的影响有所减轻。从券商股的表现看，权重个股遭遇卖盘压力，凸显 国家队有意维持慢牛的节奏，但是市场情绪之亢奋，与之形成鲜明的对比。午后注意创业板指数能否在3150点之上稳住。 三大指数集体低开，两市开盘红盘个股千余只，题材板块方面汽车服务、家电零部件、风电设备等板块表现较强，稀有金属、工业金属、多元金融等板块表 现较差。芯片股延续强势，利扬芯片、汇成股份等超10股涨超10%，万通发展、瑞芯微等跟涨，央视播出了中国联通三江源绿电智算中心项目建设成效。其 中，国产算力部分 ...

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25% on September 17 [1] - The A-share and Hong Kong stock markets reacted positively, with all three major indices turning red, and the Sci-Tech Innovation 50 Index rising over 4% [1] - Over 2100 stocks in the Shanghai, Shenzhen, and Beijing markets saw gains [1] Group 2 - The semiconductor industry chain experienced significant gains, with companies like SMIC and Haiguang Information both rising over 6% and reaching historical highs [2] - Other semiconductor stocks such as Ruixin Micro and Huicheng Shares saw increases of over 10% [2][5] - The Sci-Tech Innovation 50 Index rose over 3%, with constituent stocks like Zhongwei Company and Haiguang Information increasing by over 8% and 7% respectively [3] Group 3 - The Hang Seng Index surpassed the 27,000-point mark, reaching its highest level since July 2021 [4]

Core Viewpoint - The semiconductor stocks in the A-share market experienced significant gains, with several companies reaching their daily limit up or showing substantial increases in share prices, indicating a strong market sentiment towards the semiconductor sector [1][2]. Company Performance - Huicheng Co., Ltd. (汇成股份) saw a 19.99% increase, with a total market capitalization of 13.7 billion [2]. - Liyang Chip (利扬芯片) rose by 16.53%, with a market cap of 7.958 billion [2]. - Zhongwei Company (中微公司) increased by 14.15%, with a market cap of 162.4 billion [2]. - New Xiangwei (新相微) gained 11.69%, with a market cap of 1.23 billion [2]. - Canxin Co., Ltd. (灿芯股份) rose by 10.06%, with a market cap of 954.1 million [2]. - Ruixin Microelectronics (瑞芯微) reached a 10% increase, with a market cap of 9.64 billion [2]. - Other notable performers include Shengke Communication (盛科通信) up by 9.90%, Beifang Huachuang (北方华创) up by 9.35%, and Haiguang Information (海光信息) up by 8.32% [2]. Industry Developments - On September 16, CCTV's "News Broadcast" highlighted the achievements of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project, which involves several domestic AI chip brands such as Alibaba's Pingtouge, Muxi Co., Ltd., and others that have signed or are expected to sign contracts [1].

Group 1 - The semiconductor sector experienced an initial surge, with companies such as Liyang Chip and Huicheng Co., Ltd. rising over 10% [1] - Other companies including New Semiconductor, Ruixin Micro, Weicai Technology, Longxin Technology, and Aojie Technology also saw increases in their stock prices [1]

Group 1 - The closing price of Liyang Chip (688135) on September 17 was 33.64 yuan, reaching the daily limit with a trading volume of 9.13 billion yuan and a turnover rate of 14.94% [1][1] - The stock was listed on the daily trading list due to a price increase of 15% at the close [1] - The top five trading departments accounted for a total transaction amount of 2.28 billion yuan, with a net buying amount of 10.65 million yuan [1][1] Group 2 - The largest buying department was Guotai Junan Securities Co., Ltd. headquarters, with a buying amount of 30.40 million yuan [1] - The largest selling department was also Guotai Junan Securities Co., Ltd. headquarters, with a selling amount of 30.64 million yuan [1] - The net inflow of main funds for the stock on that day was 177 million yuan [1]

Market Overview - On September 17, the semiconductor sector rose by 1.06%, with Liyang Chip leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Semiconductor Sector - Liyang Chip (688135) closed at 33.64, up 20.01% with a trading volume of 303,400 shares and a turnover of 913 million [1] - Peak Technology (688279) closed at 263.52, up 20.00% with a trading volume of 52,600 shares and a turnover of 1.291 billion [1] - Changchuan Technology (300604) closed at 64.75, up 8.42% with a trading volume of 489,800 shares and a turnover of 3.079 billion [1] - Other notable gainers include Saiwei Electronics (300456) and Zhongxin International (688881) with increases of 8.38% and 6.93% respectively [1] Top Losers in Semiconductor Sector - Chip Origin (688521) closed at 172.80, down 4.31% with a trading volume of 249,000 shares and a turnover of 434.1 million [2] - Longxin Zhongke (688047) closed at 143.41, down 4.13% with a trading volume of 141,200 shares and a turnover of 2.03 billion [2] - Naxin Micro (688052) closed at 188.38, down 3.78% with a trading volume of 51,200 shares and a turnover of 978 million [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 1.148 billion from institutional investors and 170 million from retail investors, while retail investors saw a net inflow of 1.319 billion [2][3] - Notable net inflows from retail investors were observed in companies like Liyang Chip and Changchuan Technology, despite overall outflows from institutional and speculative funds [3]