证券代码：688188 证券简称：柏楚电子 公告编号：2025-035 上海柏楚电子科技股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监事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。 一、 监事会会议召开情况 上海柏楚电子科技股份有限公司（以下简称"公司"）第三届监事会第十 五次会议于 2025 年 8 月 25 日在公司会议室以现场方式召开，会议通知已于 2025 年 8 月 20 日以专人送达形式发出。会议由监事会主席万章主持，会议应到 监事 3 名，实际出席监事 3 名。本次会议的召集、召开方式以及议案审议程序 符合《中华人民共和国公司法》（以下简称"《公司法》"）及《上海柏楚电 子科技股份有限公司章程》（以下简称"《公司章程》"）的相关规定，表决 所形成决议合法有效。 二、监事会会议审议情况 本次会议审议通过了如下议案： 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《关于调整 2024 年限制性股票激励计划授予数量和授予价格的公告》（公告 编号：2025-032）。 （二）审议 ...

证券代码：688188 证券简称：柏楚电子 公告编号：2025-034 上海柏楚电子科技股份有限公司 第三届董事会第十七次会议决议公告 本公司董事会及全体董事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。 一、 董事会会议召开情况 上海柏楚电子科技股份有限公司（以下简称"公司"）第三届董事会第十七 次会议（以下简称"本次会议"）于 2025 年 8 月 25 日以现场结合通讯方式召开， 会议通知于 2025 年 8 月 20 日以专人送达的形式发出。本次会议由董事长唐晔主 持，应出席董事 7 人，实际出席董事 7 人。本次会议的召集、召开方式以及议案 审议程序符合《中华人民共和国公司法》等法律法规和《上海柏楚电子科技股份 有限公司章程》的有关规定，表决所形成决议合法、有效。 二、 董事会会议审议情况 （一）审议通过《关于调整 2024 年限制性股票激励计划授予数量和授予价 格的议案》 经公司 2023 年年度股东大会授权及第三届董事会第四次会议审议通过，公 司 2024 年半年度利润分配方案为以总股本 205,452,708 股为基数，每股派发 ...

Core Insights - The article highlights the recent financing activities of Shanghai Bichu Electronics, indicating a net financing inflow of 32.4648 million yuan last week, ranking 408th in the market [1] - The company has seen significant capital inflows, with a total financing purchase of 172 million yuan and repayment of 140 million yuan last week [1] Company Overview - Shanghai Bichu Electronics Co., Ltd. was established in 2007 and is located in Shanghai, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 2.05452708 billion yuan and a paid-in capital of 746.51283 million yuan [1] - The legal representative of the company is Tang Ye [1] Investment and Market Activity - The company is involved in various concept sectors, including software development, Shanghai stocks, specialized and innovative enterprises, and domestic software [1] - Over the past 5 days, the main capital inflow into Bichu Electronics was 124 million yuan, with a price increase of 6.33% during this period [1] - In the last 10 days, the main capital inflow was 157 million yuan, with a price increase of 5.14% [1] Intellectual Property and Business Engagement - Bichu Electronics has made investments in 3 external companies and participated in 36 bidding projects [1] - The company holds 202 trademark registrations and 191 patents, along with 38 administrative licenses [1]

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Core Viewpoint - Baichu Electronics (688188) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong business performance despite some declines in profit margins and asset values [1]. Financial Performance - The total revenue for the first half of 2025 reached 1.103 billion yuan, a year-on-year increase of 24.89% [1]. - The net profit attributable to shareholders was 640 million yuan, reflecting a year-on-year growth of 30.32% [1]. - In Q2 2025, the revenue was 608 million yuan, up 20.92% year-on-year, while the net profit was 385 million yuan, an increase of 29.24% [1]. Key Financial Ratios - Gross margin stood at 78.83%, down 2.23% year-on-year, while net margin was 59.53%, a decrease of 0.49% [1]. - Total selling, administrative, and financial expenses amounted to 104 million yuan, accounting for 9.41% of revenue, which is a 26.66% increase year-on-year [1]. - Earnings per share (EPS) increased to 2.22 yuan, a rise of 29.82% compared to the previous year [1]. Asset and Liability Changes - Cash and cash equivalents decreased by 4.52% to 2.488 billion yuan [1]. - Accounts receivable increased significantly by 64.41% to 156 million yuan [1]. - Interest-bearing debt surged by 3992.63% to 3.818 million yuan [1]. Operational Insights - The increase in revenue is attributed to the company's ongoing investment in technology research and market expansion, leading to a continuous growth in orders [3]. - Operating expenses rose due to an increase in the number of sales and management personnel, resulting in higher payroll costs [3]. Investment Activity - The net cash flow from investment activities increased by 198.93%, indicating that cash recovered from investments exceeded cash paid for investments [4]. - The company has a healthy cash position, with a return on invested capital (ROIC) of 17.17% for the previous year, reflecting strong capital returns [4]. Fund Holdings - The largest fund holding Baichu Electronics is the E Fund Yu Feng Return Bond A, which has increased its position in the company [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - In H1 2025, the company's net profit attributable to shareholders increased by 30.3% year-on-year, driven by a continuous breakthrough in the penetration rate of high-power products [3] - The company's total revenue for H1 2025 was 1.1 billion yuan, representing a year-on-year growth of 24.9% [3] - The revenue growth is attributed to increased investment in technology research and market expansion, leading to a sustained increase in overall order volume [3] - The company maintains a leading position in the domestic market for medium and low-power solutions and is the top domestic manufacturer of high-power laser cutting control systems [3] Financial Performance - The company's gross profit margin for H1 2025 was 78.8%, a decrease of 2.5 percentage points year-on-year, while the net profit margin was 59.5%, down 0.3 percentage points year-on-year [4] - The revenue from flat solutions was 680 million yuan, while the revenue from pipe solutions was 240 million yuan, benefiting from rapid penetration rates [3][4] - The company has maintained excellent cost control, with sales, management, R&D, and financial expense ratios at 4.7%, 5.5%, 10.7%, and -0.9% respectively [4] Market Trends - The trend of intelligent welding in the steel structure sector is confirmed, with expectations for expansion into higher-value areas such as shipbuilding and bridges [5] - The company is increasing investment in platform capabilities and technology development to ensure business profitability and the successful application of new technologies [5] Earnings Forecast - The company forecasts net profits attributable to shareholders of 1.06 billion yuan, 1.29 billion yuan, and 1.59 billion yuan for 2025, 2026, and 2027 respectively, corresponding to current market P/E ratios of 40.96, 33.60, and 27.40 [1][10]

Market Performance - The A-share market experienced a strong upward trend on August 22, with the Shanghai Composite Index surpassing 3,800 points and the Sci-Tech Innovation Board 50 Index rising over 8%, reaching a three-year high [2] - Various sectors saw significant gains, particularly computing power stocks, with companies like CloudWalk Technology hitting their daily limit, and semiconductor, CPO, and securities sectors also performing well [2] Dividend Announcements - A wave of dividend announcements occurred, with companies such as Sinopec (600028.SH) proposing over 10.6 billion yuan in dividends and Dong-E E-Jiao (000423.SZ) announcing a remarkable dividend payout ratio of 99.94% [2] - As of August 21, over 200 A-share companies had disclosed their mid-term dividend plans, totaling more than 130 billion yuan in dividends, with 14 companies announcing dividends exceeding 1 billion yuan [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 187.68 [1][5]. Core Views - The company has shown strong revenue growth driven by high power cutting demand and expansion into overseas markets, with H1 2025 revenue reaching RMB 1.103 billion, a year-on-year increase of 24.89% [2]. - The smart welding business is rapidly developing, providing new growth opportunities for the company [1][2]. - The company maintains a technological advantage in the high-power cutting market, and the continuous iteration of its products is expected to open up more application scenarios, leading to sustained revenue growth [2][3]. Summary by Sections Financial Performance - In H1 2025, the company achieved a net profit of RMB 640 million, up 30.32% year-on-year, with a Q2 revenue of RMB 608 million, reflecting a 20.92% year-on-year increase [1][2]. - The company’s sales, management, and R&D expense ratios were 4.74%, 5.54%, and 10.73%, respectively, showing slight changes year-on-year [2]. Laser Cutting Business - The company has launched a new generation of cutting heads and is advancing its combination sales strategy, enhancing automation through software and hardware collaboration [3]. - The new BLT6 intelligent cutting head, introduced in May 2025, has improved edge detection and processing efficiency significantly, with a 217% increase in edge detection speed and a 150% increase in overall efficiency [3]. Smart Welding Business - The company has developed an intelligent welding robot control system that utilizes AI deep learning algorithms, allowing for greater adaptability and efficiency in various industrial applications [4]. - The company has successfully adapted its smart welding robots to over ten brands, including Fanuc, and is penetrating more downstream industries [4]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 1.205 billion, RMB 1.547 billion, and RMB 1.917 billion, respectively, with corresponding EPS estimates of RMB 4.18, RMB 5.37, and RMB 6.65 [5][11]. - The target price is based on a PE ratio of 44.9x for 2025, reflecting a downward adjustment from the previous target price of RMB 220.88 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase of 30.32% in net profit attributable to the parent company for the first half of 2025, with a revenue growth of 24.89% [4] - The second quarter of 2025 showed a revenue of 608 million yuan, a year-on-year increase of 20.92% and a quarter-on-quarter increase of 22.55% [4] - The report highlights strong performance in the core cutting business and the acceleration of AI welding solutions [7] Financial Data and Profit Forecast - For the first half of 2025, total revenue is projected at 2.18 billion yuan with a year-on-year growth rate of 25.6% [6] - The net profit for 2025 is expected to reach 1.11 billion yuan, corresponding to a PE ratio of 37 [6] - The company maintains a high gross margin of 78.83% and a net margin of 59.53% for the first half of 2025 [7] - The company anticipates continued growth in its laser cutting business driven by increased penetration and power upgrades, as well as overseas exports [7] Revenue Breakdown - In Q2 2025, the revenue breakdown is as follows: - Flat solutions: 677 million yuan (61.36% of total revenue, gross margin 82.13%) - Pipe solutions: 237 million yuan (21.43% of total revenue, gross margin 85.53%) - 3D solutions: 34 million yuan (3.11% of total revenue, gross margin 85.01%) - Other businesses: 156 million yuan (14.09% of total revenue, gross margin 52.91%) [7] Expense Management - The comprehensive expense ratio for the first half of 2025 is 20.14%, showing stable management of expenses [7] - The sales expense ratio is 4.74%, a slight decrease from the previous year [7]

Core Insights - The company reported a total revenue of 1.103 billion yuan for the first half of 2025, marking an increase of 220 million yuan compared to the same period last year, achieving a 24.89% year-on-year growth [1] - The net profit attributable to shareholders reached 640 million yuan, an increase of 149 million yuan year-on-year, reflecting a 30.32% growth [1] - The net cash inflow from operating activities was 556 million yuan, up by 153 million yuan year-on-year, representing a 37.81% increase [1] Financial Performance - The latest asset-liability ratio stands at 5.11% [3] - The gross profit margin is 78.83%, an increase of 1.07 percentage points from the previous quarter [3] - The return on equity (ROE) is 11.20%, up by 1.69 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 2.22 yuan, an increase of 0.51 yuan year-on-year, reflecting a 29.82% growth [3] - The total asset turnover ratio is 0.18 times, an increase of 0.02 times year-on-year, achieving a 12.45% growth [3] - The inventory turnover ratio is 1.29 times, up by 0.22 times year-on-year, representing a 20.99% increase [3] Shareholder Structure - The number of shareholders is 7,925, with the top ten shareholders holding a total of 224 million shares, accounting for 77.57% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: - Shareholder 1: 18.5% - Shareholder 2: 14.4% - Shareholder 3: 12.5% - Shareholder 4: 11.2% - Shareholder 5: 7.93% - Shareholder 6: 6.56% - Shareholder 7: 2.20% - Shareholder 8: 1.66% - Shareholder 9: 1.49% - Shareholder 10: 1.00% [3]