Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 534 million yuan for H1 2025, representing a year-on-year growth of 40.99%, and a net profit attributable to shareholders of 196 million yuan, up 74.04% year-on-year [2][6] - In Q2 2025, the revenue reached 337 million yuan, showing a year-on-year increase of 39.03% and a quarter-on-quarter growth of 70.40%, with a net profit of 134 million yuan, up 50.31% year-on-year and 116.13% quarter-on-quarter [2][6] - The company is benefiting from the recovery in the global semiconductor industry driven by the AI wave, with a significant increase in orders and a global installed base exceeding 8,000 units [6] - The gross margin reached 74.7% and the net margin was 36.6%, indicating strong profitability despite product structure changes [6] - The company is expanding its international market presence, with overseas revenue growing by 141.71% year-on-year to approximately 57.97 million yuan in H1 2025 [6] - R&D investment increased to 110 million yuan in H1 2025, accounting for 20.75% of revenue, with a workforce of 448 in the R&D team [6] - The company launched a new SoC testing platform, STS8600, which is expected to enhance performance and provide a domestic alternative for testing power chips [6] - The company anticipates continued high growth in revenue and profit, projecting net profits of 450 million yuan and 550 million yuan for 2025 and 2026, respectively [6] Summary by Sections Financial Performance - H1 2025 revenue: 534 million yuan, up 40.99% YoY - H1 2025 net profit: 196 million yuan, up 74.04% YoY - Q2 2025 revenue: 337 million yuan, up 39.03% YoY, 70.40% QoQ - Q2 2025 net profit: 134 million yuan, up 50.31% YoY, 116.13% QoQ [2][6] Market Expansion - Overseas revenue in H1 2025: 57.97 million yuan, up 141.71% YoY - Global installed base of products: over 8,000 units [6] R&D and Innovation - R&D investment in H1 2025: 110 million yuan, 20.75% of revenue - R&D team size: 448 employees [6] Future Outlook - Projected net profits for 2025 and 2026: 450 million yuan and 550 million yuan, respectively - Anticipated continued high growth in revenue and profit [6]

（编辑 楚丽君） 证券日报网讯 9月1日晚间，华峰测控发布公告称，公司于2025年9月1日召开第三届董事会第十七次会 议，审议通过了《关于变更董事会专门委员会委员的议案》，同意选举董庆刚先生为第三届董事会审计 委员会委员，同意选举孙镪先生为第三届董事会薪酬与考核委员会委员。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a strong revenue growth of 41.0% year-on-year in H1 2025, driven by robust AI demand and a recovery in traditional testing services [3] - The net profit for H1 2025 reached 200 million yuan, reflecting a significant increase of 74% year-on-year, with a net profit margin of 36.6% [4] - The company is expected to benefit from the high demand for advanced SOC testing, with the new product 8600 currently undergoing client validation [5] Summary by Sections Event Overview - The company released its half-year report for 2025 [2] Revenue Growth - In H1 2025, the company achieved revenue of 530 million yuan, with Q2 contributing 340 million yuan, marking a year-on-year increase of 39.0% [3] - Revenue from testing systems was 460 million yuan, up 36.7% year-on-year, while accessory revenue surged by 72.9% to 74 million yuan [3] - Overseas revenue reached 58 million yuan, a remarkable increase of 142% year-on-year, indicating a strong global demand in the testing industry [3] Profitability - The company's net profit and net profit excluding non-recurring items for H1 2025 were 200 million yuan and 180 million yuan, respectively, with year-on-year increases of 74% and 37.7% [4] - The net profit margin improved to 36.6%, up 7.0 percentage points year-on-year [4] - The gross margin for H1 2025 was 74.7%, slightly down from the previous year, attributed to impacts from new product validations [4] Future Outlook - The company anticipates continued growth in revenue, projecting 1.192 billion yuan for 2025, with a year-on-year growth of 31.7% [6] - The net profit forecast for 2025 is 468 million yuan, representing a year-on-year increase of 40.2% [6] - The company plans to utilize 1 billion yuan raised from convertible bonds to enhance R&D capabilities and expand high-end SOC testing machine production [5]

Group 1 - The company announced a change in the members of its board committees during the 17th meeting of the third board of directors held on September 1, 2025 [1] - Dong Qinggang was elected as a member of the Audit Committee, while Sun Qiang was elected as a member of the Compensation and Assessment Committee [1] - The current members of the board committees have been updated following these elections [1]

证券代码：688200 证券简称:华峰测控 公告编号：2025-064 北京华峰测控技术股份有限公司 关于参加 2025 年半年度科创板半导体设备 及材料行业集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 10 日（星期三） 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 9 月 3 日（星期三）至 9 月 9 日（星期二）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@accotest.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 北京华峰测控技术股份有限公司已于 2025 年 8 月 30 日发布公司 2025 年半 年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、 财务状况，公司计划于 2025 年 ...

证券代码：688200 证券简称：华峰测控 公告编号：2025-063 北京华峰测控技术股份有限公司 关于变更董事会专门委员会委员的公告 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、变更董事会专门委员会委员概述 北京华峰测控技术股份有限公司（以下简称"公司"）于 2025 年 9 月 1 日 召开第三届董事会第十七次会议，审议通过了《关于变更董事会专门委员会委员 的议案》，同意选举董庆刚先生为第三届董事会审计委员会委员，同意选举孙镪 先生为第三届董事会薪酬与考核委员会委员。 本次变更后公司董事会专门委员会成员如下： 1、战略委员会成员：孙镪先生、蔡琳女士、徐捷爽先生。其中孙镪先生担 任主任委员。 2、审计委员会成员：叶陈刚先生、夏克金先生、董庆刚先生。其中会计专 业人士兼独立董事叶陈刚先生担任主任委员。 3、提名委员会成员：夏克金先生、叶陈刚先生、蔡琳女士。其中独立董事 于夏克金先生担任主任委员。 4、薪酬与考核委员会成员：夏克金先生、叶陈刚先生、孙镪先生。其中独 立董事夏克金先生担任主任委员。 北京华峰测控技术股 ...

会议召开时间：2025 年 9 月 10 日（星期三） 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 证券代码：688200 证券简称:华峰测控 公告编号：2025-064 北京华峰测控技术股份有限公司 关于参加 2025 年半年度科创板半导体设备 及材料行业集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： （一） 会议召开时间：2025 年 9 月 10 日（星期三）15:00-17:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 3 日（星期三）至 9 月 9 日（星期二）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@accotest.co ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) rose by 2.01%, with notable increases in constituent stocks such as SourceJet Technology (688498) up 20.00%, Hangke Technology (688006) up 19.74%, and Hongsoft Technology (688088) up 14.67% [1] - Alibaba Group reported a 26% year-on-year increase in cloud business revenue for Q1 of fiscal year 2026, marking a three-year high, with AI-related product revenue achieving triple-digit year-on-year growth for eight consecutive quarters [1] - Alibaba's capital expenditure on AI and cloud reached 38.6 billion yuan, a 220% year-on-year increase, positively impacting the semiconductor sector [1] Group 2 - Guojin Securities highlighted that AI is leading a new wave of innovation, driving the expansion of AI chips, storage chips (including HBM), and advanced packaging (including COWOS), with a strong certainty of domestic wafer fabs expanding production [2] - The demand for AI chips, AI servers, optical modules, and switches is expected to remain high due to the continuous upgrade of large models and increasing computing power requirements, with a peak demand season anticipated in the second half of the year [2] - The Sci-Tech 100 ETF (588800) closely tracks the Sci-Tech 100 Index, focusing on high-growth tech companies, particularly in the semiconductor, pharmaceutical, and new energy sectors [2]

Core Insights - Huafeng Measurement and Control (688200.SH) reported a total operating revenue of 534 million yuan for the first half of 2025, an increase of 155 million yuan compared to the same period last year, representing a year-on-year growth of 40.99% [1] - The net profit attributable to shareholders reached 196 million yuan, ranking 36th among disclosed peers, with an increase of 83.29 million yuan compared to the same period last year, reflecting a year-on-year growth of 74.04% [1] - The net cash inflow from operating activities was 70.71 million yuan, ranking 75th among disclosed peers, with an increase of 55.03 million yuan compared to the same period last year, showing a year-on-year growth of 350.90% [1] Financial Ratios - The latest debt-to-asset ratio stands at 6.66%, ranking 14th among disclosed peers [3] - The latest gross profit margin is 74.70%, ranking 3rd among disclosed peers [3] - The latest return on equity (ROE) is 5.32%, ranking 26th among disclosed peers, with an increase of 1.98 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 1.45 yuan, ranking 8th among disclosed peers, with an increase of 0.62 yuan compared to the same period last year, reflecting a year-on-year growth of 74.70% [3] - The latest total asset turnover ratio is 0.14 times, an increase of 0.03 times compared to the same period last year, representing a year-on-year growth of 27.78% [3] - The latest inventory turnover ratio is 0.65 times, with an increase of 0.01 times compared to the same period last year, achieving three consecutive years of growth, reflecting a year-on-year increase of 1.11% [3] Shareholder Structure - The number of shareholders is 7,015, with the top ten shareholders holding a total of 82.27 million shares, accounting for 60.70% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: 1. Tianjin Xinhua Investment Holdings Co., Ltd. - 27.4% 2. China Times Yuanwang Technology Co., Ltd. - 11.9% 3. Hong Kong Central Clearing Limited - 6.53% 4. Shenzhen Xinrui Venture Capital Partnership (Limited Partnership) - 4.54% 5. Ren Hao - 2.74% 6. Li Yin - 2.43% 7. CITIC Securities Co., Ltd. - 1.42% 8. National Social Security Fund - Five Combinations - 1.33% 9. Bank of China - E Fund Active Growth Securities Investment Fund - 1.21% 10. Chen Aihua - 1.11% [3]

半导体板块盘初拉升，全志科技、华虹公司盘中创新高，利扬芯片、德明利涨停，裕太微涨超10%，源 杰科技、国芯科技、晶合集成、华峰测控、翱捷科技跟涨。相关ETF方面，芯片ETF龙头（159801）涨 2.31%，成交额4081.61万元，半导体ETF南方（159325）涨2.59%，成交额496.92万元。 ...