Group 1 - The A-share market has seen an acceleration in the disclosure of semi-annual performance forecasts, with 54 companies announcing their forecasts as of July 6, 2025, indicating a slight increase of 11 companies, 3 companies turning losses into profits, 4 companies maintaining profits, and 21 companies expecting profit growth [1][4] - Companies like Taotao Automotive (301345) have expressed confidence in continued growth for the second half of the year, expecting a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [2][4] - Jingbeifang (002987) experienced significant stock price fluctuations after intensive institutional research, with a cumulative price deviation exceeding 20% over three consecutive trading days [2][4] Group 2 - Chipong Micro (芯朋微) expects a revenue of approximately 630 million yuan for the first half of 2025, an increase of about 176 million yuan or 38% year-on-year, with a net profit forecast of around 90 million yuan, reflecting a growth of approximately 104% [4] - Daotong Technology (道通科技) anticipates a net profit of 460 million to 490 million yuan for the first half of 2025, representing a year-on-year growth of 19% to 26.76% [4] - Changchuan Technology (长川科技) projects a net profit of 360 million to 420 million yuan for the first half of 2025, indicating a year-on-year increase of 67.54% to 95.46% due to rapid growth in the integrated circuit industry and strong customer demand [5]

Group 1 - The company forecasts a net profit from non-recurring gains between 455 million to 485 million yuan, representing an increase of 26.76% compared to the same period last year [1] - The net profit from regular operations is expected to be between 470 million to 508 million yuan, showing a year-on-year growth of 62.51% to 75.65%, with an increase of 180.78 million to 218.78 million yuan [1] - The previous year's net profit attributable to the parent company was 386.56 million yuan, with a net profit excluding non-recurring gains of 289.22 million yuan [1] Group 2 - The company is advancing its "fully embrace AI" strategy, integrating AI technology deeply into business scenarios, which has enhanced product competitiveness and profitability [2] - The Ultra S2 and ADAS calibration systems are utilizing "repair large models" and AI agents, leading to increased sales and customer recognition [2] - The AI digital repair application business has experienced rapid growth, enhancing market influence and profitability [2] Group 3 - The company has made significant breakthroughs in major global markets such as Europe and the United States, achieving top-tier clients in various industries including energy, transportation, and hospitality [2] - The AI digital source business achieved profitability in the second quarter [2] - The company is focusing on management innovation and operational efficiency optimization, leading to continuous improvements in quality and cost reduction [2]

Core Viewpoint - The focus of the market is shifting towards performance, with many listed companies announcing significant profit increases for the first half of 2024, indicating a positive trend in earnings expectations [1][2]. Performance Highlights - Chipong Micro (芯朋微) expects a net profit increase of approximately 104% year-on-year for the first half of 2025, with projected revenue of around 630 million yuan, a 38% increase [4][5]. - Guohuo Airlines (国货航) anticipates a net profit of 1.18675 billion to 1.26675 billion yuan, reflecting a year-on-year growth of 78.13% to 90.14% [6]. - Daotong Technology (道通科技) projects a net profit of 460 million to 490 million yuan, representing a year-on-year increase of 19% to 26.76% [6]. Market Reactions - Following the announcements of performance increases, many A-share companies experienced significant stock price surges, with some stocks hitting the daily limit up [8]. - A total of 53 A-share companies have released performance forecasts for the first half of 2024, with 17 companies expecting net profit increases exceeding 90% [2][8]. Sector Insights - The semiconductor and technology sectors are highlighted as key areas of focus, with expectations of continued growth driven by AI innovations and strong performance in TMT (Technology, Media, and Telecommunications) sectors [10][11]. - The overall industrial output value in the TMT manufacturing sector is maintaining a growth rate of over 10%, indicating robust sector performance [10]. Strategic Focus - Companies are advised to concentrate on sectors with high earnings certainty, such as overseas computing, gaming, military, and exports, as these are expected to be major sources of excess returns in July [11][12].

[Current Period Earnings Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) This section discloses the H1 2025 earnings forecast, including key net profit metrics and growth rates, noting the data is unaudited [Earnings Forecast Period](index=1&type=section&id=(%E4%B8%80)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) The report specifies the exact time frame covered by this earnings forecast - The earnings forecast period is from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) [Earnings Forecast Details](index=1&type=section&id=(%E4%B8%8C)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) This section details the estimated ranges and year-over-year growth for key net profit indicators in H1 2025 H1 2025 Earnings Forecast Key Financial Indicators | Indicator | Estimated Amount (RMB 10,000s) | YoY Increase (RMB 10,000s) | YoY Growth Rate (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 45,500 - 48,500 | 16,578 - 19,578 | 57.32 - 67.69 | | Net Profit Attributable to Parent Company Shareholders | 46,000 - 49,000 | 7,344 - 10,344 | 19.00 - 26.76 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items and Share-Based Payments) | 47,000 - 50,800 | 18,078 - 21,878 | 62.51 - 75.65 | - Net profit attributable to parent company shareholders, excluding non-recurring items, is projected to **increase by 57.32% to 67.69% YoY** in H1 2025[3](index=3&type=chunk) - Net profit attributable to parent company shareholders is projected to **increase by 19.00% to 26.76% YoY** in H1 2025[3](index=3&type=chunk) [Unaudited Statement](index=1&type=section&id=(%E4%B8%89)%20%E6%9C%AC%E6%AC%A1%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%AA%E7%BB%8F%E6%B3%A8%E5%86%8C%E4%BC%9A%E8%AE%A1%E5%B8%88%E5%AE%A1%E8%AE%A1) This statement emphasizes the preliminary and unaudited nature of the earnings forecast - This earnings forecast has **not been audited** by a certified public accountant[3](index=3&type=chunk) [Prior Year Period Performance and Financial Position](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) This section provides key net profit figures from the same period in 2024 for a comparative baseline Key Financial Indicators for the Prior Year Period | Indicator | Amount (RMB 10,000s) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 28,921.57 | | Net Profit Attributable to Parent Company Shareholders | 38,656.41 | - Net profit attributable to parent company shareholders, excluding non-recurring items, was **RMB 289.22 million** in the prior year period[4](index=4&type=chunk) - Net profit attributable to parent company shareholders was **RMB 386.56 million** in the prior year period[4](index=4&type=chunk) [Main Reasons for Performance Change in the Current Period](index=1&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8C%96%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) This section details the primary drivers of H1 2025 performance growth, centered on the company's "Embrace AI" strategy [Growth in AI Digital Repair Application Business](index=2&type=section&id=1%E3%80%81AI%20%E6%95%B0%E5%AD%97%E7%BB%B4%E4%BF%AE%E5%BA%94%E7%94%A8%E4%B8%8A%E5%B8%82%EF%BC%8C%E9%94%80%E5%94%AE%E9%87%8F%E4%BB%B7%E5%90%8C%E6%AD%A5%E6%8F%90%E5%8D%87) The launch of new AI-integrated diagnostic and calibration systems drove simultaneous growth in sales volume and price - The new-generation comprehensive diagnostic terminal Ultra S2 and ADAS calibration system, empowered by a "repair large model" and AI Agents, enhanced product competitiveness and profitability, leading to **increased sales volume and prices**[6](index=6&type=chunk) - TPMS products maintained **high-speed growth**, benefiting from the vast automotive aftermarket replacement market[6](index=6&type=chunk) - The AI digital repair application business achieved **rapid growth**, continuously enhancing market influence and profitability[6](index=6&type=chunk) [Profitability and Market Breakthrough in AI Digital Energy Business](index=2&type=section&id=2%E3%80%81AI%20%E6%95%B0%E6%99%BA%E8%83%BD%E6%BA%90%E6%8C%81%E7%BB%AD%E7%AA%81%E7%A0%B4%EF%BC%8C%E5%8D%95%E5%AD%A3%E5%BA%A6%E5%AE%9E%E7%8E%B0%E7%9B%88%E5%88%A9) The AI Digital Energy business achieved profitability in the second quarter through new solutions and key client acquisitions - The company launched a new generation of intelligent charging solutions and released the "Digital Energy Charging Large Model" along with a series of AI Agents applications for charging operations, maintenance, and energy management[6](index=6&type=chunk) - Significant breakthroughs were made by securing **top-tier clients** in sectors such as energy, transportation, and hospitality across major global markets including Europe and the United States[6](index=6&type=chunk) - The AI Digital Energy business **achieved profitability in the second quarter**[6](index=6&type=chunk) [Deepened AI Robotics Ecosystem Collaboration](index=2&type=section&id=3%E3%80%81AI%20%E6%9C%BA%E5%99%A8%E4%BA%BA%E7%94%9F%E6%80%81%E4%BC%99%E4%BC%B4%E5%85%A8%E9%9D%A2%E6%B7%B1%E5%85%A5%E5%90%88%E4%BD%9C) The company advanced its "co-build, co-operate, co-sell" model with tech giant partners for intelligent inspection solutions - The company engaged in comprehensive and in-depth cooperation with tech giant ecosystem partners, practicing a **"co-build, co-operate, co-sell" model**[6](index=6&type=chunk) - An integrated air-ground cluster intelligent solution for the inspection field was constructed, featuring **"intelligent agent + platform + domain-specific model"**[6](index=6&type=chunk) [AI-Driven Operational Management for Cost Reduction and Efficiency Improvement](index=2&type=section&id=4%E3%80%81%E5%85%A8%E9%9D%A2%20AI%EF%BC%8C%E9%99%8D%E6%9C%AC%E6%8F%90%E6%95%88) AI-driven digital transformation across core business functions has led to continuous operational optimization and efficiency gains - The company continues to advance an **AI-driven digital transformation** of its operational management across core business scenarios including R&D, marketing, supply chain, and corporate functions[7](index=7&type=chunk) - Management innovation and organizational capability building have led to **continuous optimization of operational efficiency**, resulting in sustained quality improvements, cost reductions, and increased effectiveness[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This section clarifies that the forecast is a preliminary, unaudited estimate by the finance department - The projected performance data is a **preliminary calculation** by the company's finance department and has not been audited by a certified public accountant[8](index=8&type=chunk) - The company believes there are **no material uncertainties** that would affect the accuracy of this earnings forecast[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) This section advises investors to refer to the official semi-annual report for final data and to be aware of investment risks - The main financial data for H1 2025 contained in this forecast are **preliminary figures**[9](index=9&type=chunk) - Investors are advised to refer to the **official H1 2025 report** for specific and accurate financial data and to be mindful of investment risks[9](index=9&type=chunk)

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The recent trade agreement between the US and Vietnam is favorable for Chinese manufacturers with production capacity in Vietnam, such as Ruiming Technology and Daotong Technology. This agreement clarifies tariff situations, allowing these companies to benefit from lower tariffs when exporting to the US [6] - Ruiming Technology has invested in a smart manufacturing center in Vietnam since 2022, which began production in May 2023. The company estimates that the US market will account for nearly 15% of its total revenue in Q1 2025, supported by strong bargaining power due to high product technology content and deep customer ties [6] - Daotong Technology has diversified its production capacity, which will mitigate the impact of tariffs. The company has established an SMT production line in Vietnam since 2020 and aims for 50% of its total revenue to come from the US by 2024. The company is also expanding its presence in Mexico, benefiting from zero-tariff advantages under the US-Mexico-Canada Agreement [6] Summary by Sections Trade Agreement Impact - The US-Vietnam trade agreement imposes a 20% tariff on goods imported from Vietnam to the US, while Vietnam will exempt US imports. Products from other countries transiting through Vietnam will face a 40% tariff [6] - This agreement is expected to benefit companies like Ruiming Technology and Daotong Technology, which have established production facilities in Vietnam [6] Company Performance - Ruiming Technology's high product technology content and strong customer relationships enhance its pricing power, leading to high gross margins and potential profit growth [6] - Daotong Technology's AI initiatives and diversified production strategies are expected to drive further performance improvements [6] Financial Analysis - Ruiming Technology's estimated EPS for 2025 is 2.41 CNY, with a PE ratio of 20.37x, while Daotong Technology's estimated EPS is 1.79 CNY, with a PE ratio of 17.88x [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to mitigate the impact of tariffs through various measures, with its charging pile business entering a harvest period in overseas markets, leading to a continuous increase in orders [7] - The AI ground-air integration solution showcased at the Huawei Developer Conference (HDC 2025) highlights the company's technological maturity and its deep collaboration with Huawei Cloud, accelerating the commercialization of AI products [7] - The company's revenue and profit forecasts have been adjusted upwards for 2025, 2026, and 2027, reflecting strong growth potential [7] Financial Forecasts - Total revenue is projected to grow from 3,251 million RMB in 2023 to 7,556 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 25.68% [1] - Net profit attributable to the parent company is expected to increase from 179.23 million RMB in 2023 to 1,183.18 million RMB in 2027, indicating a significant growth trajectory [1] - The latest diluted EPS is forecasted to rise from 0.27 RMB in 2023 to 1.77 RMB in 2027, reflecting strong earnings growth [1] Market Data - The closing price of the company's stock is 32.01 RMB, with a market capitalization of approximately 21,452.57 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 119.69 based on the current price and latest diluted EPS, which is expected to decrease to 18.13 by 2027 [1][5] Operational Developments - The company has responded to the new 20% tariff on imports from Vietnam by increasing prices of its digital energy products by 7% to 10% and is planning to build a new factory in Mexico to optimize its supply chain [7] - The collaboration with Shell in Europe marks a significant breakthrough for the company's charging pile products, validating their competitiveness and local adaptability [7]

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "道通转债," despite triggering the conditional redemption clause due to stock price performance [1][7]. Group 1: Conditional Redemption Clause - The conditional redemption clause was triggered as the company's stock price met the requirement of being at least 130% of the current conversion price (22.55 CNY/share), which is 29.32 CNY/share, for 15 out of 30 trading days from June 9, 2025, to July 1, 2025 [1][6]. - The company will not exercise the early redemption rights during the next six months (July 2, 2025, to January 1, 2026), even if the redemption clause is triggered again [2][7]. Group 2: Convertible Bond Issuance Overview - The company issued 12.8 million convertible bonds with a total value of 1.28 billion CNY, with a maturity period of six years from July 8, 2022, to July 7, 2028 [2]. - The initial conversion price was set at 34.73 CNY/share, which was adjusted to 34.71 CNY/share on August 16, 2023, and further adjusted to 34.32 CNY/share effective May 20, 2024, and then to 33.93 CNY/share effective September 9, 2024 [3][4]. Group 3: Company’s Decision on Redemption - The board of directors held a meeting on July 1, 2025, and resolved not to redeem the "道通转债" early, citing confidence in the company's future prospects and current market conditions [7]. - The decision aims to protect the interests of investors and reflects the company's assessment of its operational status [7]. Group 4: Shareholder Activity - There have been no transactions of "道通转债" by major shareholders, including the actual controller, within the six months prior to the triggering of the redemption conditions [7].

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-050 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2025/4/9 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 日~2025 2025 9 7 | 4 | 月 | 年 | 月 | 日 8 | | 预计回购金额 | 1亿元~2亿元 | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | √为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 3,595,333股 | | | | | | | 累计已回购股数占总股本比例 | 0.54 ...

股票代码：688208 股票简称：道通科技 公告编号：2025-051 转债代码：118013 转债简称：道通转债 深圳市道通科技股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： ● 累计转股情况：截至 2025 年 6 月 30 日，"道通转债"累计共有人民币 315,000 元已转换为公司股票，累计转股数量 13,541 股，占"道通转债"转股前公司已发行 股份总额的 0.0020%。 ● 未转股可转债情况：截至 2025 年 6 月 30 日，"道通转债"尚未转股的可转债 金额为 1,279,685,000 元，占"道通转债"发行总量的 99.9754%。 鉴于公司已完成了 2020 年限制性股票激励计划首次授予部分第二个归属期及预 留授予部分第一个归属期的股份登记手续，自 2023 年 8 月 16 日起本次可转债的转 股价格调整为 34.71 元/股，具体内容详见公司于 2023 年 8 月 15 日在上海证券交易 所网站（www.sse.com.cn）披 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于不提前赎回"道通转债"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。 重要内容提示： 自 2025 年 6 月 9 日至 2025 年 7 月 1 日，深圳市道通科技股份有限公司（以 下简称"公司"）股票满足在连续三十个交易日中有十五个交易日的收盘价不低于"道 通转债"当期转股价格（22.55 元/股）的 130%（含 130%，即 29.32 元/股），已触 发"道通转债"的有条件赎回条款。 公司于 2025 年 7 月 1 日召开第四届董事会第二十三次会议，审议通过了《关 于不提前赎回"道通转债"的议案》，董事会决定本次不行使"道通转债"的提前赎 回权利，不提前赎回"道通转债"。 经上交所"自律监管决定书〔2022〕201 号"文同意，公司 128,000.00 万元可 转换公司债券于 2022 ...