Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]

Core Viewpoint - The company, Sitwei (Shanghai) Electronic Technology Co., Ltd., anticipates significant growth in both revenue and net profit for the fiscal year 2025, driven by demand across multiple application areas and the realization of technological advantages [1][3]. Revenue and Profit Growth - For the year 2025, Sitwei expects to achieve revenue between 8.8 billion to 9.2 billion yuan, representing an increase of 2.832 billion to 3.232 billion yuan compared to the previous year's revenue of 5.968 billion yuan, with a year-on-year growth rate of 47% to 54% [3]. - The net profit attributable to the parent company's shareholders is projected to be between 976 million to 1.031 billion yuan, reflecting a year-on-year increase of 149% to 162%, compared to 393 million yuan in the same period last year [3]. - The expected net profit after deducting non-recurring gains and losses is estimated to be between 966 million to 1.020 billion yuan, with a growth rate of 147% to 161% [3]. Business Performance and Sector Contributions - The substantial growth in performance is attributed to the synergistic efforts across multiple business segments, particularly in the smartphone sector, where collaborations with various clients have deepened, leading to increased shipments of high-end 50 million pixel products [4]. - In the automotive electronics sector, the company has seen a significant increase in shipments of products used in intelligent driving assistance, contributing to a leap in revenue [4]. - The smart security sector has also shown continuous growth, with the company enhancing its market share in high-end security and smart home applications [4]. Product Structure and Market Position - Sitwei is focusing on building a pyramid-shaped CIS product structure, with basic products aimed at expanding market size, mid-range products emphasizing differentiation and cost-effectiveness, and high-end products centered on technological leadership [5]. - The company has introduced its first 200 million pixel ultra-high-definition mobile CIS product, showcasing its commitment to high-end market segments [5]. Industry Outlook and Technological Advancements - The global CIS market is expected to grow at a compound annual growth rate of 4.4% from 2024 to 2030, with shipments projected to increase from 7 billion to 9 billion units [6]. - The demand for CMOS image sensors is driven by technological upgrades, emerging application scenarios, and the implementation of AI [6]. - The automotive electronics segment is anticipated to be a core growth area, benefiting from the trend towards intelligent systems and ADAS [6]. Supply Chain and Cost Management - The company employs a multi-regional layout strategy to establish strategic partnerships for wafer foundry and packaging testing platforms, ensuring stable production capacity and optimizing cost structures [7]. - Cost control measures include leveraging economies of scale to reduce unit costs and strict management of operating expenses, enhancing the company's profitability [7].

Group 1: AI Industry Insights - Baidu and Tencent are launching cash red envelope promotions to boost AI application usage during the Spring Festival, with Baidu offering 500 million yuan and Tencent 1 billion yuan in total rewards, potentially increasing AI application frequency across the industry [2] - The NAND flash memory prices have surged over 100% in Q1 2026, exceeding market expectations, as Samsung Electronics has completed supply contract negotiations, indicating a strong recovery in the storage industry [3] Group 2: Company Performance Forecasts - Sitway (688213.SH) expects 2025 revenue between 8.8 billion to 9.2 billion yuan, a year-on-year increase of 47% to 54%, with net profit projected at approximately 980 million to 1.03 billion yuan, reflecting a growth of 149% to 162% [4] - Bailong Chuangyuan reported a 2025 revenue of 1.379 billion yuan, up 19.75% year-on-year, and a net profit of 366 million yuan, up 48.94%, driven by product structure optimization and high-margin product prioritization [10] - Qingsong Co. forecasts 2025 revenue of about 2.22 billion yuan, a 14% increase, with net profit expected to grow 1.4 to 2 times, attributed to a strategic focus on high-margin cosmetics ODM business [11] - Rongjie Health anticipates a net profit of 75 to 88 million yuan in 2025, representing a growth of 60% to 88%, driven by the strong performance of health products, particularly high-margin infrared therapy sauna rooms [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Insights - The company is expected to achieve a revenue of 8.8 to 9.2 billion yuan in 2025, representing a year-on-year increase of 47% to 54%, and a net profit attributable to shareholders of 976 million to 1.031 billion yuan, reflecting a year-on-year growth of 149% to 162% [4][5] - The company's revenue growth is driven by significant increases in high-end product shipments across three main sectors: smart security, smartphones, and automotive electronics [5][6] - The company is well-positioned to benefit from ongoing government subsidies for consumer electronics and the expansion of electric vehicle markets in Canada and Germany, which are expected to enhance the demand for its products [6][8] Revenue Performance - The company anticipates a median revenue of 9 billion yuan for 2025, with a year-on-year growth of 51%, and a median net profit of 1.003 billion yuan, with a year-on-year increase of 155% [5] - The expected net profit margin for 2025 is 11.15%, an increase of 4.57 percentage points year-on-year, indicating improved profitability and operational efficiency [5] Product Development and Market Trends - The company has launched several high-end products, including a 50-megapixel camera sensor for smartphones and an 8.3MP automotive-grade CMOS image sensor, which are set to enter mass production in 2026 [6][8] - The company is focusing on enhancing its market share in high-end security and smart home applications, as well as capitalizing on emerging opportunities in machine vision [5][6] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 90.5 billion, 122.45 billion, and 152.43 billion yuan, respectively, with corresponding year-on-year growth rates of 52%, 35%, and 24% [8] - Net profit forecasts for the same years are 1.003 billion, 1.517 billion, and 1.983 billion yuan, with year-on-year growth rates of 155%, 51%, and 31% [8]

在智慧安防领域，公司高端安防和智能家居安防应用份额持续提升，同时，作为机器视觉领域的先行者 与引领者，公司紧抓市场发展机遇，新兴机器视觉领域收入持续增长。 思特威相关人士表示，公司未来将进一步巩固并提升在智慧安防、智能手机和汽车电子领域的占有率和 市场地位，持续优化产品矩阵，提高产品性能和用户体验，加强与核心客户的合作，拓展合作领域，积 极开拓新的市场机会，以进一步巩固并提升市场地位。 （编辑 张伟） 本报讯 （记者张文湘）2026年1月25日晚，思特威（上海）电子科技股份有限公司（以下简称"思特 威"）发布2025年年度业绩预告，经财务部门初步测算，公司预计2025年度实现营业收入88亿元到92亿 元，较上年同期增加28.32亿元到32.32亿元，增幅47%到54%；预计2025年度实现归母净利润9.76亿元到 10.31亿元，较上年同期增加5.84亿元到6.38亿元，增幅149%到162%。 2025年，在智能手机领域，公司与多家客户的合作持续加深，产品能够满足更多旗舰机主摄、辅摄及多 光谱摄像头等应用需求，公司创新研发推出的基于LoficHDR®2.0技术的多款主摄高阶5000万像素产品 出货量大幅上升 ...

展望未来，思特威表示，将进一步巩固并提升在智慧安防、智能手机和汽车电子领域的市场份额与行业 地位，持续优化产品矩阵，提高产品性能和用户体验，加强与核心客户的合作，拓展合作领域，积极开 拓新的市场机会。 2025年，在智能手机领域，公司与多家客户的合作持续深化，产品能够满足更多旗舰机主摄、辅摄及多 光谱摄像头等应用需求，公司研发推出的多款主摄高阶5000万像素产品出货量大幅上升，以及新开发的 中高端HS系列多款5000万像素产品量产出货，带动公司智能手机领域营业收入大幅增长；在汽车电子 领域，公司应用于智能辅助驾驶（包括环视、周视和前视）和舱内等新一代产品的出货量同比大幅上 升，推动公司汽车电子领域收入跨越式增长；在智慧安防领域，公司高端安防和智能家居安防应用份额 持续提升，同时，作为机器视觉领域的先行者，公司紧抓市场发展机遇，新兴机器视觉领域收入持续增 长。 中证报中证网讯（记者 乔翔）1月25日，思特威发布2025年年度业绩预告，经财务部门初步测算，预计 2025年度实现营业收入88亿元到92亿元，同比增长47%至54%；归母净利润为9.76亿元至10.31亿元，同 比增长149%至162%。 对于业绩增长 ...

Group 1 - Spot gold price has surpassed $5000 per ounce for the first time, with institutions predicting it could rise to $6600 [2] - The recent surge in gold prices is attributed to U.S. President Trump's policies reshaping international relations and investors fleeing sovereign bonds and foreign exchange markets [2] - Last week, gold prices increased by 8.5%, driven by a weakening dollar, which has made gold and silver cheaper for global buyers [2] Group 2 - In the past two weeks, stock ETFs have seen a net outflow of nearly 500 billion yuan, with significant redemptions in broad-based ETFs [3] - The trading volume of stock ETFs has surged, with some broad-based ETFs reaching record highs since their inception [3] Group 3 - The semiconductor sector in A-shares has been active in mergers and acquisitions, with several companies announcing related plans and progress [8] Group 4 - The commercial aerospace sector is experiencing a talent shortage, with investors with relevant experience being highly sought after [9] - The market is facing a significant gap in experienced commercial aerospace investors, leading firms to recruit candidates with adjacent experience [9] Group 5 - Global commodity markets are entering a new super cycle, with fund managers strategically increasing allocations to non-ferrous and chemical products [10] - Factors such as global monetary expansion, a credit crisis in the dollar, and geopolitical conflicts are contributing to this anticipated cycle [10]

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、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 四、风险提示 （1）经财务部门初步测算，思特威（上海）电子科技股份有限公司（以下简称"公司"）预计2025年度 实现营业收入880,000万元到920,000万元。与上年同期相比，将增加283,185万元到323,185万元，增幅 47%到54%。 （2）预计2025年度实现归属于母公司所有者的净利润97,635万元到103,053万元。与上年同期相比，将 增加58,361万元到63,779万元，增幅149%到162%。 （3）预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润为96,583万元到102,001万 元，与上年同期相比，将增加57,441万元到62,859万元，增幅147%到161%。如剔除股份支付费用的影 响，归属于母公司所有者的扣除非经常性损益的净利润为102,273万元到107,691万元，与上年同期相 比，将增加52,427万元到57,845万元，增幅105%到116%。 （三） ...

（三）本次业绩预告未经注册会计师审计。 证券代码：688213 证券简称：思特威 公告编号：2026-002 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、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经财务部门初步测算，思特威（上海）电子科技股份有限公司（以下简称"公司"）预计2025年度 实现营业收入880,000万元到920,000万元。与上年同期相比，将增加283,185万元到323,185万元，增幅 47%到54%。 （2）预计2025年度实现归属于母公司所有者的净利润97,635万元到103,053万元。与上年同期相比，将 增加58,361万元到63,779万元，增幅149%到162%。 （3）预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润为96,583万元到102,001万 元，与上年同期相比，将增加57,441万元到62,859万元，增幅147%到161%。如剔除股份支付费用的影 响，归属于母公司所有者的扣除非经常性损益 ...

A股上市公司2025年度业绩预告正在陆续披露中。 1月25日晚间，又有多家上市公司发布业绩预告，其中，先导智能预计2025年度净利润同比增长424%— 529%，思特威预计2025年度净利润同比增长149%—162%。 具体来看，先导智能（300450）公告称，预计归属于上市公司股东的净利润为15亿—18亿元，比上年同 期增长424.29%—529.15%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 盈利:150,000 万元 -- 180,000 万元 | 盈利:28.610.08 万元 | | 股东的净利润 | 比上年同期增长:424.29% -- 529.15% | | | 扣除非经常性损 | 盈利:148,000 万元 -- 178,000 万元 | 盈利:36.024.50 万元 | | 益后的净利润 | 比上年同期增长:310.83% - 394.11% | | 公司表示，2025年全球动力电池市场持续回暖，储能领域需求强劲增长，行业整体需求持续复苏，公司 在新能源智能装备领域的龙头地位进一步巩固。随着国内头部电池企业开工率提升、扩产 ...