Core Viewpoint - The company reported slightly lower-than-expected performance for H1 2025, with revenue growth driven primarily by its automation production line business, while net profit showed a modest increase despite a decline in non-recurring profit due to increased share-based payment expenses [1][2]. Financial Performance - H1 2025 revenue reached 295 million yuan, a year-on-year increase of 15.24% - Net profit attributable to shareholders was 49 million yuan, up 1.27% year-on-year - Non-recurring net profit was 36 million yuan, down 7.43% year-on-year, primarily due to increased share-based payment expenses [1] - Excluding share-based payment impacts, net profit attributable to shareholders would be 55 million yuan, reflecting a year-on-year growth of 13.85% [1] Business Segments - The automation production line business generated 158 million yuan in revenue, accounting for 53.66% of total revenue - The CNC machine tool business contributed 119 million yuan, representing 40.41% of total revenue [1] - The company's gross margin decreased by 4.7 percentage points to 38.3% due to the increased proportion of automation production lines [1] Cost Structure - Management expenses increased due to share-based payment amortization, with sales/management/R&D expense ratios showing a year-on-year change of -1.8/+0.7/+0.1 percentage points [1] - The net profit margin decreased by 2.3 percentage points year-on-year, influenced by changes in gross margin and expense structure [1] Cash Flow - Operating cash flow improved significantly, with a net cash flow from operating activities of 1.6523 million yuan, compared to a negative 200,500 yuan in the same period last year, primarily due to increased cash collections from sales [2] Development Trends - The company is transitioning towards AI applications, leveraging its CNC system algorithm capabilities and establishing a domestic AI platform based on Loongson Zhongke servers [3] - Collaboration with Shenyang Aerospace Industry Group to build a pilot test base for high-end five-axis machine tools, focusing on complex structural parts for large aircraft [3] - Construction of the Yinchuan and Shenyang plants has been completed, with operations expected to commence in the second half of the year [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 21% and 20% to 140 million yuan and 180 million yuan, respectively - The target price has been adjusted down by 8% to 75 yuan, with a valuation switch to 55x PE for 2026, indicating a potential upside of 19% [4]

Group 1 - The company held its 19th board meeting on August 20, 2025, where it approved the 2025 semi-annual report and its summary, ensuring compliance with relevant laws and regulations [3][6][9] - The board and supervisory committee confirmed the authenticity, accuracy, and completeness of the semi-annual report, stating there are no false records or misleading statements [3][9][10] - The company plans to hold a performance briefing on August 29, 2025, to discuss the semi-annual results and address investor questions [40][41][43] Group 2 - The company reported a total fundraising amount of RMB 250,160,400 from its initial public offering, with a net amount of RMB 191,524,459 after deducting issuance costs [13] - The company also raised RMB 159,999,980.70 in 2022 and RMB 599,999,986.62 in 2023 through targeted stock issuances, with net amounts of RMB 158,443,376.93 and RMB 588,003,397.17 respectively [14][15] - As of June 30, 2025, the company has not used idle fundraising for temporary working capital or invested in related products [20][22] Group 3 - The company has established a fundraising management system to ensure compliance with laws and protect investor interests [16][28] - The company has signed multiple agreements with banks for the management of fundraising accounts, ensuring proper oversight and compliance [17][18] - The company has not changed the use of fundraising projects or reported any issues in the management and disclosure of fundraising [27][28]

科德数控股份有限公司2025 年半年度报告摘要 公司代码：688305 公司简称：科德数控 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所科创板 科德数控 688305 无 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 证券事务代表 姓名 朱莉华 王婷 电话 0411-66317591 0411-66317591 辽宁省大连经济技术开发区天府 辽宁省大连经济技术开发区天府 办公地址 街1-2-1号1层 街1-2-1号1层 科德数控股份有限公司2025 年半年度报告摘要 电子信箱 kedecnc@dlkede.com kedecnc@dlkede.com 单位：元 币种：人民币 本报告期末比上年 本报告期末 上年度末 度末增减(%) 总资产 2,284,121,125.00 2,256,399,002.63 1.23 归属于上市公司股东的净资产 1,859,100,232.76 1,827,923,255.89 1.71 本报告期比上年同 本报告期 上年同期 期增减(%) 营业收入 294,549,669 ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，科德数控发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为294，549，669.69元，同比增长15.24%；实现归属于上市公司股东的净利润为49，056，426.38元， 同比增长1.27%。 ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，科德数控发布公告称，公司第三届监事会第十七次会议审议通过了《关于 〈科德数控股份有限公司2025年半年度报告〉及其摘要的议案》等多项议案。 ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，科德数控发布公告称，公司第三届董事会第十九次会议审议通过了《关于 〈科德数控股份有限公司2025年半年度报告〉及其摘要的议案》等多项议案。 ...

Core Viewpoint - Kede CNC reported a revenue increase in the first half of 2025, but faced challenges with profit margins and overall profitability [1][3][5] Financial Performance - Revenue for the first half of 2025 grew by 15.24% year-on-year to 295 million yuan, while net profit only slightly increased by 1.27% to 49 million yuan [1] - The net profit margin decreased from 18.91% in the first half of 2024 to 16.64% in 2025 [3] - Gross profit margin fell from 43.40% to 38.67% [5] - Return on equity declined by 0.94 percentage points to 2.65% [5] Operational Efficiency - Inventory turnover days reached 511.80, indicating relatively weak inventory conversion capability [6] - Net cash flow from operating activities improved to 165 million yuan, compared to a negative 20 million yuan in the same period of 2024 [6] - The debt-to-asset ratio for the first half of 2025 was 18.62%, a decrease of 0.67 percentage points year-on-year, suggesting reduced financial leverage [6] Institutional Investment - The number of institutional investors holding Kede CNC shares dropped significantly from 102 in 2024 to just 2 [8] - The company's market capitalization peaked at 14.651 billion yuan on August 24, 2021, and currently stands at 8.361 billion yuan, indicating a need for a 75.23% increase in stock price to reach historical highs [8] - Despite current challenges, the company maintains long-term development potential in the high-end CNC machine tool sector due to its technological accumulation and market position [8]

Core Viewpoint - The company reported a revenue of 295 million yuan for the first half of 2025, marking a year-on-year increase of 15.24%, while the net profit attributable to shareholders was 49.06 million yuan, up 1.27% year-on-year, despite a decrease in net profit excluding non-recurring gains and losses by 7.43% due to increased share-based payment expenses from the 2024 restricted stock incentive plan [1] Company Summary - The company specializes in the design, research and development, production, sales, and service of five-axis CNC machine tools and their key components, as well as high-end CNC systems, making it one of the few domestic enterprises with dual R&D capabilities in high-end CNC systems and machine tools [1] - The five-axis CNC machine tool is recognized for its high technological content and precision, essential for processing complex surfaces, and is considered a critical tool for key components in industries such as aerospace, shipbuilding, precision instruments, and power generation [1] Industry Summary - China's five-axis CNC machine tool development started relatively late, with few domestic companies capable of independent research and production, leading to a market dominated by multinational companies from Germany, Japan, and the USA [2] - Recent years have seen the emergence of several domestic five-axis CNC machine tool companies, including the subject company, which are gradually gaining market recognition and forming an import substitution trend [2] - According to a report by the China Business Industry Research Institute, the market size for China's five-axis CNC machine tools is expected to reach approximately 12 billion yuan in 2024 and exceed 13 billion yuan in 2025 [2] Product and Market Development - As of the end of the reporting period, the company's series of five-axis CNC machine tool products have been widely applied in nearly 50 user units under major groups such as Aerospace Science and Industry, Aerospace Technology, AVIC, and Aero Engine Group [3] - The company reported that over 50% of new orders for flow-type products were for five-axis vertical machining centers, with approximately 30% for new five-axis horizontal machining centers and five-axis turning-milling composite machining centers, and nearly 10% for six-axis five-linkage blade processing centers [3] - New products such as the six-axis five-linkage blade processing center KTBM1200 and the five-axis turning-milling composite processing center KMU180T received their first orders, while the DMC55 series of high-precision five-axis vertical machining centers continued to attract interest from private customers [3] Strategic Partnerships - In June 2025, the company signed a cooperation agreement with Shenyang Aerospace Industry Group Co., Ltd. and AVIC Shenyang Aircraft Company to establish the first domestic "large aircraft structural component process verification pilot base" based entirely on domestically produced high-end five-axis CNC machine tools [4] - This project aims to utilize dozens of high-end five-axis CNC machine tools to focus on the precision processing of complex structural components for domestic large aircraft such as C919/C929 and large drones, establishing specialized verification platforms for key processing capabilities [4]

Group 1 - Xiamen Tungsten's revenue for the first half of 2025 reached 19.178 billion yuan, an increase of 11.75% year-on-year [1] - Xiamen Tungsten's net profit attributable to shareholders decreased by 4.37% year-on-year to 972 million yuan [1] - Xiamen Tungsten plans to distribute a cash dividend of 1.84 yuan per 10 shares [1] Group 2 - Sinopec's revenue for the first half of 2025 was 1.41 trillion yuan, a decrease of 10.6% year-on-year [1][2] - Sinopec's net profit attributable to shareholders fell by 39.8% year-on-year to 21.483 billion yuan [1][2] - Sinopec's basic earnings per share were 0.177 yuan [1] Group 3 - Xinhua Department Store's revenue for the first half of 2025 was 3.254 billion yuan, a decrease of 0.99% year-on-year [3][4] - Xinhua Department Store's net profit attributable to shareholders decreased by 2.52% year-on-year to 86.08 million yuan [3][4] - Xinhua Department Store plans to distribute a cash dividend of 1 yuan per 10 shares [3] Group 4 - Huaqin Technology's revenue for the first half of 2025 reached 516 million yuan, an increase of 6.44% year-on-year [5][6] - Huaqin Technology's net profit attributable to shareholders decreased by 32.45% year-on-year to 146 million yuan [5][6] - Huaqin Technology plans to distribute a cash dividend of 1.3 yuan per 10 shares [5] Group 5 - Tianhao Energy's revenue for the first half of 2025 was 1.372 billion yuan, a decrease of 32.15% year-on-year [7] - Tianhao Energy's net profit attributable to shareholders decreased by 32.08% year-on-year to 69.01 million yuan [7] - Tianhao Energy's basic earnings per share were 0.0798 yuan [7] Group 6 - Wanliyang's revenue for the first half of 2025 reached 2.812 billion yuan, an increase of 2.69% year-on-year [8][9] - Wanliyang's net profit attributable to shareholders increased by 50.24% year-on-year to 277 million yuan [8][9] - Wanliyang's basic earnings per share were 0.21 yuan [8] Group 7 - Kede CNC's revenue for the first half of 2025 was 295 million yuan, an increase of 15.24% year-on-year [10] - Kede CNC's net profit attributable to shareholders increased by 1.27% year-on-year to 49.06 million yuan [10] - Kede CNC's basic earnings per share were 0.4582 yuan [10] Group 8 - Saifutian's revenue for the first half of 2025 reached 1.06 billion yuan, an increase of 62.41% year-on-year [11] - Saifutian achieved a net profit of 3.08 million yuan, recovering from a loss of 12.49 million yuan in the previous year [11] - Saifutian's basic earnings per share were 0.01 yuan [11] Group 9 - Funeng's revenue for the first half of 2025 was 6.369 billion yuan, a decrease of 4.44% year-on-year [13][14] - Funeng's net profit attributable to shareholders increased by 12.48% year-on-year to 1.337 billion yuan [13][14] - Funeng plans to distribute a cash dividend of 0.73 yuan per 10 shares [13] Group 10 - Ningbo Shipping reported a net loss of 39.23 million yuan for the first half of 2025 [15][16] - Ningbo Shipping's revenue for the first half of 2025 was 1.157 billion yuan, an increase of 11.33% year-on-year [15][16] - Ningbo Shipping's basic earnings per share were a loss of 0.0325 yuan [15] Group 11 - Samsung Medical's revenue for the first half of 2025 reached 7.972 billion yuan, an increase of 13.93% year-on-year [17][18] - Samsung Medical's net profit attributable to shareholders increased by 6.93% year-on-year to 1.23 billion yuan [17][18] - Samsung Medical plans to distribute a cash dividend of 4.85 yuan per 10 shares [17] Group 12 - Huiding Technology's revenue for the first half of 2025 was 2.251 billion yuan, a decrease of 0.20% year-on-year [20] - Huiding Technology's net profit attributable to shareholders increased by 35.74% year-on-year to 431 million yuan [20] - Huiding Technology plans to distribute a cash dividend of 0.15 yuan per share [20] Group 13 - Baihua Pharmaceutical's revenue for the first half of 2025 reached 202 million yuan, an increase of 2.95% year-on-year [21] - Baihua Pharmaceutical's net profit attributable to shareholders increased by 12.45% year-on-year to 25.48 million yuan [21] - Baihua Pharmaceutical's basic earnings per share were 0.0663 yuan [21] Group 14 - Stanley's revenue for the first half of 2025 was 6.391 billion yuan, an increase of 12.66% year-on-year [22][23] - Stanley's net profit attributable to shareholders increased by 18.9% year-on-year to 607 million yuan [22][23] - Stanley plans to distribute a cash dividend of 0.45 yuan per 10 shares [22] Group 15 - Duoli Technology's revenue for the first half of 2025 reached 1.734 billion yuan, an increase of 13.15% year-on-year [24] - Duoli Technology's net profit attributable to shareholders decreased by 28.13% year-on-year to 157 million yuan [24] - Duoli Technology's basic earnings per share were 0.51 yuan [24] Group 16 - Datang Telecom reported a net loss of 81.17 million yuan for the first half of 2025 [25][26] - Datang Telecom's revenue for the first half of 2025 was 275 million yuan, a decrease of 3.32% year-on-year [25][26] - Datang Telecom's basic earnings per share were a loss of 0.0623 yuan [25] Group 17 - Niuwei Co.'s revenue for the first half of 2025 reached 3.404 billion yuan, an increase of 19.96% year-on-year [27][28] - Niuwei Co.'s net profit attributable to shareholders increased by 30.44% year-on-year to 637 million yuan [27][28] - Niuwei Co. plans to distribute a cash dividend of 5.8 yuan per 10 shares [27] Group 18 - ST Zhiyun reported a net loss of 106 million yuan for the first half of 2025 [29][30] - ST Zhiyun's revenue for the first half of 2025 was 89.13 million yuan, a decrease of 63.59% year-on-year [29][30] - ST Zhiyun's basic earnings per share were a loss of 0.37 yuan [29] Group 19 - Huace Testing's revenue for the first half of 2025 reached 2.96 billion yuan, an increase of 6.05% year-on-year [31] - Huace Testing's net profit attributable to shareholders increased by 7.03% year-on-year to 467 million yuan [31] - Huace Testing plans to distribute a cash dividend of 0.5 yuan per 10 shares [31] Group 20 - Taixiang's revenue for the first half of 2025 was 219 million yuan, an increase of 6.57% year-on-year [32] - Taixiang's net profit attributable to shareholders increased by 16.12% year-on-year to 25.30 million yuan [32] - Taixiang's basic earnings per share were 0.2533 yuan [32] Group 21 - Huayi Technology applied for a credit line of up to 165 million yuan from HSBC [33][34] - Huayi Technology will use real estate as collateral for the credit line [33][34] Group 22 - Hengong Precision plans to use up to 70 million yuan of idle raised funds for cash management [35][36] - Hengong Precision will invest in high-security, high-liquidity products with a term not exceeding 12 months [35][36] Group 23 - Tianhe's financial assistance to its associate company has not been repaid [37] - Tianhe provided 243,200 yuan in financial assistance to its associate company [37] Group 24 - Spring and Autumn Electronics' revenue for the first half of 2025 reached 1.926 billion yuan, an increase of 2.62% year-on-year [38] - Spring and Autumn Electronics' net profit attributable to shareholders increased by 248.44% year-on-year to 93.31 million yuan [38] - Spring and Autumn Electronics' basic earnings per share were 0.21 yuan [38] Group 25 - Kingsoft Office's revenue for the first half of 2025 was 2.657 billion yuan, an increase of 10.12% year-on-year [39][40] - Kingsoft Office's net profit attributable to shareholders increased by 3.57% year-on-year to 747 million yuan [39][40] Group 26 - Yanjinpuzi's revenue for the first half of 2025 reached 2.941 billion yuan, an increase of 19.58% year-on-year [41] - Yanjinpuzi's net profit attributable to shareholders increased by 16.70% year-on-year to 373 million yuan [41] Group 27 - Muyuan's revenue for the first half of 2025 was 76.463 billion yuan, an increase of 34.46% year-on-year [43][44] - Muyuan's net profit attributable to shareholders increased by 1169.77% year-on-year to 10.53 billion yuan [43][44] - Muyuan plans to distribute a cash dividend of 9.32 yuan per 10 shares [43][44] Group 28 - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [45][46] Group 29 - Alloy Investment's shareholder plans to reduce their stake by no more than 3% [47] - Alloy Investment's shareholder plans to sell up to 11.5531 million shares [47] Group 30 - Rongzhi Rixin's controlling shareholder plans to reduce their stake by no more than 3% [48] - Rongzhi Rixin's controlling shareholder plans to sell up to 1.2318 million shares [48] Group 31 - Yijiahe's shareholders plan to reduce their stake by no more than 2% [49] - Yijiahe's shareholders plan to sell up to 409.72 million shares [49] Group 32 - Dongfeng Group adjusted the upper limit of its share repurchase price to 6.28 yuan per share [50] Group 33 - Jingu's revenue for the first half of 2025 reached 2.123 billion yuan, an increase of 10.04% year-on-year [51] - Jingu's net profit attributable to shareholders increased by 45.36% year-on-year to 30.27 million yuan [51] Group 34 - Yibai Pharmaceutical reported a net loss of 19.9 million yuan for the first half of 2025 [52] - Yibai Pharmaceutical's revenue for the first half of 2025 was 999 million yuan, a decrease of 14.99% year-on-year [52] Group 35 - Yonghui Supermarket reported a net loss of 241 million yuan for the first half of 2025 [53] - Yonghui Supermarket's revenue for the first half of 2025 was 29.948 billion yuan, a decrease of 20.73% year-on-year [53] Group 36 - Suotong Development's net profit increased by 1568.52% year-on-year to 523 million yuan [54] - Suotong Development's revenue for the first half of 2025 was 8.306 billion yuan, an increase of 28.28% year-on-year [54]

证券代码：688305 证券简称：科德数控 公告编号：2025-020 科德数控股份有限公司 第三届监事会第十七次会议决议公告 二、监事会会议审议情况 会议逐项审议并通过了以下事项： 要的议案》 监事会审议同意《科德数控股份有限公司 2025 年半年度报告》及其摘要。 监事会认为，公司严格按照有关法律法规以及《公司章程》等制度规范运作， 《科 德数控股份有限公司 2025 年半年度报告》及其摘要的编制和审议程序、内容和 格式符合相关法律法规、部门规章、规范性文件的规定，公允、全面、真实地反 映了公司的财务状况和经营成果；监事会保证《科德数控股份有限公司 2025 年 半年度报告》及其摘要的内容真实、准确、完整，不存在任何虚假记载、误导性 陈述或者重大遗漏。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《科 德数控股份有限公司 2025 年半年度报告》及其摘要。 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 科德数控股份有限公司（以下简称"公司"）监事会于 2025 ...