2025H1 公司净亏损0.9 亿元，同比亏损收窄，其中Q2 实现归母净利润0.3 亿元，同环比均扭亏为盈。 2025H1 公司毛利率为23.2%，同比+0.6pct，其中Q2 毛利率为24.6%，同比+3.7pct，环比+3.2pct，我们 认为主要系规模效应以及销量结构改善（如区域控制器等高ASP 产品出货增加）。Q2 公司期间费用率 （含研发）为22.1%，同比-14.1pct ， 环比-11.1pct ， 其中销售/ 管理/ 研发费用率分别为 4.5%/5.9%/12.1%，同比分别-2.7/-2.2/-9.6pct，环比分别-1.0/-3.3/-6.6pct，公司前期研发逐步兑现效能， 盈利能力改善明显。 事件 公司发布2025 年中报，上半年实现营收29.1 亿元，同比+43.5%，净亏损0.9 亿元，同比亏损收窄；其中 Q2 实现营收15.8 亿元，同比+38.9%，环比+19.0%，实现归母净利润0.3 亿元，同环比均扭亏为盈。 电子产品收入高增，域控制器大单品表现亮眼 2025H1 公司实现营收29.1 亿元，同比+43.5%，同期我国汽车和新能源汽车产量增速为12.5%和41.4%， 公司 ...

Core Viewpoint - The automotive industry is on the brink of a revolution driven by smart technology, with 2025 expected to be a pivotal year for the adoption of Level 3 (L3) automation, particularly in urban environments [1][2]. Group 1: Automotive Smart Technology - L3 automation is anticipated to significantly influence consumer purchasing decisions, becoming one of the top three considerations when buying a car [1]. - The penetration rate of L3 automation is projected to increase from 10% in 2025 to over 80% by 2027, indicating a rapid adoption phase [1]. - The future automotive landscape is expected to be categorized into three types of companies: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers [2]. Group 2: Market Trends and Developments - In August, the penetration rate of urban NOA (Navigation on Autopilot) reached 23.2%, reflecting a month-on-month increase of 0.9 percentage points [3]. - Companies like Li Auto and XPeng are leading in smart technology adoption, with XPeng's smart technology penetration exceeding 70% and Li Auto's at 59.4%, despite a slight decline [3]. - The introduction of next-generation driving architectures, such as VLA, is being implemented in new models, enhancing the capabilities of smart driving systems [3]. Group 3: Investment Recommendations - The report suggests a focus on smart vehicles and related components, highlighting companies in both Hong Kong and A-share markets, such as XPeng Motors, Li Auto, BYD, and SAIC Motor [4]. - Investment opportunities are identified in AI chips, domain controllers, and electronic components, with specific companies recommended for each category [4].

证券之星消息，2025年8月29日经纬恒润(688326)发布公告称公司于2025年8月27日召开业绩说明会。 具体内容如下： 问：请简要介绍公司2025年半年度业绩情况。 答：(1)收入端，公司2025年上半年实现营业收入29.08亿元，同比增长43.48%；其中一季度营业收入为 13.28亿元，二季度为15.80亿元，环比增长19%。 (2)利润端，上半年归属于上市公司股东的净利润-0.87亿元，较去年同期减亏2.46亿元；其中一季度归属于 上市公司股东的净利润为-1.2亿元，二季度为3300万元，实现单季度扭亏为盈，主要系公司前期研发投入 成果有效转化推动收入高速增长，同时公司推行的一系列降本增效措施成效显著。 (3)费用方面，公司三项费用率均有所降低，其中，2025年上半年，研发费用4.40亿元，同比减少18.17%； 研发费用率15.12%，较去年同期下降约11.4个百分点。 (4)现金流方面，公司上半年经营活动产生的现金流量净额-2.99亿元，较去年同期减少流出4.27亿元；其中 一季度净流出1.79亿元，二季度净流出1.20亿元，经营活动现金流改善趋势明显。 2.公司目前在线控转向、制动业务方面 ...

上 市 公 司 计算机 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 32.73 | | 资产负债率% | 57.25 | | 总股本/流通 A 股（百万） | 120/90 | | 流通 B 股/H 股（百万） | -/- | 2025 年 08 月 29 日 经纬恒润 (688326) ——盈利拐点已现，厚积薄发正当时 报告原因：有业绩公布需要点评 增持（上调） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 120.59 | | 一年内最高/最低（元） | 127.70/59.02 | | 市净率 | 3.7 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 10,858 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04-30 05-31 06-3 ...

责任编辑：小浪快报 资料显示，北京经纬恒润科技股份有限公司位于北京市朝阳区酒仙桥路14号1幢4层，成立日期2003年9 月18日，上市日期2022年4月19日，公司主营业务涉及为汽车、高端装备、无人运输等领域的客户提供 电子产品、研发服务及解决方案和高级别智能驾驶整体解决方案。主营业务收入构成为：电子产品业务 79.52%，研发服务及解决方案业务19.13%，高级别智能驾驶整体解决方案业务1.17%，其他(补 充)0.19%。 截至6月30日，经纬恒润股东户数7155.00，较上期减少2.20%；人均流通股12584股，较上期增加 15.68%。2025年1月-6月，经纬恒润实现营业收入29.08亿元，同比增长43.48%；归母净利润-8696.44万 元，同比增长73.91%。 机构持仓方面，截止2025年6月30日，经纬恒润十大流通股东中，长城久嘉创新成长混合A（004666） 位居第八大流通股东，持股180.00万股，相比上期减少20.00万股。 8月28日，经纬恒润涨2.20%，成交额2.79亿元。两融数据显示，当日经纬恒润获融资买入额2319.23万 元，融资偿还2697.39万元，融资净买入-37 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 140.11 CNY [6][4]. Core Insights - The company achieved profitability in Q2 2025, with a revenue of 15.8 billion CNY, marking a year-on-year growth of 38.9% and a net profit of 0.33 billion CNY [1][2]. - The company's electronic products business is experiencing rapid growth, driven by increased production for major clients like Xiaomi and XPeng, and a strong focus on automotive electronics [2][3]. - The company is well-positioned in the L4 autonomous driving sector, with ongoing projects in ports and plans for RoboTruck and Robotaxi services [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of 29.08 billion CNY, a year-on-year increase of 43.48%, and a narrowed net loss of 0.87 billion CNY compared to a loss of 2.46 billion CNY in the same period last year [1]. - The gross margin improved to 23.15%, up 0.59 percentage points year-on-year, while R&D expense ratio decreased to 15.12%, down 11.39 percentage points year-on-year [1][2]. Business Outlook - The company has a robust order book in the automotive electronics sector and is enhancing its L4 autonomous driving capabilities [3]. - The report projects revenue growth for 2025, 2026, and 2027 to be 73.9 billion CNY, 95.3 billion CNY, and 116.8 billion CNY respectively, with corresponding net profit estimates of 0.66 billion CNY, 3.62 billion CNY, and 6.08 billion CNY [4][10]. Valuation - The target price of 140.11 CNY reflects an increase from the previous valuation of 85.72 CNY, based on the company's unique position in the market and its comprehensive product offerings [4][6]. - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating hardware and software business contributions to net profit for 2026E at 2.5 billion CNY and 1.1 billion CNY respectively [4][13].

务高速增长 事件：8 月 26 日，经纬恒润发布 2025 年半年报。2025 年上半年公司实 现营收 29.1 亿元（同比+43.48%），归母净利润-0.87 亿元（同比亏损收窄）， 扣非归母净利润-1.15 亿元（同比亏损收窄）。2025Q2 公司实现营收 15.8 亿元（同比+38.9%，环比+18.98），归母净利润 0.33 亿元（扭亏为盈），扣 非归母净利润 0.19 亿元（扭亏为盈）。 公司迎来经营拐点，汽车电子产品业务持续高速增长。 公司汽车电子产品布局完善，域控技术加速升级，为未来增长奠定基础。 在公司持续高强度的研发投入下，公司已基本完成整车电控产品的全覆盖 布局：物理区域控制器产品实现 100 万套下线；智能驾驶域控制器与市场 头部物流公司达成战略合作，将于年底量产；车身域控产品持续获得新的 定点；底盘域控定点新一代车型项目，并且启动国产芯片方案的量产开发； 新能源多合一控制器产品配套主流车型并实现快速放量。 2025 年 08 月 28 日 经纬恒润-W(688326.SH) 25Q2 公司经营迎来拐点，汽车电子业 股价表现 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 20.27 乙 | 29.08亿 | 43.48% | | 归母浄利润（元） | -3.33 Z | -8696.44万 | 73.91% | | 扣非净利润(元) | -3.87 亿 | -1.15 Z | 70.24% | | 货币资金(元) | 16.73亿 | ﻛ 12.83亿 | -23.34% | | 应收账款(元) | 13.19亿 | 17.51亿 | 32.77% | | 有息负债(元) | 6.91亿 | 10.09亿 | 46.11% | | 毛利率 | 20.93% | 23.15% | 10.61% | | 净利率 | -16.49% | -3.01% | 81.73% | | 三费占营收比 | 13.92% | 12.02% | -13.67% | | 每股净资产 (元) | 36.24 | 32.72 | -9.70% | | 每股收益(元) | -2.88 | -0.77 | 73.26% | | 每股经营性现金流(元) | -6.0 ...

Summary of the Conference Call for Jingwei Hengrun Company Overview - **Company**: Jingwei Hengrun - **Period**: First half of 2025 Key Financial Performance - **Revenue**: Achieved 2.9 billion CNY, a year-on-year increase of 43% [3] - **Net Profit**: Reported a net profit of 33 million CNY in Q2 2025, marking a turnaround from a net loss of 87 million CNY in the first half of 2024 [2][3] - **Cash Flow**: Operating cash flow was negative at 299 million CNY, but showed improvement compared to a 430 million CNY outflow in the previous year [6] Cost Management and Expenses - **Expense Ratios**: All three expense ratios decreased year-on-year, with R&D expenses down by approximately 18% to 440 million CNY [4] - **Sales and Management Expenses**: Sales expenses increased by 13% due to authorization activities and employee compensation, while management expenses rose by 19% due to increased salaries and depreciation [5][4] Business Development and Growth Areas - **New Business Lines**: Introduced new businesses in major assemblies and special vehicles, including power battery packs and heavy-duty autonomous driving flatbed trucks [2][8] - **Electronic Products**: Experienced rapid growth, with 1 million body area controllers produced and significant orders from major clients like Geely [9] - **Chassis Domain Control**: Plans to mass-produce steer-by-wire systems in H1 2026 and 48V brake control systems in October 2025, with a focus on overseas markets [11] R&D and Technological Advancements - **Employee Structure**: Approximately 6,600 employees, with 75% in R&D and technical roles; 55% hold master's or doctoral degrees [7] - **AI Integration**: AI technology is being integrated into R&D and production processes to enhance overall marketing capabilities [7] - **Product Innovations**: Continuous development of innovative products to maintain gross margin levels, with a focus on high-margin projects [16] Market Trends and Future Outlook - **Growth in Electronic Products**: Anticipated continued growth in electronic products, particularly in the automotive sector, with significant contributions from clients like Geely and Xiaomi [14][15] - **Chassis Business Growth**: The chassis business is expected to grow rapidly, particularly in the areas of battery management systems and intelligent actuators [15] - **Revenue Projections**: High certainty for revenue growth in 2026, with new product launches planned, including an 800V multi-in-one power system [33] Strategic Partnerships and Client Engagement - **Collaboration with Key Clients**: Close cooperation with core clients to ensure competitive product offerings and platform-based solutions [34] - **Focus on High-Value Projects**: Emphasis on high-value projects and cost control measures to enhance operational efficiency [38] Conclusion - **Overall Performance**: Jingwei Hengrun has shown significant improvement in financial performance, with a focus on cost management, new business development, and technological advancements. The company is well-positioned for future growth, particularly in electronic products and chassis systems, while maintaining a strategic focus on high-margin projects and key client relationships.

（文章来源：证券日报） 证券日报网讯 8月26日晚间，经纬恒润发布公告称，公司第二届监事会第十一次会议审议通过了《关于 公司及其摘要的议案》等多项议案。 ...