Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Beijing Jingwei Hengrun Technology Co., Ltd. on August 28, 2023, indicating a mixed sentiment in the market with a slight increase in stock price but negative net financing [1] - On August 28, 2023, Jingwei Hengrun's stock price rose by 2.20%, with a trading volume of 279 million yuan. The financing buy-in amount was 23.19 million yuan, while the financing repayment was 26.97 million yuan, resulting in a net financing outflow of 3.78 million yuan [1] - As of August 28, 2023, the total margin trading balance for Jingwei Hengrun was 162 million yuan, with the financing balance accounting for 1.48% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, 2025, Jingwei Hengrun had 7,155 shareholders, a decrease of 2.20% from the previous period, while the average circulating shares per person increased by 15.68% to 12,584 shares [2] - For the first half of 2025, Jingwei Hengrun reported a revenue of 2.908 billion yuan, representing a year-on-year growth of 43.48%. However, the net profit attributable to shareholders was a loss of 86.96 million yuan, which is a 73.91% increase in loss compared to the previous year [2] - Among the top ten circulating shareholders as of June 30, 2025, Changcheng Jiujia Innovation Growth Mixed A (004666) held 1.8 million shares, a decrease of 200,000 shares from the previous period [2]

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].

Investment Rating - The report maintains a "Buy-A" rating for the company [4][7] Core Views - The company has reached an operational turning point, with its automotive electronics business experiencing rapid growth [2] - The company has completed a comprehensive layout of automotive electronic products, with accelerated upgrades in domain control technology, laying a foundation for future growth [3] Financial Performance - In the first half of 2025, the company achieved revenue of 2.91 billion yuan, a year-on-year increase of 43.48%, while the net profit attributable to shareholders was a loss of 87 million yuan, narrowing from previous losses [1] - In Q2 2025, the company reported revenue of 1.58 billion yuan, a year-on-year increase of 38.9% and a quarter-on-quarter increase of 18.98%, with a net profit of 33 million yuan, marking a return to profitability [1] Revenue and Profit Forecast - The company is expected to generate revenues of 7.2 billion yuan, 9 billion yuan, and 10.81 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 10 million yuan, 180 million yuan, and 490 million yuan for the same years [4][13] Market Position - The company has become a domestic leader in high-value physical area controller (ZCU) products, achieving a market share of 18.07% from January to May 2025 [12] Cost Management - The company's gross margin in Q2 2025 was 24.64%, benefiting from economies of scale, with a significant reduction in operating expenses [12]

| 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。 ...

格隆汇8月26日丨经纬恒润(688326.SH)发布中报，2025上半年实现营业总收入29.08亿元，同比增长 43.48%；归属母公司股东净利润-8696.44万元，较上年同期亏损减少2.46亿元；基本每股收益为-0.77 元。 ...

每经AI快讯，经纬恒润（SH 688326，收盘价：116.8元）8月26日晚间发布半年度业绩报告称，2025年 上半年营业收入约29.08亿元，同比增加43.48%；归属于上市公司股东的净利润亏损约8696万元；基本 每股收益亏损0.77元。2024年同期营业收入约20.27亿元；归属于上市公司股东的净利润亏损约3.33亿 元；基本每股收益亏损2.88元。 截至发稿，经纬恒润市值为140亿元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 张明双） ...

Core Viewpoint - The company reported significant revenue growth in the first half of 2025, achieving a revenue of 2.908 billion yuan, a 43.48% increase compared to the same period last year, while also narrowing its net loss significantly [3]. Financial Performance - Revenue for the first half of 2025 reached 2.908 billion yuan, up from 2.027 billion yuan in the same period last year, marking a 43.48% increase [3]. - The total profit for the period was a loss of 108.03 million yuan, an improvement from a loss of 360.44 million yuan in the previous year [1]. - The net profit attributable to shareholders was a loss of 86.96 million yuan, compared to a loss of 333.38 million yuan in the same period last year, indicating a narrowing of losses by 24.6 million yuan [3]. - The net cash flow from operating activities was -299.22 million yuan, an improvement from -726.51 million yuan in the previous year [1]. - The net assets attributable to shareholders decreased by 6.16% to 3.926 billion yuan compared to the end of the previous year [1]. Product Development and Market Expansion - The company made significant progress in its domain integration products, including the production of 1 million physical area controllers and strategic partnerships with leading logistics companies for smart driving domain controllers [2]. - The company has established a wide customer base, including major automotive manufacturers and logistics companies, while also expanding its international market presence [4]. - The company has set up four production bases in China and Malaysia and has achieved international certifications for its factories, enhancing its global operational standards [4].

证券代码：688326 证券简称：经纬恒润 公告编号：2025-040 北京经纬恒润科技股份有限公司 关于公司 2025 年半年度募集资金存放与实际使用情 况的专项报告 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。 根据中国证券监督管理委员会届时有效的《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《上市公司募集资金监管规则》《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》的相关规定，北 京经纬恒润科技股份有限公司（以下简称"公司"）就 2025 年半年度募集资金存 放与实际使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意北京经纬恒润科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕301 号），公司首次向社会公众 公开发行人民币普通股（A 股）股份 3,000.00 万股，每股发行价格 121.00 元， 共 募 集 资 金 人 民 币 3,630,000,000.00 元 ， 扣 除 不 含 ...