每经AI快讯，9月15日，经纬恒润(688326.SH)公告称，公司收到持股5%以上的股东兼董事曹旭明出具 的《关于股份减持计划的告知函》，曹旭明因自身资金需求，拟自本公告披露之日起15个交易日后的3 个月内以集中竞价交易方式和大宗交易方式减持公司股份不超过100万股，即不超过公司当前股份总数 的0.8336%。 ...

从经纬恒润十大流通股东角度 数据显示，长城基金旗下1只基金位居经纬恒润十大流通股东。长城久嘉创新成长混合A（004666）二 季度减持20万股，持有股数180万股，占流通股的比例为2%。根据测算，今日浮亏损失约1074.6万元。 长城久嘉创新成长混合A（004666）成立日期2017年7月5日，最新规模20.51亿。今年以来收益34.7%， 同类排名2023/8174；近一年收益106.51%，同类排名369/7981；成立以来收益118.69%。 截至发稿，尤国梁累计任职时间5年326天，现任基金资产总规模38.05亿元，任职期间最佳基金回报 130.32%， 任职期间最差基金回报-15.93%。 9月12日，经纬恒润跌5.03%，截至发稿，报112.63元/股，成交1.29亿元，换手率1.25%，总市值135.11 亿元。 从基金十大重仓股角度 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 ...

1000增强（561590）成立日期2022年11月23日，最新规模3214.35万。今年以来收益32.72%，同类排名 1273/4222；近一年收益77.54%，同类排名927/3800；成立以来收益31.31%。 1000增强（561590）基金经理为柳军、笪篁。 截至发稿，柳军累计任职时间16年105天，现任基金资产总规模4669.72亿元，任职期间最佳基金回报 137.7%， 任职期间最差基金回报-45.64%。 笪篁累计任职时间5年126天，现任基金资产总规模13.15亿元，任职期间最佳基金回报54.84%， 任职期 间最差基金回报-1.69%。 从基金十大重仓股角度 数据显示，华泰柏瑞基金旗下1只基金重仓经纬恒润。1000增强（561590）二季度减持300股，持有股数 4865股，占基金净值比例为1.35%，位居第四大重仓股。根据测算，今日浮亏损失约2.9万元。 9月12日，经纬恒润跌5.03%，截至发稿，报112.63元/股，成交1.29亿元，换手率1.25%，总市值135.11 亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评 ...

高速NOA方面，经纬恒润基于Mobileye方案及TI TDA4的方案均已量产；同时在海外的高速NOA上公司会推广48 发48收的4D毫米波雷达。 从宏观环境来看，中国市场的智驾竞争较为激烈，同时法规也在不断调整，政府加严了智驾相关的法规并严格控 制车企对于智驾的宣传。 过去几年经纬恒润研发投入较高，但目前投入的有效性已经得到了一定的验证，域控制器、底盘、新能源等方面 的投入已经转化成较好的产出。同时公司也在加强海外布局，包含马来西亚工厂、德国研发中心，该部分投入也 会陆续转化成实际产出。 近日，经纬恒润在接受机构调研时表示，公司目前正在开发基于英伟达Orin的方案，计划今年年底量产，其具备 城市NOA功能，同时在该项目上公司打包提供了11个摄像头以及雷达。 大总成业务方面，目前经纬恒润主要的总成产品包含电池包、电驱桥、集成热管理，其中电池包的布局相对较 早，目前部分型号已经实现了量产，应用于公司的特种载具平台，而集成热管理和电驱桥目前处于研发阶段，后 续也会率先在公司的特种载具平台和无人驾驶的运输工具上进行应用。同时，在研发大型总成的过程中，公司也 孵化了如碳化硅功率模块等的一些产品，目前也已经应用在公司电 ...

9月3日，经纬恒润盘中下跌2.01%，截至13:12，报114.24元/股，成交9595.94万元，换手率0.92%，总市 值137.04亿元。 经纬恒润所属申万行业为：计算机-软件开发-垂直应用软件。所属概念板块包括：毫米波雷达、汽车电 子、智能座舱、无人驾驶、小鹏汽车概念等。 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。 责任编辑：小浪快报 资金流向方面，主力资金净流入149.87万元，特大单买入611.00万元，占比6.37%，卖出294.39万元，占 比3.07%；大单买入1304.77万元，占比13.60%，卖出1471.51万元，占比15.33%。 经纬恒润今年以来股价涨35.84%，近5个交易日跌3.18%，近20 ...

Market Overview - On September 5, the software development sector rose by 1.73%, with Guoneng Rixin leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Performers - Guoneng Rixin (301162) closed at 59.39, with a significant increase of 12.48% and a trading volume of 58,300 shares, totaling a transaction value of 332 million yuan [1] - Information Development (300469) saw a rise of 8.94%, closing at 68.51, with a trading volume of 231,400 shares [1] - Jinxiandai (300830) increased by 6.49%, closing at 11.82, with a transaction value of 324 million yuan [1] Underperformers - Weide Information (688171) decreased by 3.42%, closing at 46.25, with a trading volume of 23,500 shares [2] - Xinan Century (688201) fell by 1.92%, closing at 15.30, with a transaction value of 402 million yuan [2] - Foxit Software (688085) saw a decline of 1.09%, closing at 66.99 [2] Capital Flow - The software development sector experienced a net inflow of 715 million yuan from institutional investors, while retail investors saw a net outflow of 755 million yuan [2][3] - The top stocks by net inflow from institutional investors included Zhinanzhen (300803) with 257 million yuan and Gaoweida (300465) with 136 million yuan [3] Summary of Stock Movements - The overall performance of the software development sector indicates a positive trend, with several stocks showing significant gains, while a few experienced declines [1][2] - The capital flow dynamics suggest strong institutional interest, despite retail investors pulling back [2][3]

中信证券股份有限公司 关于北京经纬恒润科技股份有限公司 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为北京 经纬恒润科技股份有限公司（以下简称"经纬恒润"或"公司"）首次公开发行 股票并在科创板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等相关规定，负责经纬恒润上市后的持 续督导工作，并出具 2025 年半年度（以下简称"报告期"）持续督导半年度跟 踪报告。 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行 | | 1 | 对具体的持续督导工作计划制定相应的工作 | 了持续督导制度，并制定了相应的 | | | 计划 | 工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 始前，与上市公司签署持续督导协议，明确双 | 保荐机构已与经纬恒润签订承销 及保荐协议，该协议明确了双方在 持续督导期间的权利和义务 | | | 方在持续督导期间的权利义务，并报上海证券 | | | | 交易所备 ...

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

Core Viewpoint - The company reported its 2025 H1 results, showing revenue growth and a shift towards profitability in Q2, indicating a potential turning point in performance [2][6]. Financial Performance - In 2025 H1, the company achieved revenue of 2.908 billion yuan, a year-on-year increase of 43.46%, while the net profit attributable to shareholders was -87 million yuan, and the net profit excluding non-recurring items was -115 million yuan [2]. - For Q2 2025, the company recorded revenue of 1.580 billion yuan, with a quarter-on-quarter increase of 38.90% and a year-on-year increase of 18.98%. The net profit attributable to shareholders was 33 million yuan, marking a return to profitability [2]. Business Segments - The electronic products segment generated revenue of 2.546 billion yuan in 2025 H1, up 51.56% year-on-year, while the R&D services and solutions segment brought in 355 million yuan, a 4.30% increase. The high-level intelligent driving solutions segment saw a significant decline, with revenue of only 3 million yuan, down 96.25% [3]. - The company has developed a product model combining distributed electronic control units, domain control products, and L4 integrated platforms, achieving mass production [3]. Strategic Partnerships - The company has established strategic partnerships with various firms, including a collaboration with Zijing Semiconductor for RISC-V architecture-based automotive-grade chips, and with Baixiniu for high-reliability unmanned vehicle products [5]. R&D and Cost Management - The company is in a critical phase of performance release, with several high-investment projects beginning to contribute to revenue. In Q2 2025, the R&D expense ratio was 12.11%, showing a significant decrease compared to previous quarters [6]. - The company’s operating expense ratio for Q2 2025 was 22.06%, benefiting from economies of scale, with both sales and management expense ratios declining [6]. Profit Forecast and Investment Rating - The company maintains revenue forecasts for 2025-2027 at 7.15 billion, 8.04 billion, and 9.29 billion yuan, representing year-on-year growth of 29%, 13%, and 16%, respectively. The net profit forecasts for the same period are 23 million, 174 million, and 266 million yuan, with corresponding P/E ratios of 618, 81, and 53 times [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company has turned profitable in the second quarter of 2025, with a significant reduction in losses year-on-year, driven by effective transformation of prior R&D investments and cost-reduction measures [2][3]. - The company is expected to benefit from the ongoing expansion in the smart driving sector, with various product breakthroughs and strategic partnerships that position it well for future growth [3][8]. Financial Summary - Revenue projections show a steady increase from 4,678 million yuan in 2023 to 10,856 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.5% [1]. - The net profit is projected to turn positive by 2025, with estimates of 22 million yuan, and further increasing to 321 million yuan by 2027 [1][8]. - The company's gross margin is expected to improve from 24.6% in 2023 to 33.7% by 2027, reflecting enhanced operational efficiency [9]. Business Performance - In the first half of 2025, the company achieved a revenue of 2,908 million yuan, marking a year-on-year growth of 43.48%, with a notable profit turnaround in the second quarter [2]. - The electronic products segment reported a revenue of 2,546 million yuan, up 51.49% year-on-year, while the R&D services segment grew by 4.29% [2]. - The company has made significant strides in its smart driving business, including the production of 1 million physical area controllers and strategic collaborations with leading logistics firms [3].