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 ...

北京经纬恒润科技股份有限公司 2025年度"提质增效重回报"行动方案的半年度评估报告 北京经纬恒润科技股份有限公司（以下简称"公司"）为积极贯彻"以投资 者为本"的核心理念，切实维护投资者利益，助力资本市场稳定和经济高质量发 展，于 2025 年 4 月 29 日披露了《2025 年度"提质增效重回报"行动方案》。现 对该行动方案半年度的实施情况进行评估总结，具体如下： 一、 专注主营业务发展，不断提升核心竞争力 公司主营业务均围绕电子系统展开，专注于为汽车、智能运输等领域客户提 供电子产品、研发服务及解决方案、大总成及特种载具、智能运输解决方案业务。 公司通过技术互通、场景融合和资源共享，各业务单元实现优势互补，目前基本 完成整车电控产品的全覆盖布局，并形成"分布式电控单品—域控产品—L4集成 平台"短中长期结合的产品模式，并实现量产落地。 1. 营业收入高速增长，单季实现扭亏为盈 面对复杂的市场环境，公司2025年上半年实现营业收入290,837.23万元，同 比增长43.48%。营业收入的高速增长主要得益于电子产品业务的快速放量，尤其 以域控制器产品最为显著，同时公司客户群体进一步扩大，各项合作持续深化 ...