Group 1 - The core viewpoint of the report is that Zhongke Technology (688352.SH) is rated as "Buy" due to its stable revenue growth and recovery in gross margin [1] - The company has effectively reduced inventory of large-sized panels, with preparations for the promotional period in the second half of the year underway [1] - The display business remains solid, and the company is actively expanding into non-display related businesses [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company shows signs of a recovery in gross margin and is actively expanding its new business while maintaining its leading position in the display sector [3][8] - The company's revenue for Q2 2025 has shown a steady year-on-year growth, with a significant quarter-on-quarter recovery in gross margin [8] Financial Summary - The company is expected to achieve revenues of RMB 2,288 million in 2025, with a growth rate of 16.8% [7] - The estimated EPS for 2025, 2026, and 2027 are RMB 0.29, RMB 0.33, and RMB 0.37 respectively, with corresponding PE ratios of 43.1, 38.5, and 34.1 [5][7] - The company reported a revenue of RMB 9.96 billion for H1 2025, with a year-on-year increase of 7% [8] - The gross margin for Q2 2025 was 31.3%, showing a quarter-on-quarter increase of 7.6 percentage points [8] Market Position - The company ranks third globally in display driver chip packaging and first in the Chinese market (excluding Hong Kong and Taiwan) [8] - The company is actively expanding into non-display businesses, including packaging services for power devices [8]

Core Viewpoint - The financial performance of Qizhong Technology (688352) for the first half of 2025 shows a mixed picture, with revenue growth but a significant decline in net profit compared to the previous year [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 996 million yuan, an increase of 6.63% year-on-year [1][2]. - Net profit attributable to shareholders was 99.19 million yuan, down 38.78% year-on-year [1][2]. - The gross profit margin decreased to 27.65%, a decline of 15.86% compared to the previous year [1][2]. - The net profit margin fell to 9.96%, down 42.58% year-on-year [1][2]. - Total expenses (selling, administrative, and financial) amounted to 64.68 million yuan, representing 6.5% of revenue, an increase of 15.38% year-on-year [1][2]. - Earnings per share decreased to 0.08 yuan, down 42.86% year-on-year [1][2]. Cash Flow and Asset Management - Operating cash flow per share was 0.2 yuan, a decrease of 25.98% year-on-year [1][2]. - The company reported a significant increase in accounts receivable, which accounted for 71.61% of the latest annual net profit [1][2]. - Cash and cash equivalents decreased by 29.96% to 1.047 billion yuan [1][2]. Cost and Expense Analysis - Operating costs increased by 14.91%, attributed to business growth and rising depreciation and labor costs [2]. - Research and development expenses rose by 35.32%, driven by increased stock incentive costs for R&D personnel [3]. - Financial expenses surged by 70.17%, primarily due to reduced interest income [2]. Market and Investment Outlook - Analysts expect the company's performance for 2025 to reach 314 million yuan, with an average earnings per share forecast of 0.26 yuan [4]. - The company’s return on invested capital (ROIC) was reported at 4.5%, indicating a relatively weak capital return [3].

公司代码：688352 公司简称：颀中科技 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所网站（www.sse.com.cn）网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险，敬请查阅本报告"第三节管理 层讨论与分析"之"四、风险因素"。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度利润分配预案为：公司拟以实施权益分派股权登记日登记的总股本扣减公司回购专用 证券账户中的股份为基数，向全体股东每10股派发现金红利0.5元（含税）。截至2025年7月31日，公司 总股本为1,189,037,288股，扣减回购专用证券账户中股份总数8,714,483股后的股本为1,180,322,805股， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 除上述条款修订外，原《公司章程》其他条款的修订为非实质性修订。主要包括条款编号、援引条款序 号的相应调整、标点符号的调整、数字大小写替换以及"股东大会"统一修改为"股东会"等，因修订内容 较多且修订范围较广，不涉及权利义务变动，不进行逐条列示。 以上事项尚需提交股东大会审议，同时，公司董事会提请股东大会授权公司董事会及其授权人士办理上 述事项涉及的工商变更登记、《公司章程》备案等相关事宜，相关登记、备案最终以市场监督管理部门 核准的内容为准。修订后的《公司章程》于同日通过上海证券交易所网站（ www.sse.com.cn）予以披 露。 二、制定及修订部分内部治理制度的情况 为进一步加强公司的规范运作及内控管理水平，完善公司治理结构，根据《公司法》《章程指引》《上 海证券交易所科创板股票上市规则》《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》等法律法规、规范性文件以及《公司章程》的最新修订的情况，并结合公司实际情况，拟制定及修 订部分治理制度，具体情况如下： ■ 上述制度的制定及修订已经公司第二届董事会第六次会议审议通过，其中《合肥颀中科技 ...

Meeting Overview - The second board meeting of Hefei Qizhong Technology Co., Ltd. was held on August 21, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [1][2] Financial Reports - The board approved the 2025 semi-annual report and its summary, which had previously been reviewed by the audit committee [2] - The company reported that the management and actual use of raised funds for the first half of 2025 complied with relevant regulations, with no misuse of funds [2] Profit Distribution - A cash dividend of 0.5 yuan per 10 shares (including tax) was proposed, totaling approximately 59 million yuan, which represents 59.50% of the net profit attributable to shareholders for the first half of 2025 [3] Stock Incentive Plan - The board approved a revised draft of the 2024 restricted stock incentive plan to promote high-quality development [4] Independent Director Appointment - The resignation of independent director Hu Xiaolin was noted, and the board nominated Jie Guangjun as a candidate for the independent director position, pending shareholder approval [5][6] Committee Adjustments - The board approved the adjustment of committee members following the resignation of Hu Xiaolin, ensuring compliance with legal requirements [7] Director Compensation - A proposal to adjust the compensation for independent directors was approved, with the specifics to be submitted for shareholder approval [8] Governance Structure Changes - The board approved the cancellation of the supervisory board and the revision of the company’s articles of association, pending shareholder approval [9] Internal Governance - The board approved the formulation and revision of certain governance systems to enhance operational compliance and internal control [9] Performance Evaluation - The semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Action Plan" for 2025 was approved, reflecting the company's commitment to investor interests [10] Loan Application - The company plans to apply for a fixed asset loan from CITIC Bank to support the construction of a project, which aligns with its business development strategy [11] Upcoming Shareholder Meeting - The board agreed to convene the first temporary shareholder meeting of 2025, with details to be announced later [11]

合肥颀中科技股份有限公司监事会 关于公司 2024 年限制性股票激励计划（草案二次修订稿） 的核查意见 合肥颀中科技股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》 （以下简称" 《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证 券法》"）、 《上市公司股权激励管理办法》 （以下简称" 《管理办法》"）、 《上海证券 交易所科创板股票上市规则》 （以下简称"《上市规则》"）、 《科创板上市公司自律 监管指南第 4 号——股权激励信息披露》 （以下简称"《自律监管指南》"）等相关 法律、法规及规范性文件和《合肥颀中科技股份有限公司章程》 （以下简称"《公 司章程》"）的有关规定，对《合肥颀中科技股份有限公司 2024 年限制性股票激 励计划（草案二次修订稿）》 的； （5）中国证券监督管理委员会（以下简称"中国证监会"）认定的其他情形。 公司具备实施股权激励计划的主体资格。 法律、法规和规范性文件及《公司章程》规定的任职资格，且不存在下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选；（2）最近 12 个月内被中 国证监会及其派出机构认定为不适当人选；（3）最近 1 ...

证券代码：688352 证券简称：颀中科技 公告编号：2025-045 合肥颀中科技股份有限公司 第二届监事会第六次会议决议公告 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 合肥颀中科技股份有限公司（以下简称"公司"）第二届监事会第六次会 议通知于 2025 年 8 月 11 日以通讯和邮件方式发出，于 2025 年 8 月 21 日以现 场及通讯相结合的方式召开。会议由监事会主席杨国庆女士主持，本次会议应 出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开方式符合《中华人 民共和国公司法》 （以下简称" 《公司法》"） 《合肥颀中科技股份有限公司章程》 及《合肥颀中科技股份有限公司监事会议事规则》的相关规定，会议决议合法 有效。 二、监事会会议审议情况 本次会议审议表决，通过了相关议案，形成决议如下： （一）会议审议通过了《关于公司 2025 年半年度报告全文及摘要的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：公司编制和审核的《合肥颀中科技股份有限公司 ...

Core Points - The core point of the article is the second revised draft of Hefei Qizhong Technology Co., Ltd.'s 2024 Restricted Stock Incentive Plan, which aims to establish a long-term incentive mechanism to attract and retain key management and technical personnel, thereby enhancing the company's competitiveness and aligning the interests of shareholders and the core team [3][12]. Group 1: Incentive Plan Overview - The incentive plan is based on various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [3]. - The plan involves granting 35.671119 million restricted stocks, accounting for 3.00% of the company's total share capital as of the plan's announcement date [4][17]. - The initial grant consists of 34.950985 million shares, representing 2.94% of the total share capital [17]. Group 2: Eligibility and Distribution - The plan targets 259 individuals, including directors, senior management, and core technical personnel, excluding independent directors and major shareholders [4][14]. - The initial grant will not exceed 1.00% of the total share capital for any individual participant [18][20]. - The plan includes provisions for reserving stocks for future grants, which must be approved by the board and disclosed accordingly [5][15]. Group 3: Grant Price and Vesting Schedule - The grant price for the initial restricted stocks is set at 6.25 yuan per share [5]. - The vesting schedule stipulates that the stocks will vest in three phases after a 24-month period, with vesting ratios of 30%, 30%, and 40% [6][23]. - The plan's total duration is capped at 72 months from the grant date [21]. Group 4: Performance Metrics - The performance metrics for vesting include earnings per share, revenue growth rate, and net profit margin, with specific thresholds set against industry benchmarks [6][7]. - The performance assessment will be conducted annually, using the average revenue from 2021 to 2023 as a baseline [7][23]. Group 5: Compliance and Governance - The plan requires approval from the shareholders' meeting and must comply with relevant regulations, ensuring that it does not harm the interests of the company or its shareholders [12][13]. - The supervisory board and independent directors will oversee the implementation and compliance of the incentive plan [13][16].

Summary of Key Points Core Viewpoint The company, Hefei Qizhong Technology Co., Ltd., has proposed a second revised draft of its 2024 Restricted Stock Incentive Plan, aiming to enhance corporate governance and attract key talent through a stock incentive mechanism. Group 1: Incentive Plan Overview - The total number of restricted stocks to be granted is 35.671119 million shares, accounting for approximately 3.00% of the company's total share capital as of the announcement date [2][4] - The initial grant consists of 34.950985 million shares, representing about 2.94% of the total share capital, while 720134 shares are reserved, making up 0.06% of the total [2][4] Group 2: Purpose of the Incentive Plan - The plan aims to improve the company's governance structure, establish a long-term incentive mechanism, and align the interests of shareholders, the company, and the core team [2][3] Group 3: Incentive Mechanism and Stock Source - The incentive method involves the issuance of second-class restricted stocks [3][4] - The stocks will be sourced from the company's directed issuance of A-shares or repurchased shares from the secondary market [3][4] Group 4: Granting and Vesting Conditions - The initial grant of restricted stocks is subject to performance conditions, including achieving specific financial metrics such as earnings per share and revenue growth rates [15][18] - The vesting period for the granted stocks is set for a maximum of 72 months, with specific vesting schedules outlined [9][12] Group 5: Performance Assessment - The performance assessment will be based on three key indicators: earnings per share, revenue growth rate, and net profit margin, with specific targets set for each assessment period [19][24] - The plan includes a detailed evaluation process for both company-level and individual performance [23][24] Group 6: Legal and Regulatory Compliance - The plan complies with relevant laws and regulations, including the Company Law and Securities Law, ensuring that the incentive mechanism is legally sound [3][15] - The company will conduct necessary disclosures and obtain approvals from the board and shareholders before implementation [25][26]