Summary of Earnings Call Notes Industry Overview - The notes primarily focus on the mechanical industry and several companies within it, including 中科飞测 (Zhongke Feice), 科瑞技术 (Kerry Technology), 博杰股份 (Bojie Co.), 华兴源创 (Huaxing Yuanchuang), 正帆科技 (Zhengfan Technology), 曼恩斯特 (Mannste), and 信宇人 (Xinyuren) [1][2][5][7][10][12][13][14]. Key Points and Arguments 中科飞测 (Zhongke Feice) - **Performance Recovery**: Expected revenue for 2025 is projected to be between 1.95 billion to 2.15 billion yuan, representing a year-on-year increase of 41.3% to 55.8%. Net profit is expected to be between 48 million to 72 million yuan, marking a turnaround from losses [2][4]. - **Core Technology Breakthrough**: The company has achieved breakthroughs in core technologies, leading to rapid iterations of product lines and significant revenue contributions from new and upgraded products [4]. - **Scale Effect**: As revenue grows, the proportion of R&D investment has decreased year-on-year, enhancing overall profitability [4]. - **Strong Domestic Demand**: The acceleration of domestic substitution in semiconductor equipment has allowed core products to enter major clients' production lines, resulting in bulk shipments [4]. 科瑞技术 (Kerry Technology) - **Significant Growth**: Expected net profit for 2025 is projected to be between 235 million to 300 million yuan, a substantial increase of 68.61% to 115.25% year-on-year. Non-recurring net profit is expected to be between 130 million to 190 million yuan, with a growth of 4.69% to 53.01% [5]. - **Client Expansion**: The company has aggressively expanded its client base in the semiconductor and optical module sectors, leading to increased revenue [5]. - **Operational Efficiency**: Improved management practices have reduced credit and asset impairment losses, thereby safeguarding profit margins [5]. - **Non-recurring Gains**: The sale of a subsidiary contributed approximately 82 million yuan to net profit [5]. 博杰股份 (Bojie Co.) - **Explosive Growth**: Expected revenue for 2025 is projected to be between 1.7 billion to 1.95 billion yuan, with a year-on-year increase of 38% to 58%. Net profit is expected to be between 130 million to 160 million yuan, reflecting a staggering increase of 484% to 619% [7]. - **AI Server Business Surge**: The expansion of computing infrastructure has led to significant deliveries of AI servers and related testing equipment [7]. - **New Energy Vehicle Growth**: The acquisition of Guanghao Jie has enhanced the scale of automotive electronics business [7]. - **MLCC Equipment Demand Recovery**: Strong downstream demand has led to a continuous increase in orders for related equipment [7]. 华兴源创 (Huaxing Yuanchuang) - **Turnaround**: Expected net profit for 2025 is approximately 85 million yuan, a recovery from a loss of 497 million yuan in the previous year [10]. - **Industry Recovery**: The company benefits from the recovery in consumer electronics and AI technology advancements, alongside government subsidy policies [10]. - **Asset Quality Improvement**: The reduction in goodwill impairment losses is expected to significantly improve asset quality [10]. - **Efficiency Enhancements**: Optimizing product structure and cost reduction measures have led to overall operational improvements [10]. 正帆科技 (Zhengfan Technology) - **Performance Pressure**: Expected revenue for 2025 is projected to be between 4.8 billion to 5.1 billion yuan, a decrease of 7% to 12%. Net profit is expected to decline to between 11 million to 15 million yuan, a drop of 72% to 79% [12]. - **Revenue and Margin Decline**: The decline is attributed to reduced capital expenditures in downstream industries and increased market competition [12]. - **Increased Depreciation Costs**: New capacity investments have led to higher depreciation expenses [12]. - **Financial Costs Rise**: Increased interest expenses due to investments and loans have pressured profitability [12]. 曼恩斯特 (Mannste) - **Short-term Losses**: Expected net profit for 2025 is projected to be between -110 million to -90 million yuan, indicating a shift from profit to loss [13]. - **Order Challenges**: A decrease in new orders and increased competition have negatively impacted revenue [13]. - **Strategic Transition**: The company is undergoing a strategic transformation, increasing R&D investments and market presence, which has raised operational costs [13]. - **Future Outlook**: Anticipated recovery in the lithium battery sector may improve order volumes in the future [13]. 信宇人 (Xinyuren) - **Increased Losses**: Expected net profit for 2025 is projected to be between -480 million to -400 million yuan, indicating a worsening loss situation [14]. - **Price Pressure**: Low demand and intense competition have led to declining product prices and gross margins [14]. - **Asset Impairment**: Increased inventory write-downs and longer accounts receivable aging have contributed to higher impairment losses [14]. - **Future Strategies**: The company plans to optimize client structure and enhance operational efficiency to gradually improve gross margins [15].

Group 1 - The company expects to achieve an operating revenue of RMB 195,000.00 million to RMB 215,000.00 million for the year 2025, representing an increase of RMB 56,962.12 million to RMB 76,962.12 million compared to the previous year, with a year-on-year growth of 41.27% to 55.75% [1] - The net profit attributable to the parent company is projected to be between RMB 48,000.00 million and RMB 72,000.00 million, marking an increase of RMB 5,952.51 million to RMB 8,352.51 million, indicating a turnaround from loss to profit [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, is expected to be between RMB -14,500.00 million and RMB -10,000.00 million, showing a decrease of RMB 2,089.63 million to an increase of RMB 2,410.37 million compared to the previous year [1] Group 2 - The previous year's operating revenue was RMB 138,037.88 million [2] - The previous year's net profit attributable to the parent company was RMB -1,152.51 million [2] - The previous year's net profit attributable to the parent company, after deducting non-recurring gains and losses, was RMB -12,410.37 million [2] Group 3 - The main reasons for the performance changes in 2025 include sustained rapid growth in operating revenue due to breakthroughs in core technology, continuous industrialization, and product upgrades, enhancing the company's competitive advantages [4] - The turnaround to profit for the net profit attributable to the parent company is primarily due to the gradual realization of scale effects, with R&D investment increasing steadily but its proportion to operating revenue decreasing year-on-year, leading to improved profitability [4]

证券代码：688361 证券简称：中科飞测 公告编号：2026-005 深圳中科飞测科技股份有限公司 2025年年度业绩预告 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、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经深圳中科飞测科技股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年年度实现营 业收入人民币195,000.00万元到215,000.00万元，较上年同期相比，将增加56,962.12万元到76,962.12万 元，同比增长41.27%至55.75%。 2、预计2025年度归属于母公司所有者的净利润4,800.00万元到7,200.00万元，与上年同期相比，将增加 5,952.51万元到8,352.51万元，实现扭亏为盈。 本次业绩预告是公司财务部门基于自身专业判断进行的初步核算数据，尚未经注册会计师审计。公司不 存在影响本次业绩预告内容准确性的重大不确定因素。 3、预计2025年度归属于母公司所有者扣除非经常性损益后的净利润- ...

Group 1 - The company, Zhongke Feice, announced an expected net profit attributable to the parent company of between 48 million to 72 million yuan for the fiscal year 2025, indicating a significant turnaround from previous losses [1] - This represents an increase of 59.5251 million to 83.5251 million yuan compared to the same period last year, marking a successful transition to profitability [1]

Core Viewpoint - Zhongke Feimiao (688361.SH) expects significant revenue growth in 2025, projecting operating income between RMB 1.95 billion and RMB 2.15 billion, representing a year-on-year increase of 41.27% to 55.75, and a turnaround to profitability with net profit expected between RMB 48 million and RMB 72 million [1] Financial Projections - The company anticipates 2025 operating income to be between RMB 195,000.00 thousand and RMB 215,000.00 thousand, indicating a growth of 41.27% to 55.75% compared to the previous year [1] - Expected net profit attributable to the parent company is projected to be between RMB 48,000.00 thousand and RMB 72,000.00 thousand, marking a return to profitability [1] - The net profit after deducting non-recurring gains and losses is expected to range from RMB -14,500.00 thousand to RMB -10,000.00 thousand, showing a potential decrease of RMB 2,089.63 thousand to an increase of RMB 2,410.37 thousand compared to the previous year [1] Growth Drivers - The anticipated revenue growth is attributed to breakthroughs in core technologies, ongoing industrialization efforts, and iterative upgrades of various product lines, enhancing the company's competitive advantages in technology, customer resources, and product coverage [1] - The company expects to achieve profitability due to the gradual realization of scale effects, with R&D investment increasing steadily while its proportion of operating income decreases year-on-year, leading to improved profit margins [1]

Core Viewpoint - The company Zhongke Feice is expected to achieve a net profit attributable to shareholders of 48 million to 72 million yuan for the fiscal year 2025, marking a significant turnaround from losses in the previous year, with an increase of 59.5251 million to 83.5251 million yuan compared to the same period last year [1] Group 1: Financial Performance - The company anticipates a net profit turnaround for 2025, driven by sustained rapid growth in operating revenue [1] - The expected increase in net profit is attributed to the company's enhanced competitive advantages in core technology, customer resources, and product coverage [1] - The scale effect is gradually becoming evident, with R&D investment increasing but its proportion of operating revenue decreasing year-on-year, leading to improved profitability [1] Group 2: Industry Context - The nuclear power construction boom is creating high demand for equipment manufacturers, with orders already scheduled until 2028 [1] - Employees are working in three shifts, and production lines are operating 24 hours a day to meet the increased demand [1]

Core Viewpoint - The company, Zhongke Feice, is expected to achieve a turnaround in profitability for the year 2025, with a projected net profit attributable to shareholders ranging from 48 million to 72 million yuan, despite a forecasted net loss when excluding non-recurring items [1] Group 1: Financial Performance - The projected net profit for 2025 represents a significant improvement compared to the previous year, indicating a successful turnaround from losses [1] - The expected net profit excluding non-recurring items is forecasted to be between -145 million and -100 million yuan, highlighting ongoing challenges in certain areas [1] Group 2: Revenue Growth - The company anticipates sustained rapid growth in operating revenue for 2025, driven by breakthroughs in core technologies and ongoing industrialization efforts [1] - Enhanced competitive advantages in core technology, customer resources, and product coverage are expected to contribute to increased order volume and revenue [1] Group 3: Cost Management and Profitability - The company is expected to benefit from economies of scale, which will help improve profitability despite a steady increase in R&D investment [1] - The proportion of R&D expenses relative to operating revenue is projected to decrease year-on-year, contributing to improved profit margins [1]

Revenue Projections - The company expects 2025 annual revenue to be between RMB 1,950 million and RMB 2,150 million, an increase of RMB 569.62 million to RMB 769.62 million, representing a year-on-year growth of 41.27% to 55.75%[4]. - The previous year's revenue was RMB 1,380.38 million, with a net profit attributable to the parent company of RMB -115.25 million[5]. Profit Projections - The projected net profit attributable to the parent company for 2025 is expected to be between RMB 48 million and RMB 72 million, an increase of RMB 59.52 million to RMB 83.52 million, achieving a turnaround from loss to profit[4]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between RMB -145 million and RMB -100 million, a decrease of RMB 20.89 million to an increase of RMB 24.10 million compared to the previous year[4]. Factors Influencing Growth - The company attributes the revenue growth to breakthroughs in core technology, continuous industrialization, and product upgrades, enhancing competitive advantages in technology, customer resources, and product coverage[7]. - The company anticipates that the scale effect will gradually become apparent, with R&D investment steadily increasing but its proportion of revenue decreasing year-on-year, leading to improved profitability[7]. Earnings Forecast Validity - The earnings forecast is based on preliminary calculations by the company's finance department and has not yet been audited by registered accountants[8]. - There are no significant uncertainties affecting the accuracy of this earnings forecast[8]. - Investors are advised that the above forecast data is preliminary and the specific financial data will be disclosed in the official 2025 annual report[9].

Group 1 - The report emphasizes that advanced packaging is crucial for enhancing chip performance and reliability, especially in the context of the AI wave driving demand for higher integration and performance in semiconductors [8][21][25] - The semiconductor packaging and testing industry in China is expected to grow significantly, with the market size projected to reach 438.98 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029 [28][29] - Advanced packaging is anticipated to account for 50% of the semiconductor packaging market by 2029, with a CAGR of 10.6%, outpacing traditional packaging growth [28][29] Group 2 - The report highlights the rise of independent third-party testing services in the semiconductor industry, driven by the increasing number of IC design companies and the growing demand for testing services [42][43] - The competitive landscape for wafer testing is relatively concentrated due to high technical and investment barriers, with fewer participants compared to finished chip testing [42][43] - The report notes that independent third-party testing firms often collaborate with integrated packaging and testing companies, outsourcing wafer testing while also competing in finished chip testing [42][43]

Group 1 - The core viewpoint of the news highlights a strong performance of the semiconductor materials and equipment sector, with the CSI Semiconductor Materials and Equipment Theme Index rising by 2.43% as of January 27, 2026 [1] - Notable individual stocks within the index include Chipone Technology, which increased by 10.90%, and other companies like Shengen Co. and Jinhai Tong, which saw gains of 10.53% and 10.00% respectively [1] - The E Fund Semiconductor Equipment ETF (159558) also experienced a rise of 2.06%, with a latest price of 2.23 yuan, and a cumulative increase of 2.20% over the past two weeks [1] Group 2 - In terms of liquidity, the E Fund Semiconductor Equipment ETF recorded a turnover rate of 6.35% and a trading volume of 294 million yuan, with an average daily trading volume of 320 million yuan over the past week, ranking it among the top two in comparable funds [1] - The ETF's scale grew significantly, with an increase of 1.825 billion yuan over the past two weeks, placing it second among comparable funds [1] - The latest share count for the E Fund Semiconductor Equipment ETF reached 2.091 billion shares, marking a one-year high and ranking it second among comparable funds [1] Group 3 - Over the past 20 days, the E Fund Semiconductor Equipment ETF has seen continuous net inflows, with a peak single-day net inflow of 621 million yuan, totaling 2.758 billion yuan in net inflows and an average daily net inflow of 138 million yuan [1] - The CSI Semiconductor Materials and Equipment Theme Index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [1] - As of December 31, 2025, the top ten weighted stocks in the index accounted for 65.08% of the total, including companies like North Huachuang and Zhongwei Company [2]