Investment Rating - The investment rating for the company is "Buy-A" with a target price of 103.02 CNY per share, maintaining the rating [6]. Core Viewpoints - The company has achieved significant revenue growth driven by technological breakthroughs and accelerated domestic substitution demand, leading to an expansion of its customer base and order volume. Although the company has not yet turned a profit, the loss margin has narrowed significantly year-on-year [2][9]. - The company has increased its R&D investment and implemented equity incentives, which have led to higher share-based payment expenses, putting some pressure on short-term profits. The overall gross margin for H1 2025 was 54.31%, an increase of 8.08 percentage points year-on-year [2][9]. - The company has successfully mass-produced seven major devices and has established a complete yield management solution with nine series of equipment and three series of software, meeting the needs of leading domestic customers [3][4]. Financial Performance Summary - In H1 2025, the company achieved operating revenue of 702 million CNY, a year-on-year increase of 51.39%. The net profit attributable to the parent company was a loss of 18 million CNY, a year-on-year reduction in loss of 73.01% [1][2]. - For Q2 2025, the company reported operating revenue of 408 million CNY, a year-on-year increase of 78.73%, with a net profit loss of 3 million CNY, a year-on-year reduction in loss of 96.68% [1][2]. - The company expects revenues of 2.071 billion CNY, 3.023 billion CNY, and 4.202 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits of 249 million CNY, 453 million CNY, and 636 million CNY for the same years [9][11].

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company has shown continuous high revenue growth, with a projected revenue increase from 890.90 million in 2023 to 2,137.85 million in 2025, reflecting a year-on-year growth of 74.95% in 2023 and 54.87% in 2025 [1] - The company's net profit is expected to recover significantly, with a forecasted net profit of 217.34 million in 2025, compared to a loss of 11.53 million in 2024 [1] - The report highlights the successful progress in the research and development of advanced process measurement equipment, with significant customer validation and delivery milestones achieved [7] Financial Summary - Total revenue is projected to reach 1,380 million in 2024, 2,138 million in 2025, and continue to grow to 4,475 million by 2027, with corresponding year-on-year growth rates of 54.94%, 54.87%, and 39.77% respectively [8] - The company's gross margin is expected to improve, with a forecasted gross margin of 49.37% in 2025 [8] - Research and development expenses are anticipated to remain high, reaching 705 million in 2025, which is a 37.8% increase from the previous year [7] Product Development and Market Position - The company has successfully validated and delivered over 300 units of non-graphic wafer inspection equipment, covering advanced process nodes of 2Xnm and above [7] - The report notes that the company has delivered over 400 units of graphic defect detection equipment, with applications in logic, storage, and advanced packaging fields [7] - The company is expanding its product lines, including 3D morphology measurement equipment and film thickness measurement equipment, which have shown steady order growth and increasing market share [7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant revenue increase in Q2 2025, achieving 408 million yuan, a year-on-year growth of 78.73%, driven by accelerated order confirmations [3] - The gross margin improved, indicating a potential turning point in profitability, with Q2 2025 net profit nearing breakeven [4] - The company plans to raise 2.5 billion yuan for R&D and production capacity expansion, focusing on high-end semiconductor quality control equipment [5] Summary by Sections Event Overview - The company released its mid-year report for 2025 [2] Revenue Growth - In H1 2025, the company achieved revenue of 702 million yuan, a year-on-year increase of 51.39% [3] - The revenue from detection equipment was 426 million yuan, while measurement equipment revenue was 256 million yuan, reflecting strong demand and order growth [3] Profitability Improvement - The company reported a net loss of 18 million yuan in H1 2025, with Q2 losses narrowing significantly [4] - The gross margin for H1 2025 was 54.31%, up 8.08 percentage points year-on-year, driven by an increase in advanced process products [4] Future Projections - Revenue projections for 2025-2027 are 2.074 billion, 3.078 billion, and 4.421 billion yuan, with respective year-on-year growth rates of 50.3%, 48.4%, and 43.6% [6] - Expected net profits for the same period are 280 million, 618 million, and 854 million yuan, with substantial growth rates [6] Investment Strategy - The company maintains its "Accumulate" rating, with a target price based on projected earnings per share of 0.87, 1.92, and 2.65 yuan for 2025-2027 [6]

Core Viewpoint - The company has provided a detailed report on its fundraising activities and financial performance for the first half of 2025, ensuring compliance with regulatory requirements and maintaining transparency in its operations [1][20]. Group 1: Fundraising Overview - The company successfully completed its initial public offering (IPO) on May 19, 2023, raising a total of RMB 188.8 million, with a net amount of RMB 169.84 million after deducting issuance costs [2][4]. - As of June 30, 2025, the balance in the fundraising special account was RMB 12.73 million, indicating effective management of the raised funds [4][6]. Group 2: Fund Usage and Management - The company has invested a total of RMB 147.09 million from the raised funds into relevant projects as of June 30, 2025 [6][19]. - There were no instances of using idle fundraising for temporary working capital during the reporting period, demonstrating prudent financial management [10][12]. - The company has established a fundraising management system to ensure proper storage and usage of the funds, complying with regulatory guidelines [4][9]. Group 3: Impairment Provisions - The company recognized a total impairment provision of RMB 38.07 million for the first half of 2025, which includes credit impairment losses and asset impairment losses [23][26]. - The credit impairment loss amounted to RMB 230,080.62, while the asset impairment loss was RMB 37.84 million, reflecting a thorough assessment of the company's financial health [24][25]. Group 4: Corporate Governance - The board of directors and the supervisory board have confirmed the accuracy and completeness of the reports, ensuring accountability and adherence to legal responsibilities [1][20]. - The supervisory board approved the reports related to fundraising and financial performance, affirming that all disclosures were made in accordance with relevant regulations [34][32].

Group 1 - The company Zhongke Feice announced the approval of its full text and summary proposals during the 14th meeting of the second supervisory board [2] - The announcement was made on the evening of August 18 [2] - The meeting focused on the company's proposals and their implications for future operations [2]

智通财经APP讯，中科飞测(688361.SH)发布2025年半年度报告，该公司营业收入为7.02亿元，同比增长 51.39%。归属于上市公司股东的净亏损为1835.43万元，同比收窄。归属于上市公司股东的扣除非经常 性损益的净亏损为1.1亿元。基本每股亏损为0.06元。 报告期，亏损幅度收窄，主要系公司营收规模的持续稳定增长，以及研发投入占营业收入的比例同比有 所下降等因素影响所致。 ...

Core Insights - Zhongke Feicai (688361.SH) reported a significant increase in revenue for the first half of 2025, achieving 702 million yuan, which represents a year-on-year growth of 51.39% [1] - The company experienced a net loss attributable to shareholders of 18.35 million yuan, with a basic earnings per share of -0.06 yuan [1] - The revenue growth is attributed to breakthroughs in core technology, an expanding product range, rapid development of domestic substitution demand, and increasing market recognition, leading to a sustained increase in customer base and orders [1] Financial Performance - Revenue for the reporting period reached 702 million yuan, marking a 51.39% increase compared to the previous year [1] - The net profit attributable to shareholders was -18.35 million yuan, indicating a loss [1] - Basic earnings per share stood at -0.06 yuan [1] Market Dynamics - The growth in revenue is driven by advancements in core technology and a broader variety of products offered by the company [1] - There is a notable increase in domestic substitution demand, which has positively impacted the company's performance [1] - The company has seen a steady rise in market recognition, contributing to the growth in its customer base and order volume [1]

Core Viewpoint - Shenzhen Zhongke Feimece Technology Co., Ltd. reported a significant increase in revenue for the first half of 2025, driven by advancements in core technology and a growing customer base in the semiconductor quality control sector [3][4][5]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 702.17 million yuan, representing a year-on-year increase of 51.39% [4]. - The net profit attributable to shareholders was -18.35 million yuan, showing a reduction in losses compared to the previous year [4][5]. - The company's net assets increased by 3.54% to approximately 2.52 billion yuan [4]. Industry Situation - The semiconductor equipment industry is closely tied to the semiconductor industry's overall health, with a projected global wafer capacity growth of 6% in 2024 and 7% in 2025 [5][6]. - China is expected to see a 15% increase in wafer capacity in 2024, further growing by 14% in 2025, making it the largest producer and consumer of integrated circuits globally [5][6]. - The semiconductor testing and measurement equipment market is projected to reach 14.35 billion USD in 2024, with a compound annual growth rate of 27.73% from 2020 to 2024 in China [5][6]. Main Business Situation - The company focuses on high-end semiconductor quality control, providing a full range of yield management solutions, including equipment products, intelligent software, and related services [7][8]. - The product lineup includes various optical detection and measurement devices, with significant advancements in technology and product offerings [7][8][9]. - The company has established a comprehensive strategy in equipment and software, enhancing its competitive edge in the semiconductor market [7][8]. Product Development - The company has delivered over 300 units of non-pattern wafer defect detection equipment, with a growing market share among major integrated circuit manufacturers [10][11]. - The pattern wafer defect detection equipment has also seen increased adoption, with over 400 units delivered to various customers [11][12]. - The three-dimensional morphology measurement equipment has been successfully integrated into production lines, with over 200 units delivered [12].

深圳中科飞测科技股份有限公司2025 年半年度报告摘要 公司代码：688361 公司简称：中科飞测 深圳中科飞测科技股份有限公司 深圳中科飞测科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描述可 能存在的相关风险，敬请查阅"第三节管理层讨论与分析"之"四、风险因素"部分内容。 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。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 上海证券交易所科 A股 中科飞测 688361 无 创板 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书 证券事务代表 （信息披露境内代表） 姓名 古凯男 无 电话 0755-26418302 无 办公地址 深圳市龙华区观澜街道观光路 无 银星科技园1301号 电子信箱 IR@skyverse.cn 无 深圳中科飞测科技股份 ...

证券代码：688361 证券简称：中科飞测 公告编号：2025-042 深圳中科飞测科技股份有限公司 第二届监事会第十四次会议决议公告 （二）审议通过《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>的议案》 监事会认为：公司 2025 年半年度募集资金存放与实际使用情况符合《上海 证券交易所科创板股票上市规则》《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》等有关法律法规和规范 性文件以及《深圳中科飞测科技股份有限公司章程》《深圳中科飞测科技股份有 限公司募集资金管理和使用办法》的相关规定，公司关于 2025 年半年度募集资 金存放与实际使用情况的专项报告真实、准确、完整地披露了公司募集资金存放 及使用管理情况。补充流动资金、现金管理等事宜均按照相关法律法规的要求履 行了必要的审议程序及信息披露义务，公司募集资金使用情况与已披露的内容一 致，不存在违规情形，不存在损害公司及股东特别是中小股东利益的情形。同意 二、 监事会会议审议情况 与会监事对本次会议议案进行了审议，并表决通过了以下事项： （一）审议通过《关于公司<2025 年半年度报告> ...