Core Viewpoint - Hengshuo Co., Ltd. (688416) reported a slight decline in total revenue for the first half of 2025, with a total revenue of 174 million yuan, down 1.79% year-on-year, while the net profit attributable to shareholders improved by 4.8% to -70.78 million yuan [1] Financial Performance - Total revenue for the first half of 2025 was 174 million yuan, a decrease of 1.79% compared to 2024 [1] - Net profit attributable to shareholders was -70.78 million yuan, an improvement of 4.8% year-on-year [1] - Gross margin decreased to 12.31%, down 10.7% year-on-year [1] - Net margin was -40.62%, showing a slight improvement of 3.06% year-on-year [1] - Total expenses (selling, administrative, and financial) increased by 38.46%, accounting for 16.05% of total revenue [1] - Earnings per share improved to -0.86 yuan, up 4.44% year-on-year [1] - Operating cash flow per share was 0.49 yuan, a significant increase of 145.19% year-on-year [1] Balance Sheet Changes - Cash and cash equivalents decreased by 58.15% to 238 million yuan [1] - Accounts receivable increased by 22.78% to 144 million yuan [1] - Interest-bearing debt surged by 871.54% to 33.83 million yuan [1] - Prepayments increased significantly by 294.76% due to higher procurement payments [4] - Accounts payable rose by 72.02% due to increased procurement liabilities [5] Cash Flow Analysis - Net cash flow from operating activities improved by 145.35% due to reduced operating expenses [5] - Net cash flow from investing activities decreased by 94.03% due to reduced cash management activities [5] - Net cash flow from financing activities saw a drastic decline of 574.6% due to payments for share buybacks [5] Investment Insights - The company has a poor historical return on invested capital (ROIC), with a median ROIC of -7.6% since its listing [6] - The company has experienced four years of losses since its IPO, indicating a challenging investment outlook [6] - The largest fund holding Hengshuo Co., Ltd. is Huaxia Zhaoxin Hongrui Mixed A, which has increased its position [6]

Group 1 - The core point of the article is that 31 stocks will have their restrictions lifted next week, with a total market value of 23.481 billion yuan based on the latest closing prices [1] - Rongbai Technology has the highest market value of restricted shares to be released, with 250 million restricted shares becoming tradable next week, primarily consisting of original shareholders' restricted shares from the initial public offering [1] - Several companies, including Nine Company-WD, Baiwei Storage, Rongbai Technology, Wanma Co., and Yinhui Technology, have recently received institutional research [1] Group 2 - The table lists the stocks with the highest market value of restrictions lifted, including Rongzi Technology (5.707 billion yuan), Zhenhua Wind Power (5.282 billion yuan), and Xuantai Pharmaceutical (3.798 billion yuan) [3] - The percentage of restricted shares released relative to the total shares varies, with Xuantai Pharmaceutical having 68.61% of its shares restricted, while Zhenhua Wind Power has 43.04% [3] - The price changes since August for these stocks show varied performance, with Kai Ge Precision Machinery increasing by 31.54% and Xuantai Pharmaceutical decreasing by 4.01% [3]

Core Viewpoint - The company reported a revenue of 174.28 million yuan for the first half of 2025, a decrease of 1.79% year-on-year, and a net loss attributable to shareholders of 70.78 million yuan, indicating challenges in maintaining profitability amid intense market competition and declining product prices [1][4][10]. Financial Performance - Revenue for the reporting period was 174,275,106.79 yuan, down from 177,454,444.50 yuan in the same period last year [4]. - The total profit was -70,824,859.92 yuan, compared to -74,512,542.56 yuan in the previous year [4]. - The net profit attributable to shareholders was -70,782,426.57 yuan, a slight improvement from -74,350,170.06 yuan year-on-year [4]. - The net profit after deducting non-recurring gains and losses was -77,259,386.16 yuan, compared to -84,471,455.41 yuan in the previous year [4]. - The net cash flow from operating activities was 40,376,147.32 yuan, an increase from -89,030,502.93 yuan in the previous year [4]. Business Overview - The company operates in the semiconductor industry, focusing on the research, design, and sales of storage chips and microcontroller (MCU) chips [10]. - Main products include NOR Flash storage chips, general-purpose 32-bit MCU chips based on Arm Cortex-M0+ architecture, AI chips, and large-capacity storage products [10][12]. - The company employs a Fabless model, outsourcing wafer fabrication, testing, and packaging, allowing it to focus on design and development [10][11]. Product Development - The NOR Flash products utilize industry-recognized Floating Gate technology, with a focus on reliability and stability, and are expected to launch new architecture FLASH products in the second half of 2025 [10][12]. - The MCU product line has seen significant growth, with a 59.98% increase in sales and a 102.99% increase in shipment volume year-on-year [13]. - AI business products include general-purpose AI SoC chips and various AI algorithm models, with successful deployments in consumer electronics and industrial applications [14]. Market Position - The company aims to enhance its market share by expanding its product offerings in high-end applications such as industrial control and automotive electronics [14]. - The introduction of new NAND Flash and eMMC products is expected to meet the growing demand for high-performance storage solutions in smart devices [14].

Core Viewpoint - Hengshuo Semiconductor (Hefei) Co., Ltd. reported a decline in revenue and a significant net loss for the first half of 2025, attributed to intense market competition and low sales prices of its main products [1][2]. Financial Performance - The company achieved operating revenue of 174.28 million yuan, a year-on-year decrease of 1.79% [2]. - The net profit attributable to shareholders was -70.78 million yuan, with a net profit excluding non-recurring gains and losses of -77.26 million yuan [1][3]. - The gross profit margin declined compared to the same period last year, leading to a provision for inventory impairment of 33.30 million yuan [1]. Market Conditions - The company maintained its existing sales policy focused on shipment volume and market share amidst fierce competition [1]. - The sales prices of the company's main products remained at low levels, impacting overall profitability [1]. Assets and Liabilities - Total assets at the end of the reporting period were approximately 1.43 billion yuan, a decrease of 3.63% from the previous year [2]. - The net assets attributable to shareholders were not specified but indicated a decline in profitability metrics [2]. Shareholder Information - The total number of shareholders as of the reporting period was 7,951 [3]. - Major shareholders include Xiangdong Lu with 13.06% and Lyu Yinan with 8.28%, both of whom have signed a concerted action agreement [4].

Core Points - The company, Hengshuo Co., Ltd. (688416.SH), reported a revenue of 174.28 million yuan for the first half of 2025, representing a year-on-year decrease of 1.79% [1] - The net profit attributable to shareholders was -70.78 million yuan, with a net profit of -77.26 million yuan after deducting non-recurring gains and losses [1] - The company faced intense market competition, maintaining its existing sales policy focused on shipment volume and market share, while the sales prices of its main products remained low [1] Financial Performance - Revenue for the first half of 2025 was 174.28 million yuan, down 1.79% compared to the previous year [1] - The net loss attributable to shareholders was 70.78 million yuan, with a net loss of 77.26 million yuan after excluding non-recurring items [1] - The company recognized an inventory impairment provision of 33.30 million yuan during the reporting period due to cautious assessment of inventory sellability [1] Market Conditions - The company operates in a highly competitive market environment, which has pressured its pricing strategy and overall profitability [1] - The gross profit margin declined compared to the same period last year, indicating challenges in maintaining profitability amidst competitive pressures [1] - Future performance may be at risk if the sales prices and gross margins of the company's main products continue to decline due to industry fluctuations and market competition [1]

恒烁半导体（合肥）股份有限公司2025 年半年度报告 公司代码：688416 公司简称：恒烁股份 恒烁半导体（合肥）股份有限公司 2025 年半年度报告 1 / 172 恒烁半导体（合肥）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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。 二、 重大风险提示 报告期内公司实现营业收入 17,427.51 万元，同比减少 1.79%；实现归属于上市公司股东的净 利润-7,078.24 万元；归属于上市公司股东的扣除非经常性损益的净利润-7,725.94 万元。2025 年上 半年市场竞争激烈，公司维持原有市场销售政策，以出货量和市场份额为关键，公司主要产品的 销售价格仍然处于较低水平，毛利率相较于去年同期下滑，同时公司基于谨慎性原则，在充分考 虑期末存货的售价和适销性的基础上，报告期内计提存货跌价准备 3,329.94 万元，综合因素导致 业绩亏损。若未来公司主要产品的销售单价和毛利率受行业波动和市场竞争等因素影响进一步下 滑，则公司业绩存在继续下滑的风险。公司已在本 ...

证券代码：688416 证券简称：恒烁股份 公告编号：2025-039 恒烁半导体（合肥）股份有限公司 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 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和《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》《上海证券交易所科 创板股票上市规则》等有关规定，恒烁半导体（合肥）股份有限公司（以下简称 "公司"或"本公司"）编制了《2025 年半年度募集资金存放与实际使用情况的专项 报告》。具体如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意恒烁半导体（合肥）股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕1255 号）同意注册，公司首次 向社会公众发行人民币普通股 2,066.00 万股，每股面值为人民币 1.00 元，发行 价格为人民币 65.11 元/股，募集资金总额为人民币 1,345,172,600.00 元，扣除发 ...

证券代码：688416 证券简称：恒烁股份 公告编号：2025-040 恒烁半导体（合肥）股份有限公司 关于 2025 年半年度计提资产减值准备的公告 本公司董事会及全体董事保证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、计提减值准备的情况概述 根据《企业会计准则》以及公司财务制度等相关规定，为客观、公允地反映 公司截至 2025 年 6 月 30 日的财务状况及 2025 年 1-6 月的经营成果，基于谨慎 性原则，对截至 2025 年 6 月 30 日合并报表范围内可能发生信用及资产减值损失 的有关资产计提信用及资产减值准备。公司本次计提信用减值损失 65,884.80 元， 计提资产减值损失 33,299,448.55 元，具体情况如下表所示： 单位：元 | 项目 | | 计提金额 | | --- | --- | --- | | 信用减值损失 | 应收账款 | 101,098.31 | | | 其他应收款 | -35,213.51 | | 资产减值损失 | 存货 | 33,299,448.55 | | 合计 | | 33,365,333 ...

证券代码：688416 证券简称：恒烁股份 公告编号：2025-041 恒烁半导体（合肥）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 恒烁半导体（合肥）股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年半年度报告。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2025 年 9 月 2 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.cn）举 办恒烁股份（688416）2025 年半年度业绩说明会，与投资者进行沟通和交流， 广泛听取投资者的意见和建议。 会议召开时间：2025 年 9 月 2 日（星期二）15:00-16:00 会议召开方式：网络文字互动方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2025 年 9 月 2 日 12：00 前访问 ...

格隆汇8月22日｜恒烁股份公告，2025年上半年营业收入1.74亿元，同比减少1.79%。归属于上市公司股 东的净亏损7078.24万元，上年同期净亏损7435.02万元。综合因素导致业绩亏损。若未来公司主要产品 的销售单价和毛利率受行业波动和市场竞争等因素影响进一步下滑，则公司业绩存在继续下滑的风险。 ...