Core Insights - Shanghai Hejing Silicon Materials Co., Ltd. reported a revenue of 625 million yuan for the first half of 2025, representing a year-on-year increase of 15.26% [1] - The net profit attributable to shareholders reached 59.71 million yuan, up 23.86% year-on-year, while the net profit after deducting non-recurring items was 59.18 million yuan, reflecting a 42.15% increase [1] Revenue and Profit Growth - The company's main business focuses on the research, production, and sales of semiconductor silicon epitaxial wafers [1] - Key drivers for the revenue growth in the first half of 2025 included enhanced market expansion and the implementation of differentiated competition strategies [1] - Sales volume for 8-inch and 12-inch products increased year-on-year, with a significant growth of 151.9% in 12-inch product sales compared to the same period last year [1] Capacity Utilization and Production - The release of previously invested capacity contributed to the performance, with ongoing expansion in certain product lines leading to improved capacity utilization [1] - The capacity utilization rate for 8-inch products increased by 12.6% year-on-year, while the 12-inch products saw a 27.9% year-on-year increase in capacity utilization [1] Quarterly Performance - In the second quarter of 2025, the company achieved a revenue of 345 million yuan, representing a quarter-on-quarter growth of 23.13% [1] - The net profit attributable to shareholders for the second quarter was 40.50 million yuan, showing a remarkable quarter-on-quarter increase of 110.87% [1] - The net profit after deducting non-recurring items for the second quarter was 43.66 million yuan, reflecting a quarter-on-quarter growth of 181.38%, indicating a significant improvement in operational performance [1]

Core Viewpoint - Shanghai Hejing's stock price dropped by 4.24% on September 2, with a trading volume of 245 million yuan and a market capitalization of 16.37 billion yuan [1] Group 1: Company Overview - Shanghai Hejing Silicon Materials Co., Ltd. specializes in the research, production, and sales of semiconductor silicon epitaxial wafers, with its core products being 8-inch and smaller epitaxial wafers used for power devices and analog chips [2] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] - As of August 20, the number of shareholders in Shanghai Hejing increased by 26.43% to 20,900, with an average of 16,278 circulating shares per person, a decrease of 20.91% [7] Group 2: Financial Performance - For the first half of 2025, Shanghai Hejing achieved a revenue of 625 million yuan, representing a year-on-year growth of 15.26%, and a net profit attributable to shareholders of 59.71 million yuan, up 23.86% year-on-year [7] - The company has a significant overseas revenue share of 85.40%, benefiting from the depreciation of the RMB [3] Group 3: Market Activity - The stock experienced a net outflow of 39.04 million yuan today, with a total net outflow of 1.74 billion yuan over the past 20 days, indicating a lack of clear trend in major funds [4][5] - The average trading cost of the stock is 23.73 yuan, with the current price fluctuating between a resistance level of 28.35 yuan and a support level of 18.48 yuan, suggesting potential for range trading [6] Group 4: Shareholder and Dividend Information - Since its A-share listing, Shanghai Hejing has distributed a total of 332 million yuan in dividends [8] - As of June 30, 2025, the sixth largest circulating shareholder is the Harvest SSE STAR Chip ETF, holding 4.7253 million shares as a new shareholder [8]

Core Viewpoint - Shanghai Hejing (688584.SH) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance compared to the same period last year [1][3]. Financial Performance - The company's total revenue reached 625 million yuan, an increase of 82.78 million yuan, representing a year-on-year growth of 15.26% [1]. - The net profit attributable to shareholders was 59.71 million yuan, up by 11.50 million yuan, reflecting a year-on-year increase of 23.86% [1]. - Operating cash flow amounted to 196 million yuan, an increase of 26.33 million yuan, with a year-on-year growth of 15.53% [1]. Profitability Metrics - The latest asset-liability ratio stands at 10.18%, a decrease of 7.69 percentage points compared to the same period last year [3]. - The gross profit margin is reported at 28.32%, an increase of 4.79 percentage points from the previous quarter [3]. - The return on equity (ROE) is 1.47%, which is an increase of 0.27 percentage points year-on-year [3]. Earnings and Efficiency - The diluted earnings per share (EPS) is 0.09 yuan, an increase of 0.01 yuan, reflecting a year-on-year growth of 12.50% [4]. - The total asset turnover ratio is 0.14 times, an increase of 0.01 times, representing a year-on-year growth of 8.88% [4]. - The inventory turnover ratio is 1.45 times, an increase of 0.29 times, with a year-on-year growth of 25.16% [4]. Shareholder Structure - The number of shareholders is 15,900, with the top ten shareholders holding 568 million shares, accounting for 85.35% of the total share capital [4]. - The largest shareholder is SILICON TECHNOLOGY INVESTMENT (CAYMAN) CORP. with a holding of 48.03% [4].

Core Viewpoint - Shanghai Hejing (688584) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 625 million yuan, a year-on-year increase of 15.26% [1] - Net profit attributable to shareholders was 59.71 million yuan, up 23.86% year-on-year [1] - In Q2 2025, total revenue was 345 million yuan, reflecting a 17.64% increase year-on-year [1] - Q2 net profit attributable to shareholders was 40.50 million yuan, a 35.27% increase year-on-year [1] - Gross margin was 28.32%, a slight decrease of 0.14% year-on-year, while net margin improved to 9.55%, an increase of 7.46% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 52.90 million yuan, accounting for 8.46% of revenue, down 5.24% year-on-year [1] Balance Sheet Highlights - Accounts receivable stood at 258 million yuan, representing a 5.83% increase year-on-year, with accounts receivable to net profit ratio at 213.65% [1][3] - Cash and cash equivalents decreased by 42.65% to 970 million yuan [1] - Interest-bearing debt was reduced by 51.90% to 202 million yuan [1] Earnings Per Share - Earnings per share (EPS) increased to 0.09 yuan, a 12.50% rise year-on-year [1] - Operating cash flow per share improved to 0.29 yuan, reflecting a 15.53% increase year-on-year [1] - Net asset value per share was 6.12 yuan, up 0.65% year-on-year [1] Business Model and Strategy - The company's performance is primarily driven by research and development, indicating a need for careful analysis of the underlying factors [2] - The company aims to optimize its 8-inch product structure and maximize output, targeting to become a benchmark in the domestic market [4] - The 12-inch production capacity is being developed in phases, with plans to expand capacity based on market demand [5]

Core Points - The company Shanghai Hejing Silicon Materials Co., Ltd. has reported on the status of its fundraising activities for the first half of 2025, confirming compliance with relevant regulations and the proper management of raised funds [1][12]. Fundraising Overview - The company issued 66,206,036 shares at a price of 22.66 RMB per share, raising a total of approximately 1.5 billion RMB, with a net amount of about 1.39 billion RMB after deducting issuance costs [1]. - As of June 30, 2025, the company has utilized approximately 868.68 million RMB of the raised funds, leaving a balance of about 537.75 million RMB [2]. Fund Management - The company has established a fundraising management system to ensure the safety and proper use of the raised funds, in accordance with the Shanghai Stock Exchange regulations [2]. - A tripartite supervision agreement has been signed with banks to oversee the management of the fundraising account, ensuring compliance with legal requirements [3]. Cash Management - The company has approved the use of up to 735 million RMB of temporarily idle funds for cash management, focusing on low-risk, high-liquidity financial products [5]. - As of June 30, 2025, the balance of idle funds under cash management was approximately 482.55 million RMB [6]. Fund Usage and Adjustments - There were no instances of using idle funds to temporarily supplement working capital during the reporting period [6]. - The company has not made any changes to the fundraising projects or reported any surplus funds as of June 30, 2025 [11][7]. Project Delays - The timeline for the "High-Quality Epitaxial Wafer R&D and Industrialization Project" has been extended to December 2026 due to market demand changes [10].

Group 1 - The company Shanghai Hejing (688584.SH) reported a revenue of 625 million yuan for the first half of 2025, representing a year-on-year increase of 15.26% [1] - The net profit attributable to shareholders reached 59.71 million yuan, showing a year-on-year growth of 23.86% [1] - The net profit excluding non-recurring items was 59.18 million yuan, which is a year-on-year increase of 42.15% [1] - The basic earnings per share stood at 0.09 yuan [1]

Group 1 - The company Shanghai Hejing reported a revenue of 625.08 million yuan for the first half of 2025, representing a year-on-year growth of 15.26% [1] - The net profit attributable to shareholders of the listed company was 59.71 million yuan, showing a year-on-year increase of 23.86% [1]

证券代码：688584 证券简称：上海合晶 公告编号：2025-037 上海合晶硅材料股份有限公司 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： 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 09 月 09 日（星期二）15:00-16:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开时间：2025 年 09 月 09 日（星期二）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演 ...

Core Viewpoint - Shanghai Hejing (688584.SH) reported a significant increase in revenue and net profit for the first half of the year, driven by industry recovery and increased demand from downstream customers [1] Financial Performance - The company achieved operating revenue of 625.08 million yuan, representing a year-on-year growth of 15.26% [1] - The net profit attributable to the parent company was 59.71 million yuan, with a year-on-year increase of 23.86% [1] Industry Dynamics - The growth in performance is attributed to the recovery in industry sentiment, with downstream customer inventory levels returning to reasonable levels, leading to increased product sales and high capacity utilization [1] - The demand for power devices and analog chips has rebounded, contributing to the growth in epitaxial wafer demand [1] Strategic Initiatives - The company is actively investing in the research and development of 12-inch large silicon wafers and expanding production capacity [1] - The mass production of 12-inch 55nm CIS epitaxial wafers and the research and development of 28nm P/P- epitaxial wafers are underway, with increased customer demand for 12-inch products driving sales growth [1] - The differentiated strategy for 8-inch products is being implemented to promote high-end domestic substitution in the power device sector [1]

上海合晶硅材料股份有限公司2025 年半年度报告 公司代码：688584 公司简称：上海合晶 上海合晶硅材料股份有限公司 2025 年半年度报告 1 / 188 上海合晶硅材料股份有限公司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，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及应对措施，敬请查阅本报告"第三节 管理层讨论与分析"之"四、风险 因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人毛瑞源、主管会计工作负责人方时彬及会计机构负责人（会计主管人员）陈重 光声明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司规划、发展战略等非既成事实的前瞻性陈述，不构 ...