Core Viewpoint - HeXin Instrument, a company listed on the Sci-Tech Innovation Board, reported a significant decline in revenue and net profit for the first half of 2025, alongside plans to acquire a controlling stake in Shanghai Liangxi Technology [2][4]. Financial Performance - Revenue for the first half of 2025 was approximately 52.82 million yuan, a year-on-year decrease of 48.88% from 103.32 million yuan [3]. - The net profit attributable to shareholders was approximately -17.46 million yuan, a reduction in losses by 20.86% compared to -22.06 million yuan in the same period last year [3]. - The company's net assets increased slightly by 0.28% to approximately 385.35 million yuan, while total assets decreased by 5.60% to approximately 827.96 million yuan [3]. Business Environment - The company operates in the high-tech sector, focusing on the research, production, and sales of mass spectrometers, which are widely used in various fields such as environmental monitoring and food safety [4]. - The report indicated a significant decline in both revenue and costs, attributed to a slowdown in downstream investment and demand due to market adjustments [4][5]. Strategic Initiatives - HeXin Instrument is actively pursuing a major asset restructuring by planning to acquire a 56% stake in Shanghai Liangxi Technology for approximately 384 million yuan [6][7]. - The acquisition aims to enhance the company's core competitiveness and expand its product offerings in high-end scientific instruments, particularly in quantum computing applications [6][7]. Future Outlook - The company intends to leverage the acquisition to improve product performance and expand its market presence by integrating resources from both companies [7]. - Liangxi Technology, established in 2022, specializes in low-temperature measurement and control equipment, with applications in superconducting quantum computing and other advanced research fields [7].

Core Insights - HeXin Instruments, a company listed on the Sci-Tech Innovation Board, reported a significant decline in revenue for the first half of 2025, with revenue approximately 52.82 million yuan, down 48.88% year-on-year, and a net loss of about 17.46 million yuan, narrowing losses by 20.86% compared to the previous year [1][2][3] Financial Performance - Revenue for the first half of 2025 was 52,815,737.74 yuan, compared to 103,320,253.11 yuan in the same period last year, reflecting a decrease of 48.88% [2] - The net profit attributable to shareholders was -17,459,570.82 yuan, improving from -22,061,083.13 yuan year-on-year [2] - The company’s total assets decreased by 5.60% to 827,955,211.07 yuan, while net assets increased slightly by 0.28% to 385,345,792.26 yuan [2] Business Operations - HeXin Instruments specializes in the research, production, sales, and technical services of mass spectrometers, which are widely used in various fields such as environmental monitoring, food safety, and medical health [3] - The company experienced a significant decline in revenue and costs due to a slowdown in downstream investment and demand, which affected overall business performance [3] - The company has focused on optimizing sales expenses and reducing employee compensation through organizational restructuring [3] Strategic Initiatives - HeXin Instruments aims to deepen its core resources in the environmental monitoring sector while also diversifying into new business areas to reduce dependency on this sector [4] - The company is actively pursuing a major asset restructuring plan to acquire a controlling stake in Shanghai Liangxi Technology Co., Ltd. for approximately 384 million yuan [5][6] - The acquisition is expected to enhance HeXin Instruments' product offerings in high-end scientific instruments and improve overall competitiveness through technological synergies [6] Market Position and Future Outlook - Liangxi Technology, established in June 2022, specializes in ultra-low temperature measurement and control equipment, with applications in superconducting quantum computing and other advanced research fields [7] - The collaboration between HeXin Instruments and Liangxi Technology is anticipated to expand the product range and enhance the performance of existing products, thereby increasing market share [6][7]

Core Viewpoint - HeXin Instruments (688622) reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to market adjustments and reduced downstream investment demand. The company is also pursuing a major asset restructuring by acquiring a 56% stake in Shanghai Liangxi Technology Co., Ltd. [1][2] Financial Performance - For the first half of 2025, HeXin Instruments achieved revenue of 52.82 million yuan, a decrease of 48.88% from 103 million yuan in the same period last year [2] - The net profit attributable to shareholders turned negative at -17.46 million yuan, compared to a profit in the previous year, with a further decline in net profit after excluding non-recurring items to -19.84 million yuan [2] - The basic and diluted earnings per share were both -0.25 yuan, with a weighted average return on net assets of -4.62% [2] - The net cash flow from operating activities improved to -14.26 million yuan, an increase of 11.82 million yuan compared to -26.08 million yuan in the previous year [2] Asset Restructuring - HeXin Instruments plans to acquire a 56% stake in Liangxi Technology for a total transaction amount of 384 million yuan, which constitutes a major asset restructuring but does not qualify as a restructuring listing [2][3] - The company aims to raise up to 246 million yuan through a share issuance to specific investors to support the acquisition and improve its asset-liability ratio [2][3] Technological Focus and Market Expansion - HeXin Instruments invested 8.90 million yuan in R&D, accounting for 16.85% of its revenue, focusing on the independent development and industrialization of mass spectrometers [4] - The company has launched several new products for environmental monitoring and is expanding into emerging fields such as water quality monitoring and agricultural food safety [4] - The acquisition of Liangxi Technology is expected to enhance technological collaboration and market expansion, particularly in the rapidly growing quantum computing sector [4] Industry Outlook - The global quantum computing market is projected to reach 5.04 billion USD in 2024 and 11.18 billion USD by 2027, with a potential market size of 807.75 billion USD by 2035 [5] - In 2023, global investment in quantum information reached 38.6 billion USD, with China contributing 15 billion USD [5]

Group 1 - China Shipbuilding plans to absorb and merge China Shipbuilding Industry Corporation through a share exchange, with trading suspension starting from August 13, 2025 [1] - China Shipbuilding was established in May 1998, focusing on shipbuilding (military and civilian), ship repair, marine engineering, and electromechanical equipment [1] Group 2 - SanChao New Materials intends to raise 250 million yuan through a private placement to Wuxi Boda He Yi Technology Co., with a share price of 20.04 yuan [2] - SanChao New Materials is undergoing a change in control, with Boda He Yi acquiring a total of 18.99 million shares, making it the controlling shareholder [2][3] Group 3 - Zhenyou Technology's actual controller plans to transfer 5% of the company's shares to Shenzhen Century Zhiyuan Private Equity Fund Management Co., at a price of 22.13 yuan per share, totaling 213 million yuan [4] - Zhenyou Technology was established in April 2005, focusing on the design, research, sales, and service of communication system equipment [4] Group 4 - Zhizheng Co. is set to undergo a major asset restructuring, with the Shanghai Stock Exchange scheduled to review the transaction on August 11, 2025 [5] - Zhizheng Co. was established in December 2004, specializing in high polymer materials for cables and semiconductor equipment [5] Group 5 - Shaoneng Co. reported a net profit of 95.90 million yuan for the first half of 2025, a year-on-year decrease of 42.43%, despite a revenue increase of 6.95% to 2.335 billion yuan [6] - Shaoneng Co. was established in June 1993, focusing on energy (electricity, heating, steam), ecological plant fiber products, and precision manufacturing [6] Group 6 - Lide New Energy reported a net profit of 8.95 million yuan for the first half of 2025, down 90.17%, with revenue of 496 million yuan, a decrease of 6.02% [7] - Lide New Energy was established in August 2013, focusing on investment, development, construction, and operation of wind and solar power projects [7] Group 7 - Zhongdian Environmental Protection achieved a net profit of 53.94 million yuan in the first half of 2025, a year-on-year increase of 2.87%, despite a revenue decline of 10.70% to 315 million yuan [8] - Zhongdian Environmental Protection was established in January 2001, specializing in the research, manufacturing, sales, and service of ecological environmental governance equipment [8] Group 8 - Qiaoyuan Co. has decided to terminate its intention to acquire the controlling stake in Deyang Hongchen Chemical Co. due to a lack of consensus among parties [10] - Qiaoyuan Co. was established in November 2001, focusing on the cleaning, collection, transportation, and treatment of municipal solid waste [10] Group 9 - ST Changfang plans to publicly transfer part of its assets, including the Ping Shan Changfang Industrial Park, with a starting price of 374 million yuan [12] - ST Changfang was established in May 2005, focusing on the research, design, production, and sales of LED off-grid lighting and other electronic products [12] Group 10 - He Xin Instruments reported a net loss of 17.46 million yuan for the first half of 2025, with revenue of 52.82 million yuan, down 48.88% [13] - He Xin Instruments was established in June 2004, focusing on the research, production, and sales of mass spectrometers and related technologies [13] Group 11 - Fengli Intelligent plans to raise no more than 730 million yuan through a private placement to specific investors, with funds allocated for various precision manufacturing projects [17] - Fengli Intelligent was established in April 1995, focusing on the research, production, and sales of small modulus gears and precision reducers [17] Group 12 - Tuo Jing Technology's employee stockholding platforms plan to transfer 6.99 million shares, accounting for 2.50% of the total share capital [21] - Tuo Jing Technology was established in April 2010, focusing on the research, production, and sales of high-end semiconductor thin film equipment [21] Group 13 - Tuo Jing Life plans to acquire 72.86% of Wuhan Kanglu Biological Technology Co. for 291 million yuan, with plans for further acquisitions in 2026 and 2027 [22] - Tuo Jing Life was established in November 2003, focusing on the research, production, and sales of in vitro diagnostic products [22]

民生证券8月5日发布研报称，给予禾信仪器（688622.SH，最新价：108.39元）推荐评级。评级理由主 要包括：1）禾信仪器发布2025年半年度业绩；2）投资量羲技术，布局量子计算业务；3）海外巨头纷 纷加码量子计算。风险提示：行业竞争加剧，技术研发不及预期，收购整合不及预期，质谱仪国产化替 代进度不及预期，质谱仪技术突破不及预期。 （文章来源：每日经济新闻） ...

Core Viewpoint - HeXin Instruments reported a significant narrowing of losses in its traditional business while advancing into quantum computing, leading to an "accumulate" rating from Minsheng Securities [1] Financial Performance - For the first half of 2025, HeXin Instruments achieved revenue of 53 million yuan, a year-on-year decline of 48.9%, with a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [2] - In the second quarter of 2025, the company reported revenue of 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter; the net loss attributable to shareholders was 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [2] Investment in Quantum Computing - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and low-temperature measurement equipment [3] - Liangxi Technology generated revenue of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1%, an increase of 2.3 percentage points from 2024 [3] - Research and development expenses for Liangxi Technology in the first half of 2025 were 4.21 million yuan, 10.66 million yuan, and 5.55 million yuan, representing 15.72%, 14.33%, and 7.85% of revenue, respectively [3] - Liangxi Technology achieved a net profit of 28.15 million yuan in the first half of 2025 [3] Industry Trends - Major global players are increasing investments in quantum computing, with Microsoft’s CEO stating that quantum computing will be a significant accelerator in cloud services [4] - NVIDIA's CEO indicated that the quantum computing sector is at a historic turning point, predicting that the next generation of supercomputers will integrate quantum processing units (QPU) with GPUs [4] - Amazon has launched a new 54-qubit superconducting quantum processor on its Amazon Braket platform [4] Future Outlook - Without considering the acquisition, the company is expected to achieve revenues of 210 million yuan, 230 million yuan, and 240 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 37x, 34x, and 32x based on the closing price on May 30, 2025 [5] - The company is anticipated to benefit from strong product capabilities and potential policy support, with its core product, the dilution refrigerator, expected to break the overseas monopoly [5] - The overall competitive advantage and resource reserves of the company are expected to accelerate its development in the quantum computing sector [5]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company's traditional main business has significantly reduced its losses, while it is advancing into the quantum computing sector [1]. - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and products [2]. - Major overseas companies are increasing their investments in quantum computing, indicating a growing trend in the industry [3]. - The company is expected to achieve revenues of 210 million, 230 million, and 240 million yuan from 2025 to 2027, with corresponding P/S ratios of 37x, 34x, and 32x [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of 53 million yuan, a year-on-year decline of 48.9%, and a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [1]. - For the second quarter of 2025, revenues were 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter, with a net loss of 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [1]. Investment in Quantum Computing - The acquisition of Liangxi Technology is aimed at enhancing the company's capabilities in quantum computing, particularly in providing ultra-low temperature and weak signal measurement equipment [2]. - Liangxi Technology achieved revenues of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1% [2]. Industry Trends - Major players like Microsoft and NVIDIA are emphasizing the importance of quantum computing, with predictions of significant advancements in the field [3]. - The report highlights that the quantum computing sector is expected to grow, benefiting companies like the one under review [3]. Future Projections - The company is projected to achieve revenues of 213 million, 228 million, and 244 million yuan from 2025 to 2027, with a growth rate of 5.1%, 7.3%, and 6.9% respectively [5]. - The net profit attributable to shareholders is expected to improve from a loss of 19 million yuan in 2025 to a loss of 13 million yuan in 2027 [5].

Core Insights - In total, 12 companies released their semi-annual reports for 2025 on August 5, with 6 companies reporting a year-on-year increase in net profit and 6 reporting a decrease [1] - Among these companies, 5 experienced a year-on-year increase in operating revenue, while 7 saw a decline [1] - Only 3 companies, including ChipLink Integration, reported simultaneous growth in both net profit and operating revenue, while 4 companies, including Lixin Energy, reported declines in both metrics [1] Company Performance Summary - **ChipLink Integration (688469)**: Reported a net profit of -170.34 million yuan, a year-on-year increase of 63.82%, with operating revenue of 349.52 million yuan, up 21.38% [1] - **Huitong New Materials (833751)**: Achieved a net profit of 2.38 million yuan, a year-on-year increase of 27.58%, with operating revenue of 11.20 million yuan, up 8.37% [1] - **Ning Communication B (200468)**: Reported a net profit of -0.72 million yuan, a year-on-year increase of 24.37%, with operating revenue of 30.63 million yuan, down 12.23% [1] - **Hexin Instruments (688622)**: Reported a net profit of -17.46 million yuan, a year-on-year increase of 20.86%, with operating revenue of 5.28 million yuan, down 48.88% [1] - **China Electric Environmental Protection (300172)**: Reported a net profit of 5.39 million yuan, a year-on-year increase of 2.87%, with operating revenue of 31.53 million yuan, down 10.70% [1] - **Deep Technology (300768)**: Reported a net profit of 5.21 million yuan, a year-on-year increase of 0.17%, with operating revenue of 55.06 million yuan, up 9.59% [1] - **Taijia Co., Ltd. (002843)**: Reported a net profit of 4.06 million yuan, a year-on-year decrease of 25.34%, with operating revenue of 75.87 million yuan, down 11.96% [1] - **Shaoneng Co., Ltd. (000601)**: Reported a net profit of 9.59 million yuan, a year-on-year decrease of 42.43%, with operating revenue of 233.49 million yuan, up 6.95% [1] - **Zhenghai Biological (300653)**: Reported a net profit of 4.65 million yuan, a year-on-year decrease of 45.97%, with operating revenue of 18.78 million yuan, down 5.14% [1] - **Fengli Intelligent (301368)**: Reported a net profit of 0.32 million yuan, a year-on-year decrease of 68.79%, with operating revenue of 24.20 million yuan, up 0.25% [1] - **Kailida (688255)**: Reported a net profit of 0.24 million yuan, a year-on-year decrease of 89.94%, with operating revenue of 31.57 million yuan, down 1.81% [1] - **Lixin Energy (001258)**: Reported a net profit of 0.90 million yuan, a year-on-year decrease of 90.17%, with operating revenue of 49.63 million yuan, down 6.02% [1]

南方财经8月5日电，禾信仪器披露发行股份及支付现金购买资产并募集配套资金草案，拟以3.84亿元收 购量羲技术56%股权，同时募集不超2.464亿元配套资金。量羲技术承诺2025-2027年净利润分别不低于 3500万、5000万、6500万元，累计不低于1.5亿元。财报显示，禾信仪器2025年上半年营收同比下降 48.88至5281.57万元，归母净利润为-1,745.96万元。而量羲技术表现优于公司，2025年上半年营收 7079.61万元，净利润2815.35万元。值得注意的是，禾信仪器2025年上半年研发投入同比收缩54.11%至 890.16万元，核心研发人员减少50%至31人。2025年上半年资产减值损失569.37万元，经营活动现金流 继续恶化为-1425.57万元。 ...

公司摊薄每股收益为-0.25元，较去年同报告期摊薄每股收益增加0.07元，实现2年连续上涨。 公司最新资产负债率为56.16%，较上季度资产负债率减少1.99个百分点，较去年同期资产负债率减少4.22个百分点。 公司最新毛利率为35.64%，较上季度毛利率增加4.44个百分点。最新ROE为-4.53%，较去年同期ROE增加0.79个百分点。 2025年8月5日，禾信仪器(688622.SH)发布2025年中报。 公司营业总收入为5281.57万元。归母净利润为-1745.96万元，较去年同报告期归母净利润增加460.15万元，实现2年连续上涨。经营活动现金净流入 为-1425.57万元，较去年同报告期经营活动现金净流入增加1182.11万元，实现2年连续上涨。 公司最新总资产周转率为0.06次。最新存货周转率为0.28次。 公司股东户数为2531户，前十大股东持股数量为4548.58万股，占总股本比例为64.55%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | 1 | 周振 | 20.7 | | 2 | 傅思 | 13.4. | | 3 | 昆山市 ...