Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025 to enhance investment value and shareholder returns while maintaining compliance and effective governance [1]. Group 1: Business Performance - The company focused on its core business, achieving a net profit attributable to shareholders of 35.68 million yuan, a turnaround from losses, with an increase of 36.96 million yuan compared to the same period last year [1]. - The company experienced a significant increase in new orders, particularly in airborne and missile-mounted products, driven by rising customer demand [2]. Group 2: Financial Management - The company has seen a rapid increase in accounts receivable due to longer payment settlement times, but most accounts are within one year and from reputable clients, mitigating risks [2]. - The proportion of accounts receivable to current assets decreased from 95.6% in the first half of 2024 to 58.1% in the first half of 2025, and the accounts receivable turnover days improved from 956 days to 581 days [2]. Group 3: Technological Innovation - The company has developed a comprehensive research and production control system, focusing on embedded computing technology, and has accumulated over 20 years of industry experience [3]. - The company holds 37 patents and 176 software copyrights, and has been recognized as a national-level "Little Giant" enterprise, indicating strong R&D capabilities [3]. Group 4: Investor Relations and Governance - The company has established a transparent dividend policy, distributing a cash dividend of 0.142 yuan per share and increasing its total share capital through a capital reserve transfer [4]. - The company has enhanced its governance structure by eliminating the supervisory board and transferring its responsibilities to the audit committee of the board [5]. - The company organized 74 investor meetings in the first half of 2025, an increase from 66 in the same period of 2024, to improve communication with shareholders [6][7].

| 年半年度报告摘要 | | --- | | 成都智明达电子股份有限公司2025 | 公司代码：688636 公司简称：智明达 成都智明达电子股份有限公司 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司 经营情况有重大影响和预计未来会有重大影响的事项 □适用 √不适用 | 四川发展证券投资基 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金管理有限公司－四 | | | | | | | | | | | 川资本市场纾困发展 | | 其他 | 1.41 | 2,371,409 | | 0 | 0 | 无 | 0 | | 证券投资基金合伙企 | | | | | | | | | | | 业（有限合伙） | | | | | | | | | | | 中国建设银行股份有 | | | | | | | | | | | 限公司－长信国防军 | | | | | | | | | | | 其他 | | 1.36 | 2,286,758 | 0 | 0 | 无 | 0 | | | ...

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding operational changes, financial performance, and potential risks. Group 1: Company Announcements - Zhongjin Gold announced the suspension of operations at its Inner Mongolia mining subsidiary following a tragic incident where six students drowned during a site visit [3] - China Power Construction is involved in the Yarlung Tsangpo River downstream hydropower project, but the long construction cycle introduces uncertainty regarding its future financial impact [4][5] - Su Bote's stock has seen a significant increase, with its rolling P/E ratio at 55.52, well above the industry average of 19.61, prompting a warning about trading risks [6] - Agricultural Bank of China successfully issued a total of 600 billion yuan in secondary capital bonds, with two different maturities and interest rates [7] - Nanjing Xinbai's major assets are under judicial freeze due to liquidity issues faced by its controlling shareholder [8] - Time Space Technology's stock is suspended as the controlling shareholder plans a change in control [9] - Pioneer New Materials and its former controlling shareholder are under investigation by the China Securities Regulatory Commission for information disclosure violations [10] - *ST Wanfang faces risks of change in control as its major shareholder's stock is subject to auction [11] - ST Xia Chuang plans to publicly transfer 20% of its stake in a subsidiary to optimize its asset structure [12] - Saiwei Microelectronics is planning to transfer up to 18% of its shares through an agreement, without affecting control [13] - Hailun Piano's controlling shareholder is set to change, with a new entity becoming the largest shareholder [14] - Yuanli Co. intends to acquire 100% of Tongsheng Co. to enhance its strategic business layout in silica [15][16] - Zhongtung High-tech is focusing on opportunities in the Yarlung hydropower market [17] - Shen Shui Planning Institute is monitoring developments in the Yarlung hydropower project but is not currently involved [18] - *ST Baoying plans to transfer 50.1% of its stake in a subsidiary to optimize resource allocation [19] Group 2: Financial Performance - Zhimingda reported a net profit of 38.298 million yuan for the first half of 2025, a year-on-year increase of 2147.93% [20] - Leshan Electric Power's net profit for the first half of 2025 was 7.9031 million yuan, down 14.55% year-on-year, attributed to new pricing policies and increased costs [21][22] - Sainuo Medical expects a net profit of 13.84 million yuan for the first half of 2025, a 296.54% increase year-on-year, driven by strong sales of its coronary stent products [23] - China Haisong reported a net profit of 152 million yuan for the first half of 2025, up 8.52% year-on-year [24] Group 3: Shareholding Changes - Beitaini's shareholder plans to reduce its stake by up to 2% [25] - Yaoji Technology's controlling shareholder intends to reduce their stake by up to 3% [26] - Adit's major shareholder plans to reduce their stake by up to 3% [27] - Zhonghuan Environmental Protection's specific shareholder did not execute its planned share reduction [31] - Zhangyue Technology's major shareholder plans to reduce their stake by up to 3% [37] Group 4: Buybacks and Financing - Gaon Environment plans to repurchase shares worth between 100 million and 150 million yuan [38] - Quanzhu Co. intends to raise no more than 180 million yuan through a private placement for AI-related projects [39]

Group 1 - Su Bote's latest rolling P/E ratio is 55.52 and P/B ratio is 1.28, significantly higher than the industry averages of 19.61 and 0.81 respectively [3] - Agricultural Bank completed the issuance of 600 billion yuan in secondary capital bonds, with two types: 400 billion yuan fixed-rate bonds at 1.92% for 10 years and 200 billion yuan fixed-rate bonds at 2.12% for 15 years [4] - Nanjing Xinbai's major assets are frozen due to liquidity debt crisis faced by its controlling shareholder, but the company's operations remain normal [5] - Time Space Technology's stock is suspended as the controlling shareholder is planning a change in control [6] - Pioneer New Materials and its former controlling shareholder are under investigation by the CSRC for information disclosure violations, but it will not adversely affect the company's operations [7] - *ST Wan Fang's major shareholder's stock auction was canceled, indicating ongoing risks of control change [8] Group 2 - Zhimingda reported a net profit of 38.298 million yuan for the first half of 2025, a year-on-year increase of 2147.93% [10] - Leshan Electric's net profit for the first half of 2025 was 7.9031 million yuan, a decrease of 14.55% year-on-year, attributed to new pricing policies and increased costs [12] - Sainuo Medical expects a net profit of 13.84 million yuan for the first half of 2025, a year-on-year increase of 296.54%, driven by increased sales of coronary stents and balloons [13] Group 3 - Zhongqi New Materials' subsidiary signed a mining rights transfer contract, increasing the mining production capacity from 20 million tons/year to 40 million tons/year [15] - Zhonghuan Environmental Protection's major shareholder did not execute its planned share reduction of up to 15.0583 million shares by the deadline [17] - Zhangyue Technology plans to reduce its holdings by up to 438,900 shares, not exceeding 1% of the total share capital [18]

Group 1 - Leshan Electric achieved operating revenue of 1.623 billion yuan, a year-on-year increase of 1.94%, and a net profit of 7.9031 million yuan, a year-on-year decrease of 14.55% [1] - Zhimingda reported operating revenue of 295 million yuan, a year-on-year increase of 84.83%, and a net profit of 38.3 million yuan, a year-on-year increase of 2147.93% [2] - Dahu Co. reported operating revenue of 426 million yuan, a year-on-year decrease of 14.40%, and a net loss of 2.5716 million yuan, an improvement from a loss of 13.7824 million yuan in the same period last year [3] - Yubang Electric expects a net profit of 21.2 million to 25 million yuan, a year-on-year decrease of 35.47% to 45.28% [4] - Zhejiang Securities achieved operating revenue of 6.512 billion yuan, a year-on-year decrease of 18.60%, and a net profit of 1.149 billion yuan, a year-on-year increase of 46.54% [5] - Huashu Media reported operating revenue of 4.435 billion yuan, a year-on-year increase of 2.07%, and a net profit of 254 million yuan, a year-on-year increase of 4.63% [7] Group 2 - Sinopec reported oil and gas equivalent production of 262.81 million barrels, a year-on-year increase of 2%, and crude oil processing volume of 119.97 million tons, a year-on-year decrease of 5.3% [8] - Hengrui Medicine's subsidiary received approval for clinical trials of HRS8179, aimed at reducing brain edema after stroke [8] - Hengrui Medicine's subsidiary also received approval for clinical trials of HRS-1893, intended for treating heart failure with preserved ejection fraction [8] - Wanfu Co. announced a plan to reduce its stake by up to 2% through block trading [10] - Biological Co. received a warning letter from the Inner Mongolia Securities Regulatory Bureau for inaccuracies in financial reporting [11] - Zhujiang Co. reported a signed construction area of 47.1432 million square meters across 396 projects [13] Group 3 - Watson Bio received a patent for a peptide delivery system for RNA drugs [15] - Sanwei Chemical signed 31 new contracts worth 335 million yuan in the second quarter [17] - Shenzhou Cell's SCT640C injection received approval for clinical trials for rheumatoid arthritis [18] - Xinjiang Jiaojian reported new contracts worth 1.434 billion yuan in the second quarter [19] - Lais Information plans to use 550 million yuan of idle funds for cash management [21] - Zhongqi New Materials signed a mining rights transfer contract, increasing production capacity [22] Group 4 - Hengtong Optic-Electric won multiple marine energy projects worth 1.509 billion yuan [24] - China State Construction signed new contracts totaling 2.501 trillion yuan in the first half of the year [26] - David Medical's ventilator product registration application has been accepted [28] - Tianhai Defense's subsidiary signed a construction contract worth 16.224 million yuan [29] - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder [31] - Baida Group announced a plan to reduce its stake by up to 3% [32] Group 5 - Jinli Permanent Magnet plans to issue $117.5 million in convertible bonds [34] - Haizheng Pharmaceutical's fumarate bedaquiline raw material drug application has been approved [36] - Huatai passed the advanced intelligent factory re-evaluation in Anhui Province [37] - Everbright Bank's shareholder increased its stake from 7.08% to 8% [40] - Supor reported total operating revenue of 11.478 billion yuan, a year-on-year increase of 4.68%, and a net profit of 940 million yuan, a year-on-year decrease of 0.07% [41] - Qianjin Pharmaceutical's subsidiaries received registration certificates for two drugs [42]

成都智明达电子股份有限公司 2025 年上半年，归属于母公司所有者的净利润 3,829.80 万元，较上年同期 上升 2,147.93%；归属于母公司所有者的扣除非经常性损益的净利润 3,568.25 万元，较上年同期实现扭亏为盈，增加 3,695.61 万元。 为推动提升成都智明达电子股份有限公司（以下简称"公司"）投资价值， 增强投资者回报，同时秉持"投资者为市场之本，上市公司为市场之基"的理念， 在合规、科学、有效的原则下，切实维护股东权益，树立公司良好的资本市场形 象，公司于 2025 年 4 月 25 日发布了 2025 年度"提质增效重回报"行动方案（以 下简称"行动方案"），切实履行上市公司的责任和义务，共同促进资本市场平 稳健康发展。2025 年上半年，公司根据行动方案内容，积极开展和落实各项工 作，现将 2025 年上半年主要进展及成效情况报告如下： 一、聚焦主营业务，提升经营质量，夯实核心竞争力 2025 年上半年，公司实现营业总收入 29,475.64 万元，较上年同期上升 84.83%。截止报告期末，在手订单 6.08 亿元（含口头订单），较上年同期增加 73.71%。 2025 年提 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2025, representing a 15% year-over-year growth[1]. - The company's operating revenue for the first half of the year reached ¥294,756,375.29, an increase of 84.83% compared to the same period last year[21]. - The total profit for the reporting period was ¥39,024,734.50, a significant recovery from a loss of ¥4,287,567.47 in the previous year[21]. - Net profit attributable to shareholders was ¥38,298,045.33, up 2,147.93% year-on-year from ¥1,703,702.74[21]. - Basic earnings per share increased to ¥0.2284, a rise of 2,184.00% from ¥0.0100 in the previous year[19]. - The total comprehensive income for the first half of 2025 was ¥38,298,045.33, compared to ¥1,703,702.74 in the first half of 2024[149]. - The company achieved total operating revenue of 294.76 million yuan, an increase of 84.83% compared to the same period last year[37]. - The net profit attributable to the parent company was 38.30 million yuan, up 2,147.93% year-over-year; the net profit after deducting non-recurring gains and losses was 35.68 million yuan, marking a turnaround from loss to profit, increasing by 36.96 million yuan[37]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2025[1]. - A strategic acquisition of a local tech firm is in progress, which is anticipated to enhance the company's technological capabilities and add 100 million CNY to annual revenue[1]. - The company has provided a positive outlook for the second half of 2025, projecting a revenue growth of 10% to 15%[1]. - The company is expanding its market presence in commercial aerospace, low-altitude economy, and precision guidance sectors, while maintaining strong relationships with existing clients[40]. Research and Development - The company has invested 50 million CNY in research and development for new AI technologies, aiming to improve product efficiency[1]. - The company has made continuous progress in R&D, focusing on next-generation avionics, ultra-high-speed inter-board buses, image perception, AI signal processing, and edge storage technologies[38]. - The company has established a comprehensive and experienced R&D team, with plans to further recruit technical personnel to ensure continuous innovation capabilities[47]. - The company has developed a next-generation avionics bus technology that supports data transmission rates of 10Gbps to 100Gbps, significantly enhancing stability and real-time performance[38]. - The company has implemented a continuous improvement mechanism for R&D management to enhance product quality and reduce costs[44]. Financial Position and Assets - The company has maintained a strong cash position, with cash reserves totaling 300 million CNY, ensuring liquidity for future investments[1]. - Total assets increased by 10.72% to ¥1,692,807,499.19 from ¥1,528,864,677.20 at the end of the previous year[21]. - The company's current assets totaled RMB 1,291,618,327.93, up from RMB 1,125,210,699.92, indicating an increase of about 14.8%[144]. - The company's equity increased to RMB 1,127,711,115.61 from RMB 1,104,532,867.99, showing a growth of approximately 2.1%[145][146]. Risks and Challenges - No significant risks were identified that could impact the company's operations during the reporting period[1]. - The company faces risks related to the procurement of core raw materials, which are critical for maintaining product stability and reliability[65]. - The company is exposed to risks from market competition, particularly from large state-owned enterprises, which may affect its ability to secure large orders and maintain profitability[74]. - The company’s products are primarily used in key national defense sectors, making revenue sensitive to changes in national defense policies and budget allocations, which are projected to grow by 7.2% in 2025[73]. Shareholder and Governance Matters - The actual controller and major shareholders have committed to holding their shares without any pledge or third-party rights, ensuring no disputes over equity exist[102]. - The company has committed to stabilizing its stock price if it falls below 120% of the latest disclosed net asset value per share for 20 consecutive trading days[105]. - The company will adhere to legal regulations regarding share reduction plans, ensuring stability in stock prices and operational needs[104]. - The company has established a fundraising management system to ensure the proper use and supervision of raised funds, with a dedicated account for these funds[110]. Product Development and Innovation - New product development includes the launch of an advanced embedded computing system, expected to contribute an additional 200 million CNY in revenue[1]. - The company has developed a complete R&D production control system and product quality traceability system, focusing on customized embedded computer hardware and software products[48]. - The company has successfully produced and delivered products that utilize advanced data processing technologies, significantly improving data processing capabilities in key application areas[48]. - The company has seen a substantial increase in AI-related product orders, reflecting a growing demand for advanced technology solutions in its offerings[36]. Financial Management and Accounting - The company’s financial statements are prepared in accordance with the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of its financial status[160]. - The company recognizes financial assets when it becomes a party to the financial instrument contract[167]. - Financial assets are subsequently measured based on their classification, with fair value changes recognized in profit or loss for trading financial assets[171]. - The company assesses expected credit losses for notes receivable based on the credit risk of the acceptor, with bank acceptance bills considered low risk and not requiring loss provisions[178].

证券代码：688636 证券简称：智明达 公告编号：2025-043 成都智明达电子股份有限公司 第三届董事会第二十七次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 成都智明达电子股份有限公司（以下简称"公司"）第三届董事会第二十七 次会议于 2025 年 7 月 24 日在公司会议室以现场结合通讯方式召开。会议通知已 于 2025 年 7 月 14 日以邮件方式送达全体董事。本次会议应出席董事 7 名，实际 出席董事 7 名。本次会议由董事长王勇先生召集并主持。本次会议的召集和召开 程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定， 会议决议合法、有效。 二、董事会会议审议情况 经与会董事审议，逐项表决，形成如下决议： （一） 审议通过《关于公司 2025 年半年度报告及其摘要的议案》 公司根据《公开发行证券的公司信息披露内容与格式准则第 3 号——半年度 报告的内容与格式（2025 年修订）》《上海证券交易所股票上市规则（2025 年 4 月修订）》《上海证券交易 ...

Group 1 - The company reported a revenue of 295 million yuan for the first half of 2025, representing a year-on-year growth of 84.83% [1] - The net profit for the same period reached 38.298 million yuan, showing a significant year-on-year increase of 2147.93% [1]

成都智明达电子股份有限公司 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 07 月 28 日 （星期一） 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：上证路演中心网络互动 投资者可于 2025 年 07 月 21 日 （星期一） 至 07 月 25 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 688636zmd@zmdde.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 证券代码：688636 证券简称：智明达 公告编号：2025-042 成都智明达电子股份有限公司（以下简称"公司"）将于 2025 年 7 月 25 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果 ...