恒运昌(688785.SH)披露2025年度业绩快报，2025年度营业总收入5.3亿元，同比下降1.95%;归属于母公 司所有者的净利润1.14亿元，同比下降19.19%。 报告期内，公司不断开拓市场，业务持续发展，受半导体行业短期波动的影响，下游半导体设备客户依 据自身承接的晶圆厂订单数量、产品验证导入进度及交付验收节奏动态调整其采购量，进而导致对公司 的采购略有波动。此外，公司持续加大研发投入力度，提高技术指标要求，推进新产品开发、产品持续 升级迭代等，不断加强产品竞争力，研发费用较上年同期大幅增加。 ...

智通财经APP讯，恒运昌(688785.SH)披露2025年度业绩快报，2025年度营业总收入5.3亿元，同比下降 1.95%;归属于母公司所有者的净利润1.14亿元，同比下降19.19%。 报告期内，公司不断开拓市场，业务持续发展，受半导体行业短期波动的影响，下游半导体设备客户依 据自身承接的晶圆厂订单数量、产品验证导入进度及交付验收节奏动态调整其采购量，进而导致对公司 的采购略有波动。此外，公司持续加大研发投入力度，提高技术指标要求，推进新产品开发、产品持续 升级迭代等，不断加强产品竞争力，研发费用较上年同期大幅增加。 ...

（文章来源：证券日报） 证券日报网讯 2月26日，恒运昌发布2025年度业绩快报公告称，公司2025年实现营业总收入53025.06万 元，同比下降1.95%；归属于母公司所有者的净利润11437.91万元，同比下降19.19%。 ...

证券日报网讯 2月26日，恒运昌在互动平台回答投资者提问时表示，公司始终致力于成为围绕等离子体 工艺提供核心零部件整体解决方案的平台型公司，为半导体设备国产化贡献中国"芯"力量。未来，公司 将持续坚持研发与创新，保持和提高技术先进性，不断提升工艺水平和产品性；加强先进产品产能建 设；以客户为中心，提升技术服务，加强多元化市场开拓；并加强高端人才引进，实现可持续发展人才 梯队建设；提升公司治理水平，推进收购兼并及全球化计划。公司将抓住半导体产业链国产化的机遇， 在国家政策大力支持下，持续致力于半导体设备核心零部件的研发生产，通过自主创新提高公司产品的 技术先进性、丰富公司产品种类、扩大产品市场占有率，助力国内半导体设备企业实现关键零部件全面 自主可控，并力争在未来跻身国际一流的半导体设备核心零部件全球供应商行列。 （编辑 任世碧） ...

证券代码：688785 证券简称：恒运昌 公告编号：2026-001 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以公司2025年年度的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 注：1.本报告期初数同法定披露的上年年末数。 1 单位：人民币万元 项目 本报告期 上年同期 增减变动幅度（％） 营业总收入 53,025.06 54,079.03 -1.95 营业利润 12,244.03 15,932.91 -23.15 利润总额 12,197.61 15,916.21 -23.36 归属于母公司所有者的净利润 11,437.91 14,154.02 -19.19 归属于母公司所有者的扣除非经 常性损益的净利润 10,507.26 12,897.09 -18.53 基本每股收益（元） 2.25 2.79 -19.35 加权平均净资产收益率 15.48% 23.26% 减少 7.78 个百分点 本报告期末 本报 ...

格隆汇2月26日丨恒运昌(688785.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入5.3亿元， 比上年同期略降1.95%；归属于母公司所有者的净利润1.14亿元，比上年同期下降19.19%；归属于母公 司所有者的扣除非经常损益的净利润为1.05亿元，比上年同期减少18.53%。 报告期内，公司不断开拓市场，业务持续发展，受半导体行业短期波动的影响，下游半导体设备客户依 据自身承接的晶圆厂订单数量、产品验证导入进度及交付验收节奏动态调整其采购量，进而导致对公司 的采购略有波动。此外，公司持续加大研发投入力度，提高技术指标要求，推进新产品开发、产品持续 升级迭代等，不断加强产品竞争力，研发费用较上年同期大幅增加。 ...

格隆汇2月26日丨恒运昌(688785.SH)在互动平台表示，公司研发的最新一代等离子体射频电源系统 Cedar系列产品目前处于样机验证阶段。 ...

Core Findings - In January 2026, a total of 22 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 42.839 billion yuan, with A-share IPO numbers halving compared to the previous month [7][8] - The number of IPOs decreased by 26.67% year-on-year and by 50% month-on-month, while the total amount raised increased by 2.17 times year-on-year but decreased by 21% month-on-month [8] - The Hong Kong Stock Exchange led in both the number of IPOs (12 companies) and the amount raised (33.717 billion yuan) [8] A-share Market Analysis - In January 2026, 9 Chinese companies went public in the A-share market, with a 25% year-on-year decrease and a 50% month-on-month decrease in IPO numbers [16] - The total amount raised in the A-share market was 9.053 billion yuan, reflecting a 27.47% year-on-year increase but a 71.18% month-on-month decrease [16] - The highest fundraising in the A-share market was achieved by Zhenstone Co., Ltd., which raised 2.919 billion yuan [16] Hong Kong Market Analysis - The Hong Kong market saw 12 IPOs in January 2026, with a 50% year-on-year increase but a 52% month-on-month decrease [18] - The total amount raised in Hong Kong was 33.717 billion yuan, marking a 5.62 times year-on-year increase and a 48.49% month-on-month increase [18] - The presence of AI-related companies in the IPOs indicates a significant investment interest from VC/PE institutions in the sector [18] US Market Analysis - Only 1 Chinese company completed an IPO in the US market in January 2026, representing a 90% year-on-year decrease [21] - The amount raised in the US was 0.07 billion yuan, a 94.71% year-on-year decrease [21] - Recent SEC policy changes are expected to further impact small companies' ability to go public in the US [21] VC/PE Exit Analysis - In January 2026, 13 companies with VC/PE backing went public, a 13.33% year-on-year decrease and a 62.86% month-on-month decrease [26] - The total exit return for VC/PE institutions was 109.455 billion yuan, a 15.3 times year-on-year increase [26] - The electronic information sector had the highest exit returns, with notable contributions from companies like Zhiyuan and Biran Technology [26] Industry and Regional Analysis - The electronic information sector led in both the number of IPOs and the amount raised, with 7 companies raising a total of 26.595 billion yuan [34] - Shanghai had the highest number of IPOs (5 companies) and the highest amount raised (18.384 billion yuan) [40] - The fundraising amount from Shanghai increased by 165.61 billion yuan year-on-year, the largest increase among regions [40] Key IPO Cases - The top fundraising companies included Biran Technology (5.017 billion yuan), MiniMax (4.318 billion yuan), and Haowei Group (4.297 billion yuan) [48] - The highest market capitalization on the first day was recorded by Haowei Group at 150.833 billion yuan [49]

Group 1 - The core viewpoint of the news is that Hengyun Chang's stock price increased by 2.73% on February 12, with a trading volume of 483 million yuan, despite a net financing outflow of 16.35 million yuan on the same day [1][2] - On February 12, Hengyun Chang had a financing buy amount of 27.11 million yuan, with a total financing balance of 144 million yuan, accounting for 3.41% of its market capitalization [2] - The company, Shenzhen Hengyun Chang Vacuum Technology Co., Ltd., was established on March 19, 2013, and is primarily engaged in the research, production, sales, and technical services of plasma radio frequency power systems and related components [2] Group 2 - For the period from January to September 2025, Hengyun Chang reported an operating income of 401 million yuan, a year-on-year decrease of 5.79%, and a net profit attributable to shareholders of 91.58 million yuan, down 23.73% year-on-year [2] - As of January 28, the number of shareholders of Hengyun Chang reached 16,400, an increase of 71,291.30% compared to the previous period, with an average of 775 circulating shares per person [2]

Group 1 - The core viewpoint of the news is that Hengyun Chang's stock experienced a decline of 5.36% on February 10, with a trading volume of 745 million yuan, indicating a significant market reaction [1] - On February 10, Hengyun Chang had a financing buy-in amount of 60.22 million yuan and a net financing buy of 30.12 million yuan, with a total financing and securities balance of 149 million yuan, which represents 3.49% of its circulating market value [1] - The company specializes in the research, production, sales, and technical services of plasma radio frequency power systems and related components, with self-developed products accounting for 84.81% of its main business revenue [1] Group 2 - As of January 28, the number of shareholders for Hengyun Chang increased to 16,400, reflecting a significant rise of 71,291.30% compared to the previous period [2] - For the period from January to September 2025, Hengyun Chang reported an operating income of 401 million yuan, a year-on-year decrease of 5.79%, and a net profit attributable to shareholders of 91.58 million yuan, down 23.73% year-on-year [2]