关于部分限制性股票回购注销完成的公告 证券代码：001270 证券简称：*ST铖昌 公告编号：2025-041 浙江铖昌科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、浙江铖昌科技股份有限公司（以下简称"公司"）本次回购注销的限制性 股票数量为1,531,660股，约占回购注销前公司股本总额的0.7376%。本次回购注销 涉及92名激励对象，回购价格为授予价格及银行同期存款利息。首次授予限制性 股票的授予价格为19.76元/股。公司用于本次限制性股票回购的资金总额为 30,265,601.60元加上银行同期存款利息之和，资金来源为自有资金。本次回购注 销完成后，公司股份总数为206,114,901股。 4、2024年5月13日，公司召开2024年第二次临时股东大会，审议通过了《关 于<2024年限制性股票激励计划（草案）>及其摘要的议案》《关于<2024年限制性 股票激励计划实施考核管理办法>的议案》以及《关于提请股东大会授权董事会办 理2024年限制性股票激励计划相关事项的议案》。本次激励计划获得公司2024年第 二次临时 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 12-month target price of 53.29 CNY [6]. Core Views - The company has shown a strong revenue recovery, achieving 201 million CNY in revenue for H1 2025, a year-on-year increase of 180.16%. The net profit attributable to shareholders reached 57 million CNY, compared to a loss of 24 million CNY in the same period last year [1]. - The company is experiencing a rapid recovery in downstream demand, with significant increases in projects and orders. The gross margin for H1 2025 was 68.04%, up 13.35 percentage points year-on-year, and the net margin was 28.15%, compared to -33.81% in the same period last year [1]. - The company is focusing on R&D, with a 45% increase in R&D expenditure to 53 million CNY in H1 2025, aligning with trends in miniaturization, lightweight, high integration, and low-cost equipment [2]. Financial Summary - The company is projected to achieve net profits of 115 million CNY, 171 million CNY, and 232 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 48.3% and 36.2% in the following years [3]. - The company’s revenue is expected to grow from 426 million CNY in 2025 to 737 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 29.2% [9]. - The company’s accounts receivable increased by 25% to 615 million CNY, primarily due to the growth in business scale [2].

Group 1 - The stock price of *ST Chengchang (001270) closed at 44.96 yuan on August 25, 2025, with an increase of 3.81% and a turnover rate of 3.42% [1] - The trading volume was 69,600 lots, with a transaction amount of 309 million yuan [1] - The net inflow of main funds was 13.99 million yuan, accounting for 4.52% of the transaction amount, with large orders showing a net inflow of 24.59 million yuan [1] Group 2 - For the latest financial performance, the company reported total operating revenue of 201 million yuan, a year-on-year increase of 180.16%, and a net profit attributable to shareholders of 56.63 million yuan, up 333.23% year-on-year [1] - The company’s current ratio is 16.961, quick ratio is 13.708, and debt-to-asset ratio is 6.22% [1] Group 3 - Zhejiang Chengchang Technology Co., Ltd. was established in 2010 and is located in Hangzhou, primarily engaged in software and information technology services [2] - The company has invested in 2 external enterprises, participated in 23 bidding projects, and holds 3 trademark registrations and 42 patents [2]

Core Viewpoint - *ST Chengchang (001270) reported significant growth in its semi-annual performance, achieving a revenue of 201 million yuan, a year-on-year increase of 180.16%, and a net profit of 56.63 million yuan, marking a successful turnaround from losses [1] Group 1: Financial Performance - The company achieved a revenue of 201 million yuan in the first half of 2025, reflecting a year-on-year growth of 180.16% [1] - The net profit attributable to shareholders reached 56.63 million yuan, indicating a successful turnaround and substantial growth [1] - The growth in performance is attributed to the recovery in downstream market demand and the batch delivery of key projects across multiple core business segments [1] Group 2: Research and Development - The company invested 52.81 million yuan in R&D during the first half of the year, representing a year-on-year increase of 45.01% [1] - The R&D investment supports the development of new equipment across various fields and provides a core technology reserve for future growth [1] - The company is enhancing cost control and automation capabilities, leading to improvements in both production capacity and efficiency, which helps maintain stable gross margins [1] Group 3: Market Position and Product Development - In the satellite field, the company maintains a leading advantage, with projects entering small batch production in 2024 and expanding product models [2] - The company collaborates closely with downstream users in the low Earth orbit satellite sector, focusing on the iterative development of satellite communication T/R chip solutions, with new products now in mass delivery [2] - The company has accumulated a significant number of project reserves in the ground segment and is steadily advancing based on customer rhythms [2] Group 4: Competitive Advantages - The T/R chip, as a core component of phased array wireless transceiver systems, has high technical barriers and qualification requirements [3] - The company has established itself as one of the few private enterprises with tier-three and tier-four supporting capabilities, leveraging years of technical accumulation and a flexible organizational response mechanism [3] - The company has built a solid customer and market foundation within the industry chain, participating in national key projects [3]

Group 1: Company Research - Yiyu Shikong has made significant progress in automotive and dye LCD materials, photoresist resin, PSPI business, and OLED materials, with automotive LCD materials entering mass production and expected to generate tens of millions in revenue by H2 2025 [1] - ST Chengchang has seen a recovery in downstream user demand, with a notable increase in orders and projects, particularly in satellite and low-orbit satellite fields, which are expected to become new growth points [1] - Jibite has focused on user-driven innovation in game development, with successful titles like "Zhang Jian Chuan Shuo" and "Dao You Lai Wa Bao," while also adjusting its business focus and optimizing personnel configuration [2] - Huadong Pharmaceutical has made significant advancements in innovative drug development across various fields, with multiple products entering clinical stages and a growing revenue share from innovative drugs [3] Group 2: Market Insights - The automotive LCD materials market is expected to grow significantly, with Yiyu Shikong's production capacity reaching 200 tons annually and a focus on new customer development [1] - The low-orbit satellite sector is projected to see substantial growth, with ST Chengchang leveraging its technological advantages to meet increasing demand [1] - The gaming industry is experiencing diverse demand and intense competition, prompting companies like Jibite to focus on user needs and innovative gameplay [2] - The innovative drug market is expanding, with Huadong Pharmaceutical's innovative drug business revenue approaching 15% of total revenue in H1 [3] Group 3: Financial Performance - Silver华基金 has an asset management scale of 576.925 billion, ranking 22nd among 210 firms, with a notable performance from its Hong Kong Stock Connect Innovation Drug ETF, which grew by 123.18% in the past year [4]

Group 1: Yuntianhua (云天化) - Yuntianhua's 2025 semi-annual report details phosphate fertilizer exports, phosphate rock prices, and production volumes of phosphate ammonium, among other topics [1] - Phosphate fertilizer exports are strictly adhering to domestic supply and price stability policies, with high sulfur prices impacting costs [1] - The company is progressing with the trial production of Kunyang No. 2 Mine and the exploration of Zhenxiong phosphate mine, which may be injected into the listed company in the future [1] - Phosphate ammonium production and sales have decreased due to product structure adjustments and maintenance [1] - The supply-demand balance for phosphate rock remains tight, with prices expected to stay high in the short term [1] Group 2: *ST Chengchang (铖昌) - The company has seen a significant increase in orders and projects due to recovering downstream user demand [2] - Remote sensing satellite projects are expected to enter small batch production in 2024 and mass production in 2025, indicating substantial growth potential [2] - The company maintains a stable gross profit margin by improving R&D efficiency and optimizing production processes [2] - The average project cycle is shortening as demand increases, with faster acceptance rates [2] - The company has a technological advantage in the low-orbit satellite sector, which is anticipated to be a new growth point [2] Group 3: Desay SV (德赛西威) - Desay SV achieved a revenue of 14.644 billion yuan in the first half of 2025, a year-on-year increase of 25.25%, with a net profit of 1.223 billion yuan, up 45.82% [3] - The company has established overseas branches, with factories in Indonesia and Mexico already in production, and a smart factory in Spain expected to start mass production in 2026 [3] - The smart driving business generated revenue of 4.147 billion yuan, growing 55.49% year-on-year, with the company holding the largest market share in domestic auxiliary driving domain controllers [3] - The smart cockpit business reported sales of 9.459 billion yuan, an 18.76% increase, with new project orders for the fifth-generation platform [3] Group 4: LIZHU Group (丽珠集团) - LIZHU Group anticipates single-digit revenue growth for the year, with profit growth expected to outpace revenue [4] - The P-CAB tablet has submitted a listing application, while the injection is expected to be approved in the first half of 2029 [4] - The IL-17A/F is projected to be approved in the first half of 2027, with significant commercialization potential [4] - The micro-sphere product market shows great potential, with plans for long-acting micro-sphere formulations and psychiatric products [4] - The small nucleic acid drug LZHN2408 is progressing rapidly, with enrollment for Phase Ib expected to complete in September [4]

Group 1: Limin Co., Ltd. - In the first half of 2025, Limin Co., Ltd. reported sales revenue of 2.452 billion yuan, a year-on-year increase of 6.69% [1] - The net profit reached 269 million yuan, showing a significant year-on-year growth of 747.13% [1] - The performance improvement is attributed to the increase in both volume and price of core products, cost reduction, overseas market expansion, and enhanced capacity utilization [1] - The company has a strong order book for Manganese Zinc orders and minimal inventory, with robust demand for Bacillus thuringiensis in Brazil [1] - The 'one certificate, one product' policy is favorable for the company, and there are plans for technological upgrades and brand building in the second half of the year [1] Group 2: Xinzhi Group - Xinzhi Group achieved revenue of 2.86 billion yuan in the first half of 2025, with a net profit of 50 million yuan [2] - The net profit margin for the second quarter improved to 2.7%, with a quarter-on-quarter growth of 677% [2] - The gross profit margin for the first half was 10.84%, an increase of 0.64 percentage points year-on-year [2] - The drone business is experiencing rapid growth, primarily supplying DJI with motor products for various types of drones [2] - The company is focusing on enhancing product quality in traditional businesses and shortening development cycles in emerging sectors through collaborative R&D [2] Group 3: *ST Chengchang - The company has seen a significant increase in orders and projects due to recovering downstream user demand [3] - Some remote sensing satellite projects are expected to enter small batch production in 2024 and mass production in 2025, indicating substantial growth potential [3] - The company maintains a stable gross profit margin by improving R&D efficiency and optimizing production processes [3] - There is a technological advantage in the low Earth orbit satellite sector, which is anticipated to become a new growth point [3] - The company is actively expanding applications in low-altitude economies and addressing detection blind spots [3]

Group 1 - The core viewpoint of the news is that *ST Chengchang has seen a significant increase in demand from downstream users, leading to a notable rise in orders and projects during the reporting period [1] - The company is expected to enter small batch production for some remote sensing satellite projects in 2024 and full-scale production in 2025, indicating considerable growth potential [1] - The company has made progress in satellite, low-orbit satellite, airborne, and ground fields, with sufficient orders and enhanced production capacity [1] Group 2 - The company's comprehensive gross profit margin remains stable, supported by improved R&D efficiency and optimized production processes to reduce costs [1] - As demand increases, the average project cycle is gradually shortening, and the acceptance rhythm is accelerating [1] - The company holds a technological advantage in the low-orbit satellite sector and has prepared for the next generation of low-orbit communication satellites, which is expected to become a new growth point [1] Group 3 - The company is actively expanding into low-altitude economy applications to address low-altitude detection blind spots through forward-looking technology layout [1] - The T/R chip industry has high technical barriers, and the company possesses a first-mover advantage and rich experience in this field [1] - The competitive landscape is primarily dominated by research institutions and a few private enterprises [1]

Group 1: Financial Performance - The company achieved a significant revenue increase of 180.16% year-on-year, reaching 2.01 billion yuan in the first half of 2025 [2][3] - Net profit attributable to shareholders surged to 5,663.33 million yuan, a remarkable turnaround from a loss of 2,428 million yuan in the previous year, marking an increase of 8,091 million yuan [3] - R&D expenses rose by 45.01% to 5,280.58 million yuan, reflecting the company's commitment to innovation and technology development [3] Group 2: Project and Order Growth - The company reported a double increase in major project numbers, with key projects in satellite, airborne, and ground sectors entering mass delivery phases [3] - The demand from downstream users has accelerated, leading to a significant increase in orders and projects [4][8] - The company is actively expanding its market share in emerging applications, including low-altitude economy sectors [11] Group 3: Operational Efficiency - The company has optimized its production processes, enhancing automation testing capabilities and achieving cost reductions through scale effects [5][9] - The average project cycle has been shortened due to increasing customer demand and tighter production schedules [6][7] - The company has made substantial preparations for capacity expansion to support future growth [9] Group 4: Market Position and Competitive Advantage - The T/R chip industry has high technical and qualification barriers, with the company holding a leading position due to years of experience and technological advantages [11] - The company has established strong partnerships with core users in the low Earth orbit satellite sector, enhancing its competitive edge [8][11] - The company is involved in several national key projects, solidifying its status as a major player in the T/R chip manufacturing sector [11]

Core Viewpoint - The company has reported a significant recovery in performance, with a substantial increase in revenue and a successful turnaround in net profit for the first half of 2025 compared to the same period last year [2]. Group 1: Financial Performance - The company's operating revenue for the first half of 2025 has increased significantly year-on-year [2]. - The net profit has turned from a loss to a substantial gain, indicating a strong financial recovery [2]. Group 2: Production and Capacity - The company has achieved high growth in both production and sales volumes, supported by increased automation and a significant rise in production capacity [2]. - The company has made adequate preparations for future capacity expansion by increasing investments in research and testing equipment [2]. - The company is fully prepared to enhance its operational scale and profitability in response to the accelerated recovery in industry demand [2].