来源：新浪基金∞工作室 9月4日，中电港跌2.3%，截至发稿，报19.97元/股，成交4.77亿元，换手率5.41%，总市值151.75亿元。 中电港股价已经连续5天下跌，区间累计跌幅12.07%。 资料显示，深圳中电港技术股份有限公司位于广东省深圳市南山区桃源街道留仙大道3333号塘朗城西区 A座23-25层,深圳市前海深港合作区南山街道自贸西街151号招商局前海经贸中心一期A座20层，成立日 期2014年9月28日，上市日期2023年4月10日，公司主营业务涉及电子元器件分销业务、设计链服务、供 应链协同配套服务和产业数据服务。主营业务收入构成为：电子元器件分销99.89%，其他0.11%。 从中电港十大流通股东角度 数据显示，华夏基金旗下1只基金位居中电港十大流通股东。华夏中证1000ETF（159845）二季度增持 71.03万股，持有股数165.68万股，占流通股的比例为0.38%。根据测算，今日浮亏损失约77.87万元。连 续5天下跌期间浮亏损失453.96万元。 华夏中证1000ETF（159845）成立日期2021年3月18日，最新规模382.27亿。今年以来收益22.15%，同 类排名185 ...

Group 1 - The company, China Electric Power (001287), announced on August 27 that it has no overdue guarantees [1] - There are no guarantees provided for shareholders, actual controllers, or their related parties [1]

证券代码：001287 证券简称：中电港 公告编号：2025-049 深圳中电港技术股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为满足公司全资子公司日常经营需要，保证下属全资子公司申请银行综合授 信，推进相关银行授信业务顺利的实施，深圳中电港技术股份有限公司（以下简 称"公司"）于 2025 年 4 月 27 日召开第二届董事会第六次会议及第二届监事会 第五次会议，2025 年 5 月 20 日召开 2024 年度股东大会，审议通过了《关于 2025 年度公司为全资子公司提供担保额度预计的议案》，同意公司 2025 年度为全资 子公司中国电子器材国际有限公司（英文名：CEAC International Limited，以 下简称"器材国际"）、亿安仓（香港）有限公司（英文名：EAchain HongKong Limited，以下简称"亿安仓香港"）向银行申请授信提供担保，担保金额不超 过 6.8 亿美元。 本次担保额度期限自2024年度股东大会审议通过之日起至2025年度股东大 会重新审议该事项之日止。上 ...

证券代码：001287 证券简称：中电港 公告编号：2025-048 深圳中电港技术股份有限公司 关于持股5%以上股东减持股份实施情况的公告 公司股东中电坤润一期（天津）股权投资合伙企业（有限合伙）及北京中电发 展股权投资基金合伙企业（有限合伙）保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 1 | | 股东名称 | | 减持方式 | | 减持期间 | | | 减持价格 区间 （元/股） | 减持均价 （元/股） | 减持股数（股） | 减持比例（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中 基 电 金 | 电 坤 金 及 发 展 | 润 中 基 | 集中竞价 | 2025 2025 | 年 5 28 年 8 | 月 月 | 日至 日 26 | 18.09-23.99 | 21.59 | 7,595,000 | 0.9995 | | | 合计 | | - | | - | | | 18.09-23.99 | 21.59 | 7,595,000 | 0.999 ...

Group 1 - The company reported a total fundraising amount of RMB 225,690.33 million from its initial public offering, with a net amount of RMB 213,331.22 million after deducting related issuance costs [4][24] - As of June 30, 2025, the company has utilized RMB 131,445.62 million of the raised funds for investment projects [5][11] - The company has established a special account for managing the raised funds, ensuring strict approval procedures for their usage [6][19] Group 2 - The company plans to use up to RMB 6.5 billion of idle raised funds temporarily to supplement working capital, with a usage period not exceeding 12 months [28][58] - The company has also approved the use of RMB 15,439.61 million of over-raised funds for a new project, specifically the "Yian Warehouse Smart Supply Chain Project" [18][27] - As of June 30, 2025, the company has returned all temporarily used funds back to the special account [14][27] Group 3 - The company has reported a total of RMB 179,618,868.10 in impairment provisions, primarily for receivables and inventory [44][47] - The company’s financial statements reflect a cautious approach in asset valuation, ensuring a fair representation of its financial status [48][49] - The board of directors has unanimously approved the half-year report and the special report on the use of raised funds, confirming compliance with relevant regulations [49][52]

Core Viewpoint - The company Zhongdian Port (001287.SZ) reported a significant increase in revenue and net profit for the first half of 2025, but its gross margin fell below 3%, indicating ongoing challenges in profitability and cash flow management [1][2]. Financial Performance - In the first half of 2025, Zhongdian Port achieved a revenue of 33.526 billion yuan, representing a year-on-year growth of 35.64% [1]. - The net profit attributable to shareholders was 181 million yuan, reflecting a year-on-year increase of 64.98% [1]. Profitability Issues - The gross margin for Zhongdian Port's core electronic component distribution business was only 2.76%, significantly lower than peers such as Yintang Zhikong (6.60%) and Shenzhen Huqiang (6.28%) [2]. - Historical net profit margins for Zhongdian Port were consistently lower than those of competitors, with figures of 0.50%, 1.23%, 0.88%, and 0.74% over recent years, highlighting a persistent weakness in profitability [3]. Asset Management Concerns - As of mid-2025, accounts receivable reached 13.15 billion yuan, accounting for nearly 40% of revenue and 49.21% of total assets, while inventory stood at 8.357 billion yuan, making up 31.28% of total assets [3]. - The combined proportion of accounts receivable and inventory exceeded 80% of total assets, indicating a long-standing issue with asset management [3][4]. Cash Flow Challenges - The operating cash flow for Zhongdian Port was reported at -2.075 billion yuan for the first half of 2025, continuing a trend of negative cash flow since 2018 [4]. - The high levels of accounts receivable and inventory have been detrimental to the company's cash flow, exacerbating its challenges in generating positive operating cash flow [4].

Group 1 - The company announced that it will hold the seventh meeting of the second board of directors and the sixth meeting of the second supervisory board on August 26, 2025 [1] - The company approved a proposal to increase the guarantee limit for its wholly-owned subsidiary, China Electronics Equipment International Co., Ltd., to provide a guarantee of up to RMB 100 million for procurement from suppliers [1] - The proposal is subject to approval at the shareholders' meeting [1] Group 2 - As of the announcement date, the total guarantee amount provided by the company to its wholly-owned subsidiary is RMB 1,378.68 million, which accounts for 26.30% of the company's most recent audited net assets [1]

Growth - Shudao Equipment reported a net profit of 10.15 million yuan in the first half of the year, a year-on-year increase of 5972.30% [1] - Aerospace Science and Technology achieved a net profit of 88.97 million yuan, up 2161.91% year-on-year [1] - Tianbao Infrastructure's net profit reached 118 million yuan, growing by 2106.58% year-on-year [1] - Northern Rare Earth reported a net profit of 931 million yuan, an increase of 1951.52% year-on-year [1] - Liugang Co., Ltd. posted a net profit of 36.8 million yuan, up 579.54% year-on-year [1] - Cheng Tian Wei Ye's net profit was 10.88 million yuan, increasing by 562.05% year-on-year [1] - Perfect World reported a net profit of 503 million yuan, a year-on-year increase of 384.52% [1] - Shenghong Technology achieved a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - Zhongke Magnetic Industry's net profit was 20.90 million yuan, increasing by 271.78% year-on-year [1] - Xinjiang Communications Construction reported a net profit of 255 million yuan, up 255.25% year-on-year [1] - Shennong Group achieved a net profit of 388 million yuan, a year-on-year increase of 212.65% [1] - Daikin Heavy Industries reported a net profit of 547 million yuan, up 214.32% year-on-year [1] - Fostar's net profit was 251 million yuan, increasing by 140.45% year-on-year [1] - Guohua Airlines achieved a net profit of 1.24 billion yuan, up 86.15% year-on-year [1] - China Electric Port reported a net profit of 181 million yuan, increasing by 64.98% year-on-year [1] - Ailisi's net profit was 1.051 billion yuan, up 60.22% year-on-year [1] - Zijin Mining reported a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [1] - Zhongke Chuangda achieved a net profit of 158 million yuan, up 51.84% year-on-year [1] - Sichuan Gold reported a net profit of 209 million yuan, increasing by 48.41% year-on-year [1] - Dongxing Securities achieved a net profit of 819 million yuan, up 42.12% year-on-year [1] - Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96% [1] - Kotec Power's net profit was 23.99 million yuan, increasing by 35.52% year-on-year [1] - Dongshan Precision reported a net profit of 758 million yuan, up 35.21% year-on-year [1] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87% [1] - Shenzhen Huaqiang reported a net profit of 236 million yuan, increasing by 33.45% year-on-year [1] - Conch Cement achieved a net profit of 4.368 billion yuan, up 31.34% year-on-year [1] - Jiuzhoutong reported a net profit of 1.446 billion yuan, increasing by 19.7% year-on-year [1] - Aofei Data achieved a net profit of 87.89 million yuan, a year-on-year increase of 16.09% [2] Decline and Loss - Huachang Chemical reported a net profit of 1.09 million yuan, a year-on-year decrease of 97.58% [2] - Meibang Apparel achieved a net profit of 993,030 yuan, down 87.07% year-on-year [2] - Toukeng Life reported a net profit of 275,930 yuan, a decrease of 58.41% year-on-year [2] - BlueFocus reported a net profit of 96.44 million yuan, down 47.33% year-on-year [2] - China Gold achieved a net profit of 31.9 million yuan, a decrease of 46.35% year-on-year [2] - Huaxi Biological reported a net profit of 22.1 million yuan, down 35.38% year-on-year [2] - Zhejiang New Energy achieved a net profit of 29.2 million yuan, down 34.65% year-on-year [2] - Hainan Mining reported a net profit of 28.1 million yuan, a decrease of 30.36% year-on-year [2] - Changying Precision achieved a net profit of 30.6 million yuan, down 29.37% year-on-year [2] - China Duty Free reported a net profit of 2.6 billion yuan, down 20.81% year-on-year [2] - Jiangling Motors achieved a net profit of 73.3 million yuan, down 18.17% year-on-year [2] - Donghua Software reported a net profit of 24.4 million yuan, down 15.78% year-on-year [2] - Hengda New Materials achieved a net profit of 3.4235 million yuan, down 12.68% year-on-year [2] - Yaoji Technology reported a net profit of 25.6 million yuan, down 9.98% year-on-year [2] - Ping An Insurance achieved a net profit of 68.047 billion yuan, down 8.8% year-on-year [2] - China Petroleum reported a net profit of 840.07 billion yuan, down 5.4% year-on-year [2] - 360 reported a net loss of 28.2 million yuan [2] - Electric Wind Power reported a net loss of 27.9 million yuan [2] Losses - Suzhou Keda reported a net loss of 21.7 million yuan [3] - Yuntian Lifa achieved a net loss of 20.6 million yuan [3] - Kosen Technology reported a net loss of 10.5 million yuan [3] - Xinyada reported a net loss of 5.2635 million yuan [3] - Chengfei Integration achieved a net loss of 1.49208 million yuan [3] - China Film reported a net loss of 11 million yuan, turning from profit to loss year-on-year [3]

Core Insights - Company reported a significant growth in revenue and profit for the first half of 2025, with revenue increasing by 35.64% year-on-year and net profit attributable to shareholders rising by 92.80%, both reaching historical highs [1][3] Financial Performance - In the first half of 2025, the company achieved a revenue of 33.526 billion yuan and a net profit of 1.81 billion yuan [3] - Since its listing on April 10, 2023, the company has shown steady growth, with revenue and net profit growth rates of 57.45% and 37.50% respectively in the first half of 2024 [3] - The company maintained a dual growth trend, with revenue and net profit both reaching historical highs in the first half of 2025 [3] Operational Efficiency - The annualized inventory turnover rate for the first half of 2025 was 6.84 times, an increase of 1.96 times year-on-year, while accounts receivable turnover rate was 6.00 times, up by 0.27 times [3] - The performance reflects an improvement in operational quality and an optimized profit structure, achieving both scale and efficiency growth [3] Market Positioning - The company has integrated high-quality domestic resources and international brands, establishing long-term stable partnerships with over 5,000 quality clients across various fields [2] - The global semiconductor industry is experiencing a structural recovery, and the company has capitalized on market opportunities by increasing investments in strategic markets such as artificial intelligence, computing technology, and automotive electronics [2] Product and Service Innovation - The company reported a 144% year-on-year increase in revenue from artificial intelligence-related businesses, totaling 7.702 billion yuan in the first half of 2025 [4] - Revenue from processor business reached 13.673 billion yuan, growing by 77.33%, while other products like sensors and discrete devices saw a 102.07% increase in revenue [4] - The company has launched various innovative products, including AI intelligent computing modules and high-performance wireless modules, to support diverse applications [5] Supply Chain and Logistics - The company has established a modern supply chain collaborative service platform, "Yian Warehouse," providing comprehensive services including warehousing, transportation, and distribution [6] - The total warehouse area is 72,000 square meters, with a storage capacity of 22,500 pallets and the ability to handle over 3 million boxes annually [6] Data and Analytics Capabilities - The company has developed a big data platform, "Chip Check," which provides various services including supply chain fluctuation analysis and BOM management [7] - In the first half of 2025, the platform's PC access volume increased by 74%, indicating growing engagement and collaboration with leading manufacturers [7]

Core Insights - Shenzhen Zhongdian Port Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 33.526 billion yuan, a year-on-year growth of 35.64%, and net profit attributable to shareholders at 1.81 billion yuan, up 64.98% [1] Financial Performance - The company capitalized on the structural recovery in the global semiconductor industry, showcasing strong performance driven by core business advantages and technological innovation [1] - Revenue from AI-related businesses reached 7.702 billion yuan, growing over 140% year-on-year, while processor business revenue was 13.673 billion yuan, up 77.33% [1] - The top ten product lines and customer revenues each experienced over 50% growth, highlighting the company's leading position in the electronic components distribution sector [1] Strategic Initiatives - Zhongdian Port is enhancing its design chain services through the "Firefly Workshop," launching multiple AI smart modules and development boards, including an award-winning AI application development board based on Qualcomm chips [2] - The "Yian Warehouse" smart supply chain project is advancing, with a three-tier warehouse system and a digital logistics network significantly improving delivery efficiency [2] - The "Chip Check" big data platform has been upgraded with an AI assistant, resulting in a 74% year-on-year increase in PC access [2] Market Positioning - In response to a complex international trade environment, the company is optimizing its product line structure and expanding overseas markets, with overseas revenue now accounting for 47.22% of total revenue [2] - Despite growth in accounts receivable and inventory due to business expansion, the company has strengthened pre-management through a digital risk control system, ensuring adequate provisions for bad debts and price declines [2] - Financial expenses decreased by 17.59% year-on-year, reflecting the company's robust operational capabilities [2] Industry Outlook - With the ongoing recovery in global semiconductor demand and the expansion of AI application scenarios, Zhongdian Port is well-positioned to further consolidate its leading position in the industry through technological accumulation, ecosystem collaboration, and supply chain advantages [2]