Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by structural growth in the global semiconductor industry [1][2] - The company capitalized on domestic substitution opportunities, enhancing its market share across various sectors, particularly in AI and storage chips [2] - The company achieved breakthroughs in packaging technology, particularly in large-size FCBGA and CPO fields, which are crucial for meeting high-performance requirements [3] Financial Performance - In H1 2025, the company achieved operating revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit attributable to shareholders of 412 million yuan, up 27.72% [1] - In Q2 2025, the company reported operating revenue of 6.946 billion yuan, a year-on-year increase of 19.8%, and a net profit attributable to shareholders of 311 million yuan, up 38.6% [1] - The overall gross margin for H1 2025 was 14.75%, an increase of 0.6 percentage points year-on-year, with net profit margin at 3.72%, up 0.42 percentage points [1] Market Position and Strategy - The global semiconductor market is characterized by technology-driven growth and regional differentiation, with the Americas leading at a 25% growth rate [2] - The company has become a key partner in consumer electronics sectors such as WiFi, Bluetooth, and MiniLED TV displays, leveraging its advantages in industrial control and automotive technology [2] - Major clients like AMD have shown strong performance, with Q2 revenue from data center and client segments reaching 2.5 billion USD, up 67%, and gaming business revenue at 1.1 billion USD, up 73% [2] Technological Advancements - The company made significant progress in large-size FCBGA, entering mass production and addressing challenges related to warping and heat dissipation through innovative materials and processes [3] - Breakthroughs in CPO technology have been achieved, with products passing initial reliability tests, enhancing the company's competitive edge [3] - Traditional wire bonding packaging technology has seen performance improvements through dual-sided copper plating, establishing a dedicated process platform for Cu wafer packaging [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 27.416 billion yuan, 30.734 billion yuan, and 34.176 billion yuan, with net profits of 1.035 billion yuan, 1.334 billion yuan, and 1.64 billion yuan respectively [4] - The company is assigned a PE ratio of 53 for 2025, leading to a target price of 36.14 yuan per share, maintaining a "Buy-A" investment rating [4]

Group 1 - A-shares experienced significant activity with 52 stocks hitting the daily limit up and 3 stocks hitting the limit down on August 29 [1] - The non-ferrous metal sector, particularly tungsten concept stocks, showed strong performance with Guangsheng Nonferrous Materials hitting the limit up [1] - Solid-state battery concept stocks also surged, with Guoxuan High-Tech and Xian Dao Intelligent both reaching the limit up [1] - The energy metals sector saw gains, highlighted by Shengtun Mining hitting the limit up [1] Group 2 - Tianpu Co., Ltd. achieved a six-day consecutive limit up, while Changfei Optical Fiber and *ST Mubang recorded four limit ups in five days [1] - Other notable stocks include Dechuang Environmental Protection with four consecutive limit ups, and *ST Weier with three limit ups in four days [1] - Agricultural products and Jianye Co., Ltd. both achieved three consecutive limit ups, while Shengtai Group and Yaxing Chemical had four limit ups in two days [1] - China Rare Earth and Sanwei Communication recorded two consecutive limit ups, while China Jushi and Tongfu Microelectronics also hit the limit up [1] Group 3 - *ST Gaohong faced a continuous decline with 15 consecutive limit downs, alongside *ST Yazhen and Chunz中科技 also hitting the limit down [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 36.14 CNY per share, maintaining the rating [5]. Core Insights - The company reported a revenue of 13.038 billion CNY for H1 2025, representing a year-on-year increase of 17.67%, and a net profit of 412 million CNY, up 27.72% year-on-year [1]. - The company has effectively controlled costs and expenses, leading to a steady improvement in profitability, with an overall gross margin of 14.75% for H1 2025, an increase of 0.6 percentage points year-on-year [2]. - The company has capitalized on domestic substitution opportunities, increasing its market share in various sectors such as mobile phones, home appliances, and automotive applications, becoming a key partner in consumer electronics [3]. - Significant advancements have been made in packaging technology, particularly in large-size FCBGA and CPO fields, with products entering mass production and achieving breakthroughs in reliability testing [4]. Financial Performance Summary - For H1 2025, the company achieved a net profit margin of 3.72%, an increase of 0.42 percentage points year-on-year, with a reduction in sales, management, and R&D expense ratios [2]. - The projected revenues for 2025, 2026, and 2027 are 27.416 billion CNY, 30.734 billion CNY, and 34.176 billion CNY, respectively, with net profits expected to be 1.035 billion CNY, 1.334 billion CNY, and 1.64 billion CNY [8][9]. - The company is expected to maintain a strong growth trajectory, with a projected net profit growth rate of 52.7% in 2025 [10].

2025年1月至6月，通富微电实现营业收入130.38亿元，同比增长17.67%；归属于上市公司股东的净利润 达4.12亿元，同比增长27.72%；扣非后净利润为4.20亿元，同比增长32.85%。公司盈利能力显著增强， 基本每股收益为0.2715元，同比增长27.46%。 经营活动产生的现金流量净额同比大幅增长34.47%，达到24.80亿元，反映出公司营运资金管理效率提 升，回款能力增强。 下游需求旺盛，多元布局见成效 8月28日晚间，通富微电（002156）(证券代码：002156)正式发布2025年半年度报告。报告显示，公司 在全球半导体市场结构性增长的背景下，积极把握行业复苏机遇，实现营业收入与净利润双位数增长， 展现出强劲的发展势头和良好的盈利韧性。 业绩稳健增长，经营质量持续提升 公司在先进封装技术领域持续取得突破。大尺寸FCBGA产品已进入量产阶段，超大尺寸FCBGA完成预 研并进入工程考核；光电合封(CPO)技术研发取得进展，相关产品通过初步可靠性测试。此外，公司在 双面散热、Cu wafer封装等功率产品方面实现技术升级，已在大批量生产中应用。 截至2025年6月30日，公司累计专利申请量 ...

通富微电(002156.SZ)发布2025年半年度报告，报告期内，公司实现营业收入130.38亿元，同比增长 17.67%。实现归属于上市公司股东的净利润4.12亿元，同比增长27.72%。实现归属于上市公司股东的扣 除非经常性损益的净利润4.2亿元，同比增长32.85%。基本每股收益0.2715元。 ...

8月28日晚，通富微电（002156.SZ）披露2025年半年度报告。报告期内，公司实现营业收入130.38亿 元，同比增长17.67%；归属于上市公司股东的净利润4.12亿元，同比增长27.72%；经营活动产生的现金 流量净额24.80亿元，同比增长34.47%。 值得一提的是，公司今年第二季度单季度营收达69.46亿元，归母净利润达3.11亿元，双双创下同期单季 度历史新高，展现出强劲的增长动能与经营韧性。 多元业务稳健拓展 2025年上半年，全球半导体市场呈现"技术驱动增长、区域分化加剧"的特征。在此背景下，通富微电紧 抓机遇，在手机、家电、车载等多个应用领域提升市场份额；在WiFi、蓝牙、MiniLED电视显示驱动等 消费电子热点领域，成为多家重要客户的策略合作伙伴；同时夯实与手机终端 SOC 客户合作基础，份 额不断提升；依托工控与车规领域的技术优势，加速全球化布局，提升整体市场份额。 与此同时，公司大客户AMD的业绩延续了增长势头，今年上半年，AMD数据中心、客户端与游戏业务 表现突出，通过产品迭代和市场扩展实现了营收与利润的双增长。其中，数据中心业务受益于EPYC CPU的强劲需求而持续增长；客 ...

格隆汇8月28日丨通富微电(002156.SZ)公布2025年半年度报告，上半年公司实现营业收入130.38亿元， 同比增长17.67%；归属于上市公司股东的净利润4.12亿元，同比增长27.72%；归属于上市公司股东的扣 除非经常性损益的净利润4.20亿元，同比增长32.85%；基本每股收益0.2715元。 ...

Group 1 - The company Tongfu Microelectronics (SZ 002156) announced its eighth board meeting held on August 27, 2025, via telecommunication to review the 2025 semi-annual report and summary [1] - For the year 2024, the revenue composition of Tongfu Microelectronics is as follows: integrated circuit packaging and testing accounts for 95.97%, while sales of molds and materials account for 4.03% [1] - As of the report date, the market capitalization of Tongfu Microelectronics is 45.6 billion yuan [1]

通富微电子股份有限公司 2025 年 1-6 月募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重 大遗漏。 证券代码：002156 证券简称：通富微电 公告编号：2025-041 （二）以前年度已使用金额、本年度使用金额及当前余额 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可〔2022〕261号核准，并经深圳证券交易所同意，本公司由主 承销商海通证券股份有限公司采用向特定投资者非公开发行股票方式发行人民币普通股（A股） 184,199,721股，每股发行价格为14.62元，应募集资金总额为人民币269,299.99万元，扣除承销费和保 荐费1,367.32万元（含增值税）后的募集资金为人民币267,932.67万元，已由主承销商海通证券股份 有限公司于2022年10月21日分别汇入本公司在招商银行南通分行营业部开立的512902062410666号账 户内131,000.00万元，在中国建设银行股份有限公司南通崇川支行开立的 32050164273600003056号 账户内136,93 ...

通富微电子股份有限公司 2025 年半年度财务报告 通富微电子股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 通富微电子股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：通富微电子股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 4,512,725,090.31 | 4,231,650,098.29 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 138,117,736.23 | 158,267,179.48 | | 应收账款 | 5,741,839,044.09 | 5,594,194,354.04 | | 应收款项融资 | 74,079,269.45 | 101,913,257.35 | | 预付款项 | 78,5 ...