证券代码：002429 证券简称：兆驰股份 公告编号：2025-032 深圳市兆驰股份有限公司 关于持股5%以上股东部分股份被司法冻结的公告 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。 特别提示： 1、本次股份冻结事项系因持股 5%以上股东南昌兆驰投资合伙企业（有限合伙） （以下简称"南昌兆投"）对他人提起诉讼。为防止对方在诉讼过程中转移财产等， 南昌兆投向法院申请对对方财产进行查封、冻结。依据《中华人民共和国民事诉讼 法》第一百零三条等法律法规的规定及法院要求，南昌兆投需提供相应数额的财产 担保，本次被冻结的股票即为南昌兆投为查封、冻结对方财产提供的担保措施。 2、本次股份冻结事项不会对公司的生产经营、公司治理产生不利影响，不涉及 业绩补偿义务履行等情形。公司将持续关注本次股份冻结事项的进展情况，并按照 相关法律法规的要求及时履行信息披露义务。敬请广大投资者注意投资风险。 深圳市兆驰股份有限公司（以下简称"公司"）于近日收到南昌兆投的通知， 并通过中国证券登记结算有限责任公司系统查询，获悉其所持公司的部分股份被司 法冻结，具体情况如下： | | 是否为控 ...

Group 1 - The core viewpoint of the article highlights the performance of Shenzhen Zhaochi Co., Ltd. in the first half of 2025, with a slight revenue decline but growth in specific segments like the LED industry and smart terminal business [1] - The company's revenue for the first half of 2025 decreased by 10.89% year-on-year to 8.483 billion yuan, while the LED industry revenue grew by 8.67% to 2.808 billion yuan, contributing a net profit of 403 million yuan [1] - The smart terminal business faced challenges due to international trade policies but managed to stabilize through strategies like "overseas capacity + high-end products," with overseas shipments accounting for 45% of total sales [1] Group 2 - The LED industry, particularly the MiniRGB chip segment, saw significant growth, with monthly shipments exceeding 150 million units and a market share surpassing 50% [2] - Mini/MicroLED display shipments doubled year-on-year, with a production capacity of 25,000 square meters per month and a market share exceeding 50% [2] - The company successfully passed inspections from major international clients, leading to large-scale shipments of Mini/MicroLED modules for home theater and commercial display applications [2] Group 3 - In the optical communication sector, the company achieved revenue of 309 million yuan in the first half of 2025, with improving operational conditions despite slight losses [2][3] - The market share of BOSA devices for optical access networks rose to 40%, laying a solid foundation for future development in optical modules [3] - The company plans to launch 50G and above DFB and EML optical chips by 2026 to meet the demand for high-density, low-latency data transmission [3]

Group 1: Key Recommendations - Semiconductor industry: SMIC (688981) is positioned as a leading domestic wafer foundry, with expected growth driven by the explosion in demand for AI chips and the trend of localization in chip production [5] - Automotive industry: Geely Auto (00175) is anticipated to enter a phase of dual growth in volume and profit, supported by a strong new car cycle in the second half of the year [7] - Electronics industry: Zhao Chi Co., Ltd. (002429) is recognized for its successful integration in the electronics manufacturing sector, with new growth potential in the optical communication field [8] Group 2: Important Insights - SMIC's revenue forecast for 2025-2027 is projected at 67.573 billion, 78.360 billion, and 89.721 billion CNY, with a revenue growth rate of 16.9%, 16.0%, and 14.5% respectively, and net profit growth rates of 44.7%, 19.0%, and 17.0% [5] - Geely Auto's revenue forecast for 2025-2027 is expected to reach 378.380 billion, 449.380 billion, and 521.762 billion CNY, with growth rates of 57.53%, 18.76%, and 16.11% respectively [7] - Zhao Chi Co., Ltd.'s revenue for 2025-2027 is estimated at 20.934 billion, 26.557 billion, and 34.642 billion CNY, with growth rates of 2.99%, 26.86%, and 30.45% respectively [9] Group 3: Catalysts - For SMIC, key catalysts include orders for semiconductor equipment and breakthroughs in process yield [5] - For Geely Auto, catalysts involve new car launches and the completion of shareholding integration [7] - For Zhao Chi Co., Ltd., catalysts include performance recovery in the second half of the year and progress in customer integration for optical communication projects [9] Group 4: Market Trends - The macroeconomic outlook indicates a return to equilibrium for the Federal Reserve's dual objectives, with a focus on maintaining a balanced approach to monetary policy [12] - The A-share strategy emphasizes a balanced allocation between large financials and technology sectors, while also increasing attention to previously lagging sectors like real estate [15]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the impact of U.S. tariffs and adjustments in traditional networking business, but is actively transforming and expanding into new markets [1][4]. Group 1: Financial Performance - Total revenue for H1 2025 was 8.483 billion yuan, a year-on-year decrease of 10.89%, with net profit attributable to shareholders at 661 million yuan, down 27.37% [1]. - In Q2 2025, revenue decreased by 12.08% year-on-year, and net profit fell by 34.12% [1]. - The multimedia business generated revenue of 5.675 billion yuan, a decline of 18.2% year-on-year, largely affected by the television and networking business [1]. Group 2: Business Transformation and Growth Areas - The company is shifting production capacity to Vietnam to mitigate tariff impacts and is focusing on strengthening its LED full industry chain advantages while entering the optical communication field [1]. - The LED full industry chain generated revenue of 2.808 billion yuan, an increase of 8.7% year-on-year, with a net profit of 403 million yuan, accounting for over 60% of total profits [2]. - The optical module and component business achieved revenue of 309 million yuan, with successful mass shipments of optical access network components to major domestic clients [1][2]. Group 3: Cost and Margin Analysis - The overall gross margin for H1 2025 was 16.84%, a decrease of 0.83 percentage points year-on-year, with multimedia and LED business gross margins at 11.48% and 27.66%, respectively [3]. - The overall expense ratio increased by 2.74 percentage points year-on-year, influenced by higher leasing costs and operational leverage [3]. Group 4: Future Outlook and Valuation - The company maintains EPS forecasts of 0.35, 0.39, and 0.41 yuan for 2025-2027, with a target price adjustment to 6.30 yuan based on an 18x PE valuation for 2025 [4].

Core Viewpoint - The company reported a decline in revenue and net profit for Q2 and H1 2025, indicating challenges in the multimedia and LED segments, while showing growth in the LED industry chain and potential recovery in the optical communication sector [1][2][4]. Revenue Analysis - Multimedia audio-visual revenue for H1 was 5.68 billion (down 18.2% YoY), with TV ODM shipments of 5.23 million units (up 3% YoY) [2]. - LED industry chain revenue for H1 was 2.81 billion (up 8.7% YoY), with semiconductor revenue at 1.42 billion (up 4% YoY) [3]. - Optical communication revenue for H1 was 309 million, showing monthly improvement and potential for profitability in H2 [4]. Profit Analysis - Q2 net profit margin was 6.9% (down 2.3 percentage points YoY), with gross margin down 1.9 percentage points YoY [5]. - H1 gross margins for multimedia and LED segments decreased by 1.0 and 3.9 percentage points respectively, with net profit distribution being approximately 46% and 54% [6]. Investment Outlook - The company maintains a "buy" rating, anticipating improvements in the profitability of the TV ODM Vietnam factory, flexibility from the LED industry chain, and growth potential in optical communication [7]. - Revenue forecasts for 2025-2027 are adjusted to 20.3 billion, 24.1 billion, and 28.4 billion respectively, with net profits expected to be 1.5 billion, 1.9 billion, and 2.4 billion [7].

Core Insights - The company reported a total revenue of 8.483 billion yuan for the first half of 2025, a year-on-year decrease of 10.89% [1] - The net profit attributable to shareholders was 661 million yuan, down 27.37% year-on-year [1] - The gross margin decreased to 16.84%, a decline of 4.74% compared to the previous year [1] Financial Performance - Revenue for Q2 2025 was 4.76 billion yuan, reflecting a 12.08% year-on-year decline [1] - Q2 net profit attributable to shareholders was 327 million yuan, down 34.12% year-on-year [1] - The company's net profit margin fell to 8.49%, a decrease of 18.24% year-on-year [1] Balance Sheet Analysis - Accounts receivable accounted for 290.59% of the latest annual net profit, indicating a significant amount of outstanding receivables [1] - Cash and cash equivalents decreased by 3.95% to 3.735 billion yuan [1] - Interest-bearing liabilities decreased by 24.24% to 5.042 billion yuan [1] Cost and Expense Management - Total selling, administrative, and financial expenses amounted to 334 million yuan, representing a 55.25% increase year-on-year [1] - Management expenses increased by 64.74%, primarily due to higher leasing costs [3] - Financial expenses surged by 181.06%, attributed to foreign exchange rate fluctuations [3] Cash Flow and Investment - Operating cash flow per share increased significantly by 270.28% to 0.21 yuan [1] - Investment cash flow net amount increased by 86.53%, due to an increase in the recovery of time deposits [3] - Financing cash flow net amount decreased by 194.72%, as the company did not obtain bank loans during the reporting period [3] Return on Investment - The company's return on invested capital (ROIC) was 8.87%, indicating average capital returns [4] - Historical median ROIC over the past decade was 6.15%, suggesting weak investment returns [5] - Analysts expect the company's performance in 2025 to reach 1.646 billion yuan, with an average earnings per share of 0.36 yuan [5]

Core Viewpoint - The patent litigation initiated by Lehman Optoelectronics against Zhao Chi Co., Ltd. has concluded in favor of Zhao Chi, with the court ruling that the accused products do not infringe on the claimed patents [2]. Group 1: Patent Litigation Outcome - Zhao Chi Co., Ltd. announced that all related patent lawsuits initiated by Lehman Optoelectronics have ended in a complete victory for Zhao Chi [2]. - The Guangdong High People's Court upheld the first-instance ruling, rejecting all appeals from Lehman Optoelectronics regarding the patent infringement claims [2]. - The court found that the Mini direct display COB product series produced and sold by Zhao Chi has essential differences from the patents claimed by Lehman Optoelectronics, thus not falling under the protection of those patents [2]. Group 2: Previous Developments - On May 28, Zhao Chi Co., Ltd. reported that the National Intellectual Property Administration declared a specific patent (patent number: 201921505524.0) completely invalid, marking another victory in the ongoing patent disputes with Lehman Optoelectronics [3].

Core Viewpoint - The company has demonstrated significant transformation achievements, with high-tech business profitability exceeding 60%, becoming a new growth engine despite a challenging macroeconomic environment [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.483 billion yuan and a net profit of 661 million yuan, showing a slight year-on-year decline due to external pressures [1]. - The LED industry chain segment reported operating revenue of 2.808 billion yuan, marking the highest performance for the same period in history, with a year-on-year growth of 8.67% and a net profit of 403 million yuan [2]. Business Segments Smart Terminal Business - The smart terminal business has undergone upgrades in globalization, production capacity, and market expansion, enhancing overall stability [3]. - The company established its first overseas production base in Vietnam, increasing annual production capacity from 2 million to 11 million units [3]. LED Industry Chain - The LED business has progressed from capacity leadership to technology and market leadership, with advancements in chip technology and production capabilities [4]. - The company has achieved significant growth in new display areas, with a market share exceeding 85% for products with a pixel pitch of 1.5mm and above [4]. Optical Communication Business - The optical communication business has rapidly developed, achieving operating revenue of 309 million yuan in the first half of 2025 [5]. - The company has secured long-term orders for BOSA devices, with a market share of 40% and plans for further product launches in 2026 [5]. Strategic Outlook - The company is embedding innovation into its development strategy, focusing on technological breakthroughs and market expansion to drive future growth [6]. - The transformation efforts are expected to create long-term value for investors and establish a solid direction for high-quality development in the next decade [6].

8 月 22 日晚间，国内 Mini/Mirco LED 龙头兆驰股份公布 2025 年半年报。在宏观环境全面承压的背景 下，兆驰股份转型成果斐然，报告期内高科技业务盈利占比突破 60%，强势崛起为公司新的增长引 擎，彰显出卓越的增长韧性。 智能终端业务：全球化、产能、市场三重升级协同驱动 智能终端业务作为兆驰股份的传统业务，在集团"转型"战略指引下，2025年上半年也通过在全球化、产 能、市场三重升级的牵引下实现稳定性全面提升。全球化方面，公司在越南成功打造首个海外生产基 地，未来将有序拓展更多海外基地，强化供应链灵活性与全球客户服务能力;产能端，海外生产基地年 产能从年初200万台大幅提升至1100万台，为全球市场拓展提供有力支撑;市场端，通过获得欧盟RED网 络安全认证，智能电视产品合规登陆欧洲市场，持续优化出货区域结构，进一步拓展市场份额。 LED产业链：从产能领先迈向技术领先与市场深耕 兆驰股份LED业务已从"产能领先"进阶为"技术领先+市场领先"。芯片端(兆驰半导体)攻克车载垂直结构 芯片技术难题，以02×06mil芯片量产能力引领Mini RGB芯片微缩化趋势，同时优化产能结构，提升高 端照明、 ...

Core Viewpoint - Zhaochi Co., Ltd. reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 8.483 billion yuan, a year-on-year decrease of 10.89% [1] - The net profit attributable to shareholders of the listed company was 661 million yuan, down 27.37% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 578 million yuan, reflecting a year-on-year decrease of 32.69% [1] - Basic earnings per share were reported at 0.15 yuan [1]