南通江海电容器股份有限公司 2025 年半年度报告全文 南通江海电容器股份有限公司 2025 年半年度报告 【2025 年 8 月 28 日】 1 南通江海电容器股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈卫东、主管会计工作负责人黄仕毅及会计机构负责人(会计 主管人员)朱烨梅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 1、市场竞争风险 电容器行业下游应用领域广泛，市场竞争较为激烈。公司在技术能力储 备、客户资源积累、产品门类、产能规模以及采购能力等多方面均具有竞争 优势，并且将深耕战略客户、积极融入新兴产业、新应用及客户新产品联合 开发，加快研发及产品设计等领域的速度，持续为客户提供增值服务，积极 应对市场竞争。 2、进入新市场及开发新产品的风险 公司多类产品已开拓和根植于汽车电子、工业自动化、新能源及储能、 人工智能等新应用领域，相关客户在产品、技术和质量以 ...

江海股份公告，2025年上半年营业收入26.94亿元，同比增长13.96%。净利润3.58亿元，同比增长 3.19%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Core Viewpoint - Local state-owned enterprises (SOEs) have significantly increased their participation in A-share mergers and acquisitions (M&A) in 2023, with a notable shift towards lower-tier cities and strategic industries like semiconductors [6][28]. Group 1: M&A Activity Overview - As of August 2023, local SOEs participated in 28 control acquisitions of listed companies, representing a more than fourfold increase in both quantity and value compared to the same period in 2024 [6][8]. - The total transaction value of these 28 deals reached 311.95 billion RMB, a year-on-year increase of 410.38% from 61.12 billion RMB in 2024 [9][10]. - Among these transactions, three exceeded 2 billion RMB, and eight were over 1 billion RMB, with the largest being Zhejiang Economic Construction Investment Co. acquiring Jianghai Co. for 3.23 billion RMB [10][11]. Group 2: Industry Focus - The M&A activities are heavily concentrated in strategic emerging industries, particularly in the electronic information sector, which accounted for 25% of the total transactions [12]. - The semiconductor industry alone represented 28.4% of the total M&A value, with six transactions totaling 88.66 billion RMB [12]. Group 3: Regional Dynamics - The most active regions in M&A activities include Anhui, Jiangsu, Zhejiang, Guangdong, and Hubei, with Anhui and Jiangsu each participating in six transactions [15][16]. - In terms of transaction value, Jiangsu led with 60.44 billion RMB, followed closely by Anhui at 54.68 billion RMB [16]. Group 4: Emerging Trends - There is a noticeable trend of lower-tier cities entering the M&A market, with cities like Qujing, Huangshan, and Quzhou making significant acquisitions despite their lower GDPs [24][25]. - County-level SOEs are also beginning to acquire listed companies, exemplified by Cangnan County's acquisition of a controlling stake in Sichuan Medical Technology [26][27]. Group 5: Future Outlook - The ongoing support from local governments and the central financial authorities is expected to sustain the momentum of local SOEs in M&A activities, with policies encouraging further participation and expansion into new regions [28].

Group 1 - As of August 21, 2025, Jianghai Co., Ltd. stock price is 27.58 yuan, down 2.89% from the previous trading day [1] - The opening price on the same day was 28.30 yuan, with a highest price of 28.50 yuan and a lowest price of 27.20 yuan, with a trading volume of 389,931 hands and a transaction amount of 1.082 billion yuan [1] - Jianghai Co., Ltd. specializes in the research, production, and sales of aluminum electrolytic capacitors and film capacitors, with applications in consumer electronics, industrial control, and new energy sectors [1] Group 2 - At 11:25 AM on August 21, Jianghai Co., Ltd. experienced a rapid rebound, with a price increase of over 2% within 5 minutes, reaching a peak of 28.40 yuan [1] - The net outflow of main funds on that day was 132.36 million yuan, while the net inflow over the past five days was 79.71 million yuan [1]

证券之星消息，8月20日元件板块较上一交易日下跌0.6%，江海股份领跌。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。元件板块个股涨跌见下表： 从资金流向上来看，当日元件板块主力资金净流出17.27亿元，游资资金净流入3.85亿元，散户资金净流 入13.41亿元。元件板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002815 | 崇达技术 | 2.80 Z | 12.35% | -1.90 Z | -8.40% | -8962.98万 | -3.95% | | 603920 | 世运电路 | 2.44/乙 | 14.21% | 3735.77万 | 2.18% | -2.81 Z | -16.39% | | 688183 | 生益电子 | 1.26亿 | 5.45% | 1269.44万 | 0.55% | -1.39 Z | -5.9 ...

江海股份股价创出历史新高，截至11:23，该股上涨9.72%，股价报28.55元，成交量5024.72万股，成交 金额13.70亿元，换手率6.12%，该股最新A股总市值达242.82亿元，该股A股流通市值234.24亿元。 公司发布的一季报数据显示，一季度公司共实现营业收入11.58亿元，同比增长10.14%，实现净利润 1.52亿元，同比增长11.04%，基本每股收益为0.1801元，加权平均净资产收益率2.56%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，江海股份所属的电子行业，目前整体涨幅为1.37%，行业内，目前股价上涨 的有264只，涨幅居前的有中船特气、广钢气体、兴福电子等，涨幅分别为20.01%、19.25%、13.75%。 股价下跌的有209只，跌幅居前的有奕东电子、*ST宇顺、芯导科技等，跌幅分别为4.64%、4.21%、 3.60%。 两融数据显示，该股最新（8月12日）两融余额为8.51亿元，其中，融资余额为8.47亿元，近10日增加 1.98亿元，环比增长30.44%。 ...

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

Market Performance - On August 4, A-shares saw collective gains with the Shanghai Composite Index rising by 0.66% to 3583.31 points, the Shenzhen Component Index increasing by 0.46% to 11041.56 points, and the ChiNext Index up by 0.5% to 2334.32 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 151.82 billion yuan, a decrease of 10.17 billion yuan compared to the previous trading day, with over 3800 stocks rising [1] Military Industry - Military stocks experienced significant gains, with companies like Aileda, Kesi Technology, and Beifang Changlong hitting the daily limit of 20%, while Changcheng Military Industry and Guoji Precision Engineering also reached their daily limit and set historical highs [1] - According to Zhonghang Securities, the military sector has seen its first monthly three consecutive gains since August 2022, with July's monthly trading volume surpassing 1.4 trillion yuan, reaching a record high of 1.5272 trillion yuan [1] Robotics Sector - The humanoid robot sector showed strong performance towards the end of the trading day, with companies such as Songlin Technology and Zhejiang Rongtai reaching new highs, and Daying Electronics achieving two consecutive limits [1] - The 2025 World Robot Conference will be held from August 8 to 12 in Beijing, featuring over 200 domestic and international robot companies showcasing more than 1500 exhibits, with over 100 new products launched, nearly double the number from last year [2] Industry Outlook - Huaxi Securities indicates that humanoid robots, as core carriers of embodied intelligence, are on the brink of commercial explosion, driven by policy support, technological maturity, and surging demand [2] - The global market for humanoid robots is expected to exceed 150 billion dollars by 2035, with domestic supply chains accelerating their replacement due to cost and mass production advantages [2] Market Sentiment - Most institutions believe that short-term market adjustments do not alter the fundamental judgment of the current market trend, with core supporting logic for the market's rise remaining intact [2] - According to Industrial Securities, the three core supporting factors for the previous market rise—policy bottom-line thinking, emergence of new growth drivers, and inflow of incremental funds—have not changed, suggesting potential catalysts for market confidence in the future [2] Financial Performance - According to招商证券, the semi-annual reports are expected to confirm the improvement in overall free cash flow for listed companies, reinforcing the logic for re-evaluating A-shares [3] - The market is currently positioned above the breakeven resistance level, with accumulated profit effects leading to continued inflow of external incremental funds, suggesting a potential for A-shares to experience a rebound in August and reach new highs [3]

Market Performance - The main board led the gains with notable increases in stocks such as Furi Electronics (+10.04%), Beiwai Technology (+10.03%), and Liding Optoelectronics (+10.00%) [1] - The ChiNext board saw significant growth, highlighted by Longyang Electronics (+20.00%) and Jinxi Modern (+19.96%) [1] - The Sci-Tech Innovation board also performed well, with Dongxin Co. (+20.00%) and Xunjiexing (+15.81%) leading the way [1] - Active sub-industries included SW Military Electronics III (+3.42%) and SW Robotics (+3.42%) [1] Domestic News - ZhiGe Technology, an AR glasses optical manufacturer, recently completed a financing round of over 100 million yuan, establishing China's first fully automated mass production line for diffractive waveguides with a monthly capacity of 100,000 pieces [1] - Semiconductor investment alliance member, Saiwei Electronics, announced that its subsidiary, Silex, has received a purchase order for a MEMS silicon oscillator after passing customer validation [1] - TSMC has begun equipment installation for its second 2nm plant in Kaohsiung, expected to enter trial production by the end of this year [1] - He Sheng New Materials announced a 250 million yuan investment in Yizhi Electronics, acquiring a 10% stake in the company, which specializes in high-end server CPU chip design [1] Company Announcements - Aohai Technology reported the repurchase of 534,100 shares, representing 0.19% of its total share capital [3] - Sanhuan Group announced the repurchase of 5,133,800 shares, accounting for 0.2679% of its total share capital [3] - OmniVision Technologies projected its H1 2025 revenue to be between 13.722 billion yuan and 14.022 billion yuan, reflecting a year-on-year increase of 13.49% to 15.97% [3] - Industrial Fulian reported a total repurchase of 7,697,400 shares, which is 0.04% of its total share capital [3] Overseas News - TrendForce predicts that major memory suppliers in South Korea and the U.S. will significantly reduce or halt production of LPDDR4X in 2025 and 2026, leading to supply-demand imbalances [1] - Samsung Electronics made a strategic investment in Israeli startup Teramount Ltd. to secure critical high-speed data transmission technology for next-generation semiconductor packaging [1] - Meta announced plans to dispose of certain data center assets valued at $2.04 billion, reclassifying them as "held for sale" [1] - Qualcomm reported Q3 FY2025 revenue of $10.4 billion, a 10% year-on-year increase, with net profit of $2.666 billion, up 25% year-on-year, driven by strong performance in automotive and IoT sectors [1]

江海股份今日涨停，全天换手率7.90%，成交额16.84亿元，振幅4.72%。龙虎榜数据显示，机构净卖出 7111.80万元，深股通净买入3132.34万元，营业部席位合计净买入7712.64万元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.22%上榜，机构专用席位净卖出7111.80万元，深股 通净买入3132.34万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交6.21亿元，其中，买入成交额为3.29亿 元，卖出成交额为2.92亿元，合计净买入3733.18万元。 | | | 卖五 华泰证券股份有限公司南通通州新世纪大道证券营业部 22.81 4026.30 （文章来源：证券时报网） 江海股份8月4日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 深股通专用 | 12412.99 | 9280.65 | | 买二 | 中信建投证券股份有限公司北京东城分公司 | 7396.73 | 120.73 | | 买三 | 国盛证券有限责任公司宁波天童南路证券 ...