事件：公司发布2025 年半年报，2025 年上半年，公司实现营收6.52 亿元，同比下降0.20%；实现归母 净利润0.41 亿元，同比下降42.20%；实现扣非净利润0.38 亿元，同比下降43.35%。2025 年Q2 公司实现 营业收入3.33亿元，同比下降0.44%，环比增长4.42%；实现归母净利润0.26 亿元，同比下降36.04%，环 比增长63.92%；实现扣非净利润0.23 亿元，同比下降39.94%，环比增长50.26%。 25H1 利润同比承压，存货水平有望得到修正：2025 年上半年，公司利润同比下降，主要系，1.产品售 价受市场激烈竞争影响同比下滑，晶圆代工成本受长期协议制约而未下降；2. 公司费用增加，新增了合 肥中颖科技广场的折旧费用及公司降低本年度采购规模导致的增值税进项加计扣除同比减少。 2025 年上半年，公司整体毛利率为32.51%，同比-1.93pct；净利率为3.12%，同比-4.93pct。费用方面， 2025 年上半年公司销售、管理、研发及财务费用率分别为1.20%/4.37%/24.09%/-0.43% ， 同比变动分别 为-0.04/0.39/0.75/0. ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 中颖电子（300327.SZ） 25H1 利润同比承压，控制权变更加强协同效应 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,300 | 1,343 | 1,411 | 1,629 | 1,885 | | 增长率 yoy（%） | -18.8 | 3.3 | 5.0 | 15.5 | 15.7 | | 归母净利润（百万元） | 186 | 134 | 105 | 133 | 206 | | 增长率 yoy（%） | -42.3 | -28.0 | -21.9 | 26.6 | 54.9 | | ROE（%） | 7.5 | 4.9 | 4.6 | 5.6 | 8.1 | | EPS 最新摊薄（元） | 0.55 | 0.39 | 0.31 | 0.39 | 0.60 | | P/E（倍） | 47.5 | 65.9 | 84.4 | 66.7 | 43.0 | | P/B（倍） | 5. ...

（编辑 王雪儿） 证券日报网讯 中颖电子9月3日在互动平台回答投资者提问时表示，公司不评论股价。半导体行业自 2022年下半年起，进入下行周期，也导致行业内卷加剧。今年起行业总体情况已经逐步改善，公司2025 年的经营重心在保障市占率及降低存货，进一步提升研发效率。公司的资金主要系因应公司未来发展的 需要储备。 ...

（文章来源：证券日报） 证券日报网讯中颖电子9月2日在互动平台回答投资者提问时表示，截至2025年8月底，公司最新的股东 人数约49000户。 ...

Group 1 - The core point of the article indicates that Zhongying Electronics has experienced a decline in the number of shareholders, with a total of 49,000 shareholders as of August 31, which is a decrease of 3,000 from the previous period, representing a 5.77% decline [2] - The latest stock price of Zhongying Electronics is 27.17 yuan, reflecting a decrease of 0.11%, and the stock has cumulatively dropped by 1.66% since the concentration of shares began, with 4 days of increase and 5 days of decrease during this period [2] - The margin trading data shows that as of September 1, the total margin balance for the stock is 443 million yuan, with a financing balance of 442 million yuan, indicating a reduction of 3.0055 million yuan in the financing balance since the concentration of shares began, which is a decline of 6.36% [2] Group 2 - The semi-annual report released by the company shows that for the first half of the year, the total operating revenue was 652 million yuan, a year-on-year decrease of 0.20%, and the net profit was 41.0626 million yuan, down 42.20% year-on-year, with basic earnings per share of 0.1203 yuan and a weighted average return on equity of 2.31% [2]

（文章来源：证券日报） 证券日报网讯中颖电子9月1日在互动平台回答投资者提问时表示，公司的锂电池管理芯片可适用于各种 移动终端设备，包括AI眼镜。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5][12]. Core Views - The company has shown stable revenue in Q2, with a control change that enhances resource integration capabilities [1][6][9]. - The company is a leader in the domestic lithium battery management chip market and is expected to benefit from the integration of state-owned capital [10][11]. - The company is actively expanding its MCU product offerings and has successfully introduced AMOLED display driver chips to brand clients [11][12]. Financial Performance - In H1 2025, the company reported revenue of 652 million yuan, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 41 million yuan, down 42% year-on-year [7]. - In Q2 2025, revenue was 333 million yuan, a year-on-year decrease of 0.4% but an increase of 4% quarter-on-quarter; net profit attributable to shareholders was 26 million yuan, down 36% year-on-year but up 64% quarter-on-quarter [7][8]. - The company's gross margin for H1 2025 was 32.5%, down 2 percentage points year-on-year, while the net profit margin was 3.1%, down 5 percentage points year-on-year [7]. Inventory and Cost Management - The company aims to reduce inventory levels while maintaining market share, with expected inventory levels approaching appropriate levels by the end of 2025 [8][9]. - The increase in costs is attributed to depreciation expenses from the new Hefei Zhongying Technology Plaza and a reduction in procurement scale leading to decreased VAT input deductions [7][8]. Strategic Developments - The completion of control change to Zhinen Gongdian, which holds 14.2% of the company's shares and controls a total of 23.4% of the company, is expected to enhance resource integration capabilities [9][10]. - The strategic background of Zhinen Gongdian includes significant investments in the semiconductor industry, which may provide new growth momentum for the company [10][11]. Future Outlook - The company is projected to have a net profit of 84 million yuan in 2025, with adjustments made due to market competition affecting product pricing [12]. - The company is expected to maintain a leading position in the domestic MCU market, with increasing penetration in international markets [11][12].

证券日报网讯中颖电子（300327）8月26日在互动平台回答投资者提问时表示，截至8月20日的股东人数 约52000户。 ...

据证券之星公开数据整理，近期中颖电子（300327）发布2025年中报。截至本报告期末，公司营业总收 入6.52亿元，同比下降0.2%，归母净利润4106.26万元，同比下降42.2%。按单季度数据看，第二季度营 业总收入3.33亿元，同比下降0.44%，第二季度归母净利润2550.4万元，同比下降36.04%。本报告期中 颖电子公司应收账款体量较大，当期应收账款占最新年报归母净利润比达123.18%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率32.51%，同比减5.61%，净利率3.12%， 同比减61.3%，销售费用、管理费用、财务费用总计3352.83万元，三费占营收比5.14%，同比增 18.34%，每股净资产5.28元，同比增7.53%，每股经营性现金流0.32元，同比增60.38%，每股收益0.12 元，同比减42.08% 投资活动产生的现金流量净额变动幅度为103.3%,原因:理财产品购买减少及在建工程支出减少。 筹资活动产生的现金流量净额变动幅度为-109.02%,原因:偿还短期借款。 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为4.49%，资本回报率不强。去 ...

Group 1 - The company reported a revenue of 652 million yuan for the first half of the year, representing a year-on-year decrease of 0.20% [1] - The net profit attributable to shareholders was 41.06 million yuan, showing a significant decline of 42.20% compared to the previous year [1] - The basic earnings per share stood at 0.1203 yuan [1]