Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a strong performance in the first half of 2025, with revenue reaching 2.167 billion yuan, a year-on-year increase of 41.80%, slightly exceeding expectations [3] - The net profit attributable to the parent company for the first half of 2025 was 427 million yuan, representing a year-on-year growth of 98.73%, indicating a significant improvement in profitability [4] - The semiconductor testing equipment market is expected to grow significantly, driven by demand from AI and HBM, with the company positioned to benefit from this trend [5] Summary by Sections Event Overview - The company released its semi-annual performance announcement for 2025 [2] Revenue Performance - In H1 2025, the company's revenue was 2.167 billion yuan, with Q2 revenue at 1.352 billion yuan, showing a growth of 39.52% year-on-year [3] - Revenue from testing machines was 1.250 billion yuan, up 34.30% year-on-year, driven by the rapid release of new products [3] - The sorting machine revenue reached 709 million yuan, a year-on-year increase of 50.36% [3] Profitability - The company's net profit for H1 2025 was 427 million yuan, with a net profit margin of 19.67%, reflecting a 4.90 percentage point increase year-on-year [4] - The gross profit margin for H1 2025 was 54.93%, maintaining a high level, with Q2 gross margin at 56.24% [4] Industry Outlook - The semiconductor testing equipment market in China is projected to reach approximately 24.6 billion yuan in 2025, with testing machines accounting for over 60% of the market [5] - The company is focusing on high-end equipment such as SOC and storage testing machines, which are expected to see increased demand [5] Financial Forecast - Revenue forecasts for 2025-2027 are 49.20 billion yuan, 63.75 billion yuan, and 81.78 billion yuan, respectively, with net profit forecasts of 9.11 billion yuan, 12.74 billion yuan, and 15.27 billion yuan [6] - The expected EPS for 2025, 2026, and 2027 are 1.44 yuan, 2.02 yuan, and 2.42 yuan, respectively [6]

Core Insights - The company reported a revenue of 2.167 billion yuan for the first half of 2025, representing a year-on-year growth of 41.80%, and a net profit attributable to shareholders of 427 million yuan, up 98.73% [2] - The growth in performance is attributed to the continuous increase in product sales demand, particularly in core products such as testing machines and sorting machines, which saw revenue increases of 34.30% and 50.36% respectively [2][3] - The company is focusing on high-end packaging and testing equipment, transitioning from a traditional equipment supplier to a technology-driven entity, aiming to enhance profit margins and international competitiveness [3] Financial Performance - The company achieved a revenue of 2.167 billion yuan in the first half of 2025, with a net profit of 427 million yuan [2] - The revenue from testing machines was 1.250 billion yuan, while sorting machines generated 709 million yuan [2] Research and Development - The company invested 577 million yuan in R&D, accounting for 26.65% of its revenue [3] - The company holds over 1,150 patents globally, including more than 370 invention patents, and 91 software copyrights [3] Strategic Initiatives - The company is establishing a joint venture, "Hangzhou Changyue Technology Co., Ltd.," with an investment of 50 million yuan, focusing on the domestic development and industrialization of high-end packaging and testing equipment [3] - The company aims to enhance its international presence through exhibitions and customer collaborations, with a goal of becoming a leading player in the global integrated circuit equipment sector [4]

中国经济网北京7月22日讯 长川科技(300604.SZ)昨日晚间披露《关于公司实际控制人之一致行动 人、持股5%以上股东及高级管理人员减持股份计划的预披露公告》。 据前次募集资金使用情况报告，根据中国证监会批复(证监许可〔2022〕3235号)，公司向杭州天堂 硅谷杭实股权投资合伙企业(有限合伙)(简称天堂硅谷杭实)、Lee Heng Lee和井冈山乐橙股权投资合伙企 业(有限合伙)(简称井冈山乐橙)合计定向发行人民币普通股(A股)6,871,118股购买杭州长奕科技有限公司 (简称长奕科技公司)97.6687%股权，公司由主承销商华泰联合证券采用代销方式，向特定对象发行股票 8,415,450股，发行价为每股人民币32.88元，共计募集资金276,699,996.00元，坐扣承销(不含 税)4,716,981.13元后的募集资金为271,983,014.87元，已由主承销商华泰联合证券汇入公司募集资金监管 账户。另减除上网发行费、申报会计师费、律师费、评估费、法定信息披露等与发行权益性证券直接相 关的新增外部费用5,533,289.22元(不含税)后，公司本次募集资金净额为266,449,725.65元。 ...

Group 1 - Ruihu Mould achieved a net profit of 227 million yuan in the first half of 2025, a year-on-year increase of 40.33% [1] - The company reported an operating income of 1.662 billion yuan, representing a year-on-year growth of 48.3% [1] - The main business focuses on automotive manufacturing equipment and lightweight automotive components [1] Group 2 - Dongfang Fortune announced that shareholder Shen Yougen's inquiry transfer price is set at 21.66 yuan per share [1] - The transfer will not occur through centralized bidding or block trading, and the shares cannot be transferred within six months [1] - The company specializes in securities, financial e-commerce services, and financial data services [1] Group 3 - Yunnan Copper plans to purchase 40% of Liangshan Mining for 2.324 billion yuan through a share issuance [3] - The transaction involves issuing shares to the controlling shareholder and indirect controlling shareholder to raise matching funds [3] - The company is engaged in copper exploration, mining, smelting, and processing of precious and rare metals [3] Group 4 - Changchuan Technology reported a net profit of 427 million yuan in the first half of 2025, a year-on-year increase of 98.73% [15] - The company achieved an operating income of 2.167 billion yuan, reflecting a year-on-year growth of 41.8% [15] - The main business is focused on the research, production, and sales of integrated circuit equipment [15] Group 5 - ST Lingda reported a net loss of 105 million yuan in the first half of 2025, an improvement from a net loss of 168 million yuan in the same period last year [17] - The company achieved an operating income of 59.93 million yuan, a year-on-year increase of 72.39% [17] - The main business involves high-efficiency photovoltaic solar cells and photovoltaic power generation [17] Group 6 - Anning Co. plans to acquire 100% equity of three companies for 6.508 billion yuan through phased cash payments [14] - The acquisition aims to enhance resource reserves, business scale, market share, and profitability [14] - The company primarily engages in the mining, washing, and sales of vanadium-titanium magnetite [14] Group 7 - Huylv Ecological is planning a major asset restructuring, with stock suspension effective from July 22, 2025 [13] - The restructuring involves issuing shares and cash to acquire 49% equity of Wuhan Junheng Technology [13] - The company specializes in landscape engineering construction and design [13] Group 8 - ST Xifa is planning to acquire the remaining 50% equity of Lhasa Beer for cash, which will lead to full control of the company [26] - The transaction is in the planning stage and is expected to constitute a major asset restructuring [26] - The company is involved in the production and sales of beer [26]

Core Insights - As of July 22, 9 companies have released their semi-annual reports for 2025, with 6 reporting year-on-year profit growth and 8 showing revenue growth [1] - Notably, WoHua Pharmaceutical achieved the highest profit growth rate of 303.16% [1] Company Performance Summary - **WoHua Pharmaceutical (002107)**: - Earnings per share: 0.0800 - Net profit: 44.68 million - Net profit growth: 303.16% - Revenue: 425.36 million - Revenue growth: 7.64% [1] - **Shentong Technology (605228)**: - Earnings per share: 0.1500 - Net profit: 64.28 million - Net profit growth: 111.09% - Revenue: 815.73 million - Revenue growth: 22.46% [1] - **Changchuan Technology (300604)**: - Earnings per share: 0.6800 - Net profit: 427.02 million - Net profit growth: 98.73% - Revenue: 2166.85 million - Revenue growth: 41.80% [1] - **Ruihu Mould (002997)**: - Earnings per share: 1.0800 - Net profit: 226.96 million - Net profit growth: 40.33% - Revenue: 1662.38 million - Revenue growth: 48.30% [1] - **ST Lingda (300125)**: - Earnings per share: -0.3917 - Net profit: -104.83 million - Net profit growth: 37.56% - Revenue: 59.93 million - Revenue growth: 72.39% [1] - **Jucan Optoelectronics (300708)**: - Earnings per share: 0.1700 - Net profit: 116.97 million - Net profit growth: 3.43% - Revenue: 1594.04 million - Revenue growth: 19.51% [1] - **Haitong Development (603162)**: - Earnings per share: 0.1000 - Net profit: 86.87 million - Net profit growth: -64.14% - Revenue: 1800.31 million - Revenue growth: 6.74% [1] - **ST Sitong (603838)**: - Earnings per share: -0.0506 - Net profit: -16.20 million - Net profit growth: -78.33% - Revenue: 173.73 million - Revenue growth: 75.88% [1] - **Zhongyan Chemical (600328)**: - Earnings per share: 0.0359 - Net profit: 52.72 million - Net profit growth: -88.04% - Revenue: 5997.72 million - Revenue growth: -5.76% [1]

深圳交易所首批半年报于7月21日晚间正式发布。沃华医药、聚灿光电、瑞鹄模具、长川科技及*ST聆达五家公司率先披露业绩。除*ST聆达外，其余四家企 业均实现营收与净利润双重增长。这一表现为市场注入积极信号，展现出相关企业在复杂经营环境下的韧性与发展潜力。 长川科技上半年营业收入达到21.67亿元，同比上升41.80%。归属于上市公司股东的净利润为4.27亿元，同比上升98.73%。公司研发投入达到5.77亿元，占营 业收入比例高达26.65%。截至2025年6月30日，企业已拥有海内外专利超过1150项。 公司产品获得多家知名集成电路厂商认可。长电科技、华天科技、通富微电等封装测试龙头企业均采用其产品。华润微电子、士兰微等国内知名IDM厂商同 样选择合作。这些客户关系为公司未来发展奠定坚实基础。 制造业企业展现增长活力 瑞鹄模具上半年实现营业收入16.62亿元，同比增长48.30%。归属于上市公司股东的净利润为2.27亿元，同比增长40.33%。公司汽车制造装备业务在手订单 充足，产能利用率保持饱和状态。未来一段时期内，该业务收入具备较强可预期性。 汽车轻量化零部件业务产能逐步释放。一体压铸车身结构件、冲焊零部 ...

Group 1 - The semiconductor packaging equipment industry is experiencing robust growth in China, driven by strong demand in emerging applications such as smartphones, AI, IoT, and automotive electronics. The sales revenue for semiconductor packaging equipment in China is projected to reach 28.27 billion yuan in 2024, representing a year-on-year increase of 18.93% [1][18] - The industry is expected to continue evolving towards high-density, high-performance, and high-reliability equipment due to rapid advancements in technologies like 5G, IoT, and AI [1][18] - The global semiconductor equipment market is also witnessing significant growth, with sales expected to reach 117.1 billion USD in 2024, a 10.16% increase from 2023 [15][17] Group 2 - Key players in the semiconductor packaging equipment market include both international leaders such as ASM Pacific Technology, Kulicke & Soffa, and local Chinese companies like North Huachuang, Shengmei Semiconductor, and Xinyi Chang [21][23] - North Huachuang's revenue from electronic process equipment is projected to be 27.707 billion yuan in 2024, marking a 41.28% increase [23] - Shengmei Semiconductor's revenue is expected to reach 5.44 billion yuan in 2024, reflecting a 46.43% growth [25] Group 3 - The semiconductor packaging equipment industry is supported by various policies aimed at promoting domestic production and technological breakthroughs, including the implementation of national standards and talent cultivation initiatives [8][10] - The industry is characterized by a complex supply chain, with upstream components including sensors and subsystems, midstream manufacturing, and downstream applications serving OSATs, IDMs, and foundries [11][13] Group 4 - The industry is witnessing a shift towards high precision and intelligent equipment, with advancements in packaging technologies such as Chiplet and 3D IC driving innovation [27] - New application scenarios, particularly in electric vehicles and AI chips, are creating additional market opportunities for specialized packaging equipment [28] - The construction of digital factories is transforming traditional equipment operation and maintenance, enhancing efficiency through real-time data collection and predictive maintenance [29]

Core Viewpoint - The first batch of semi-annual reports from five companies in the Shenzhen market shows positive revenue and net profit growth for four companies, with only *ST Lingda reporting a loss [1][4]. Group 1: Company Performance - Wohua Pharmaceutical achieved a revenue of 425 million yuan, a year-on-year increase of 7.64%, and a net profit of 44.68 million yuan, up 303.16% [1]. - Changchuan Technology reported a revenue of 2.167 billion yuan, a year-on-year increase of 41.80%, and a net profit of 427 million yuan, up 98.73% [2]. - Ruihu Mould achieved a revenue of 1.662 billion yuan, a year-on-year increase of 48.30%, and a net profit of 227 million yuan, up 40.33% [2][3]. - Jucan Optoelectronics reported record highs in revenue and net profit, with figures of 1.594 billion yuan and 117 million yuan, representing year-on-year increases of 19.51% and 3.43% respectively [3]. Group 2: Strategic Focus and Future Outlook - Wohua Pharmaceutical emphasized a strategy of cost reduction and efficiency improvement, focusing on intelligent equipment and lean production [1]. - Changchuan Technology highlighted its strong R&D investment of 577 million yuan, accounting for 26.65% of its revenue, and its extensive patent portfolio of over 1,150 [2]. - Ruihu Mould noted a strong order backlog in its automotive manufacturing equipment business, with expectations for revenue growth driven by new product launches [3]. - Jucan Optoelectronics plans to enhance operational efficiency and expand its product range with new high-end products in the second half of the year [3]. Group 3: Financial Challenges - *ST Lingda reported a revenue of 59.93 million yuan, a year-on-year increase of 72.39%, but a net loss of 105 million yuan, although the loss has narrowed compared to the previous year [4].

Company Overview - Hangzhou Changchuan Technology Co., Ltd. specializes in the research, production, and sales of integrated circuit testing equipment, aiming to enhance China's integrated circuit testing technology and promote the upgrade of the integrated circuit equipment industry [4][16]. - The company has been recognized as a national high-tech enterprise and has accumulated over 1,150 patents domestically and internationally [5][18]. Financial Performance - For the first half of 2025, the company reported revenue of approximately 2.17 billion yuan, a 41.80% increase compared to the same period last year [2]. - The net profit attributable to shareholders was approximately 357.17 million yuan, reflecting a 71.32% increase year-on-year [2]. - The company did not distribute cash dividends or issue bonus shares during this period [1]. Business Model and Operations - The company operates on a direct sales model, utilizing commercial negotiations and bidding to secure orders, and has established marketing service points in various regions [12][11]. - The production process combines order-based and inventory-based manufacturing, ensuring flexibility in meeting customer demands [10][11]. Product Offerings - The main products include testing machines, sorting machines, automation equipment, and AOI optical inspection devices, with a focus on high-performance integrated circuit testing machines [8][19]. - The company has developed a comprehensive product line covering various testing and sorting equipment, including high-power testers and automated sorting machines [8][19]. Market Position and Competitive Landscape - The integrated circuit testing equipment market in China is primarily dominated by foreign companies, but domestic manufacturers, including the company, have begun to capture market share through technological advancements and competitive pricing [16][14]. - The company has established a strong reputation among leading integrated circuit manufacturers, including Longji Technology and Huada Semiconductor, which enhances its market influence [19]. Research and Development - The company invested approximately 57.74 million yuan in R&D during the reporting period, accounting for 26.65% of its revenue, emphasizing its commitment to innovation [18]. - The R&D team comprises over 50% of the total workforce, ensuring a strong focus on technological advancement and product development [18]. Strategic Partnerships and Acquisitions - The company completed the acquisition of Exis Technology in Malaysia, enhancing its product offerings in the sorting equipment segment and expanding its market reach [7][6]. - Collaborations with international firms like STI have strengthened the company's technological capabilities and customer relationships, facilitating entry into global semiconductor supply chains [6][19]. Future Outlook - The company aims to continue expanding its product line and market presence, focusing on high-end applications and international markets to become a leading player in the integrated circuit testing equipment industry [17][16].

证券代码：300604 证券简称：长川科技 公告编号：2025-045 二、监事会会议审议情况 经与会监事审议并表决，通过了如下议案： 经核查，监事会认为：公司《2025年半年度报告》及《2025年半年度报告摘 要》的编制符合法律、行政法规和中国证监会的有关规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《2025年 半年度报告》及《2025年半年度报告摘要》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 杭州长川科技股份有限公司 第四届监事会第十一次会议决议的公告 本公司监事会及全体监事会成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 杭州长川科技股份有限公司第四届监事会第十一次会议于 2025 年 7 月 21 日 在公司会议室召开。会议由监事会主席贾淑华女士主持，会议采取通讯方式进行 表决。会议应参加表决监事 3 人，实际参加表决监事 3 人。会议的召集和召开符 合《公司法》和《公司章程》的有关规定。 经与会监事 ...