Core Viewpoint - Yitian Co., Ltd. (300812) is actively engaged in the MicroLED sector, highlighting its proprietary AM-10HB chip mounter as a key packaging device for MicroLED micro-displays and its collaboration with Shanghai Xianyao [1] Group 1: Company Developments - The company’s subsidiary, Micro Group Semiconductor, has developed the AM-10HB chip mounter, which is essential for MicroLED micro-display production [1] - Yitian has established a partnership with Shanghai Xianyao to enhance its capabilities in the MicroLED field [1] Group 2: Product Offerings - In the VR/AR/MR display device sector, the company provides a range of equipment necessary for the production processes, including MicroOLED (silicon-based OLED) wafer display polarizer attachment equipment, PF film attachment equipment, OCA bonding equipment, HTH full bonding equipment, optical assembly equipment, and fully automated testing equipment [1] - The company’s equipment covers essential processes in module assembly and post-assembly stages for VR/AR/MR technologies [1] Group 3: Client Engagement - Yitian has secured orders from notable clients such as BOE Technology Group, Visionox Technology, Goertek Inc. (002241), Wuhu Microdisplay, and Dream Display Technology [1]

Core Viewpoint - Yitian Co., Ltd. (300812) focuses on providing specialized equipment and overall solutions for flat panel displays and semiconductor devices, aiming to replace imports with domestic products to reduce costs and improve efficiency for clients [1] Product Categories - The main product categories include LCD display equipment, flexible OLED display equipment, VR/AR/MR display equipment, Mini/MicroLED equipment, traditional packaging equipment, and advanced packaging equipment [1] - These products are widely applicable in the production of display components for consumer electronics such as mobile phones, tablets, automotive displays, computers, televisions, commercial displays, and wearable devices [1]

Core Viewpoint - Yitian Co., Ltd. specializes in providing overall solutions for flat panel display equipment and semiconductor equipment, and does not directly produce PCB products [1] Group 1 - The company utilizes a fully automatic bonding production line that employs ACF conductive particle glue technology to connect PCB with COF [1] - This technology is part of the packaging process for display module driver circuits, which involves circuit board assembly applications [1]

Core Viewpoint - The company Yitian Co., Ltd. (300812) has confirmed that its subsidiary, Micro Group Semiconductor, has developed micro-assembly equipment that meets the precision requirements for certain components in optical modules, specifically achieving 100G precision and securing customer orders [1] Group 1 - The micro-assembly equipment can be applied to specific assembly processes of optical module components [1] - The company plans to enhance product precision and increase research and development efforts towards achieving 800G and 1.6T precision [1]

Group 1 - The company, Yitian Co., Ltd. (300812), has a diverse product range including LCD display devices, flexible OLED display devices, VR/AR/MR display devices, Mini/MicroLED devices, traditional packaging equipment, and advanced packaging equipment [1] - The applications of these products are extensive, covering 5G optical communication module assembly and the production of display devices for consumer electronics [1]

深圳市易天自动化设备股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第三届董事会第十九次会议，于 2025 年 5 月 21 日召开 2024 年年度 股东会，均审议通过了《关于拟变更公司注册资本与修订<公司章程>部分条款 的议案》，同意公司注册资本由 14,013.7029 万元变更至 14,007.7029 万元， 公司股份总数由 14,013.7029 万股变更至 14,007.7029 万股。具体内容详见公 司 分 别 于 2025 年 4 月 26 日 和 2025 年 5 月 21 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的相关公告。 公司已完成了相关工商变更登记手续，并取得了深圳市市场监督管理局下 发的《登记通知书》。本次工商变更登记后，公司的基本登记信息如下： 1、公司名称：深圳市易天自动化设备股份有限公司 2、统一社会信用代码：91440300799247812K 3、企业类型：其他股份有限公司（上市） 4、住所：深圳市宝安区沙井街道沙头社区沙井南环路 446 号星展广场 1 栋 A 座 401 证券代码：300812 证券简称：易天股份 ...

Group 1 - The core viewpoint of the article highlights the recognition of Wang Yali, the Secretary of the Board of Yitian Co., Ltd., who won the 11th Golden Kylin Outstanding Secretary Award for her exceptional professional capabilities and performance [1][2] - The Golden Kylin Outstanding Secretary selection has been held for eleven sessions, recognizing over 900 outstanding secretaries, and is regarded as a highly authoritative award in the industry [1] - The role of a company secretary is multifaceted, acting as a key link between the company and the capital market, ensuring compliance, and enhancing investor relations [1][2] Group 2 - Wang Yali is recognized as an exemplary representative of her peers, demonstrating excellence in capital communication, compliance governance, and strategic collaboration [2] - The award reflects the market and investors' high recognition of Yitian Co., Ltd.'s governance level and value growth [2]

Financial Performance - The company reported a total revenue of 304 million yuan for the first half of 2025, representing a year-on-year increase of 92.41% [1] - The net profit attributable to shareholders reached 29.97 million yuan, up 189.19% year-on-year [1] - In Q2 2025, total revenue was 164 million yuan, a 95.21% increase compared to the same quarter last year, with net profit of 9.88 million yuan, up 148.73% [1] Profitability Metrics - The gross margin increased by 19.27% year-on-year, reaching 31.66%, while the net margin rose by 138.6% to 9.25% [1] - Total selling, administrative, and financial expenses amounted to 42.95 million yuan, accounting for 14.11% of revenue, a decrease of 52.79% year-on-year [1] - Earnings per share (EPS) increased by 187.5% to 0.21 yuan, with operating cash flow per share rising significantly by 728.01% to 0.56 yuan [1] Historical Context - The company experienced a net profit margin of -28.19% last year, indicating low added value in its products or services [2] - The median Return on Invested Capital (ROIC) since the company went public is 11.18%, with the worst year being 2024, which saw a ROIC of -12.04% [2] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 25.5%, and the average operating cash flow over the past three years being negative [3] - Inventory levels are high, with inventory to revenue ratio reaching 156.43% [3] Operational Insights - The decline in revenue for 2024 was attributed to delays in customer production lines and extended acceptance periods, alongside significant provisions for bad debts totaling 85.50 million yuan [4] - In Q1 2025, the company achieved a revenue of 140 million yuan, a year-on-year increase of 89.23%, with net profit rising by 250.81% to 20.09 million yuan, driven by increased order amounts and improved gross margins [4]

Core Insights - Yitian Co., Ltd. (300812.SZ) released its semi-annual report for 2025, indicating a total of 12.6026 million shares held by institutional investors, representing 9.00% of the total share capital [1][2] Group 1: Institutional Investors - As of August 27, 2025, eight institutional investors disclosed their holdings in Yitian Co., Ltd., with a total holding of 12.6026 million shares, accounting for 9.00% of the company's total share capital [1] - The institutional holding ratio increased by 0.75 percentage points compared to the previous quarter [1] - The institutional investors include Shenzhen Yitian Heng Investment Management Partnership, UBS AG, Morgan Stanley & Co. International PLC, Barclays Bank PLC, and several mutual funds [1] Group 2: Public Funds - Two new public funds disclosed their holdings this period, including Rongtong Quantitative Multi-Strategy Flexible Allocation Mixed A and Ping An CSI 2000 Enhanced Strategy ETF [1] - Two public funds that were previously disclosed have not been reported this period, including Dacheng CSI 360 Internet + Index A and Western Li De CSI 1000 Enhanced A [1] Group 3: Foreign Investment - Two new foreign institutions disclosed their holdings this period, namely UBS AG and Morgan Stanley & Co. International PLC [2] - Barclays Bank PLC is the foreign institution that has not been disclosed this period compared to the previous quarter [2]

Core Viewpoint - Yitian Co., Ltd. (300812) reported a significant turnaround in its financial performance for the first half of 2025, achieving profitability after previous losses [2] Financial Performance - The company achieved an operating revenue of 304 million yuan, representing a year-on-year increase of 92.41% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 28.6 million yuan, which is an increase of 184.55% year-on-year [2]