Market Overview - On September 1, the consumer electronics sector rose by 1.53%, with Zhishang Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Consumer Electronics - Zhishang Technology (301486) closed at 104.13, up 14.90% with a trading volume of 180,700 shares [1] - Jingyan Technology (300709) closed at 57.71, up 9.20% with a trading volume of 259,500 shares [1] - Boshuo Technology (300951) closed at 43.15, up 8.69% with a trading volume of 137,300 shares [1] - Yunzhu Technology (688260) closed at 34.82, up 6.84% with a trading volume of 152,500 shares [1] - Jingxing Technology (300256) closed at 4.99, up 5.72% with a trading volume of 1,931,400 shares [1] Top Losers in Consumer Electronics - Mengsheng Electronics (838701) closed at 22.53, down 5.73% with a trading volume of 55,900 shares [2] - Yidong Electronics (301123) closed at 46.10, down 3.84% with a trading volume of 175,500 shares [2] - Suzhou Tianmai (301626) closed at 146.00, down 3.38% with a trading volume of 19,600 shares [2] Capital Flow Analysis - On the same day, the consumer electronics sector experienced a net outflow of 2.519 billion yuan from institutional investors, while retail investors saw a net inflow of 2.572 billion yuan [2][3] - The top stocks with significant net inflows from retail investors included Lansi Technology (300433) and Xiechuang Data (300857) [3] Individual Stock Capital Flow - Lansi Technology (300433) had a net inflow of 2.92 billion yuan from institutional investors, while retail investors had a net outflow of 1.48 billion yuan [3] - Xiechuang Data (300857) saw a net inflow of 1.45 billion yuan from institutional investors, with retail investors experiencing a net outflow of 636.39 million yuan [3] - Victory Precision (002426) had a net inflow of 1.40 billion yuan from institutional investors, while retail investors faced a net outflow of 1.31 billion yuan [3]

Core Insights - Boshuo Technology's stock increased by 2.48% on August 26, with a trading volume of 350 million yuan [1] - The company reported a net financing outflow of 3.8 million yuan on the same day, with a total financing and securities balance of 146 million yuan [1] Financing Summary - On August 26, Boshuo Technology had a financing buy-in of 40.25 million yuan, while the current financing balance is 146 million yuan, accounting for 2.13% of the circulating market value [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Summary - On August 26, there were no shares repaid or sold in the securities lending market, with a remaining quantity of 1,400 shares and a balance of 56,700 yuan, which is below the 20th percentile of the past year [1] Company Overview - Boshuo Technology, established on August 26, 2016, and listed on February 26, 2021, is located in Longgang District, Shenzhen, Guangdong Province [1] - The company's main business involves the design, research and development, production, and sales of functional electronic components, with revenue composition as follows: precision functional parts 76.07%, intelligent automation equipment 22.85%, and others 1.08% [1] Shareholder Information - As of August 20, the number of shareholders for Boshuo Technology reached 17,300, an increase of 21.47%, while the average circulating shares per person decreased by 17.68% to 8,735 shares [2] - For the first half of 2025, the company achieved a revenue of 591 million yuan, a year-on-year increase of 9.03%, and a net profit attributable to shareholders of 97.52 million yuan, a year-on-year increase of 0.61% [2] Dividend Information - Since its A-share listing, Boshuo Technology has distributed a total of 592 million yuan in dividends, with 372 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, new institutional shareholders include Jinying Technology Innovation Stock A, holding 544,700 shares, and Penghua Dual Debt and Profit Bond A, holding 480,000 shares [2] - Hong Kong Central Clearing Limited, the tenth largest circulating shareholder, reduced its holdings by 548,400 shares [2]

Core Viewpoint - 博硕科技 reported a revenue increase of 9.03% year-on-year for the first half of 2025, with a net profit growth of 0.61%, indicating stable financial performance despite challenges in cash flow and receivables management [1][5]. Financial Performance - The total revenue for the first half of 2025 reached 5.91 billion yuan, compared to 5.42 billion yuan in the same period of 2024, reflecting a growth of 9.03% [1]. - The net profit attributable to shareholders was 975.20 million yuan, slightly up from 969.28 million yuan in 2024, marking a growth of 0.61% [1]. - The gross profit margin improved to 35.59%, an increase of 1.5% year-on-year, while the net profit margin decreased to 16.31%, down by 4.74% [1]. - The company reported a significant decrease in operating cash flow per share, which fell by 52.16% to 0.47 yuan [1]. Receivables and Cash Flow - The accounts receivable amounted to 4.65 billion yuan, down 11.08% from the previous year, but still represented 219.95% of the net profit, indicating a high level of receivables relative to profit [1][4]. - The net cash flow from operating activities decreased by 52.15%, attributed to a reduction in cash received from customers compared to the previous year [3]. Strategic Developments - The company has been actively expanding its overseas customer base and enhancing cooperation with high-quality clients, particularly in the smart wearable sector, which has seen significant revenue growth [5]. - The strategic adjustment in the smart automation equipment business is ongoing, with a focus on optical and R/VR fields, contributing to sales revenue [5]. Investment Metrics - The return on invested capital (ROIC) for the previous year was reported at 7.78%, indicating average capital returns, with a historical median ROIC of 34.5% since the company went public [4]. - Analysts project the company's performance for 2025 to reach 2.67 billion yuan in revenue, with an average earnings per share estimate of 1.58 yuan [4].

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 590.68 million yuan, a year-on-year increase of 9.03% [1] - The net profit attributable to shareholders was 97.52 million yuan, reflecting a slight growth of 0.61% compared to the previous year [1] Group 2: Business Development - The company is actively expanding its overseas customer base and deepening cooperation with high-quality clients, leading to significant revenue growth in precision functional components within the smart wearable sector [1] - The establishment of Jiangxi Blue Ocean Chip New Materials Co., Ltd. aims to integrate strategic resources and focus on the research, production, and sales of optical new materials [2] Group 3: Future Growth Directions - The company is investing in the AR/VR sector, collaborating with domestic and international clients on the development of equipment and optical films, with some products already generating sales revenue [2] - Future growth is expected to come from precision functional components and smart automation equipment, primarily used in consumer electronics and new energy/automotive sectors, with established partnerships in AR/VR and low-altitude economy drone markets [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 591 million yuan for H1 2025, representing a year-on-year increase of 9.03%, and a net profit attributable to shareholders of 98 million yuan, up 0.61% year-on-year [2] - In Q2 2025, the company achieved a quarterly revenue of 321 million yuan, reflecting a year-on-year growth of 6.74% and a quarter-on-quarter increase of 18.63%, with a net profit of 45.26 million yuan, up 21.99% year-on-year [2] - The company focuses on consumer electronics, automotive/new energy sectors, and is developing new fields such as AR/VR and low-altitude economy [3] - The company’s products include precision functional components and intelligent automation equipment, widely used in smartphones, smart wearables, smart home devices, smart cockpits, power batteries, and energy storage batteries [3] - The gross margin for H1 2025 was 35.59%, slightly up from 35.06% in the same period last year, attributed to a focus on high-value-added product lines in AR/VR, optics, and semiconductors [3] - R&D expenses for H1 2025 were 48.86 million yuan, an increase of 2.66% year-on-year, with 7 patents published internationally and 384 patents obtained domestically [3] Financial Forecasts and Valuation - The company is expected to achieve net profits of 267 million yuan, 313 million yuan, and 374 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26.50%, 17.19%, and 19.38% [4] - The corresponding price-to-earnings (PE) ratios are projected to be 25, 21, and 18 times for the years 2025, 2026, and 2027 [4]

Group 1 - The company reported a total operating revenue of 591 million yuan, an increase of 48.91 million yuan compared to the same period last year, achieving a 5-year consecutive growth with a year-on-year increase of 9.03% [1] - The net profit attributable to shareholders was 97.52 million yuan, an increase of 5.92 million yuan compared to the same period last year, reflecting a year-on-year growth of 0.61% [1] - The net cash inflow from operating activities was 80.19 million yuan [1] Group 2 - The company's latest debt-to-asset ratio is 17.12%, a decrease of 0.47 percentage points from the previous quarter and a decrease of 6.51 percentage points from the same period last year [3] - The latest gross profit margin is 35.59%, an increase of 0.52 percentage points compared to the same period last year [3] - The latest return on equity (ROE) is 4.30% [3] Group 3 - The diluted earnings per share (EPS) is 0.58 yuan, an increase of 0.01 yuan compared to the same period last year, reflecting a year-on-year increase of 1.75% [3] - The latest total asset turnover ratio is 0.20 times, an increase of 0.03 times compared to the same period last year, representing a year-on-year increase of 15.79% [3] - The latest inventory turnover ratio is 3.10 times [3] Group 4 - The number of shareholders is 14,600, with the top ten shareholders holding a total of 120 million shares, accounting for 70.51% of the total share capital [3] - The top shareholder is Jiangsu Morui Investment Co., Ltd., holding 37.9 million shares [3]

Summary of Key Points Core Viewpoint - 博硕科技 has reported a decrease in institutional ownership in its A-shares, with a total of 8 institutional investors holding 95.29 million shares, representing 56.22% of the total share capital, which is a decline of 0.53 percentage points from the previous quarter [1] Institutional Investors - The total number of institutional investors holding 博硕科技 A-shares is 8, with a combined holding of 95.29 million shares, accounting for 56.22% of the total share capital [1] - The institutional investors include notable entities such as 江苏摩锐投资有限公司, 大家人寿保险股份有限公司, and 中国工商银行股份有限公司 among others [1] - The institutional holding percentage has decreased by 0.53 percentage points compared to the last quarter [1] Public Funds - In the current period, 3 new public funds have disclosed holdings in 博硕科技, including 金鹰科技创新股票A and 鹏华双债加利债券A [1] - 2 public funds that were previously disclosed have not reported in this period, namely 博道远航混合A and 博道成长智航股票A [1] Social Security Funds - One social security fund, 汇添富基金管理股份有限公司-社保基金1802组合, has not disclosed holdings in this period compared to the previous quarter [1] Foreign Investment - One foreign fund, 香港中央结算有限公司, has reduced its holdings, with a decrease of 0.32% compared to the previous quarter [2]

Group 1 - The company, Boshuo Technology, announced that its third board meeting will be held on August 25, 2025, to review the 2025 semi-annual report and related documents [1] - For the year 2024, the company's revenue composition is entirely from the manufacturing sector, accounting for 100.0% [1]

Group 1 - The company announced on July 16 that its battery aerogel products have achieved mass delivery [1]

互动易平台信息发布及回复内部审核制度 深圳市博硕科技股份有限公司 互动易平台信息发布及回复内部审核制度 第一章 总则 第一条 为规范深圳市博硕科技股份有限公司（以下简称"公司"） 互动易平台信息发布和提问回复的管理行为，建立公司与投资者良好 沟通机制，提升公司治理水平，根据《上市公司信息披露管理办法》 《上市公司投资者关系管理工作指引》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所 创业板上市公司自律监管指南第 1 号——业务办理》等法律法规、规 范性文件及《深圳市博硕科技股份有限公司章程》（以下简称"公司 章程"）的规定，制定本制度。 第二条 本制度所指"互动易平台"是指深圳证券交易所为上市 公司与投资者之间搭建的自愿性、交互式信息发布和进行投资者关系 管理的综合性网络平台，是上市公司法定信息披露的有益补充。具体 网址为：https://irm.cninfo.com.cn/。 第二章 总体要求 第三条 互动易平台管理是公司投资者关系管理的重要组成部分， 公司通过互动易平台发布信息或回复投资者提问，应当坚持诚信原则， 尊重并平等对待所有投资者，主动加强与投资者的沟 ...