证券代码：301013 证券简称：利和兴 公告编号：2025-055 深圳市利和兴股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议的情形。 一、会议召开和出席情况 （一）会议召开情况 （1）现场会议时间：2025 年 8 月 25 日（星期一）下午 14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 8 月 25 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为：2025 年 8 月 25 日 9:15—15:00 期间的任何时间。 3、会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 4、现场会议召开地点：深圳市龙华区民塘路385号汇德大厦1号写字楼21层公司大会议室 5、现场会议主持人：董事长林宜潘先生 6、会议召开的合法、合规性：经公司第四届董事会第十 ...

Core Viewpoint - The company has developed a fully automated nano-imprinting technology that transforms manual operations in the nano-imprinting industry into a fully automated process, enhancing precision and efficiency in various applications [1] Group 1: Technology Overview - The fully automated nano-imprinting technology utilizes advanced techniques such as rapid precision alignment, non-contact precise thickness measurement, defect detection, optical transmission sensing, and displacement and angle compensation [1] - This automation system is applicable in multiple fields of precision micro-processing, including semiconductors, OLED displays, nano-electronics, optoelectronics, data storage media, biotechnology, and nano-channels [1]

深圳市利和兴股份有限公司 关于孙公司完成工商变更登记并换发营业执照的公告 证券代码：301013 证券简称：利和兴 公告编号：2025-054 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 基于深圳市利和兴股份有限公司（以下简称"公司"）整体战略规划和经营发展的需要， 公司控股子公司利和兴智能装备（苏州）有限公司全资子公司苏州阳泽丰精密科技有限公司（以 下简称"阳泽丰精密"），变更了股东信息，并相应修改了阳泽丰精密公司章程。 上述股东信息变更事项，不涉及关联交易，不构成《上市公司重大资产重组管理办法》规 定的重大资产重组，根据《深圳证券交易所创业板股票上市规则》《公司章程》等相关规定， 亦无需提交公司董事会或股东大会审议。 一、本次主要变更事项 近日，阳泽丰精密完成了相关工商变更备案登记手续，并取得了苏州工业园区行政审 批局换发的《营业执照》。相关信息如下： | 变更事项 | | 变更前 | 变更后 | | --- | --- | --- | --- | | 股东信息 | 苏州盛德丰清精密科技合伙企业（有 | | 利和兴智能装备（苏州）有限公司持股 | | ...

Core Viewpoint - The Chinese semiconductor equipment industry is experiencing significant growth and investment in 2025, driven by domestic innovation and government support, despite challenges from international restrictions and market dynamics [9][10][12]. Group 1: Investment and Funding - In early 2025, the National Integrated Circuit Industry Investment Fund injected a total of 1.64 billion yuan (approximately 710 million and 930 million yuan) into two funds to support wafer manufacturing and equipment materials [2]. - The semiconductor equipment sector saw a 53.4% increase in investment in the first half of 2025, contrasting with a 9.8% decline in total semiconductor industry investment [4]. - Companies like Yitang Semiconductor and Longchuan Technology are actively raising funds, with Yitang Semiconductor raising 2.497 billion yuan for advanced etching equipment and Longchuan Technology planning to raise 3.132 billion yuan for semiconductor testing equipment [5][11]. Group 2: Industry Developments - The first domestically produced commercial electron beam lithography machine, "Xizhi," has begun application testing, marking a significant milestone for the industry [1]. - Several companies, including Zhongwei and Tuojing Technology, are expanding their production and R&D capabilities, with investments totaling approximately 3.05 billion yuan planned for new facilities [3][8]. - New product launches at SEMICON China 2025 highlight advancements in semiconductor equipment, with companies like Northern Huachuang and Zhongwei Semiconductor introducing innovative technologies [8]. Group 3: Market Dynamics - The Chinese semiconductor equipment market is expected to see a capital expenditure of approximately 280 billion yuan in 2025, with domestic equipment manufacturers projected to achieve a 20% year-on-year growth [12]. - The demand for advanced packaging and testing equipment is increasing due to the growth of AI computing power and the expansion of advanced logic and memory chip manufacturers [12]. - The industry is benefiting from a favorable policy environment, with local governments providing financial support and incentives to bolster domestic semiconductor equipment development [10]. Group 4: Challenges and Future Outlook - Despite the positive growth trajectory, the semiconductor equipment industry faces challenges such as high R&D costs and long market validation cycles, which can hinder profitability [13]. - The ongoing geopolitical tensions and technology restrictions from the U.S. have prompted a stronger push for domestic innovation within the Chinese semiconductor sector [9].

Group 1 - The company was asked about the revenue proportion of its liquid cooling business and whether it has entered the certification systems of Nvidia and Huawei [2] - The company responded that its liquid cooling-related business primarily serves major clients, while applications for other clients are currently in the validation stage [2]

Core Viewpoint - Lihexing (301013.SZ) primarily serves large customers with its liquid cooling business, while applications for other clients are currently in the validation phase [1] Company Summary - The company's liquid cooling business is focused on major clients, indicating a strategic emphasis on large-scale partnerships [1] - Other customer applications are still undergoing testing, suggesting potential for future expansion once validation is complete [1] Industry Summary - The liquid cooling sector is evolving, with companies like Lihexing exploring opportunities to cater to both large and smaller clients [1] - The validation phase for other applications highlights the industry's ongoing development and the importance of testing in adopting new technologies [1]

Core Viewpoint - Lihexing (301013) announced on August 18 that its liquid cooling business primarily serves major clients, while applications for other clients are currently in the validation stage [1] Group 1 - The liquid cooling business of the company is focused on serving large customers [1] - Other clients' application solutions are still undergoing verification [1]

Core Insights - The company has outlined a strategic path focusing on intelligent manufacturing equipment while steadily expanding into the electronic components and semiconductor sectors, viewing semiconductor equipment and precision components as key growth areas for future performance [1][2]. Semiconductor Business Development - The company's expansion into the semiconductor field is based on its long-term technical capabilities in intelligent manufacturing equipment and deep insights into industry trends, focusing on semiconductor testing equipment and precision components [2]. - As of June 30, 2025, the company has invested 16.24 million yuan in R&D, holding 44 invention patents, 143 utility model patents, 28 design patents, 275 software copyrights, and 12 registered trademarks, establishing a strong technical foundation in areas related to semiconductor equipment [2][3]. Market Position and Growth Potential - The company has established a quality management system and service reputation in the intelligent equipment sector, laying the groundwork for entering the semiconductor equipment supply chain [3]. - The semiconductor business has begun to show initial results, with the semiconductor equipment subsidiary generating revenue, marking a transition from R&D to market development and production delivery [3][4]. - The semiconductor equipment components are crucial for the precision and reliability of semiconductor devices, and breakthroughs in technology are expected to drive upgrades in semiconductor equipment, supported by national policies that promote domestic substitution and create a broad market development space [3][4]. Future Outlook - The company is accelerating its semiconductor industry layout to meet the growing product demand from customers, establishing a solid foundation for long-term rapid development [4]. - With the urgent demand for domestic substitution and the surge in chip demand driven by new energy vehicles and artificial intelligence, the semiconductor business segment is expected to exhibit significant growth potential [4].

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total compensation for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - The average age of CFOs is approximately 47.95 years, with the majority aged between 40-49 years [3] - There is a notable disparity between CFO compensation and company performance, with several instances of high salaries despite poor financial results [7] Compensation Overview - The average salary for CFOs in the machinery and equipment-specialized equipment sector is about 655,600 yuan, with the highest salary being 3.20 million yuan and the lowest at 94,100 yuan [1] - The distribution of salaries shows that 49% of CFOs earn between 500,000 and 1 million yuan [1] Age and Education Distribution - The age distribution indicates that 45% of CFOs are between 40-49 years old, with the oldest being 65 years and the youngest at 33 years [3] - Educational qualifications reveal that there are 2 PhDs, 40 Master's degrees, 88 Bachelor's degrees, and 26 with lower qualifications, with corresponding average salaries of 2.11 million yuan, 741,100 yuan, 619,500 yuan, and 512,600 yuan respectively [5] Performance and Compliance Issues - There are discrepancies between CFO salaries and company performance, with examples of significant salary increases despite drastic declines in net profit [7] - A total of 14 CFOs received warnings or public notifications for compliance issues in 2024-2025 [7] - Specific cases include CFOs from companies like Sanyou Technology and Lingyun Light, who faced multiple warnings for various violations [8][9]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 187 million yuan, down 30.78% year-on-year, and a net loss of 37.94 million yuan, a decrease of 382.13% compared to the previous year [1][3]. Financial Performance - Total revenue for 2025 was 187 million yuan, compared to 274 million yuan in 2024, reflecting a 30.78% decrease [1]. - The net profit attributable to shareholders was -37.94 million yuan, a sharp decline from a profit of 13.45 million yuan in 2024, marking a 382.13% decrease [1]. - The gross margin fell to -4.89%, a decrease of 126.84% year-on-year, while the net margin dropped to -20.59%, down 583.54% [1]. - The company’s operating cash flow per share was -0.08 yuan, a decrease of 179.34% from the previous year [1]. Cost and Expense Analysis - Operating costs decreased by 11.23%, attributed to a reduction in sales revenue [4]. - Sales expenses decreased by 30.12%, due to lower personnel salaries, travel expenses, and business entertainment costs [4]. - Financial expenses increased by 31.67%, primarily due to higher interest expenses [5]. Cash Flow and Debt Situation - The net cash flow from operating activities decreased by 179.34%, indicating reduced cash inflows from operations [7]. - The net cash flow from investing activities saw a drastic decline of 8108.44%, due to increased cash outflows for investments [8]. - The net cash flow from financing activities increased by 310.28%, reflecting a rise in cash received from borrowings [9]. Business Model and Operational Insights - The company’s return on invested capital (ROIC) was only 1.3%, indicating weak capital returns, with a historical median ROIC of 14.74% since its listing [10]. - The business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers of these activities [11]. - The company has a high accounts receivable ratio, with accounts receivable amounting to 4973.96% of net profit, raising concerns about cash flow management [12].