Financial Performance - The company achieved a revenue of 45,361.81 million yuan in the first half of 2025, representing a year-on-year increase of 26.22% [3] - The net profit attributable to shareholders was 6,714.20 million yuan, with a year-on-year growth of 144.18% [3] - The overall gross profit margin was 41.86%, an increase of 3 percentage points compared to the previous year [3] - Basic earnings per share reached 0.63 yuan, up 142.31% year-on-year [3] Product Revenue Breakdown - Revenue from solder paste printing equipment was 29,198.89 million yuan, a year-on-year increase of 53.56% [3] - Revenue from dispensing equipment was 6,049.74 million yuan, with a growth of 26.31% [3] - Revenue from packaging equipment was 5,917.62 million yuan, showing a decline of 38.85% [3] - Revenue from flexible automation equipment was 2,451.18 million yuan, reflecting a growth of 71.33% [3] Reasons for Profit Growth - The rapid growth in net profit was primarily due to increased revenue and improved gross profit margins [3] - Revenue growth was driven by increased investment in artificial intelligence, rising demand for AI servers, recovery in consumer electronics, and higher penetration rates of new energy vehicles [3] Semiconductor Business and R&D Investment - As of the end of the reporting period, contract liabilities reached 133 million yuan, a historical high, increasing by 32.98% from the beginning of the period [4] - R&D investments for 2023, 2024, and the first half of 2025 were 74.46 million yuan, 78.13 million yuan, and 41.50 million yuan, respectively, accounting for 10.06%, 9.12%, and 9.15% of revenue [4] - The company has obtained a total of 285 patents, including 104 invention patents and 176 utility model patents [4] Market Application Breakdown - In the PCB downstream applications, consumer electronics account for approximately 33%, network communication for about 20%, automotive electronics for around 20%, and medical devices and home appliances for about 27% [5] - The company has a higher market share in consumer electronics and network communication, while automotive electronics, medical devices, and semiconductors currently have a lower share [5]

Group 1 - The global server market is entering a new growth cycle starting in 2024, driven by the increasing demand for AI computing power, with an expected CAGR of 18.8% from 2024 to 2029 [2] - The PCB industry is recovering from a phase of adjustment due to weak consumer electronics and inventory cycles, with emerging demands from AI servers and high-performance infrastructure expected to drive growth from 2024 [2][3] - Domestic PCB manufacturers are actively expanding production and increasing capital expenditures, focusing on high-end products such as HDI and multi-layer boards [2][3] Group 2 - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9.0%, and a CAGR of 4.9% from 2020 to 2024 [3] - The demand for PCB equipment is significantly boosted by AI computing infrastructure, with the market expected to grow to 77.5 billion yuan by 2029, reflecting a CAGR of 8.7% from 2024 to 2029 [3] - Drilling, exposure, and testing equipment represent the highest value segments in the PCB equipment market, accounting for 20.75%, 16.99%, and 15.00% respectively in 2024 [3] Group 3 - The drilling equipment segment is expected to benefit from increased demand for high-end HDI, with both mechanical and laser drilling seeing growth due to the rising complexity of HDI designs [3] - The exposure equipment market is currently dominated by foreign brands, with low domestic penetration, particularly in LDI technology which is more suited for HDI [4] - The demand for plating equipment is increasing due to the higher number of plating cycles required for advanced HDI, alongside quality control pressures [5] Group 4 - Major equipment manufacturers are showing a clear upward trend, with expectations for accelerated performance in the future [6] - Key players in the drilling segment include Dazhu CNC (301200), while the exposure segment is led by Xinqi Micro (688630) and Tianzhun Technology (688003) [7] - The plating segment is highlighted by Dongwei Technology (688700), with Keg Precision (301338) noted for its role in the solder paste printing segment [7]

2025年8月23日，凯格精机(301338.SZ)发布2025年中报。 公司最新毛利率为41.86%，较去年同期毛利率增加9.58个百分点。最新ROE为4.44%，较去年同期ROE增加2.51个百分点。 公司股东户数为1.38万户，前十大股东持股数量为7541.01万股，占总股本比例为70.87%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 郎国良 | 36.1 | | 2 | 彭小云 | 23.0 | | 3 | 海口凯格创业投资合伙企业(有限合伙) | 6.58 | | 4 | 国信证券资管-兴业银行-国信证券凯格精机员工参与战略配售集合资产管理计划 | 1.23 | | 5 | 东莞市凯创投资顾问中心(有限合伙) | 1.04 | | 6 | 东莞市凯林投资顾问中心(有限合伙) | 0.93 | | 7 | 林新 | 0.79 | | 8 | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 0.45 | | g | 部凌云 | 0.32 | | 10 | BARCLAYS BANK PLC | ...

Summary of Kegong Precision Machinery Conference Call Company Overview - **Company**: Kegong Precision Machinery - **Industry**: High-end printing equipment, specifically for electronics manufacturing Key Financial Metrics - **Gross Margin**: 41.86% in H1 2025, up 9.58 percentage points YoY [2][5] - **Revenue**: CNY 450 million in H1 2025, a 26% increase YoY [3] - **Net Profit**: CNY 67 million in H1 2025, a 144% increase YoY [3] - **Order Growth**: Orders increased nearly 70% in H1 2025, with expectations of continued strong growth [2][15] Revenue Structure - **Solder Paste Printing Equipment**: - Revenue: CNY 290 million, 64% of total revenue, up 53% YoY [3] - Gross Margin: Increased by 7.58 percentage points [3] - **Dispensing Equipment**: - Revenue: CNY 60 million, 13% of total revenue, with a gross margin of 31% [3] - **Flexible Automation Equipment**: - Revenue: CNY 24 million, gross margin of 58.57%, up 23 percentage points YoY [3] - **Packaging Equipment**: - Revenue: CNY 60 million, down approximately 40% YoY [3] Market Dynamics - **High-end Equipment Demand**: Significant growth in demand for high-end equipment, particularly in AI servers and mobile devices [6] - **Client Concentration**: Increased orders from large clients like Huawei and Foxconn, leading to a shift towards mid-to-high-end equipment [7] - **Laser Printing Equipment**: Maintained global leadership in shipments for five consecutive years, with over 50% market share in consumer electronics and network servers [8] Strategic Initiatives - **New Market Expansion**: Plans to enter automotive electronics, semiconductor silver paste printing, and medical devices [8] - **International Growth**: Overseas business nearly doubled in H1 2025, driven by server manufacturers in Southeast Asia [4][32] - **Product Development**: Introduction of new automated production lines, including 800G and 1.6T lines [31][35] Competitive Landscape - **Market Position**: Leading position in the market with competitors like ASMPT and IPW having higher average prices [9][22] - **Customer Base**: Diverse customer base with significant orders from major clients, including Foxconn and Huawei [28] Future Outlook - **Growth Projections**: Anticipated overall growth of approximately 30% for 2025, with H2 expected to reach 60-70% growth [15] - **Product Mix Changes**: Expectation for the share of high-end equipment (Category 3) to increase to 20-30% by the end of 2025 [16] Additional Insights - **Product Lifecycle**: Equipment typically has a lifecycle of 8-10 years, but major clients often replace every 2-3 years due to rapid product updates [29] - **Technological Advancements**: Focus on improving precision and stability in printing processes to meet the demands of smaller electronic components [24] This summary encapsulates the key points from the conference call, highlighting the company's performance, market dynamics, strategic initiatives, and future outlook.

Summary of Key Points Core Viewpoint - A total of 37 stocks in the A-share market will face a lock-up expiration next week, with a combined unlock quantity of 5.068 billion shares, amounting to a market value of 92.468 billion yuan, reflecting a week-on-week increase of 1.74% [1]. Unlocking Stock Details - The stocks with the highest unlock market value are Xugong Machinery and Dazhu CNC, each exceeding 31 billion yuan. The unlocking market values for these stocks are 31.908 billion yuan and 31.647 billion yuan, respectively [2][3]. - Xugong Machinery will unlock 3.569 billion shares on August 29, all from a private placement to institutional investors. Dazhu CNC will unlock 359 million shares on August 28, all from original shareholders' lock-up [2][3]. - The market performance of these stocks shows that Xugong Machinery, Dazhu CNC, and Rongbai Technology have increased by 6.68%, 13.72%, and 2.51% respectively since August [2]. Detailed Unlocking Information - The detailed unlocking information for Xugong Machinery indicates that the largest shareholders include Xuzhou Engineering Machinery Group Co., Ltd. and others, with shares coming from a private placement completed in August 2022 at an issue price of 5.55 yuan per share [3][4]. - As of August 22, Xugong Machinery's stock price is 8.94 yuan per share, with a market capitalization of 105.1 billion yuan. The unlocking shareholders have an unrealized gain of over 80%, totaling more than 14 billion yuan [4]. Significant Changes in Circulation - Among the 37 stocks facing unlocking, five stocks will see their circulation increase by over 100%, including Dazhu CNC, Xuantai Pharmaceutical, Hongying Intelligent, Chengdian Guangxin, and Zhenhua Wind Power, with unlocking ratios of 84.39%, 68.61%, 65.47%, 47.30%, and 43.04% respectively [10]. - The circulation of these stocks will increase significantly, with Dazhu CNC's circulation increasing by 576.53% [10].

据证券之星公开数据整理，近期凯格精机（301338）发布2025年中报。截至本报告期末，公司营业总收 入4.54亿元，同比上升26.22%，归母净利润6714.2万元，同比上升144.18%。按单季度数据看，第二季 度营业总收入2.57亿元，同比上升25.46%，第二季度归母净利润3393.23万元，同比上升102.87%。本报 告期凯格精机盈利能力上升，毛利率同比增幅29.66%，净利率同比增幅87.48%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.59亿 | 4.54亿 | 26.22% | | 归母净利润（元） | 2749.66万 | 6714.2万 | 144.18% | | 扣非净利润(元) | 2397.03万 | 0 6317.31万 | 163.55% | | 货币资金(元) | 7.34亿 | 8.19 Z | 11.66% | | 应收账款(元) | 1.47亿 | 1.31亿 | -11.07% | | 有息负债(元) | 9.83万 | 81.31万 | 727.47% | ...

Group 1 - The core point of the article is that 31 stocks will have their restrictions lifted next week, with a total market value of 23.481 billion yuan based on the latest closing prices [1] - Rongbai Technology has the highest market value of restricted shares to be released, with 250 million restricted shares becoming tradable next week, primarily consisting of original shareholders' restricted shares from the initial public offering [1] - Several companies, including Nine Company-WD, Baiwei Storage, Rongbai Technology, Wanma Co., and Yinhui Technology, have recently received institutional research [1] Group 2 - The table lists the stocks with the highest market value of restrictions lifted, including Rongzi Technology (5.707 billion yuan), Zhenhua Wind Power (5.282 billion yuan), and Xuantai Pharmaceutical (3.798 billion yuan) [3] - The percentage of restricted shares released relative to the total shares varies, with Xuantai Pharmaceutical having 68.61% of its shares restricted, while Zhenhua Wind Power has 43.04% [3] - The price changes since August for these stocks show varied performance, with Kai Ge Precision Machinery increasing by 31.54% and Xuantai Pharmaceutical decreasing by 4.01% [3]

证券代码：301338 证券简称：凯格精机 公告编号：2025-029 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政 东莞市凯格精机股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召 开第二届董事会第十七次会议，审议通过《关于召开 2025 年第一次临时股东大 会的议案》，就本次股东大会的相关事项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2025 年第一次临时股东大会 （二）股东大会的召集人：公司第二届董事会 法规、部门规章、规范性文件、深圳证券交易所业务规则等规定。 （四）会议召开的日期、时间： 进行网络投票的具体时间为：2025 年 9 月 9 日 9:15-9:25，9:30-11:30，13:00-15:00； 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 9 月 9 日 9:15 至 15:00 期间的任意时间。 （五）会议的召开方式：本次股东大会采用现场表 ...

证券代码：301338 证券简称：凯格精机 公告编号：2025-030 东莞市凯格精机股份有限公司 关于举行 2025 年半年度业绩说明会的公告 （一）会议召开时间：2025 年 8 月 28 日（星期四）下午 16:00-17:00 （二）会议召开方式：网络互动方式 （三）会议参会人员：公司董事长邱国良先生、董事兼总经理刘小宁先生、 财务总监宋开屏女士、董事会秘书邱靖琳女士、保荐代表人付爱春先生、独立董 事王钢先生、独立董事谢园保先生（如遇特殊情况，参会人员可能进行调整）。 二、投资者参会方式 投 资 者 可 于 2025 年 8 月 28 日 （ 星 期 四 ） 16:00-17:00 通 过 网 址 https://eseb.cn/1qkblbfkrwA 或使用微信扫描下方小程序码即可进入参与互动交流。 为充分尊重投资者，提升公司与投资者之间的交流效率及针对性，现就公司 和 建 议 。 投 资 者 可 于 2025 年 8 月 28 日 （ 星 期 四 ） 15:00 前 访 问 网 址 https://eseb.cn/1qkblbfkrwA 或使用微信扫描下方小程序码进行会前提问。公司将 通过本次业绩 ...

| 上市公司名称：东莞市凯格精机股份有限公 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | | | | | | | | | | 单位：万元 | | | 占用方与上市公司的关 | | | | | | 上市公司核算的会计 | 2025年期初占用资金 | | 2025年1-6月往来累计发 | 2025年1-6月往来资 | | | 金的 | 2025年1-6月偿还累 | | 2025年6月30日往来 | | | | | | | | | | 非经营性资金占用 | | | 资金占用方名 | | | | | | | | | | 称 | | | | | | | | | 占用形成原因 | 占用性质 | | | 联关系 | | | | | 科目 | 余额 | 生金额（不含利息） | | 利息（如有） | 计发生金 | | | 额 | 资金余额 | | | | | | | | | | | | 无 | | | | | | | | | | | | | 控股股东、实际控制人及其附 ...