来源：新浪证券-红岸工作室 资料显示，新恒汇电子股份有限公司位于山东省淄博市高新区中润大道187号，成立日期2017年12月7 日，上市日期2025年6月20日，公司主营业务涉及智能卡业务、蚀刻引线框架业务以及物联网eSIM芯片 封测业务。主营业务收入构成为：智能卡业务59.74%，蚀刻引线框架28.34%，物联网eSIM芯片封测 6.16%，其他5.76%。 8月22日，新恒汇涨1.67%，成交额9.10亿元。两融数据显示，当日新恒汇获融资买入额8841.76万元， 融资偿还9925.89万元，融资净买入-1084.12万元。截至8月22日，新恒汇融资融券余额合计4.22亿元。 截至6月30日，新恒汇股东户数3.73万，较上期减少30.05%；人均流通股1219股，较上期增加42.96%。 2025年1月-6月，新恒汇实现营业收入4.74亿元，同比增长14.51%；归母净利润8895.45万元，同比减少 11.94%。 融资方面，新恒汇当日融资买入8841.76万元。当前融资余额4.22亿元，占流通市值的10.75%。 融券方面，新恒汇8月22日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Xinhenghui, a company in the semiconductor industry, with a current stock price of 86.36 yuan and a rolling PE ratio of 118.96 times, which is slightly below the industry average of 121.19 times [1][2] - Xinhenghui's total market capitalization is 20.688 billion yuan, ranking 130th in the semiconductor industry based on PE ratio [1][2] - The company experienced a net outflow of main funds amounting to 25.6111 million yuan on August 22, with a total outflow of 82.1366 million yuan over the past five days [1] Group 2 - Xinhenghui's main business includes smart card operations, etching lead frames, and IoT eSIM chip testing, with key products being etching lead frames, IoT eSIM chip testing, flexible lead frames, smart card modules, and testing services [1] - The company holds 126 valid patents in the integrated circuit field, including 38 invention patents, 25 utility model patents, 1 design patent, and 62 software copyrights [1] - For the first half of 2025, Xinhenghui reported a revenue of 474 million yuan, a year-on-year increase of 14.51%, while net profit was 88.9545 million yuan, reflecting a year-on-year decrease of 11.94%, with a gross profit margin of 30.23% [1]

Group 1 - As of August 22, 2025, QFII has disclosed holdings in 223 companies, with a total of 1.466 billion shares valued at 28.02 billion yuan [2] - QFII's new favorites include 118 stocks in the second quarter of 2025, indicating a significant interest in these companies [2][4] - The top sectors for QFII investments include basic chemicals, pharmaceuticals, machinery, and power equipment, with 24, 22, 21, and 21 stocks held respectively [3] Group 2 - Among the new stocks, Jinpu Titanium (000545) is the most notable, with 32.22 million shares purchased by foreign institutions, making it a top shareholder [4][5] - Other significant new holdings include Yuyin Co. (002177.SZ), Rongfa Nuclear Power (002366.SZ), and Senma Apparel (002563.SZ), each with substantial foreign investment [4][5] - The top ten stocks by market value among QFII's new holdings include Changdian Technology (600584.SH) and Yinzhijie (300085.SZ), indicating strong foreign interest in these companies [5][6] Group 3 - QFII increased holdings in 51 stocks in the second quarter, with Alloy Investment (000633) and New Power Finance seeing the most significant increases [9] - Three companies, including Shengyi Technology (600183), Jiuhua Company (689009), and Dongfang Yuhong (002271), have QFII holdings exceeding 1 billion yuan [9][10] - Barclays Bank and UBS Group are among the foreign institutions holding over 10 stocks, with Barclays leading with 123 stocks [11]

Core Viewpoint - New Henghui Electronics Co., Ltd. (301678.SZ) reported its first financial results post-IPO, showing a revenue increase but a decline in net profit, indicating a "revenue without profit" situation [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 reached 474.37 million yuan, a year-on-year increase of 14.51% compared to 414.26 million yuan in the same period last year [2]. - The net profit attributable to shareholders decreased by 11.94% to 88.95 million yuan from 101.01 million yuan year-on-year [2]. - The net profit after deducting non-recurring gains and losses also fell by 10.65% to 83.22 million yuan [2]. - The net cash flow from operating activities decreased by 10.01% to 85.67 million yuan [2]. - Basic and diluted earnings per share both dropped by 10.71% to 0.50 yuan [2]. - The weighted average return on equity decreased by 2.29 percentage points to 7.04% [2]. Cost Challenges - The decline in profit is attributed to rising costs driven by surging prices of precious metals, which are the basis for the pricing of the company's main raw materials [3]. - Operating costs increased by 27.87% year-on-year, significantly outpacing revenue growth [3]. - The overall gross margin fell to approximately 30.23%, down 7.29 percentage points from the previous year [3]. Structural Issues - The company faces challenges in its business structure, with traditional business growth stagnating; the smart card business, which constitutes 59.74% of revenue, saw only a marginal increase of 0.02% [5]. - Emerging business areas, such as etching lead frames and IoT eSIM chip testing, have not yet achieved significant scale, with their combined revenue share being less than 35% [5]. - The gross margins for these new business areas have also declined, further diluting overall profitability [5]. Cash Flow and Dividend Policy - The net cash flow from operating activities has decreased, yet the company announced a high dividend payout of 1.20 billion yuan, representing a payout ratio of 134.7%, exceeding the net profit of 0.89 billion yuan [9]. - The controlling shareholder, Ren Zhijun, plans to use the dividend to alleviate debt pressure incurred from acquiring company shares [9]. Future Outlook - The company is currently facing two main challenges: short-term cost pressures from precious metal price fluctuations and long-term difficulties in business transformation and growth [9]. - Investment projects, such as the high-density QFN/DFN packaging project, have seen no financial allocation to date, indicating a lack of progress in planned investments [9].

金融界消息 截至2025年8月20日收盘，新恒汇（301678）报收于88.5元，上涨5.29%，换手率32.08%， 成交量14.60万手，成交金额12.71亿元。 资金流向方面，今日主力资金净流入6433.54万元，占比成交额5.06%。其中，超大单净流入3219.59万 元、占成交额2.53%，大单净流入3213.94万元、占成交额2.53%，中单净流出流出2688.19万元、占成交 额2.11%，小单净流出3745.35万元、占成交额2.95%。 通过天眼查大数据分析，新恒汇电子股份有限公司共对外投资了1家企业，参与招投标项目41次，知识 产权方面有商标信息5条，专利信息108条，此外企业还拥有行政许可107个。 来源：金融界 新恒汇最新一期业绩显示，截至2025中报，公司营业总收入4.74亿元、同比增长14.51%，归属净利润 8895.45万元，同比减少11.94%，扣非净利润8321.79万元，同比减少10.65%，流动比率9.999、速动比率 9.170、资产负债率8.78%。 天眼查商业履历信息显示，新恒汇电子股份有限公司，成立于2017年，位于淄博市，是一家以从事计算 机、通信和其他电子设 ...

新恒汇电子股份有限公司 对外担保管理制度 第一章 总 则 第一条 为了规范新恒汇电子股份有限公司（以下简称"公司"）的对外担 保行为，有效控制公司对外担保风险，维护广大股东的合法权益，根据《民法典》 《公司法》及其他有关法律、法规和规范性文件，以及《新恒汇电子股份有限公 司章程》（以下简称"《公司章程》"），特制定本制度。 第二条 本制度所称对外担保，是指公司以第三人身份为他人（含对控股子 公司的担保）提供保证、抵押、质押或其他形式的担保。 公司为自身债务提供担保不适用本制度。 第三条 本制度适用于本公司及全资子公司、控股子公司和公司拥有实际控 制权的参股公司（以下简称"子公司"）。 第四条 公司对担保事项实行统一管理。未经公司批准，子公司不得对外提 供担保，不得相互提供担保，也不得请外单位为其提供担保。 第五条 公司对外担保应当遵循合法、审慎、互利、安全的原则，严格控制 担保风险。 第六条 公司为他人提供担保，应当采取反担保等必要的措施防范风险，反 担保的提供方应具备实际承担能力。 第七条 公司独立董事每年应对公司累计和当期对外担保情况、执行上述规 定情况进行专项说明，并发表独立意见。 第二章 担保的决策机 ...

Core Insights - The company reported a revenue of 474 million yuan for the first half of 2025, representing a year-on-year increase of 14.51%, while the net profit attributable to shareholders decreased by 11.94% to 88.95 million yuan [1][2] Business Performance - The smart card business generated revenue of 283 million yuan, remaining stable year-on-year, but the gross margin declined by 5.33 percentage points due to rising raw material costs driven by the increase in precious metal prices [1] - The etching lead frame business showed significant growth, achieving revenue of 134 million yuan, a year-on-year increase of 46.48%, becoming the main driver of revenue growth [1] - The IoT eSIM chip packaging business reported revenue of 29.24 million yuan, up 25.91% year-on-year, with gradual implementation in smart wearables and vehicle networking sectors [1] R&D and Future Outlook - The company's R&D investment reached 27.01 million yuan, an increase of 16.39% year-on-year, with 126 valid patents in the integrated circuit field, including 38 invention patents, and 144 R&D personnel accounting for 17.39% of the total workforce [2] - The company plans to continue its "dual domestic and international market" strategy, focusing on high-end products in the smart card sector, accelerating the rollout of automotive-grade products in the etching lead frame business, and enhancing the IoT eSIM packaging for vehicle networking applications, which is expected to inject new momentum into performance growth [2]

格隆汇8月18日丨新恒汇(301678.SZ)公布2025年半年度报告，上半年公司实现营业收入4.74亿元，同比 增长14.51%；归属于上市公司股东的净利润8895.45万元，同比下降11.94%；归属于上市公司股东的扣 除非经常性损益的净利润8321.79万元，同比下降10.65%；基本每股收益0.50元；拟向全体股东每10股 派发现金红利5元(含税)。 ...

人民财讯8月18日电，新恒汇（301678）8月18日晚间披露2025年半年报，公司上半年实现营业收入4.74 亿元，同比增长14.51%；归母净利润8895.45万元，同比下降11.94%；基本每股收益0.5元。公司拟每10 股派发现金红利5元(含税)。 ...

（文章来源：每日经济新闻） 新恒汇8月18日晚间发布半年度业绩报告称，2025年上半年营业收入约4.74亿元，同比增加14.51%；归 属于上市公司股东的净利润约8895万元，同比减少11.94%；基本每股收益0.5元，同比减少10.71%。 ...