Skyverse Technology (SH:688361) Xin Lang Cai Jing·2025-08-21 00:09Core Viewpoint - In the first half of 2025, the semiconductor testing equipment company Zhongke Feimeng (688361.SH) reported significant revenue growth but continued to incur losses, highlighting a prominent issue of increasing revenue without corresponding profit [1][17]. Financial Performance - The company's revenue reached 702 million yuan, a year-on-year increase of 51.39%, but it still recorded a net loss attributable to shareholders of 18.35 million yuan, with a further loss of 110 million yuan after excluding non-recurring gains and losses, nearly unchanged from the previous year's loss of 115 million yuan [1][17]. - Following the release of the semi-annual report, Zhongke Feimeng's stock price fell by 2.32%, indicating market dissatisfaction with the company's performance [1]. R&D Investment - Zhongke Feimeng's R&D expenses amounted to 285 million yuan, a 37.79% increase compared to the same period last year, with the R&D expense ratio decreasing from 44.66% to 40.65% [2]. - The number of R&D personnel increased from 465 to 577, and the average salary for R&D staff rose from 277,700 yuan to 312,800 yuan [2]. - Despite high R&D investments, the company has not achieved significant results in mass production capabilities for high-end semiconductor testing equipment [2][5]. Equipment Development Progress - The company showcased its equipment development progress in its 2023 annual report, indicating that key devices such as the bright field nano-pattern wafer defect detection equipment and dark field nano-pattern wafer defect detection equipment had not yet achieved mass production [3][5]. - As of the first half of 2025, the optical critical dimension measurement equipment had achieved mass production, while the more challenging bright field and dark field devices remained in the customer process verification stage [5][7]. Cash Flow and Inventory Issues - Zhongke Feimeng's operating cash flow deteriorated significantly, with an outflow of 442 million yuan, marking a historical high [10]. - The company's accounts receivable and inventory increased substantially compared to the same period last year, while contract liabilities slightly decreased [11][16]. - The inventory reached 2.27 billion yuan, up from 1.37 billion yuan the previous year, with a significant portion classified as goods issued but not yet accepted by customers [13][16]. Market Position and Competition - The company faces intense competition in the market for its bright field nano-pattern wafer defect detection equipment, with aggressive pricing strategies noted [9]. - Despite the challenges, Zhongke Feimeng has actively promoted its achievements in this area, claiming to have broken foreign monopolies, although the actual production and acceptance remain pending [6][7]. Future Outlook - The semiconductor equipment industry is characterized by high R&D investment pressures and long market validation cycles, which pose ongoing cash burn challenges for companies like Zhongke Feimeng [17]. - The company is expected to focus on converting high R&D investments into mass production capabilities and improving cash flow efficiency to overcome the current "revenue without profit" dilemma [17].