协和电子: 2025年半年度报告全文

Core Viewpoint - Jiangsu Xiehe Electronic Co., Ltd. reported a revenue increase of 12.13% in the first half of 2025, reaching approximately 450.59 million yuan, while net profit attributable to shareholders decreased by 8.31% to about 28.96 million yuan, indicating challenges in maintaining profitability despite revenue growth [2][3][4]. Company Overview and Financial Indicators - The company specializes in the manufacturing of printed circuit boards (PCBs), focusing on rigid and flexible PCBs, and surface mount technology (SMT) [3][4]. - As of June 30, 2025, the total assets amounted to approximately 1.62 billion yuan, with net assets of about 1.18 billion yuan, reflecting a slight decrease of 2.70% and 3.21% respectively compared to the previous year [2][3]. - The basic earnings per share for the reporting period was 0.3291 yuan, down 8.30% from the previous year [2][3]. Industry Situation - The PCB industry is experiencing a growth trend, driven by advancements in artificial intelligence, electric vehicles, and new communication technologies, with a projected global market growth of 6.8% in 2025 [3][4]. - The company ranks 80th in the comprehensive PCB 100 list and 52nd in the domestic PCB 100 list, indicating a solid position within the industry [3][4]. Business Operations - The company has established long-term partnerships with notable clients in the automotive and communication sectors, such as Dongfeng Technology and Xingyu Co., Ltd. [4][5]. - The company invested approximately 26.93 million yuan in research and development during the reporting period, reflecting a 62.22% increase compared to the previous year [4][5]. Financial Performance Analysis - The operating income for the first half of 2025 was approximately 450.59 million yuan, with a corresponding operating cost of about 368.15 million yuan, leading to a gross profit margin decrease [3][4][5]. - The net cash flow from operating activities was approximately 48.76 million yuan, a significant decrease of 51.29% compared to the previous year [3][4]. Competitive Advantages - The company maintains a strong focus on quality control and has received various certifications, including ISO9001 and IATF16949, ensuring high product quality [6][7]. - The company has developed a comprehensive management system to handle the production of diverse and small-batch orders efficiently, enhancing its competitive edge [8].