甬矽电子: 2025年半年度报告

Core Views - The company, Yongxi Electronics (Ningbo) Co., Ltd., focuses on integrated circuit packaging and testing, providing solutions for integrated circuit design companies and generating revenue through packaging and testing service fees [5][6][12] - The company has achieved significant growth in revenue and net profit during the reporting period, driven by increased demand from overseas clients and existing core customers [9][10] Company Overview - Yongxi Electronics was established in November 2017 and has since concentrated on advanced packaging in the integrated circuit testing and packaging sector [8][12] - The company operates in the "Computer, Communication and Other Electronic Equipment Manufacturing" industry, specifically in integrated circuit packaging and testing [6][7] Financial Performance - For the first half of 2025, the company reported revenue of approximately 2.01 billion RMB, a year-on-year increase of 23.37% [4][9] - The net profit attributable to shareholders reached approximately 30.32 million RMB, reflecting a 150.45% increase compared to the same period last year [4][9] - The gross profit margin for the first half of 2025 was 15.61%, with a quarterly gross profit margin of 16.87% in Q2, an increase of 2.68 percentage points [9][10] Industry Context - The global advanced packaging market is projected to grow significantly, with an expected revenue of 56.9 billion USD in 2025, representing a year-on-year growth of 9.6% [8][9] - The advanced packaging sector is becoming a key growth driver in the semiconductor industry, particularly as demand for high-performance computing and AI applications increases [8][9] Research and Development - The company invested 14.22 million RMB in R&D, accounting for 7.07% of its revenue, which is a 51.28% increase year-on-year [10][12] - The company has filed numerous patents and is actively developing advanced packaging technologies, including Fan-out and 2.5D packaging processes [10][12] Competitive Advantages - The company has established strong relationships with major integrated circuit design firms, enhancing its market position and customer satisfaction [12][13] - The company’s focus on high-density advanced packaging technologies has led to a favorable reputation in emerging application areas such as AIoT and automotive electronics [12][13]