KEYSINO TECH(SZ:300899) Quan Jing Wang·2025-08-28 08:07Core Insights - *ST Kaixin reported significant growth in its 2025 semi-annual report, with a revenue of 128 million yuan, a year-on-year increase of 204.86%, and a net profit attributable to shareholders of 31.65 million yuan, up 2465.61% year-on-year [1] - The company's core competitiveness in the industrial fluid separation technology sector is highlighted by its impressive performance in the industrial fluid separation solutions business, which generated 115 million yuan in revenue, a 380.11% increase year-on-year, with a gross margin of 39.69%, up 22.09 percentage points from the previous year [1] Business Performance - The industrial fluid separation solutions business is the standout performer, driven by deep market penetration and technological advantages in sectors such as chemical fiber, biopharmaceuticals, textile dyeing, petrochemicals, and new energy [1] - The company's self-developed membrane separation technology has been successfully applied across various industries, particularly in the chemical fiber sector, achieving over 95% waste alkali recovery rate [1] Research and Development - As a research-driven enterprise, *ST Kaixin increased its R&D investment to 8.99 million yuan in the first half of 2025, a 36.37% year-on-year growth, and holds 52 patent certificates, including 18 invention patents and 34 utility model patents [2] - The company has been recognized as a high-tech enterprise multiple times and has received accolades as a "specialized, refined, distinctive, and innovative" enterprise in Shanghai [2] Market Outlook - With the ongoing tightening of national environmental policies and the acceleration of industrial green transformation, the demand for membrane separation technology as an efficient and energy-saving solution is expected to continue growing [2] - The company plans to further increase R&D investment to maintain its technological leadership in traditional industries while actively exploring new application fields to provide high-quality overall solutions for customers, achieving both economic and social benefits [2]