北交所2025中报业绩综述：高景气制造引领，中报彰显结构性机会

Investment Rating - The report suggests a focus on industries with leading performance in Q2, particularly light manufacturing, machinery, and automotive sectors, while also highlighting opportunities in semiconductor, military, AI, and satellite internet sectors [38] Core Insights - In the first half of 2025, the total revenue of 274 listed companies on the North Exchange reached 92.064 billion, a year-on-year increase of 6.03%, while net profit attributable to shareholders decreased by 10.59% to 5.909 billion [12][13] - Despite an overall decline in profits, 168 companies achieved revenue growth, with 53 companies growing over 20% and 16 over 50%, indicating a strong differentiation and structural growth momentum [12][13] - The report emphasizes the high profitability of certain sectors, with 50% of companies in the telecommunications sector showing net profit growth exceeding 20% in Q2 2025 [25] - The light manufacturing sector also demonstrated robust growth, with 44.44% of companies achieving net profit growth over 20% [28] - The machinery sector showed a similar trend, with 35.59% of companies reporting net profit growth exceeding 20% [33] Summary by Sections Overall Performance of North Exchange A Shares - In the first half of 2025, total revenue reached 92.064 billion, with a median revenue growth rate of 5.51% and a median net profit growth rate of -0.12% [12] - The number of companies with revenue exceeding 500 million increased to 36, while those with net profit over 50 million decreased slightly [13] Industry Performance Telecommunications Sector - In Q2 2025, 50% of companies in the telecommunications sector had net profit growth exceeding 20%, with notable performers including Li Erda and Fujida [25][27] Light Manufacturing Sector - The light manufacturing sector saw 44.44% of companies achieving net profit growth over 20%, with significant growth from Hongyu Packaging and Longzhu Technology [28][29] Machinery Sector - The machinery sector had 35.59% of companies reporting net profit growth over 20%, with standout performances from Zhuozhao Point Glue and Xingchen Technology [33][34] Investment Strategy - The report recommends focusing on high-growth sectors such as light manufacturing, machinery, and automotive, while also considering companies in semiconductor and AI sectors that are positioned for domestic replacement and technological breakthroughs [38]