中科飞测上半年报：营收增长五成，净利仍亏损，研发投入持续加码

Core Viewpoint - Zhongke Feimece reported a revenue of 702.2 million yuan for the first half of 2025, representing a year-on-year growth of 51.39%, but incurred a net loss of 18.3543 million yuan, with R&D investment reaching 285.4 million yuan, up 37.79% year-on-year [1][2]. Financial Performance - The company's revenue for the reporting period was 702.2 million yuan, with a gross profit margin of 54.31%, an increase of 8.08 percentage points year-on-year [2]. - The net loss attributable to shareholders was 18.3543 million yuan, and the net loss after deducting non-recurring gains and losses was 110.3 million yuan [2]. - The cash flow from operating activities showed a net loss of 442.4 million yuan, a decrease of 347.4 million yuan compared to the same period last year, primarily due to increased procurement costs and high R&D expenditures [3]. R&D Investment - The company invested 285.4 million yuan in R&D during the first half of 2025, a 37.79% increase year-on-year, focusing on new product development and upgrading existing products [3]. - The R&D investment accounted for a decreasing proportion of revenue, indicating improved operational efficiency [2][3]. Market Position and Product Development - Zhongke Feimece's products cover approximately 70% of the market capacity for measurement equipment, with successful mass production of measurement and intelligent software devices [3]. - However, the more complex defect detection equipment for both bright field and dark field nanostructures is still in the customer process validation stage and has not yet achieved mass production [3]. - The customer base has diversified, covering various sectors including logic, storage, power semiconductors, MEMS, and advanced packaging enterprises, indicating positive market expansion [4].