来源：市场资讯 （来源：第三代半导体产业） 10月10日，英诺赛科（苏州）科技股份有限公司（以下简称"英诺赛科"）宣布与配售代理签订配售协 议，计划配售20,700,000股新H股，以增强公司财务实力并支持业务扩展。 根据协议，配售代理将尽力促使不少于六名独立专业及机构投资者认购新H股。配售价格定为每股75.58 港元，较最后交易日联交所收市价每股82.05港元折让约7.88%。配售股份占公司现有已发行H股约4.1% 及已发行股份总数约2.31%，配售后将分别占扩大后H股及已发行股份总数的约3.94%及2.26%。 | | | | 估配售 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 配售 | 所得款項 | 2026年 | 2027年 | 2028年 | | 配售所得款項 | | 所得敷項 | 淨額總額的 | 12月31日 | 12月31日 | 12月31日 | | 淨額擬定用途 | | 淨額的分配 | 概約百分比 | 或之前 | 或之前 | 或之前 | | | | (日萬港元) | | (日萬花元) | (日萬港元) | (日萬薩元) | ...

Performance Review - In H1 2025, the company achieved operating revenue of 1.496 billion, a year-on-year decrease of 4.03% [1] - The net profit attributable to the parent company was 167 million, down 9.51% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 136 million, a decline of 17.98% year-on-year [1] - The company implemented strategic adjustments to low-efficiency product categories, resulting in a gross margin increase of 1.8 percentage points [1] - Revenue breakdown: Rehabilitation aids contributed 563 million (37.63%), medical care products 424 million (28.32%), and health monitoring products 271 million (18.11%) [1] Growth Potential - Certain core product categories showed strong growth momentum in H1 2025 [1] - Sales of self-developed ventilators increased significantly starting in Q2, along with good performance from blood glucose and uric acid integrated machines, pre-heating thermometers, and home testing strips [1] - Continuous product iteration and channel optimization have strengthened the market position and competitive advantage of core categories, laying a solid foundation for future revenue growth [1] Hearing Aid Business Development - The hearing aid business saw over 20% year-on-year revenue growth in H1 2025 [2] - The company plans to accelerate the implementation of its digital strategy, utilizing a new retail management system to enhance marketing strategies, product structure adjustments, and inventory turnover management [2] - As the proportion of older stores increases, the hearing aid business is expected to gradually turn profitable, potentially becoming the company's second growth curve [2] Profit Forecast - Revenue projections for 2025-2027 are 3.325 billion, 3.794 billion, and 4.316 billion, with year-on-year growth rates of 11.48%, 14.09%, and 13.77% respectively [3] - Expected net profit attributable to the parent company for the same period is 380 million, 466 million, and 548 million, with year-on-year growth rates of 21.79%, 22.63%, and 17.75% respectively [3] - Price-to-earnings ratios for 2025-2027 are projected at 22x, 18x, and 15x, with corresponding PEG ratios of 1.02, 0.80, and 0.87 [3]

投资者交流环节，问及2025年全年营收目标问题，赛象科技（002337）（002337）董事会秘书王红军 称，针对2025年的经营目标，公司持续加强研发创新及产品迭代升级，优化产品结构，提升高附加值产 品的研发和推广，加大国内外订单的前期培育和项目化管控，推动公司经营的平稳有序发展。 9月11日下午，天津辖区上市公司2025年投资者网上集体接待日暨半年报业绩说明会在全景路演举行。 赛象科技是一家集科研、开发、生产、贸易于一体的高新技术企业，主要研发和制造高等级光机电一体 化的各种工程、载重、乘用、航空等系列子午线轮胎生产设备，并为用户开发工业控制软件和轮胎企业 管控网络信息系统。公司共获得一次国家科技进步一等奖、二次国家科技进步二等奖、一次国家科技进 步三等奖、多次省部级科技进步一等奖。 ...

锂电行业交流 20250905 储能电芯厂商的新签订单和交付订单是否都受到了此次价格上涨影响？ 新签订单肯定按照最新的涨价后价格执行，而对于已经确定交付但未签订正式 合同或仅有口头约定的订单，也可能会受到此次涨幅影响。然而，对于已签订 正式合同且明确了交付条款和价格的订单，则仍需按合同执行，不受新一轮涨 价影响。 摘要 当前储能板块整体产能利用率如何？头部和非头部厂商之间有何差异？ 储能电芯价格上涨主要受市场供需关系影响，而非碳酸锂价格波动。新 签订单执行涨价后价格，已签合同订单不受影响。二三线厂商产能利用 率高，大容量 314 型号电芯生产线满负荷。 碳酸锂近期价格波动系炒作情绪，长期看全球矿山供给无压力。预计 2026、2027 年大电芯交付量增加，生产成本有望下降，但市场热度上 升或致供给侧压力。 海辰等企业积极推动 5 系、6 系大电芯发展，海辰已开始交付。户储小 电芯供应紧张，头部电池厂主要生产动力型产品，市场格局分散。 2026 年新增储能产能将陆续释放，但需爬坡周期。国内储能需求增速 高于海外，部分地区补贴政策影响大。市场化竞配降低门槛，机会更平 等。 20 多家样板企业总计 850GWh 年化 ...

Summary of Conference Call on Specialty Electronic Fabrics Industry Industry Overview - The specialty electronic fabrics industry is experiencing explosive growth in demand, with leading companies like Zhongcai Technology and Nitto Denko announcing significant expansion plans [1][2][4][12]. Key Companies and Their Expansion Plans Zhongcai Technology - Zhongcai Technology is investing over 35.5 billion RMB to expand production capacity, aiming for a total capacity of 94 million meters per month by late 2026 to early 2027 [1][2]. - Recent projects include a 3.5 million meter production line in Shandong with an investment of 1.4 billion RMB, and another 3.5 million meter line, totaling 1.8 billion RMB [2][5]. - The company expects to achieve a monthly shipment of 10-12 million meters, with significant growth in high-end products [1][8][9]. Nitto Denko - Nitto Denko plans to invest 15 billion JPY (approximately 1 billion RMB) to expand its DJ second-generation and CTE product lines, aiming for a threefold increase in performance by late 2026 to early 2027 [1][6][7]. - The company’s expansion reflects confidence in future market demand and may alter the competitive landscape of the industry [4][6]. Jushi Group - Jushi Group plans to make progress in the specialty electronic fabric sector by developing Low DK products and aims for a market share of 15% by 2026 [1][16]. - The company has achieved significant revenue growth, with a reported 9.1 billion RMB in revenue and nearly 1.7 billion RMB in net profit for the first half of 2025 [14]. Other Companies - Other companies like Jiantao and Guangyuan are also expanding their production capabilities, with Jiantao planning to build ten kilns and Guangyuan aiming to increase its low dielectric product capacity to 6 million meters by 2026 [23][25]. Market Demand and Supply Dynamics - The demand for specialty electronic fabrics is projected to reach 90-100 million meters by 2026, with CTE and Q products expected to reach 40-50 million meters [12][33]. - Current supply is tight, particularly for CTE products, leading to price increases in BT substrates [3][34]. - The overall industry is characterized by high demand and a positive outlook, with companies adjusting production guidance upwards [37][39]. Competitive Landscape - The competitive landscape is shifting, with established players like Zhongcai and Jushi maintaining strong positions due to their scale and technological advantages [35][39]. - New entrants face significant barriers due to high formulation complexities, making it difficult for them to disrupt the market quickly [30][32]. Pricing Trends - Recent price increases in certain products, such as Q parts, are attributed to ongoing development and limited supply, rather than a sign of oversupply [36]. - The overall market remains optimistic, with expectations that price adjustments will not lead to significant oversupply issues in the near term [38]. Conclusion - The specialty electronic fabrics industry is poised for significant growth, driven by robust demand and strategic expansions by leading companies. The competitive dynamics are evolving, with established firms likely to benefit from their scale and technological capabilities, while new entrants face challenges in gaining market share.

Core Viewpoint - The company reported that its smart power controller business performance remained stable compared to last year, with growth limited by tariffs and geopolitical issues affecting overseas operations [1] Group 1 - The overall performance of the smart power controller business in the first half of the year was roughly flat compared to the previous year [1] - The main reasons for the limited growth include tariffs and geopolitical factors that have put pressure on overseas business [1] - The company expects steady and controllable growth in this business segment for the full year, driven by new vehicle matching, aftermarket development, product upgrades, and strengthened supply chain capabilities [1]

Core Insights - Company announced a projected revenue decline of approximately 15% for its drug delivery devices in the first half of 2025 compared to the previous year due to intensified market competition and product homogeneity [1] Company Strategy - The company is focusing on the blood purification sector as part of its strategic deployment [1] - Continuous product iteration and upgrades are planned, emphasizing safety, convenience, and precision in drug delivery devices [1] Market Trends - The aging population and increasing number of chronic disease patients are driving higher clinical demands for drug delivery devices in terms of safety, convenience, and precision [1] Product Development - The company is set to launch several new functional products, including precision filtration infusion, light-protective infusion, safe injection, and medical needle-free injection [1] - A new pre-filled catheter flushing device has been registered, extending the product line and providing safer and more efficient catheter care solutions for clinical treatment [1]

Core Viewpoint - The company emphasizes the importance of rationally viewing stock price movements and focuses on long-term development despite market fluctuations [1] Company Performance - The company reports a good operating condition with sufficient cash flow and normal business operations [1] - The company is committed to its development philosophy, reinforcing its core business [1] Innovation and Development Strategy - The company aims to drive growth through technological innovation and product iteration [1] - Continuous optimization of development quality is a priority to enhance overall strength and long-term investment value [1] Investor Relations - The company expresses its commitment to rewarding investors through its strategic initiatives and operational performance [1]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to increase net profit, indicating a potential resilience in profitability despite challenging market conditions [4]. Financial Performance - In H1 2025, the company achieved operating revenue of 63.092 billion, a year-on-year decrease of 16.93%. However, the net profit attributable to shareholders was 1.748 billion, reflecting a year-on-year increase of 31.31% [4]. - For Q2 2025, the company recorded operating revenue of 32.863 billion, down 15.52% year-on-year but up 8.71% quarter-on-quarter. The net profit attributable to shareholders was 1.186 billion, showing a year-on-year increase of 26.22% and a significant quarter-on-quarter increase of 111.05% [4]. Sales and Margins - In H1 2025, the company's sales volume for board materials decreased by 9.81%, while the gross profit per ton increased by 18.65% [5]. - The sales volume for long materials, board materials, and pipe materials saw year-on-year declines of 18.69%, 9.81%, and 4.40%, respectively. The average selling price per ton also decreased, while gross profit per ton increased significantly across all categories [5]. Automotive Sector Performance - The automotive subsidiary reported a net profit of 0.925 billion in H1 2025, a decrease of 18.38% year-on-year, contributing to 40% of the company's total net profit [6][8]. - The subsidiary is actively addressing supply chain integration and sustainability demands in the automotive industry, introducing new steel grades and solutions to enhance lightweighting and safety [6]. Market Position and Product Development - The company achieved a sales volume of 475,000 tons for oriented silicon steel in H1 2025, with a market share exceeding 60%, marking a 38% year-on-year increase [9]. - The proportion of specialty steel sales reached 68.5% in H1 2025, an increase of 3.9 percentage points year-on-year, driven by the development of new products and ongoing capacity upgrades [10].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's performance shows steady growth, with significant improvements in net profit and cash flow, indicating strong operational resilience [5][8] - The company is focusing on product iteration and optimization, enhancing its market position in high-end steel products [5][8] - The company is committed to increasing shareholder returns and maintaining market value through dividends and share buybacks [5][6][8] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 62.794 billion yuan, a year-on-year decrease of 17.02%, while net profit attributable to shareholders rose by 31% to 1.748 billion yuan [1] - For Q2 2025, the company reported a quarterly operating revenue of 32.863 billion yuan, a year-on-year decrease of 15.52%, but net profit increased by 26.22% to 1.186 billion yuan [2] - The company’s gross profit margins for long products, plates, and pipes improved significantly in the first half of 2025 compared to the same period in 2024 [5] Future Earnings Forecast - The company is expected to benefit from scale efficiencies and enhanced profitability due to production growth and high-end product development, with projected net profits of 3.314 billion yuan, 4.138 billion yuan, and 4.510 billion yuan for 2025, 2026, and 2027 respectively [8]