分产品看，PCB设计服务收入9,263.72万元，同比增长6.33%，毛利率41.69%，同比微降3.94个百分点； PCBA制造服务收入4.05亿元，同比增长25.13%，但毛利率下滑9.57个百分点至23.86%。营业成本同比 上涨38.68%，高于营收增速，主要因收入规模扩大带动变动成本增长，以及珠海邑升顺工厂新增生产 成本。这一成本压力直接导致PCBA业务毛利率收缩，拖累整体盈利水平。 公司管理费用同比激增62.42%，至4,757.33万元；研发费用增长18.62%，至6,082.51万元，主要为珠海 邑升顺工厂新增人员薪酬支出——管理团队扩张推高管理费用，技术团队扩充带动研发投入。 南方财经8月28日电，一博科技（301366.SZ）近日披露2025年半年度报告。公司实现营业收入5.00亿 元，同比增长21.70%，主要受益于战略客户PCBA批量订单的增长。但归属于上市公司股东的净利润大 幅下滑93%，至384.16万元。业绩分化的核心原因在于三项新增产能布局的阶段性压力：珠海邑升顺 PCB工厂因产能爬坡效率未达标，叠加高额职工薪酬、折旧摊销及利息费用，报告期内亏损2,816.72万 元；IPO募 ...

证券研究报告 公司研究 点评：Q2 收入略降主要受新一轮关税战影响，美国市场家具类产品终端需求走 弱，叠加关税政策不确定性使渠道商采购备库更加谨慎。利润端受收入略降影 响，规模效应减弱，同时汇兑收益大幅减少。 内销增长稳健，产品加速迭代、费用管控优异。2025H1 公司内销实现收入 5.41 亿元（同比+15.4%），我们判断线上&线下品牌增速优于代工。公司通过打造 旗舰产品、全域内容营销、高铁户外广告、专业健康机构合作推广等方式持续 提升品牌影响力，并成功与京东、天猫平台联合发布新品，同时加强费用管控 （规模提升下，市场推广费接近持平），盈利情况显著改善。此外，线下渠道方 面，公司基本跑通大中型城市线下零售旗舰店试点，自主品牌销售渠道持续拓 宽。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 永艺股份(603600) 投资评级 无评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 永艺股份：盈利表现稳健，静待订单回暖 [Table_Repor ...

崇达技术（002815.SZ） 产品结构不断优化升级，全球产能布局助力未来发展 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,772 | 6,277 | 7,222 | 8,094 | 9,007 | | 增长率 yoy（%） | -1.7 | 8.7 | 15.1 | 12.1 | 11.3 | | 归母净利润（百万元） | 409 | 258 | 578 | 672 | 766 | | 增长率 yoy（%） | -35.8 | -36.9 | 124.3 | 16.3 | 14.0 | | ROE（%） | 5.6 | 3.9 | 7.7 | 8.4 | 9.0 | | EPS 最新摊薄（元） | 0.37 | 0.24 | 0.53 | 0.62 | 0.70 | | P/E（倍） | 41.0 | 65.1 | 29.0 | 25.0 | 21.9 | | P/B（倍） | 2.4 | 2.4 | 2.2 | 2.1 | 2.0 | 资料来源： ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603617 公司简称：君禾股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到https://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 1.4本半年度报告未经审计。 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况 ...

根据高盟新材2025年一季度报告披露，高盟新材2025年一季度实现营业收入28,616.70万元，同比下降 11.85%；实现归属于上市公司股东的扣除非经常性损益的净利润3,602.19万元，同比下降24.52%。第二 季度，公司实现营业收入31,085.56万元，同比增长4.30%，实现归属于上市公司股东的扣除非经常性损 益的净利润3,846.04万元，同比增长24.05%。 在产能布局方面，公司也在持续加大资源投入。据高盟新材于2025年4月披露的公告，公司全资子公司 南通高盟的年产12.45万吨胶粘剂新材料及副产4800吨二乙二醇技改项目、年产4.6万吨电子新能源胶粘 剂项目尚在建中，根据两个项目建设进展及市场发展需要，为提升南通生产基地自动化和智能化水平、 更好适应市场发展，上述两个项目在原计划投资基础上追加投资，其中，年产12.45万吨胶粘剂新材料 及副产4800吨二乙二醇技改项目合计建设投资36,205.45万元，年产4.6万吨电子新能源胶粘剂项目合计 建设投资11,509.45万元。根据半年报最新披露，年产12.45万吨胶粘剂新材料及副产4800吨二乙二醇技 改项目的二期工程，三车间改造正在进行 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected recovery in industry demand and the company's leading order scale and profitability levels [3][5]. Core Views - The company reported a revenue of 4.432 billion yuan for H1 2025, representing a year-on-year growth of 8.95%, while the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [1]. - The decline in performance is attributed to changes in product revenue structure, with lower added value in power engineering and equipment cables, as well as a decrease in revenue from marine equipment [1][2]. - The company has achieved a record high in hand orders, totaling approximately 19.6 billion yuan, with significant contributions from power engineering and equipment cables and submarine cables [2]. Financial Performance - For H1 2025, the company achieved revenue of 2.196 billion yuan from power engineering and equipment cables, a year-on-year increase of 24.85%, while submarine cables and high-voltage cables generated 1.957 billion yuan, up 8.32% [2]. - The company’s inventory increased by 69.91% year-on-year to approximately 3.116 billion yuan, primarily due to the rise in inventory of submarine cables and high-voltage cables [2]. - Contract liabilities at the end of H1 2025 reached approximately 1.674 billion yuan, reflecting a growth of 45.91% from the beginning of the period [2]. Capacity Expansion - The company is enhancing its capacity layout by participating in the Zhejiang Haifeng mother port project, aimed at supporting deep-sea wind power construction, with plans to develop over 3 million kilowatts of deep-sea wind power capacity by 2030 [3]. - The company is also advancing the construction of its central research institute and headquarters, as well as the second phase of its future factory, to effectively improve production capacity [3]. Earnings Forecast - The company is projected to achieve revenues of 11.274 billion yuan, 14.131 billion yuan, and 15.328 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to be 1.501 billion yuan, 2.291 billion yuan, and 2.447 billion yuan [4][8].

Group 1 - The stock price of Weili Transmission as of July 29, 2025, closed at 53.84 yuan, down 1.14% from the previous trading day, with a trading volume of 0.91 billion yuan [1] - Weili Transmission specializes in the research, production, and sales of gearboxes and speed increasers specifically for the wind power sector, making it a key supplier for various domestic and international wind power companies [1] - The company plans to accelerate capacity layout and initiate a private placement to meet the growing demand in the wind power industry [1] Group 2 - Weili Transmission is set to build a smart factory for wind power speed increasers to enhance production efficiency and market competitiveness [1] - On July 29, 2025, the net outflow of main funds for Weili Transmission was 6.183 million yuan [2]

Core Insights - Coca-Cola Company reported Q2 2025 earnings showing resilient growth with revenue of $12.535 billion, a 1% increase, and net income of $3.803 billion, a 58% increase [1] - The company updated its full-year 2025 guidance, projecting comparable currency-neutral EPS growth of approximately 8%, organic revenue growth of 5%-6%, and non-GAAP EPS growth of about 3% [1] Financial Performance - Q2 revenue reached $12.535 billion, up 1% year-over-year - Organic revenue growth was reported at 5% - Net income for the quarter was $3.803 billion, reflecting a 58% increase - Non-GAAP EPS was $0.87, a 4% increase [1] Market Strategy - Coca-Cola's CEO emphasized the company's focus on strategic execution and adaptability in a changing external environment [1] - The flagship brand Coca-Cola showed strong performance with a 14% increase in no-sugar Coca-Cola sales [1] - The company is implementing refined strategies in the Chinese market to enhance channel and customer engagement [2] Brand Innovation - Coca-Cola China launched new flavors and interactive experiences to resonate with consumer needs, including the return of the "Share a Coke" campaign targeting younger consumers [3][5] - Sprite introduced a new sugar-free flavor "Ice Lemon Berry" to capitalize on the "cooling economy" [6] - Fanta engaged with the gaming community through a collaboration with the popular mobile game "Zero Zone," creating themed products [8][10] Production and Investment - Coca-Cola China is enhancing local investments and optimizing production capacity to meet growing consumer demand [15] - A new beverage production facility is set to be established in Haikou, expected to enhance production efficiency [15][17] - A new can production line in Guizhou has been launched, adding approximately 50,000 tons of annual capacity [19] Community Engagement - Coca-Cola China activated its emergency response mechanism "Clean Water 24 Hours" to provide over 560,000 bottles of drinking water to affected areas during the flood season [19][20]

Group 1 - The core point of the article is that approximately 30% of TSMC's N2 production capacity will ultimately be located in Arizona [1] Group 2 - TSMC is expanding its operations in the United States, specifically in Arizona, to enhance its production capabilities [1] - This strategic move is part of TSMC's broader plan to increase its global footprint and meet rising demand for semiconductor manufacturing [1] - The decision reflects the company's commitment to investing in local production facilities to support its customers in North America [1]

Production Capacity and Strategic Planning - The total industrial explosive production capacity managed by the company is 625,500 tons, with licensed capacity for packaged explosives at 307,000 tons and mixed explosives capacity at 318,500 tons, accounting for 50.92% of the total capacity, exceeding the target of 35% set by the "14th Five-Year" plan by 15.92 percentage points [1][2] - The company plans to dynamically allocate capacity towards strategic mineral-rich areas such as Xinjiang and Tibet to meet local market demands and enhance supply capabilities [2] Market Trends and Performance - In the first five months of 2025, Xinjiang's raw coal production reached 22.4 million tons, a year-on-year increase of 9.8%. Despite a 17.3% month-on-month decline in April, production rebounded by 18.9% in May, indicating a strong overall growth trend [2] - The company’s mining construction contracting business in Xinjiang is thriving, with project order volumes hitting new highs, ensuring robust growth [2] Regional Expansion and Capacity Allocation - The main entity for operations in Tibet is Yipuli Sichuan Blasting Company, with plans to expand into large open-pit mining and key national projects through newly established subsidiaries [3] - The company has set up 25,000 tons of industrial explosive capacity in Tibet specifically for the Jilong Copper Mine project, with intentions to adjust internal resources based on project needs [3] Capacity Expansion Goals - The company aims to solidify its leading position in the industrial explosive sector by optimizing capacity layout, upgrading product structure, and engaging in industry consolidation [4] - The company has established a diverse compensation system linked to performance, with various incentive mechanisms in place to motivate employees and enhance productivity [4]