竞艳！两家半导体巨头同日亮出成绩单 ◎记者刘礼文柴刘斌 8月28日，中芯国际发布公告称，公司上半年营收323.48亿元，同比增长23.1%；归母净利润23.01亿 元，同比增长39.8%。 同日，中微公司发布2025年半年度报告。上半年，公司实现营业收入49.61亿元，同比增长约43.88%； 实现归母净利润7.06亿元，同比增长36.62%。这一数据延续了中微公司过去14年营收年均增长超35%的 强劲势头。 截至8月28日收盘，中芯国际报收119.22元/股，总市值9521.3亿元；中微公司报收225.5元/股，总市值 1412亿元。 中芯国际称，营业收入增长主要是由于本期晶圆销售数量增加及平均售价上升所致。销售晶圆的数量 （折合8英寸标准逻辑）由上年同期的390.7万片增加19.9%至本期的468.2万片。平均售价（销售晶圆收 入除以销售晶圆总数）本期为6482元，上年同期为6171元。净利润增长主要是由于本期毛利增加所致。 本期毛利增加是由于销售晶圆的数量增加、平均售价上升及产品组合变动所致。报告期内，公司晶圆代 工业务收入为303.53亿元，同比增加25.9%。 中芯国际是世界领先的集成电路晶圆代工企 ...

全球化拓展方面，集团积极拥抱全球能源市场快速增长机遇，加速构建覆盖东南亚、欧洲、非洲等地区 的国际化业务网络。报告期内，海外业务呈现突破性增长，市场反馈持续向好。越南基地筹建有序推 进，为区域深耕奠定基础;针对性开发本地化产品满足差异化需求;重点建设本地化渠道与运营团队;同步 推进"服务出海"战略，系统性构建本地化服务标准体系。优化全球供应链，释放增长动能。 分时图 日K线 周K线 月K线 7.32 -0.26 -3.43% 4.35% 2.90% 1.45% 0.00% 1.45% 2.90% 4.35% 7.25 7.36 7.47 7.58 7.69 7.80 7.91 09:30 10:30 12:00/13:00 14:00 16:10 0 13万 25万 38万 天能动力(00819)发布2025年中期业绩，收益241.92亿元(人民币，下同)，同比减少51.53%;股东应占溢利 8.2亿元，同比减少11.68%;每股基本盈利72.8分。 公告称，高端环保电池是集团基于研发与工艺创新打造的密封型免维护铅蓄电池，包括环保出行动力电 池、备用电源、汽车电池与电动特种工业动力电池等系列产品。报告期内，集 ...

Core Insights - The article highlights the rapid transformation of China's manufacturing industry through the integration of advanced technologies such as AI, big data, and IoT, leading to the establishment of smart factories as a key driver for industrial upgrading and new productivity cultivation [1][2]. Industry Overview - As of now, China has built over 30,000 basic smart factories, more than 1,200 advanced smart factories, and over 230 excellent smart factories, indicating initial success in the smart factory cultivation initiative [1]. - The distribution of excellent smart factories spans across 31 provinces, covering over 80% of major manufacturing sectors, showcasing the extensive reach of this transformation [1][5]. Technological Advancements - The integration of technologies such as AI, 5G, and digital twin systems in smart factories has led to significant improvements, including a 30% reduction in delivery times, a 10% increase in first-time assembly success rates, and a 50% enhancement in inspection efficiency [2]. - The digital transformation journey of companies like Yawen Co. illustrates a phased approach, achieving a 40% improvement in drawing management efficiency and a 36% increase in inventory turnover efficiency through the implementation of PLM and ERP systems [3]. Policy Support - The transformation of these enterprises is supported by a series of policies aimed at upgrading the manufacturing sector, with local governments providing necessary support for smart manufacturing initiatives [4]. - The Ministry of Industry and Information Technology emphasizes the need for a solution system that is innovative, secure, and collaborative, focusing on the integration of technologies to promote comprehensive smart transformation in enterprises [4]. Performance Metrics - The implementation of smart factories has resulted in an average reduction of product development cycles by 28.4%, a 22.3% increase in production efficiency, a 50.2% decrease in defect rates, and a 20.4% reduction in carbon emissions, demonstrating significant improvements in quality, efficiency, and sustainability [5]. Business Model Innovation - Companies like Yawen Co. have evolved their business models from merely selling machinery to offering comprehensive solutions that include hardware, software, cloud services, and consulting, enhancing their industry influence [6]. - The shift towards value competition necessitates a restructuring of the talent system, focusing on both high-end R&D and skilled application talents to drive deeper transformation [6]. Global Standards and Competitiveness - China has published 469 national standards and 50 international standards for smart manufacturing, with over 6,500 solution providers covering all manufacturing sectors, indicating a strong foundation for global competitiveness [7]. - There is a recognized need for China to enhance its influence in standard-setting and international patents to secure a stronger position in the global value chain [7].

Core Insights - Mergers and acquisitions (M&A) in the A-share market are increasingly becoming a "strong engine" for performance growth and a core path for strategic optimization and industrial upgrading in the first half of 2025 [1] - The domestic M&A market saw 1,113 transactions with a total value of 509.21 billion yuan, representing a 62.75% increase compared to the same period last year [1] Industry Focus - The M&A activities are concentrated in advanced manufacturing and emerging industries, such as computer technology, automotive manufacturing, biomedicine, semiconductors, and high-end materials [2] - Companies are leveraging M&A to fill technological gaps and capture high-growth niche markets, particularly in the "smart manufacturing" sector [2] Transaction Types - Horizontal integration accounted for 64.67% of M&A activities, indicating that over 60% of companies are expanding market share and improving business layout through horizontal mergers [3] - Vertical integration examples include Guangdong Hongda Holding Group's acquisition of 21% of Xinjiang Xuefeng Technology, which added new chemical product lines and services [4] Value and Trends - Successful M&A cases emphasize "strong synergy" rather than merely acquiring assets, focusing on the integration of technology, channels, and management [6] - The regulatory environment has been supportive, with the China Securities Regulatory Commission implementing reforms to simplify the M&A process and reduce costs [7] Future Outlook - A trend towards "cross-border + overseas" M&A is anticipated, with potential focus areas including traditional chemical companies acquiring semiconductor materials and food companies merging with biomanufacturing firms [7] - Companies are advised to conduct thorough due diligence to assess asset quality and integration feasibility to ensure value creation from M&A [8]

Core Insights - Zhang Xiaoqin reported a revenue of 472 million yuan for the first half of 2025, representing a year-on-year growth of 9.80%, with a net profit of 27.50 million yuan, up 124.29%, indicating a significant improvement in profitability [1][4] Group 1: Business Performance - The core knife and scissors business generated revenue of 334 million yuan, a year-on-year increase of 10.54%, accounting for over 70% of total revenue, serving as the main driver for growth [2] - Online sales contributed 53.92% of the main business revenue, with Tmall platform sales reaching 60.17 million yuan, representing 12.82% of main business revenue [2] - The kitchen hardware segment achieved revenue of 92.63 million yuan, up 13.44%, while home hardware revenue was 43.03 million yuan, a slight increase of 0.98% [2] Group 2: Brand and Innovation - The company conducted over 90 user experience and product trial events nationwide, enhancing brand recognition and customer loyalty [3] - New product series such as "Huayao," "Heiyao," "Liuguang," and "Quantai" were launched, covering various categories to meet diverse consumer needs [3] - The company added one invention patent, two utility model patents, and seven design patents during the reporting period, reinforcing its technological and R&D advantages [3] Group 3: Manufacturing and Future Outlook - The company is advancing smart manufacturing, achieving automation in key processes, which significantly enhances production efficiency and transparency [3] - The overall strategy focuses on technological innovation, product upgrades, and channel expansion to establish itself as a leading national brand in quality lifestyle products [4]

杰克股份 20250828 杰克股份全球销量领先，出口量自 2011 年起稳居行业第一，2020 年 起全球销售额持续领先。公司提供集软硬件于一体的服装智能制造解决 方案，是业内唯一一家人工智能融合的智能制造软件系统服务商。 公司坚持长期主义，构建研发 433 投入结构，未来三年研发投入将从收 入的 8%增长到 10%，长期目标希望达到 15%以上，在全球构建 14 个 研发中心，研发投入占全行业 50%以上。 杰克股份拥有全球 8,200 多家经销商，经销网络遍布 170 多个国家和地 区，在全球设立了 16 家海外办事处，并计划未来三年增至 30 家。公司 坚持爆品价值营销与成套智联标杆双驱动策略，提高市占率。 2025 年上半年，杰克股份国内市场下滑约 10%，但优于行业平均水平 （下滑 30%-35%），海外销售同比增长 22%，超过行业 20%的增长 率。整体收入同比增长 4%以上，利润同比增长十几个百分点。 公司通过转型为综合解决方案服务商，推出成套智能产品，提升了整体 产品价值。全球制造业加速向智能制造迈进，自动化、AI、人形机器人 等技术的飞速发展推动了下游行业对自动化、智能化、无人化转型的迫 ...

精工钢构 20250828 摘要 精工钢构 2025 年上半年营收 99 亿元，同比增长 29.48%，利润增长 近 30%，经营性现金流增长 90%，三项费率下降，显示公司整体经营 状况良好。 国际订单同比增长 94%，占比提升，主要来自中东和澳新地区的地标项 目及工业建筑，客户多为中国企业海外产能扩张，公司采取全出海战略 和属地化发展策略。 国内订单面临压力，公司战略性选择优质订单，提高承接标准，优化产 品结构，侧重付款条件好、利润高的项目，政府投资项目占比逐步下降。 公司通过战略加盟和连锁经营方式提升国内市场占有率，与区域合作伙 伴股权合作，由京东控股提供支持，合作伙伴负责当地营销及承接能力， 业绩显著增长。 公司引进华为流程管理体系，实施铁三角管理模式，提升运营能力和交 付效率，精简人员，提高人均绩效，三项费率逐步体现效果。 公司加强应收账款回收力度，推出"青蛙行动"，加快合同资产周转， 长账龄应收款占比快速下降，现金流显著改善。 公司通过技术创新和施工管理提升海外竞争力，采用大型模块化施工技 术，缩短工期，获得业主方奖励，并积极推进属地化战略。 Q&A 2025 年上半年精工钢构的订单情况如何？ 2 ...

Core Viewpoint - The company, Baoxin Technology, reported significant progress in reducing losses and enhancing operational resilience despite facing industry cyclical adjustments and market challenges in the first half of 2025 [2][3][6] Financial Performance - In the first half of 2025, Baoxin Technology achieved a revenue of 101 million yuan, with a net profit attributable to shareholders showing a year-on-year reduction in losses by 57.71% [2][3] - The net cash flow from operating activities was 26.58 million yuan, indicating a stable cash flow despite a slight year-on-year decline [3] Business Segments - The smart manufacturing segment generated revenue of 93.78 million yuan, accounting for 92.76% of total revenue, with a gross margin of 22.86%, reflecting a year-on-year increase of 13.78% [4] - The company is actively expanding its high-end equipment manufacturing and new energy supporting businesses through its production bases in Suzhou, Xiamen, and the Philippines [4] Strategic Focus - Baoxin Technology is concentrating on its advantages in smart manufacturing and extending its industrial chain value while exploring innovations in strategic emerging fields [5] - The company is enhancing its operational resilience by optimizing production processes and product structures, as well as leveraging synergies between its smart manufacturing and strategic emerging industries [5] Future Outlook - The company demonstrates strong operational resilience and business adjustment capabilities through strategic focus, cost optimization, and technological accumulation [6] - With the recovery in high-end equipment demand and the ongoing "dual carbon" policy, Baoxin Technology is positioned to gradually achieve performance recovery and value enhancement through continuous innovation [6]

Core Viewpoint - Zhang Xiaoqin (301055) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong growth potential and a clear long-term growth strategy for the company [1][4]. Revenue and Profit Growth - The company achieved a revenue of 472 million yuan, representing a year-on-year growth of 9.80% [1]. - Net profit attributable to shareholders reached 27.50 million yuan, marking a substantial year-on-year increase of 124.29% [1]. Core Business Performance - Revenue from the core knife and scissors business reached 334 million yuan, with a year-on-year growth of 10.54%, accounting for over 70% of total revenue [2]. - Kitchen hardware generated revenue of 92.63 million yuan, up 13.44%, while home hardware revenue was 43.03 million yuan, growing by 0.98% [2]. Online Channel Growth - Online sales accounted for 53.92% of the main business revenue, with both direct sales and distribution models maintaining double-digit growth [2]. - Sales on the Tmall platform alone reached 60.17 million yuan, representing 12.82% of main business revenue [2]. Brand Upgrade and Innovation - The company conducted over 90 user experience and product trial events nationwide, enhancing brand recognition and consumer loyalty [3]. - New product lines such as "Huayao," "Heiyao," "Liuguang," and "Quantai" were launched, catering to diverse and high-end consumer needs [3]. - The company secured 1 invention patent, 2 utility model patents, and 7 design patents during the reporting period, reinforcing its technological and R&D advantages [3]. Smart Manufacturing Development - The company has made progress in automating key processes such as heat treatment and injection molding, significantly improving production efficiency and transparency [3]. - The establishment of smart factories supports stable product quality and cost control, providing a solid foundation for future expansion and long-term development [3]. Future Outlook - The company aims to continue deepening its presence in the home hardware sector, focusing on technological innovation, product upgrades, and channel expansion to become a leading national brand in quality lifestyle [4].

2025年8月28日晚，宝馨科技（002514）(证券代码：002514)发布2025年半年度报告，上半年实现营收 1.01亿元。尽管面临行业周期性调整与市场环境挑战，公司通过战略聚焦、战新协同、成本管控与业务 优化，实现亏损大幅收窄，经营韧性进一步增强。 亏损收窄超50%，现金流保持稳定 报告显示，2025年上半年，归属于上市公司股东的净利润同比大幅减亏57.71%，显示出公司在盈利修 复方面取得显著进展。此外，公司经营活动产生的现金流量净额为2658.02万元，虽同比略有下降，但 仍保持净流入状态，表明主业运营资金基本健康。公司通过加强应收账款管理、优化采购策略及费用管 控，有效提升了资产运营质量。 智能制造扛大旗，新能源布局稳步推进 公司持续深化"智能制造+新能源"双轮驱动战略：智能制造板块实现收入9377.93万元，占总营收 92.76%，毛利率达22.86%，同比提升13.78%，成为公司稳健经营的压舱石。公司以苏州、厦门、菲律 宾三大生产基地为支点，积极拓展高端装备制造与新能源配套业务，并通过宝馨研究院强化技术研发， 持续推动产品迭代与工艺优化。 聚焦战新优势领域，强化协同与创新 面对光伏行业阶段 ...