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至纯科技营收新高背后:净利润暴跌超九成,现金流持续告负,高负债担保埋雷
Zheng Quan Zhi Xing· 2025-06-05 02:28
海尔企业有一个著名的原则,"没有现金流支持的利润就不算利润,没有利润支持的销售额就不算销售 额。" 至纯科技就是这样一家利润没有现金流支持的公司,尽管公司2024年经营活动现金流量净额已较上年同 期大幅收窄至-4.63亿元,但这种"纸面利润"的局面仍未改变。 证券之星吴凡 在半导体设备国产化浪潮中,至纯科技(603690)(603690.SH)近年的财务表现却呈现出"高光"与"隐 忧"并存的复杂图景。2017年上市以来,公司营收持续增长,至2024年创下历史新高的36.05亿元,然而 同期归母净利润却骤降93.75%至2359.75万元。今年一季度,公司颓势加剧,实现营收7.28亿元,同比 下滑10.32%,归母净利润1901.61万元,同比大幅下滑70.09%。 更大的隐忧在于,至纯科技净利润的含金量较低,属于典型的"纸面富贵"。2016年至2024年,公司经营 活动产生的现金流量净额持续为负,累计流出超过28亿元。这种净利润与现金流的严重背离的财务结 构,导致公司不得不高度依赖外部融资填补资金缺口。 截至今年一季度,公司短期借款+一年到期的非流动负债合计约43.79亿元,货币资金仅有8.74亿元。除 长期 ...
华创智企连续完成A轮及A+轮亿元级融资
Sou Hu Cai Jing· 2025-06-04 09:20
投资界6月4日消息,深圳华创智企科技有限公司连续完成A轮及A+轮亿元级融资。A轮由众为资本独家投资, A+轮由复星创富与工控上市公司蓝海华腾(300484)联合领投,卓源亚洲跟投,倚天资本连续担任独家财务顾 问。此前,华创获得激光行业龙头企业大族激光产业集团的天使轮投资。 新终端必然带来新供应商机会,华创致力于成为人形机器人时代下的核心部件供应商。 本轮资金将重点投向: 高端伺服国产化攻坚(泛机床/泛半导体领域) 人形机器人关节模组迭代(超薄架构/智能算法) 全球化市场战略布局 华创以 "技术定义场景,创新驱动替代" 为战略核心,聚焦泛机床、泛半导体、泛机器人领域。华创的微型以及关 节伺服产品已获得多家通用人形厂商定点并批量出货。 其中微型伺服有世界功率密度最高的产品,同时关节伺服采用超薄继承架构,通过高度集成的驱动单元与双路时 栅编码器的一体化设计,实现17mm极致纤薄机身。同时,采用先进的宽禁带功率半导体器件和模拟数字混杂控 制芯片。相对于传统的伺服驱动设计,华创微型伺服高度减少35%,功率密度提升40%以上,帮助客户进一步压 缩关节体积。 在软件层面,华创在高速高精的运动控制算法上积累多年,通过在激光、 ...
人生竞赛永远没有结束——访中国科学院院士李依依
Ren Min Ri Bao· 2025-06-04 00:32
Core Viewpoint - The article highlights the remarkable journey of Li Yiyi, a pioneering female scientist in China's metallurgy industry, who has made significant contributions to the field over her decades-long career, emphasizing her relentless pursuit of excellence and innovation in scientific research [1][17]. Group 1: Personal Journey and Achievements - Li Yiyi began her career at Benxi Steel, where she became the first female furnace manager in New China, demonstrating her determination to excel in a male-dominated field [4][8]. - Throughout her career, she has led multiple national scientific research projects, contributing to the localization of key equipment and earning prestigious awards, including the Lifetime Achievement Award from the Chinese Society for Metals [1][8]. - At 92 years old, she remains active in scientific research, serving as an advisor on major national strategic projects, showcasing her enduring passion for science [1][13]. Group 2: Contributions to Metallurgy and Technology - Li Yiyi played a crucial role in the development of high-pressure hydrogen-resistant steel, leading a team to create experimental setups that significantly reduced project timelines [10][12]. - She has been instrumental in establishing technical standards for the domestic production of water turbine components, which are now widely used in important water conservancy projects [12]. - Her work on ODS (Oxide Dispersion Strengthened Alloy) aims to enhance uranium utilization in nuclear technology, reflecting her commitment to advancing China's technological capabilities [13][17]. Group 3: Philosophy and Work Ethic - Li Yiyi's philosophy emphasizes the importance of seizing opportunities and overcoming challenges, as illustrated by her belief that the first step in any endeavor is often the hardest [9][10]. - She maintains a rigorous work ethic, arriving at the office early and actively mentoring younger researchers, demonstrating her dedication to fostering the next generation of scientists [14][15]. - Her approach to life and work is characterized by a refusal to accept defeat, as she continuously seeks to push boundaries and achieve new milestones in her field [13][17].
中国产业叙事:北方华创
新财富· 2025-05-30 08:03
本文约 5 0 0 0 字,推荐阅读时长 2 0 分钟,欢迎关注新财富公众号。 20世纪60年代,在"两弹一星"工程与"156项重点工程"宏大叙事之下,中国半导体制造设备的国产化征程悄然启动。 1965年,北京建中机器厂(国营700厂)的成立,标志着中国首次系统性布局半导体制造设备的研发。这座藏身于北京东郊的工厂,承载着突破西方技术 封锁的历史使命。在"自力更生"的号召下,国营706厂、707厂也相继落成,整体上形成覆盖单晶炉、扩散炉等原始设备体系。此后数十年间,这些国营 工厂不仅培养了中国首批半导体设备专业人才,更在真空设备、晶体生长技术等领域积累了原始技术储备。 2001年,北京电子控股有限责任公司(北京电控)对上述国营资产进行战略性整合,成立七星电子(北方华创前身),主营半导体设备及精密电子元器 件业务。同年,由北京电控联合国内高校等科研机构,共同出资设立北方微电子,专注于刻蚀机、CVD(化学气相沉积)和PVD(物理气相沉积)设备 研发。这种"制造+研发"的双轨架构,标志着中国半导体设备产业从分散走向集约化发展的开端。 0 1 新中国工业化探索的深刻烙印 中国半导体设备发展史上,2001-2010年,是 ...
2025年中国CT球管行业相关政策、产业链、市场容量、竞争格局分析及发展趋势研判:需求增长、国产化加速,CT球管行业正迎来关键发展期[图]
Chan Ye Xin Xi Wang· 2025-05-30 01:56
Core Insights - The CT tube, also known as X-ray tube, is a critical component of CT equipment, directly affecting imaging quality, scanning speed, and equipment lifespan [1][9] - The cost of CT tubes accounts for approximately 20% of the total production cost of CT devices, and they have a shorter lifespan compared to the devices themselves, necessitating regular replacements [9][11] - The demand for CT tubes in China is driven by both new installations of CT devices and the maintenance of existing units, with the market capacity expected to grow significantly in the coming years [9][11] Market Capacity and Structure - In 2024, the market capacity for CT tubes in China is projected to be 35,396 units, consisting of 25,835 units from the existing market and 9,561 units from new installations [9][11] - By 2025, the market capacity is expected to reach 40,445 units, with 30,000 units from the existing market and 10,445 units from new installations [9][11] - The demand for replacement tubes due to maintenance will surpass the demand from new installations as the number of CT devices increases [9][11] Industry Development Environment - The Chinese government has implemented supportive policies for the development of high-end medical equipment and key components, including CT tubes, as part of the "14th Five-Year Plan" [4][6] - Policies encourage innovation and the enhancement of manufacturing capabilities in the medical equipment sector, particularly for CT technology [4][6] Current Industry Status - The CT equipment stock in China is expected to reach 51,670 units in 2024, with an increase of 9,561 units, and approximately 60,000 units by 2025, with an increase of 10,445 units [7] - The rapid development of the CT and medical imaging equipment industry is driven by increasing market demand and the need for domestic alternatives to imported products [7][9] Competitive Landscape - Key players in the CT tube market include companies such as United Imaging, Neusoft Medical, and others, with significant investments in R&D for domestic CT tube production [14][15] - Despite advancements in domestic production, there remains a gap between local suppliers and international manufacturers in terms of technology and manufacturing processes [14][15] Industry Trends - The CT tube industry is entering a critical development phase due to accelerated domestic production, technological upgrades, and growing demand [18] - The average lifespan of a CT tube is about 13 months, indicating a high replacement frequency during the lifespan of a CT device, which typically exceeds 10 years [11]
10年,中微覆盖60%半导体高端设备!
是说芯语· 2025-05-28 23:36
以下文章来源于芯榜 ,作者芯榜首席 芯榜 . 芯榜 — 中国芯片排行榜,用大数据理解半导体行业。(www.icrank.cn )芯片半导体集成电路IC微电子 元器件晶圆排名榜单,服务芯片圈半导体圈中国半导体论坛社区 在 5 月 27 日召开的 2024 年度暨 2025 年第一季度业绩说明会上,中微公司董事长、总经理尹志尧 明确指出,公司将坚定践行三维发展战略。"深耕集成电路关键设备领域、扩展在泛半导体关键设备领 域应用并探索其他新兴领域的机会,推进公司实现高速、稳定、安全、健康发展。" 在集成电路方面,中微公司的等离子体刻蚀设备已成功打入国内外一线客户的生产线,广泛应用于 65 纳米到 5 纳米及更先进工艺,成为支撑集成电路制造的关键力量。在泛半导体领域,其制造氮化镓基发 光 二 极 管 、 Mini-LED 和 Micro-LED 的 MOCVD 设 备 , 以 及 制 造 碳 化 硅 和 氮 化 镓 功 率 器 件 的 MOCVD 设备,均已在市场中占据重要地位。并且,公司还前瞻性地布局光学和电子束量检测设备等新 兴领域,不断拓宽业务边界。 为强化产业协同,中微公司自上市以来, 斥资 20 多亿元投资约 ...
中微公司:坚持三维发展战略 新产品研发效率显著加快
Core Viewpoint - The company aims to expand its business layout through a three-dimensional development strategy, focusing on key equipment in the integrated circuit sector and exploring opportunities in emerging fields, while achieving stable and healthy growth [1] Group 1: Business Strategy and Investments - Since its listing, the company has invested over 2 billion yuan in approximately 40 upstream and downstream enterprises, achieving a floating profit of over 5 billion yuan [1] - The company has a comprehensive R&D team of over 1,000 people, significantly reducing the time required to develop new products from three to five years to about 18 months, with mass production achievable within six months to a year [1][2] - The total R&D investment for 2024 is projected to be 2.452 billion yuan, a year-on-year increase of 94.31%, accounting for approximately 27% of revenue [1] Group 2: Product Development and Market Position - The company is developing competitive new-generation equipment for integrated circuit micro-manufacturing, including high-energy CCP plasma etching equipment and various other advanced devices [2] - The company's plasma etching equipment is widely used by leading domestic and international clients, covering etching applications from 65nm to 5nm and beyond [2] - The company has been continuously expanding its layout in the semiconductor micro-manufacturing field, including MOCVD equipment for GaN-based LEDs and SiC power devices [2] Group 3: Financial Performance - The company achieved an operating income of approximately 9.065 billion yuan in 2024, a year-on-year increase of about 44.73%, maintaining an annual growth rate of over 40% for nearly four years [3] - In the first quarter of this year, the company reported an operating income of 2.173 billion yuan, a year-on-year increase of 35.4%, with a net profit of 313 million yuan, up 25.67% [3] Group 4: Competitive Landscape and Industry Outlook - The company welcomes competition and focuses on developing differentiated, proprietary high-end equipment, particularly in the electronic beam detection sector [4] - The domestic semiconductor equipment market is primarily occupied by foreign companies, but the increasing technical level of domestic equipment is enhancing its competitiveness [4] - The long-term vision is to become a leading semiconductor equipment company by 2035, aiming to be in the top tier globally in terms of scale, product quality, competitiveness, and customer satisfaction [5]
2025年中国数字化X射线诊断系统(DR)行业发展全景分析及未来前景研判:国产化率持续提升,未来三年国产化率有望突破80%[图]
Chan Ye Xin Xi Wang· 2025-05-28 01:38
内容概要:数字化X射线诊断系统(DR)是一种利用X射线和计算机技术进行影像采集和处理的医学影 像技术,已成为现代放射科的基础设备。作为医疗影像设备市场的重要组成部分,近年来,中国数字化 X射线诊断系统(DR)行业发展迅速,国内品牌在DR市场的竞争实力正在不断壮大。2024年,我国数 字化X射线诊断系统(DR)市场进口品牌的市场份额呈现下降趋势,国产化率再创新高,达到 68.78%。随着"设备更新"项目的逐步落实,相应的招采需求将陆续得到释放。"设备更新"热潮预计将推 动全国各级医院的老旧数字化X射线诊断系统(DR)进行全面的升级换代,进而在2025年为中高端数 字化X射线诊断系统(DR)市场带来新的增长机遇。中国数字化X射线诊断系统(DR)产业链正从"组 装制造"向"核心部件自主+智能化增值服务"升级,未来三年国产化率有望突破80%。 上市企业:联影医疗[688271]、万东医疗[600055]、迈瑞医疗[300760] 相关企业:西门子医疗、普爱医疗、安健科技、岛津、奕瑞科技、康众医疗、江苏感创、昆山医源、南 京普爱、宁波康力、东软医疗、深圳贝斯达、飞利浦、Trixell、万睿视、Vieworks、日本东丽 ...
半导体量测设备国产替代再突破,匠岭科技完成数亿元战略融资
仪器信息网· 2025-05-23 07:25
导读: 近日,半导体量测设备企业匠岭科技连续完成B轮与B+轮战略融资,合计数亿元。新融资资金将主 要用于新产品研发和规模化产能布局,则将进一步推动半导体量检测设备的自主创新与国产化替代。 特别提示 微信机制调整,点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标,否则很可能无法看到我 们的推送。 半导体量测设备是保障芯片良率和经济效益的核心设备,但目前国产化率不足 10%,市场基 本被海外厂商垄断。 近日,半导体量测设备企业匠岭科技连续完成B轮与B+轮战略融资,合计数亿元。新融资资金 将主要用于新产品研发和规模化产能布局,则将进一步推动半导体量检测设备的自主创新与国 产化替代。 据官网显示,匠岭科技成立于2018年,致力于为全球半导体客户提供高端光学量测与检测设 备,并努力打造亚洲一流的半导体量检测设备公司。集研发、制造与销售为一体,核心产品包 括关键薄膜量测设备、光学线宽量测设备、先进封装3D与2D检测设备等。 匠岭科技已率先突破了"关键薄膜量测"及"Micro-Bump 3D量测"的技术难关,公司产品已 进入多家半导体头部企业的量产线,累计交付数百套量检测设备,持续为客户提供高价值、创 新型的解 ...
11万小时“超级长跑”:戈壁“钢铁心脏”守护西气东输
Zhong Guo Xin Wen Wang· 2025-05-22 01:29
关雪昭 新疆哈密戈壁深处,来自中亚的天然气正通过三台"钢铁心脏"昼夜不息地被输往东部地区。燃驱压缩机 组被喻为天然气管网的"心脏",在国家管网集团西部管道公司新疆输油气分公司烟墩作业区,三台国产 CGT25-D型燃驱压缩机组自2015年陆续点火试验成功以来已累计运行11万小时,创下国内同类型机组 最长运行纪录。 从依赖进口到自主可控 "过去,我国燃驱压缩机组长期依赖进口,常常陷于'受制于人'的被动情境。"烟墩作业区副主任李朝伟 指着远处的大型银色设备告诉中新社记者,"这台机组是我国工业燃气轮机领域的重大技术突破。"该机 组是国内自主研发的首批30兆瓦级燃气轮机驱动压缩机组,单台功率相当于每小时可发电3万度。 在设备运行初期,技术团队遇到了意想不到的挑战。"当时发现润滑油消耗异常,每天要用掉200升,远 超进口机组3.5升左右的正常水平。"李朝伟回忆说,技术团队最终发现是油气分离系统故障导致润滑油 5月19日,烟墩压气站西三线国产燃驱压缩机正在运行。关雪昭 摄 进入烟道。"我们把油气分离器更换后,又改造了排气管道,最终使油耗降至与进口设备相当的水 平。"通过各项技术优化改造,机组故障停机从最高峰的每年13次降至 ...