证券日报网讯 云南锗业8月27日在互动平台回答投资者提问时表示，衬底（晶片）是指沿特定的结晶方 向将晶体切割、研磨、抛光，得到具有特定晶面和适当电学、光学和机械特性，用于生长外延层的洁净 单晶圆薄片。磷化铟晶片是一种重要的化合物半导体材料，其具有饱和电子漂移速度高、抗辐射能力 强、导热性好、光电转换效率高、禁带宽度高等诸多优点，被广泛应用于光通信、光电器件、高频毫米 波器件、光电集成电路集成激光器、光探测器等领域。 （编辑 袁冠琳） ...

Core Viewpoint - Yunnan Ge Industry reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance driven by increased sales of various germanium products and improved pricing [1][4][8]. Financial Performance - Total revenue reached 529 million yuan, a year-on-year increase of 52.1% [1]. - Net profit attributable to shareholders was approximately 22.15 million yuan, up 339.6% year-on-year [1]. - Gross margin improved to 23.98%, reflecting a 63.25% increase compared to the previous year [1]. - Net profit margin rose to 4.59%, a significant increase of 276.78% year-on-year [1]. Revenue and Cost Analysis - Revenue growth was primarily driven by increased sales of germanium products, with a notable rise in prices due to higher raw material costs [4]. - Operating costs increased by 35.53%, largely due to rising unit costs of key products [5]. - Sales expenses surged by 77.82% as the company intensified market expansion efforts [5]. Balance Sheet Changes - Accounts receivable increased by 49.58%, attributed to higher sales of various germanium products [2]. - Short-term borrowings rose by 78.66%, indicating increased bank loans [2]. - Contract liabilities grew by 58.93%, reflecting an increase in prepayments received [2]. Cash Flow and Investment - Operating cash flow per share was -0.2 yuan, a decrease of 58.73% year-on-year, indicating cash outflows due to increased raw material purchases [1][8]. - Investment cash flow showed a significant decline of 188.96%, primarily due to higher cash payments for fixed asset acquisitions [8]. R&D and Future Outlook - R&D expenses increased by 86.41%, reflecting ongoing projects in semiconductor materials and germanium products [6][7]. - The company’s reliance on R&D for performance improvement suggests a focus on innovation and product development [10]. Debt and Liquidity - The company maintains a healthy cash position, but the cash flow situation raises concerns, with a cash asset to current liabilities ratio of only 60.03% [9][11]. - The debt situation is also a point of concern, with a significant portion of liabilities related to interest-bearing debts [11]. Market Position - The company’s performance is cyclical, with historical data indicating periods of weak returns on invested capital (ROIC) [8]. - The primary reliance on R&D-driven growth necessitates careful monitoring of underlying market conditions and product demand [10]. Fund Holdings - The largest fund holding Yunnan Ge Industry is the Guotou Ruijin Economic Driven Mixed A Fund, which has increased its position recently [11].

公司回答表示，在导电型碳化硅领域，公司已实现6–12英寸长晶技术自主可控；目前扩产的8英寸导电 型碳化硅衬底主要面向新能源汽车电驱、高压充电、储能及轨道交通等高压大功率场景。在光学级碳化 硅板块，公司已稳定量产8英寸光学级晶体，并正加速12英寸光学级衬底的产业化验证。 与此同时，12英寸碳化硅上下游生态仍处于前期验证阶段，尚不具备大规模产业化条件，公司将视产业 链成熟度及客户需求稳步推进。未来，公司将持续加大化合物半导体材料研发投入，夯实技术领先优 势，为新能源汽车、光伏、5g通信、ar眼镜等战略性新兴产业提供可靠、领先的关键材料支撑。感谢您 的关注。 有投资者向晶盛机电提问，12寸衬底的现有技术已经有了，公司也已经能够生产，为什么只加大8寸衬 底的产能，而不是量产12寸衬底，快速占领市场。目前天岳先进已经在推12寸的了，还是公司12寸的技 术水平目前还没到支撑量产的地步？ ...