（原标题：维科技术（600152）半年报："消费电子 + 钠电 + 储能" 协同发展，2GWh 钠电产能落地） 技术与口碑上，公司钠电产品在能量密度、循环寿命、安全性方面表现突出，先后获得中国石油和化学 工业联合会"技术发明一等奖"、高工咨询"2024钠电市场开拓先锋奖"、起点钠电"2024钠电池电芯技术 创新奖"。 8月26日，维科技术（600152.SH）披露2025年半年度报告。期内，公司实现营业总收入6.38亿元，归母 净利润-3914.87万元。作为聚焦新能源电池研发、制造与销售的企业，维科技术以"消费电子+钠离子电 池+储能"多业务布局推进发展，凭借规模化钠电产能与在手订单，向储能赛道迈进。 多业务协同：消费电子筑基，钠电储能拓展 钠电产能订单：2GWh产线落地，订单储备推进 在钠离子电池赛道，维科技术构建"产能+订单+技术"竞争优势。 产能端，公司在南昌基地建成两条全自动钠电生产线，年产能2GWh，具备规模化制造能力。据ICC鑫 椤资讯数据，2025年1—6月国内钠离子电池产量2.1GWh，维科技术跻身行业TOP5。 订单端，2025年国内储能市场对钠电需求增长，公司在手钠离子电池储能项目订单约 ...

8月26日，维科技术（600152.SH）披露2025年半年度报告。期内，公司实现营业总收入6.38亿元，归母 净利润-3914.87万元。作为聚焦新能源电池研发、制造与销售的企业，维科技术以"消费电子+钠离子电 池+储能"多业务布局推进发展，凭借规模化钠电产能与在手订单，向储能赛道迈进。 多业务协同：消费电子筑基，钠电储能拓展 维科技术构建"消费电子+钠电池+储能"业务格局，各板块协同发展。 在消费电子领域，公司产品覆盖手机、笔记本电脑、移动电源、智能家居、无人机、可穿戴设备等场 景，客户资源丰富。智能手机业务中，与传音、TCL、华勤、中兴通讯及为MOTO供货的飞毛腿等企业 深度合作；笔记本电脑业务依托与汉通、SIMPLO及为联想平板供货的飞毛腿等企业长期合作，保障订 单与营收稳定；无人机业务提前布局专用电池产线与技术，获行业大客户认可。 小动力与储能业务成为增长方向。公司与苏州爱普电器、宁波杜亚机电等维持长期合作，在工商业储能 领域深化协同，提供定制化钠电储能解决方案。以钠离子电池为核心，开发特色储能产品，布局电网调 频储能与新能源汽车超级充电站高倍率电池，推进产业向高附加值领域转型。 产能端，公司在南昌 ...

Investment Rating - The report assigns a "Buy" investment rating for Jiuhua Tourism (603199.SH) [2][7] Core Views - The company is expected to benefit from the ongoing recovery in tourism and cultural consumption in China, with a strategic focus on expanding its business through various initiatives [6][7] - The company plans to raise up to 500 million yuan through a private placement to fund projects aimed at enhancing its tourism offerings, including the construction of a new cable car and hotel upgrades [5][6] Summary by Sections Investment Highlights - Jiuhua Tourism aims to raise up to 500 million yuan for projects including the construction of the Lion Peak cable car, hotel renovations, and transportation upgrades, which are expected to enhance the visitor experience and increase revenue [5] - In the first half of 2025, the company reported a 12% increase in visitor numbers and a 15% increase in revenue, reaching 5.65 million visitors and 7.65 billion yuan in revenue [6] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 2.01 yuan, 2.27 yuan, and 2.51 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 14 [7][9] - Revenue is expected to grow from 76.4 billion yuan in 2024 to 102.8 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [9][10] Business Strategy - The company is leveraging its resources from the Jiuhua Mountain area to create a comprehensive tourism ecosystem, including health food and local cuisine brands, aiming to establish a tourism complex in the Chizhou region [6][7]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's revenue and net profit growth in 2024 are primarily driven by the synergistic development in the television and LED industries, alongside advancements in optical communication and video network sectors [2][9] - The company has successfully expanded its television business, achieving a revenue of 14.996 billion yuan in 2024, a year-on-year increase of 18.43%, with a shipment volume of 12.5 million units, up 14% year-on-year [3] - The report highlights the company's focus on cost control and enhancing product value, contributing to its profitability despite a slight decline in gross and net profit margins [2][9] Financial Summary - For 2024, the company achieved a revenue of 20.326 billion yuan, a year-on-year growth of 18.4%, and a net profit of 1.602 billion yuan, a year-on-year increase of 0.89% [1] - The projected revenues for 2025 to 2027 are 21.465 billion yuan, 24.083 billion yuan, and 27.527 billion yuan, respectively, with corresponding net profits of 1.732 billion yuan, 2.029 billion yuan, and 2.493 billion yuan [1][9] - The company's gross margin for 2024 was 17.17%, a decrease of 1.66 percentage points year-on-year, while the net margin was 8.52%, down 1.09 percentage points year-on-year [2]