上海众辰电子科技股份有限公司2025 年半年度报告 公司代码：603275 公司简称：众辰科技 上海众辰电子科技股份有限公司 上海众辰电子科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张建军、主管会计工作负责人徐文俊及会计机构负责人（会计主管人员）程宏 毓声明：保证半年度报告中财务报告的真实、准确、完整。 五、 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 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述了 ...

华新精科：创新求精智造未来成为精密冲压铁芯一体化解决方案全球引领者 ——江阴华新精密科技股份有限公司首次公开发行股票并在主板上市网上投资者交流会精彩回放 出席嘉宾 江阴华新精密科技股份有限公司董事长郭正平先生 江阴华新精密科技股份有限公司总经理兼董事郭斌先生 江阴华新精密科技股份有限公司董事会秘书兼副总经理郭婉蓉女士 江阴华新精密科技股份有限公司财务总监周杨先生 华泰联合证券有限责任公司保荐代表人蓝博靖先生 华泰联合证券有限责任公司保荐代表人张帅先生 经营篇 问：公司的主营业务是什么？ 郭斌：公司自设立以来，秉持自主创新、独立研发的精神，专注于精密冲压领域产品的研发、生产和销 售，主要产品为各类精密冲压铁芯及铁芯生产相关的精密冲压模具。 问：公司对于墨西哥子公司的定位是什么？目前进展如何？ 郭斌：墨西哥子公司是公司布局北美市场的核心节点，定位为新能源汽车驱动电机铁芯生产基地，服务 北美地区的采埃孚等客户。目前，墨西哥子公司已完成土地和厂房购置，产线建设按计划推进，预计 2025年下半年投产。达产后，将缩短北美客户交货周期，提升海外市场份额。 问：公司主要产品的核心技术有哪些？ 郭斌：公司主要产品的核心技术包括 ...

公司披露2025H1 业绩：公司实现营业总收入84.83 亿元，同比-10.89%，归母净利6.61 亿元，同 比-27.37%，其中，2025Q2 营收同比-12.08%，归母净利同比-34.12%。收入下滑主要受美国加征关税及 传统组网业务转型调整拖累。尽管短期承压，公司向越南工厂转移产能对冲关税影响，且近年公司积极 转型，一方面，强化LED 全产业链优势，保持COB 直显技术领先，继续巩固LED 业务韧性；另一方 面，24 年下半年切入光模块+光芯片等光通信领域，并逐步向云计算、大数据等数据通信市场以及工业 自动化、自动驾驶等新兴领域拓展，未来成长空间可期。维持"买入"评级。 25H1 电视代工业务承压，科技转型显效、光模块等业务贡献增量多媒体业务收入56.75 亿元（同 比-18.2%），主要受电视及组网业务影响： 1）Q2 逐步升级的美国关税影响出口订单，洛图数据显示，公司上半年电视代工量出货约523 万台，同 比+3.0%，出货量排名专业代工厂第二。展望Q3，公司越南工厂产能已爬升至1100 万台/年，满足北美 市场下半年旺季备货需求，或能维持增长。2）传统组网业务调整影响依然存在，拖累多媒体整体 ...

Financial Performance - The company reported a total revenue of 129 million yuan for the first half of 2025, an increase of 6.94% year-on-year [1] - The net profit attributable to shareholders was 37.48 million yuan, a decrease of 13.0% compared to the previous year [1] - The gross margin was 43.51%, down 2.17% year-on-year, while the net margin decreased by 18.39% to 28.61% [1] - The total accounts receivable reached 116 million yuan, representing 122.93% of the net profit, indicating a significant receivables issue [1][4] - Operating cash flow per share increased by 88.16% to 0.4 yuan, while earnings per share decreased by 14.29% to 0.48 yuan [1] Expense Analysis - Total sales, management, and financial expenses amounted to 942.98 million yuan, accounting for 7.29% of revenue, a significant increase of 176.09% year-on-year [1] - Sales expenses rose by 76.55% due to increased travel and exhibition costs [3] - Management expenses increased by 32.68%, attributed to higher travel costs and share-based payment expenses [3] - Research and development expenses grew by 55.95%, reflecting increased personnel costs and share-based payments [3] Asset and Liability Changes - Cash and cash equivalents increased significantly, with a net increase of 613.21% due to improved cash flow from operating and investing activities [3] - Other receivables increased by 170.78% due to an increase in petty cash [2] - Long-term prepaid expenses decreased by 91.58% due to reduced office renovation costs [2] - The company has a healthy cash position, indicating strong liquidity [4] Market and Business Outlook - The company expects growth in solar motor revenue, although a slight decline in gross margin is anticipated [4] - The company is focusing on maintaining its non-standard customization approach while transitioning towards standardization in product offerings [5] - The company has a robust order backlog, particularly in the energy storage motor segment, benefiting from growth in the power industry [7] - The company is actively exploring investment opportunities beyond robotics, maintaining a cautious yet open approach [6]

激光切割行业展现出应用领域持续拓展和定制化需求增长的趋势。随着制造业快速发展和激光技术的不断进步，激光切割机凭借其精度高、速度 快、加工效果好等优势，在现代制造领域占有越来越重要的地位。 2025中国国际工业博览会将于今年9月23-27日在国家会展中心（上海虹桥）举办。数控机床与金属加工展作为核心专业展之一，将会有众 多国内外知名展商齐聚展会现场同台竞技。 （2 . 1H、3H、4 . 1H为机床展区） 金属成形机床作为金属加工领域的重要设备，具有生产效率高、产品质量好、节能和技术集成程度高等优点。本届展会聚焦金属成形机床领域的 最新成果和技术突破，展示最新研发的高精度、高效率机床，满足航空航天、汽车制造等领域对精密加工的需求。随着现代技术的不断发展，金 属成形机床集成了伺服技术、自动化技术、智能控制技术等多种先进技术，正逐渐向精密化、高效化和智能化方向发展，为装备制造业发展提供 有力支撑。 1. 数控激光切割设备 重点展品推荐 3H-B088 邦德激光 P系列高性能板材激光切割机 25％同级别之王，效率之王；4G 200m/min 瞬间到位；激光扫描切，全面颠覆；扫描切割区域内， 能量吸收率高；无惧高 反， ...

内容概要：随着电子技术的飞速发展，传统机械式继电器的局限性愈发凸显，如体积大、开关速度慢、 寿命有限等。在此背景下，固态继电器正在成为一个可替代的选择。固态继电器利用半导体元件替代机 械开关，从而提供更高的开关速度、更长的寿命和更高的可靠性。固态继电器没有物理触点，因此减少 了机械磨损和电磁干扰，使其非常适合应用在需要频繁切换和高可靠性的场合。数据显示，2015-2024 年中国固态继电器行业市场规模呈现平稳上升趋势，2024年行业市场规模增长至112.49亿元，同比上涨 6.6%。预计未来随着风电、光伏等可再生能源行业以及汽车充电桩和新能源汽车等行业发展，中国固 态继电器行业市场规模有望进一步拉动。 相关上市企业：宏发股份（600885）、正泰电器（601877）、航天电器（002025）、美硕科技 （301295）、众业达（002441）、振华科技（002441）、华峰测控（688200）、泰永长征（002927）、 思源电气（002028）等。 相关企业：欧姆龙自动化（中国）有限公司、威海新佳电子有限公司、浙江美格尔电子电器有限公司、 上海上整整流器有限公司、江苏固特电气控制技术有限公司、德力西集团有限 ...

Summary of the Conference Call for Wantong Hydraulic Company Overview - Wantong Hydraulic focuses on four main industries: automotive, energy extraction machinery, engineering machinery, and military equipment, promoting high-end, intelligent, and green development [2][7][10] - The company has achieved significant overseas expansion, with a non-recurring growth rate maintained above 30% over the past three years [2][7] Key Business Highlights - The oil and gas spring business is rapidly growing, transitioning from military to civilian applications, with increasing penetration in special vehicles, mining trucks, and passenger cars [2][7][13][20] - The electric cylinder business is versatile and supports future valuations, combining with planetary ball screw technology [2][7][14] - The company has stable relationships with its top five customers, including Zhengzhou Coal Mining Machinery Group and SANY Group, with the latter benefiting from increased revenue from specialized steel products for dump trucks [2][11] Market Performance and Opportunities - The Beijing Stock Exchange (BSE) is expected to strengthen its market logic in 2025, focusing on high-quality expansion and stock code transitions [2][5] - The third quarter will see the gradual emergence of thematic index fund issuances, with companies performing well in the mid-year report season warranting attention for their valuations [2][5] New Business Developments - The company is actively developing new products, including robots and electric cylinders, which have not yet received full market valuation [8] - Significant growth in incremental products has been noted in both domestic and international markets, particularly in urban and high-end off-road vehicle sectors [9] Strategic Collaborations - Wantong Hydraulic collaborates with Pangu Intelligent to expand into the wind power sector, showcasing long-term potential [2][9][18] - The company is also focusing on military-civilian integration, working with military research institutes on electric cylinder product development [3][23] Future Directions - The oil and gas spring business is expected to penetrate more into mid and low-end passenger vehicles, with a focus on cost reduction and technology upgrades [17][21] - The company is exploring opportunities in the deep-sea economy, with ongoing research in high-end marine equipment hydraulic systems [19] Conclusion - Wantong Hydraulic demonstrates a solid fundamental base with promising growth in both existing and new business areas, supported by strategic collaborations and a focus on international market expansion [2][7][23]

Group 1: Company Overview and Strategy - The company follows a "one body, two wings" development strategy focusing on three main business segments: electric wires and cables, new materials, and new energy [1] - The company has a comprehensive cable product range, including ultra-high voltage cables, fire-resistant cables, and cables for new energy construction, positioning itself as a "comprehensive cable supplier" in China [2] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of CNY 9.272 billion, representing a year-on-year growth of 8.58% [1] - The net profit attributable to shareholders, excluding non-recurring items, was CNY 221 million, with a year-on-year increase of 25.95% [1] Group 3: Revenue Breakdown - Revenue from electric power products, communication products, and polymer materials for the first half of 2025 was CNY 6.315 billion, CNY 158 million, and CNY 2.654 billion, respectively, accounting for 68.11%, 1.7%, and 28.63% of total revenue [2] Group 4: Product Applications and Projects - The company has participated in several large hydropower projects, including the Three Gorges Dam and is currently following up on the Yarlung Tsangpo River downstream hydropower project [2] - The company’s high-voltage, medium-voltage, control cables, and polymer materials are applicable in hydropower stations [2] Group 5: Production Capacity and Market Position - The production capacity of the company's polymer high-voltage insulation material will reach 60,000 tons after the completion of the third-phase project [4] - The domestic market share of the company's polymer high-voltage insulation material has increased from approximately 15% in 2021 to about 20% [4] Group 6: Raw Material Impact - The main raw material for electric wires and cables is copper, and fluctuations in copper prices can directly impact the company's performance [6] - The company employs various strategies to mitigate risks associated with copper price volatility, including fixed-price contracts and hedging [6] - The new materials segment's raw materials are influenced by oil prices, which can affect profitability [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [18]. Core Views - The semiconductor industry is experiencing a recovery, but performance is varied across different segments. The company is gradually contributing to revenue growth, particularly in advanced packaging technologies [5][8]. - The company is focusing on high-performance packaging technologies, including 2.5D/3D packaging, which positions it well to benefit from the growing demand for high-performance and high-computing power chips [12][13]. - The financial forecasts for the company have been adjusted, with expected net profits of 1.7 billion, 1.9 billion, and 2.2 billion for 2025, 2026, and 2027 respectively, indicating a solid growth trajectory [14]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 9.27 billion yuan, a year-on-year increase of 7.24%, while the net profit attributable to the parent company was 267 million yuan, a year-on-year decrease of 44.75% [7]. - The company’s gross margin was 14.3%, with a net margin of 2.88% [7]. - The company’s R&D expenses reached 5.7% of revenue in Q2, reflecting a commitment to innovation despite rising costs [7]. Revenue Breakdown - The revenue from different segments in H1 2025 includes: 1. Communication Electronics: 7.09 billion yuan, up 10.8% year-on-year [9]. 2. Computing Electronics: 4.17 billion yuan, up 71.4% year-on-year [9]. 3. Consumer Electronics: 4.02 billion yuan, down 4.6% year-on-year [9]. 4. Automotive Electronics: 1.73 billion yuan, up 34.6% year-on-year [9]. 5. Industrial and Medical Electronics: 1.6 billion yuan, up 37.8% year-on-year [9]. Future Outlook - The company is actively developing advanced packaging technologies, which are expected to support future growth in various applications, including automotive and high-performance computing [12][13]. - The integration of capabilities in computing, storage, power, and automotive electronics is anticipated to enhance the company's competitive position as the industry recovers [14].

Financial Data and Key Metrics Changes - Revenue for the third quarter was $2,880,000,000, exceeding expectations, up 9% sequentially and 25% year over year [15] - Gross margin was 69.2% and operating margin was 42.2%, both up 100 basis points sequentially and year over year [18] - EPS was $2.5, above the high end of the guided range and up 30% year over year [18] Business Line Data and Key Metrics Changes - Industrial represented 45% of revenue, up 12% sequentially and 23% year over year, with double-digit growth across all subsectors [15] - Automotive accounted for 30% of revenue, down 1% sequentially but up 22% year over year [16] - Communications made up 13% of revenue, up 18% sequentially and 40% year over year [16] - Consumer also represented 13% of revenue, up 16% sequentially and 21% year over year, marking the fourth consecutive quarter of double-digit year-over-year growth [17] Market Data and Key Metrics Changes - The industrial business is experiencing a recovery, particularly in aerospace, defense, and automation sectors, driven by increased spending in defense and AI infrastructure [6][15] - The automotive market is seeing a decline in sequential revenue due to unwinding of prior pull-ins, particularly in China [47][50] Company Strategy and Development Direction - The company is focusing on innovation-driven growth, particularly in the industrial automation and robotics sectors, with expectations of long-term expansion [6][11] - Partnerships are being formed to enhance product offerings and customer collaborations, particularly in robotics and automation [9][12] - The company is investing in application-specific solutions to capture growth opportunities in advanced robotics [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating geopolitical and macroeconomic uncertainties, citing a diversified business model as a strength [6][21] - The outlook for the industrial market remains strong, with expectations for continued growth despite seasonal trends [25][42] - Management is monitoring the impacts of tariffs and other external factors closely [21] Other Important Information - Cash and short-term investments totaled $3,500,000,000, with a net leverage ratio of 1.1 [18][19] - Free cash flow over the trailing twelve months was $3,700,000,000, representing 35% of revenue [20] Q&A Session Summary Question: Industrial growth outlook and inventory levels - Management indicated that industrial growth has been strong, with expectations for continued growth in Q4, despite being in a cyclical upturn [24][25] Question: Gross margin expectations and utilization rates - Management acknowledged lower gross margins due to unexpected lower utilization but expects to return to 70% margins in Q4 [29][30] Question: Automation revenue growth potential - Management expressed optimism about the automation business potentially doubling in size by 2029 due to strong R&D and market demand [35][37] Question: Automotive market trends and pull-ins - Management noted that automotive revenue is expected to decline in Q4 due to unwinding of prior pull-ins, particularly in China [46][50] Question: Supply constraints in aerospace and defense - Management confirmed strong demand in aerospace and defense, leading to supply constraints, but is actively increasing capacity to meet demand [68][69]