转自：中国证券报·中证网 中证报中证网讯（王珞）8月19日，中京电子（002579）发布2025年半年度报告，上半年实现营业收入 约16.18亿元，同比增长21.29%；实现归属于上市公司股东的净利润约1828.57万元，实现扭亏为盈；基 本每股收益0.0299元，去年同期为-0.12元。 公司业绩增长主要受益于人工智能、汽车电子化及高端消费电子市场需求修复的推动。珠海新工厂高端 产能逐步释放，产品结构向高阶HDI板、高多层板（HLC）等高端PCB产品升级，运营效率持续优化。 同时，公司积极拓展AI服务器、AI眼镜等新兴领域客户，并加速由ODM模式向终端直供转化，带动境 外销售收入同比增长45.75%。研发方面，上半年累计投入8488.29万元，同比增长14.77%，重点开发 800G光模块、6G高频高速等24项技术，为产品升级奠定基础。 ...

Core Viewpoint - The performance of Luochang Technology (002813) has continued to decline despite being under the control of Zhonglian Heavy Industry (000157) for over three years, leading the company to plan the sale of its wholly-owned subsidiary, Nanyang Changfeng New Materials Technology Co., Ltd. [1][5][12] Company Performance - Luochang Technology has reported consecutive net losses, with net profits of approximately 79.19 million, 5.24 million, 3.29 million, -27.43 million, and -55.41 million from 2020 to 2024 [12] - In the first quarter of 2025, the company achieved revenue of approximately 75.31 million, a year-on-year increase of 25.47%, but the net profit was approximately -19.96 million, a year-on-year decrease of 26.47% [12] Subsidiary Sale - The company announced on June 14 that it plans to transfer 100% of its stake in Nanyang Changfeng to Longcheng Capital for approximately 60.28 million [1][5][8] - Nanyang Changfeng has failed to meet performance commitments made during the control transfer, with net profits of approximately 25.00 million, 22.14 million, and 17.96 million from 2022 to 2024, falling short of the promised 25 million per year [7][8] Related Transactions - Luochang Technology has maintained significant related party transactions with Longcheng Group and its subsidiaries, with transaction amounts of approximately 125 million, 78.74 million, and 54.45 million from 2022 to 2024 [11] - On the same day as the subsidiary sale announcement, the company disclosed additional expected related party transactions with Longcheng Group, totaling up to 15 million [10] Industry Outlook - The automotive electronics industry is experiencing rapid growth, driven by continuous technological innovation and increasing demand for smart and electronic features in vehicles [13][14]

Core Viewpoint - The company has received a safety production license for its projects, marking a significant step towards enhancing its production capacity in advanced materials [1] Group 1: Company Developments - The wholly-owned subsidiary of the company, Chongqing Water Zhicheng New Materials Technology Co., Ltd., has obtained the safety production license from the Chongqing Emergency Management Bureau [1] - The projects include an annual production capacity of 20,000 tons of liquid crystal polymer (LCP) resin materials and 1,000 tons of polyether ether ketone (PEEK) resin materials [1] Group 2: Industry Impact - The production capacity increase will help meet the demands of downstream industries such as 5G/6G, AI, robotics, semiconductors, automotive electronics, new energy, drones, and aerospace [1] - The enhancement of product competitiveness and the platform capability for specialty materials is expected to strengthen the company's market position [1] Group 3: Uncertainties - The production and sales of related products may be influenced by business development conditions and industry policies, indicating potential uncertainties [1]

Core Viewpoint - The acquisition of the safety production license by the company's wholly-owned subsidiary marks a significant milestone for the production of advanced materials, enhancing its competitive edge in various high-demand industries [1] Group 1: License Acquisition - The company’s subsidiary, Chongqing Water Zhicheng New Materials Technology Co., Ltd., received a safety production license from the Chongqing Emergency Management Bureau, valid from May 19, 2025, to May 18, 2028 [1] - This license allows the company to officially commence production for its projects, including the annual production of 20,000 tons of liquid crystal polymer (LCP) resin materials and 1,000 tons of polyether ketone (PEEK) resin materials [1] Group 2: Production Capacity and Market Demand - The commencement of production is expected to enhance the company's capacity for LCP and PEEK products, addressing the needs of downstream industries such as 5G/6G, AI, robotics, semiconductors, automotive electronics, new energy, drones, and aerospace [1] - Strengthening the company's product competitiveness and platform capabilities in specialty materials is anticipated as a result of this development [1]

Core Viewpoint - Aerospace Science and Technology is divesting its 100% stake in AC Company and a 0.003% stake in TIS Factory for a total of approximately 659 million RMB to focus on its core business areas [2][3] Group 1: Company Overview - Aerospace Science and Technology's main business segments include aerospace applications, automotive electronics, and the Internet of Things, with automotive electronics accounting for 83.07% of total revenue in 2024 [3] - AC Company was a significant player in the automotive electronics sector, generating 3.179 billion RMB in revenue for Aerospace Science and Technology in 2024, which represented 46% of the company's total revenue [3] - The company has faced financial challenges since 2020, with negative net profits for two consecutive years, including a net loss of 54.348 million RMB for AC Company in 2024, a decline of over 200% year-on-year [3][5] Group 2: Strategic Focus - The divestiture is part of the company's strategic plan to concentrate on its core business and improve capital structure and resource utilization [5] - The company aims to enhance its core competitiveness and align with the interests of shareholders through this transaction [5] - Future business priorities include systematic expansion in aerospace applications, comprehensive collaboration in automotive electronics, and deepening the Internet of Things business [5] Group 3: Acquisition by Guanghong Technology - Guanghong Technology, a well-known domestic electronic manufacturing service provider, is acquiring the assets, aiming to expand its automotive electronics business [2][6] - The acquisition will enhance Guanghong Technology's global presence, particularly in Europe, America, and Africa, where AC Company has established a strong customer base [6] - Despite the growth potential in the automotive electronics market, challenges such as soft demand in Europe and potential price wars in the automotive industry may impact the competitive landscape [6]

Group 1 - In the first quarter of 2025, consumer complaints in China exceeded 460,000, marking a year-on-year increase of 33.33% [1] - The top five categories of complaints were home electronics, clothing and footwear, daily goods, food, and transportation tools [1] - Complaints regarding daily miscellaneous items, shoes, clothing, and automobiles and parts all saw significant year-on-year growth [1] Group 2 - The analysis highlighted three new complaint issues in the electric vehicle (EV) sector: frequent disputes over deposit refunds, dissatisfaction among old car owners due to new model releases, and unfulfilled subsidy promises [3] - Many EV manufacturers use a pre-sale model, leading to disputes when consumers seek refunds due to delivery delays or discrepancies between promised and actual configurations [3] - Consumers expressed dissatisfaction when manufacturers released new models shortly after their purchase, creating a psychological gap for existing customers [4] Group 3 - The China Consumer Association emphasized the need for EV companies to abandon short-sighted practices that prioritize marketing over compliance and customer service [5] - Companies should clearly outline vehicle configurations, delivery times, and refund conditions in sales agreements, as well as disclose subsidy policies and application processes [5] - The association called for better balance between corporate operations and consumer experience to protect consumer rights and promote sustainable development in the EV industry [5] Group 4 - Xiaomi's SU7 Ultra faced controversy over power limitations and design issues, leading to customer dissatisfaction [6] - Following complaints about the vehicle's power being restricted from 1548 horsepower to approximately 900 horsepower, Xiaomi issued an apology and paused the problematic software update [6][7] - The company acknowledged the need for better communication with customers regarding significant updates and changes to vehicle performance [7] Group 5 - Xiaomi offered a limited-time service to switch back to aluminum hoods for unfulfilled orders and provided incentives for customers who opted for the carbon fiber hood [8] - The original carbon fiber hood is designed to meet high safety and quality standards, contrasting with aftermarket parts that may not meet the same criteria [8]

Core Insights - The power semiconductor manufacturers are expected to fall out of the top ten global semiconductor companies in 2024 due to the ongoing weakness in the automotive and industrial end markets [1] - Nvidia has surpassed Samsung and Intel to become the largest semiconductor company by revenue for the first time, according to Gartner [1] - The automotive semiconductor demand recovery has been postponed from Q1 2026 to Q2 2026 due to macroeconomic challenges and tariff uncertainties [1] Automotive Sector Performance - NXP Semiconductors reported automotive revenue of $1.674 billion in Q1 2025, down 6% quarter-over-quarter and 7% year-over-year, indicating a drag on overall performance [2] - STMicroelectronics experienced a significant decline in automotive revenue, with a 39% year-over-year and 34% quarter-over-quarter drop [3] - Texas Instruments noted a slight growth in automotive market revenue, with low single-digit percentage growth quarter-over-quarter [3][5] - The automotive chip market has been in a prolonged downturn, but some companies are beginning to see signs of improvement [3][5] Industrial and Communication Market Recovery - Texas Instruments reported a high single-digit percentage growth in the industrial sector after seven consecutive quarters of decline, with communication equipment growing approximately 10% [6] - The industrial market is showing signs of recovery, with evidence of inventory shortages among customers [7] - STMicroelectronics indicated that the industrial market's revenue performance is expected to improve, particularly in smart industrial sectors [7][8] Inventory and Market Dynamics - Despite improvements, overall inventory levels remain under pressure, particularly in the MCU segment for STMicroelectronics [8] - The automotive chip inventory has decreased significantly following adjustments in 2023-2024, but demand remains uncertain for 2025 [8]