【DT新材料】 获 悉， 近日浙 江双芯微电子科技有限公司 完成Pre A+轮投资，参与本轮投资的投资方为德清县产业发展投资基金。本轮资金将主要用于产能 扩充。 成立于2021年的双芯微电子，是一家专注于陶瓷电子元器件、薄膜电路/陶瓷多层电路以及射频模块的设计、研发及生产的高新技术企业。凭借在薄膜电路 制造、陶瓷多层电路制造及射频模块微组装等核心技术领域的深耕，公司构建了多元化的产品体系和广泛的市场布局，业务覆盖光通信、微波毫米波、激光 器、5G及新能源等多个前沿领域。当前，随着5G通信、新能源汽车、智能终端等下游产业的快速扩张，电子陶瓷作为关键功能材料需求持续攀升，市场规模 稳步增长。 01 核心产品矩阵 依托核心技术优势，双芯微电子打造了涵盖功能性元器件与集成模块的完整产品体系，核心产品包括铁氧体环形器、滤波器、光电热沉及射频模块四大类， 其中热沉系列产品因契合高端领域热管理刚需，成为公司重点发力方向。 在核心材料布局上，双芯微电子精准把握行业技术发展趋势，持续开发包括金刚石、碳化硅等高性能热沉材料在内的创新品类，凭借材料层面的核心优势构 筑起强大的技术壁垒。 当前，随着AI芯片、高功率激光器等高端器件的 ...

● 本报记者孟培嘉 产能已逐步爬坡、产品亮相重磅电子展会"慕尼黑上海电子展"、产品获得市场准入关键资质……自去年 开始，昀冢科技的MLCC(片式多层陶瓷电容器)项目"多点开花"、稳步推进。 "从2019年涉足电子陶瓷领域、到2021年正式公告投资建设MLCC项目、再到2024年逐步形成销售，公 司在MLCC上付出了坚实的努力，着力将产业基础打牢。"昀冢科技董事长王宾近日在接受中国证券报 记者采访时表示，未来，随着公司对高端MLCC的突破与成本的持续降低，相关业务将成为公司业绩增 长的重要一极。 攻坚电子陶瓷核心元件 随着电子信息产业的迅速发展，电子信息产品不断朝着"轻、薄、短、小"的方向发展，以电容器为代表 的电子元件随之迭代发展。体积小、容量大、高频特性好、可靠性高，被誉为"电子工业大米"的MLCC 在消费电子、汽车电子等领域得到了广泛应用。 公开信息显示，普通电容器介质损耗较大、电容温度系数选择范围小，以陶瓷电容为代表的电子元器件 应运而生。而其中，拥有体积小、比容大、寿命长、高频使用时损失率低、可靠性高等优点的MLCC， 目前已经成为陶瓷电容产品中应用最为普遍的路线。 昀冢科技目前一方面着力突破高性能、 ...

Core Viewpoint - The stock of Yunzhong Technology (688260) experienced a significant drop of over 13% after a previous surge of more than 90% over the last six trading days, indicating potential volatility in the stock price [1] Company Overview - Yunzhong Technology is primarily engaged in the research, design, production, and sales of products in the fields of consumer electronics, electronic ceramics, and automotive electronics [1] - The company's main business focuses on consumer electronics, specifically audio coil motors (VCM) and camera modules (CCM) used in smartphone cameras, with major clients including Huawei, Xiaomi, OPPO, VIVO, and Honor [1] Financial Performance - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of -145.84 million yuan, indicating a loss [1]

Core Insights - Yunzuka Technology reported a total revenue of 400 million yuan for the first three quarters of 2025, a year-on-year decline of 3.46%, with a net loss of 146 million yuan, further widening compared to the same period last year [2][3] - In Q3 alone, the company achieved a revenue of 154 million yuan, marking a year-on-year increase of 33.43%, while the net loss for the quarter was 45.9 million yuan, a reduction compared to the previous year's loss [2][3] Financial Performance - The gross margin for the first three quarters was only 3.57%, a significant drop of 77.95% year-on-year, and the net margin was -39.22%, down 87.62% year-on-year, indicating challenges in cost control and product value addition [4] - For the first half of 2025, the company reported a revenue of 246 million yuan, a year-on-year decrease of 17.66%, with a net loss of 99.9 million yuan, a substantial increase of 262.76% compared to the same period last year [3][4] Business Challenges - The decline in revenue and the widening loss were primarily attributed to the delayed release schedule of new consumer electronics, leading to a year-on-year decrease in orders, as well as adjustments in marketing strategies and customer order optimization [4] - Yunzuka Technology, which specializes in the development and production of camera optical modules and precision electronic components, is facing direct impacts from the slowdown in the global smartphone market, which affects its main clients such as Huawei, Xiaomi, OPPO, and VIVO [4] Strategic Initiatives - In response to the pressures from traditional business, Yunzuka Technology is actively exploring new business areas, including electronic ceramics and automotive electronics [4]

Core Viewpoint - Hebei Zhongci Electronic Technology Co., Ltd. has shown significant growth in its performance in the first half of 2025, with expectations for continued development in the second half, driven by advancements in high-end products and cost reduction efforts [2][4]. Financial Performance - The company reported a revenue of 1.398 billion yuan, representing a year-on-year increase of 14.37% - The net profit attributable to shareholders reached 278 million yuan, marking a year-on-year growth of 30.92% [2]. R&D Progress - In the electronic ceramics sector, the company is enhancing its advantages in communication devices and automotive electronics while developing consumer electronic ceramic shells and substrates [3]. - The production line for electronic ceramic shells is being accelerated to capture opportunities in the optical module market, with significant growth in aluminum nitride ceramic substrate products [3]. - The company is focusing on the third-generation semiconductor gallium nitride RF chips and devices, implementing a market-driven expansion strategy [3]. Business Outlook - The company maintains the top market share in the domestic gallium nitride communication base station RF device sector and is gaining recognition in the high-voltage field of silicon carbide power semiconductors [4]. - The company has four fundraising projects, with some projects experiencing delays in reaching the predetermined usable status until October 2027 [4]. Market Strategy - The company aims to enhance its investment value through quality development, industry chain layout, and governance system improvements [5].

Core Viewpoint - The company reported a revenue of 246 million yuan in the first half of 2025, with a significant recovery in the second quarter, achieving a revenue of 146 million yuan, a quarter-on-quarter increase of 45.37% [1] Group 1: Financial Performance - The company experienced a net loss of 99.99 million yuan in the first half of the year, primarily due to high fixed costs associated with the MLCC investment project [1] - Revenue from the consumer electronics business declined in the first half due to delays in new product launches and adjustments in marketing strategies, but showed a recovery in the second quarter with a revenue increase of approximately 48% [2] - The company's cash flow from operating activities improved, with a net cash flow narrowing from -53.50 million yuan in the previous year to -24.23 million yuan [3] Group 2: Business Segments - The company focuses on the research, design, production, and sales of products in consumer electronics, electronic ceramics, and automotive electronics, with consumer electronics being the core industry [1] - The MLCC business has entered a capacity ramp-up phase, with products covering various market applications, and is a key component of the company's long-term development strategy [3] - The DPC business has accelerated its growth, achieving profitability during the reporting period, with products developed for high-power applications [3] Group 3: Market Position and Strategy - The company has been actively expanding into the electronic ceramics market, particularly in MLCC and DPC businesses, with significant revenue growth in the latter, increasing from 12.16 million yuan to 66.75 million yuan, a year-on-year increase of 448.91% [2] - The company has established a comprehensive quality management system and is focusing on enhancing the technology and process levels of its MLCC products [3] - The company is committed to long-term strategic planning, optimizing its core business, and improving cash flow efficiency through better fund management [3]

Core Viewpoint - Yunzhong Technology reported a significant decline in revenue and an increase in net losses for the first half of 2025, indicating challenges in the consumer electronics sector and operational adjustments needed to improve financial performance [2][6]. Financial Performance - Revenue for the first half of 2025 was 246,157,614.49 yuan, a decrease of 17.66% compared to 298,950,164.35 yuan in the same period last year [2][3]. - The net loss attributable to shareholders was 124,528,303.93 yuan, compared to a loss of 36,698,785.78 yuan in the previous year [2][3]. - The net loss after deducting non-recurring gains and losses was 99,936,540.66 yuan, up from a loss of 27,549,222.02 yuan in the prior year [2][3]. - Total assets decreased by 4.1% to 1,468,831,952.82 yuan, while net assets attributable to shareholders fell by 24.7% to 167,850,671.91 yuan [2][3]. Operational Challenges - The decline in revenue and increased losses were attributed to several factors, including a delay in the release schedule of new consumer electronics models, leading to a decrease in orders [6]. - The company ceased to consolidate the revenue from its subsidiary, Chizhou Yunshan, due to relinquishing its priority capital increase rights and actual control, which contributed to an 8.96% reduction in total revenue when adjusted for this impact [6]. - The company is adjusting its marketing strategies and optimizing customer orders based on thorough credit assessments of downstream clients [6]. Investment and Future Outlook - The company's investment in MLCC projects has resulted in high fixed costs due to significant expenditures on factory construction and equipment, leading to ongoing losses [7]. - However, there is an expectation of improved operational performance in the future as the capacity of the electronic ceramics business increases [7].