Core Insights - The company, Huahai Qingshi (688120), reported a revenue of 1.95 billion yuan for the first half of 2025, representing a year-on-year growth of 30.28% [1] - The net profit attributable to shareholders reached 505 million yuan, an increase of 16.82% year-on-year, while the net profit excluding non-recurring items was 460 million yuan, up 25.02% [1] - The basic earnings per share stood at 2.14 yuan [1] Business Performance - The company's core product matrix showed strong performance, particularly in CMP equipment, which has seen significant technological advancements and market expansion [2] - The new CMP polishing system, Universal-H300, has received bulk repeat orders and achieved large-scale shipments [2] - Advanced process CMP equipment orders have increased significantly, with successful process validation at several leading domestic clients [2] Product Development - The company has developed thinning equipment suitable for advanced packaging and front-end wafer manufacturing, achieving substantial results during the reporting period [2] - The 12-inch ultra-precision wafer thinning machine, Versatile-GP300, saw a significant increase in order volume due to its excellent performance [2] - The 12-inch wafer thinning and film application integrated machine, Versatile-GM300, has been successfully adopted by major domestic semiconductor companies [2] Ion Implantation Equipment - The company’s subsidiary, Xinyu, successfully delivered its first 12-inch low-temperature ion implanter, iPUMA-LT, to a leading domestic logic chip manufacturer [3] - The company is expanding its product matrix to include medium and high-energy ion implanters to meet diverse manufacturing needs [3] Platform Strategy and R&D Investment - The "equipment + service" platform strategy is showing results, with an increase in the scale of key consumables and maintenance services as CMP equipment market share grows [3] - The company’s wafer regeneration business has received bulk orders from major production lines, with a project in Kunshan aiming for a monthly capacity of 200,000 wafers [3] - R&D investment reached 246 million yuan in the first half of 2025, a year-on-year increase of 40.44%, with R&D expenses accounting for 12.63% of revenue [3]

Group 1 - The company is implementing a "equipment + service" platform development strategy, with a high market share in CMP equipment and successful acceptance of multiple thinning machines and low-energy high-current ion implantation equipment [1][3] - The company plans to expand its wafer regeneration capacity to 600,000 pieces per month, benefiting significantly from the accelerated expansion trend of wafer fabs [1][3] Group 2 - The CMP equipment Universal-H300 has received bulk repeat orders and has achieved large-scale shipments, while specialized CMP equipment for third-generation semiconductor customers has been successfully developed and sent for client verification [1] - The thinning equipment covers various process customers, with the 12-inch ultra-precision wafer thinning machine Versatile-GP300 achieving multiple acceptances to meet customer mass production needs [2] - The company has established a series of cleaning equipment layouts covering large wafers and compound semiconductors, with the HSC-S1300 and HSC-F3400 cleaning equipment successfully verified and sold [2] Group 3 - The company has become a professional foundry for wafer regeneration with Fab equipment and process technology services, currently achieving a wafer regeneration capacity of approximately 200,000 pieces per month [2] - The company plans to build a wafer regeneration expansion project in Kunshan, Jiangsu Province, with a total planned capacity expansion of 400,000 pieces per month, and the first phase of construction capacity is expected to be 200,000 pieces per month with an investment not exceeding 500 million RMB [2] Group 4 - Revenue projections for the company are estimated at 4.503 billion, 5.860 billion, and 7.360 billion RMB for the years 2025 to 2027, with net profits of 1.290 billion, 1.682 billion, and 2.121 billion RMB respectively [3]