Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing short-term pressure on performance, with a slight decline in revenue and a significant drop in net profit [4] - The strategic focus is on high-end scientific instruments, with expectations for continued breakthroughs in this area [5] - The company plans to repurchase shares to implement an employee stock ownership plan, reflecting confidence in future development [6] - Revenue forecasts for 2025-2027 are projected at 41.01 billion, 46.83 billion, and 52.10 billion yuan, respectively, with corresponding EPS of 0.71, 0.93, and 1.18 yuan [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.295 billion yuan, a year-on-year decrease of 8.23%, and a net profit attributable to shareholders of -51 million yuan, a decline of 210.86% [4] - Revenue breakdown by segment shows a decline in instruments and consumables by 7.39%, operational services by 11.83%, and environmental governance and engineering by 2.3% [4] - The company is implementing a "boutique" strategy for high-quality transformation, focusing on high-end analytical instruments and core supporting businesses [5] Earnings Forecast - The company forecasts revenue growth rates of 13.5% for 2025, 14.2% for 2026, and 11.3% for 2027, with net profit growth rates of 53.5%, 31.7%, and 27.0% for the same years [9][11]

Core Insights - Yongxin Optical achieved a revenue of 441 million yuan in the first half of 2025, representing a year-on-year growth of 2.95% [1] - The net profit attributable to shareholders reached 108 million yuan, an increase of 8.75% year-on-year [1] - The company invested 47.2 million yuan in R&D, accounting for 10.70% of its main business revenue, maintaining a high level of investment [1] Financial Performance - Revenue from optical components was 265 million yuan, up 4.40% year-on-year [1] - Revenue from optical microscope business was 165 million yuan, with a growth of 0.94% [1] - The net profit excluding non-recurring gains and losses was 87.69 million yuan, reflecting a year-on-year increase of 3.05% [1] Strategic Initiatives - The company is leading national major instrument projects, including the "Multimodal Nano-resolution Microscope" and "Ophthalmic Surgery Navigation Microscope" [1] - Yongxin Optical aims to enhance the international competitiveness of high-end instruments in China and is committed to deepening organizational reform and operational management [2] - Future strategic goals include consolidating existing advantages and seizing new opportunities in high-end scientific instruments and medical equipment [2]

Core Insights - HeXin Instruments, a company listed on the Sci-Tech Innovation Board, reported a significant decline in revenue for the first half of 2025, with revenue approximately 52.82 million yuan, down 48.88% year-on-year, and a net loss of about 17.46 million yuan, narrowing losses by 20.86% compared to the previous year [1][2][3] Financial Performance - Revenue for the first half of 2025 was 52,815,737.74 yuan, compared to 103,320,253.11 yuan in the same period last year, reflecting a decrease of 48.88% [2] - The net profit attributable to shareholders was -17,459,570.82 yuan, improving from -22,061,083.13 yuan year-on-year [2] - The company’s total assets decreased by 5.60% to 827,955,211.07 yuan, while net assets increased slightly by 0.28% to 385,345,792.26 yuan [2] Business Operations - HeXin Instruments specializes in the research, production, sales, and technical services of mass spectrometers, which are widely used in various fields such as environmental monitoring, food safety, and medical health [3] - The company experienced a significant decline in revenue and costs due to a slowdown in downstream investment and demand, which affected overall business performance [3] - The company has focused on optimizing sales expenses and reducing employee compensation through organizational restructuring [3] Strategic Initiatives - HeXin Instruments aims to deepen its core resources in the environmental monitoring sector while also diversifying into new business areas to reduce dependency on this sector [4] - The company is actively pursuing a major asset restructuring plan to acquire a controlling stake in Shanghai Liangxi Technology Co., Ltd. for approximately 384 million yuan [5][6] - The acquisition is expected to enhance HeXin Instruments' product offerings in high-end scientific instruments and improve overall competitiveness through technological synergies [6] Market Position and Future Outlook - Liangxi Technology, established in June 2022, specializes in ultra-low temperature measurement and control equipment, with applications in superconducting quantum computing and other advanced research fields [7] - The collaboration between HeXin Instruments and Liangxi Technology is anticipated to expand the product range and enhance the performance of existing products, thereby increasing market share [6][7]

导读： 公司实现营业收入2.03亿元，同比下降44.70%；归属净利润亏损4599.09万元，已连续三年亏损，累计亏损金额超过2亿元。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 禾信仪器2 0 2 4年财报显示，公司实现营业收入2 . 0 3亿元，同比下降4 4 . 7 0%；归属净利润亏损4 5 9 9 . 0 9万元，已连续三年亏损，累计亏损金额超 过2亿元。 数据显示，公司员工规模从2 0 2 3年的6 8 4人缩减至2 7 6人，其中研发人员减少1 0 2人。报告期内研发投入金额为3 2 8 0 . 5 9万元，同比 下降5 1 . 4 4%，研发投入占营收比例降至1 6 . 2 0%。此外，公司毛利率自2 0 2 1年的5 1 . 6 7%持续下滑至2 0 2 4年的3 6 . 5 0%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | | | | 減(%) ...