近日，楚天龙股份有限公司举行了投资者线上交流会，信达澳亚、大成基金、财通证券等3家机构参与 调研。公司证券事务代表孙驷腾接待并与投资人就公司2025年上半年业绩变动及主营业务进展等问题进 行了深入交流。 在eSIM领域，楚天龙加大研发投入，完善产品线，提升服务能力，为国内外业务拓展奠定基础。在国 内，以研发合作推动业务拓展，为移动通信运营商提供基于eSIM的创新融合方案。同时，发挥跨行业 多领域服务优势，打造SIM/eSIM + 数字人民币在多场景应用方案。此外，公司通过对外投资深圳杰睿 联科技有限公司（红茶移动），借助其与苹果公司eSIM连接运营与技术合作的优势，整合自身通信领 域优质客户资源，推进在国际通信服务、消费电子及车联网、物联网等领域业务布局，实现营收结构多 元化升级。 数字人民币业务发展情况 作为数字人民币生态建设先行者，楚天龙围绕金融机构需求，结合自身优势，与多领域场景合作方提供 软硬件结合综合解决方案，打造多领域场景应用。公司已成功推出覆盖用户侧、受理侧、发行侧、系统 侧的数字人民币相关产品与服务，并试点发行、落地应用。此外，公司把握"一带一路"Web3基建推进 机遇，探索跨境结算优化，推进 ...

证券代码：003040 证券简称：楚天龙 公司全体员工在董事会的引领下，一方面着力拓展订单、提升运 营效率、强化成本费用管控与应收账款催收；另一方面持续加大新品 研发与成果商业化，推动数字人民币应用场景落地、数字货币跨境应 用及 AI Agent 解决方案的创新融合，同时布局海外市场，尽快实现扭 亏为盈。 问题 2：公司在 eSIM 业务方面的布局及相关进展？ 交流回复： 公司在 eSIM 领域，加大研发投入，完善产品线，持续打磨相关 产品、提升服务能力，为拓展国内外业务奠定了基础。在国内业务推 进方面，公司以研发合作促业务拓展，为国内移动通信运营商提供基 于 eSIM 的创新融合方案。此外，公司充分发挥跨行业多领域服务优 势，打造 SIM/eSIM+数字人民币在公共交通、新零售、消费电子、政 府公共事业、物联网等场景应用方案。 公司在"双轮驱动"战略的指导下，秉承"内生式增长、外延式 扩张、整合式发展"的发展模式，对外投资了深圳杰睿联科技有限公 司（"Redtea Mobile"，即红茶移动）。红茶移动是第一家（也是当 前唯一一家）获得美国苹果公司 eSIM 连接运营与技术合作的中国公 司。公司将整合深耕多 ...

Market Performance - The main board led the gains with notable increases in stocks such as Yuyin Co. (+10.05%), Tianrongxin (+10.01%), Zhuoyue Technology (+10.00%), Jishi Media (+10.00%), and Kesen Technology (+9.99%) [1] - The ChiNext board saw significant growth with stocks like Beixin Source (+19.97%), Chuangyitong (+15.01%), and Meiri Interactive (+13.62%) [1] - The Sci-Tech Innovation board also performed well, with Sanwei Xinan (+20.01%), Xin'an Century (+11.00%), and Meidike (+7.25%) leading the way [1] - Active sub-industries included SW Games III (+1.64%) and SW General Publishing (+1.58%) [1] Domestic News - Shanghai Xiangyao Display Technology Co., Ltd. successfully completed a financing round of several hundred million RMB, aimed at developing MicroLED micro-display technology and expanding production capacity to meet the growing demand in the global AR+AI terminal market [1] - Chip equipment manufacturer Chip Micro announced significant market breakthroughs with its wafer-level and board-level direct-write lithography equipment, securing purchase orders from several leading domestic packaging and testing companies [1] - Vivo's Vision Exploration Edition was unveiled, featuring a Micro-OLED dual 8K display with 94% DCI-P3 color gamut coverage and professional-grade color accuracy [1] - A report from KISTEP indicated that China has surpassed South Korea in semiconductor storage technology, although Samsung and SK Hynix still maintain a leading position globally [1] Company Announcements - Century Dingli reported a total operating income of 128 million RMB for H1 2025, a decrease of 6.87% year-on-year, but a net profit increase of 160.47% to 9 million RMB [2] - Lante Optics achieved an operating income of 577 million RMB in H1 2025, a year-on-year increase of 52.54%, with a net profit of 103 million RMB, up 110.27% [2] - Xintong Electronics reported an operating income of 448 million RMB for H1 2025, a 10.85% increase year-on-year, with a net profit of 50 million RMB, up 5.83% [2] - Boch Electronic's H1 2025 operating income reached 1.103 billion RMB, a 24.89% year-on-year increase, with a net profit of 640 million RMB, up 30.32% [2] Overseas News - TrendForce research indicates that with the release of NVIDIA's GB200 NVL72 server in 2025, the penetration rate of liquid cooling technology in AI data centers is expected to rise from 14% in 2024 to 33% in 2025 [2] - According to South Korean customs data, the export value of South Korean memory chips reached 21.329 billion USD in Q2 2025, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 31.8% [2] - AMD has announced the discontinuation of the B650 chipset, with motherboard manufacturers no longer able to procure it, leading to a phase of inventory clearance [2] - Google has launched the Pixel 10 series in the U.S. market, eliminating physical SIM card slots in favor of eSIM technology, allowing for the simultaneous use of two eSIMs [2]

Core Insights - The iPhone 17 Pro will retain a physical SIM card slot, indicating Apple's commitment to traditional SIM technology alongside eSIM options [1] - The iPhone 17 Air is set to replace the Plus model, featuring a thickness of approximately 5.5mm, making it Apple's thinnest device to date [3] - The iPhone 17 Air will have a battery capacity of less than 3000mAh, and it will be equipped with Apple's self-developed C1 baseband chip, which is more power-efficient but does not support 5G millimeter wave [3] Group 1 - The iPhone 17 series, except for the Air model, will continue to support traditional SIM cards [1] - The production line for the iPhone 17 Air began assembly in July, indicating a likely launch of the eSIM-enabled Chinese version [1] - The iPhone 17 Air is expected to be officially unveiled in September [3] Group 2 - eSIM technology allows for integration directly on the device's motherboard, providing a more flexible and convenient network connection experience [3] - The iPhone 17 Air's design prioritizes thinness, which has resulted in a reduced battery capacity [3] - The C1 baseband chip is designed to enhance battery life, although it lacks support for certain advanced 5G features [3]

Summary of Key Points from J.P. Morgan's iPhone EMS Build Plan Company and Industry - **Company**: Apple Inc. - **Industry**: Technology, specifically focusing on smartphone manufacturing and supply chain dynamics Core Insights and Arguments 1. **Revised iPhone EMS Build Estimates**: The 2H25 iPhone EMS build plan estimates have been increased to 247 million units from a previous estimate of 235 million units, reflecting a 5% increase [6] 2. **Factors Driving Upward Revision**: - Removal of tariff concerns is a significant factor contributing to the upward revision [6] - Anticipation that China will allow eSIM for iPhone Slim/Air, potentially boosting demand in China [6] 3. **Long-term Shipment Outlook**: The company remains optimistic about long-term shipments, expecting Apple to introduce more iPhone models with new form factors, including the iPhone 17 series in 2H25 and a foldable iPhone in 2H26 [1][6] 4. **iPhone 17 Series Build Estimates**: The iPhone 17 series build estimate for 2H25 has been raised to 94 million units, indicating flat year-over-year growth compared to the iPhone 16 series build in 2H24 [6] 5. **Quarterly Build Projections**: - 3Q25 is projected at 59 million units and 4Q25 at 84 million units, reflecting a 1% year-over-year growth for 2H25 [6] 6. **Optical Components Outlook**: The report suggests that optical components will see stronger earnings due to specification improvements, with Largan being a preferred pick due to gradual lens spec improvements [6] Additional Important Insights 1. **Future iPhone Roadmap**: The anticipated launch of new iPhone models includes: - iPhone 17e in 1H26 - Foldable iPhone in 2H26 - iPhone 18e and base model in 1H27 [1] 2. **Impact of Tariff Exemptions**: The potential tariff exemption due to Apple's significant investment in the U.S. is expected to positively influence the build estimates [6] 3. **China's eSIM Ban**: The possible removal of the eSIM ban in China is seen as a critical factor for increasing demand for the iPhone Slim, which exclusively uses eSIM technology [6] 4. **Analyst Recommendations**: The report emphasizes a selective approach towards Apple supply chain names, highlighting Largan and Genius for their product diversification and expected performance improvements [6] This summary encapsulates the key points from the J.P. Morgan report regarding Apple's iPhone EMS build plan and the broader implications for the technology industry.

Group 1 - China's Ministry of Commerce announced reciprocal restrictions on medical device imports from the EU, citing ongoing barriers to Chinese companies in EU public procurement [5] - Over 5,400 individuals have been repatriated as part of a joint crackdown on telecom fraud by China, Myanmar, and Thailand, demonstrating significant law enforcement cooperation [5] - Hong Kong's IPO market is experiencing a surge, with 42 IPOs completed in the first half of 2025, raising over HKD 107 billion, marking a 22% increase compared to the previous year [6] Group 2 - The total box office for the summer film season in 2025 has surpassed RMB 2.5 billion as of July 6 [7] - NIO's CEO Li Bin highlighted the company's focus on technological innovation, with cumulative R&D investments reaching RMB 60 billion, despite reporting significant losses [10][11] - Spring Airlines experienced a two-hour delay on a flight due to a temporary mechanical failure causing fuel leakage, emphasizing the importance of equipment maintenance in the aviation sector [12] Group 3 - China's three major telecom operators have restarted eSIM services after a two-year hiatus, focusing initially on IoT and smart wearable devices [14] - A significant recall of over 1.2 million power banks by Romoss and Anker due to safety concerns related to battery quality has raised consumer awareness about product safety [15]

Core Viewpoint - Chutianlong (003040) has experienced significant stock price fluctuations, with a recent increase of 9.63% and reaching a near one-year high, indicating strong market interest and potential growth opportunities [1][2]. Trading Information Summary - Chutianlong was listed on the stock market's "Dragon and Tiger List" for the second time in five trading days due to a daily price fluctuation of 15% and a cumulative price deviation of 20% over three consecutive trading days [2][6]. - The company recorded two instances of trading halts due to price increases, with no instances of price drops during the week [1]. Shareholder Changes - On June 9, Chutianlong announced that Wenzhou Yima Enterprise Management Center (Limited Partnership) reduced its holdings by 2,617,800 shares, representing 0.5677% of the total share capital, during a period when the stock price increased by 9.72% [3][5]. - Following the reduction, Wenzhou Yima's shareholding dropped below 5%, no longer qualifying as a major shareholder [3][5]. Institutional Research Highlights - Chutianlong has successfully implemented multiple pilot projects for digital RMB in collaboration with eight secondary operating institutions and Huawei [4]. - The company has developed a comprehensive digital RMB product matrix, providing integrated software and hardware solutions to clients, generating sales revenue [4]. - Chutianlong is focusing on expanding its overseas business and has increased research and development in international communication and financial products since 2024 [4]. Company Announcements Summary - Wenzhou Yima plans to continue reducing its holdings in Chutianlong over the next 12 months, with a maximum of 13,834,079 shares to be sold [5][6]. - The reduction in holdings by Wenzhou Yima has resulted in a decrease in the combined shareholding of the controlling shareholder and its concerted actions from 51.11% to 50.54% [5].

Core Viewpoint - New Henghui (301678.SZ) has initiated its subscription with an issue price of 12.80 yuan per share and a price-to-earnings ratio of 17.76 times, focusing on integrated circuit services including chip packaging materials and testing services [1] Company Overview - New Henghui is an integrated circuit enterprise engaged in the research, production, sales, and packaging testing services of chip packaging materials [1] - The company's main business segments include smart card business, etched lead frame business, and IoT eSIM chip packaging and testing services [1] Smart Card Business - The smart card business is the company's traditional core segment, focusing on the development, production, and sales of flexible lead frame products essential for smart card chip packaging [2] - The company has established long-term partnerships with several well-known security chip design manufacturers and smart card manufacturers, ensuring a broad application of its products in communications, finance, transportation, and identity recognition sectors [2] - The company adopts an integrated operating model, producing its own key packaging materials to ensure low-cost, high-quality supply, enhancing delivery capabilities and profit margins [2] Market Position and Competition - The flexible lead frame industry has high entry barriers, with only three major manufacturers capable of stable mass supply globally, positioning New Henghui as the second-largest player in the market [2] - The company has an annual production capacity of approximately 2.374 billion smart card modules, making it one of the main suppliers in China [2] New Business Segments - The etched lead frame and IoT eSIM chip packaging businesses were newly developed in 2019, with significant investment in technology leading to successful mass production and sales [3] - The company has built a solid customer base among quality semiconductor packaging manufacturers, laying a good foundation for future business growth [3] - The eSIM technology is crucial for the IoT industry, and the company is leveraging its advantages in traditional SIM card packaging to establish specialized factories for eSIM chip packaging and testing [3] Financial Performance - The company reported revenues of approximately 548 million yuan, 684 million yuan, 767 million yuan, and 414 million yuan for the years 2021, 2022, 2023, and the first half of 2024, respectively [4] - Net profits for the same periods were approximately 101 million yuan, 111 million yuan, 153 million yuan, and 101 million yuan [4] - Detailed financial data shows revenue growth from 548.03 million yuan in 2021 to 766.73 million yuan in 2023, with net profit increasing from 100.72 million yuan to 153.33 million yuan during the same period [5]

Group 1: Digital Currency Business Progress - The company is a pioneer in the digital RMB ecosystem, collaborating with 8 second-tier operating institutions and Huawei to develop a comprehensive solution for various scenarios, including cross-border applications and government subsidies [3] - The "Chutianlong Digital RMB Smart Contract Platform" has been successfully implemented in multiple pilot projects across the country, providing digital RMB products and technical services for major events like the Winter Olympics and the Service Trade Fair [3] - Future plans include expanding scenarios, deepening technology, and enhancing cross-border cooperation to promote the application and development of digital RMB [3] Group 2: Revenue Model and Product Matrix - The company has established a comprehensive digital RMB product matrix that includes hardware products like digital wallets and terminals, as well as software services such as system platform development and operational services [4] - This integrated solution aims to generate sales revenue by providing a combination of hardware and software services to clients [4] Group 3: Stablecoin and International Business - The company is actively exploring the implementation of digital currency bridges, smart contract designs, and cross-border settlement optimizations while maintaining a focus on stablecoin technology and market trends [5] - Currently, the company's overseas business is relatively small, but it has increased efforts in developing international communication and financial product projects to enhance its market share and brand recognition [6][7] Group 4: eSIM Business Development - The company is advancing its eSIM and eSE product offerings in various sectors, including mobile communications and smart transportation, while also pursuing external investments to rapidly expand its eSIM business [7] - The ongoing international expansion strategy is expected to lead to more project implementations in embedded security products and innovative financial services [7]

Group 1: Company Overview and Market Position - The company operates in the smart card industry, which has a market capacity that is stabilizing but facing saturation in traditional applications. However, new applications in IIoT, AIoT, and eSIM are driving growth [1] - The gross margin for the smart card business is approximately 20%, positioning the company at a medium level within the industry [1] - The company is transitioning towards the super SIM card sector to enhance value and market space [2] Group 2: Competitive Advantages - The company is the first in the industry to offer a one-stop service, integrating the entire supply chain from chip application development to end-user delivery, which enhances product consistency and customer loyalty [2] - Over 60% of the company's product sales are international, with established partnerships with global leaders like THALES and IDEMIA, showcasing strong global operational capabilities [2] - The company has a robust project delivery and local service capability, having secured contracts with major Chinese telecom operators [2] Group 3: Semiconductor Business Development - The company entered the power semiconductor packaging materials sector in 2019, leveraging its existing technology to tap into a high-potential market [3] - Future plans include accelerating production of thermal management products and expanding customer bases in the power module sector [3] Group 4: Research and Development Investment - The company maintains a consistent investment in R&D, focusing on core technologies and optimizing resource allocation based on market feedback and financial status [4] - R&D personnel compensation is a significant portion of the R&D budget, with ongoing employee stock ownership plans to incentivize innovation [4] Group 5: Overseas Market and Production Capacity - Overseas operations account for over 60% of revenue, with production facilities in India and Indonesia achieving utilization rates of 70%-80% and 80%-90%, respectively [5] - The company emphasizes local production to enhance responsiveness to customer needs [5] Group 6: Customer Stability and Risk Management - The smart card business remains the primary revenue source, with a high customer concentration. Long-term agreements with major clients mitigate dependency risks [6] - The revenue share from the top five customers decreased from 87.92% in 2023 to 77.75% in 2024, indicating diversification efforts [7] Group 7: Liquid Cooling Business - The company has developed liquid cooling products with integrated designs that enhance efficiency and reliability, targeting high-performance computing needs [7] - The products are in the final stages of preparation for mass production, with a focus on meeting the rising demand in AI and data center markets [7] Group 8: Smart Security Business - The company is leveraging its expertise in digital information security to develop smart security solutions, particularly in transportation safety [8] - Current efforts are focused on market promotion, with ongoing exploration of business models [8] Group 9: Challenges and Opportunities - Key challenges include rapid technological changes and market entry risks for new businesses, which could impact production efficiency and competitiveness [9] - Opportunities exist in the growing demand for efficient cooling and packaging materials in AI and high-performance computing sectors, with potential for rapid growth [9] Group 10: Chip Production and Partnerships - The company primarily sources smart card chips externally, with some proprietary chips for internal use and external sales [10] - The company has not yet established a partnership with Huawei in the liquid cooling sector but remains open to future collaborations [10] Group 11: Acquisition Strategy - The company is cautious about pursuing acquisitions, focusing on long-term stability and evaluating potential targets within the industry [10] Group 12: Risk Disclosure - The company acknowledges risks associated with new product development, including technological, market, and validation risks, and commits to timely information disclosure [12]