8月25日晚间，利扬芯片(SH.688135)发布2025年半年度报告。公告显示，2025年上半年，利扬芯片集成 电路测试相关营业收入达2.77亿元，较上年同期增长21.85%;第二季度营业收入创下公司成立以来历史 新高，并成功实现单季度盈利，实现营业收入1.50亿元，同比增长32.03%，实现归母净利润52.34万 元，同比增长105.96%，展现出强劲的发展态势。 公司表示，业绩增长主要得益于部分品类延续去年旺盛的测试需求、存量客户终端需求好转，以及新拓 展客户新产品陆续导入并实现量产测试。高算力、存储、汽车电子、卫星通讯、SoC、特种芯片等相关 的芯片测试收入同比大幅增长。 左翼方面，公司围绕晶圆减薄、激光开槽及隐切等核心技术，打造了覆盖晶圆测试到封装的完整服务 链。依托业内领先的超薄晶片减薄技术，公司能够实现25μm以下的薄型化加工;同时，激光开槽与隐切 工艺有效解决了传统切割工艺存在的问题，显著提升了芯片产品的良率和可靠性。尤其是隐切技术的突 破，成功打破了国外技术垄断，公司联合国内设备厂商持续推进工艺改良，将切割道缩窄至20μm并实 现量产，不仅显著提高了裸片产出数量，还大幅降低了激光切割的综合成 ...

[Table_Title] 证券研究报告 / 公司点评报告 单季营收创历史新高，稼动率提升修复盈利能力 事件： [Table_Summary] 2025 年 8 月 20 日，伟测科技发布 2025 年半年度报告。2025H1 公司实 现营收 6.34 亿元（yoy+47.53%），归母净利润 1.01 亿元（yoy+831.03%）， 毛利率 34.50%（yoy+5.94pct），归母净利率 15.94%（yoy+13.41pct）。 2025Q2 公司实现营收 3.49 亿元（yoy+41.68%），归母净利润 0.75 亿元 （yoy+573.34%）。 点评： 下游景气与稼动率修复共振，带动公司营收与利润大幅增长。公司 2025Q2 实现历史最高营收，主要受益于智能驾驶与 AI 浪潮驱动的下游 需求旺盛，以及公司前瞻性产能布局。2025H1 归母净利润增速显著快于 营收，体现经营杠杆效应；毛利率同比上行，主要受产能利用率提升带 动，目前整体产能利用率已达 90%。期间费用方面，销售/管理/研发/财 务费用率分别为 2.71%/6.39%/12.95%/5.22%，其中研发费用率同比下降 2.05pc ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688135 公司简称：利扬芯片 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告第三节"管理层讨 论与分析"之"四、风险因素"相关内容。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持 ...

Group 1: Market Performance - The market experienced a rebound with the Shanghai Composite Index, Shenzhen Component Index, and Sci-Tech Innovation 50 Index reaching new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan compared to the previous trading day, marking six consecutive days of trading volume exceeding 2 trillion yuan [1] - Over 3,600 stocks in the market rose, with notable gains in sectors such as liquor, semiconductors, AI glasses, and small metals [1] Group 2: Company Announcements - Muyuan Foods announced a cash dividend of 9.32 yuan per 10 shares, with a total dividend amount of 5 billion yuan, following a 34.46% year-on-year increase in revenue to 76.463 billion yuan and a staggering 1,169.77% increase in net profit to 10.53 billion yuan [2] - Heng Rui Medicine reported a 15.88% increase in revenue to 15.761 billion yuan and a 29.67% increase in net profit to 4.45 billion yuan for the first half of 2025 [3] - Wei Ce Technology disclosed a remarkable 831.03% increase in net profit to 101 million yuan, with revenue growing by 47.53% to 634 million yuan, driven by increased investment in advanced chip testing [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688135 证券简称：利扬芯片 公告编号：2025-041 转债代码：118048 转债简称：利扬转债 广东利扬芯片测试股份有限公司关于部分股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 股东持股的基本情况 截止本公告披露之日，广东利扬芯片测试股份有限公司（以下简称"公司"）股东张利平先生持有公司股 份6,205,887股，占公司总股本比例为3.0569%。上述股份来源于公司首次公开发行前持有及以资本公积 转增股本的股份； 股东、董事瞿昊先生持有公司股份7,181,680股，占公司总股本比例为3.5376%。上述股份来源于公司首 次公开发行前持有及以资本公积转增股本的股份； 股东、核心技术人员卢旭坤先生持有公司股份272,073股，占公司总股本比例为0.1340%。上述股份来源 于公司首次公开发行前持有、股权激励归属及以资本公积转增股本的股份； 股东、核心技术人员郑朝生先生持有公司股份120,698股，占公司总 ...

Core Viewpoint - The announcement details the shareholding structure and the planned share reduction by major shareholders of Guangdong Liyang Chip Testing Co., Ltd, indicating a strategic move to meet personal funding needs without significantly impacting the company's governance or operational continuity [1][12]. Shareholding Structure - As of the announcement date, shareholder Zhang Liping holds 6,205,887 shares, representing 3.0569% of the total share capital [1] - Shareholder and director Qu Hao holds 7,181,680 shares, accounting for 3.5376% of the total share capital [5] - Core technical personnel Lu Xukun holds 272,073 shares, which is 0.1340% of the total share capital [5] - Core technical personnel Zheng Chaosheng holds 120,698 shares, representing 0.0595% of the total share capital [5] Reduction Plans - Zhang Liping plans to reduce his holdings by up to 6,086,000 shares, or 2.9979% of the total share capital, through centralized bidding and block trading [2][6] - Qu Hao intends to reduce his holdings by up to 1,600,000 shares, or 0.7881% of the total share capital, also through centralized bidding and block trading [2][6] - Lu Xukun plans to reduce his holdings by up to 250,000 shares, or 0.1231% of the total share capital, via centralized bidding [2][6] - Zheng Chaosheng plans to reduce his holdings by up to 58,000 shares, or 0.0286% of the total share capital, through centralized bidding [2][6] Reduction Period and Conditions - The reduction period for all shareholders is set from September 2, 2025, to December 1, 2025 [6] - Shareholders are allowed to reduce their holdings within specific limits: no more than 1% of total shares in any 90-day period for centralized bidding and 2% for block trading [2][3] Share Source and Reasons for Reduction - The shares to be reduced primarily come from pre-IPO holdings and capital reserve increases [6] - The stated reason for the reduction is personal funding needs for all shareholders involved [6][12]

Core Viewpoint - Guangdong Liyang Chip Testing Co., Ltd. has announced that its convertible bonds, "Liyang Convertible Bonds," are expected to meet the redemption conditions based on stock price performance [1][2]. Group 1: Convertible Bond Issuance and Trading - The company has been approved by the China Securities Regulatory Commission to issue convertible bonds totaling RMB 520 million, with a term of 6 years [2][3]. - The bonds have been listed and traded on the Shanghai Stock Exchange since July 19, 2024, under the code "118048" [3]. Group 2: Conversion Price and Adjustments - The initial conversion price for the bonds was set at RMB 16.13 per share, which will be adjusted to RMB 16.12 per share starting July 9, 2025, due to an increase in the company's total share capital [4]. Group 3: Redemption Conditions - The company may redeem the bonds if, during a specified period, the stock price remains at or above 130% of the conversion price for a certain number of trading days [6][8]. - The redemption price will be at the face value plus accrued interest, with specific conditions outlined in the bond issuance prospectus [6][7].

Summary of Key Points Core Viewpoint - Guangdong Liyang Chip Testing Co., Ltd. has announced the potential conditional redemption of its convertible bonds if certain stock price conditions are met, indicating a strategic financial maneuver to manage its debt obligations and capital structure [1][2]. Group 1: Convertible Bond Issuance - The company has been authorized by the China Securities Regulatory Commission to issue convertible bonds totaling RMB 520 million, with a maturity of 6 years [1]. - The convertible bonds, named "Liyang Convertible Bonds" with code "118048," began trading on July 19, 2024 [2]. - The initial conversion price for the bonds was set at RMB 16.13 per share, which has been adjusted to RMB 16.12 per share following a stock incentive plan [2][4]. Group 2: Redemption Conditions - The company may redeem the convertible bonds if, during the conversion period, the stock price remains at or above 130% of the conversion price for at least 5 out of 12 consecutive trading days [1][4]. - As of the announcement, the stock price has already met the condition for 10 trading days, indicating a strong likelihood of triggering the redemption clause [4]. - The redemption will be executed at the bond's face value plus accrued interest, should the conditions be satisfied [3][4]. Group 3: Interest Calculation - The accrued interest for the bonds is calculated based on the formula: IA = B × i × t / 365, where IA is the accrued interest, B is the total face value of the bonds held, i is the annual coupon rate, and t is the number of days since the last interest payment [3].

Group 1 - The company's previous credit rating was "A+" with a stable outlook for both the company and the convertible bond "Liyang Convertible Bond" [1][2] - The current credit rating remains "A+" with a stable outlook, as assessed by the credit rating agency Zhongzheng Pengyuan on July 24, 2025 [2] - The credit rating report has been disclosed on the Shanghai Stock Exchange website [2]

Core Points - Guangdong Liyang Chip Testing Co., Ltd. has been approved to issue convertible bonds totaling 520,000 units, each with a face value of RMB 100, raising a total of RMB 52 million [2][4] - The bonds have a maturity period of 6 years, from July 2, 2024, to July 1, 2030 [7] - The initial conversion price for the bonds is set at RMB 16.13 per share, subject to adjustments based on various corporate actions [18] Summary by Sections Approval and Issuance - The issuance of convertible bonds has been approved by the China Securities Regulatory Commission, allowing the company to raise funds through the issuance of 520,000 convertible bonds [2] - The total amount raised from this issuance is RMB 52 million, with each bond having a face value of RMB 100 [4] Bond Characteristics - The bonds are classified as convertible corporate bonds, with a total issuance amount of RMB 52 million [4][3] - The bonds will pay interest annually, with rates starting at 0.2% in the first year and increasing to 1.5% by the fourth year [7] Conversion and Adjustment Mechanism - The conversion period for the bonds begins six months after issuance and lasts until maturity [8] - The conversion price can be adjusted based on corporate actions such as stock dividends, capital increases, and cash dividends [9][18] - The adjusted conversion price is calculated using specific formulas to ensure fair treatment of bondholders [9][18] Redemption and Buyback Provisions - The company has the right to redeem the bonds at face value plus accrued interest under certain conditions, such as if the stock price exceeds 130% of the conversion price for a specified period [12][14] - Bondholders have the right to sell back their bonds to the company if the stock price falls below 70% of the conversion price during the last two interest years [14][15] Credit Rating and Management - The bonds are not secured by any collateral, and the credit rating is provided by China Chengxin International Credit Rating Co., Ltd. [15] - The bond management is overseen by GF Securities Co., Ltd., which will monitor the company's compliance with bondholder interests [18]