| 股东性 | | 持股比 | 持有有限 | 持股 | | | 质押、标记或冻 | | --- | --- | --- | --- | --- | --- | --- | --- | | 结 | | | | | | | | | 股东名称 | | | | | 售条件的 | | | | 质 | | 例(%) | | 数量 | | | 的股份数量 | | | | | | | 股份数量 | | | | 崔学峰 | 境内自 | 14.19 | | 8,511,132 | 8,511,132 | 质押 | 2,550,000 | | 然人 | | | | | | | | | 上海旭诺股权投资基金合伙 | | | | | | | | | 其他 | | | 8.95 | 5,369,685 | 0 | 质押 | 2,050,000 | | 企业（有限合伙） | | | | | | | | | 龙波 | 境内自 | | 8.91 | 5,344,146 | 5,344,146 | 质押 | 530,000 | | 然人 | | | | | | | | | 南通华泓投资有限公司 | 境内非 | 国有法 | | 6.60 | 3, ...

上海万业企业股份有限公司2025 年半年度报告 上海万业企业股份有限公司2025 年半年度报告 公司代码：600641 公司简称：万业企业 上海万业企业股份有限公司 上海万业企业股份有限公司2025 年半年度报告 重要提示 一、 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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人朱世会、主管会计工作负责人叶蒙蒙及会计机构负责人（会计主管人员）吉伟 新声明：保证半年度报告中财务报告的真实、准确、完整。 五、 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 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实际承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大 ...

市规则》 等有关法律法规和规范性文件的要求，对中微公司使用自有资金支付募投项目所 需资金并以募集资金等额置换事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 经上海证券交易所审核同意，并根据中国证券监督管理委员会于 2021 年 3 月 3 日出具证监许可[2021]645 号文《关于同意中微半导体设备（上海）股份有 限公司向特定对象发行股票注册的批复》，公司向特定对象发行 80,229,335 股人 民币普通股 A 股股票。截至 2021 年 6 月 22 日止，公司完成了人民币普通股 A 股 80,229,335 股的发行，每股发行价格为人民币 102.29 元，股款以人民币缴足， 合计人民币 820,665.87 万元，扣除承销及保荐费用共计人民币 8,206.66 万元（不 含增值税）后，实际收到募集资金计人民币 812,459.21 万元，再扣除其他发行费 用人民币合计 642.96 万元（不含增值税）后，实际募集资金净额为人民币 到位，业经普华永道中天会计师事务所（特殊普通合伙）予以验证并出具了普华 永道中天验字（2021）第 0638 号验资报告。 ...

Core Viewpoint - Beijing E-Town Semiconductor Technology Co., Ltd. (屹唐股份) reported significant growth in revenue and net profit for the first half of 2025, driven by strong demand in the semiconductor industry and advancements in its product offerings [12][11]. Company Overview - The company focuses on the research, development, production, and sales of integrated circuit manufacturing equipment, including dry stripping, rapid thermal processing, dry etching, and plasma surface treatment equipment [6][8]. - The company has established a strong international presence with R&D and manufacturing bases in China, the United States, and Germany, serving global customers [11][12]. Financial Performance - For the first half of 2025, the company achieved revenue of approximately 2.48 billion yuan, an increase of 18.77% compared to the same period last year [12]. - The net profit attributable to shareholders reached approximately 347.8 million yuan, reflecting a year-on-year growth of 40.23% [12]. - The net profit after deducting non-recurring gains was approximately 254.4 million yuan, up 16.66% year-on-year [12]. Industry Context - The semiconductor industry is a critical component of modern electronic information society, with its technology level and scale being key indicators of a country's comprehensive strength and industrial competitiveness [11]. - The global semiconductor market is projected to reach $626 billion in 2024, with an expected growth of 18.1% compared to 2023, and is anticipated to reach $705 billion in 2025 [11]. - The semiconductor equipment market is also expected to grow, with a forecasted increase of 10% in 2024, reaching $117 billion, and a further 7.4% growth in 2025 [11]. Product Development - The company has developed a competitive product line that includes advanced dry stripping equipment, rapid thermal processing equipment, and dry etching equipment, which are already in use by several leading global semiconductor manufacturers [11][12]. - New product developments include the Optima series of dry stripping equipment and the RENA-E series of dry etching equipment, both of which have received positive customer feedback and repeat orders [13][14]. R&D and Innovation - The company emphasizes autonomous R&D and innovation, aligning its development with international technology trends and customer needs [12][11]. - A significant portion of revenue is reinvested into R&D, with the R&D expenditure accounting for 14.78% of revenue [12].

以下文章来源于More Than Semi ，作者猫叔 More Than Semi . More Than SEMI 半导体行业研究 在之前的直播中，我们讲过华为的CM384超节点中，scale up和scale out所需要的光模块数量。 结论就是：在scale up中，NPU:光模块是1:14，在scale out中，NPU:光模块是1:4，所以总的比例就是 1:18，所以384个NPU，就需要384 x 18 = 6912 个光模块。 在英伟达的NVL72中，我们之前也讲过一篇SemiAnalysis的分析，里面提到了NVL72中光和铜。 如果大家看了上面的两个资料，对比了华为和英伟达服务器中光模块的用量，就会发现CM384中光的 用量出奇的高，这也就是大家说的"全光互联"，听着很厉害，但现实情况是功耗和成本都增加了很多。 所以笔者认为，如果短期内光的技术没有很大的提升，那么CM384在后面的部署中，可能会引入铜。 欢迎专业人士来指正。 但上面的计算方法并不通用，首先是跟各家的互联架构有关，所以我之前看到一篇文章中讲NPU服务器 中，和光模块的比例是多少，GPU服务器中，光模块的比例是多少，这种说法明 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 475.6 CNY per share, maintaining the rating [6]. Core Views - The company reported a robust revenue growth of 30.86% year-on-year, achieving 16.142 billion CNY in revenue for the first half of 2025, with a net profit of 3.208 billion CNY, reflecting a 15.37% increase [1]. - The increase in orders has driven revenue growth, with a gross margin of 42.17%, although it decreased by 3.33 percentage points year-on-year [2]. - The company completed the acquisition of ChipSource Micro, enhancing its product line in semiconductor equipment, particularly in lithography process equipment, which creates strong synergies with existing operations [10]. Financial Performance - In the first half of 2025, the company's revenue from electronic process equipment reached 15.258 billion CNY, a year-on-year increase of 33.89%, with a gross margin of 41.70% [3]. - The revenue from electronic components decreased by 17.47% year-on-year to 868 million CNY, with a gross margin of 50.43% [3]. - The company expects continued revenue growth in the semiconductor equipment sector due to domestic IC localization trends and benefits from technological iterations in the photovoltaic and new energy industries [3]. Future Projections - Revenue projections for the company are estimated at 39.09 billion CNY, 48.86 billion CNY, and 59.61 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 7.30 billion CNY, 9.39 billion CNY, and 11.98 billion CNY for the same years [10][12].

[Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 29 日 [Table_Title] 中报业绩点评：25H1 业绩保持快速增长，非 CMP 业务迎来高增 [Table_Title2] 华海清科(688120) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688120 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 220.0/104.4 | | 目标价格： | | 总市值(亿) | 459.39 | | 最新收盘价： | 129.99 | 自由流通市值(亿) | 459.39 | | | | 自由流通股数(百万) | 353.41 | 公司发布 2025 年半年度报告。 ► 先进制程 CMP 放量+新业务高增，25H1 公司收入端保持快速增长 2025H1 公司营收 19.50 亿元，同比+30.28%，其中 Q2 为 10.37 亿元，同比+27.05%，持续快速增长，基本符合 市场预期。分业务来看，1）我们判断 CMP 设备仍为主要收入 ...

点击招商研究小程序查看PDF报告原文 事件：北方华创发布2025半年报，公司25H1泛半导体业务收入稳健成长，工艺覆盖度持续提升，新品 拓展顺利，平台型优势持续凸显，尽管25Q2收入存在季节性波动，但公司整体订单相对充沛，下半年 有望延续同比健康增长态势。 维持"增持" 投资评级。 25Q2收入存在季节性波动，盈利能力环比稳中有升。 25Q2收入79.4亿元，同比+22.5%/环比-3.3%，环 比下滑主要系收入确认的季节性波动；毛利率41.3%，同比-6.1pcts/环比-1.7pcts；归母净利润16.3亿元， 同比-1.6%/环比+3%；扣非净利润16.1亿元，同比+2.8%/环比+2.6；单季扣非净利率20.3%，保持健康水 位。25H1电子工艺装备收入152.6亿元，同比+33.9%，毛利率41.7%，同比-2.93pcts；电子元器件收入 8.68亿元，同比-17.5%，毛利率50.4%，同比-7pcts，主要系下游行业影响。 25H1泛半导体设备收入利润稳健增长，电子元器件利润同比承压。 从子公司情况来看，北方华创微电 子装备（主营泛半导体设备）148亿元，同比+35.4%，净利润32.6亿元， ...

点击招商研究小程序查看PDF报告原文 事件：华海清科发布2025半年报，公司25Q2收入利润同环比稳健增长，毛利率和净利率维持较高水 平。公司CMP设备先进制程签单实现较大占比，减薄、划切、离子注入机等新品进展顺利，晶圆再生 产能持续爬坡。***投资评级。 25Q2收入同环比稳健增长，盈利能力提升。 ①25H1收入19.5亿元，同比+30.3%；归母净利润5.1亿元， 同比+16.8%；扣非净利润4.6亿元，同比+25%。公司利润增速低于收入增速，主要系职工薪酬增长以及 收购芯嵛公司影响，期间费用率增速较快，同时利息收入和政府补助等减少；②25Q2收入10.4亿元，同 比+27%/环比+13.7%；毛利率45.8%，同比+0.9pct/环比-0.5pct；归母净利润2.7亿元，同比+18%/环比 +16.5%；扣非净利润2.5亿元，同比+26.3%/环比+17%。公司整体收入稳健增长，盈利能力保持在较高 水平。 新签CMP设备订单中先进制程占比提升，减薄机等订单大幅增长。 公司全新抛光系统架构机台 Universal-H300获得批量重复订单，实现规模化出货，新签CMP设备订单中先进制程实现较大占比，部 分先 ...

Core Viewpoint - The company reported significant revenue growth in Q2 2025, with a focus on increasing R&D investment to accelerate the launch of new products, particularly in etching equipment for advanced process lines [2][3]. Financial Performance - In H1 2025, the company's revenue reached 4.96 billion yuan, a year-on-year increase of 43.9%, while net profit attributable to shareholders was 710 million yuan, up 36.6% year-on-year [2]. - Q2 2025 revenue was 2.79 billion yuan, reflecting a year-on-year growth of 51.3% and a quarter-on-quarter increase of 28.3% [2]. - The gross margin for Q2 was 38.5%, showing a slight year-on-year increase of 0.4 percentage points but a decrease of 3 percentage points quarter-on-quarter [2]. - The company's R&D expenses in H1 2025 amounted to 1.116 billion yuan, a significant increase of 96.7% year-on-year, impacting short-term profit performance [2]. Product Development and Market Position - The revenue from etching equipment in H1 2025 was approximately 3.78 billion yuan, representing a year-on-year increase of 40%, while LPCVD equipment revenue surged to 199 million yuan, up 608% year-on-year [3]. - The company has successfully increased the shipment volume of high-end products for critical etching processes in advanced logic and memory device manufacturing, achieving large-scale production [3]. - The company is progressing well with the validation of new EPI equipment, entering the advanced process and customer validation stages [3]. Investment Recommendation - The company maintains a positive outlook for revenue growth in 2025, 2026, and 2027, with a recommendation to "increase holdings" based on the current performance and future potential [3].