北京经纬恒润科技股份有限公司2025 年半年度报告 公司代码：688326 公司简称：经纬恒润 北京经纬恒润科技股份有限公司 北京经纬恒润科技股份有限公司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、重大风险提示 详见本报告"第三节 管理层讨论与分析"之"四、风险因素"相关内容。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人吉英存、主管会计工作负责人鹿文江及会计机构负责人（会计主管人员）汪敏华 声明：保证半年度报告中财务报告的真实、准确、完整。 六、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 不适用 七、是否存在公司治理特殊安排等重要事项 √适用 □不适用 公司治理特殊安排情况： □本公司为红筹企业 □本公司存在协议控制架构 √本公司存在表决权差异安排 （一）特别表决权设置情况 股东大会，会议表决通过《关于 <北京经纬恒润科技股份有限公司设置特别表决权股份的方案> 的 议案》，设置特别表决权股份，该表决权差异安 ...

Group 1: Investment Trends - Major global capital firms, including UBS, JPMorgan, and Goldman Sachs, have recently invested heavily in six Chinese companies, indicating a strong interest in the Chinese market [1][7] - Road畅科技, a company specializing in automotive smart devices, attracted significant foreign investment, with four foreign institutions purchasing nearly 2 million shares [1][2] - XinKe Materials, known for high-performance copper alloys, saw substantial foreign buying, with Barclays and JPMorgan acquiring 4.17 million and 3.18 million shares respectively [1][4] Group 2: Company Highlights - Road畅科技 focuses on automotive electronics, producing key products like navigation screens and voice control systems, and has backing from major engineering machinery giant Zoomlion [2][7] - 双一科技, which manufactures composite materials for wind turbine blades, has also drawn foreign interest, with UBS and Barclays making significant purchases [3][7] - 金龙羽, a leading cable manufacturer, is developing next-generation solid-state batteries, which has caught the attention of foreign investors [6][7] Group 3: Market Dynamics - The influx of foreign capital into these companies reflects a broader trend of international investors targeting technically proficient small giants in China [7] - The investments are characterized by a collective approach from multiple foreign institutions, indicating a strong consensus on the potential of these companies [6][7] - The presence of both foreign and domestic capital in companies like 浙江华业 highlights a rare convergence of interest in the Chinese market [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 591 million yuan for H1 2025, representing a year-on-year increase of 9.03%, and a net profit attributable to shareholders of 98 million yuan, up 0.61% year-on-year [2] - In Q2 2025, the company achieved a quarterly revenue of 321 million yuan, reflecting a year-on-year growth of 6.74% and a quarter-on-quarter increase of 18.63%, with a net profit of 45.26 million yuan, up 21.99% year-on-year [2] - The company focuses on consumer electronics, automotive/new energy sectors, and is developing new fields such as AR/VR and low-altitude economy [3] - The company’s products include precision functional components and intelligent automation equipment, widely used in smartphones, smart wearables, smart home devices, smart cockpits, power batteries, and energy storage batteries [3] - The gross margin for H1 2025 was 35.59%, slightly up from 35.06% in the same period last year, attributed to a focus on high-value-added product lines in AR/VR, optics, and semiconductors [3] - R&D expenses for H1 2025 were 48.86 million yuan, an increase of 2.66% year-on-year, with 7 patents published internationally and 384 patents obtained domestically [3] Financial Forecasts and Valuation - The company is expected to achieve net profits of 267 million yuan, 313 million yuan, and 374 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26.50%, 17.19%, and 19.38% [4] - The corresponding price-to-earnings (PE) ratios are projected to be 25, 21, and 18 times for the years 2025, 2026, and 2027 [4]

Group 1 - The core viewpoint of the news is that Guanghong Technology (300735) is strengthening its position in the secondary market and has made significant progress in its acquisition of AC, a European electronic manufacturing services (EMS) giant, which enhances its global strategic layout [1][2]. - The acquisition of AC is a crucial step for global expansion, allowing Guanghong Technology to integrate high-quality targets and establish a manufacturing network across Asia, Europe, America, and Africa [2]. - AC has a strong presence in the automotive electronics sector, ranking 9th in Europe and 47th globally, which aligns with Guanghong Technology's strategy to expand its automotive electronics business [3]. Group 2 - Guanghong Technology's existing business shows resilience, with stable growth expected in the consumer electronics sector, particularly in providing high-end manufacturing services for major clients like Huawei and Honor [4]. - The automotive electronics business is projected to increase its revenue share to 15% by Q1 2025, benefiting from the rising penetration of new energy vehicles [4]. - The current valuation of Guanghong Technology does not fully reflect its growth potential post-acquisition, indicating room for valuation recovery as the company integrates AC's capabilities and stabilizes its domestic operations [4].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the company's focus on extracting investment value from significant events and analyzing industry chain companies [1] - The product aims to provide users with quick information on market impacts, presented in a professional yet accessible manner [1] Group 2 - The company offers satellite navigation and robotics services, with subsidiaries providing various testing services for satellites [1] - The RISC-V chip products can be utilized in spacecraft control computers, indicating a technological advancement in the aerospace sector [1] - The company also integrates robotics with automotive electronics, supplying components such as modules and wiring harnesses for vehicle applications [1]

Core Viewpoint - The production of Apple's iPhone 17 has entered a large-scale phase, boosting demand across the supply chain and enhancing optimistic market expectations for the consumer electronics peak season, leading to companies in Apple's supply chain, such as Luxshare Precision, pursuing an IPO in Hong Kong [1] Company Overview - Luxshare Precision is a leading global precision manufacturing technology company providing integrated development and manufacturing solutions across various fields, including consumer electronics, automotive electronics, and communication [2] - The company has established a comprehensive global business support system, with 105 production bases, 28 R&D centers, and 94 testing laboratories across 29 countries and regions as of July 31 [2] Financial Performance - Luxshare Precision's revenue for 2022, 2023, and 2024 is projected to be CNY 214.03 billion, CNY 231.91 billion, and CNY 268.80 billion, respectively, showing a growth trend [2][3] - Gross profit for the same years is expected to be CNY 25.49 billion, CNY 25.74 billion, and CNY 27.07 billion, with gross margins of 11.9%, 11.1%, and 10.1% [2] - Net profit is projected to be CNY 10.49 billion, CNY 12.24 billion, and CNY 14.58 billion for the respective years [2] Revenue Sources - The consumer electronics segment is the primary revenue source, contributing CNY 190.95 billion, CNY 204.68 billion, and CNY 233.10 billion in 2022, 2023, and 2024, accounting for 89.2%, 88.3%, and 86.7% of total revenue [3] - The company’s products are widely used, with projections indicating that by 2024, one in every two smartphones, one in every three wearable devices, and one in every five smart cars will utilize Luxshare's products [2] Client Concentration - Luxshare Precision's revenue is highly concentrated, with over 70% of its income derived from a single major client, indicating a significant dependency on this client [4][5] - The revenue from the top five clients accounted for approximately 83.1%, 82.4%, and 78.5% of total revenue in 2022, 2023, and 2024, respectively [4][5] IPO and Fund Utilization - The IPO proceeds will be used to expand production capacity, upgrade existing facilities, invest in technology R&D, and repay existing bank loans, among other general corporate purposes [5]

每经AI快讯，豪恩汽电（SZ 301488，收盘价：79.55元）8月25日晚间发布公告称，公司第三届第十八 次董事会会议于2025年8月22日在公司会议室以现场方式及通讯方式召开。会议审议了《关于修订 <公 司章程> 的议案》等文件。 2025年1至6月份，豪恩汽电的营业收入构成为：汽车电子占比99.37%，其他业务占比0.63%。 （记者 张喜威） 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

截至发稿，维科精密市值为41亿元。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 王晓波） 每经AI快讯，维科精密（SZ 301499，收盘价：29.51元）8月25日晚间发布公告称，公司第二届第十次 董事会会议于2025年8月25日在上海市闵行区北横沙河路598号公司会议室以现场的方式召开。会议审议 了《关于<2025年半年度报告>及其摘要的议案》等文件。 2024年1至12月份，维科精密的营业收入构成为：汽车电子占比85.17%，其他占比8.57%，非汽车电子 占比6.26%。 ...

Core Viewpoint - The company is focused on automotive electronics and precision die-casting, aiming to become a leading system supplier for automotive electronic products and components both domestically and internationally [1][59]. Financial Performance - In Q2 2025, the company achieved a net profit of 186 million yuan, representing a year-on-year increase of 28.5% [2][11]. - For H1 2025, the company reported total revenue of 5.311 billion yuan, a year-on-year increase of 26.65%, with a net profit of 341 million yuan, up 18.98% [11][62]. - The automotive electronics business generated revenue of 3.788 billion yuan in H1 2025, up 23.37%, while the precision die-casting business saw revenue of 1.292 billion yuan, an increase of 41.32% [3][11]. Business Segments Automotive Electronics - The automotive electronics segment includes products such as electronic rearview mirrors, cockpit domain controllers, vehicle-mounted cameras, digital keys, and precision motion mechanisms, all of which saw significant sales growth in H1 2025 [9][12]. - The company maintains a leading market share in HUD products domestically and has improved its global market share in vehicle wireless charging [12][35]. - The customer base is diversifying, with significant revenue growth from clients like Changan, BAIC, Xiaomi, Stellantis, and NIO [9][12]. Precision Die-Casting - The precision die-casting segment focuses on lightweight automotive components, with applications in electric vehicle systems, communication modules, and automotive braking and transmission systems [53][55]. - Revenue from this segment increased significantly in H1 2025, with new projects secured from major clients such as ZF, Bosch, and BYD [55][56]. Product Development and Innovation - The company emphasizes R&D as a key competitive advantage, investing 440 million yuan in H1 2025, which is 8.29% of its revenue [27][28]. - The company has launched new products like VPD and continues to enhance its HUD technology, ensuring it remains at the forefront of market trends [36][44]. - Collaborations with tech companies like Huawei and Xiaomi have expanded the product offerings, including advanced HUD systems and wireless charging solutions [6][44]. Market Strategy - The company is expanding its production capacity and global footprint, with new facilities in Huizhou and Shanghai, and subsidiaries in Thailand and Mexico [56][57]. - The focus on smart cockpit technology and lightweight solutions aligns with industry trends towards electric and intelligent vehicles [1][8].

Summary of Key Points Core Viewpoint - A total of 61 companies were investigated by well-known institutions in the past week (August 18 - August 24), with the pharmaceutical and biotechnology sectors leading the inquiries, followed by the computer industry. Desay SV Automotive, a leading automotive electronics company, received the highest attention with 228 inquiries [1]. Company Research - Desay SV Automotive received 228 inquiries on August 21 [2]. - Other notable companies include: - Ice Wheel Environment with 142 inquiries on August 20 [2]. - Naxin Micro with 135 inquiries on August 19 [2]. - Huace Testing with 128 inquiries on August 22 [2]. - Lizhu Group with 122 inquiries on August 21 [2]. - Zhongmin Resources had 201 inquiries on August 22 [4]. - Water Crystal Optoelectronics received 224 inquiries on August 19 [4]. - New Energy Materials and Weicai Technology also received significant attention with 80 and 79 inquiries respectively [4][5]. Industry Insights - The pharmaceutical and biotechnology sectors are highlighted as the most investigated industries, indicating strong interest from institutional investors [1]. - The automotive electronics sector, represented by Desay SV Automotive, is also gaining traction, reflecting potential growth opportunities in this area [1].