Overall Performance - In the first half of 2025, companies listed on the Beijing Stock Exchange achieved a total operating income of 92.064 billion yuan, with an average operating income of 336 million yuan, reflecting a year-on-year growth of 6.01% [2] - The total net profit attributable to shareholders was 5.909 billion yuan, with an average net profit of 21.5646 million yuan, showing a decline of 10.59%, although the decline rate has narrowed [2] - Over 60% of companies reported revenue growth, with 225 companies profitable, resulting in a profitability rate of 82.12% [2] - In Q2, companies reported a total operating income of 50.547 billion yuan, a quarter-on-quarter increase of 21.75%, and a net profit of 3.133 billion yuan, up 12.88% from the previous quarter [2] Industry Highlights - The automotive industry showed strong performance, with net profit growth of 23.63% in the first half of the year, driven by policies promoting vehicle upgrades [3] - Companies in the beauty and textile sectors also benefited from consumer trends, with net profit growth of 26.12% and 42.91%, respectively [3] - The equipment manufacturing sector maintained rapid growth, with net profit increasing by 15.95% [3] R&D Investment - Companies on the Beijing Stock Exchange increased R&D spending to 4.139 billion yuan, a year-on-year increase of 2.59%, with significant investments in information technology and biomedicine [4] - Eight companies had R&D expenditures exceeding 30% of their operating income, while four companies invested over 100 million yuan in R&D [4] - A total of 72 companies implemented equity incentive plans, covering 4,266 individuals, to attract and retain talent [4] Financing and M&A Activities - In 2025, 12 companies raised a total of 3.856 billion yuan through public offerings, while five companies announced targeted convertible bond issuances totaling 704 million yuan [5] - Eleven companies disclosed cash asset purchase announcements, with a total transaction amount of 2.650 billion yuan [6] - Significant mergers and acquisitions were noted, such as Xujie Technology's acquisition of a stake in a downstream photovoltaic power station investment and operation company [6] Investor Relations and Market Performance - Approximately 70% of listed companies implemented cash dividends, totaling 4.974 billion yuan, an increase of 5.35% year-on-year [7] - The number of qualified investors reached 8.6613 million, an increase of 675,600 from the previous year, with daily average trading participation of 343,700 investors [8] - The average daily trading volume was 29.625 billion yuan, with the market showing a positive trend following the launch of the Beijing Stock Exchange Specialized Index [8]

Group 1: Overall Performance - In the first half of 2025, companies listed on the Beijing Stock Exchange demonstrated resilience and growth potential, with total operating revenue reaching 92.064 billion yuan, an increase of 6.01% year-on-year [1] - The net profit attributable to shareholders was 5.909 billion yuan, with an average net profit of 21.5646 million yuan per company, reflecting a year-on-year decline of 10.59%, but the decline has narrowed compared to previous years [1] - Over 60% of companies reported revenue growth, with 225 companies profitable, resulting in a profitability rate of 82.12% [1] Group 2: Sector Highlights - The consumer sector showed policy-driven growth, particularly in the automotive industry, where companies like Kaitie achieved approximately 40% growth in both revenue and net profit [2] - The beauty and textile industries also thrived, with companies like Taihu Snow reporting a net profit increase of 69.77% [2] - Equipment manufacturing maintained rapid growth, exemplified by Wantong Hydraulic's net profit growth of 40.33% [2] Group 3: Innovation and Investment - Companies increased R&D investment, totaling 4.139 billion yuan, a year-on-year increase of 2.59%, with leading sectors being information technology and biomedicine [3] - Twelve companies completed public financing totaling 3.856 billion yuan, and five companies planned to issue a total of 704 million yuan in targeted convertible bonds [3] - Eleven companies disclosed cash acquisitions totaling 2.650 billion yuan, indicating active mergers and acquisitions for industry integration and transformation [3]

◎记者 时娜 此外，创业板公司"造血"能力明显增强，平均实现经营活动现金净流入1.13亿元，同比大幅增长 54.44%。 上半年，1384家创业板上市公司中，1028家公司实现盈利，占比74.28%；728家公司净利润实现同比增 长，占比52.60%，较上年同期增加4.86个百分点。其中，305家公司净利润同比增长幅度超50%，173家 公司净利润同比增长幅度超100%。 上半年，创业板头部公司业绩保持较快增长，持续发挥"压舱石"作用：市值排名前百位的公司合计实现 营业收入9372.31亿元，同比增长14.59%；合计实现净利润1024.54亿元，同比增长21.56%；营业收入和 净利润占板块总额的比重分别为45.68%和68.06%。 2025年第二季度，创业板公司收入、净利润进一步向好，合计实现营业收入1.10万亿元，平均实现营业 收入7.93亿元，环比增长14.95%；合计实现净利润788.20亿元，平均实现净利润0.57亿元，环比增长 9.90%。 截至2025年8月底，创业板1384家上市公司完成了2025年半年报披露。总体来看，创业板上市公司坚持 创新发展，上半年营收、净利润增速双双"领跑"A股。 ...

Core Insights - In the first half of 2025, companies on the ChiNext board achieved a total revenue of 2.05 trillion yuan and a net profit exceeding 150 billion yuan, with year-on-year growth rates of over 9% and 11% respectively, leading the A-share market [1][2] Revenue and Profit Growth - ChiNext companies reported a total revenue of 2.05 trillion yuan, with an average revenue of 1.48 billion yuan, marking a year-on-year increase of 9.03% [2] - The total net profit reached 1505.42 billion yuan, with an average net profit of 1.09 billion yuan, reflecting a year-on-year growth of 11.18% [2] - Over 70% of ChiNext companies were profitable, with more than half reporting a year-on-year increase in net profit, an increase of 4.86 percentage points compared to the previous year [2] - In Q2 2025, ChiNext companies achieved a total revenue of 1.10 trillion yuan, with a quarter-on-quarter growth of 14.95% [2] Key Growth Areas - The ChiNext board actively engaged in economic development, focusing on advanced manufacturing, digital economy, and green low-carbon sectors, with over 800 listed companies in these areas [3] - Companies in these three key sectors generated a total revenue of 1.34 trillion yuan, with a year-on-year growth of 9.87% and a net profit of 1139.19 billion yuan, growing 15.90% year-on-year [3] - The green low-carbon sector showed strong performance, with over 190 companies achieving a total revenue of 507.35 billion yuan, a year-on-year increase of 10.85% [3] Digital Economy and Advanced Manufacturing - The digital economy sector, comprising over 300 companies, reported a total revenue of 3709.48 billion yuan, growing 8.66% year-on-year, and a net profit of 292.15 billion yuan, increasing 40.03% [4] - The advanced manufacturing sector, with 327 companies, achieved a total revenue of 4611.34 billion yuan, reflecting a year-on-year growth of 9.79% [4] Highlights of Performance - The top 100 companies on the ChiNext board generated a total revenue of 937.23 billion yuan, with a year-on-year growth of 14.59% and a net profit of 1024.54 billion yuan, growing 21.56% [6] - Overseas revenue for ChiNext companies increased significantly by 21.26%, with notable growth in the electronics and communication sectors [6] - The consumer electronics, automotive, and small home appliance sectors saw net profit growth of 16.80%, 9.57%, and 21.94% respectively, driven by supportive policies [7] Investment and R&D Trends - ChiNext companies increased their R&D expenditures to a total of 949.89 billion yuan, a year-on-year growth of 5.35% [7] - Long-term asset investments by ChiNext companies totaled 182.23 billion yuan, reflecting a year-on-year increase of 9.43%, indicating a strong recovery in investment expansion intentions [7]

【导读】上半年 创业板公司 合计实现 营收 2.05 万亿元，净利润超 1500 亿元 从单季度业绩看，收入净利润环比增速亮眼。创业板公司2025年第二季度合计实现营收1.10 万亿元，平均实现营收7.93亿元，环比增长14.95%；合计实现净利润788.20亿元，平均实 现净利润0.57亿元，环比增长9.90%。 三大重点领域增长动能强劲 创业板主动融入经济社会发展大局，积极贯彻创新驱动发展战略，在先进制造、数字经济、 绿色低碳等重点领域汇聚超800家上市公司。 中国基金报记者 张燕北 伴随着上市公司2025年半年报披露完毕，创业板公司半年度的经营情况全部浮出水面。在今 年上半年复杂多变的外部环境下，创业板公司整体经营业绩明显改善，合计实现营业收入 （以下简称营收）超2万亿元，实现归属于上市股东的净利润（以下简称净利润）超1500亿 元，同比增速分别超过9%和11%，领跑A股市场。 整体亮眼的经营业绩背后，创业板公司三大重点领域增长动能强劲。此外，业绩报告透露出 几大重要趋势，例如海外多元化布局成效显现、研发创新投入持续加大等。 营收、净利润增速领跑A股市场 截至8月31日，创业板1384家上市公司披露20 ...

Core Insights - The ChiNext market has demonstrated significant improvement in overall business performance in the first half of 2025, with revenue and net profit growth rates leading the A-share market [1][2] Overall Business Performance - In the first half of 2025, 1,384 ChiNext companies achieved a total operating revenue of 2.05 trillion yuan, with an average revenue of 1.483 billion yuan per company, representing a year-on-year growth of 9.03% [2] - The total net profit attributable to shareholders was 150.54 billion yuan, with an average net profit of 109 million yuan per company, reflecting a year-on-year increase of 11.18% [2] - The average operating cash inflow per company was 113 million yuan, showing a substantial year-on-year growth of 54.44% [2] - Among the 1,384 companies, 1,028 were profitable, with a profitability rate of 74.28%, and 728 companies saw a year-on-year increase in net profit, up 4.86 percentage points from the previous year [2] Key Growth Areas - The three key sectors—advanced manufacturing, digital economy, and green low-carbon—collectively generated 1.34 trillion yuan in revenue, a year-on-year increase of 9.87%, and net profit of 113.92 billion yuan, up 15.90% [3] - The green low-carbon sector led with over 190 companies achieving 507.35 billion yuan in revenue, a 10.85% increase, and net profit of 49.70 billion yuan, up 25.55% [3] - The digital economy sector, with over 300 companies, reported 370.95 billion yuan in revenue, a growth of 8.66%, and net profit of 29.22 billion yuan, up 40.03% [3] - The advanced manufacturing sector saw 327 companies generate 461.13 billion yuan in revenue, a 9.79% increase [4] Performance of Leading Companies - The top 100 companies in the ChiNext achieved a total revenue of 937.23 billion yuan, a year-on-year increase of 14.59%, and net profit of 102.45 billion yuan, up 21.56% [5] - Among these companies, 87 were profitable, and 59 experienced a year-on-year increase in net profit, with 39 companies seeing growth rates exceeding 30% [5] Global Market Expansion - ChiNext companies have made significant strides in global market expansion, with overseas revenue growing by 21.26% in the first half of 2025 [6] - The electronics and communications sectors reported overseas revenue growth of 19.72% and 65.23%, respectively [6] R&D and Investment - Total R&D expenditure for ChiNext companies reached 94.99 billion yuan, a year-on-year increase of 5.35%, with 188 companies spending over 100 million yuan on R&D [7] - Long-term asset investment totaled 182.23 billion yuan, reflecting a year-on-year growth of 9.43%, with significant increases in the electronics and power equipment sectors [7]

证 券 研 究 报 告 科技制造引领，寻找景气成长 ——北交所25年二季报总结 2025.09.02 证券分析师：刘靖 A0230512070005 研究支持： 吕靖华 A0230124070002 主要内容 2 ◼ 北证二季报盈利压力再现。截至25Q2，北证单季营收增速+4.9%、环比-0.4pct，单季归母净利润增速-16.6%、环比 -8.8pct，ROEttm达+6.0%、环比-0.1pct；拆分ROE来看，25Q2，北证资产周转率TTM达62.6%、环比+0.5pct， 北证销售净利率TTM达5.5%、环比-0.2pct。其中，盈利压力主要源于两方面，1）Q2海外扰动影响显现，我国对美 出口增速大幅下滑，25Q2，北证出口50%以上企业单季扣非净利润增速转负、达-4.4%，环比-21.0pct。2）供给压 力、北证固定资产增速达历史高位，25Q2，北证固定资产增速达+30.2%、环比+2.0pct，处于历史高位，对北证盈 利能力形成压力，25Q2北证毛利率TTM达22.4%、环比-0.3pct，下滑幅度高于其他板块。展望后续，固定资产增速 的拐点有望在下半年出现，关注北证供给优化后的盈利弹性，截至2 ...

Group 1: Overall Performance of ChiNext Companies - The ChiNext companies achieved a total revenue of 2.05 trillion yuan, with an average revenue of 1.48 billion yuan, representing a year-on-year growth of 9.03% [1] - The total net profit reached 150.54 billion yuan, with an average net profit of 109 million yuan, showing a year-on-year increase of 11.18% [1] - The operating cash flow significantly improved, with an average net inflow of 113 million yuan, a substantial increase of 54.44% year-on-year [1] Group 2: Profitability and Growth Rates - Over 70% of the ChiNext companies reported profits, with 1,028 companies achieving profitability, accounting for 74.28% [2] - More than half of the companies saw a year-on-year increase in net profit, with 728 companies (52.6%) reporting growth, an increase of 4.86 percentage points from the previous year [2] - In the green and low-carbon sector, over 190 companies generated a total revenue of 507.35 billion yuan, a year-on-year growth of 10.85%, and a net profit of 496.99 billion yuan, up 25.55% [2] Group 3: Sector-Specific Performance - The new energy vehicle industry saw a revenue increase of 11.45% and a net profit growth of 23.38%, with leading companies like CATL maintaining strong profitability [3] - The digital economy sector, comprising over 300 companies, achieved a total revenue of 370.95 billion yuan, a year-on-year increase of 8.66%, and a net profit of 29.22 billion yuan, up 40.03% [3] - The advanced manufacturing sector reported a revenue of 461.13 billion yuan, growing by 9.79%, with significant improvements in the second quarter [4] Group 4: Investment and R&D Trends - The top 100 companies in the ChiNext achieved a total revenue of 937.23 billion yuan, a year-on-year increase of 14.59%, and a net profit of 102.45 billion yuan, up 21.56% [5] - The overseas revenue of ChiNext companies grew significantly, with a year-on-year increase of 21.26%, particularly in the electronics and communication sectors [5][6] - R&D expenditures totaled 94.99 billion yuan, reflecting a year-on-year growth of 5.35%, with 188 companies spending over 100 million yuan on R&D [6][7]

Market Overview - A-shares experienced a collective pullback on September 2, with all three major indices declining [1] - The main funds saw a net outflow of 119.685 billion yuan throughout the day [1] Sector Performance - Only three sectors saw net inflows: Public Utilities (2.04 million yuan), Comprehensive (1.89 million yuan), and Textile & Apparel (403.974 billion yuan) [1] - The electronics, computer, and communication sectors had the largest net outflows, with amounts of 24.716 billion yuan, 22.009 billion yuan, and 17.822 billion yuan respectively [1] - Other sectors with significant net outflows included Power Equipment, Non-ferrous Metals, and National Defense & Military Industry, each exceeding 5 billion yuan [1] - Non-bank financials, pharmaceutical biology, and machinery equipment sectors also experienced net outflows exceeding 4 billion yuan [1]

Group 1 - The report discusses how price increases are transmitted through the industrial chain, emphasizing the correlation between PPI and various manufacturing sectors, with a focus on six consumer goods chains: construction materials, electrical equipment, home appliances, automobiles, food and beverage, and apparel [1][9][10] - It highlights that upstream price increases in mining, metallurgy, and chemicals show strong correlation, while downstream sectors like components, equipment, and consumer goods exhibit a lag of 3 to 12 months in price transmission [1][9][10] - The report also analyzes the transmission of PPI to CPI, noting that since 2017, PPI has generally led CPI by about 6 months, indicating a potential widening of transmission lags across different industrial chains [2][19][22] Group 2 - The market review for August indicates a strong bullish sentiment, with A-shares leading the market, driven by AI catalysts and rising expectations of interest rate cuts by the Federal Reserve [3][31] - The report notes that the growth style has outperformed, particularly in the TMT sector, while traditional sectors like banking have seen slight declines [3][31][34] - It mentions that the inflow of margin financing has accelerated, with a net inflow of approximately 274 billion yuan in August, particularly favoring sectors like computing, communication, and electrical equipment [34][38] Group 3 - The report suggests investment strategies that balance win rates and payoffs, recommending a focus on cyclical sectors and potential catalysts in the market [4][5] - It emphasizes the importance of monitoring price signals in specific products and the verification of transmission across the industrial chain as key to the next profit cycle [29][30] - The report also highlights the potential for a global monetary easing trend if interest rate cut expectations continue to rise, which could support asset pricing in commodities and equities [4][5]