转自：新华财经 新华财经北京8月14日电（记者沈寅飞）联想集团（HKSE：992）（ADR：LNVGY）14日公布了截至 2025年6月30日的2025/26财年第一季度业绩：当季营收同比增长22%至1362亿元人民币，创下历史同期 新高；非香港财务报告准则下净利润同比增长22%，达28.16亿元人民币。 编辑：王媛媛 据介绍，报告期内联想集团IDG智能设备业务集团实现营收973亿元人民币，同比增长17.8%，其中PC 业务创15个季度以来最快增速；ISG基础设施方案业务集团营收实现35.8%的增长；SSG方案服务业务 集团收入增长19.8%再创新高，运营利润率达22.2%。 与此同时，联想集团本财季非PC业务营收占比进一步提升至47%。报告期内，联想集团AI基础设施业 务营收同比增长155%。 值得注意的是，若按香港财务报告准则计算，联想集团本财季净利同比增108%，达36.6亿元人民币。 这主要是受股价波动影响带来的认股权证公允价值变动，进而产生的非现金性质账面收益。集团管理层 认为，由于认股权证公允值变动的影响预计将持续至2027/2028财年末，公司希望市场更多关注集团在 非香港财务报告准则下的公司实 ...

天眼查App显示，近日，天长市起航电子有限公司成立，法定代表人为郑玲玲，注册资本50万人民币， 经营范围为一般项目：电子元器件制造；电子元器件批发；电子元器件零售；家用电器制造；家用电器 销售；家用电器零配件销售；家用视听设备销售；其他电子器件制造；电子产品销售；货物进出口；技 术进出口；进出口代理（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

每经AI快讯，8月14日，联想集团在港交所发布截至2025年6月30日止的第一财季业绩报告显示，公司 第一财季营收188.3亿美元，同比增长22%。第一财季净利润5.05亿美元，同比增长108%。 ...

Core Viewpoint - Shaanxi Huada plans to enhance its R&D capabilities through the acquisition of 100% equity in Shaanxi Huajing Microelectronics, which is expected to boost its production value significantly by the end of 2024 [1][2]. Group 1: Acquisition Details - The acquisition involves issuing shares to purchase Shaanxi Huajing Microelectronics, which is currently held by several stakeholders, including Shaanxi Electronic Xijing Electric Group, the controlling shareholder of Shaanxi Huada [2]. - Shaanxi Huajing Microelectronics has a registered capital of 82.55 million and is recognized as a national "specialized, refined, distinctive, and innovative" small giant enterprise, with over 700 employees and more than 160 senior technical personnel [3]. Group 2: R&D Investment - Shaanxi Huada has maintained a high level of R&D investment, with R&D expenses reaching 42.09 million in 2024, representing a growth in R&D intensity compared to the previous year [7]. - In the first quarter of 2025, despite reporting a loss, the company increased its R&D expenses by 44.73% to 10.44 million, with an R&D expense ratio exceeding 12% [8]. Group 3: Financial Performance - In 2024, Shaanxi Huada's revenue was 630 million, and net profit was 46.64 million, reflecting a year-on-year decline of 26.03% and 40.80%, respectively [5]. - The company reported a revenue of 85.99 million in the first quarter of 2025, a decrease of 52.90% year-on-year, and a net loss of 18.44 million [5].

Core Viewpoint - The company has approved the use of temporarily idle raised funds for cash management, with a limit of up to RMB 900 million, to enhance the efficiency of fund utilization while ensuring the safety and liquidity of the investments [1][8][12]. Summary by Sections 1. Basic Situation of Raised Funds - The company raised a total of RMB 3,201,044,000 through its initial public offering, with a net amount of RMB 3,035,261,414.64 after deducting issuance costs [2][3]. - The funds have been deposited in a special account approved by the board of directors, and a tripartite supervision agreement has been signed with the sponsor and the bank [3]. 2. Investment Projects of Raised Funds - The raised funds are allocated for specific projects as outlined in the company's prospectus, with a total investment amount of RMB 246,813.72 million [5][6]. 3. Cash Management Arrangement - The company plans to use up to RMB 900 million of temporarily idle raised funds for cash management, with a maximum investment period of 12 months [8][9]. - The funds will be invested in low-risk, highly liquid financial products that meet capital preservation requirements, such as structured deposits and large certificates of deposit [8][9]. 4. Impact on the Company - The cash management initiative is designed to improve the efficiency of fund utilization without affecting the normal use of raised funds for investment projects [10][12]. - The company aims to generate additional returns for shareholders through prudent investment choices [10][12]. 5. Opinions from Supervisory Bodies - The supervisory board and the sponsor have reviewed and approved the cash management plan, confirming that it complies with relevant regulations and does not harm the interests of shareholders [12][13].

Core Viewpoint - Q-Tech's 1H25 net profit growth of 168% YoY aligns with profit alert, driven by stronger CCM ASP (+27% YoY), improved non-mobile sales mix, and Newmax's earnings turnaround [1][2]. Group 1: Financial Performance - Q-Tech's 1H25 revenue increased by 15% YoY, exceeding market expectations by 5% and 8%, attributed to a better non-mobile sales mix and high-end mobile products [2]. - Gross profit margin (GPM) improved by 2.2 percentage points YoY to 7.4%, supported by high-end mobile CCM mix and recovery in FPM ASP/GPM [2]. - The company raised FY25E shipment guidance for non-mobile CCM growth to +60% YoY (previously +40%) and FPM growth to +30% YoY (previously +20%) [1][2]. Group 2: Market Outlook - Q-Tech is optimistic about non-mobile product launches, including drones and handheld devices, as well as auto shipment ramp-up and FPM share gains [1]. - Management maintains a positive outlook on OIS/periscope upgrades, new project wins in auto CCM, and advancements in IoT CCM [2]. - The company expects a 32MP+ CCM mix of 55%+ and periscope CCM growth of 100%+ YoY in FY25E [2]. Group 3: Valuation and Recommendations - The revised FY25-27E EPS forecasts are 29-30% above consensus, indicating strong earnings upgrade potential [3]. - Current valuation at 17.7x/14.8x FY25/26E P/E is considered attractive, especially in light of projected EPS growth of 187%/19% for FY25/26E [3]. - The recommendation to maintain a BUY rating reflects confidence in Q-Tech's market leadership and sales momentum, particularly in the non-mobile segment [3].

Core Viewpoint - Q-Tech reported strong 1H25 results, benefiting from a robust upgrade trend in Android smartphone specifications and gaining market share in the FPM segment through a partnership with Goodix, leading to a record high GPM and significant net profit growth [1][2]. Financial Performance - Revenue for 1H25 reached RMB8.8 billion, marking a 15% year-over-year increase and a 4% quarter-over-quarter rise, driven by a 60% YoY increase in FPM shipments and a 31% YoY increase in average selling price (ASP) [2]. - Gross profit margin (GPM) improved to 7.4%, a 0.5 percentage point increase quarter-over-quarter, attributed to a better product mix and utilization [2]. - Operating profit surged 1,269% YoY to RMB280 million, primarily due to effective R&D cost control [2]. - Net income rose 168% YoY to RMB308 million, aligning with the profit alert [2]. Product and Market Dynamics - In 1H25, 32MP+ CCM accounted for 53% of shipments, with a notable increase in OIS and periscope shipments, the latter soaring 590% YoY [3]. - The average ASP of CCM increased by 27% YoY and 16% HoH to RMB41.5, exceeding estimates [3]. - Q-Tech revised its full-year shipment guidance for FPM from +20% YoY to +30% YoY, indicating strong demand for its ultrasonic FPM [3]. - The company raised its full-year non-smartphone CCM shipment guidance from at least 40% YoY to 60% YoY, driven by strategic gains in automotive, drones, XR, and LiDAR sectors [3]. Strategic Developments - Q-Tech became the largest shareholder in poLight, a Norwegian company, which is expected to enhance its XR capabilities with valuable technologies for next-generation XR products [4]. - The company established partnerships with seven leading tier-one automotive suppliers and obtained certifications from 37 global automotive OEMs in 1H25 [3]. Valuation and Target Price - The target price for Q-Tech has been raised from HK$11.6 to HK$16.4, based on a 22x 2026E EPS valuation [1][5].

2025年8月13日，电子板块A股市值达到102882亿元，创出历史新高。其中，工业富联总市值8674.62亿 元居首，寒武纪-U总市值3597.81亿元位居次席，海光信息总市值3256.86亿元位居第三位。目前电子行 业A股市值仅次于银行业，位居第二。 ...

Group 1 - The global electronics industry is expected to show divergence in 2025, with AI Server demand driven by data center construction standing out, while traditional consumer electronics like smartphones, laptops, wearables, and TVs face growth challenges due to high inflation, lack of innovative products, and geopolitical uncertainties [1][2] - A significant advance ordering phenomenon is observed in the electronics supply chain for 2025, with shipments of servers, tablets, laptops, monitors, and automotive products shifting from the traditional peak season in the second half of the year to the first half, leading to a near 50:50 shipment ratio for the year [1] - AI Server shipments are projected to increase by over 20% in 2025, as cloud service providers focus capital expenditures on high-end NVIDIA GPUs and self-developed ASIC chips, which may crowd out the budget for general-purpose servers [1] Group 2 - The edge AI topic has cooled compared to the booming cloud AI, with brand manufacturers attempting to incorporate AI features into end products, but still remaining in the marketing phase without killer applications [2] - Shipments of smartphones and laptops are expected to remain flat or grow by only 1-2% in 2025, while TV shipments are projected to decline by 1.1%, and the wearables market may face a contraction of 2.8% [2] - In 2026, most consumer product shipments are anticipated to remain flat or show mild growth of around 1%, with potential declines in wearables and automotive markets, indicating that the electronics industry will face challenges unless technological breakthroughs or compelling consumer applications emerge [2]

Group 1 - A new company, Changsha Yuezhi Shang Electronic Technology Co., Ltd., has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Xiao Cai [1] - The business scope includes sales of integrated circuit chips and products, technical services, and various electronic equipment sales [1] Group 2 - The company is involved in technology development, consulting, and transfer, as well as information consulting services [1] - The company is permitted to engage in the sale of electronic products and components, excluding projects that require approval [1] - The establishment of this company indicates potential growth in the electronic technology sector in Changsha [1]