北交所公司 半年报披露季迎调研热 机构聚焦创新与成长主线 2025年半年报披露期间，北交所上市公司迎来机构调研热潮。据不完全统计，8月以来，已有明阳科 技、富士达、创远信科、林泰新材、慧为智能、华密新材等超过20家公司发布了投资者关系活动记录 表。 调研内容聚焦企业业绩增长动力、新产品布局、产能扩张及海外市场拓展等核心议题。多家公司明确表 示，将继续加大研发投入，积极拓展新能源、半导体和海外市场等高潜力赛道，显示出强烈的发展意 愿。 从调研机构来看，华源证券、开源证券、易方达基金、南方基金、Tiger Pacific Capital、金长川资本等 各类机构广泛参与，反映出机构投资者对北交所优质企业的认可度持续增强。 林泰新材所在的湿式纸基摩擦材料领域，全球仅有6家企业可实现量产。作为国内唯一供应商，该公司 表示，"短期内国内市场难以出现具备竞争力的新进入者"，主要因行业认证周期长、产品验证需2至3 年、客户绑定紧密等高壁垒特征。其电子控制防滑差速器（ELSD）已获两家头部企业项目定点，预计 2026年开始应用。 卓兆点胶在非果链市场实现突破。该公司表示，"在Meta AI眼镜领域主要供应点胶阀与点胶设备，已获 ...

Core Insights - As of August 17, 25 companies listed on the Beijing Stock Exchange disclosed their 2025 semi-annual reports, with 22 companies reporting year-on-year revenue growth [1] - Notably, Zhuozhao Adhesive achieved the highest revenue growth rate at 207.46%, while several other companies, including Binhang Technology, Jinbo Biology, Tongxin Transmission, Haineng Technology, and Mingyang Technology, reported revenue growth rates exceeding 30% [1] - Zhuozhao Adhesive and Jinbo Biology plan to distribute interim dividends, indicating a commitment to returning value to investors [1] Revenue and Profit Performance - Among the 25 companies that disclosed their mid-year reports, 24 reported positive net profits, with only Optai experiencing a loss [2] - 18 companies saw year-on-year growth in net profit, with Zhuozhao Adhesive, Haineng Technology, and Yingtai Biology successfully turning losses into profits [2] - Zhuozhao Adhesive reported a revenue of 156 million yuan, a 207.46% increase year-on-year, and a net profit of 26.78 million yuan, recovering from a loss of 12.03 million yuan in the same period last year [2] - The growth in Zhuozhao Adhesive's performance is attributed to increased demand in end-use applications, accelerated acceptance of existing projects, progress in new market development, and improved cost control and operational efficiency [2] Sector-Specific Insights - Yingtai Biology also turned a profit in the first half of 2025, reporting a revenue of 2.966 billion yuan, a 3.04% increase, and a net profit of 15.29 million yuan, recovering from a loss of 79.38 million yuan [3] - The agricultural chemical sector is experiencing a structural recovery, with improved supply and demand dynamics and price increases in certain product segments due to seasonal demand and overseas restocking [3] - Haineng Technology reported a total revenue of 136 million yuan, a 34.87% increase, and a net profit of 5.47 million yuan, recovering from a loss of 14.02 million yuan [3] - The company is focusing on high-efficiency chromatography instruments and expanding into new market segments, which contributed to a 61.71% increase in revenue from chromatography and spectroscopy products [3] Dividend Distribution Plans - As of August 17, Zhuozhao Adhesive, Jinbo Biology, and two other companies plan to distribute a total cash dividend of 176 million yuan [4] - Zhuozhao Adhesive plans to distribute 2.20 yuan per 10 shares, totaling approximately 18.06 million yuan [4] - Jinbo Biology intends to distribute 10 yuan per 10 shares, amounting to about 115 million yuan, with a revenue of 859 million yuan and a net profit of 392 million yuan, reflecting a year-on-year growth of 42.43% and 26.65%, respectively [4] - Mingyang Technology plans to distribute 2.25 yuan per 10 shares, with a total cash dividend of around 30 million yuan, reporting a revenue of 167 million yuan and a net profit of 31.88 million yuan, a slight decrease of 4% year-on-year [4] - Jianbang Technology also announced a cash dividend of 2 yuan per 10 shares, totaling approximately 13.16 million yuan, with a revenue of 375 million yuan and a net profit of 49.41 million yuan, reflecting a year-on-year growth of 20.77% and 27.18%, respectively [5]

Macro Overview - In the first seven months of 2025, China's total import and export value reached 25.7 trillion yuan, with a year-on-year growth of 3.5% [1] - In July, China's export value was 321.78 billion USD, with a year-on-year growth rate of 7.2%, while imports were 223.54 billion USD, growing by 4.1% [2][3] - The trade surplus in July was 98.2 billion USD, down from 114.8 billion USD in the previous month [2] Export and Import Trends - Export growth is supported by global economic resilience and increased export and transshipment activities, with July's global manufacturing PMI at 49.7% [3] - The export growth to the US continued to decline significantly, with a year-on-year decrease of 21.7% in July [4] - Exports to ASEAN and the EU showed stability, with ASEAN exports maintaining a growth rate of 16.6% [4] Company Insights: Xtep International (1368.HK) - Xtep focuses on a diversified brand matrix covering both mass and professional sports markets, positioning itself as a leading running shoe brand in China [1][13] - The company reported a revenue of 13.577 billion yuan in 2024, with an adjusted year-on-year growth of 6.5% and a net profit of 1.238 billion yuan, reflecting a growth of 20.23% [13] - Xtep's main brand is experiencing steady growth, supported by increased R&D investment, which has a compound growth rate of 13.96% [13] Company Insights: Zhaozhao Point Glue (873726) - Zhaozhao Point Glue specializes in intelligent dispensing equipment, breaking the foreign monopoly in the high-end dispensing market [21][23] - The company has a comprehensive intellectual property system covering core components, equipment, and application processes, which is expected to optimize its product structure as it deepens customer cooperation [24] - The domestic market has seen a shift towards replacing mid-to-low-end products, with significant potential for high-end product substitution in the future [23] Company Insights: Yingzi Network (688475) - Yingzi Network reported a revenue of 2.827 billion yuan in the first half of 2025, with a year-on-year growth of 9.45% [16][17] - The company’s smart home business is a key growth driver, with smart entry business revenue growing by 32.99% [17] - The company has launched new AI products and expanded its market presence, with a focus on enhancing brand influence and competitiveness [17][19] Summary of Key Metrics - The overall import and export environment is showing signs of pressure, particularly in the context of US-China trade relations and tariff uncertainties [7] - The performance of specific companies like Xtep and Yingzi Network indicates a positive growth trajectory despite broader economic challenges [13][17] - Zhaozhao Point Glue's focus on high-end dispensing technology positions it well for future growth in a competitive market [21][24]