高测股份（688556.SH）2025 年半年报点评 钨丝金刚线放量加速，布局机器人赛道打开成长天花板 2025 年 09 月 02 日 ➢ 事件 2025 年 8 月，高测股份 2025 年半年报，公司 25H1 实现营收 14.51 亿元，同 比-45.16%，归母净利润-0.89 亿元，扣非归母净利润-1.22 亿元，同比由盈转 亏。 分季度看，25Q2 公司实现营收 7.66 亿元，同比-37.57%，环比+11.63%，归母 净利润-0.14 亿元，扣非归母净利-0.41 亿元，亏损幅度环比 25Q1 有所收窄。 ➢ 钨丝金刚线快速放量，切片代工渗透率提升 公司冷拉钨丝母线产能快速扩充，凭借钨丝金刚线细线化领先及产品差异化竞争 优势，实现钨丝金刚线持续快速放量，出货规模稳步增长，市占率快速提升，盈 利能力逐步修复。2025 年 H1 公司实现金刚线销量（含自用）约 3,030 万千米， 其中钨丝金刚线约 2,342 万千米，钨丝金刚线占比约 77.29%。25H1 公司光伏 切割耗材实现收入 3.40 亿元。 切片代工方面，公司发挥设备+工艺的技术闭环优势，给客户提供更高的出片数、 更低的成本和更优 ...

Core Viewpoint - The AI Fund Manulife Dividend Pioneer Mixed A (162212) reported a profit of 942,000 yuan for Q2 2025, with a weighted average profit per fund share of 0.0171 yuan, and a net value growth rate of 1.98% during the reporting period [3][17]. Fund Performance - As of July 18, the fund's unit net value was 0.989 yuan, with a one-year cumulative growth rate of 8.09%, ranking 127 out of 133 comparable funds [3][4]. - The fund's three-month cumulative growth rate was 12.64%, ranking 119 out of 138 comparable funds, and the six-month growth rate was 10.13%, ranking 132 out of 138 [4]. Investment Strategy - The fund focuses on long-term investments in pharmaceutical and medical stocks, targeting companies with sustainable dividend capabilities and strong fundamentals [3]. - As of Q2 2025, the fund's main investments were concentrated in sectors such as in-hospital medical devices, equipment and consumables, in-hospital pharmaceuticals, and medical consumer products [3]. Risk Metrics - The fund's three-year Sharpe ratio was -0.0246, ranking 61 out of 105 comparable funds [10]. - The maximum drawdown over the past three years was 27.61%, with the largest single-quarter drawdown occurring in Q1 2022 at 21.42% [12]. Fund Composition - As of Q2 2025, the fund's total assets amounted to 50.68 million yuan [17]. - The top ten holdings included companies such as Aohua Endoscopy, Huatai Medical, and Heng Rui Medicine [19]. Portfolio Management - The fund has maintained a high average stock position of 92.95% over the past three years, compared to a comparable average of 86.95% [15].