Core Viewpoint - In the first half of 2025, the semiconductor testing equipment company Zhongke Feimeng (688361.SH) reported significant revenue growth but continued to incur losses, highlighting a prominent issue of increasing revenue without corresponding profit [1][17]. Financial Performance - The company's revenue reached 702 million yuan, a year-on-year increase of 51.39%, but it still recorded a net loss attributable to shareholders of 18.35 million yuan, with a further loss of 110 million yuan after excluding non-recurring gains and losses, nearly unchanged from the previous year's loss of 115 million yuan [1][17]. - Following the release of the semi-annual report, Zhongke Feimeng's stock price fell by 2.32%, indicating market dissatisfaction with the company's performance [1]. R&D Investment - Zhongke Feimeng's R&D expenses amounted to 285 million yuan, a 37.79% increase compared to the same period last year, with the R&D expense ratio decreasing from 44.66% to 40.65% [2]. - The number of R&D personnel increased from 465 to 577, and the average salary for R&D staff rose from 277,700 yuan to 312,800 yuan [2]. - Despite high R&D investments, the company has not achieved significant results in mass production capabilities for high-end semiconductor testing equipment [2][5]. Equipment Development Progress - The company showcased its equipment development progress in its 2023 annual report, indicating that key devices such as the bright field nano-pattern wafer defect detection equipment and dark field nano-pattern wafer defect detection equipment had not yet achieved mass production [3][5]. - As of the first half of 2025, the optical critical dimension measurement equipment had achieved mass production, while the more challenging bright field and dark field devices remained in the customer process verification stage [5][7]. Cash Flow and Inventory Issues - Zhongke Feimeng's operating cash flow deteriorated significantly, with an outflow of 442 million yuan, marking a historical high [10]. - The company's accounts receivable and inventory increased substantially compared to the same period last year, while contract liabilities slightly decreased [11][16]. - The inventory reached 2.27 billion yuan, up from 1.37 billion yuan the previous year, with a significant portion classified as goods issued but not yet accepted by customers [13][16]. Market Position and Competition - The company faces intense competition in the market for its bright field nano-pattern wafer defect detection equipment, with aggressive pricing strategies noted [9]. - Despite the challenges, Zhongke Feimeng has actively promoted its achievements in this area, claiming to have broken foreign monopolies, although the actual production and acceptance remain pending [6][7]. Future Outlook - The semiconductor equipment industry is characterized by high R&D investment pressures and long market validation cycles, which pose ongoing cash burn challenges for companies like Zhongke Feimeng [17]. - The company is expected to focus on converting high R&D investments into mass production capabilities and improving cash flow efficiency to overcome the current "revenue without profit" dilemma [17].

25Q1收入同比稳健增长，毛利率同环比提升明显，费用短期影响利润表现。 25Q1收入2.94亿元，同比 +24.9%/环比-48.2%；毛利率58.1%，同比+3.7pcts/环比+7.5pcts；归母净利润亏损0.15亿元，同比减少 0.5亿元/环比减少0.55亿元；扣非净利润亏损0.43亿元，同比减少0.5亿元/环比减少0.4亿元。公司加速新 品研发和产品向更先进制程工艺迭代，股权激励费用、职工薪酬、研发投入等同比均有较大幅增长，而 一季度收入由于季节性影响基数较低，导致公司利润短期仍承压。 2024全年检量测设备收入同比均高增长，量测设备毛利率稳步提升。 公司整体收入和订单规模均快速 增长，2024年检测设备收入9.85亿元，同比+50.5%，销售机台176台，同比+53%，毛利率52.52%，同比 +0.28pct；量测设备收入3.61亿元，同比+62.9%，销售机台106台，同比+37.7%，毛利率37.5%，同比 +3.68pcts。 暗场设备出货量快速增长，明场设备验证进展顺利，关键尺寸设备实现对国内主流客户销售。1）无图 形晶圆缺陷检测设备： 公司订单量稳步增长，灵敏度更高的新一代产品通过多家 ...