证券日报网讯宇环数控（002903）9月22日发布公告，在公司回答调研者提问时表示，高端磨床的研发 和生产是公司技术创新和发展的重要方向，公司正积极推进高端通用磨床的研发与推广，目前已研发和 生产了高精度平面磨床、复合立式磨床、导轨磨等多种类型的高端磨床产品。随着订单的交付和应用， 公司生产的高精度数控复合立式磨床已在轴承零部件、航空航天、机械加工业等多个高端设备进口替代 的下游领域逐步形成品牌影响力。未来，公司将通过实施"高端数控磨床研发中心建设项目"，进一步提 升高端磨床的研发与生产能力，努力打造公司新的业务增长点。 ...

Core Viewpoint - Yuhuan CNC Machine Tool Co., Ltd. is focusing on high-end grinding machine development and expanding its market presence in various sectors, including aerospace and consumer electronics, while enhancing its profitability through technological innovation and improved management practices [2][3][4]. Group 1: High-End Grinding Machine Development - The company has developed high-precision grinding machines, including flat grinding machines and composite vertical grinding machines, which are gaining brand influence in high-end equipment sectors such as aerospace and mechanical processing [2]. - Future plans include the establishment of a "High-End CNC Grinding Machine R&D Center" to enhance research and production capabilities, creating new business growth points [2]. Group 2: Robotics and Consumer Electronics Business - The dual-end surface grinding machine is utilized for processing components like gears and bearings in robotics, while the lathe series is used for planetary gearbox components [3]. - In the consumer electronics sector, the company achieved revenue of 124.92 million yuan in the first half of 2025, representing a year-on-year growth of 33.35%, accounting for 55.79% of total revenue [3]. - The grinding and polishing machines are used for the appearance parts of 3C products, serving Apple’s supply chain since the iPhone 4, including services for the iPhone 17 series [3]. Group 3: Profitability Changes and Strategies - In the first half of 2025, the company's total profit reached 13.35 million yuan, a year-on-year increase of 196.90%, while net profit was 8.94 million yuan, up 39.70% [4]. - The attributable net profit was 2.65 million yuan, which saw a decline due to income tax and minority shareholder losses [4]. - The gross margin for main products was 34.11%, showing recovery compared to 2024 and the first quarter of 2025 [4]. - The company plans to strengthen technological research and internal control management to enhance profitability [4]. Group 4: Business Layout and Shareholder Information - In the first half of 2025, the company is deepening its focus on consumer electronics and automotive parts while accelerating its layout in high-end manufacturing sectors like aerospace [5]. - The revenue for the first half of the year was 223.93 million yuan, reflecting a year-on-year growth of 11.74% [5]. - As of September 10, 2025, the total number of shareholders was 21,481, with detailed shareholder information to be disclosed in regular reports [5].

Core Viewpoint - Company has developed and produced various types of high-end grinding and pulling machines, indicating a strong position in the precision machinery market [1] Group 1: Product Development - Company has successfully developed high-precision flat grinding machines, composite vertical grinding machines, guide rail grinders, tenon and groove pullers, and spiral pullers [1] - The high-precision CNC composite vertical grinding machine is applicable in bearing components, aerospace, and mechanical processing sectors [1] - The spiral puller is suitable for applications in gear reducers and robotics [1] - The tenon and groove puller can be utilized in aerospace, marine, and nuclear power industries [1]

Core Viewpoint - The company emphasizes its commitment to technological innovation and development in the high-end grinding and pulling machine sector, showcasing its diverse product offerings and significant R&D investment [1] Group 1: Product Development - The company has developed and produced various types of high-end grinding and pulling machines, including high-precision flat grinding machines, composite vertical grinding machines, guide rail grinders, mortise and tenon pullers, and spiral pullers [1] - The high-precision CNC composite vertical grinding machine has applications in bearing components, aerospace, and mechanical processing, while the mortise and tenon puller is applicable in aerospace, marine, and nuclear power sectors [1] Group 2: Financial Performance - In the first half of 2025, the company's R&D expenses amounted to 22.24 million yuan, representing a year-on-year increase of 29.50%, which accounts for 9.93% of its revenue [1] - The company successfully passed provincial-level new product (new technology) identification and acceptance for three new products in the first half of the year, achieving an overall technology level that meets international advanced standards [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 22,392.59 million yuan, an increase of 11.74% compared to the same period last year [2] - The total profit reached 1,334.80 million yuan, a year-on-year growth of 196.90% [2] - Net profit amounted to 893.71 million yuan, reflecting a 39.70% increase year-on-year [2] Group 2: Revenue by Sector - Revenue from the consumer electronics sector was 12,492.46 million yuan, up 33.35% year-on-year, serving major clients like Lens Technology and Apple [2] - The automotive parts business generated 3,258.03 million yuan, with a remarkable growth of 100.22%, supplying parts to well-known manufacturers such as BYD and FAW [2] - Other business segments, including aerospace and semiconductor, contributed 6,476.46 million yuan, marking a 60.76% increase [3] Group 3: Emerging Business Development - The company has increased its penetration in emerging sectors like semiconductors, aerospace, and robotics, optimizing its product structure [4] - In the semiconductor field, the company produces precision processing equipment for various crystal materials, including sapphire and silicon [4] - The aerospace sector has seen the introduction of high-end composite vertical grinding machines, with clients including Shenyang Liming Aircraft [4] Group 4: R&D and Product Development - R&D expenses for the first half of 2025 were 2,224.22 million yuan, a 29.50% increase, accounting for 9.93% of total revenue [5] - The company has developed high-precision grinding and pulling machines, with new products achieving provincial-level recognition for advanced technology [5] - The overall gross margin for major products was 34.11%, showing recovery compared to previous periods [6] Group 5: Investment and Future Outlook - The company has reallocated funds for the "High-end CNC Grinding Machine R&D Center Construction Project" to enhance its technological capabilities [6] - The consumer electronics industry is undergoing a transformation driven by technological innovation, presenting new growth opportunities for the company [6]

Group 1: Company Overview and Product Development - The main products of Yuhuan CNC include CNC grinding machines, CNC polishing machines, CNC pullers, and intelligent equipment, widely used in various industries such as consumer electronics, automotive, aerospace, and semiconductors [2] - In 2024, the company aims to enhance service levels for core customers in the consumer electronics sector while focusing on the R&D and production of high-end CNC grinding machines and pullers, capitalizing on the market shift towards high-end, intelligent, and green manufacturing [2] - The company has successfully entered high-end manufacturing fields, with increased orders from sectors like automotive parts and aerospace, highlighting its competitive advantage in import substitution [3] Group 2: Research and Innovation - The R&D of high-end CNC grinding machines is a key focus for the company's technological innovation and development [3] - The company has produced various high-precision grinding machines, achieving significant breakthroughs in high-end equipment import substitution [3] - Future plans include upgrading existing products to meet market demands and innovating high-end equipment through various research projects [3] Group 3: Equity Incentive Plan - The first phase of the 2020 restricted stock incentive plan has been successfully completed, with all performance assessment indicators met [4] - The second phase of the equity incentive plan involves granting a total of 3.64 million shares, with 1.428 million shares already unlocked [4] - The implementation of the equity incentive plan enhances employee motivation and team cohesion, improving the company's talent attraction in the industry [4] Group 4: Product Applications and Market Segments - The company's puller products include high-speed CNC pullers and various series of vertical and horizontal pullers, applicable to both metal and non-metal materials [5] - Key downstream applications for puller products span industries such as automotive, aerospace, wind power, and robotics [5] Group 5: Financial Forecast and Growth Strategy - The company forecasts a revenue growth of 15%-30% and a net profit increase of 100%-200% for 2025 [6][7] - The focus on high-end manufacturing and import substitution aligns with national strategic decisions for economic transformation and development [7] - The company aims to leverage technological innovation and operational improvements to enhance its core competitiveness in the CNC machine tool market [7]