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 ...

Group 1 - The company has announced the early redemption of its convertible bonds "Gaoce Convertible Bonds" due to the stock price meeting the redemption conditions [10][12][9] - The last trading day for the "Gaoce Convertible Bonds" is September 3, 2025, and the last conversion day is September 8, 2025 [21][7] - The redemption price is set at 100.1742 CNY per bond, which includes accrued interest [14][20][17] Group 2 - In the first half of 2025, the company achieved a revenue of 1.451 billion CNY, focusing on cost reduction and efficiency improvement amid a challenging photovoltaic industry [31][32] - The company has maintained its leading market share in photovoltaic cutting equipment and has expanded its production capacity for tungsten wire [32][33] - The company has successfully entered the humanoid robot sector, developing components for robotic applications and establishing a dedicated product line [37][38] Group 3 - The company has reported a total of 1,108 patents and 71 software copyrights as of June 30, 2025, reflecting its commitment to innovation and technology leadership [39][38] - The company is actively implementing a "quality improvement and efficiency return" action plan to enhance shareholder value and maintain stable returns [45][46] - The company has established a robust governance structure to ensure compliance with regulations and protect shareholder interests [42][43]

高测股份 20250828 摘要 高测股份 2025 年上半年营收 14.52 亿元，后净利润亏损 1.22 亿元， 同比下降 151.26%；但二季度环比改善，收入 7.66 亿元，环比提升 11.63%，净利润亏损环比收窄 80.56%，显示盈利能力修复迹象。 公司切片服务收入占比近半，金刚线收入占比 23.42%。光伏装备海外 市场占有率保持领先，创新业务拓展至石材和 3C 设备领域，新产品如 剪薄机、12 寸金刚线切片机等已进行客户测试。 高测股份通过技术改造提高单机产能，降低成本，并积极与战略客户合 作，调整合作模式，如与英发科技、东瓷、通威等建立多样化的硅片代 工和切片合作关系，优化客户结构。 公司持续进行平台化技术研发，将硬脆材料加工经验应用于金属材料加 工，包括切割和磨削设备，并研发激光切割、金刚线切割等复合切割技 术，以应对业绩压力和拓展业务。 高测股份成立机器人产品线，重点关注人形机器人减速器，包括行星减 速器、谐波减速器及摆线减速机，并根据客户需求进行定制开发，团队 成员来自行业头部企业及外资企业。 高测股份在各个业务板块的收入情况如何？ 2025 年上半年，高测股份的切片服务收入为 7 ...

Core Viewpoint - The company reported a challenging performance in the first half of 2025 due to the overall environment of the photovoltaic industry, but showed significant recovery in profitability in the second quarter [1][2] Financial Performance - The company achieved a total revenue of 1.451 billion yuan in the first half of 2025, with a net profit attributable to shareholders of -89 million yuan [1] - In the second quarter, the company recorded a revenue of 766 million yuan, an increase of 11.63% quarter-on-quarter [1] - The net profit attributable to shareholders in the second quarter was -14 million yuan, representing a substantial quarter-on-quarter growth of 80.56% [1] Business Development - The company is actively expanding into the humanoid robot sector and has made substantial progress, launching composite metal tendons suitable for humanoid robot dexterous hands and other parts, which have entered trial phases with multiple robot companies [1] - The company is also advancing the development of planetary roller screw grinding equipment based on its technical accumulation in high-precision grinding equipment [1] - The company has further entered the humanoid robot reducer market and is collaborating with customers to promote the development of reducers, indicating a clear acceleration in new business layout [1] Technological Support - The company has established three major technology platforms: precision cutting, precision grinding, and electroplating chemistry, which support rapid migration of R&D scenarios [2] - This capability has previously enabled the company to achieve a "dark horse" breakthrough in the photovoltaic sector and is now a key factor in its cross-industry expansion into the robotics sector [2]