Core Viewpoint - The financial performance of Jingce Electronics (300567) for the first half of 2025 shows a significant increase in revenue but a notable decline in net profit, indicating mixed operational results and challenges in certain business segments [1][7]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.381 billion yuan, a year-on-year increase of 23.2% [1]. - Net profit attributable to shareholders was 27.67 million yuan, down 44.48% year-on-year [1]. - The gross margin improved to 44.05%, up 8.1% year-on-year, while the net margin increased by 88.95% to 7.44% [1]. - Total operating expenses were 281 million yuan, accounting for 20.36% of revenue, a decrease of 6.78% year-on-year [1]. - Earnings per share decreased to 0.1 yuan, down 44.44% year-on-year [1]. Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 132.54%, primarily due to increased cash outflows for purchasing goods [3]. - The company’s cash and cash equivalents decreased by 19.68% to 1.108 billion yuan [1]. - Interest-bearing liabilities increased by 3.04% to 3.608 billion yuan, with a debt-to-asset ratio of 36.01% [4]. Business Segment Performance - The semiconductor testing segment is a key growth area, with the company maintaining a leading position in the domestic market [11][12]. - The display sector faced challenges, with sales revenue declining by 13.54% to 670.71 million yuan, and net profit down 66.08% [14]. - The new energy equipment sector saw revenue growth of 27.32% to 119.73 million yuan, despite ongoing market competition [17]. R&D and Strategic Initiatives - R&D investment for the first half of 2025 was 319.99 million yuan, representing 23.17% of revenue, with a focus on semiconductor and display technologies [10]. - The company is actively expanding its strategic partnerships in advanced packaging technology, enhancing its capabilities in the semiconductor manufacturing supply chain [13]. Market Position and Investor Sentiment - The company is held by prominent fund managers, with increased positions noted, indicating positive investor sentiment [5][6]. - Analysts project a performance of 213 million yuan for 2025, with an average earnings per share estimate of 0.77 yuan [4].

精测电子投资者关系活动记录表（2025 年度） 证券代码：300567 证券简称：精测电子 编号：2025-004 | | ☑ 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | 其他 电话会议 ☑ | | | 民生证券李哲、周晓萌；易方达李凌霄；银华基金方建；博时基 金冯喜建；长江证券倪蕤、王泽罡、严艺鸣、李想；华泰证券吕 | | | 兰兰；招商基金王超；国泰海通肖隽翀、黄行辉、李启文、黄龙； | | | 中银基金张欣仪、张响东、王晓彦；广发基金王瑞冬；中信建投 | | | 赵子鹏、赖昕；中金公司严佳、陈思涵、张梓丁；中泰证券冯光 | | | 亮；财通基金沈犁；东方证券朱茜、张子豪；方正证券徐凡；申 | | | 万宏源刘建伟；天风证券唐梦涵；信达证券张弛；中邮证券翟一 | | 参与单位名称及 | 梦；国海证券张钰莹；华西机械钟一新；西南机械杨云杰；华安 | | 人员姓名 | 机械徒月婷；西部机械邱策宇；东北证券武芃睿、凌展翔；华福 | | | 证券卢大炜；太平基金王达婷； ...