每经头条（nbdtoutiao）——农夫大战怡宝，抢到更多蛋糕的却是宗馥莉！农夫绿瓶上市后，怡宝上 演"滑铁卢"：市占率大跌近5个百分点 2024年1至12月份，利扬芯片的营业收入构成为：测试收入占比92.26%，其他业务占比6.0%，晶圆磨切 服务占比1.74%。 截至发稿，利扬芯片市值为69亿元。 每经AI快讯，利扬芯片（SH 688135，收盘价：34.21元）9月29日晚间发布公告称，公司第四届第十二 次董事会会议于2025年9月29日在公司会议室以现场结合通讯方式召开。会议审议了《关于续聘公司 2025年度审计机构的议案》等文件。 （记者 王晓波） ...

Core Viewpoint - The company is a well-known independent third-party testing technology service provider focusing on integrated circuit testing, implementing a "one body, two wings" strategy to drive growth [1][2]. Group 1: Business Overview - The company's main business includes integrated circuit testing solution development, wafer testing, and chip finished product testing services [1]. - The "one body, two wings" strategy consists of integrated circuit testing as the core, with wafer laser grooving, dicing, thinning as the left wing, and all-weather ultra-wide spectrum layered image sensor chips for autonomous driving and robotics as the right wing [1]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 284 million yuan, a year-on-year increase of 23.09%, with a net profit attributable to shareholders of -7.06 million yuan, indicating a narrowing loss [2]. - In Q2 2025, revenue reached 154 million yuan, up 35.29% year-on-year and 18.38% quarter-on-quarter, with a net profit of 523,400 yuan, marking a return to profitability for the quarter [2]. - The growth in performance is attributed to sustained strong demand for certain testing categories, improved terminal demand from existing customers, and new product introductions from newly acquired clients [2]. Group 3: Strategic Initiatives - The company is expanding into the autonomous driving and robotics sectors, having signed a strategic cooperation agreement with a subsidiary to provide ultra-wide spectrum layered image sensor chips and related testing services [3]. - The "TerraSight" chip, developed in collaboration with a partner, successfully demonstrated its capabilities in a mining truck, showcasing the company's advancements in technology [3]. - The company leverages its accumulated testing solutions in automotive electronics, high computing power, storage, and sensors to support the rapid reuse and customization of solutions in the robotics testing business [3]. Group 4: Future Outlook - Revenue is projected to grow by 24.6%, 24.2%, and 23.0% from 2025 to 2027, reaching 608 million, 756 million, and 930 million yuan respectively, with net profit expected to turn positive by 2027 [3].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company focuses on integrated circuit testing and has shown a significant revenue growth of 23.09% year-on-year, reaching 284 million yuan in the first half of 2025, with a notable improvement in profitability as it reported a net profit of 523,400 yuan in Q2 2025 [1][2] - The "One Body, Two Wings" strategy is beginning to yield results, with the integrated circuit testing business generating 277.29 million yuan in revenue, a 21.85% increase year-on-year, and the wafer thinning business seeing a remarkable 111.61% growth [1][3] - The company is strategically enhancing its capacity in high-end integrated circuit testing, particularly in automotive electronics, high-performance computing, 5G communications, AI, storage, sensors, and robotics [2][4] Financial Performance - In the first half of 2025, the company reported a net loss of 7.06 million yuan, but achieved a quarterly profit of 0.523 million yuan in Q2 2025, indicating a potential turning point in profitability [1][6] - Revenue projections for 2025-2027 are estimated at 604.16 million yuan, 744.94 million yuan, and 920.05 million yuan respectively, with expected net profits gradually improving from a loss of 18.59 million yuan in 2025 to a profit of 22.13 million yuan in 2027 [5][11] Business Strategy - The company is expanding its testing capabilities to include advanced technologies such as ultra-thin chip processing and laser grooving, which enhance production efficiency and reduce costs [3][4] - Collaborations with partners like Dieling Optoelectronics are aimed at developing advanced testing processes for heterogeneous integration, which is expected to drive future growth in autonomous driving and robotics [4][6] Market Position - The company is well-positioned to capture market share in the rapidly growing automotive chip sector, driven by the demand for electric vehicles and advanced driver-assistance systems [2][3] - The strategic focus on domestic production and deepening testing specialization is expected to enhance the company's competitive edge and profitability in the semiconductor industry [2][4]

Core Viewpoint - The report outlines the ongoing supervisory work conducted by Guangfa Securities for Guangdong Liyang Chip Testing Co., Ltd., emphasizing the company's compliance with regulations and the absence of any violations during the supervisory period [1][2][6]. Group 1: Supervisory Work - Guangfa Securities has established and effectively implemented a continuous supervision work system and plan for Liyang Chip [2]. - A continuous supervision agreement has been signed between the sponsor and Liyang Chip, clarifying the rights and obligations of both parties during the supervision period [2]. - The supervisory work includes daily communication, regular visits, on-site inspections, and due diligence [2][3]. Group 2: Compliance and Governance - Liyang Chip has adhered to legal and regulatory requirements, with no reported violations or breaches of commitments during the supervisory period [2][6]. - The company has established effective corporate governance and internal control systems, including financial management and auditing procedures [2][3]. Group 3: Financial Performance - For the first half of 2025, Liyang Chip reported operating revenue of 284.04 million yuan, a 23.09% increase compared to 2024 [15]. - The total profit for the same period was -8.95 million yuan, showing an improvement from -16.37 million yuan in the previous year [15]. - The net profit attributable to shareholders was -7.06 million yuan, compared to -8.44 million yuan in the same period last year [15]. Group 4: Risks and Challenges - The company faces core competitiveness risks due to rapid technological advancements in the integrated circuit industry, necessitating continuous talent development [6][7]. - Operational risks are present as the industry is capital-intensive, requiring significant investment in testing equipment to meet market demands [7][8]. - The company is also exposed to financial risks, including fluctuations in gross profit margins due to changes in product structure and cost structures [11][12]. Group 5: Research and Development - Liyang Chip has invested 37.31 million yuan in R&D in the first half of 2025, a decrease of 4.27% from the previous year [25]. - The R&D expenditure accounted for 13.13% of operating revenue, reflecting a decrease of 3.76 percentage points [25]. - The company has made significant progress in patent applications and software copyrights, enhancing its innovation capabilities [25][26]. Group 6: Market Position and Competitive Advantage - Liyang Chip has established a strong market position in the integrated circuit testing industry, benefiting from its diverse testing platforms and proximity to local chip design companies [17][20]. - The company emphasizes customer loyalty and interaction, which contributes to its competitive edge in the market [18][20]. - The strategic focus on emerging applications such as automotive electronics and high-performance computing positions the company for future growth [21][22].

Core Insights - Liyang Chip (688135) reported a revenue of 284 million yuan for the first half of 2025, representing a year-on-year growth of 23.09%, while the net profit attributable to shareholders was a loss of 7.06 million yuan, indicating a narrowing of losses compared to the previous year [1] - The company specializes in integrated circuit testing services, having developed 44 categories of testing solutions and completed mass production testing for thousands of chip models, with applications across various sectors including communications, computing, consumer electronics, automotive electronics, and industrial control [1] Business Performance - The revenue from integrated circuit testing services reached 277 million yuan in the first half of 2025, a year-on-year increase of 21.85%, with the second quarter achieving a record high of 150 million yuan in revenue [2] - The significant growth in testing revenue was driven by sustained demand from existing clients and the introduction of new products from newly acquired clients [2] - Revenue from wafer thinning services surged to 6.75 million yuan, marking a year-on-year increase of 111.61%, attributed to the company's strategic focus on wafer thinning and related technologies [2] - The company achieved a net profit of 523,400 yuan in the second quarter of 2025, reflecting improved profitability alongside rising revenues [2] Research and Development - Liyang Chip invested 37.31 million yuan in R&D during the reporting period, accounting for 13.13% of its revenue, emphasizing the importance of R&D in its growth strategy [3] - The company aims to address the imbalance in the integrated circuit testing sector, where there is a lack of full-process professional testing service providers to meet the high demand from design companies [3] - Future investments will focus on high-reliability testing capacities for GPUs, CPUs, AI, FPGAs, and automotive chips, enhancing the company's ability to provide efficient testing solutions and fostering a collaborative ecosystem within the industry [3]

Core Insights - The company reported a revenue of 284.04 million yuan for the first half of 2025, representing a year-on-year growth of 23.09% [2][3] - The net profit attributable to shareholders was a loss of 7.06 million yuan, showing a narrowing of losses compared to the previous year [2][3] - The net profit after deducting non-recurring gains and losses was a loss of 6.76 million yuan [2][3] Financial Performance - Total revenue for the reporting period was 284.04 million yuan, up from 230.75 million yuan in the same period last year, marking a 23.09% increase [3] - The total profit for the period was a loss of 8.95 million yuan, an improvement from a loss of 16.37 million yuan year-on-year [3] - The net cash flow from operating activities was 100.79 million yuan, down 9.40% from 111.24 million yuan in the previous year [3] Segment Performance - Revenue from integrated circuit testing reached 277.29 million yuan, a 21.85% increase year-on-year, with the second quarter achieving a record high of 150.26 million yuan [2][3] - The growth in testing revenue was driven by sustained demand from existing customers and new product introductions [2][3] - Revenue from wafer thinning and related services was 674.54 thousand yuan, up 111.61% year-on-year, attributed to the company's strategic layout and capacity release [4] Strategic Developments - The company is implementing a "one body, two wings" strategy, focusing on wafer thinning and laser grooving as extensions of its integrated circuit testing services [4] - A partnership with Dieling Optoelectronics has been established to provide unique services in wafer hetero-layering and testing [4] - The technology developed by Dieling Optoelectronics aims to enhance imaging capabilities under various weather conditions, supporting advancements in autonomous driving and robotics [4]

Group 1 - The core point of the article is that Liyang Chip (SH 688135) held its fourth board meeting on August 6, 2025, to discuss the proposal regarding the non-early redemption of "Liyang Convertible Bonds" [2] - For the fiscal year 2024, Liyang Chip's revenue composition is as follows: testing revenue accounts for 92.26%, other business accounts for 6.0%, and wafer grinding services account for 1.74% [2]