据证券之星公开数据整理，近期莱伯泰科（688056）发布2025年中报。截至本报告期末，公司营业总收 入1.92亿元，同比下降10.33%，归母净利润2109.31万元，同比下降11.53%。按单季度数据看，第二季 度营业总收入9291.34万元，同比下降14.45%，第二季度归母净利润832.64万元，同比下降32.12%。本 报告期莱伯泰科公司应收账款体量较大，当期应收账款占最新年报归母净利润比达142.89%。 偿债能力：公司现金资产非常健康。 商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司应收账款状况（应收账款/利润已达142.89%） 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率45.55%，同比增1.92%，净利率10.99%， 同比减1.33%，销售费用、管理费用、财务费用总计4289.96万元，三费占营收比22.35%，同比增3.4%， 每股净资产11.82元，同比减1.5%，每股经营性现金流-0.12元，同比减89.31%，每股收益0.32元，同比 减8.57% | 项目 | 2024年中报 | 2025年中报 | ...

Summary of Key Points from the Conference Call Company Overview - **Company**: Haineng Technology - **Industry**: Scientific Instruments Core Insights and Arguments 1. **Revenue Growth**: Haineng Technology reported over 35% revenue growth in the first half of 2025, with Q2 revenue exceeding 81 million yuan, showing a year-on-year increase of over 30% and a quarter-on-quarter increase of over 40% [2][5][6] 2. **Profit Increase**: The company achieved a profit increase of nearly 20 million yuan in the first half of 2025, attributed to over 15% R&D investment over the past three years, enhancing product competitiveness and reliability [2][7] 3. **Market Share**: Despite a challenging industry environment in 2024, Haineng maintained market and sales investments, increasing market share in various segments, with enterprise clients accounting for nearly 50% of its customer base [2][8] 4. **Performance vs. Industry**: Haineng's 30% performance growth in the first half of 2025 significantly outpaced the industry average, with a ten-year compound growth rate close to 20% [2][9] 5. **Domestic Production Rate**: The domestic production rate of Haineng's liquid chromatography instruments reached 70%, with some core components achieving a general level of production, although challenges remain in ultra-high-performance liquid chromatography [2][12][22] 6. **Shareholder Returns**: The company has actively engaged in stock buybacks and dividends, having distributed dividends at least four times in the past five years, with plans to continue this strategy to enhance investor confidence [2][37][38] Additional Important Insights 1. **Industry Trends**: The scientific instruments industry is experiencing a recovery, particularly in investments from universities and research institutions, although large-scale projects have yet to materialize [10][11] 2. **Domestic Substitution Progress**: The trend towards domestic substitution in the scientific instruments sector has accelerated, with Haineng's products receiving positive feedback and gaining market share against imported brands [12][14] 3. **Future Outlook**: The company anticipates that the successful implementation of large-scale equipment renewal projects will be a key factor influencing future growth, despite delays in order placements [10][11] 4. **Product Development**: Haineng is focusing on expanding its product lines, including the introduction of new products like "Bai Xiaobai," which is currently in the market introduction phase [2][26] 5. **International Market Expansion**: Haineng's overseas revenue exceeded 10 million USD for the first time, accounting for about 20% of total revenue, with plans for further international market expansion [18][35] Conclusion Haineng Technology is positioned for robust growth in the scientific instruments industry, driven by significant revenue and profit increases, strategic investments in R&D, and a focus on domestic production and international expansion. The company's proactive approach to shareholder returns and market share enhancement further solidifies its competitive stance in the industry.