Core Insights - The report highlights the significant growth in revenue and profitability for various companies in the technology and energy sectors, indicating a positive trend in their respective markets [6][23][15]. Industry Overview - The non-bank financial sector is experiencing a resurgence, with a focus on investment value as half-year reports are being released [5]. - The semiconductor and advanced packaging industries are seeing increased demand, driven by technological advancements and market expansion [8][11]. Company Analysis - **Stone Technology (688169.SH)**: The company reported a revenue of 7.903 billion, a year-on-year increase of 78.96%, but a decline in net profit by 39.55% [6]. - **Jiaocheng Ultrasonic (688392.SH)**: The company experienced a significant improvement in profitability, with a focus on scaling its advanced packaging business [8]. - **Green's Harmonics (688017.SH)**: The company achieved a revenue growth of 45.8% in the first half of 2025, driven by a recovery in the industrial robot market [15]. - **Hongyuan Co., Ltd. (920018.BJ)**: Recognized as a national champion in the electromagnetic wire industry, the company is leveraging its advantages in the ultra-high voltage sector [14]. - **JianTou Energy (000600.SZ)**: The company reported a substantial increase in net profit by 169.37% in the first half of 2025, attributed to effective cost management and stable power generation performance [23][24]. Financial Performance - **Stone Technology**: The company’s H1 revenue reached 7.903 billion, with a net profit of 678 million, reflecting a significant year-on-year revenue increase [6]. - **Jiaocheng Ultrasonic**: The company’s H1 gross margin was 44.56%, with a net margin of 8.57%, indicating improved profitability [8]. - **Green's Harmonics**: The company’s Q2 revenue grew by 69.5%, with a net profit increase of 101% [15]. - **JianTou Energy**: The company’s H1 revenue was 111.13 billion, with a net profit of 8.97 billion, showcasing strong financial health [23]. Investment Recommendations - The report suggests a "Buy-A" rating for companies like Stone Technology and Jiaocheng Ultrasonic, indicating strong future growth potential [8][11]. - JianTou Energy is also recommended for investment due to its robust financial performance and strategic project developments [23][26].

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and profit for the first half of 2025, driven by increased sales in ultrasonic equipment for new energy batteries and connector applications [1][2]. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1]. - Profit before tax reached 60.71 million yuan, with net profit attributable to shareholders at 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [1]. Business Development - The revenue growth was attributed to the increase in sales of ultrasonic welding equipment and components, particularly in the new energy and semiconductor sectors [1][3]. - The company has been actively promoting ultrasonic welding monitoring systems to address challenges in battery welding, with related equipment achieving bulk shipments during the reporting period [1]. Product Innovation - Jiao Cheng Ultrasonic launched a vibration monitoring system for terminal welding quality in the connector field, addressing shortcomings in traditional quality management [2]. - The company received formal orders for advanced ultrasonic scanning microscopes and ultrasonic die bonding machines in the semiconductor advanced packaging sector [2]. Research and Development - R&D investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, representing 23.41% of the operating revenue [2]. - The company increased its R&D personnel to 318, accounting for 37.54% of total employees, with a 10.03% increase in new R&D staff compared to the previous year [2]. Incentive Mechanism - The company completed the grant of reserved restricted stock to incentive objects under the 2024 restricted stock incentive plan, with a grant date set for March 31, 2025, for up to 645,300 shares [2].

在非金属领域，骄成超声推出的15kHz~40kHz不同类型的非金属超声焊接、检测设备，可以满足下游客 户对复合纤维材料、中高端塑料、无纺布等应用的需求。 在医疗领域，骄成超声控股子公司上海贝斡医疗科技有限公司已取得超声波口腔医疗器械注册证4项， 相关产品落地进程持续加速。 技术壁垒持续巩固盈利能力显著提升 8月18日晚，骄成超声(688392)发布2025年半年度业绩报告。报告显示，骄成超声2025年上半年实现营 业收入3.23亿元，同比增长32.50%；归属于上市公司股东的净利润达5803.69万元，同比增长 1005.12%。数据显示，骄成超声持续深耕超声波技术平台，在新能源电池、半导体、线束连接器等领 域实现业务快速增长，同时积极拓展医疗等应用场景，展现出强劲的发展势头。 核心业务稳健增长，多领域市场拓展成效显著 骄成超声作为国内领先的超声波技术解决方案提供商，依托自主研发的核心技术，持续优化产品结构， 深化市场布局。2025年上半年，骄成超声在新能源电池领域继续保持领先优势，超声波焊接振动监控系 统、激光焊接质量监控系统、超声波除尘及检测设备等产品实现批量出货，助力客户提升产线质量与效 率。 在线束连 ...

下简称"行动方案"）。公司根据行动方案内容，积极开展和落实各项工作，现将 一、 稳健经营、创新发展，不断提升核心竞争力的实施情况 (一)专注主营业务，加快市场拓展和产品布局的实施情况 公司专注于超声波设备的研发、设计、生产与销售，致力于为客户提供专业 的超声波应用及智能装备解决方案。公司依靠以超声波技术为核心的基础研发技 术和创新技术，向新能源电池、半导体、医疗等行业进行应用拓展。报告期内， 公司紧密围绕战略发展规划和年度目标，通过优化产品结构、加强供应链管理、 工艺技术创新等方式，切实推进各业务板块提质增效工作，持续提升经营管理效 率。2025 年上半年，公司整体经营持续向好，实现营业收入 32,279.33 万元，同 比增长 32.50%，归属于上市公司股东的净利润 5,803.69 万元，同比增长 1,005.12%。 在新能源电池领域，公司依托自主研发的核心技术，结合市场需求、行业技 术趋势以及客户反馈，通过持续迭代产品、优化核心工艺、加大新产品推广等措 施，进一步扩大市场份额，巩固了公司在新能源电池领域的领先优势。报告期内， 公司超声波焊接振动监控系统、激光焊接质量监控系统、超声波除尘设备、超声 波 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55.65 CNY, indicating a potential upside from the current price of 49.55 CNY [5]. Core Views - The company has shown a strong performance in Q1 2025 with revenue of 148 million CNY, a year-on-year increase of 22.35%, and a net profit of 24 million CNY, reflecting a significant year-on-year growth of 2152.47% [1][2]. - The company is focusing on expanding its ultrasonic technology platform into new sectors such as automotive wiring harnesses and semiconductors, which is expected to drive revenue growth in the coming years [2]. - Short-term recovery in lithium battery utilization rates is anticipated to boost order volumes, while stable contributions from consumables will support performance [2]. Financial Performance - In Q1 2025, the company's gross margin was 64.91%, an increase of 9.30 percentage points year-on-year, and the net profit margin was 15.78%, up by 14.96 percentage points year-on-year [10]. - The company has seen a continuous improvement in contract liabilities, which stood at 37.62 million CNY at the end of Q1 2025, indicating a positive trend for sustained revenue growth [11]. - Revenue projections for 2025-2027 are estimated at 760 million CNY, 1.017 billion CNY, and 1.394 billion CNY, with corresponding year-on-year growth rates of 30%, 34%, and 37% [12]. Product and Market Development - The company is optimizing its product structure, with significant growth in automotive wiring harnesses and semiconductors, which are beginning to show volume increases [3]. - In 2024, revenue from the automotive wiring harness segment reached 81 million CNY, a year-on-year increase of 352.37%, while semiconductor revenue was 47 million CNY, up by 195.66% [8]. - The consumables segment generated 1.84 billion CNY in revenue in 2024, reflecting a growth of 70.45% year-on-year, driven by increased market demand and higher utilization rates from lithium battery customers [8].