2025年8月4日，禾信仪器发布2025上半年业绩，实现收入0.53亿元，同比下滑48.9%，但通过组织架构优化及成本管控，净亏损收窄至 1745.96万元，同比减亏20.86%。单季度看，Q2实现收入2144万元，同比下滑62.7%，环比下滑33.2%；归母净利润亏损1039万元，同 比下滑47.6%，环比下滑47.0%。 值得注意的是，公司正加速推进重大资产重组，拟收购上海量羲技术56%股权以拓展产业链，同时向食品安全、医疗健康等新领域布局高端仪 器国产替代。 导读： 2025年8月4日，禾信仪器发布2025上半年业绩，实现收入0.53亿元，同比下滑48.9%，但通过组织架构优化及成本管控，净亏损收窄至1745.96万元，同 比减亏20.86%。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 面对业绩压力，公司采取两大关键举措： 新兴领域：推出水中VOCs在线监测系统（VOC1500W）、车载农药残留快检仪（TAPI-TOF）等新品，切入水质监测、农业检测市场； 医疗健康：微生物检测质谱仪（CMI系列）拓展临床诊断场景。 董事长周振在 ...

Core Viewpoint - HeXin Instruments reported a significant narrowing of losses in its traditional business while advancing into quantum computing, leading to an "accumulate" rating from Minsheng Securities [1] Financial Performance - For the first half of 2025, HeXin Instruments achieved revenue of 53 million yuan, a year-on-year decline of 48.9%, with a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [2] - In the second quarter of 2025, the company reported revenue of 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter; the net loss attributable to shareholders was 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [2] Investment in Quantum Computing - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and low-temperature measurement equipment [3] - Liangxi Technology generated revenue of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1%, an increase of 2.3 percentage points from 2024 [3] - Research and development expenses for Liangxi Technology in the first half of 2025 were 4.21 million yuan, 10.66 million yuan, and 5.55 million yuan, representing 15.72%, 14.33%, and 7.85% of revenue, respectively [3] - Liangxi Technology achieved a net profit of 28.15 million yuan in the first half of 2025 [3] Industry Trends - Major global players are increasing investments in quantum computing, with Microsoft’s CEO stating that quantum computing will be a significant accelerator in cloud services [4] - NVIDIA's CEO indicated that the quantum computing sector is at a historic turning point, predicting that the next generation of supercomputers will integrate quantum processing units (QPU) with GPUs [4] - Amazon has launched a new 54-qubit superconducting quantum processor on its Amazon Braket platform [4] Future Outlook - Without considering the acquisition, the company is expected to achieve revenues of 210 million yuan, 230 million yuan, and 240 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 37x, 34x, and 32x based on the closing price on May 30, 2025 [5] - The company is anticipated to benefit from strong product capabilities and potential policy support, with its core product, the dilution refrigerator, expected to break the overseas monopoly [5] - The overall competitive advantage and resource reserves of the company are expected to accelerate its development in the quantum computing sector [5]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company's traditional main business has significantly reduced its losses, while it is advancing into the quantum computing sector [1]. - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and products [2]. - Major overseas companies are increasing their investments in quantum computing, indicating a growing trend in the industry [3]. - The company is expected to achieve revenues of 210 million, 230 million, and 240 million yuan from 2025 to 2027, with corresponding P/S ratios of 37x, 34x, and 32x [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of 53 million yuan, a year-on-year decline of 48.9%, and a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [1]. - For the second quarter of 2025, revenues were 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter, with a net loss of 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [1]. Investment in Quantum Computing - The acquisition of Liangxi Technology is aimed at enhancing the company's capabilities in quantum computing, particularly in providing ultra-low temperature and weak signal measurement equipment [2]. - Liangxi Technology achieved revenues of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1% [2]. Industry Trends - Major players like Microsoft and NVIDIA are emphasizing the importance of quantum computing, with predictions of significant advancements in the field [3]. - The report highlights that the quantum computing sector is expected to grow, benefiting companies like the one under review [3]. Future Projections - The company is projected to achieve revenues of 213 million, 228 million, and 244 million yuan from 2025 to 2027, with a growth rate of 5.1%, 7.3%, and 6.9% respectively [5]. - The net profit attributable to shareholders is expected to improve from a loss of 19 million yuan in 2025 to a loss of 13 million yuan in 2027 [5].

Core Insights - Guodian Quantum achieved a revenue of 253 million yuan in 2024, representing a year-on-year growth of 62.3%, while net profit recorded a loss of 31.84 million yuan, reducing losses by 92.08 million yuan compared to the previous year [1] - The company maintained a high R&D investment of 93.08 million yuan, accounting for 36.74% of its revenue [1] Quantum Communication - In 2024, revenue from quantum communication reached 146 million yuan, with a year-on-year increase of 70.05%, and the segment's gross margin improved by 13.14 percentage points to 65.66% [1][2] - Guodian Quantum served over 10 key cities in quantum metropolitan network construction, with operations in Xiong'an New Area and Shanghai [2] Quantum Computing - The quantum computing segment generated revenue of 56.59 million yuan in 2024, marking a year-on-year growth of 26.36%, with a gross margin increase of 10.47 percentage points to 43.75% [2] - The company participated in the "Zuchongzhi No. 3" superconducting system experiment, achieving new quantum computing superiority [2] Quantum Precision Measurement - Revenue from quantum precision measurement surged to 38.80 million yuan, a year-on-year increase of 118.96%, with a gross margin of 32.26% [3] - The company completed the international first quantum absolute gravity network observation and sold 9 units of its cold atom gravity meter [3] Strategic Developments - In January, China Telecom's subsidiary completed a strategic acquisition of Guodian Quantum, aiming to promote industrial transformation and upgrade [3][4] - The "Quantum Technology and Industry Development 2030 Action Plan" was released, emphasizing the importance of quantum technology in new information technology [4]