净利连亏三年后，三孚新科（688359）2025年半年度业绩表现也不理想。8月26日，三孚新科发布2025 年半年报显示，公司上半年实现归属净利润约-2231.05万元，同比增亏。另外，公司上半年研发费用约 3290.37万元，同比下降12.71%；公司上半年销售费用约3075.47万元，同比增长26.28%。 财报显示，今年上半年，三孚新科实现营业收入约2.27亿元，同比下降23.26%；对应实现归属净利润 约-2231.05万元，同比增亏；对应实现扣非后归属净利润约-2439.83万元，同比增亏。报告期内公司亏 损有所增加，三孚新科给出了两点解释，其一，上年同期公司转让子公司股权，确认投资收益；其二， 报告期内公司设备构件收入大幅下降，设备类销售毛利大幅下降。 据了解，三孚新科成立于2009年，是一家表面工程专用化学品及专用设备提供商，主要从事表面工程技 术的研究及新型环保表面工程专用化学品与专用设备的研发、生产和销售。公司主要产品有电子化学 品、通用电镀化学品以及表面工程专用设备等。公司下游客户以PCB行业龙头企业为主，市场集中度 高，头部企业占据国内较大市场份额。 今年上半年，三孚新科研发费用约为32 ...

财报显示，今年上半年，三孚新科实现营业收入约2.27亿元，同比下降23.26%；对应实现归属净利润约-2231.05万元，同比增亏；对应实现扣非后归属净利 润约-2439.83万元，同比增亏。报告期内公司亏损有所增加，三孚新科给出了两点解释，其一，上年同期公司转让子公司股权，确认投资收益；其二，报告 期内公司设备构件收入大幅下降，设备类销售毛利大幅下降。 净利连亏三年后，三孚新科（688359）2025年半年度业绩表现也不理想。8月26日，三孚新科发布2025年半年报显示，公司上半年实现归属净利润 约-2231.05万元，同比增亏。另外，公司上半年研发费用约3290.37万元，同比下降12.71%，公司上半年销售费用约3075.47万元，同比增长26.28%。 2021年5月上市的三孚新科，上市次年净利就同比转亏，公司业绩出现"变脸"。财务数据显示，2021—2024年，三孚新科实现营业收入分别约为3.76亿元、 3.65亿元、4.97亿元、6.21亿元；对应实现归属净利润分别约为5309.03万元、-3224.22万元、-3679.34万元、-1258.17万元；对应实现扣非后归属净利润分别 约3853.8 ...

北京商报讯（记者 马换换 王蔓蕾）8月26日，三孚新科（688359）发布2025年半年度报告显示，公司上 半年实现归属净利润约为-2231.05万元，同比增亏。 财报显示，2025年上半年，三孚新科实现营业收入约为2.27亿元，同比下降23.26%；对应实现归属净利 润约为-2231.05万元，同比增亏。 据了解，三孚新科主营业务为新型环保表面工程专用化学品以及表面工程专用设备的研发、生产和销 售。 ...

Core Viewpoint - Sanfu New Materials Technology Co., Ltd. has reported continuous losses for three consecutive years from 2022 to 2024, despite a growing gross profit margin and an increase in revenue in 2024 [3][4]. Financial Performance - In 2024, the company achieved a revenue of 621 million yuan, representing a year-on-year growth of 24.9%, but recorded a net profit attributable to shareholders of -13 million yuan, marking three consecutive years of losses [3]. - The gross profit margin increased from 29.87% in 2022 to 38.28% in 2024, indicating a positive trend in profitability despite the losses [3]. - For Q1 2025, the company reported a revenue of 125 million yuan, a decline of 32.67% year-on-year, and a net profit of 5.41 million yuan, down 64.54% year-on-year, while the gross profit margin rose to 45.66% [3]. Business Segments - The company introduced a new surface engineering equipment business in 2023, generating revenues of 140 million yuan and 181 million yuan in 2023 and 2024, respectively, accounting for 28% and 29% of total revenue [3]. - The continuous growth in gross profit margin is attributed to changes in product structure and a decrease in raw material prices, aligning with industry trends [4]. Management Insights - The chairman and general manager, Shangguan Wenlong, has been with the company in various roles since 1994, indicating a stable leadership [6][7]. - The management team includes two vice presidents, Chen Weisu and Zhu Ping, who have extensive experience in the industry [8][9].

Core Insights - The company has experienced continuous revenue growth from 2022 to 2024, with a 24.9% increase in revenue from 2022's 365 million to 2024's 621 million, while facing net losses for three consecutive years, with a net loss of 13 million in 2024 [2][3] - The gross profit margin has improved significantly, reaching 38.28% in 2024, an increase of 8.41 percentage points from 2022 [2] - The company attributes its losses to high stock-based compensation from equity incentives and increased R&D investments [2] Revenue and Profitability - The company’s revenue has consistently increased, with a notable rise in electronic chemical products due to acquisitions of two subsidiaries, which contributed to higher gross margins [2][3] - The surface engineering equipment business has shown significant growth, generating revenues of 140 million and 181 million in 2023 and 2024, respectively, accounting for 28% and 29% of total revenue [4] Customer Concentration - The company has a high customer concentration in its equipment and components business, with two related parties contributing 68% of the revenue in 2023 and 46.59% in 2024 [5] - A new non-related customer, established in April 2023, quickly became a significant client, indicating strong market interest in the company's technology [5] Asset Sale and Financial Impact - The company sold 100% of Guangzhou Zhilan New Materials Co., Ltd. for 25.8 million, generating an investment income of 15.24 million, which positively impacted its net profit [3] - The high appraisal value of the sold asset was attributed to significant property value appreciation [3]