公司研发投入总额为1.49亿元，占营业收入比例为5.47%。截至报告期末，公司累计获得发明专利507 项，实用新型专利205项，软件著作权25项。 8月27日晚间，西部超导(688122)发布2025年半年报。报告显示，公司上半年实现营业收入27.23亿元， 同比增长34.76%；归属于上市公司股东的净利润5.46亿元，同比大幅增长56.72%；经营活动现金净流量 2.04亿元，同比增长77.73%，显示出强劲的盈利能力和现金流状况；基本每股收益0.8407元，同比增长 56.73%。 三大业务板块协同发力，超导产品增速领先 在低温超导材料领域，公司是NbTi锭棒、超导线材、超导磁体的全流程生产企业。公司是ITER用低温 超导线材在中国的供应商，也是SIEMENS和GE的合格供应商，生产的MCZ用磁体已实现批量供应。 分业务来看，西部超导三大核心业务均实现显著增长。超导产品收入同比增长65.75%，产能快速释 放，市场占有率不断提升；高端钛合金材料收入同比增长22.06%，多个牌号产品通过认证并实现批量 供货；高性能高温合金收入同比增长56.68%，在"两机"（航空发动机与燃气轮机）和航天领域应用进展 显著。 ...

处 目前，公司董事长为冯勇，董秘为王凯旋，员工人数为1710人，实际控制人为陕西省财政厅。 公司参股公司12家，包括北京西燕超导量子技术有限公司、西安聚能超导线材科技有限公司、西安聚能装备技术有限公司、西安聚能高温合金材料科技有限 公司、西安九洲生物材料有限公司等。 在业绩方面，公司2022年至2024年营业收入分别为42.27亿元、41.59亿元和46.12亿元，同比分别增长44.41%、-1.62%和10.91%。归母净利润分别为10.80亿 元、7.52亿元和8.01亿元，归母净利润同比增长分别为45.65%、-30.33%和6.44%。同期，公司资产负债率分别为43.73%、44.26%和46.60%。 在风险方面，天眼查信息显示，公司自身天眼风险107条，周边天眼风险29857条，历史天眼风险0条，预警提醒天眼风险692条。 8月26日，西部超导（688122）公告，公司于2025年8月26日收到中国证券监督管理委员会陕西监管局的行政监管措施决定书。该决定书指出公司存在收入核 算不规范、募集资金存放与使用不规范、2024年年报前五大客户明细金额披露不准确等问题，违反了《上市公司信息披露管理办法》等相 ...

Group 1 - The Science and Technology Innovation Board (STAR Market) has celebrated its 6th anniversary, with 589 companies listed, focusing on high-tech industries and strategic emerging sectors, achieving a total market capitalization exceeding 7 trillion yuan by the end of July [1] - In 2024, STAR Market companies' R&D investment reached 168.1 billion yuan, more than three times their overall net profit, with a year-on-year growth of 6.4% [2] - STAR Market companies have accumulated over 120,000 invention patents, with 20,000 new patents added last year, indicating a strong focus on innovation and intellectual property [2] Group 2 - The STAR Market has facilitated the development of a robust industrial innovation ecosystem, with over 60% of companies having founding teams composed of scientists and engineers, and nearly 30% of controlling shareholders also serving as key technical personnel [3] - In the integrated circuit sector, 120 listed companies cover all aspects of the supply chain, while over 110 biopharmaceutical companies are addressing domestic gaps in critical treatment areas [3] - STAR Market companies are increasingly engaging in international markets, with 173 companies reporting over 30% growth in overseas revenue, and 63 companies exporting products to more than 50 countries [4]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has celebrated its 6th anniversary, with 589 companies listed, focusing on "hard technology" sectors such as new-generation information technology, biomedicine, high-end equipment, new energy, new materials, and energy conservation and environmental protection, achieving a total market capitalization exceeding 7 trillion yuan by the end of July [1] Group 1: Innovation and R&D Investment - In 2024, STAR Market companies' R&D investment reached 168.1 billion yuan, more than three times the overall net profit attributable to shareholders, with a year-on-year growth of 6.4% [2] - STAR Market companies have gathered a high-level research talent pool, with 240,000 R&D personnel, accounting for nearly 30% of total employees, and have generated over 120,000 invention patents cumulatively [2] Group 2: Industry Innovation and Collaboration - Over 60% of STAR Market companies have founding teams composed of scientists, engineers, or industry experts, with nearly 30% of controlling shareholders also serving as key technical personnel [3] - The STAR Market has facilitated the formation of industry clusters, particularly in integrated circuits and biomedicine, with 120 companies in the integrated circuit sector and over 110 biomedicine companies addressing domestic gaps in key treatment areas [3] Group 3: Global Integration and Market Expansion - 173 STAR Market companies reported over 30% growth in overseas revenue, with 63 companies exporting products to more than 50 countries, and 58 companies involved in setting international standards [4] - The STAR Market is positioned to enhance its adaptability to innovation enterprises, promoting a dual approach to technological and industrial innovation [4]

Group 1 - The Science and Technology Innovation Board (STAR Market) has celebrated its 6th anniversary, with 589 companies listed, focusing on high-tech industries and strategic emerging sectors, achieving a total market capitalization exceeding 7 trillion yuan by the end of July [1] - In 2024, STAR Market companies' R&D investment reached 168.1 billion yuan, more than three times the overall net profit attributable to shareholders, with a year-on-year growth of 6.4% [2] - STAR Market companies have accumulated over 120,000 invention patents, with 30% of companies' products or projects being innovative within their industries, and over 80% targeting import substitution and self-control [2] Group 2 - Companies on the STAR Market are increasingly forming industrial innovation chains, with over 60% of founding teams comprising scientists or industry experts, and nearly 30% of controlling shareholders also serving as key technical personnel [3] - The STAR Market has seen significant collaboration with universities and research institutions, fostering a matrix-style industrial cluster in key areas such as integrated circuits and biomedicine [3] - 173 companies reported over 30% growth in overseas revenue, with 63 companies exporting to over 50 countries, indicating a strong integration into global supply chains [4]

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM), focusing on maintaining shareholder rights and ensuring orderly proceedings while discussing various proposals and reports [1][2][3]. Meeting Procedures - The AGM will require attendees to verify their identity and sign in 30 minutes before the meeting starts [1][2]. - The meeting will follow a structured agenda, allowing shareholders to exercise their rights to speak, inquire, and vote [2][3]. - Voting will be conducted through both on-site and online methods, with specific time frames for participation [5][6]. Financial Performance - In 2024, the company achieved a total sales revenue of 4.612 billion yuan, representing a year-on-year increase of 10.91% [7]. - The net profit attributable to the parent company was 801 million yuan, up 6.44% from the previous year [7]. - Total assets reached 13.609 billion yuan, a 12.62% increase from the beginning of the year, while net assets attributable to the parent company grew by 5.68% to 6.684 billion yuan [7]. Board of Directors' Activities - The Board of Directors held seven meetings during the reporting period, adhering to legal and regulatory requirements [8]. - The board's work included the approval of various reports and proposals, ensuring compliance with corporate governance standards [10][11]. Shareholder Rights and Engagement - Shareholders are encouraged to participate actively in the AGM, with provisions for speaking and questioning [2][3]. - The company emphasizes transparency and communication with shareholders, having conducted multiple investor relations activities [15]. Future Plans - The Board plans to focus on technological and industrial innovation, aiming to enhance operational efficiency and sustainability [16][17]. - The company will continue to balance immediate shareholder returns with long-term growth strategies, including active cash dividends [17].

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. (hereinafter referred to as "Jianxin Superconducting") is pushing for an IPO on the Sci-Tech Innovation Board, with a global market share of approximately 4.2% in 2024, ranking fifth globally in the medical MRI core component supply sector [1][2]. Group 1: Company Performance - Jianxin Superconducting's revenue from 2022 to 2024 was 359 million yuan, 451 million yuan, and 425 million yuan respectively, with net profits of 34.63 million yuan, 48.73 million yuan, and 55.78 million yuan [2][3]. - The company's gross profit margins for the same period were 19.56%, 22.84%, and 24.94%, significantly lower than the industry average of 46.27%, 45.59%, and 45.17% [3]. Group 2: Research and Development - Jianxin Superconducting's R&D expenses from 2022 to 2024 were 20.33 million yuan, 24.42 million yuan, and 27.65 million yuan, with R&D expense ratios of 5.66%, 5.42%, and 6.50% [3]. - The cumulative R&D investment over the last three years was 72.40 million yuan, accounting for 5.86% of total revenue [3]. Group 3: Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 73.75%, 76.68%, and 79.62% of total revenue in the respective years [4]. - The largest customer, Fujifilm Group, represented 34.2%, 44.2%, and 42.71% of sales revenue during the same period [4]. Group 4: Future Plans and Funding - Jianxin Superconducting plans to raise up to 865 million yuan through the IPO, primarily for capacity expansion and working capital [1][5]. - The company has consistently paid dividends, totaling approximately 60 million yuan from 2022 to 2024, with over half of this amount benefiting the controlling family [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [33]. Core Insights - The company, Western Superconducting Technologies Co., Ltd. (688122), reported a revenue of 4.612 billion yuan for 2024, reflecting a year-on-year growth of 10.91%. The net profit attributable to shareholders was 801 million yuan, up 6.44% year-on-year [7][8]. - The company has shown significant growth in its superconducting products and titanium alloy business, with a notable recovery in demand in the fourth quarter of 2024 [8][13]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares to all shareholders [7]. Financial Performance - For 2024, the company achieved a gross margin of 33.55%, an increase of 1.68 percentage points year-on-year, and a net profit margin of 18.99%, up 0.61 percentage points [9][12]. - The first quarter of 2025 saw a revenue of 1.074 billion yuan, a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% [8]. - The high-end titanium alloy segment generated 2.752 billion yuan in revenue, accounting for 59.66% of total revenue, with a year-on-year growth of 9.87% [11]. Business Segments - The high-end titanium alloy business reported a gross margin of 38.67%, up 4.26 percentage points year-on-year, while the superconducting products segment had a gross margin of 30.22%, down 4.17 percentage points [12]. - The superconducting products segment achieved a revenue of 1.304 billion yuan, a growth of 32.41% year-on-year, contributing 28.26% to total revenue [11]. - The high-performance high-temperature alloy segment experienced a revenue decline of 31.02%, accounting for 7.09% of total revenue [11]. Future Outlook - The company is positioned to benefit from the recovery in defense demand, with expectations for significant growth in its core business lines, including titanium alloys and superconducting products [13][15]. - Revenue projections for 2025 to 2027 are estimated at 5.890 billion yuan, 7.164 billion yuan, and 8.457 billion yuan, respectively, with corresponding net profits of 1.023 billion yuan, 1.278 billion yuan, and 1.551 billion yuan [16][18].