作为国内智能卡行业领军企业，澄天伟业已实现从芯片应用研发、模块封测、智能卡产销研到终端应用 全产业链覆盖，成为业内首家一站式服务商。报告期内，毛率较高的智能卡一站式服务订单占比提升。 此外，公司持续深化与四大运营商的战略合作，依托在功能集成、数据安全、增值服务等方面的优势， 寻求突破传统智能卡业务瓶颈，积极拓展超级SIM卡创新应用场景。 当前，全球智能卡市场迎来结构性增长机遇，东南亚、中东、非洲等地区具备较大增长潜力。作为国内 智能卡企业中较早实现全球布局的公司，澄天伟业具有成熟的海外市场管理与交付经验，与国际头部企 业建立合作关系。 依托于在数字信息安全领域多年行业沉淀，澄天伟业进一步实施"延伸产业链、拓展新领域"的发展战 略，半导体封装材料与数字能源热管理业务成为新的增长动力。 本报讯 （记者王镜茹）8月26日晚，深圳市澄天伟业科技股份有限公司（以下简称"澄天伟业"）披露 2025年上半年业绩。上半年公司在智能卡业务保持稳健增长的同时，积极拓展半导体封装材料、数字与 能源热管理等新兴领域，展现出良好的创新活力和战略推进能力。 报告期内，澄天伟业营业收入2.10亿元，同比增长32.91%；归属于上市公司股东 ...

8月26日晚间，澄天伟业（300689.SZ）披露2025年半年度报告，业绩表现亮眼。公司在智能卡业务保持 稳健增长的同时，积极拓展半导体封装材料、数字与能源热管理等新兴领域，展现出良好的创新活力和 战略推进能力。 业绩实现跨越增长，盈利水平显著提升 报告期内，澄天伟业营业收入达2.10亿元，同比增长32.91%；归属于上市公司股东的净利润为1087.64 万元，同比大幅上升562.05%；扣非后净利润也实现扭亏为盈，同比增长387.93%，多项指标增速明 显。业绩增长主要得益于产品结构持续优化与销售规模扩大。 2025年上半年，公司半导体封装材料订单同比增长145.28%。 具备较强竞争优势，结合当前市场需求持 续旺盛及客户的高度认可，将持续为公司经营业绩提供重要支撑。 另外，公司已完成铜针式散热底板的技术研发与产线建设，产品结构正从单管类器件封装，向满足新能 源汽车、充电桩、AI等高需求的IGBT与SiC功率模块封装材料升级，顺应行业高性能、高可靠性趋势。 在数字与能源热管理板块，公司自主研发的液冷板突破传统冷板式套件的物理限制，在结构一体化、导 热效率和耐压性能方面具备竞争优势，与传统工艺相比，产品生产 ...

Summary of the Conference Call Company Overview - **Company**: Chutianlong - **Industry**: Technology, Digital Currency, Telecommunications Key Points and Arguments Industry Performance and Outlook - The technology sector has shown better performance, sentiment, and order conditions compared to other industries, with a prediction that the large technology style will dominate the A-share market over the next three years [2][4] - Communication, computer, and media sectors are currently undervalued, with companies like ZTE, Xunxin, and Luxshare Precision having low price-to-earnings ratios around ten times [3][4] - AI technology is driving significant changes in the industry, with major figures like Bill Gates, Zuckerberg, and Musk recognizing its importance [3] Digital Currency Trends - The development of digital currencies is positive, with a global rise in stablecoins, including new legislation in the US and extensive promotion in Hong Kong [2][6] - Chutianlong is a leading company in the domestic digital currency sector, ranking first in traditional card business and participating in the formulation of national core standards [2][6] Financial Performance - Chutianlong expects a net loss of 35 to 40 million yuan in the first half of 2025, attributed to weak market demand, declining product bidding prices, slow payment from government clients, and increased R&D investment [2][7] - The company aims to improve internal efficiency and accelerate accounts receivable collection to achieve a turnaround by year-end [7] Business Segments - The most promising segments for profitability in the second half of 2025 are social security and telecommunications, with a leading market share in social security and expectations for growth in super SIM cards and IoT cards [8][9] - The company is increasing R&D investment in digital currency applications and AI certification [8][16] Stablecoin and RMB Internationalization - Chutianlong views the promotion of the digital RMB as crucial for the internationalization of the RMB, with stablecoin strategies centered around the RMB [10][15] - The company is actively involved in the development of digital currency operational institutions and systems, with ongoing projects in cross-border trade and settlement systems [12][14] Market Challenges and Strategies - The company faces challenges from slow account receivable recovery and increased competition in overseas markets, leading to a strategic focus on established products for international expansion [17][19] - Chutianlong is exploring partnerships with major companies for stablecoin development and cross-border applications, indicating a proactive approach to market opportunities [18][23] Future Outlook - Despite short-term performance pressures, the company expresses confidence in long-term growth, supported by increased business activities and strategic partnerships [24] - The company is optimistic about the future of stablecoins and their integration with digital RMB, highlighting the potential for innovative financial transactions [11][18] Additional Important Content - AI applications are beginning to show significant value, with developments in smart governance and potential for future growth in various sectors [21] - The company is exploring BIM (Building Information Modeling) and its integration with SIM cards and blockchain technology, indicating a focus on innovative solutions [22]

Group 1: Business Growth Drivers - The company's business growth is primarily driven by two segments: semiconductor packaging materials and high-margin smart card services, with significant year-on-year increases in both areas [1][2]. - The smart card business is expected to be the main revenue source, with projected revenue of 3.60 billion in 2024, widely used in mobile communications, financial payments, and public services [1][2]. Group 2: Production Capacity and Utilization - The production capacity utilization rate is between 70%-90%, with external sales accounting for over 60% of the business [2]. - The company has four production bases for smart cards located in Shenzhen, Indonesia, India, and Ningbo, with plans to optimize production efficiency and integrate the supply chain [2][3]. Group 3: Semiconductor Packaging Materials - The core customers for semiconductor packaging materials are well-known domestic power semiconductor packaging companies, with ongoing expansion into overseas markets [3][4]. - The sales revenue for semiconductor packaging materials is projected to grow by 467.80% year-on-year in 2024, with a further increase of 236.78% in Q1 2025 [4]. Group 4: Liquid Cooling Technology - The liquid cooling business focuses on AI servers and high-performance computing, with products designed to meet stringent cooling requirements [5][6]. - The global liquid cooling market is expected to grow at an annual rate of over 20% in the next five years, driven by increasing demand for high-performance cooling solutions [6][7]. Group 5: Smart Safety Solutions - The smart safety business includes a safety barrier project aimed at enhancing passenger safety at high-speed rail stations, utilizing a "platform length pricing" model [7]. - The project is expected to create new revenue streams as it aligns with national safety upgrade demands and has significant market value potential [7]. Group 6: Future Business Directions - The company plans to optimize product structure based on market demand, focusing on maintaining a strong market share in smart cards while expanding into semiconductor packaging materials and smart safety technologies [8]. - The company is cautious about mergers and acquisitions, prioritizing stable growth and risk assessment before pursuing any opportunities [8].

Group 1: Company Overview and Product Advantages - The company specializes in liquid cooling products with self-developed high-performance manufacturing processes, offering significant advantages in thermal conductivity and pressure resistance compared to traditional methods [1] - The liquid cooling technology is increasingly replacing traditional air cooling solutions, particularly in high-performance computing and AI servers, leading to a notable increase in the value of each server [2] - The company has no direct competitors due to its unique technological advantages and patent protections [2] Group 2: Business Growth and Financial Performance - Revenue from the lead frame products increased by 467.80% year-on-year in 2024, with a further 236.78% growth in Q1 2025 [2] - The company expects continued strong growth in this product line, driven by high market demand and positive customer feedback [3] Group 3: Product Development and Market Strategy - The company is transitioning its lead frame products towards higher integration levels, focusing on IGBT and SiC power module packaging materials to meet the demands of rapidly growing industries like electric vehicles and AI [3] - The Super SIM card project aims to enhance user experience in railway scenarios, relying on partnerships with domestic operators and railway departments for implementation [4] Group 4: Market Position and Competitive Landscape - The market for smart safety solutions, including railway safety barriers, is characterized by high entry barriers and limited competition, positioning the company favorably for growth [5] - The company is actively promoting its smart safety projects, leveraging its advanced technology to meet the increasing safety demands of expanding high-speed rail networks [5] Group 5: Future Business Structure and R&D Investment - The company plans to optimize its product structure towards high-growth, high-tech value-added areas, with liquid cooling and packaging materials expected to become significant revenue sources [6] - R&D investment will remain a priority, with a focus on maintaining a balance between foundational research and core technology development [10] Group 6: Financial Health and Risk Management - The company reported a net profit of 11.57 million yuan in 2024, a 29.77% increase from the previous year, driven by improved product structure and cost management [11] - The company maintains a healthy accounts receivable turnover, with a focus on managing credit risk as it expands into new markets [11]

Group 1: Company Overview and Market Position - The company operates in the smart card industry, which has a market capacity that is stabilizing but facing saturation in traditional applications. However, new applications in IIoT, AIoT, and eSIM are driving growth [1] - The gross margin for the smart card business is approximately 20%, positioning the company at a medium level within the industry [1] - The company is transitioning towards the super SIM card sector to enhance value and market space [2] Group 2: Competitive Advantages - The company is the first in the industry to offer a one-stop service, integrating the entire supply chain from chip application development to end-user delivery, which enhances product consistency and customer loyalty [2] - Over 60% of the company's product sales are international, with established partnerships with global leaders like THALES and IDEMIA, showcasing strong global operational capabilities [2] - The company has a robust project delivery and local service capability, having secured contracts with major Chinese telecom operators [2] Group 3: Semiconductor Business Development - The company entered the power semiconductor packaging materials sector in 2019, leveraging its existing technology to tap into a high-potential market [3] - Future plans include accelerating production of thermal management products and expanding customer bases in the power module sector [3] Group 4: Research and Development Investment - The company maintains a consistent investment in R&D, focusing on core technologies and optimizing resource allocation based on market feedback and financial status [4] - R&D personnel compensation is a significant portion of the R&D budget, with ongoing employee stock ownership plans to incentivize innovation [4] Group 5: Overseas Market and Production Capacity - Overseas operations account for over 60% of revenue, with production facilities in India and Indonesia achieving utilization rates of 70%-80% and 80%-90%, respectively [5] - The company emphasizes local production to enhance responsiveness to customer needs [5] Group 6: Customer Stability and Risk Management - The smart card business remains the primary revenue source, with a high customer concentration. Long-term agreements with major clients mitigate dependency risks [6] - The revenue share from the top five customers decreased from 87.92% in 2023 to 77.75% in 2024, indicating diversification efforts [7] Group 7: Liquid Cooling Business - The company has developed liquid cooling products with integrated designs that enhance efficiency and reliability, targeting high-performance computing needs [7] - The products are in the final stages of preparation for mass production, with a focus on meeting the rising demand in AI and data center markets [7] Group 8: Smart Security Business - The company is leveraging its expertise in digital information security to develop smart security solutions, particularly in transportation safety [8] - Current efforts are focused on market promotion, with ongoing exploration of business models [8] Group 9: Challenges and Opportunities - Key challenges include rapid technological changes and market entry risks for new businesses, which could impact production efficiency and competitiveness [9] - Opportunities exist in the growing demand for efficient cooling and packaging materials in AI and high-performance computing sectors, with potential for rapid growth [9] Group 10: Chip Production and Partnerships - The company primarily sources smart card chips externally, with some proprietary chips for internal use and external sales [10] - The company has not yet established a partnership with Huawei in the liquid cooling sector but remains open to future collaborations [10] Group 11: Acquisition Strategy - The company is cautious about pursuing acquisitions, focusing on long-term stability and evaluating potential targets within the industry [10] Group 12: Risk Disclosure - The company acknowledges risks associated with new product development, including technological, market, and validation risks, and commits to timely information disclosure [12]

Group 1: Company Overview and R&D Investment - The company positions technological innovation as its core competitiveness, maintaining a certain proportion of investment in basic research and core technologies based on business development needs [1] - R&D investment has shown a declining trend over the past three years, with future allocations to be dynamically optimized based on market feedback, technological advancements, and financial conditions [1][2] Group 2: Semiconductor Business - The semiconductor product capacity utilization rate is currently low, with revenue primarily dependent on smart card business; future plans include increasing capacity utilization and revenue from semiconductor packaging materials [2] - In 2024, semiconductor and packaging materials are expected to account for approximately 10% of total revenue, with significant revenue growth anticipated in Q1 2025 [2] Group 3: Profitability and Market Strategy - Different semiconductor products exhibit varying gross profit margins, with lead frames around 20% and copper bases reaching 20%-30% [2] - The company aims to promote high-performance products like copper needle-type heat dissipation bases to leading power module clients, adjusting order volumes based on client project timelines [2] Group 4: Smart Safety and Super SIM Card Business - The smart safety business focuses on digital information security, targeting transportation safety applications with multiple patents and a high industry entry barrier [3] - The super SIM card business leverages long-term experience in smart cards, showing advantages in speed, convenience, and system integration, with stable partnerships established with major domestic operators [4][5] Group 5: Liquid Cooling Technology - The liquid cooling products utilize self-developed high-performance manufacturing processes, showing advantages in structure integration, thermal conductivity, and pressure resistance [5] - The company is preparing for mass production of liquid cooling products, with market demand driven by AI servers and high-performance computing [6][7] Group 6: Future Plans and Market Position - The company plans to continue optimizing product structure based on market demand, focusing on semiconductor packaging materials, digital and energy thermal management, and smart safety technologies for new growth points [10] - Future liquid cooling business will explore chip-level thermal management solutions, aiming for deep applications in high-performance computing and advanced packaging [9][10] Group 7: Risk Management - The company acknowledges potential technical, market, and application validation risks in new business and product development, emphasizing the importance of timely information disclosure in compliance with legal regulations [10]

Group 1: Business Growth and Innovation - The company is focusing on semiconductor packaging materials, specifically lead frames and copper pin heat sink substrates, to enhance material performance and reduce packaging costs, targeting applications in power devices and third-generation semiconductors [1][2][15]. - The development of modular and customized liquid cooling solutions is underway, aimed at AI servers and high-density data centers, currently in the R&D verification stage [1][2][6]. - The company is expanding its smart security business, with ongoing R&D and testing for products like smart security checks and protective barriers [1][2][15]. Group 2: Financial Performance - In 2024, the company reported a revenue of 360.19 million CNY, a decrease of 8.65% year-on-year, while net profit attributable to shareholders increased by 29.77% to 11.57 million CNY [3][5][11]. - Revenue from lead frame products surged by 467.80% in 2024, with a further increase of 236.78% in Q1 2025 [2][4][11]. - The smart card business, a core revenue source, saw a decline of 12.62% in revenue, while semiconductor product revenue dropped by 91.99% [3][4][11]. Group 3: Market Trends and Risks - The lead frame market is experiencing robust growth, driven by demand in electric vehicle control systems and high-performance power modules [2][3][4]. - The company acknowledges risks in new product development, including technical, market, and application validation risks, urging investors to make informed decisions [2][6][15]. - The shift towards high-end specifications in lead frames is evident, with increasing customer demands for high thermal conductivity and low thermal resistance [2][3][4]. Group 4: Strategic Planning and Future Directions - The company aims to diversify its revenue streams by investing in semiconductor packaging materials, digital and energy thermal management, and innovative applications for super SIM cards [1][2][15][20]. - Future growth points are identified in the semiconductor packaging sector, with a focus on self-designed and mass-produced products covering various power module needs [1][2][15]. - The company plans to maintain a balance between traditional smart card business and emerging sectors, ensuring stable growth while fostering new business opportunities [1][15][20].