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 ...

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]