上证报中国证券网讯 8月28日，万业企业披露2025年半年度报告。报告显示，公司上半年实现营业收入 6.99亿元，同比大幅增长247.76%；归母净利润达4080.62万元，实现扭亏为盈。公司持续布局半导体设 备、材料赛道，围绕集成电路制造核心工艺拓展业务品类，伴随业务平台模式的规模效应初显，铋业务 驱动业绩增长超预期。 铋业务突围：依托先导整合优势深耕深加工价值 作为先导科技集团旗下唯一专注于铋金属深加工及化合物产品的业务平台，安徽万导上半年业绩表现尤 为亮眼：实现销售收入5.25亿元，在公司整体营业收入中占比达75.14%，已然成为业绩增长的核心引 擎。更值得关注的是，其产能与销量均呈现加速爬坡态势，二季度收入环比一季度激增449.82%，强劲 的增长动能尽显。 来源：上海证券报·中国证券网 这一业绩突破的背后，既得益于市场供需格局的变化，更植根于公司深度整合的产业链能力。2025年2 月起，国内精铋价格迎来显著攀升：从年初约7.5万元/吨上涨至最高16万元/吨，截至7月初仍稳定在12- 13万元/吨区间，较年初涨幅约65%。但万业企业的增长逻辑并未局限于价格波动——依托先导科技集 团在稀散金属领域积累的 ...

Core Insights - The company reported significant growth in its 2025 semi-annual report, achieving a revenue of 699 million yuan, a year-on-year increase of 247.76%, and a net profit of 40.81 million yuan, marking a turnaround from losses [1] - The bismuth business has become a key driver of revenue, with Anhui Wandao contributing 75.14% of total sales, amounting to 525 million yuan, and experiencing a quarter-on-quarter revenue surge of 449.82% in Q2 [2] - The price of refined bismuth has seen a substantial increase, rising from approximately 75,000 yuan per ton at the beginning of the year to a peak of 160,000 yuan per ton, with a current stable range of 120,000 to 130,000 yuan per ton, reflecting a year-to-date increase of about 65% [2] Business Performance - Anhui Wandao, a subsidiary focused on deep processing of bismuth, has leveraged market dynamics and integrated supply chain capabilities to achieve impressive performance [2] - The company has established a diverse product matrix in the bismuth sector, including bismuth-related metal materials and compounds, which cater to various industries such as semiconductors, photovoltaics, pharmaceuticals, and new energy [3] - Production capacity is expanding, with facilities in Anhui Wuhua and Guangdong Qingyuan entering production, while new capacity in Hubei Jingzhou and Zhejiang Quzhou is expected to be completed by the end of 2025 [3] Semiconductor Equipment Sector - The company’s subsidiary, KST, is leading the domestic ion implantation machine market, having delivered 8 units of 12-inch ion implantation machines, including a low-energy, high-current model that fills a domestic gap [4] - KST has expanded its customer base significantly, with over 12 clients for low-energy ion implantation machines and a total of more than 40 machines delivered since 2020 [4] - The company has achieved a production milestone with over 5 million wafers processed using its domestic low-energy ion implantation machines, demonstrating reliability in large-scale production [4] Research and Development - KST has increased its R&D investment, focusing on advanced process requirements and overcoming key technical challenges [5] - The company is enhancing its supply chain by increasing the localization rate of core components, which reduces dependency on overseas suppliers and stabilizes product delivery [5] - Recent board appointments of industry experts are expected to strengthen KST's long-term development [5] Strategic Outlook - The company is advancing its strategy from a "device + material" integration model to an "industry chain ecosystem," aiming for dual breakthroughs in performance and strategy [6] - With the release of new bismuth production capacity and an increase in semiconductor equipment orders, the company is positioned for significant advancements in the domestic substitution process [6]