业绩简评 8 月 25 日，公司发布 2025 年半年报。25H1 公司实现营收 329.6 亿元，同比增长 14.2%；实现归母净利润 11.4 亿元，同比增长 32.7%；25Q2 公司实现营收 159.0 亿元，同比增长 18.9%，环比减 少 6.8%；实现归母净利润 7.1 亿元，同比增长 29.3%，环比增长 66.4%。 经营分析 消费电子：25H1 公司该业务实现营收 271.85 亿元，同比增长 13.19%，毛利率为13.2%，同比略降0.56pct。公司持续巩固在玻 璃、陶瓷、蓝宝石及金属等外观件、结构件与功能模组市场领先 地位，完成了多款年度旗舰手机的研发和量产准备，配合头部客 户量产了多款新品高端机型金属中框，市场份额与盈利较上年快 速增长；个人计算机业务受益于市场需求回暖，上半年产销与盈 利同步提升。 智能汽车与座舱：25H1 公司该业务实现营业收入 31.65 亿元，同 比增长 16.45%，毛利率为 9.84%，同比微增 0.13pct。中控模 组、智能 B/C 柱、充电桩、座舱装饰件及无线充电模组等核心产 品线协同放量，通讯模组与域控制器同步突破，已实现批量交 付。超薄夹胶车 ...

同时，栩栩如生的精品岫岩玉雕"美食"系列、复古辽瓷文创产品、建州女真蒲公英根茶、灵芝生物科技产品、辽渔集团海产品、辽宁省优质期刊出版物 等一批辽宁名优产品也纷纷亮相，受到现场观众的关注和喜爱。 与辽宁有过经贸合作的日本友人木村百合子表示，此次参展的辽宁产品不仅质量高，还体现出很强的创新意识，精彩的"辽宁好物"让各国观众大饱眼 福。一位日本观众被展览的瓷器深深吸引，在展台前驻足流连许久，他说自己过去对辽宁有一些了解，这次在中国馆不仅欣赏了中英日三国语言版本的宣传 片《中国辽宁》，对这片土地有了全新认识，还见识了这么多风格别致的瓷器玉雕和特色产品，辽宁独特的魅力打动了他。 从名优特产到特色文创，2025大阪世博会中国馆"辽宁活动周"通过"文化+产业"生动展示了辽宁的文化活力与产业积淀。这场跨越时空的文化盛宴，不 仅让世界品味到辽宁的独特魅力，更为中日两国在文化交流、经贸合作领域注入新动能，共同谱写"各美其美、美美与共"的交流新篇章。 2025年日本大阪世博会，于8月24日至26日举办中国馆"辽宁活动周"，以"中国好礼"为代表的系列辽宁名品亮相中国馆。 "中国好礼"，即"中国好礼产业促进计划"，是由中宣部、商务部、 ...

每经AI快讯，华瓷股份（SZ 001216，收盘价：14.93元）8月26日晚间发布公告称，公司于2025年8月26 日召开第五届董事会第二十次会议和第五届监事会第十七次会议，审议通过了《关于变更部分募集资金 用途的议案》和《关于在深圳市投资设立全资子公司并购买写字楼的议案》，拟将工程技术中心建设项 目的部分募集资金变更用于深圳研发设计中心项目，并由公司出资设立全资子公司深圳华耀陶瓷科技有 限公司负责实施建设。本次变更部分募集资金用途尚需提交股东大会审议。 2024年1至12月份，华瓷股份的营业收入构成为：陶瓷行业占比100.0%。 截至发稿，华瓷股份市值为38亿元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王晓波） ...

2024年1至12月份，华瓷股份的营业收入构成为：陶瓷行业占比100.0%。 （记者 胡玲） 截至发稿，华瓷股份市值为38亿元。 每经AI快讯，华瓷股份（SZ 001216，收盘价：14.93元）8月26日晚间发布公告称，公司第五届第二十 次董事会会议于2025年8月26日以现场加通讯方式召开。会议审议了《关于新增2025年度日常性关联交 易的议案》等文件。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 ...

2025年上半年，消费电子终端创新不断，蓝思科技（300433）上半年实现营收、净利双增长。同时，具 身智能、智慧零售等新兴业务板块，整体实现同比128%的快速增长，体现了新增长空间。 8月25日晚间，蓝思科技披露的半年报显示，公司报告期实现营业收入329.60亿元，同比增长14.18%； 归母净利润11.43亿元，同比增长32.68%；扣非后净利润同比增长幅度达41.85%。蓝思科技拟向全体股 东每10股派发现金红利1.00元(含税)，现金分红总额为5.26亿元，派息比例达46%。 在AI技术赋能与"以旧换新"补贴的共振下，消费电子行业持续回暖。上半年，蓝思科技维持了玻璃、陶 瓷、蓝宝石及金属等外观件、结构件与功能模组市场领先地位，公司在智能手机与电脑类业务板块中实 现营业收入271.85亿元，同比增长13.19%。 随着消费电子行业传统旺季的临近，各大终端将密集发布AI手机、AR眼镜等新品，板块进入量产高 峰，产业链稼动率将迅速提升。蓝思科技也做好了准备，公司在上半年完成了多款年度旗舰手机的研发 和量产准备，配合头部客户量产了多款新品高端机型金属中框，市场份额与盈利较上年快速增长。 蓝思科技近期密集接待调 ...

Group 1: Financial Projections - The company is projected to achieve revenue of 92.18 billion, 115.51 billion, and 137.79 billion from 2025 to 2027, representing year-on-year growth of +31.9%, +25.3%, and +19.3% respectively [1] - The net profit attributable to the parent company is expected to be 5.27 billion, 6.50 billion, and 7.83 billion for the same period, with year-on-year growth of +45.3%, +23.5%, and +20.4% respectively [1] Group 2: Business Segments - The company is diversifying its business with a focus on consumer electronics, which is expected to benefit from product innovation by major clients and the implementation of AI hardware [1] - The smart automotive and cockpit business has become the company's second growth curve, contributing 8.49% to total revenue in 2024 [2] - The smart cockpit market in China is projected to grow from 73.9 billion in 2022 to 103 billion by 2025 [2] Group 3: Competitive Advantages - The company has a strong moat in the glass cover segment, having partnered with Apple since 2006 as a key supplier of glass cover and core structural components [1] - The acquisition of Kesheng Keli has expanded the company's metal structural component business, allowing entry into the mid-to-high-end smartphone market [1] - The company is positioned to benefit from the emerging field of ultra-thin glass (UTG) for foldable screens, especially with Apple's entry into the foldable smartphone market [1] Group 4: Emerging Opportunities - The company is actively expanding into the wearable and robotics sectors, with significant potential expected in the future [3] - A strategic partnership with Lingban Technology aims to enhance the potential of the smart wearable business [3] - The company has also entered the humanoid robot sector, collaborating with Zhiyuan Robotics to deliver the Lingxi X1 robot, indicating future growth prospects in this area [3]

Core Viewpoint - The establishment of Hainan Free Trade Port by December 18, 2025, will mark a new phase of "one line open, two lines controlled, and free flow within the island," creating multiple opportunities for Guangdong, especially in consumption upgrade, industrial cooperation, talent mobility, and enhancing Guangdong's role as a maritime strong province [1][2][3]. Policy Implications - Hainan's "one line open, two lines controlled" policy will allow it to become a major area with "inside-outside" management features, enjoying zero tariffs and low tax rates under specific conditions [3][4]. - Guangdong's mature industrial system will complement Hainan's favorable policy environment, facilitating faster flow of capital and talent [3][4]. Capital and Talent Flow - Future enterprises registered in Hainan will benefit from flexible cross-border financing due to the capital account opening advantages [3][4]. - The tax policy in Hainan allows individuals working there for over 183 days to enjoy a 15% personal income tax rate, promoting high-end talent mobility between Guangdong and Hainan [4][5]. Regional Cooperation and Industrial Upgrading - The cooperation between Guangdong and Hainan is expected to reshape the regional industrial landscape, transitioning from a "Guangdong manufacturing, Hong Kong export" model to a "Guangdong manufacturing, Hainan value-added, global sales" model [7][8]. - Hainan's policy mandates that manufacturing enterprises must achieve at least 30% value-added locally, preventing "hollowing out" of industries [8][9]. Mechanism and Structural Development - A combination of provincial coordination and market-oriented operations will be established, with a joint working group to dynamically adjust industrial directories and regulatory rules [10]. - The development of specific hubs, such as the transformation of Xu Wen Port into a major cargo and passenger roll-on/roll-off terminal, will enhance the integration of Guangdong and Hainan [9][10].

Core Viewpoint - The article provides a comprehensive guide on material selection based on various mechanical properties such as Young's modulus, strength, and cost, emphasizing the importance of choosing the right materials for specific applications. Group 1: Young's Modulus and Density - When hard materials are needed, such as for top beams or bicycle frames, materials at the top of the chart should be selected [2] - For low-density materials, such as packaging foam, materials on the left side of the chart are recommended [2] - Finding materials that are both rigid and lightweight is challenging, and composite materials are often a good choice [3] Group 2: Young's Modulus and Cost - For hard materials, the top materials in the chart should be chosen for applications like top beams and bicycle frames [14] - For low-cost materials, those on the left side of the chart are preferred [14] - If a cheap and hard material is required, materials in the upper left corner of the chart, mostly metals and ceramics, should be selected [15] Group 3: Strength and Density - The strength indicated in the chart refers to tensile strength, with ceramics showing compressive strength [26] - High-strength and low-density materials are located in the upper left part of the graph [26] - Strength is a critical indicator of a part's ability to resist failure under load [26] Group 4: Strength and Cost - The strength indicated is tensile strength, except for ceramics which indicate compressive strength [38] - Many applications require materials with high strength, such as screwdrivers and seat belts, but these materials are often expensive [38] - Only a few materials can meet both strength and cost requirements, typically found in the upper left part of the chart [38] Group 5: Strength and Toughness - The strength indicated is tensile strength, while ceramics indicate compressive strength [50] - Typically, materials with poor toughness also have low strength; increasing strength may reduce toughness [50] - Strength measures a material's ability to resist external forces, while toughness measures its ability to absorb energy before failure [50] Group 6: Strength and Elongation at Break - Ceramics have very low elongation at break (<1%); metals have moderate elongation (1-50%); thermoplastics have high elongation (>100%) [61] - Rubber exhibits long-term elastic elongation, while thermosetting polymers have low elongation (<5%) [61] Group 7: Strength and Maximum Working Temperature - The chart applies to components used in environments where working temperatures exceed room temperature, such as cookware and automotive parts [73] - Polymers have lower maximum working temperatures, metals have medium, and ceramics can withstand very high temperatures [73] Group 8: Specific Strength and Specific Stiffness - Specific strength is defined as strength divided by material density, while specific stiffness is stiffness divided by material density [84] - High strength and high stiffness usually coexist, as they largely depend on the bonding forces between atoms [84] Group 9: Resistivity and Cost - The chart is primarily for selecting materials that require low prices and good electrical insulation or conductivity [97] - Good electrical conductors are typically good thermal conductors, while good electrical insulators are good thermal insulators [97] Group 10: Recyclability and Cost - The chart identifies materials' recyclability features, especially for expensive and recyclable materials [108] - Metals are particularly suitable for recycling due to ease of sorting and remelting, while ceramics are rarely recycled [108] Group 11: Production Energy Consumption and Cost - The energy consumed in producing a material is a factor in raw material costs, with most materials located in the low-cost/low-energy or high-cost/high-energy quadrants [121] - Metals often require significant energy for extraction, such as aluminum production consuming a substantial portion of total energy in the U.S. [123]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company achieved record-high revenue and profit in the first half of 2025, with revenue of 3.224 billion yuan, a year-on-year increase of 19.80%, and a net profit attributable to shareholders of 486 million yuan, up 32.03% year-on-year [3]. - The company is experiencing significant growth in emerging markets, particularly in automotive electronics and data center businesses, with notable increases in revenue across various business lines [4]. - Profit forecasts for 2025-2027 show a strong growth trajectory, with net profits expected to reach 1.107 billion yuan in 2025, reflecting a year-on-year growth of 33.07% [5]. Performance Summary - In the first half of 2025, the company reported revenue of 3.224 billion yuan, with a net profit of 486 million yuan, marking historical highs for both metrics [3]. - The second quarter of 2025 saw revenue of 1.763 billion yuan, a year-on-year increase of 23.12%, and a net profit of 253 million yuan, up 27.74% year-on-year [3]. - The company's gross margin for the first half of 2025 was 36.68%, slightly down from the previous year, but with expectations for gradual improvement as production capacity utilization increases [4]. Business Analysis - The automotive business is experiencing rapid growth due to increased R&D investment and production capacity expansion, particularly in battery management systems and related products [4]. - The data center business is emerging as a strategic market, with significant order growth driven by AI server and edge AI applications [4]. - Traditional consumer electronics are also expanding, with new product introductions expected to drive further revenue growth [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.107 billion yuan, 1.422 billion yuan, and 1.826 billion yuan, respectively, with corresponding P/E ratios of 20.78, 16.17, and 12.60 [5][10].

Core Perspective - The article highlights the transformation of Jingdezhen, known as the "Porcelain Capital," through urban renewal and cultural revitalization, focusing on the integration of art and life in the Tao Xi Chuan cultural district [2][12][13]. Group 1: Cultural and Artistic Integration - Tao Xi Chuan has become a cultural landmark, attracting millions of visitors annually, showcasing a blend of traditional and contemporary ceramic art [2][4]. - The "Tao Ran Ji" creative market serves as a vibrant platform for artisans and creators, emphasizing the diversity of handmade crafts beyond ceramics [4][6]. - The preservation of industrial relics within the cultural district reflects Jingdezhen's respect for its ceramic heritage, allowing visitors to connect with the city's historical production [8][12]. Group 2: Urban Renewal and Environmental Transformation - The urban renewal initiative has revitalized old factory buildings, integrating modern architectural elements while preserving historical features, transforming them into art galleries and creative spaces [20][22]. - The city has shifted towards green development, addressing past environmental issues associated with traditional ceramic production, and promoting a high-quality development path [13][18]. - The transformation of the area has led to improved infrastructure, enhancing the visitor experience and aligning with the district's aesthetic [10][12]. Group 3: Global Artistic Hub - Jingdezhen is evolving into a global platform for artistic innovation, attracting top artists and fostering a creative community that blends traditional craftsmanship with modern artistic expression [26]. - The presence of international artists and creative exchanges contributes to the dynamic cultural landscape, reinforcing Jingdezhen's status as a center for ceramic art and innovation [26].