Core Viewpoint - The company, Tongzhou Electronics, has clarified that rumors regarding its entry into the supply chains of major companies like Nvidia, Meta, Google, Huawei, and Cambrian are false, and it has not signed contracts with these firms [1][3]. Group 1: Stock Performance - Tongzhou Electronics' stock price has experienced significant volatility, with a cumulative increase of 52.63% over the last five trading days [1]. - The stock price has deviated by a cumulative increase of 20% over three consecutive trading days, triggering an announcement regarding abnormal trading conditions [1]. Group 2: Financial Performance - In the first half of the year, the company reported total operating revenue of 540 million yuan, representing a year-on-year increase of 606.52% [7]. - The net profit attributable to shareholders reached 203 million yuan, marking a year-on-year growth of 662.77% [7]. - The company's overseas business accounted for 90.23% of its revenue, with a year-on-year increase of 14,579.41% in this segment [7]. Group 3: Company Status - The company has recently changed its stock name from "*ST Tongzhou" to "Tongzhou Electronics," removing delisting risk warnings [7]. - As of August 18, the closing stock price was 16.59 yuan per share, with a total market capitalization of 12.5 billion yuan [7].

Core Viewpoint - The stock of Zhongzhou Electronics (002052) has reached its daily limit up, marking its 81st limit up in the past year, driven by significant revenue growth and profitability turnaround in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 540 million yuan, a year-on-year increase of 606.52%, and a net profit attributable to shareholders of 203 million yuan, marking a turnaround from losses [2]. - The growth in revenue and profitability is primarily attributed to the sustained production and sales of high-power power supply products [2]. Group 2: Product Application and Market Trends - The company's high-power power supply products are mainly used in the computing server sector, addressing data center demands and aligning with the global growth trends in cloud computing and AI markets [2]. - The company's main business includes energy sector products such as 18650 lithium batteries, polymer soft-pack batteries, home energy storage, and set-top box products like digital TV set-top boxes and smart home solutions [2]. Group 3: Compliance and Certifications - All products manufactured by the company comply with national industry technical requirements and have received various quality certifications, including CCC, CE, and FCC [2]. Group 4: Market Outlook - The stock's limit up today suggests potential for continued upward momentum in the future [2].

记者丨吴佳楠 编辑丨孙超逸 7月28日，上个月刚完成"摘星脱帽"的深圳同洲电子（002052.SZ），交出了一份亮眼的2025年半年报。 财报显示，今年上半年，公司实现总营业收入5.40亿元，同比增长606.52%；实现归母净利润2.03亿 元，同比增长662.77%。报告期内，同洲电子的海外业务占比90.23%，营业收入同比增长14579.41%。 但公司经营活动产生的现金流量净额为-1.15亿元，而去年同期为203万元。这主要与公司赔偿投资者损 失和供应商还款有关。财报显示，上半年同洲电子应付帐款1.20亿元，上年末为8.05亿元。这意味着， 同洲电子在半年内还清旧债近7亿元。 图/同洲电子官网截图 这是一只原本几乎处于退市边缘的*ST股票，却在半年报中迎来了逆势反转。 6月17日，该公司股票简称由"*ST同洲"变更为"同洲电子"，撤销退市风险警示及其他风险警示。 公司在半年报中称，营业收入受益于公司高功率电源产品的持续生产销售，较上年同期有较大增长，利 润情况也较上年同期有较大改善。 截至7月29日收盘，同洲电子报收于10.99元/股，总市值82亿元。 押注电源赛道转型 目前同洲电子的主营业务主要分为两 ...

Core Viewpoint - Shenzhen Tongzhou Electronics has shown a remarkable turnaround in its financial performance, achieving significant revenue and profit growth in the first half of 2025, primarily driven by its high-power power supply products and a strategic focus on the energy sector [1][3][10]. Financial Performance - The company reported total operating revenue of 540 million yuan, a year-on-year increase of 606.52% [1]. - The net profit attributable to shareholders reached 203 million yuan, up 662.77% compared to the previous year [1]. - The overseas business accounted for 90.23% of total revenue, with a staggering year-on-year growth of 14,579.41% [1][11]. - Despite the impressive revenue growth, the net cash flow from operating activities was -115 million yuan, compared to 2.03 million yuan in the same period last year, primarily due to investor compensation and supplier repayments [1][10]. Business Segments - The company's main business is divided into two segments: energy sector and set-top box sector. The energy sector includes high-power power supply products, lithium batteries, and energy storage solutions, while the set-top box sector includes satellite reception equipment and digital TV solutions [7]. - The energy sector performed exceptionally well, generating 508 million yuan in revenue, a year-on-year increase of 961.39%, while the set-top box sector saw a decline in revenue to 249,420 yuan, down 76.28% [7][8]. Market Trends and Strategic Focus - The high-power power supply business generated 487 million yuan in revenue with a gross margin of 45.78%, a new product line for the company [8]. - The global data center and cloud computing markets are driving demand for high-power power supplies, with the power supply industry in China expected to grow from 391 billion yuan in 2021 to 738.9 billion yuan by 2025, reflecting a compound annual growth rate of 13.72% [8]. - The company has shifted its revenue composition significantly, with the energy sector now accounting for 94.04% of total revenue, compared to 62.60% in the previous year [8]. Stock Performance - The stock price of Shenzhen Tongzhou Electronics has surged over sevenfold in the past year, closing at 10.99 yuan per share as of July 29, compared to 1.38 yuan per share a year ago [4][11]. - The company successfully removed its delisting risk warning and changed its stock name from "*ST Tongzhou" to "Tongzhou Electronics" on June 17, 2025, following improvements in financial performance [3][10]. Shareholder Activity - The current general manager increased his shareholding to 11.09%, while the largest shareholder holds 16.5% [11]. - The company is leveraging new shareholder resources to enhance its product development and market promotion in the high-power power supply sector [11]. Risks and Challenges - The company faces risks related to foreign exchange fluctuations, as it relies on imported raw materials for its overseas business, which could impact operating costs and profitability [11].

Core Viewpoint - The company, Tongzhou Electronics, has shown a remarkable turnaround in its financial performance, achieving significant revenue and profit growth in the first half of 2025, following its recent removal from the delisting risk warning status [1][2]. Financial Performance - In the first half of 2025, Tongzhou Electronics reported total operating revenue of 540 million yuan, a year-on-year increase of 606.52% [1]. - The net profit attributable to shareholders reached 203 million yuan, reflecting a year-on-year growth of 662.77% [1]. - The company's overseas business accounted for 90.23% of its revenue, with a staggering year-on-year growth of 14,579.41% [1][8]. - Despite the impressive revenue growth, the net cash flow from operating activities was -115 million yuan, compared to 2.03 million yuan in the same period last year, primarily due to investor compensation and supplier repayments [1][7]. Business Segments - Tongzhou Electronics operates mainly in two segments: energy and set-top box businesses. The energy segment includes high-power power supply products, lithium batteries, and energy storage solutions [4]. - The energy segment generated 508 million yuan in revenue, a year-on-year increase of 961.39%, while the set-top box segment saw a revenue decline of 76.28%, totaling 2.49 million yuan [4]. - The high-power power supply business alone achieved 487 million yuan in revenue with a gross margin of 45.78%, marking a significant shift in the company's focus towards this area [4]. Market Trends - The global data center and cloud computing markets are experiencing rapid growth, leading to increased demand for high-power power supplies, which are considered critical infrastructure [5]. - The power supply industry in China has seen its market size grow from 205.6 billion yuan in 2016 to 391 billion yuan in 2021, with a projected compound annual growth rate of 13.72% [5]. Stock Performance - As of July 28, 2025, Tongzhou Electronics' stock closed at 11.22 yuan per share, with a total market capitalization of 8.4 billion yuan, reflecting a more than sevenfold increase in stock price over the past year [3][6]. Strategic Initiatives - The company has focused on developing high-power power supply products, leveraging new shareholder resources to enhance its market presence [8]. - The current major shareholder, Youxin Tang, has increased his stake in the company to 11.09%, indicating strong confidence in the company's future [8]. - The company is also addressing potential risks related to foreign exchange fluctuations due to its reliance on imported raw materials for its overseas business [8].

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 11.02 CNY for the next six months [6][4]. Core Views - The company is expected to achieve a net profit of 900 million to 1.14 billion CNY in the first half of 2025, representing a year-on-year growth of 31.57% to 66.66% [1][2]. - The company is actively increasing its investment in AI terminal hardware and has made significant progress in product innovation across multiple fields, including foldable screens and robotics [3][2]. - The automotive sector has shown substantial improvement in operational efficiency compared to the previous year, contributing positively to overall profitability [2]. Financial Summary - Revenue projections for 2025 to 2027 are estimated at 50.93 billion CNY, 59.23 billion CNY, and 68.12 billion CNY respectively, with net profits of 2.41 billion CNY, 3.06 billion CNY, and 3.56 billion CNY [4][9]. - The company’s net profit margin is projected to improve, with a net profit margin of 4.7% in 2025 and stabilizing at 5.2% in 2026 and 2027 [10]. - The company’s earnings per share (EPS) is expected to increase from 0.34 CNY in 2025 to 0.51 CNY in 2027 [10].

Core Viewpoint - *ST Tongzhou has announced the removal of delisting risk warning and other risk warnings, changing its stock name from "*ST Tongzhou" to "Tongzhou Electronics" effective June 17, 2023 [2][4]. Group 1: Company Overview - *ST Tongzhou was established in 1994 and listed on the Shenzhen Stock Exchange in June 2006. The company's main business includes energy sector operations and set-top box services [6]. - The energy sector operations primarily involve 18650 lithium batteries, various types of polymer soft-pack batteries, and high-power power supply products, with a total production capacity of 3 GWh across three production lines [6]. Group 2: Financial Performance - The company was subject to delisting risk warning due to a negative net profit and operating revenue below 100 million yuan for the fiscal year 2023 [6]. - In 2022, the company faced property preservation measures due to a contract dispute with Dazhu Holdings, resulting in the freezing of major bank accounts [6]. - The financial report for 2024 indicates that the lower of net profit before and after deducting non-recurring gains and losses is positive, eliminating uncertainties regarding the company's ability to continue operations [6]. - The company no longer has any major bank accounts frozen, meeting the conditions for applying to remove delisting risk warnings and other risk warnings [6].