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].

2、据2025年7月28日半年报，公司高功率电源产品主要应用于算力服务器领域，覆盖数据中心需求，采 用高能效电路拓扑设计等技术，契合全球云计算及AI市场增长趋势。 3、据2024年年报，公司主营业务为能源领域业务如18650锂电池、聚合物软包电池、家庭储能等和机顶 盒领域业务如数字电视机顶盒、智慧家庭整体解决方案。公司产品的生产均符合国家行业技术要求，并 先后通过了CCC、CE、FCC等国内外质量认证。 8月12日，家电行业个股异动，同洲电子（002052）（002052）今日触及涨停板，该股近一年涨停81 次。 异动原因揭秘： 1、据2025年7月28日半年报，公司上半年营收5.40亿元，同比增长606.52%，归母净利润2.03亿元，同 比扭亏为盈，主要受益于高功率电源产品的持续生产销售。 后市分析：该股今日触及涨停，后市或有继续冲高动能。 ...

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].

南方财经记者 吴佳楠 深圳报道 目前同洲电子的主营业务主要分为两大板块，第一板块为能源领域业务，主要产品包括高功率电源产 品，18650锂电池、各类聚合物软包电池、铅改锂电池PACK、备用电源，家庭储能、电动自行车电池 和新能源车换电业务等。 第二板块为机顶盒领域业务，包括卫星接收工程机设备，数字电视机顶盒、智能终端、数字电视整体解 决方案、智慧家庭整体解决方案、智慧平台业务等。 7月28日，上个月刚完成"摘星脱帽"的同洲电子（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。 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 ...

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].