公司的湿法工艺设备、高纯工艺系统等核心产品在国内主流晶圆厂持续放量，面对全球半导体产业的战 略机遇期，至纯科技围绕"工艺-设备-材料"三位一体发展战略，不仅提供装备与系统，更向产业链上下 游延伸，构建了覆盖晶圆厂全生命周期的产品与服务能力。 中证报中证网讯(王珞)10月30日晚间，至纯科技（603690）发布了2025年第三季度报告。报告显示，前 三季度，公司实现营业收入23.67亿元，归属于上市公司股东的净利润为8469.67万元。2025年第三季度 单季净利润4537.80万元，环比增长56.09%。公司现金流有所改善，第三季度，公司实现经营活动现金 流量净额6030.63万元，较上半年-5.63亿元的状况显著改善并转为正向流入，表明公司主营业务造血能 力得到实质性增强。 公司表示，坚持面向未来进行战略性投入，前三季度研发费用投入1.66亿元，同比保持稳定增长。持续 的创新投入成果丰硕，截至上半年，公司累计申请专利达865件，并成功获得首件美国专利授权，标志 着技术实力获得国际认可。 ...

Core Viewpoint - The company, Zhichun Technology, reported a revenue of 1.608 billion yuan for the first half of 2025, marking a year-on-year growth of 5.25%, with a net profit attributable to shareholders of 39.3187 million yuan. The company is focusing on the semiconductor manufacturing service cycle and has seen significant growth in its electronic materials business, which generated 133 million yuan, a substantial increase of 146% year-on-year [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.608 billion yuan, reflecting a year-on-year increase of 5.25% [1]. - The net profit attributable to shareholders for the same period was 39.3187 million yuan [1]. - The electronic materials business revenue reached 133 million yuan, showing a remarkable growth of 146% year-on-year [1]. Group 2: Strategic Developments - The company has established the first fully domestically produced 12-inch wafer gas factory supporting 28nm processes, which is now operating stably [1]. - A second similar gas station began operations in 2024, expected to contribute to revenue as customer capacity is released [1]. - The company is actively pursuing the acquisition of electronic materials supplier Weidun Crystal Phosphorus to strengthen its strategic layout in the electronic materials sector [1]. Group 3: Market Position and R&D - The company has invested over 1.8 billion yuan in R&D since its listing, achieving multiple breakthroughs in the semiconductor equipment and materials field [2]. - It holds a market share of 48.8% in the high-purity process system market and over 30% in chemical equipment and systems [2]. - As of June 30, 2025, the company has applied for 865 patents, including 356 invention patents, and has been granted 615 patents [2]. Group 4: Operational Efficiency - The management has implemented plans to reduce costs and increase efficiency, aiming to provide long-term returns for investors [3]. - As of the reporting period, the post-receivable ratio for the top ten customers reached 38.38% [3]. - The cash income ratio for the first half of 2025 maintained a healthy level of 0.95 [3].

Group 1 - The company reported a revenue of 1.608 billion yuan in the first half of 2025, representing a year-on-year growth of 5.25%, with a net profit attributable to shareholders of 39.3187 million yuan [1] - The electronic materials business achieved significant growth, with revenue reaching 133 million yuan, a substantial increase of approximately 146% year-on-year [1] - The company has established the first fully domestic 12-inch wafer gas factory supporting 28nm process, which has been operating stably, and a second similar facility is expected to contribute to revenue as customer capacity is released [1] Group 2 - The company has invested over 1.8 billion yuan in R&D since its listing, achieving multiple key breakthroughs in the semiconductor equipment and materials sector, and holds a market share of 48.8% in the high-purity gas system market [2] - As of June 30, 2025, the company has applied for a total of 865 patents, including 356 invention patents, and has been granted 615 patents, marking its entry into international patent layout with a U.S. patent authorization [2] - The company is focused on technological innovation and has built a comprehensive supply chain to support the domestic semiconductor industry, with a total order backlog of 13.414 billion yuan, 94.72% of which comes from the semiconductor sector [3]

在生产与研发体系布局上，恒大电子展现出强劲实力。生产基地方面，分别在中国无锡和浙江丽水建有两座设备工厂，年生产能力可达到特气设备3000 套、化学品设备1200套；研发层面，建有1200 平方米的科研实验中心，并设立博士后工作站，重点致力于全国产化设备的研发工作以及现有产品性能的 持续提升。 无锡工厂 投资界8月13日消息，近日，初芯基金完成对无锡恒大电子科技有限公司（以下简称"恒大电子"、"公司"）数千万元战略投资，此次投资将为恒大电子注 入强劲动力，助力其在泛半导体高端装备全面国产化进程中持续攻坚突破，并加速推动优质企业成功 "出海"，拓展国际市场。 恒大电子专注于半导体厂务系统与设备，为半导体芯片制造、新型显示、新能源、生物制药等前沿领域，提供工艺介质供应系统及工艺环境综合解决方 案。十余年来，其凭借技术深耕、工艺创新、优质的产品与良好的服务，业务版图已成功覆盖全国及东南亚多个国家，与华润微电子、Ferrotec、京东 方、彩虹光电、华星光电、长江存储、杭州富芯、株洲中车、蜂巢能源等知名企业建立长久良好的合作关系。 丽水生产基地 科研实验中心 在国产替代浪潮席卷高端制造领域的当下，恒大电子凭借十余年的技 ...

Group 1 - The stock price of Zhichun Technology reached 25.15 yuan as of August 4, 2025, reflecting an increase of 0.60% compared to the previous trading day [1] - The trading volume on that day was 176 million yuan, with a turnover rate of 1.84% [1] - Zhichun Technology specializes in the research, production, and sales of high-purity process systems and semiconductor equipment, with applications in integrated circuits, photovoltaics, and LEDs [1] Group 2 - As of the end of July 2025, Zhichun Technology announced a cumulative share repurchase of approximately 2.78 million shares, accounting for 0.73% of the total share capital, with a total repurchase amount of 69.3765 million yuan [1] - On August 4, 2025, the net outflow of main funds was 11.2135 million yuan, with a cumulative net outflow of 90.7791 million yuan over the past five days [1]

Investment Rating - The report assigns an "Accumulate" rating to the company [3]. Core Views - The acquisition of Guizhou Weidun Crystal Phosphorus will enhance the company's presence in the high-purity electronic materials sector, further solidifying its business layout in the semiconductor field [1]. - Weidun Crystal Phosphorus is a leading domestic supplier of high-end semiconductor materials, with established relationships with major clients, contributing to the domestic substitution trend [2]. - The acquisition is expected to strengthen the company's electronic materials business, improve its overall performance, and align with its strategic development goals [3]. Summary by Sections Company Overview - The company, established in 2000, focuses on high-purity process systems and semiconductor wet cleaning equipment, providing solutions for various advanced manufacturing sectors [14]. - The main products include precursor materials and doping/oxidation materials, primarily used in diffusion and thin-film deposition processes [2]. Financial Performance - In 2024, Weidun Crystal Phosphorus is projected to achieve revenue of 249 million yuan and a net profit of 69.05 million yuan, with a net profit margin of 27.71% [2]. - The company anticipates a decline in net profit for 2024, estimated between 90 million and 135 million yuan, primarily due to increased R&D expenses and other non-recurring losses [3][6]. Acquisition Impact - The acquisition is expected to enhance the company's electronic materials capabilities and contribute positively to its financial performance post-merger [3]. - The company has a history of investment in Weidun Crystal Phosphorus, indicating a strong relationship and a high degree of certainty regarding the acquisition [7]. Revenue and Profit Forecast - The company forecasts revenues of 34.23 billion, 44.49 billion, and 56.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.6%, 30%, and 27% [8][21]. - The projected net profits for the same period are 1.11 billion, 3.48 billion, and 4.88 billion yuan, with significant growth expected in 2025 and 2026 [8][21]. Valuation Metrics - As of March 12, 2025, the company's stock price of 25.73 yuan corresponds to price-to-earnings ratios of 89, 28, and 20 for the years 2024, 2025, and 2026, respectively [8][24].