点击招商研究小程序查看PDF报告原文 事件：华海清科发布2025半年报，公司25Q2收入利润同环比稳健增长，毛利率和净利率维持较高水 平。公司CMP设备先进制程签单实现较大占比，减薄、划切、离子注入机等新品进展顺利，晶圆再生 产能持续爬坡。***投资评级。 25Q2收入同环比稳健增长，盈利能力提升。 ①25H1收入19.5亿元，同比+30.3%；归母净利润5.1亿元， 同比+16.8%；扣非净利润4.6亿元，同比+25%。公司利润增速低于收入增速，主要系职工薪酬增长以及 收购芯嵛公司影响，期间费用率增速较快，同时利息收入和政府补助等减少；②25Q2收入10.4亿元，同 比+27%/环比+13.7%；毛利率45.8%，同比+0.9pct/环比-0.5pct；归母净利润2.7亿元，同比+18%/环比 +16.5%；扣非净利润2.5亿元，同比+26.3%/环比+17%。公司整体收入稳健增长，盈利能力保持在较高 水平。 新签CMP设备订单中先进制程占比提升，减薄机等订单大幅增长。 公司全新抛光系统架构机台 Universal-H300获得批量重复订单，实现规模化出货，新签CMP设备订单中先进制程实现较大占比，部 分先 ...

Core Insights - The company, Huahai Qingshi (688120), reported a revenue of 1.95 billion yuan for the first half of 2025, representing a year-on-year growth of 30.28% [1] - The net profit attributable to shareholders reached 505 million yuan, an increase of 16.82% year-on-year, while the net profit excluding non-recurring items was 460 million yuan, up 25.02% [1] - The basic earnings per share stood at 2.14 yuan [1] Business Performance - The company's core product matrix showed strong performance, particularly in CMP equipment, which has seen significant technological advancements and market expansion [2] - The new CMP polishing system, Universal-H300, has received bulk repeat orders and achieved large-scale shipments [2] - Advanced process CMP equipment orders have increased significantly, with successful process validation at several leading domestic clients [2] Product Development - The company has developed thinning equipment suitable for advanced packaging and front-end wafer manufacturing, achieving substantial results during the reporting period [2] - The 12-inch ultra-precision wafer thinning machine, Versatile-GP300, saw a significant increase in order volume due to its excellent performance [2] - The 12-inch wafer thinning and film application integrated machine, Versatile-GM300, has been successfully adopted by major domestic semiconductor companies [2] Ion Implantation Equipment - The company’s subsidiary, Xinyu, successfully delivered its first 12-inch low-temperature ion implanter, iPUMA-LT, to a leading domestic logic chip manufacturer [3] - The company is expanding its product matrix to include medium and high-energy ion implanters to meet diverse manufacturing needs [3] Platform Strategy and R&D Investment - The "equipment + service" platform strategy is showing results, with an increase in the scale of key consumables and maintenance services as CMP equipment market share grows [3] - The company’s wafer regeneration business has received bulk orders from major production lines, with a project in Kunshan aiming for a monthly capacity of 200,000 wafers [3] - R&D investment reached 246 million yuan in the first half of 2025, a year-on-year increase of 40.44%, with R&D expenses accounting for 12.63% of revenue [3]