Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, driven by strong performance in electronic ceramics and automotive electronics sectors [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 246 million yuan, a year-on-year decrease of 17.66%, while net profit attributable to shareholders was a loss of 99.94 million yuan, widening from the previous year [2]. - Excluding the impact of the deconsolidation of Chizhou Yunsan, the revenue decline was narrowed to 8.96% [2]. - In Q2 2025, the company generated revenue of 146 million yuan, a quarter-on-quarter increase of 45.37%, reversing the downward trend from Q1 [2]. - The sales revenue from the consumer electronics business in Q2 increased by approximately 48% compared to Q1, with significant growth in core products CMI and CCMI [2]. Business Segments - The electronic ceramics business experienced a remarkable growth, with revenue rising from 12.16 million yuan in the same period last year to 66.75 million yuan, a year-on-year increase of 448.91% [3]. - The MLCC business is entering a capacity ramp-up phase, with products covering various fields including consumer electronics and automotive electronics [3]. - The automotive electronics segment achieved revenue of 38.44 million yuan, a year-on-year growth of 30.95%, with successful certifications from major clients like BYD and JAC [3]. Strategic Initiatives - The company is addressing risks related to high initial investments in MLCC projects and increasing competition in the consumer electronics market by diversifying financing methods and enhancing operational efficiency [4]. - A subsidiary, Chizhou Yunzhu, has introduced local state-owned capital to accelerate MLCC project progress, receiving an investment of 55 million yuan [4]. - The company is deepening collaborations with industry leaders and actively expanding into overseas markets to support business growth [4]. - The rapid growth in electronic ceramics and automotive electronics is helping the company build a diversified development structure, with plans to enhance product technology barriers and increase the sales proportion of new and high-margin products [4].

此外，昀冢科技上半年经营活动产生的现金流量净额由去年同期的-5349.52万元缩窄至-2422.64万元。 对于现金流改善原因，昀冢科技解释称，公司积极贯彻长远战略规划，聚焦主业，优化半导体引线框架 业务，去年同期放弃池州昀钐的优先增资权及实际控制权，从而有效改善了公司经营性现金流指标；同 时，公司强化资金日常管控，进一步提升了资金使用效率。 同时，凭借在消费电子领域拥有的成熟工艺和技术，昀冢科技近年来积极开拓电子陶瓷市场，布局 MLCC及DPC（直接镀铜陶瓷基板）业务。报告期内，公司该部分业务协同发力，营业收入由去年同期 的1215.97万元增长至6674.57万元，同比大幅增长448.91%，伴随后续产能的逐渐释放，将对公司整体 业务发展带来积极影响。 报告期内，昀冢科技MLCC业务顺利进入产能爬坡期，主要产品包括0402、0603等尺寸系列产品，覆盖 消费电子、汽车电子、通信及其他工业等多领域市场应用。该业务是公司中长期发展策略的重要组成部 分，目前已建立了完善的工艺流程、全面品质管理体系，正持续加速高容量、小尺寸等重点产品的研 发，不断提升MLCC相关产品的工艺及技术水平，有序推进产品市场化进程。 在 ...