据证券之星公开数据整理，近期华如科技（301302）发布2025年中报。截至本报告期末，公司营业总收 入1.03亿元，同比上升3.85%，归母净利润-8380.91万元，同比下降27.58%。按单季度数据看，第二季度 营业总收入6507.34万元，同比上升4.87%，第二季度归母净利润-4402.5万元，同比下降69.65%。本报告 期华如科技公司应收账款体量较大，当期应收账款占最新年报营业总收入比达172.49%。 本次财报公布的各项数据指标表现一般。其中，毛利率24.91%，同比减52.81%，净利率-81.36%，同比 减22.84%，销售费用、管理费用、财务费用总计4808.97万元，三费占营收比46.68%，同比减38.61%， 每股净资产10.43元，同比减19.43%，每股经营性现金流-1.29元，同比增9.53%，每股收益-0.54元，同 比减28.57% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9918.87万 | 1.03 亿 | 3.85% | | 归母浄利润（元） | -6569. ...

Group 1: Shijia Photon - The company reported that changes in international trade policies have limited impact, as it is addressing tariff policies through overseas capacity layout and diversification strategies [1] - In Q1, the gross margin significantly increased due to product structure upgrades, process optimization, yield improvements, and customer structure optimization [1] - The company is making progress in data centers, access networks, and laser radar and sensing markets, with plans to deepen process advantages and accelerate product industrialization [1] - Global capacity layout for MPO products and stable supply ensured for MT connectors through investments and long-term agreements [1] - The existing production line for WG products meets order demands, with future capacity adjustments based on market conditions [1] - Revenue and profit are expected to continue growing in Q1 2025, driven by rapid growth in computing power demand and the data communication market [1] - The construction of the Thailand production base is progressing steadily, with core team formation and skills training meeting expectations [1] - The company maintains a cautiously optimistic outlook for the market and operational conditions in 2025 [1] Group 2: Canrui Technology - The company expects a 24.36% year-on-year increase in revenue for 2024, but net profit is projected to turn negative due to intense market competition, high R&D expenses, impairment losses, and losses in the testing business [2] - Revenue from smart sensor chips is expected to grow by 32.61%, while power management chip growth is only 5.04% [2] - The total cost of equity incentives for 2024 is projected to be 20.68 million yuan, amortized over three years [2] - In Q1 2025, revenue is expected to reach 125 million yuan, an 8.86% year-on-year increase, with gross margin rising to 28.12% [2] - The company is enhancing profit margins through internal growth and external expansion in the competitive analog chip industry [2] - A new share buyback program has accumulated the purchase of 1,155,191 shares, costing 31,898,161.44 yuan [2] Group 3: Huaru Technology - The company highlighted the characteristics of leading foreign military intelligence enterprises and introduced the XSimVerse military model with five application areas: intelligent decision-making, virtual training, digital testing, training equipment, and intelligent equipment [3] - The company emphasized the upgrade advantages from military simulation to military intelligence, forming a closed-loop system through simulation systems and corpus resources [3] - Despite facing procurement restrictions from military networks, the company can still secure orders through alternative channels and increase potential customer demand through product iterations [3] - As of December 31, 2024, the company has signed new contracts worth 376 million yuan [3] Group 4: Changsheng Fund - As of now, Changsheng Fund has an asset management scale of 86.128 billion yuan, ranking 64th out of 210 [3] - The asset management scale for non-monetary public funds is 55.698 billion yuan, ranking 67th out of 210 [3] - The fund manages 136 public funds, ranking 54th out of 210, with 22 public fund managers, ranking 63rd out of 210 [3] - The best-performing public fund product in the past year is Changsheng Urbanization Theme Mixed A, with a latest net value of 1.62 and a growth of 53.12% over the past year [3]

Group 1 - Institutions ranked 28 stocks today, with 14 stocks net bought and 14 stocks net sold [1] - The top three stocks with the highest institutional purchases are: Xiangyang Bearing (136 million), Zhongjian Technology (111 million), and Hongbaoli (105 million) [1][2] - Zhongjian Technology has signed a memorandum of cooperation with Huawei's Global Embodied Intelligence Industry Innovation Center, indicating a strategic partnership [3] Group 2 - Xiangyang Bearing's stock increased by 10.01%, with 3 buyers and 1 seller among institutions [2] - Zhongjian Technology's stock rose by 10.00%, with 3 buyers and 1 seller among institutions [2] - Hongbaoli's stock experienced a slight increase of 0.18%, with 1 buyer and 1 seller among institutions [2] Group 3 - The military technology sector is experiencing growth due to advancements in high-tech weapons and smart technologies, as highlighted by a recent article [3] - Companies like Huazhu Technology are developing military-specific large models that integrate military simulation technology [3] - The humanoid robot market is thriving, with many companies, including Yushu Technology, reporting a surge in orders due to favorable policies and market interest [3]