PowerTECH 联动科技
12 significant filings since 29 May 2026: 8 on equity incentive, 1 on dividend and 1 on buyback, and 2 other kinds. The latest, on 17 Sep 2026: 2026年半年度权益分派实施公告. On 7 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to rise by 73.39% to 139.44% from the same period a year earlier.
自 29 May 2026 起有 12 份重大公告：equity incentive 8 份、dividend 1 份、buyback 1 份，另有 2 类。最新一份（17 Sep 2026）：2026年半年度权益分派实施公告。7 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期上升 73.39% 至 139.44%。
As of 25 Sep 2026 截至2026年9月25日
PowerTECH 联动科技, listed on the Shenzhen Stock Exchange, operates in the semiconductor industry. The company reported revenue growth of 13.8% in 2025 to RMB354.3m, with attributable net profit rising 65.3% to RMB33.6m. Profit margins remained stable, with a 55.7% gross margin and 8.6% net margin. As of 30 Jun 2026, the company's financial position is strong, with a low liabilities to assets ratio of 9.3% and high liquidity, reflected in a current ratio of 8.50. However, operating cash flow per share was negative in both 2025 (-RMB0.38) and 2024 (-RMB1.02), indicating persistent cash outflows from operations. Despite profitability, this mismatch between earnings and cash flow may affect liquidity if not corrected. Recent share price performance has been volatile, with 15 trading days of 9% or more daily movement in the past year. The company's valuation is high, with a P/E TTM of 341.1 and a price to book of 9.84x.
联动科技在深交所上市，属于半导体行业。2025年营业收入为3.54亿元，同比增长13.8%；归母净利润为3,355.2万元，同比增长65.3%。毛利率为55.7%，净利率为8.6%，盈利能力稳定。截至2026年6月30日，公司资产负债率为9.3%，流动比率8.50，速动比率6.97，财务结构稳健。但2025年每股经营现金流为-0.38元，2024年为-1.02元，连续两年经营现金流为负，显示盈利未转化为现金。尽管利润增长，经营性现金持续流出可能影响流动性。过去12个月有15个交易日涨跌幅达9%及以上，股价波动较大。市盈率（TTM）为341.1，市净率为9.84倍，估值处于较高水平。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company has an operating cash outflow. 公司存在经营性现金流流出。 | Despite reporting net profit, the company generated negative operating cash flow per share of -RMB0.38 in 2025 and -RMB1.02 in 2024. This indicates that earnings are not being converted into cash, which could strain liquidity and limit the company's ability to fund operations or investments without external financing. The operating cash flow to net profit ratio was -0.89x, showing a significant mismatch between profit and cash generation. 尽管公司实现净利润，但2025年每股经营现金流为-0.38元，2024年为-1.02元，连续两年为负。这表明盈利未能转化为现金，可能对流动性造成压力，限制公司依靠自身现金流支持运营或投资的能力。经营现金流与净利润之比为-0.89倍，显示盈利与现金流之间存在显著背离。 |
- Operating cash flow per share for the period ending 30 Jun 2027.
截至2027年6月30日报告期的每股经营现金流。 - Attributable net profit for the full year 2026.
2026全年归母净利润。 - Revenue growth rate for the full year 2026 compared to 2025.
2026年营业收入同比增长率，对比2025年。 - Liabilities to assets ratio as of 31 Dec 2026.
截至2026年12月31日的资产负债率。 - Change in inventory days as of 30 Jun 2026 compared to prior periods.
截至2026年6月30日存货周转天数较前期的变化。 - Operating cash flow to net profit ratio for 2026.
2026年经营现金流与净利润之比。
- Company: PowerTECH 联动科技, Shenzhen Stock Exchange 301369; industry Semiconductors; listed 22 Sep 2022.
公司：联动科技，深圳证券交易所 301369；行业：半导体；上市日期：2022年9月22日。 - Close on 24 Sep 2026 RMB149.41; close on 24 Sep 2025 RMB82.79, RMB56.89 in today's terms; one-year change, adjusted for distributions and share changes +162.6%.
2026年9月24日收盘价149.41元；2025年9月24日收盘价82.79元（前复权56.89元）；一年涨跌幅（复权）+162.6%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB50.78 to RMB244.72.
52周区间（前复权）50.78元至244.72元。 - In the last 12 months 15 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 30 Jul 2026 -11.6%; 4 Aug 2026 +9.9%; 19 Aug 2026 -11.9%; 27 Aug 2026 +10.2%; 23 Sep 2026 +13.4%. The longest run of them on consecutive trading days: 3 days.
近12个月共有15个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2026年7月30日 -11.6%；2026年8月4日 +9.9%；2026年8月19日 -11.9%；2026年8月27日 +10.2%；2026年9月23日 +13.4%。其中最长连续3个交易日。 - Market capitalisation RMB15.30bn; P/E TTM 341.1; price to book 9.84x.
总市值152.97亿元；市盈率（TTM）341.1；市净率9.84倍。 - Revenue 2025 RMB354.3m; 2024 RMB311.3m; change +13.8%.
营业收入2025年3.54亿元；2024年3.11亿元；同比+13.8%。 - Attributable net profit 2025 RMB33.6m; 2024 RMB20.3m; change +65.3%.
归属于母公司股东的净利润2025年3,355.2万元；2024年2,030.4万元；同比+65.3%。 - Net profit excluding non-recurring items, 2025 change +63.7%.
2025年扣除非经常性损益后的净利润同比+63.7%。 - Basic EPS 2025 RMB0.48; 2024 RMB0.29.
基本每股收益2025年0.48元；2024年0.29元。 - Operating cash flow per share 2025 -RMB0.38; 2024 -RMB1.02; operating cash flow to net profit -0.89x.
每股经营现金流2025年-0.38元；2024年-1.02元；经营现金流与净利润之比-0.89倍。 - 2025 gross margin 55.7%; net margin 8.6%; ROE 2.2%.
2025年毛利率55.7%；净利率8.6%；净资产收益率2.2%。 - At 30 Jun 2026: liabilities to assets 9.3%; current ratio 8.50; quick ratio 6.97; receivable days 153; inventory days 431.
截至2026年6月30日：资产负债率9.3%；流动比率8.50；速动比率6.97；应收账款周转天数153；存货周转天数431。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB223.5m, change +43.5%; attributable net profit RMB23.4m, change +93.2%; operating cash flow per share -RMB0.23.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入2.23亿元，同比+43.5%；归母净利润2,340.0万元，同比+93.2%；每股经营现金流-0.23元。 - Pre-announcement of 7 Jul 2026 for the period to 30 Jun 2026: attributable net profit change +73% to +139%.
2026年7月7日发布的截至2026年6月30日业绩预告：归母净利润同比+73%至+139%。 - Ownership: actual controller 张赤梅,郑俊岭; largest holder at 30 Jun 2026: 张赤梅, 31.05%.
股权：实际控制人：张赤梅,郑俊岭；2026年6月30日第一大股东：张赤梅，持股31.05%。 - Latest distribution: ex-date 24 Sep 2026, cash RMB0.18 per share.
最近一次分配：除权除息日2026年9月24日，每股现金0.18元。 - Aurelian Grade C, score 52.8 of 100, graded within a peer group of 226 companies in its industry; no rank among peers is given.
金源评级C，得分52.8（满分100），于行业同业226家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。