According to the China Merchants Securities Research Report, Xinyuan continues to make breakthroughs in microcoating imaging and chemical cleaning, and the release of new advanced packaging products is accelerating. The company's 26H1 revenue was 897 million yuan, +26.47% year on year; net profit to mother was 08 billion yuan, or -49.37% year over year; net profit after deduction of non-return to mother was -45 million yuan. In terms of front-end equipment, the next-generation Track architecture continues to advance. High-end SPM has passed verification and repeated orders from leading customers, and chemical cleaning has entered a relatively rapid release stage; in terms of post-stage equipment, temporary bonding/unbonding is fully mass-produced, and frame cleaning has entered the release stage, and the revenue contribution of new products is expected to continue to increase. Maintain an “overweight” investment rating.

According to the China Merchants Securities Research Report, Xinyuan continues to make breakthroughs in microcoating imaging and chemical cleaning, and the release of new advanced packaging products is accelerating. The company's 26H1 revenue was 897 million yuan, +26.47% year on year; net profit to mother was 08 billion yuan, or -49.37% year over year; net profit after deduction of non-return to mother was -45 million yuan. In terms of front-end equipment, the next-generation Track architecture continues to advance. High-end SPM has passed verification and repeated orders from leading customers, and chemical cleaning has entered a relatively rapid release stage; in terms of post-stage equipment, temporary bonding/unbonding is fully mass-produced, and frame cleaning has entered the release stage, and the revenue contribution of new products is expected to continue to increase. Maintain an “overweight” investment rating.