Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core View of the Report The report provides insights into the operations and development of Sulian Co., Ltd. The company's gross profit is expected to remain stable and slightly increase, with its battery business growing rapidly and new businesses such as data liquid cooling showing promising progress [23]. 3. Summary by Relevant Sections 3.1. Research Basic Information - Research object: Sulian Co., Ltd. [16] - Industry: Not specified - Reception time: August 29, 2025 [16] - Company reception personnel: Director and Board Secretary Han Xiao, Director and Financial Officer Liao Qiang [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (China International Capital Corporation, Zhongtai Securities, Huatai Securities), investment companies (Tianni Investment, Zeming Investment, Hengshi Investment), asset management companies (Xunyuan Asset, Dapu Asset, Shangcheng Asset), and others [17][18]. 3.3. Main Content Information - **Gross profit outlook**: Gross profit is expected to remain stable and slightly increase, benefiting from internal and external efforts such as new product development, material substitution, and cost - reduction measures [23]. - **Top five customers**: The top five customers in the first half of the year remained the same as last year, but the concentration decreased year - on - year [23]. - **Battery business**: The battery business is growing faster than the main business, with a dedicated battery division established. The company has received development tasks for various battery - related products and some products are in the process of production [23][24]. - **Data liquid cooling business**: The company has developed UQD products for data centers and established a subsidiary for related business. It is working on R & D of supporting components and solutions and has established business contacts with major customers [24]. - **Other business expansion**: The company is developing new products such as hydrogen fuel cell pipelines, air suspension products, and independent sales products. Air suspension products have been mass - produced in some models [25]. - **Business similarity**: The similarity between the main business and Sulian Zhikong's business is high, with a process and technology compatibility of over 70% [25].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - In the first half of 2025, the domestic online consumption showed good momentum, driving the strong development of the express delivery industry. The express delivery business volume and revenue in China increased significantly year - on - year. Against this backdrop, Shentong Express achieved "stable business growth and experience upgrade" through a series of strategic measures [25]. - The "anti - involution" policy in the express delivery industry has been actively responded to at the policy and regional levels. The company will actively respond to this call, which is expected to have a positive impact on its operation and service [30]. - In the second half of 2025, due to the "anti - involution" policy and the expansion of the industry's order volume base, the industry growth rate may slow down, but express delivery prices will have certain resilience [33]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Shentong Express, belonging to the logistics industry. The reception time was on August 29, 2025. The listed company's reception staff included the deputy general manager and financial director Liang Bo, the board secretary Guo Lin, and the IR director He Min [16]. 3.2. Detailed Research Institutions - There were 7 securities companies, 8 fund management companies, 1 asset management company, 2 investment companies, 3 other institutions, 1 foreign - funded bank, and 1 other financial company participating in the research [20]. 3.3. Research Institution Proportion - Securities companies accounted for 30%, fund management companies 35%, asset management companies 4%, investment companies 9%, other institutions 13%, foreign - funded banks 4%, and other financial companies 4% [21]. 3.4. Main Content Data 3.4.1. Company Management's Introduction of the 2025 Semi - annual Business Situation - In the first half of 2025, domestic online retail sales increased by 6.0% year - on - year, and the proportion of online retail sales of physical goods in total social consumer goods retail sales was 24.9%. The express delivery business volume in China reached 956.4 billion pieces, a year - on - year increase of 19.3%, and the business revenue was 718.78 billion yuan, a year - on - year increase of 10.1% [25]. - Shentong Express completed a business volume of 12.35 billion pieces in the first half of the year, a year - on - year increase of 20.7%, with a market share of 12.91%, a year - on - year increase of 0.15 percentage points. In the second quarter, the business volume was 6.54 billion pieces, a year - on - year increase of 15.95%, and the market share was 12.95% [25]. - The company achieved an operating income of 25.02 billion yuan, a year - on - year increase of 16.0%. The express delivery income was 24.69 billion yuan, a year - on - year increase of 15.7%, and the single - ticket express delivery income was 2.00 yuan, a year - on - year decrease of 0.09 yuan [26]. - The company's operating cost was 23.67 billion yuan, a year - on - year increase of 16.8%, and the express delivery cost was 23.49 billion yuan, a year - on - year increase of 16.7%. The single - ticket operating cost decreased steadily [27]. - The company's net profit attributable to the parent was 453 million yuan, a year - on - year increase of 3.7% [28]. - The net cash flow from operating activities was 741 million yuan, a year - on - year decrease of 59.6%. The capital expenditure was 1.39 billion yuan, a year - on - year decrease of 9%, mainly invested in machinery and equipment, transport vehicles, and buildings [29]. 3.4.2. Company's Responses to Investor Questions - Regarding the "anti - involution" progress in the express delivery industry, policies have been introduced at the national level, and many regions have actively responded. The company will also actively respond to this call, which is expected to have a positive impact on its operation and service [30]. - In the first half of 2025, the company's capital expenditure was 1.39 billion yuan, a year - on - year decrease of 9%, mainly invested in machinery and equipment, transport vehicles, and buildings. It is expected that the annual capital expenditure this year will be similar to last year, but the specific amount may be affected by the capital payment rhythm [32]. - In the second half of 2025, due to the "anti - involution" policy and the expansion of the industry's order volume base, the industry growth rate may slow down, but express delivery prices will have certain resilience [33]. - After the acquisition of Danniao, the two sides can conduct resource integration in multiple links, optimize cost expenses, and enhance the overall profitability of the listed company. The listed company can also enter the high - end market and enrich its business product matrix [34]. - In the first half of 2025, the company has applied AI technology in many aspects, which has a positive impact on optimizing the management process, improving service quality, and reducing operating costs. In the future, the company will continue to increase technology investment and promote the in - depth upgrade of full - scenario intelligent operation [36][38]. - In the first half of 2025, the company's platform single - order business volume increased by more than 170% year - on - year. In the future, the company will upgrade the single - order platform and enhance its digital intelligence capabilities [39].

Group 1: Report General Information - Report date: August 29, 2025 [1] - Research industry: Automotive parts [2] - Research object: Hexing Co., Ltd. [17] - Reception time: 2025 - 08 - 29 [17] - Company reception staff: Chairman and General Manager Wang Hongzhi, Director, Board Secretary and Chief Financial Officer Zhou Ruzhong, Independent Directors Qiu Yawen and Wang Zhe [17] Group 2: Core Views - The company's German production base is expected to be completed around mid - 2026, aiming to serve European customers and form synergy with domestic industries [24] - In the first half of 2025, the company's revenue increased by 5.13% year - on - year, but net profit decreased due to factors such as increased depreciation of the Jiaxing plant and salary expenses for personnel reserve [26] - As new projects are implemented and capacity utilization increases, cost pressure will gradually ease, and net profit is expected to return to positive growth [27] - To improve product gross profit and net profit, the company will focus on high - value product R & D, expand business channels, and strengthen cost control [28] Group 3: Specific Content Summary 1. German Production Base Progress - In the first half of 2025, the main framework of the German production base's infrastructure project was basically completed, and it is expected to be completed around mid - 2026, mainly serving European customers [24][25] 2. Jiaxing and German Project Status - The Jiaxing project was put into trial production at the end of 2024, and some decoration projects are in progress. The German project started construction in the second half of 2024, and the main framework was basically completed in the first half of 2025 [24][25] 3. Revenue and Profit in the First Half of 2025 - The company achieved operating revenue of 867.78 million yuan, a year - on - year increase of 5.13%; net profit attributable to shareholders of listed companies was 106.80 million yuan, a year - on - year decrease of 16.98%; net profit after deducting non - recurring gains and losses was 103.38 million yuan, a year - on - year decrease of 14.6% [26] 4. Impact Factors and Solutions for Profit - The decline in profit is due to increased depreciation of the Jiaxing plant and salary expenses for personnel reserve. As new projects are implemented, cost pressure will ease, and the company will also optimize the supply chain and improve production efficiency [26][27] 5. Gross and Net Profit Margin Decline - In the first half of 2025, the gross profit margin was 31.67%, a year - on - year decrease of 2.21 percentage points; the net profit margin was 12.31%, a year - on - year decrease of 3.28 percentage points. The decline is due to customer price cuts and new projects not reaching scale [27][28] 6. Measures to Improve Profitability - The company will focus on high - value product R & D, expand business channels, and strengthen cost control from raw material procurement, production consumption, and expense expenditure [28] 7. Experience and Technical Advantages in Insert Molding - The company has obtained 31 patents related to insert molding, with full - link technical advantages in design, trial - molding, production, and experience inheritance, including simulation analysis database, scientific trial - molding methods, fully automated production line development, and experience library and design standards [28][29]

恒帅股份分析师会议 调研日期：2025年08月29日 调研行业：汽车零部件 参与调研的机构：泉果基金、华安证券等 / 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ 机构调研pro小程序 DJvanbao.co ...

Group 1: Report Summary - The report is about a research on Mannster, a company in an unspecified industry, conducted on August 29, 2025 [1][16] - The company's mid - 2025 business situation was introduced, with revenue increasing and net profit decreasing compared to the previous year [23] - The company's overseas orders increased, and the construction of the global system achieved results [23] Group 2: Research Basic Information - The research object is Mannster, and the reception time is August 29, 2025. The reception staff includes the board secretary Peng Yalin and the securities affairs representative Xu Bijiu [16] Group 3: Detailed Research Institutions - Participating institutions include Guolian Minsheng Securities, Guohai Securities, Caitong Securities, Northeast Securities, Huatai Securities, etc [2][17] Group 4: Main Content Business Performance - Affected by the decline in new orders in 2024, the revenue and profit of coating application decreased in the first half of this year [23] - In the first half of this year, the company's revenue was 560.4829 million yuan, a year - on - year increase of 59.93%; the net profit attributable to shareholders of listed companies was - 23.5133 million yuan, a year - on - year decrease of 132.66% [23] - Overseas revenue in the first half of the year was 17.8781 million yuan, with a year - on - year growth rate of 146.51% [23] Reasons for Loss and Margin Changes - The decline in coating product gross margin was due to intensified market competition, cost - reduction pressure in the industry, and fluctuations in production capacity utilization [23] - As new orders are gradually delivered and production capacity utilization increases, the gross margin will improve [23] - The company's energy system business turned a profit, and the gross margin improved, supporting overall profits [24] Solid - State Equipment Progress - Solid/dry - process related equipment orders placed last year were sent to customers this year, and the commissioning and verification results were recognized by customers [24] - The company has rich experimental data and technical reserves in the wet - and dry - process layout and has obtained order verifications in multiple processes [24] Pan - Semiconductor Business Progress - The company launched a perovskite pilot platform and released a new vacuum coating equipment product this year [25] - The GW - level perovskite coating system was delivered in the first half of the year [25] - The company's panel display equipment passed customer verification and aims to develop more incremental business [25] Robot Business - The subsidiary Lanfang Technology has a small number of orders for micro - linear electric cylinders and has sent samples of electric grippers, but there is no substantial progress in dexterous hand products [25]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company's operating performance in the first half of 2025 remained stable with a slight increase, and the growth trend of the maintenance business revenue and new orders was good. The company will continue to promote business development around multiple business segments and strive to achieve high - quality development [25][27]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Zhejiang Jiaoke, belonging to the engineering construction industry. The reception time was on August 29, 2025. The listed company's reception personnel included the board secretary, the financial director Zhao Junwei, Lin Nanfang from the board office (Strategic Development Department), and Du Guohai from the market operation department (International Department) [16]. 3.2. Detailed Research Institutions - The research institutions included securities companies such as Tianfeng Securities, GF Securities, and Changjiang Securities; asset management companies like Shanghai Jiuxiang Asset and Hangzhou Zhongbai Asset; investment companies such as Shanghai Xishirun Investment and Guangdong Zhengyuan Investment; other institutions including Fidelity International and Jmen Finance; fund management companies like Tongtai Fund and Huaxia Fund; and insurance asset management companies such as Great Wall Wealth Insurance [17][18]. 3.3. Research Institution Proportion - Securities companies accounted for 26%, asset management companies 17%, investment companies 17%, other institutions 13%, fund management companies 22%, and insurance asset management companies 4% [20]. 3.4. Main Content Data - **Zhejiang's 2025 Comprehensive Transportation Investment Plan**: In 2025, Zhejiang plans to complete 350 billion yuan of comprehensive transportation investment, aiming for 360 billion yuan. It will build 160 kilometers of expressways, 280 kilometers of ordinary national and provincial roads, add 5 coastal berths of over 10,000 tons and 50 kilometers of inland waterways for 1,000 - ton vessels. It will promote the preliminary work of key projects and ensure the start of 30 major projects, aiming for 40. It will also accelerate the construction of key projects and promote the "Four - Good Rural Roads" 2.0 version [24]. - **Controlling Shareholder's Transportation Infrastructure Investment Plan**: In 2024, Zhejiang Transportation Group completed 74.7 billion yuan of transportation investment, accounting for about 18% of the province. In 2025, it plans to complete over 73.9 billion yuan of transportation investment, promoting the start of multiple projects and accelerating the construction of ongoing projects [25]. - **Company's 2025 First - Half Operating Conditions**: The company achieved an operating income of 18.647 billion yuan, a year - on - year increase of 1.12%. The net profit attributable to the parent company was 545 million yuan, a year - on - year increase of 6.43% [25]. - **Company's Gross Margin Situation**: In the first half of 2025, the gross margin of the construction business was 9.15%, a year - on - year increase of 1.04%. The gross margin of the maintenance business decreased, but it is expected to improve later [26]. - **Company's Order Situation**: From January to June 2025, the company received 567 new orders worth 32.157 billion yuan, a decrease compared to the same period in 2024. As of the end of the first half of 2025, the total contract value of ongoing projects was 224.087 billion yuan, with 90.873 billion yuan of cumulative recognized revenue and 133.214 billion yuan of remaining unfinished work [27]. - **Company's Maintenance Business Development**: The company's maintenance business has formed professional and scale advantages. It will extend the investment - construction - maintenance integrated business, expand the market, and promote green maintenance [27]. - **Company's Investment - Type Projects**: The company's ongoing investment - type projects include various models such as equity cooperation, PPP, and area development. There are multiple ongoing PPP projects [28]. - **Yitong Special Foundation Situation**: Zhejiang Yitong Special Foundation Engineering Co., Ltd. and its subsidiary Zhejiang Zhongrui Heavy Industry Technology Co., Ltd. have strong technical strength and business scope, and Zhejiang Jiaotong has completed the equity acquisition and capital increase [28][29]. - **Company's Low - Altitude and Water Conservancy Business Layout**: The company's subsidiaries won bids for relevant projects, which are beneficial attempts for business diversification [29]. - **Company's New Equipment and New Material Business Development**: The company's new equipment and new material business is mainly carried out by subsidiaries. The new equipment business will be upgraded, and the new material business will be industrialized [29][30]. - **Company's Cash Dividend Plan**: The company's profit distribution considers multiple factors. In 2024, it distributed 334 million yuan in cash dividends, and it will optimize the dividend plan in the future [31]. - **Company's Future Development Plan**: The company is planning the "14th Five - Year" development plan, aiming to become a leading enterprise in new infrastructure and promote high - quality development around five major business segments [31].

家联科技分析师会议 调研日期：2025年08月29日 调研行业：塑料制品 参与调研的机构：北京志开投资、财通基金、淳厚基金、德邦证 券、东北证券等 构市场到断信记 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report focuses on the in - depth research of Guangbo Co., Ltd. in the household light industry. It analyzes the company's operating conditions, product sales, new product incubation, IP operation, channel strategy, and overseas production base layout, highlighting the company's development potential and market competitiveness [23][26][28]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Guangbo Co., Ltd., belonging to the household light industry. The reception time is August 29, 2025. The listed company's reception personnel include the board secretary, deputy general manager Jiang Shuying, and the securities affairs representative Wang Xiuna [16]. 3.2 Detailed Research Institutions - The research institutions include Linrui Fund, Orient Fortune Securities, Benfen Investment, Guoyuan Securities, Xinglan Management, Shangqi Capital, Yingling Investment, Dailesi Investment, Yuekai Securities, and CICC Securities [17]. 3.3 Research Institution Proportion - Other institutions account for 50%, securities companies account for 40%, and investment companies account for 10% [18]. 3.4 Main Content Information - **Business Performance in the First Half of 2025**: The company achieved a total operating income of 1.171 billion yuan, a year - on - year increase of 2.38%. The net profit attributable to shareholders of the listed company was 76.1341 million yuan, a year - on - year increase of 4.22%. After deducting the impact of share - based payment, the net profit was 78.2615 million yuan, a year - on - year increase of 7.13% [23]. - **Product Sales Changes**: In the first half of 2025, the sales revenue of office supplies was 306 million yuan, a year - on - year decrease of 2.83%; the revenue of office direct sales business was 620 million yuan, a year - on - year increase of 6.15%; the sales revenue of leisure and lifestyle products reached 148 million yuan, a year - on - year increase of 40.38%. The creative product category achieved sales revenue of 63.746 million yuan, mainly due to the decline in the sales of IP student products [23]. - **New Product Incubation**: The company focused on the incubation of card and plush projects. The "Zhu Xian" card was successfully launched, and the co - branded plush pendant with "Detective Conan" was also successfully put on the market through all channels [25][26]. - **IP Operation and Core Competitiveness**: The company deepened market insight and IP matrix construction, combined head IPs and niche IPs, and built a full - link marketing system. The core competitiveness lies in the coordinated operation of IP resources [26][27]. - **Future Channel Strategy**: The company will focus on in - depth development of traditional e - commerce and expansion of social e - commerce online, and consolidate traditional channels and strengthen flash activities offline to promote full - channel cooperation [27]. - **Overseas Production Bases**: The company has established production bases in Vietnam, Cambodia, and Malaysia. It will continue to expand the Vietnam production base and plan to set up a production base in Indonesia [28].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The company is actively promoting a global strategy by investing up to $209 million in the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project" in 2025, aiming to establish an aluminum industrial cluster and expand into European, North American, and Middle Eastern markets [27]. - The company is focusing on high - end product development, with significant increases in the sales volume and proportion of high - end products such as 3C consumer electronics profiles, automotive lightweight profiles, and aluminum rod cables in the first half of 2025 [27]. - The company has a leading position in the recycling and utilization of recycled aluminum, with plans to further expand its recycling capacity to over 2 million tons in the future [29]. - The company continues to invest in R & D, resulting in new authorized patents and participation in the development of materials for Xiaomi cars [29]. - The company holds a leading position in the aluminum rod cable industry, participating in national standard - setting and supplying products for major national projects [29][30]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Innovation New Materials, belonging to the commercial department store industry. The reception time was August 29, 2025, and the company's reception staff included Director, Deputy General Manager, and Financial Controller Xu Feng, and Deputy General Manager and Board Secretary Wang Kefang [16]. 3.2. Detailed Research Institutions - Participating institutions include securities companies such as Guotai Haitong Securities Co., Ltd., Guotou Securities Co., Ltd., and Guoxin Securities Co., Ltd.; fund management companies such as Hongde and Huian; and other types of institutions like Shanghai Guanhuo Investment Research and Junyi Zhenhua (Beijing) [17][18]. 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Saudi Project Progress**: As of July 2025, the ODI filing approval for the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project" has been completed, and the project is being steadily promoted. The project is expected to have an annual output of 500,000 tons of electrolytic aluminum and 500,000 tons of high - precision aluminum rods, aluminum sheets, and foils [27]. - **High - end Product Performance in H1 2025**: The sales volume of profile products was 77,200 tons, a 43.93% increase compared to the same period last year, and the proportion increased by 1.16 percentage points. The sales volume of aluminum rod cable products was 501,300 tons, a 13.83% increase compared to the same period last year, and the proportion increased by 3.45 percentage points [27]. - **Recycled Aluminum Usage and Plan**: In the first half of 2025, the company comprehensively recycled and utilized 637,500 tons of recycled aluminum, a 12.37% year - on - year increase. The company plans to break through a recycling capacity of 2 million tons in the future [29]. - **R & D Innovation Achievements**: The company added 38 authorized patents in the reporting period, including 4 invention patents and 34 utility model patents. It also participated in the development of materials for Xiaomi cars and entered the mass - production stage [29]. - **Position in the Aluminum Rod Cable Field**: The company is the largest domestic enterprise in the R & D and production of aluminum alloy cable materials, has participated in national standard - setting, and supplied products for major national projects [29][30].

1. Report Summary - Reported company: Raytron Technology Co., Ltd. - Industry: Semiconductor - Research date: August 29, 2025 2. Core Viewpoints - The company has formed a new pattern with infrared business as the mainstay and gradual breakthroughs in multi - dimensional sensing fields such as microwave and laser, supporting its continuous and rapid development [20]. - The market demand is booming, and the company will maintain a rapid growth trend in the future with its advantages in talent incentive, technology R & D, product mass - production, and platforms [22]. 3. Summary by Section 3.1 Research Basic Information - Research object: Raytron Technology Co., Ltd. - Industry: Semiconductor - Reception time: August 29, 2025 - Company receptionist: Huang Yan, Secretary of the Board [16] 3.2 Detailed Research Institutions - Securities companies: CITIC Securities, GF Securities, Industrial Securities, Minsheng Securities - Fund management companies: Fullgoal Fund, Bosera Fund, Southern Fund [17] 3.3 Main Content 3.3.1 Company's 2025 Semi - annual Operation and Dividend - Revenue: In the first half of 2025, the company achieved an operating income of 2,543,793,600 yuan, a year - on - year increase of 25.82% [20]. - Profit: Operating profit was 380,821,200 yuan, a year - on - year increase of 85.02%; net profit attributable to the parent company was 351,011,500 yuan, a year - on - year increase of 56.46% [20]. - Business segments: Infrared business maintained rapid growth; microwave RF business declined slightly during the product transition period but had little impact on the overall report [20]. - Dividend: The company plans to distribute a cash dividend of 0.80 yuan per 10 shares (tax - included) [21]. 3.3.2 R & D Progress - Infrared field: Completed mass production of 8μm series products, with three models entering the mass - production stage [21]. - Automotive infrared field: Obtained new front - loading fixed points and production deliveries for multiple vehicle models; the first - generation automotive 4D millimeter - wave imaging radar achieved small - batch orders and deliveries [21]. - Microwave RF field: Completed the project acceptance of the satellite Internet broadband terminal IF chip, and achieved satellite connectivity in the latest round of terminal integration testing [21][23]. - Satellite communication: Conducted research on Ku and Ka - band low - orbit satellite communication phased - array terminal products, and achieved key progress [21]. 3.3.3 Q&A - R & D investment increase: The R & D investment in the first half of 2025 was 507,845,600 yuan, a year - on - year increase of 36.95%, accounting for 19.96% of operating income. The increase was due to continuous investment in infrared technology and the development of microwave RF business [22]. - Microwave field progress: Made progress in silicon - based millimeter - wave integrated circuits, compound semiconductors, and automotive 4D millimeter - wave imaging radars, which will form the second growth curve in the future [23]. - High income tax: The high income tax was due to the adjustment of subsidiary business last year and the increase in current income tax with the growth of revenue and profit [24]. - Capacity improvement: The intelligent optoelectronic sensor R & D and pilot platform project was completed and put into production. The annual production capacity of infrared detectors reached 6 million, the wafer - level thermal imaging manufacturing platform reached 5 million, and the thermal imager reached 1 million [24]. - AI layout: The company actively applied AI in R & D, production, and management. It made progress in AI algorithms in multiple links and established a subsidiary in August to strengthen AI R & D [25]. - Low - altitude economy layout: The company provides various products for the low - altitude economy and will continue to develop this business [26].