Core Insights - The company reported an increase in revenue but a decline in net profit for the first half of 2025, indicating a challenging financial environment [1][3] - The gross profit margin improved, while the net profit margin decreased significantly, reflecting rising costs and expenses [1][3] Financial Performance - Total revenue for the first half of 2025 reached 416 million yuan, a year-on-year increase of 16.62% compared to 357 million yuan in 2024 [1] - The net profit attributable to shareholders was 5.04 million yuan, down 1.74% from 5.13 million yuan in the previous year [1] - The second quarter revenue was 232 million yuan, up 25.33% year-on-year, but the net profit for the same period was -1.22 million yuan, a decline of 186.33% [1] Profitability Metrics - Gross margin stood at 27.25%, an increase of 7.97% year-on-year, while net margin decreased to 1.49%, down 10.72% from the previous year [1] - Total selling, administrative, and financial expenses amounted to 84.74 million yuan, accounting for 20.36% of revenue, which is a 12.93% increase year-on-year [1] Cash Flow and Debt - Operating cash flow per share improved to 0.05 yuan, a significant increase of 149.41% year-on-year, while cash and cash equivalents decreased by 3.28% to 300 million yuan [1] - The company’s receivables increased by 23.59% to 301 million yuan, indicating potential liquidity issues [1] - Interest-bearing liabilities rose by 12.32% to 820 million yuan, leading to a debt-to-asset ratio of 42.16% [3] Historical Performance - The company has shown a median Return on Invested Capital (ROIC) of 3.84% since its listing, with a particularly poor performance in 2018, where ROIC was -7.54% [3] - The company has reported losses in two of the nine annual reports since its IPO, indicating a fragile business model [3]

Core Viewpoint - The company, Shengyang Technology Co., Ltd., has released its 2025 semi-annual report, which includes details on its financial performance, management, and future plans. The report emphasizes the accuracy and completeness of the information provided, ensuring compliance with relevant regulations [1][5][41]. Group 1: Company Overview - Shengyang Technology Co., Ltd. is listed under the stock code 603703 and is based in Zhejiang, China [4]. - The company has confirmed that there are no changes in its controlling shareholder or actual controller during the reporting period [4]. Group 2: Financial Data - The semi-annual report has not proposed any profit distribution or capital reserve transfer plans for the reporting period [3]. - The company reported a total of 66,222.51 million RMB raised from a non-public stock issuance, with a net amount of 64,295.73 million RMB after deducting various fees [24]. Group 3: Fund Management - As of June 30, 2025, the company has utilized 46,669.17 million RMB of the raised funds, with 782.69 million RMB used in the current year [24]. - The company has established a dedicated account for managing the raised funds, ensuring compliance with regulatory requirements [25]. Group 4: Project Updates - The company has completed the "Intelligent Warehouse and Distribution Center Construction Project" and has permanently supplemented its working capital with surplus funds from this project [30]. - The "Communication Tower Infrastructure Construction Project" has also been completed, with the remaining funds being used to settle outstanding payments [35]. Group 5: Meeting Announcements - The company will hold a performance briefing on September 10, 2025, to discuss the semi-annual results and address investor inquiries [41][45].

Group 1 - The company reported a revenue of 416 million yuan for the first half of 2025, representing a year-on-year growth of 16.62% [1] - The net profit attributable to shareholders was 5.04 million yuan, showing a year-on-year decline of 1.74% [1] - The non-recurring net profit was 2.61 million yuan, which reflects a significant year-on-year decrease of 41.70% [1] - The basic earnings per share stood at 0.01 yuan [1]

Core Viewpoint - The company reported a revenue growth of 16.62% year-on-year in the first half of 2025, driven by increased sales orders for RF cable products, while net profit slightly decreased by 1.74% due to rising share-based payment expenses and reduced foreign exchange gains [1][2] Financial Performance - The company achieved an operating revenue of 416 million yuan in the first half of 2025, with a net profit attributable to shareholders of 5.0381 million yuan [1] - Excluding share-based payment expenses, the net profit reached 17.46 million yuan, reflecting a substantial increase of 192.88% compared to the same period last year [2] - The net cash flow from operating activities increased by 149.41% year-on-year, indicating improved cash collection from sales [2] Business Development - The growth in revenue is primarily attributed to the increase in orders for RF cable products, supported by the ongoing development of the global communication industry and the acceleration of data center construction [2] - The company has achieved a monthly production capacity of 30,000 kilometers for automotive high-speed cables and made breakthroughs in autonomous research and development in fields such as Beidou vehicle-mounted terminals [1][3] Strategic Initiatives - The company has implemented a dual-driven strategy focusing on "wired/wireless communication + satellite communication," capitalizing on emerging technologies like AI and autonomous driving [3] - The data cable market is expected to grow at a rate exceeding 10% in the coming years, with projections indicating it could reach 2.956 billion USD by 2031 [3] - The company plans to focus on developing high-speed, high-capacity data cable products starting in 2024 to meet the demands of data centers, industrial automation, and smart cities [3] Technological Advancements - The company has integrated three Rosen Tai devices into its high-performance data copper cable R&D and production system, enhancing its capabilities in high-speed transmission for data centers and automotive communications [4] - The satellite communication terminal business is viewed as a second growth curve, with plans to focus on maritime satellite communication terminals, Beidou vehicle-mounted navigation terminals, and satellite internet communication terminals by 2025 [4] Industry Environment - The low-orbit satellite internet construction in China has accelerated significantly this year, presenting development opportunities for the industry [5] - The company has accumulated years of R&D experience in satellite communication terminals and has made breakthroughs in Beidou vehicle-mounted terminals and 5G satellite television terminals [5] - Future exploration of diverse application scenarios in satellite communication terminals, such as vehicle-road collaboration and emergency communication, is planned to further tap into growth potential [5]

Core Viewpoint - Shengyang Technology (603703.SH) reported a revenue of 416 million yuan for the first half of 2025, reflecting a year-on-year growth of 16.62% [1] Financial Performance - The net profit attributable to shareholders of the listed company was 5.0381 million yuan, showing a year-on-year decrease of 1.74% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.6091 million yuan, down 41.70% year-on-year [1] - Basic earnings per share stood at 0.01 yuan [1]

Meeting Details - The fifth meeting of the Supervisory Board was held, with all three supervisors present, confirming the legality and validity of the meeting [1][2] Supervisory Board Resolutions - The Supervisory Board approved the 2025 Half-Year Report and its summary, affirming that the report complies with relevant laws and accurately reflects the company's operational and financial status for the first half of 2025 [1][2] - The Supervisory Board also approved the Special Report on the Storage and Use of Raised Funds for the first half of 2025, confirming that the report is truthful and complies with regulatory requirements, with no violations or harm to the interests of the company and its shareholders [2]

Group 1 - The board of directors of Zhejiang Shengyang Technology Co., Ltd. held its 15th meeting of the 5th session, which was conducted via a combination of in-person and remote voting methods, with all 9 directors present [1] - The meeting was legally and effectively convened in accordance with the relevant regulations of the Company Law of the People's Republic of China and the company's articles of association [1] - The board approved the company's 2025 semi-annual report and its summary, which had been reviewed by the audit committee prior to submission [1] Group 2 - The board also approved the special report on the storage and use of raised funds for the first half of 2025, which was similarly reviewed by the audit committee [2] - The voting results for both reports were unanimous, with 9 votes in favor and no votes against or abstentions [2]

2025 年 8 月 26 日，浙江盛洋科技股份有限公司（以下简称"公司"）以现 场方式召开了第五届监事会第十四次会议。有关会议召开的通知，公司已于 8 月 15 日以现场送达的方式送达各位监事。本次会议由监事会主席方红敏先生主 持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开和表决程 序符合《中华人民共和国公司法》《公司章程》及公司《监事会议事规则》的有 关规定，会议合法、有效。 二、监事会会议审议情况 证券代码：603703 证券简称：盛洋科技 公告编号：2025-029 浙江盛洋科技股份有限公司 第五届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 《2025 年半年度报告》及《2025 年半年度报告摘要》详见上海证券交易所 网站(www.sse.com.cn)。 （二）审议通过《公司 2025 年半年度募集资金存放与使用情况的专项报告》 经审核，监事会认为：《公司 2025 年半年度募集资金存放与使用情况的专 项报告》内容真实、准确、完整， ...

Financial Performance - The company's operating revenue for the first half of 2025 was RMB 416,154,152.37, an increase of 16.62% compared to RMB 356,834,869.90 in the same period last year[20]. - The total profit for the period was RMB 4,473,521.63, reflecting a growth of 10.15% from RMB 4,061,427.01 year-on-year[20]. - The net profit attributable to shareholders decreased by 1.74% to RMB 5,038,052.88, down from RMB 5,127,500.19 in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 41.70% to RMB 2,609,132.41, primarily due to an increase in government subsidies compared to the previous period[22]. - The net cash flow from operating activities increased significantly by 149.41% to RMB 21,119,327.81, compared to a negative cash flow of RMB -42,743,997.44 in the same period last year[20]. - The basic earnings per share remained stable at RMB 0.01, consistent with the same period last year[21]. - The weighted average return on net assets increased slightly to 0.62%, up from 0.61% in the previous year[21]. - The company achieved operating revenue of 416.15 million yuan, with a net profit attributable to shareholders of 5.04 million yuan, and a net profit of 17.46 million yuan after deducting non-recurring gains and losses[52]. Assets and Liabilities - The net assets attributable to shareholders at the end of the period were RMB 825,682,676.61, a 3.17% increase from RMB 800,286,579.07 at the end of the previous year[20]. - Total assets increased by 6.39% to RMB 1,931,102,524.46, compared to RMB 1,815,196,881.94 at the end of the previous year[20]. - The company's total liabilities decreased to RMB 1,919,401,458.34 from RMB 1,942,991,534.82, showing a reduction of approximately 1.2%[127]. - The company's accounts receivable decreased marginally to RMB 300,630,710.12 from RMB 304,598,293.61, reflecting a decline of approximately 1.3%[126]. - The company's total equity at the end of the reporting period is RMB 898,669.7 million, reflecting a decrease of RMB 5,573.24 million compared to the previous period[156]. Market and Industry Insights - The RF cable industry is cyclical and closely tied to macroeconomic conditions, with demand increasing during economic growth periods and decreasing during downturns[39]. - The demand for high-performance data cables is expected to grow over 10% annually, with the market projected to reach $2.956 billion by 2031[40]. - The small-sized display device market is experiencing growth due to government policies promoting appliance upgrades, leading to increased demand for LED display components[43]. - The satellite communication industry is a key strategic emerging industry in China, benefiting from government policies that encourage its application and commercialization[47]. Strategic Initiatives - The company specializes in the research, manufacturing, and sales of various RF cables, display devices, satellite communication terminals, and 5G base station products and services[28]. - The company has established itself as one of the few large-scale producers of high-quality 75-ohm coaxial cables and data cables in China, partnering with international firms like Commscope and DISH[28]. - The company is actively exploring the satellite communication terminal market, having established partnerships with leading industry players[48]. - The company has constructed a total of 1,213 5G communication base stations, indicating a focus on expanding its 5G infrastructure capabilities[52]. - The company is implementing a dual-driven strategy of "wired/wireless communication + satellite communication" to enhance core business competitiveness[53]. Operational Efficiency - The company employs a procurement model that ensures stable quality by selecting multiple suppliers for key raw materials, adhering to ISO9001 standards[30]. - The production of new products is conducted on dedicated production lines to avoid impacting the production of existing products, ensuring quality control[32]. - The company has implemented lean management practices to enhance operational efficiency and reduce costs[54]. - The company has established a comprehensive production advantage by integrating the production of various materials, ensuring product quality and cost control[64]. Risks and Compliance - The company faces market competition risks in the RF cable industry, with hundreds of domestic manufacturers and a low industry concentration[78]. - The company has implemented measures to mitigate raw material price fluctuation risks, but rising costs could still negatively impact profitability[81]. - The company emphasizes risk management and compliance with regulations to improve operational governance and investor relations[55]. - The company has not reported any significant issues that would raise doubts about its ability to continue as a going concern for the next 12 months[163]. Shareholder and Governance - The total number of ordinary shareholders as of the reporting period end was 22,420[118]. - The largest shareholder, Ye Liming, holds 10.12% of the shares, totaling 42,000,000 shares, which are currently pledged[120]. - The company has initiated an employee stock ownership plan, allowing for the purchase of up to 7,679,700 shares at a price of 4.67 RMB per share[92]. - The company has committed to ensuring the independence of the listed company and will not interfere with its management activities[99]. Financial Reporting and Compliance - The financial statements have been approved by the company's board of directors on August 26, 2025[160]. - The accounting period for the financial statements is from January 1, 2025, to June 30, 2025[166]. - The company adheres to the enterprise accounting standards, ensuring that the financial statements reflect a true and complete picture of its financial status[165]. - The company has not reported any changes in accounting policies or prior period error corrections, maintaining consistency in financial reporting[153].

证券代码：603703 证券简称：盛洋科技 公告编号：2025-030 浙江盛洋科技股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所印发的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及相关格式指引的要求，现将浙江盛洋科技股份有限公司（以 下简称"公司"、"本公司"或"盛洋科技"）截至 2025 年 6 月 30 日募集资金存 放与使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 本公司经中国证券监督管理委员会证监许可[2020]908号文核准，由主承销 商中天国富证券有限公司根据相关规定并结合盛洋科技的非公开发行股票的发 行方案，本次非公开发行股票的定价基准日为发行期首日(即2020年12月17日), 发行价格不低于定价基准日前20个交易日公司股票交易均价的80%，向14名特定 对象非公开发行股份人民币普通股(A股)68,910,000股，发行价为每股人民币 9.61元，共计募集资金66, ...