Shijia Photons(SH:688313) Zheng Quan Zhi Xing·2025-07-30 22:15Revenue and Profit Growth - The company reported a total operating revenue of 993 million yuan, an increase of 121.12% year-on-year. The net profit attributable to shareholders reached 217 million yuan, up 1712.0% year-on-year, while the net profit excluding non-recurring items was 214 million yuan, a staggering increase of 12667.42% year-on-year in the first half of 2025 [1] - In the second quarter alone, the operating revenue was 556 million yuan, reflecting a year-on-year increase of 121.55%. The net profit attributable to shareholders for this quarter was 123 million yuan, up 3414.06% year-on-year, and the net profit excluding non-recurring items was 122 million yuan, an increase of 4790.61% year-on-year [1] Enhanced Profitability - The company's gross margin stood at 37.38%, an increase of 56.96% year-on-year, while the net profit margin was 21.83%, reflecting a significant increase of 719.47% year-on-year, indicating improved cost control and profitability [2] Effective Cost Control - Total selling, administrative, and financial expenses amounted to 65.87 million yuan, accounting for 6.64% of revenue, which is a decrease of 25.51% year-on-year, showcasing effective cost management [3] Accounts Receivable and Cash Flow Concerns - The accounts receivable reached 503 million yuan, a year-on-year increase of 70.86%, with accounts receivable to profit ratio at 775.28%. Additionally, cash and cash equivalents were 318 million yuan, down 2.65% year-on-year, with a cash to current liabilities ratio of only 56.09%. The net cash flow from operating activities was approximately 11.16 million yuan, up 158.09% year-on-year, but the average operating cash flow to current liabilities ratio over the past three years was only 14.09%, indicating a need for attention to accounts receivable recovery and cash flow status [4] Main Business Revenue Composition - Revenue from optical chips and devices amounted to 700 million yuan, accounting for 70.52% of total revenue. Among these, revenue from AWG-related products was 311 million yuan, making up 31.32% of total revenue, while revenue from fiber optic connectors and jumpers was 298 million yuan, representing 30.04% of total revenue. Indoor cable revenue was 150 million yuan, accounting for 15.11%, and revenue from cable polymer materials was 126 million yuan, making up 12.66% of total revenue [5] Domestic and International Revenue Distribution - Domestic revenue was 524 million yuan, accounting for 52.79% of total revenue, while international revenue was 452 million yuan, representing 45.50% of total revenue, with a year-on-year growth of 323.59% [6] Core Competitiveness - The company has continuously invested in R&D, mastering key chip core technologies and forming a complete IDM business system, which provides full-chain autonomy. Through collaborations with mainstream module companies and equipment manufacturers, the company is expanding its customer base and increasing market share. Additionally, the company boasts a professional R&D team composed of PhDs and Masters, capable of supporting comprehensive R&D and production needs in optics, electronics, and thermal areas [7]