*ST精伦半年营收增长23.45% 智能制造业务发力斩获2.3亿大单

Core Insights - *ST Jinglun reported a revenue of 82.66 million yuan for the first half of 2025, marking a year-on-year growth of 23.45% [2][3] - The company has achieved double-digit growth for the second consecutive year since revenue recovery began in 2024 [2][3] - The intelligent manufacturing segment, particularly the enterprise-level cloud server business, has emerged as a significant growth driver [3] Revenue Performance - In Q2 2025, the company generated 63.70 million yuan in revenue, reflecting a substantial increase of 70.4% year-on-year [3] - Intelligent manufacturing products accounted for 61.75% of total revenue, generating 51.04 million yuan, with notable growth in enterprise-level cloud server equipment integration and delivery [3][4] Contractual Agreements - The company signed a procurement contract worth 230 million yuan for server equipment, which has already contributed approximately 45 million yuan in revenue during the reporting period [3][4] Business Structure and Diversification - The intelligent manufacturing business includes a range of products such as servo control systems for industrial and household sewing equipment, production management systems, and IoT applications [4] - The commercial intelligent terminal and software services segments have also maintained stable operations, focusing on areas like ID reading devices and IoT charging products [5] Financial Health - Accounts receivable surged to 51.28 million yuan, up 433.88% from the beginning of the period, driven by increased sales [5] - Contract liabilities rose to 19.68 million yuan, a year-on-year increase of 276.16%, indicating strong customer demand [5] Cost Management - The company has effectively controlled operating expenses, with sales expenses down 1.54%, management expenses down 8.52%, and R&D expenses down 18.58% [5] - Despite a reduction in R&D investment, it remains at a relatively high level of 11.99 million yuan [5]