Core Viewpoint - The company demonstrated resilience in its operations amidst a challenging environment in the civil explosives industry, achieving a slight revenue growth and significant profit increase in the first half of 2025 [1] Financial Performance - The company reported a revenue of 235 million yuan, a year-on-year increase of 2.40% [1] - The net profit attributable to shareholders was 14.38 million yuan, reflecting a year-on-year growth of 57.66% [1] - The net cash flow from operating activities turned positive, reaching 50.36 million yuan, compared to a negative 38.73 million yuan in the same period last year [1] Business Segments - The signal chain chip business achieved significant growth, with revenue reaching 51.43 million yuan, a year-on-year increase of 143.38% [2] - The net profit from the signal chain segment was 4.19 million yuan, marking a turnaround from a loss [2] - The civil explosives electronic control module sales increased by 5.29% year-on-year, despite a 0.84% decline in the overall industrial detonator production [4] Product Development and Innovation - The company launched the LTD2532 chip for high-end markets, supporting 24-bit resolution for precision measurement applications [3] - The company made advancements in high-temperature and high-pressure applications, with products demonstrating good stability and reliability [4] - The company completed the industrialization verification of a 175℃ ultra-high temperature perforation control module [4] International Expansion - The company established a subsidiary in the Middle East and formed strategic partnerships with several overseas enterprises [5] - The company successfully completed joint debugging of electronic detonator production line equipment overseas, laying the groundwork for long-term international market expansion [5] Future Outlook - The company plans to focus on the iteration of the fourth-generation control chip and the productization of wireless detonators in the electronic control module sector [7] - In the signal chain chip sector, the company aims to enhance technology and expand into new applications such as renewable energy and sensors [7] - The company has adjusted its business scope to include sales of intelligent unmanned aerial vehicles and services related to low-altitude economy, providing a legal foundation for future developments in emerging fields [6][7]
盛景微：模拟芯片业务突破，主业逆势增长