SACO(SZ:002025) Mei Ri Jing Ji Xin Wen·2025-08-21 15:09Core Viewpoint - Aerospace Electric reported a slight revenue increase but a significant decline in net profit for the first half of 2025, indicating a situation of "increased revenue but decreased profit" [1][2]. Financial Performance - The company achieved revenue of approximately 2.935 billion yuan, a year-on-year increase of 0.47% [1]. - Net profit attributable to shareholders was approximately 86.6952 million yuan, down 77.49% year-on-year [1]. - The non-recurring net profit was approximately 72.8174 million yuan, down 79.69% year-on-year [1]. - Operating costs increased by 28.6% to approximately 1.998 billion yuan, primarily due to rising prices of precious metals and changes in product pricing and structure [1][2]. Product Line Performance - The company experienced a "one rise and three declines" scenario across its product lines [2]. - Revenue from "connectors and integrated interconnection products," which account for over 70% of total revenue, was 2.065 billion yuan, up 9.96% year-on-year, marking it as the only growing segment [2]. - Revenue from "motor and control components" decreased by 12.47% to 660 million yuan [2]. - Revenue from "relays" and "optical communication devices" fell significantly, down 27.68% and 26.5% respectively [2]. Operational Highlights - The company reported breakthroughs in several key technologies and secured batch orders for three major new projects, with orders in strategic emerging industries increasing by over 30% year-on-year [3]. - The cash flow from operating activities improved, with a year-on-year increase of 46.11% to approximately -312 million yuan, attributed to an increase in the maturity of commercial acceptance bills [3]. - Several shareholders, including E Fund Defense Industry Mixed Securities Investment Fund, increased their holdings in the company during the second quarter [3].