展鹏科技: 展鹏科技股份有限公司2025年半年度报告

Core Viewpoint - The report highlights the financial performance of the company for the first half of 2025, indicating a significant decline in revenue and profit compared to the same period in the previous year, primarily due to challenges in the elevator and military simulation industries [2][11]. Company Overview and Financial Indicators - Company name: Flying Technology Co., Ltd. (展鹏科技股份有限公司) [2] - Stock code: 603488, listed on the Shanghai Stock Exchange [2] - Major financial data for the first half of 2025: - Revenue: ¥137.82 million, down 6.01% from ¥146.62 million in the same period last year [2][11] - Total profit: -¥60.69 million, a decrease of 1,297.21% from ¥5.07 million [2][11] - Net profit attributable to shareholders: -¥36.23 million, down 890.15% from ¥4.59 million [2][11] - Net cash flow from operating activities: -¥69.96 million, a decline of 267.85% from -¥19.02 million [2][11] - Total assets: ¥1.52 billion, down 5.00% from ¥1.60 billion [2][11] Industry Situation - The company operates in the elevator and military simulation industries, focusing on the research, production, and sales of elevator control systems and military simulation products [3][11]. - The elevator industry is experiencing a slowdown in demand due to a downturn in the real estate market, leading to intensified competition and industry consolidation [3][11]. - Despite the challenges, the ongoing urbanization process in China continues to drive basic demand for elevators, particularly for the renovation and replacement of aging elevators [3][11]. Main Business Analysis - The company has established a dual business model focusing on elevator control systems and military simulation systems [3][11]. - The elevator control system business includes products such as elevator door systems and integrated control systems, which are widely used in various types of elevators [3][11]. - The military simulation business, primarily conducted by the subsidiary Lingwei Junrong, focuses on providing tactical simulation training solutions for aviation troops [3][11]. Competitive Advantages - The company possesses core technologies in variable frequency control and has established a comprehensive product system in the elevator component sector [3][11]. - It has built long-term partnerships with several well-known elevator manufacturers, leveraging its strong technical support and after-sales service capabilities [3][11]. - The company emphasizes innovation and has accumulated a significant number of patents and software copyrights, enhancing its competitive edge in the market [3][11].