中嘉博创2025年半年报：营收增长10.46%，摘帽焕新与业务韧性凸显

Core Viewpoint - Zhongjiabochuang achieved a revenue of 776 million yuan in the first half of 2025, marking a year-on-year growth of 10.46%, driven by strong performance in the communication network maintenance sector [1] Revenue Growth and Financial Performance - The company demonstrated resilient revenue growth with a focus on cost control and increased R&D investment, resulting in a positive financial profile characterized by increased revenue, controlled expenses, and improved cash flow [2] - Sales expenses decreased by 12.93% to 3.31 million yuan due to personnel cost optimization, while management expenses fell by 2.00% to 4.77 million yuan, attributed to reduced depreciation and amortization costs [2] - R&D expenditure rose by 6.56% to 25.52 million yuan, focusing on upgrading communication maintenance technology and optimizing information transmission systems [2] - Operating cash flow improved by 67.83% year-on-year, primarily due to increased sales collections and enhanced working capital efficiency [2] Core Business Performance - The communication network maintenance business, serving as the company's mainstay, generated 750 million yuan in revenue, reflecting a year-on-year increase of 14.20%, accounting for 96.66% of total revenue [3] - The subsidiary, Changshi Communication, successfully provided communication support for major events and received commendations from local governments and operators for its emergency repair services during disasters [3] - Despite a 43.95% decline in revenue from the information intelligent transmission business due to market competition, it maintained profitability through refined cost management [3] New Growth Opportunities - The company is actively exploring new growth avenues, including extending Changshi Communication's services into new infrastructure sectors such as renewable energy, smart cities, and data center construction [4] Governance and Risk Mitigation - Significant progress was made in corporate governance and risk resolution, including the removal of risk warnings from its stock and the restoration of its trading limits, enhancing liquidity and market attention [5] - The company has initiated legal proceedings to recover a debt of no less than 480 million yuan related to historical restructuring issues, marking a critical step in protecting shareholder interests [5]