Sun Create(SH:600990) Xin Lang Cai Jing·2025-08-29 13:22Core Viewpoint - The company reported its 2025 semi-annual results, showing a slight increase in revenue but a decline in net profit, indicating a mixed performance with signs of recovery in the second quarter [1][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 677 million yuan, a year-on-year increase of 5.61% [1] - The net profit attributable to shareholders was -43 million yuan, a year-on-year decrease of 11.5% [1] - The adjusted net profit after excluding non-recurring items was -46 million yuan, showing a year-on-year increase of 21.12% [1] - For Q2 2025, revenue reached 384 million yuan, reflecting a year-on-year growth of 27.29% [1] - The net profit attributable to shareholders for Q2 was -220 yuan, a year-on-year increase of 28.93% [1] - The gross margin for the first half of 2025 was 18.94%, an increase of 2.45 percentage points year-on-year [1] Cost Control and R&D Investment - The company significantly reduced sales expenses in Q2 2025 to 16 million yuan, a year-on-year decrease of 31.15% [2] - Management expenses were reduced to 45 million yuan, down 18.77% year-on-year [2] - R&D expenses in Q2 2025 increased to 3 million yuan, a substantial year-on-year increase of 141.61% [2] - The overall R&D investment for the first half of 2025 reached 52 million yuan, with an R&D intensity of 7.67% [2] Market Expansion and New Product Development - The company is expanding its product matrix, developing new core products in various fields including water conservancy and military training [2] - The company won bids for several radar projects, including a P-band wind profile radar in Hunan and a water monitoring radar project in Liaoning, marking entry into the water conservancy radar market [3] - The company is also advancing in low-altitude technology and nuclear fusion, with significant projects underway in these areas [4] Future Growth Potential - The company is expected to benefit from the recovery in downstream industry demand and the expansion into new markets [4] - Revenue projections for 2025-2027 are estimated at 1.671 billion, 2.109 billion, and 2.693 billion yuan respectively, with net profits expected to improve over the same period [4]