TK(SZ:002117) Xin Lang Cai Jing·2025-09-01 09:30Core Viewpoint - Donggang Co., Ltd. is experiencing a recovery in overall business performance, with significant growth in composite products and a positive outlook for AI robotics despite challenges in traditional printing due to digitalization [2][3]. Group 1: Business Performance - In the first half of 2025, the printing business faced a decline due to electronic impacts, but there are signs of recovery [2]. - Composite products saw over 130% year-on-year growth, driven by increased orders from both new and existing bank clients [2]. - The technical services segment, which includes document storage, electronic tickets, and AI robotics, is showing stable revenue and profit growth [2]. Group 2: Business Strategy and Development - The company is leveraging existing customer resources to expand into AI robotics, maintaining confidence in annual performance [2]. - The smart card business has a broad client base, including major state-owned banks, and has the capability to produce digital RMB wallets [3]. - The company has developed a blockchain electronic ticketing system based on proprietary technology, which is adaptable to various compliant payment tools [3]. Group 3: Corporate Governance and Structure - Since 2017, the company has operated without a controlling shareholder, ensuring a structured governance model where major decisions are made by the board and shareholders [3]. - The relationship with Ant Group involves previous investment in a subsidiary, with ongoing business connections [3]. Group 4: Future Plans and Market Position - The company aims to stabilize traditional business while aggressively developing new sectors such as smart cards, document storage, electronic tickets, and AI robotics over the next 3-5 years [3]. - Current robot applications are being developed for government and education sectors, indicating a significant demand [3]. - The company has sufficient self-funding and low debt levels, with no immediate refinancing plans, evaluating major investments as needed [3].