COSHIP(SZ:002052) 21世纪经济报道·2025-07-29 10:57Core Viewpoint - Shenzhen Tongzhou Electronics has shown a remarkable turnaround in its financial performance, achieving significant revenue and profit growth in the first half of 2025, primarily driven by its high-power power supply products and a strategic focus on the energy sector [1][3][10]. Financial Performance - The company reported total operating revenue of 540 million yuan, a year-on-year increase of 606.52% [1]. - The net profit attributable to shareholders reached 203 million yuan, up 662.77% compared to the previous year [1]. - The overseas business accounted for 90.23% of total revenue, with a staggering year-on-year growth of 14,579.41% [1][11]. - Despite the impressive revenue growth, the net cash flow from operating activities was -115 million yuan, compared to 2.03 million yuan in the same period last year, primarily due to investor compensation and supplier repayments [1][10]. Business Segments - The company's main business is divided into two segments: energy sector and set-top box sector. The energy sector includes high-power power supply products, lithium batteries, and energy storage solutions, while the set-top box sector includes satellite reception equipment and digital TV solutions [7]. - The energy sector performed exceptionally well, generating 508 million yuan in revenue, a year-on-year increase of 961.39%, while the set-top box sector saw a decline in revenue to 249,420 yuan, down 76.28% [7][8]. Market Trends and Strategic Focus - The high-power power supply business generated 487 million yuan in revenue with a gross margin of 45.78%, a new product line for the company [8]. - The global data center and cloud computing markets are driving demand for high-power power supplies, with the power supply industry in China expected to grow from 391 billion yuan in 2021 to 738.9 billion yuan by 2025, reflecting a compound annual growth rate of 13.72% [8]. - The company has shifted its revenue composition significantly, with the energy sector now accounting for 94.04% of total revenue, compared to 62.60% in the previous year [8]. Stock Performance - The stock price of Shenzhen Tongzhou Electronics has surged over sevenfold in the past year, closing at 10.99 yuan per share as of July 29, compared to 1.38 yuan per share a year ago [4][11]. - The company successfully removed its delisting risk warning and changed its stock name from "*ST Tongzhou" to "Tongzhou Electronics" on June 17, 2025, following improvements in financial performance [3][10]. Shareholder Activity - The current general manager increased his shareholding to 11.09%, while the largest shareholder holds 16.5% [11]. - The company is leveraging new shareholder resources to enhance its product development and market promotion in the high-power power supply sector [11]. Risks and Challenges - The company faces risks related to foreign exchange fluctuations, as it relies on imported raw materials for its overseas business, which could impact operating costs and profitability [11].