报告期内，公司紧抓市场机遇，强化自身核心能力建设和订单获取能力，积极提升现有业务的市场份 额，实现了营业收入的稳健增长，预计报告期内营业收入较上年同期增长8.07%到21.58%。公司传统玻 璃精加工业务盈利能力保持稳健，为增强公司在玻璃基线路板(GCP)领域的技术领先优势，加速产业化 进程，公司持续加强研发投入，进一步扩充专业技术及管理团队，导致相关研发及管理费用增加;由于 公司处于新产品研发和产线建设阶段，银行借款和利息支出费用增加;同时在公司产线转量产过程中， 产能设备折旧摊销金额也有所增加，从而对公司当期损益产生一定影响。 沃格光电（603773）(603773.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净利润为 亏损1亿元到1.4亿元，将出现亏损。 ...

Core Viewpoint - Tianrun Industrial (002283) reported a revenue of 1.945 billion yuan for the first half of 2025, reflecting a year-on-year increase of 2.36%, and a net profit of 197 million yuan, up 5.69% year-on-year [1] Financial Performance - The total revenue for Q2 2025 was 944.7 million yuan, a 0.67% increase year-on-year, while the net profit for the same period was 98.47 million yuan, up 4.95% year-on-year [1] - The gross margin was 23.19%, down 1.2% year-on-year, and the net margin was 10.03%, up 2.78% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 95.72 million yuan, accounting for 4.92% of revenue, a decrease of 5.56% year-on-year [1] - Earnings per share (EPS) increased to 0.17 yuan, a rise of 6.25% year-on-year, while operating cash flow per share was 0.44 yuan, up 7.09% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable represented 357.82% of the latest annual net profit, indicating a significant amount of outstanding payments [1][4] - The net increase in cash and cash equivalents saw a dramatic change of 348.59%, attributed to maturing fixed deposits and reduced investment in financial products [3] Investment and Capital Efficiency - The company's return on invested capital (ROIC) was reported at 4.7%, indicating weak capital returns, with a historical median ROIC of 6.29% over the past decade [4] - The company has a healthy cash asset position, with a cash to current liabilities ratio of 96.87% [4] Business Segment Performance - The large horsepower business segment saw a revenue increase of 40%-50% in the first half of the year, with significant growth in crankshaft and connecting rod revenues [7] - New production lines for large connecting rods and crankshafts are under construction, with expected capacity increases of nearly 50% once fully operational [7] Market Sentiment and Analyst Expectations - Analysts project a net profit of 454 million yuan for 2025, with an average EPS forecast of 0.4 yuan [5] - The largest fund holding in Tianrun Industrial is the Xinyuan Zhiyuan Heavy Chemical Stock Selection Mixed A Fund, which has recently increased its position [6]