Revenue and Profit - The company's total revenue for the first half of 2025 was 194 million yuan, an increase of 27.8% year-on-year [2] - The net profit attributable to shareholders was 24.44 million yuan, up 69.51% year-on-year, while the non-recurring net profit decreased by 52.56% to 5.84 million yuan, indicating a decline in core business profitability despite increased income from other sources [2] Quarterly Performance - In the second quarter, total revenue reached 140 million yuan, a year-on-year increase of 43.72%, with a net profit of 15.42 million yuan, up 13.2% year-on-year [3] - The non-recurring net profit for the quarter was 14.74 million yuan, reflecting an 8.21% increase, but its growth rate lagged behind that of total revenue [3] Profitability - The company's gross margin was 53.33%, a decrease of 11.57 percentage points year-on-year, while the net margin increased by 71.92% to 16.31%, indicating pressure on cost control despite improved net profitability [4] Expense Control - Total selling, administrative, and financial expenses amounted to 58.02 million yuan, accounting for 29.87% of revenue, a decrease of 5.34 percentage points year-on-year [5] - The increase in administrative expenses was primarily due to asset amortization from acquisitions and rising labor costs, while financial expenses decreased by 64.04% due to improved cash management [5] Accounts Receivable and Cash Flow - Accounts receivable reached 324 million yuan, an increase of 33.45% year-on-year, with a ratio to profit of 438.38%, raising concerns about collection risks [6] - Operating cash flow per share was -0.28 yuan, a decrease of 24.94% year-on-year, indicating significant cash flow pressure during business expansion [6] Investment and Financing Activities - Net cash flow from investment activities increased by 93.55% year-on-year, mainly due to the maturity of large certificates of deposit from the previous year [7] - Net cash flow from financing activities decreased by 170.86% year-on-year, primarily due to an increase in dividend distribution compared to the previous year [7] Industry and Market Position - The company maintains a leading position in sectors such as electricity, defense, railways, and government emergency services, with a 75% coverage rate in the national power grid and significant market share in various power generation groups [8] - Its subsidiary, Yiyong Shidian, serves over sixty pumped storage power stations, holding more than 65% of the existing market share, while another subsidiary, Saikang Intelligent, leads in the market for visual diagnosis of electrical equipment [8] Core Competitiveness - The company focuses on technological research and development, holding 538 valid intellectual property rights [9] - It has a strong industry foundation and a service system that ensures round-the-clock response, regular inspections, and data analysis to guarantee equipment operational safety [9]