Core Viewpoint - The company, Zhongjing Technology, reported a mixed performance in its 2025 semi-annual report, with a slight decline in revenue but significant growth in net profit and net profit excluding non-recurring items, driven by product structure optimization and capacity expansion from investment projects [1][2]. Financial Performance - Revenue for the first half of the year was 217 million yuan, a decrease of 1.62% year-on-year [1]. - Net profit attributable to shareholders reached 25.7366 million yuan, an increase of 144.05% year-on-year [1]. - Net profit excluding non-recurring items was 23.8549 million yuan, up 151.84% year-on-year [1]. Growth Drivers - The main drivers of performance growth included product structure optimization, capacity release from investment projects, and the acquisition of minority stakes in subsidiary Jiangsu Gaoxin, which enhanced profitability [1]. - The investment project "High-end Discrete Devices and Ultra-large Scale Integrated Circuit Monocrystalline Silicon Wafer Project" is currently in the process of increasing production and customer certification, leading to a richer product matrix [1]. Technological Advancements - Zhongjing Technology has developed several core technologies in semiconductor silicon material manufacturing, including MCZ crystal pulling technology and high-precision polishing silicon wafer processing technology [2]. - The company has established a complete production supply chain system and holds a leading market position in the domestic discrete device monocrystalline silicon rod and grinding silicon wafer sectors [2]. Future Outlook - The company plans to continue increasing R&D investment and introducing new products, further enriching its product structure as new projects progress [1]. - The subsidiary Jiangsu Gaoxin is also advancing new projects and products, with new factory construction and equipment installation currently underway [1].