Core Insights - The company reported a revenue of 474 million yuan for the first half of 2025, representing a year-on-year increase of 14.51%, while the net profit attributable to shareholders decreased by 11.94% to 88.95 million yuan [1][2] Business Performance - The smart card business generated revenue of 283 million yuan, remaining stable year-on-year, but the gross margin declined by 5.33 percentage points due to rising raw material costs driven by the increase in precious metal prices [1] - The etching lead frame business showed significant growth, achieving revenue of 134 million yuan, a year-on-year increase of 46.48%, becoming the main driver of revenue growth [1] - The IoT eSIM chip packaging business reported revenue of 29.24 million yuan, up 25.91% year-on-year, with gradual implementation in smart wearables and vehicle networking sectors [1] R&D and Future Outlook - The company's R&D investment reached 27.01 million yuan, an increase of 16.39% year-on-year, with 126 valid patents in the integrated circuit field, including 38 invention patents, and 144 R&D personnel accounting for 17.39% of the total workforce [2] - The company plans to continue its "dual domestic and international market" strategy, focusing on high-end products in the smart card sector, accelerating the rollout of automotive-grade products in the etching lead frame business, and enhancing the IoT eSIM packaging for vehicle networking applications, which is expected to inject new momentum into performance growth [2]