Company Performance - In the first half of 2025, the company achieved operating revenue of 2.354 billion yuan, a year-on-year increase of 13.22% [1] - The net profit attributable to shareholders reached 113 million yuan, reflecting a year-on-year growth of 27.33% [1] - The company specializes in the research, production, and sales of special equipment cables, new energy cables, communication equipment, and other electrical equipment cables [1] Financial Concerns - As of the end of the reporting period, the company's accounts receivable balance was 1.483 billion yuan, accounting for 39.70% of total assets and 63.00% of the operating revenue for the first half of the year [1] - High accounts receivable indicates slow cash flow, posing a risk of bad debt losses if clients face financial difficulties [1] Industry Competition - The cable industry is experiencing increasing competition, facing pressure from traditional cable manufacturing powerhouses and emerging developing countries [2] - The company acknowledges that without continuous investment in business and resources, timely adjustments to product structure, and the introduction of high-value-added new products, it may struggle to achieve growth due to intensified market competition [2]