Core Viewpoint - The company reported a gross margin of 46.13% for its unmanned intelligent equipment in the first half of the year, showing a year-on-year improvement due to factors such as order abundance and the scale effect of the business line [1] Group 1 - The increase in gross margin is attributed to the scale effect and the lower gross margin of some projects recognized last year, which had previously depressed the overall margin [1] - The company anticipates continued and potential improvement in the gross margin of unmanned intelligent equipment due to cost reductions and shorter delivery cycles [1] - However, the expected gross margin for unmanned intelligent equipment is unlikely to reach the level of analytical instruments due to differences in product composition and attributes [1]

Group 1: Company Overview - Founded in 1993, the company operates in two main product categories: analytical instruments and unmanned intelligent equipment, along with related technical services [1] - The company's products are primarily used for analyzing coal quality indicators and can be extended to other solid combustible materials [1] - The company is the only A-share listed company in its niche market, focusing on the "instruments" and "automation" sectors [2] Group 2: Market Position and Strategy - The company has established a competitive advantage in the coal detection and unmanned intelligent equipment sectors, being a leading player in this market [3] - The unmanned intelligent equipment business is a successful example of the company's "vertical extension" strategy, with revenue surpassing analytical instruments in 2024 [2] Group 3: Market Demand and Competition - The market for unmanned intelligent equipment is growing, but high market barriers exist due to the complexity of the products and the specific needs of downstream clients [4] - The company believes that the barriers to entry, such as technological requirements and customer expectations, create a "moat" around its business [4] Group 4: Impact of Coal Prices - Historical data indicates that fluctuations in coal prices have minimal impact on the company's performance due to the balanced nature of its client base [5] - The company's products are essential for clients' operations, making them a "necessity" despite price changes [5] Group 5: Business Expansion and Workforce - The company's operational services accounted for 14.11% of revenue in 2024, indicating a stable growth outlook for this segment [8] - The workforce has increased in recent years to support the growth of the unmanned intelligent equipment business, with a dedicated sales team established for this product line [8]