Core Insights - The company, Cheng Tian Wei Ye, is one of the earliest entrants in the smart card industry in China, establishing a comprehensive end-to-end process that includes chip application R&D, module packaging, smart card development, production, sales, and terminal application development [1] - The company has achieved a breakthrough in one-stop delivery capability in the smart card sector, enhancing product consistency and delivery efficiency, which strengthens technical barriers and customer loyalty, creating a differentiated competitive advantage and higher value-added space [1] - Cheng Tian Wei Ye has established long-term stable partnerships with international leading smart card system manufacturers such as THALES and IDEMIA, with over 60% of its products exported, making it one of the first smart card companies in China to achieve a global layout [1] - The company's communication smart card products have formed a certain sales scale in the global market, with the smart card business accounting for approximately 60%-70% of total revenue [1] - It is expected that the revenue scale of the smart card business will remain relatively stable, while the proportion of this business in total revenue will gradually decrease as the company expands its semiconductor and thermal management businesses [1]