Financial Performance - The company reported a total revenue of 1.334 billion yuan for the first half of 2025, an increase of 15.4% year-on-year [1] - The net profit attributable to shareholders was 50.9348 million yuan, a decrease of 19.58% year-on-year [1] - In Q2 2025, total revenue reached 731 million yuan, up 22.42% year-on-year, while net profit dropped by 52.51% to 16.053 million yuan [1] - The gross margin was 14.66%, down 10.84% year-on-year, and the net margin was 3.87%, down 29.63% year-on-year [1] - The company's accounts receivable increased by 30.53% year-on-year [1] Financial Metrics - The total of selling, administrative, and financial expenses was 95.6669 million yuan, accounting for 7.17% of revenue, a decrease of 1.56% year-on-year [1] - Earnings per share (EPS) was 0.18 yuan, down 28.0% year-on-year [1] - The net asset value per share was 5.41 yuan, a decrease of 18.23% year-on-year [1] - Operating cash flow per share was 0.2 yuan, an increase of 138.92% year-on-year [1] Changes in Financial Items - Other receivables decreased by 77.83% due to the recovery of demolition compensation [2] - Other equity instruments increased by 151.52% due to capital increase in associated companies [3] - Deferred tax assets increased by 565.57% due to the increase in deductible temporary differences [3] - Contract liabilities decreased by 76.33% due to reduced prepayments for equipment renovation [3] - The company's cash flow from operating activities increased by 157.46% due to increased bill discounting [4] Business Model and Market Position - The company's return on invested capital (ROIC) was 5.69%, indicating average capital returns [5] - The net profit margin was 4.8%, suggesting low added value for products or services [5] - The company relies heavily on capital expenditures, necessitating careful evaluation of capital projects [5] Product Development - The company launched a second-generation flexible tactile sensor with three core technological breakthroughs: true flexibility, full-surface tactile perception, and three-dimensional force detection [7] - Applications for the new sensor include precision manufacturing, medical rehabilitation robotics, service robots, and industrial automation [8]

Core Insights - SaiGan Technology (Shenzhen) Co., Ltd. recently completed a multi-million Pre-A round financing led by China Merchants Venture Capital, with participation from Amber Capital and industry partner Bojie Co., Ltd. [1] - The company focuses on flexible sensing technology, specifically the development, production, and sales of next-generation high-performance flexible smart sensors and robotic electronic skin [1][2]. - The technology originates from the Southern University of Science and Technology's ultra-flexible electronics laboratory, and the products are characterized by high sensitivity, wide range, fast response, and high linearity, applicable in humanoid robots, consumer electronics, automotive electronics, and healthcare [1]. Financing Purpose - The financing will primarily be used for further investment in core technology, product R&D iterations, and exploration of market applications [2]. - The company aims to enhance R&D efforts in humanoid robot electronic skin, optimize product performance, and improve user experience [2]. - There is a focus on accelerating the application of flexible smart sensors in more fields through technology downscaling and enhancing user interaction experiences [2]. Investment Rationale - The core products of SaiGan Technology, based on "electronic skin," have established significant technical barriers through micro-structural design and material processes, making them difficult to replicate [3]. - In the context of smart manufacturing and human-machine interaction upgrades, the company's technology path demonstrates clear commercialization value, meeting the precise sensing needs of high-end manufacturing scenarios such as robotics and automotive [3]. - The company has served multiple leading enterprises across various industries, forming a practical closed loop from technology validation to large-scale application, positioning it as a potential industry benchmark in the flexible electronic skin sector [3]. Market Trends - The financing event reflects the high attention and expectations in the technology sector for flexible sensor technology [4]. - With the rapid development of humanoid robots and smart interaction technologies, the market demand for flexible sensors as key components continues to grow [4]. - Government policies have been introduced to support R&D investments and promote technological innovation, which benefits companies like SaiGan Technology [4][5].