Core Viewpoint - The company, Xicetest, has shown significant improvement in cash flow despite reporting a net loss in the first half of 2025, indicating potential for future growth in the aerospace and military sectors driven by national strategies [1][2]. Financial Performance - In the first half of 2025, Xicetest achieved operating revenue of 148 million yuan, with a net profit attributable to shareholders of -61.24 million yuan. However, cash flow from operating activities improved by 114.07% compared to the same period last year [1]. Business Segments - Xicetest's revenue breakdown for the first half of the year includes: - Environmental and reliability testing: 73.19 million yuan - Electromagnetic compatibility testing: 15.98 million yuan - Electronic assembly services: 43.44 million yuan - Electronic component testing and selection: 12.09 million yuan - The business structure reflects a dual-driven model from military and commercial aerospace sectors [2]. Strategic Initiatives - The company has established a wholly-owned subsidiary in Wenchang, Hainan, to align with national commercial aerospace strategies and integrate into the Wenchang International Aerospace City industrial cluster [3]. - Xicetest has introduced the concept of "Equipment Hospital," extending testing services to the maintenance phase of military equipment, thereby enhancing reliability testing across the entire lifecycle of military and aerospace equipment [4]. Collaborations and Innovations - A strategic partnership has been formed with Xi'an Jiaotong University to establish a research institute focused on military and aerospace equipment reliability, addressing challenges under various environmental conditions [5]. - The company has recently obtained AS9100 certification, which is recognized as a prerequisite for entering the aerospace industry, thereby solidifying its position in the low-altitude economy and commercial aerospace sectors [4]. Long-term Vision - Xicetest is committed to supporting the "China Intelligent Manufacturing" initiative, aiming to enhance production quality and contribute to the development of new productive forces during the 14th Five-Year Plan [6][7]. - The company anticipates significant growth opportunities in the commercial aerospace market, projecting that the market will exceed one trillion yuan, with potential for multiple billion-yuan industry clusters to emerge [7][8].