Core Viewpoint - The company reported stable revenue growth in the first half of 2025, driven by the gradual conversion of existing orders and a focus on rail transit and low-altitude sectors [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 14.73 billion yuan, a year-on-year increase of 2.77%, and a net profit attributable to shareholders of 1.62 billion yuan, up 1.34% year-on-year [1]. - The company’s Q2 performance showed revenue of 7.996 billion yuan, a 2.71% increase year-on-year, and a net profit of 1.059 billion yuan, reflecting a 6.46% increase [2]. - The company’s gross profit margin for H1 2025 was 28.76%, a decrease of 0.50 percentage points year-on-year, with net profit margin at 12.70%, down 0.35 percentage points [3]. Business Segments - In H1 2025, revenue from the railway business was 8.324 billion yuan, down 7.87% year-on-year, while urban rail business revenue was 3.916 billion yuan, up 12.85% [2]. - The engineering contracting and other businesses generated revenue of 1.48 billion yuan, an increase of 29.93% year-on-year, and overseas business revenue reached 944 million yuan, up 55.92% [2]. - New orders signed in H1 2025 totaled 17.568 billion yuan, a decrease of 16.44% year-on-year, with significant growth in railway and urban rail orders [2]. Low-altitude Business Development - The company is establishing a low-altitude industry framework, focusing on "low-altitude airspace control" and related technologies, with successful deployments in multiple cities [4]. - The company has partnered with state-owned enterprises to promote typical application scenarios and has expanded its services to 49 locations across 34 cities [4]. - The low-altitude business is expected to become a new growth point for the company as the low-altitude economy develops rapidly [4].

Group 1 - The core viewpoint of the article highlights the recent research conducted by Hengyue Fund on a listed company, specifically focusing on the performance and future prospects of Jiaokong Technology [1] - The market for urban rail signal system renovation projects is expected to grow significantly, with the proportion of such projects increasing from 6.75% in 2023 to 30.56% in 2024, indicating a shift towards a balanced approach between renovation and new construction projects over the next 3-5 years [1] - Jiaokong Technology has successfully stabilized operations in the Hanoi project and is currently delivering the Hong Kong Disneyland line project, while also expanding into South America, Australia, and Southeast Asia [1] Group 2 - The company has launched the Zhuque platform for low-altitude operations, leveraging its expertise in rail transit technology, with expected revenue recognition of 3.22 million yuan in the first half of 2025 and new contract amounts totaling 11.725 million yuan, focusing on non-exposed space drone applications [1] - An increase in accounts receivable is considered normal, with customer payments being secure, and the gross profit margin is expected to maintain reasonable fluctuations due to project structure impacts [1] Group 3 - Hengyue Fund, established in 2017, currently manages a total asset scale of 3.323 billion yuan, ranking 163 out of 210 in public fund management, and 3.321 billion yuan in non-monetary public funds, ranking 141 out of 210 [1] - The fund manages 28 public funds, ranking 125 out of 210, with 10 public fund managers, ranking 108 out of 210, and its best-performing public fund product in the past year, Hengyue Advantage Selected Mixed Fund, has a latest net value of 1.11, showing a growth of 126.12% over the past year [1]

Core Viewpoint - Yonggui Electric (300351.SZ) has recently signed a goods sales contract with Shenyang CRRC Rail Transit Equipment Co., Ltd. for a total amount of 13,864,600.00 yuan (including tax) [1] - The company's subsidiary, Jiangsu Yonggui New Energy Technology Co., Ltd., has received a bid notification from CRRC Logistics Co., Ltd. with a total amount of 26,248,544.00 yuan (including tax) [1] Group 1 - The contract signed with Shenyang CRRC indicates a significant business collaboration in the rail transit sector [1] - The bid notification received by Jiangsu Yonggui highlights the company's competitive position in the new energy technology market [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 9.256 billion yuan for the first half of 2025, representing a year-on-year growth of 6.87%, and a net profit attributable to shareholders of 303 million yuan, up 36.66% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 5.098 billion yuan, a 14.41% increase year-on-year, and a net profit of 152 million yuan, which is a 48.86% increase year-on-year [2][4]. - The wind power segment significantly contributed to revenue growth, accounting for 42% of total revenue with a 38% increase, while other segments like rail transportation and industrial engineering faced declines due to factory relocations [9][9]. - The company is expanding its overseas market presence, with a 300% increase in overseas revenue, and is expected to further enhance its international operations with the upcoming production base in Vietnam [9][9]. - The new materials segment is entering a phase of rapid development, with a 117% year-on-year increase in sales revenue and a 51% increase in new orders [9][9]. - The outlook for 2025 indicates continued growth across various segments, with wind power expected to provide the largest profit elasticity [9][9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 9.256 billion yuan and a net profit of 303 million yuan, with significant growth in Q2 [2][4]. - The total profit for the first half was 405 million yuan, reflecting a 37% year-on-year increase [9]. Segment Analysis - Wind power blades saw a revenue of approximately 3.91 billion yuan, up 38% year-on-year, while the rail transportation and industrial engineering segments experienced declines of 17% and 18% respectively due to factory relocations [9]. - The new materials segment reported a sales revenue of 250 million yuan, marking a 117% increase year-on-year [9]. Market Outlook - The company anticipates continued growth in the wind power sector, with expectations for price increases to be more evident in the second half of the year [9]. - The new materials industry park is expected to be completed, facilitating further development and incubation of new projects [9].

Core Insights - The company reported a revenue of 188,427,076.68 yuan for the first half of 2025, representing a year-on-year growth of 11.58% [1] - The net profit attributable to shareholders of the listed company was 18,883,218.31 yuan, showing a year-on-year increase of 32.84% [1]

Core Viewpoint - The company reported stable financial performance in the first half of 2025, with a focus on steady progress despite some declines in specific sectors [1][2] Financial Performance - The company achieved operating revenue of 14.665 billion yuan, an increase of 2.91% year-on-year [1] - Revenue breakdown: - Railway sector: 8.324 billion yuan, a decrease of 7.87% year-on-year [1] - Urban rail sector: 3.916 billion yuan, an increase of 12.85% year-on-year [1] - Overseas sector: 0.944 billion yuan, an increase of 55.92% year-on-year [1] - Engineering contracting and other sectors: 1.480 billion yuan, an increase of 29.93% year-on-year [1] - Net profit attributable to shareholders was 1.6205 billion yuan, a year-on-year increase of 1.34% [1] - Basic earnings per share were 0.15 yuan [1] Contract Signing - Total new contracts signed amounted to 17.568 billion yuan, a decrease of 16.44% year-on-year [1] - Breakdown of new contracts: - Railway sector: 11.14 billion yuan, an increase of 12.64% year-on-year [1] - Urban rail sector: 3.774 billion yuan, an increase of 26.51% year-on-year [1] - Overseas sector: 1.875 billion yuan, a decrease of 47.16% year-on-year [1] - Engineering contracting and other sectors: 0.748 billion yuan, a decrease of 83.74% year-on-year [1] - Low-altitude economy sector: new contracts worth 0.03 billion yuan [1] Strategic Development - The company is actively positioning itself in strategic emerging industries, particularly in the low-altitude economy sector, aiming to establish a comprehensive industry structure involving airspace control, drone manufacturing, and service operations [2] - The development of the low-altitude economy and the company's strategic initiatives are expected to positively impact future operational performance [2]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 14.665 billion yuan, an increase of 2.91% compared to the same period last year [1] - The net profit attributable to shareholders was 1.6205 billion yuan, a year-on-year growth of 1.34%, with basic earnings per share of 0.15 yuan [1] - New contracts signed totaled 17.568 billion yuan, a decrease of 16.44% year-on-year [1] Segment Performance - Revenue from the railway sector was 8.324 billion yuan, down 7.87% year-on-year [1] - Revenue from the urban rail sector was 3.916 billion yuan, an increase of 12.85% year-on-year [1] - Revenue from overseas operations reached 944 million yuan, up 55.92% year-on-year [1] - Revenue from engineering contracting and other sectors was 1.48 billion yuan, an increase of 29.93% year-on-year [1] Contractual Developments - New contracts in the railway sector amounted to 11.14 billion yuan, a year-on-year increase of 12.64% [1] - New contracts in the urban rail sector were 3.774 billion yuan, up 26.51% year-on-year [1] - New contracts in overseas operations were 1.875 billion yuan, down 47.16% year-on-year [1] - New contracts in engineering contracting and other sectors were 748 million yuan, a significant decrease of 83.74% year-on-year [1] Strategic Initiatives - The company is actively entering the low-altitude economy sector, aiming to establish a three-industry and one-ecosystem structure involving low-altitude airspace control, drone manufacturing, and service operations [2] - The development of the low-altitude economy and the company's strategic initiatives in emerging industries are expected to positively impact future operating performance [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 建議變更H股募集資金用途 H股募集資金基本情況 茲提述(i)本公司日期為2015年7月28日 的H股 招 股 說 明 書（「招股書」）, (ii) 本公司日期為2020年3月25日的建議變更H股 募 集 資 金 用 途 公 告（「該公告」） 及(iii)本公司日期為2020年5月15日的本公司2019年 度 股 東 週 年 大 會 通 函， 內 容 有 關（其 中 包 括）本 公 司H股募集資金基本情況及變更H股募集資金 用 途。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 招 股 書 及 該 公 告 所 界 定 者 具 有 相 同 涵 義。 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人 ...

Core Insights - The company reported a revenue of 340 million yuan and a net profit of 1.4764 million yuan for the first half of 2025, marking a significant turnaround from losses in the previous year [1] - The core business segment of rail transit vehicle air conditioning and services was the key driver of profitability, achieving a revenue of 238 million yuan, a year-on-year increase of 11.98%, with a gross margin of 33.16% [1] - The company secured major domestic projects including Shenzhen Metro Line 13 and Beijing Metro Line 1, as well as international orders from Italy and Norway, enhancing its market position [1] - The company also made strategic breakthroughs in the after-market services for rail transit, winning maintenance service orders in key cities [1] - The company launched the Longertek 4.0 series of liquid cooling products for energy storage, delivering over 45 GWh of products to major energy storage projects [1] Financial Developments - The company resolved a significant issue regarding the occupation of funds by its controlling shareholder, with a total of 237 million yuan returned by June 30, 2025 [2] - The board has implemented measures to strengthen internal audit supervision and improve corporate governance to prevent similar issues in the future [2] Future Outlook - The company plans to continue focusing on its core rail transit business while expanding into new energy and energy storage sectors to support sustainable growth [2]

格隆汇8月27日丨中国通号(688009.SH)发布中报，2025上半年实现营业总收入147.3亿元，同比增长 2.77%；归属母公司股东净利润16.21亿元，同比增长1.34%；基本每股收益为0.15元。 ...