Financial Performance - Company reported a total revenue of 581 million yuan for the first half of 2025, a year-on-year increase of 0.28% [1] - Net profit attributable to shareholders reached 78.5 million yuan, up 10.87% year-on-year [1] - In Q2 2025, revenue was 305 million yuan, reflecting a 10.51% increase year-on-year, while net profit for the quarter was 35.6 million yuan, up 29.86% year-on-year [1] - Gross margin improved by 7.47% to 34.66%, and net margin increased by 10.56% to 13.5% [1] - Total operating expenses were 62.8 million yuan, accounting for 10.8% of revenue, a decrease of 3.85% year-on-year [1] - Earnings per share rose by 15.57% to 0.15 yuan, while net asset per share increased by 6.48% to 2.61 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 10.45% last year, with a historical median of 12.5% over the past decade [2] - The net profit margin was reported at 13.4%, indicating a high value-added in products or services [2] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 218.4% [2] Business Development - The company has successfully expanded its smart card business, increasing market share and revenue significantly in 2024 [4] - The company anticipates continued growth in the smart card sector over the next 1-2 years due to enhanced competitive strength and increased production capacity [5] - The printing business remains stable, although ticket-related products have seen a decline due to electronic alternatives [6] - Technical services, particularly in document storage and digitization, have shown revenue growth, while electronic tickets and robotics are still in early stages [7][8] - The company is developing various types of robots, focusing on practical applications in government and education sectors, with plans for more products in the future [9][10] Blockchain and Dividend Policy - The blockchain business has not scaled significantly due to limited market capacity in electronic ticketing [11] - The company maintains a stable cash dividend policy, having consistently distributed cash dividends to shareholders over the years [13]