Financial Performance - The company reported total revenue of 195 million yuan for the first half of 2025, an increase of 15.19% year-on-year [1] - The net profit attributable to shareholders was -29.39 million yuan, a decline of 314.35% compared to the previous year [1] - The gross margin decreased to 72.28%, down 5.93% year-on-year, while the net margin was -14.72%, a drop of 259.27% [1] - Total expenses (selling, administrative, and financial) accounted for 55.69% of revenue, an increase of 31.85% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) was -0.26 yuan, a decrease of 315.76% year-on-year [1] - Operating cash flow per share was -0.41 yuan, down 115.3% compared to the previous year [1] - The company's net assets per share were 15.87 yuan, a decline of 1.1% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 59.61% due to changes in cash management practices [1] - Trade receivables increased by 7.45%, while financial assets for trading surged by 525.83% due to cash management changes [2] - Contract assets rose significantly by 636.63% due to an increase in contract guarantee deposits [2] Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, with a focus on maintaining technological advantages in quantum-resistant cryptography [10][13] - The company has made significant investments in research and development, particularly in areas such as native cloud cryptography and low-altitude flight safety [9] - The company is positioned well in the market for quantum-resistant algorithms, having made early investments and achieved notable results in product development and pilot applications [13] Fund Holdings and Market Interest - The largest fund holding the company’s shares is Guoxin Guozheng New Star A, with a current scale of 137 million yuan and a recent net value increase of 3.59% [12] - Analysts expect the company's performance in 2025 to reach approximately 60.8 million yuan, with an average EPS forecast of 0.53 yuan [10]