Group 1: Financial Performance - The company achieved a total revenue of 1.982 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 17% [3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 55 million yuan, showing a significant increase of 136% [3] - The net profit for the first three quarters grew by 56% year-on-year, marking six consecutive reporting periods with over 50% growth [3] Group 2: Strategic Focus and Management - The company emphasizes value management and adheres to the strategic direction of "unmanned and less manpower," focusing on a strategy of "one body, two wings, and eight major businesses" [2] - New North Yang has implemented a value management system to enhance investment value through cash dividends, share buybacks, and information disclosure [4] - The company is actively expanding its overseas operations, with a factory in Thailand that began production in Q4 2024, aiming to supply specialized printing and scanning products to international clients [4] Group 3: Risk Management and Challenges - The company has established strict accounts receivable management protocols to mitigate bad debt risks, including regular reconciliations and a risk warning system [4] - Concerns regarding delayed payments due to long installation and acceptance cycles have been addressed, with assurances that cash flow remains sufficient for daily operations [4] - The company is vigilant against malicious rumors and misinformation on online platforms, urging investors to rely on official announcements for accurate information [6] Group 4: Research and Development - R&D expenses have slightly decreased, with a focus on developing new products in line with the "unmanned and less manpower" strategy [5] - The company aims to enhance its technological competitiveness through continuous innovation and efficient R&D investment [6]

Core Viewpoint - New Beiyang (002376.SZ) has over 20 years of technological accumulation in specialized thermal printing and contact image scanning, providing tailored printing, scanning, and hybrid products and solutions across various industries [1] Group 1: Business Focus - The company's printing and scanning business primarily focuses on specialized printing and scanning products [1] - Receipt and label printers are utilized in front-end cash register scenarios across the catering and retail industries [1] - Barcode printers are employed in logistics and manufacturing for package sorting [1] Group 2: Product Applications - Micro printing mechanisms are used in handheld POS and consumer electronic devices within the financial and catering sectors [1] - Embedded printers are applied in self-service devices for receipt printing in the financial and transportation industries [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company is experiencing a strong recovery in revenue and profit, with a significant growth trend expected to continue into the first half of 2025. The company has entered a new development phase, which is anticipated to unlock further growth potential [4][8]. Financial Performance - In the first half of 2025, the company achieved revenue of RMB 1.279 billion, representing a year-on-year increase of 24.0%. The net profit attributable to the parent company was RMB 37 million, showing a remarkable growth of 114.6%, while the non-recurring net profit reached RMB 33 million, up 700.1% [4][8]. - The company’s revenue for Q2 2025 was RMB 783 million, a 26.0% increase year-on-year, although the net profit decreased slightly by 8.9% to RMB 32 million [8]. - The gross profit margin for the first half of 2025 was 25.33%, a decrease of 3.58 percentage points year-on-year, while the net profit margin increased by 1.23 percentage points to 2.91% [8]. Strategic Development - The company is advancing its "One Body, Two Wings, Eight Major Businesses" strategy, with the first strategic growth curve (specialized printing and scanning, intelligent self-service terminals, smart financial devices, and intelligent logistics equipment) generating RMB 900 million in revenue, a 32% increase [8]. - The second strategic growth curve (new retail comprehensive operations, logistics automation sorting operations, and equipment comprehensive operation services) achieved revenue of RMB 190 million, up nearly 30% year-on-year [8]. - The company’s overseas revenue reached RMB 533 million in the first half of 2025, accounting for 42% of total revenue, an increase of 5 percentage points compared to the first half of 2024 [8]. Future Projections - The report maintains its profit forecast, expecting revenues of RMB 2.59 billion, RMB 2.90 billion, and RMB 3.32 billion for 2025, 2026, and 2027 respectively. The net profit attributable to the parent company is projected to be RMB 70 million, RMB 90 million, and RMB 107 million for the same years [5][7]. - The earnings per share (EPS) are expected to be RMB 0.09, RMB 0.11, and RMB 0.13 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 95.5, 74.9, and 62.9 [5][7].

Financial Performance - The company achieved a revenue of 1.28 billion CNY in the first half of 2025, representing a year-on-year growth of 24% [3] - Net profit attributable to shareholders reached 37 million CNY, with a significant increase of 115% compared to the previous year [3] Business Segment Performance - Printing and scanning business generated 270 million CNY, up 34%, accounting for 21% of total revenue [3] - Smart self-service terminals brought in 340 million CNY, a 62% increase, making up 27% of total revenue [3] - Smart financial devices saw a revenue of 170 million CNY, down 23%, representing 13% of total revenue [4] - Intelligent logistics equipment revenue surged to 120 million CNY, a 130% increase, contributing 9% to total revenue [4] - Service operation business earned 190 million CNY, growing 13%, and accounted for 15% of total revenue [4] - Key components maintained stable revenue of 130 million CNY, representing 11% of total revenue [4] Market Performance - Domestic market revenue was 750 million CNY, a 15% increase from 650 million CNY, accounting for 58% of total revenue [4] - Overseas market revenue reached 530 million CNY, a nearly 40% increase from 380 million CNY, making up 42% of total revenue [4] Strategic Insights - The company focuses on "unmanned and less manpower" strategies to achieve quality growth [3] - The overseas business has a gross margin of nearly 40%, which is 10%-15% higher than similar domestic businesses [7] - The company is actively expanding its presence in emerging markets and enhancing its global supply capabilities [7] Future Outlook - The company is exploring new demands in digital currencies and stablecoins, aligning with its strategic planning [9] - The Thai factory is set to produce specialized printing and scanning products, with an annual capacity of hundreds of thousands of units [9]

Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, driven by increased sales in logistics automation, smart delivery lockers, and new retail operations [1][3]. Group 1: Financial Performance - The projected net profit for the first half of 2025 is between 34.7 million to 38.2 million yuan, representing a year-on-year increase of 100% to 120% [1]. - The net profit after excluding non-recurring gains is expected to be between 30.93 million to 33.8 million yuan, with a staggering year-on-year growth of 650% to 720% [1]. Group 2: Business Strategy - The company has established a new strategic framework called "one body, two wings," which includes eight business segments aimed at enhancing scale and competitiveness [1][2]. - The "one body" consists of specialized solutions in printing and scanning, and smart self-service terminals, while the "two wings" focus on upstream key components and downstream service operations [2]. Group 3: Market Dynamics - The demand for professional printing and scanning products is rising due to the acceleration of digitalization across various sectors such as retail, logistics, and finance [2]. - The logistics automation segment is driven by the booming e-commerce market, necessitating a shift towards efficient and intelligent logistics solutions [2]. Group 4: Growth Transformation - The company has undergone three fundamental changes that have removed previous growth constraints, including a shift in business structure, a change in growth model, and overcoming challenging development phases [3]. - The diversification of business segments allows for smoother performance across different market cycles, enhancing sustainability [3]. Group 5: Future Outlook - The company remains committed to its strategic focus on "unmanned and less manpower" solutions, aiming for quality growth through three strategic growth curves [4].