事件：8 月21 日，公司发布2025 年半年报，1H25 实现营收1.3 亿元，YOY+61.7%；归母净利润-0.36 亿 元，1H24 为-0.53 亿元；扣除股份支付影响后的净利润为-0.33 亿元，1H24 为-0.53 亿元。业绩表现符合 市场预期。得益于低空经济快速发展，公司上半年营收同比快速增长，利润端同比减亏，我们点评如 下： 2Q25 业绩环比增长显著；1H25 利润率有所提升。1）单季度：公司2Q25实现营收1.0 亿元，同比增长 71.2%，环比增长147.3%；2Q25 实现归母净利润-0.08 亿元，1Q25 为-0.28 亿元，2Q24 为-0.24 亿元， 利润端同比及环比均有明显改善。2）利润率：公司1H25 毛利率同比提升4.0ppt 至53.2%；净利率同比 提升36.1ppt 至-28.2%。其中，2Q25 毛利率同比提升5.7ppt 至53.9%；净利率同比提升33.5ppt 至-9.7%。 海内外双线突破；多领域纵深渗透。1H25，1）产品研发方面：公司全新升级JOS-C700 垂直起降固定 翼无人值守系统，在环境适应性、智能化水平和应急响应能力上实现突破。全新推出 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position and multi-field layout both domestically and internationally [4][6]. Core Viewpoints - The company achieved a revenue of 130 million yuan in 1H25, representing a year-over-year growth of 61.7%, while the net profit attributable to the parent company improved to -36 million yuan from -53 million yuan in 1H24 [1]. - The second quarter of 2025 saw significant growth, with a revenue of 100 million yuan, a year-over-year increase of 71.2% and a quarter-over-quarter increase of 147.3% [1]. - The company is expanding its market presence through innovative product development and a comprehensive low-altitude data service system, which is being applied in various regions [2]. - Research and development investments have increased by 13.4%, reinforcing the company's technological barriers [3]. Summary by Sections Financial Performance - In 1H25, the gross profit margin increased by 4.0 percentage points to 53.2%, and the net profit margin improved by 36.1 percentage points to -28.2% [1]. - The company reported a net cash flow from operating activities of -80 million yuan in 1H25, an improvement from -100 million yuan in the same period last year [3]. Market Expansion - The company has launched new products, including the JOS-C700 and JOS-P200 unmanned systems, enhancing its capabilities in various applications such as logistics and emergency response [2]. - The company is actively pursuing international market opportunities, particularly in regions aligned with the Belt and Road Initiative [2]. Research and Development - The company has reduced its expense ratios significantly, with the R&D expense ratio decreasing by 4.3 percentage points to 19.4% [3]. - The focus on R&D is aimed at solidifying the company's competitive edge in the industrial drone sector [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 7 million yuan, 60 million yuan, and 125 million yuan, respectively, indicating substantial growth potential [5].