Core Viewpoint - The company has shown significant growth in its satellite business, driven by the development of the satellite communication industry and increasing demand for simulation and testing equipment [1][5]. Company Performance - In the first half of 2025, the company achieved operating revenue of 102.36 million yuan, a year-on-year increase of 26.69%, while net profit attributable to shareholders was 12.81 million yuan, a year-on-year decrease of 8.49% [2][5]. - The decline in profit is primarily due to increased sales and marketing expenses, higher credit impairment losses, and reduced interest income [2][5]. - Cash received from sales and services increased by 15.84% year-on-year, but net cash flow from operating activities decreased due to higher procurement payments and reduced government subsidy receipts [2]. Government Support - The company received government subsidies totaling 24 million yuan, with an actual amount of 15.88 million yuan after allocations to other research units [4][5]. Industry Trends - The demand for testing and simulation in the downstream sector is structurally improving, driven by the release of self-controlled demands, accelerated upgrades of research equipment, and investments in emerging industries [3]. Product Applications - The company's comprehensive testing instruments are applicable in various fields, including 5G communication, satellite communication, and specialized communication, catering to terminal development and testing needs [2][5].

Core Viewpoint - The company reported a revenue increase of 26.69% year-on-year for the first half of 2025, driven by structural improvements in downstream market demand and growth in testing and simulation instrument needs [1] Group 1: Financial Performance - The company achieved a revenue of 102 million yuan in the first half of 2025, with a net profit attributable to shareholders of 12.81 million yuan, a decrease of 8.49% year-on-year [1] - In Q2 2025, the company recorded a revenue of 71.82 million yuan, representing a year-on-year growth of 28.28%, and a net profit of 13.54 million yuan, an increase of 23.44% year-on-year [1] Group 2: Product Development and Market Position - The company specializes in high-end radio simulation testing instruments and solutions, focusing on sectors such as wireless communication, navigation, vehicle networking, and the Internet of Things [1] - The company has seen continuous market validation for new products, including the next-generation channel simulation instrument and spectrum analyzer, which have led to rapid revenue growth [1][2] - The product matrix related to the satellite industry is expanding, providing new growth momentum through products like channel simulators and RF microwave signal generators [2] Group 3: Research and Development - The company invested 30.62 million yuan in R&D in the first half of 2025, a year-on-year increase of 2.22%, with R&D expenses accounting for 29.91% of revenue [2] - Continuous optimization of core product functions is being pursued, leveraging new technologies to enhance product performance [2] - The R&D center is actively engaged in developing new products and technologies, laying a solid foundation for the company's long-term product strategy [2]