Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 438 million yuan for H1 2025, representing a year-on-year growth of 12.41%. However, it experienced a net loss attributable to shareholders of 7 million yuan, a shift from profit to loss compared to the previous year [2][4]. - The gross margin for H1 2025 was 20.89%, which is a decline of 5.42 percentage points year-on-year. The net profit margin was -1.63% [2][4]. - The company is actively expanding into new business areas such as semiconductor packaging-level heat sinks, 3D printing equipment, and optical communication devices, which are expected to drive future growth [10]. Financial Performance - In Q2 2025, the company achieved a revenue of 276 million yuan, marking a year-on-year increase of 15.48% and a quarter-on-quarter increase of 70.37%. The net profit for Q2 was 5 million yuan, indicating a recovery from previous losses [10]. - The connector business generated 285 million yuan in revenue for H1 2025, with a year-on-year growth of 6.78%. The gross margin for this segment was 15.68%, down 7.55 percentage points year-on-year [10]. - The institutional components business achieved a revenue of 104 million yuan, growing 13.51% year-on-year, with a gross margin of 30.89%, down 5.74 percentage points year-on-year [10]. Future Outlook - The company is expected to achieve net profits of 74 million yuan, 170 million yuan, and 296 million yuan for the years 2025, 2026, and 2027, respectively, driven by breakthroughs in new business areas [10].

Core Viewpoint - The company is a high-tech enterprise specializing in the research, production, and sales of precision connectors, with a focus on innovation and quality to meet market demands [3][4]. Company Overview - The company has established long-term partnerships with well-known domestic and international enterprises such as Wistron, Transsion Holdings, Xiaomi, and TCL, leveraging its strong quality and service [3]. - The company is expanding its product offerings into industrial connectors, automotive connectors, and new energy connectors, in addition to its core connector products [3]. Business and Product Introduction - The main products include consumer electronic connectors, precision components, and semiconductor packaging thermal management solutions [6][9][10]. - The consumer electronic connectors encompass card connectors, I/O connectors, headphone connectors, and board-to-board (BTB) connectors, widely used in mobile phones and other electronic devices [6][7][8]. - The precision components are produced using Metal Injection Molding (MIM) and 3D printing technologies, providing a one-stop service from product printing to post-processing [9][5]. - The semiconductor packaging thermal management solutions are increasingly important due to the rising heat density in modern electronic products, especially in AI applications [10][11]. Research and Development - The company emphasizes R&D investment and has developed its own 3D printing equipment, entering the mass production phase [4][5]. - The R&D model combines proactive innovation with customer-driven development, ensuring a balance between technological advancement and meeting diverse customer needs [13]. Financial Performance - The company has experienced stable growth in its overall business, but net profit has been under pressure due to increased management and R&D expenses, as well as rising raw material costs [5]. - The company has adjusted its IPO fundraising project to focus on the semiconductor thermal management project, indicating a strategic shift towards high-growth areas [5]. Procurement and Production Model - The procurement process is managed by the materials department, which evaluates suppliers based on price, quality, and delivery time, ensuring a reliable supply chain [14][15]. - The production model is based on a "sales-driven production" approach, allowing for customization according to customer orders, which enhances responsiveness to market demands [16][17].