Core Insights - Aoshikang Technology Co., Ltd. reported a revenue of 2.565 billion yuan for the first half of 2025, representing a year-on-year growth of 19.43% [1] - The company's net profit attributable to shareholders was 196 million yuan, showing a decline of 11.96% compared to the previous year [1] Revenue Breakdown - Revenue from four-layer boards increased by 24.03% to 1.933 billion yuan, while the gross margin decreased by 3.84 percentage points to 15.39%, indicating revenue growth without profit increase [1] - Revenue from single/double-sided boards decreased by 4.08% to 417 million yuan [1] Inventory and Costs - Inventory balance rose to 767 million yuan, an increase of 28.3% from the beginning of the year, with inventory impairment provisions increasing by 26.1% year-on-year [1] - Selling expenses surged by 30.08% to 101 million yuan, primarily due to changes in main products and customer-related cost increases [1] Financial Health - Total asset impairment losses and credit impairment losses amounted to 51.57 million yuan, approximately 26% of the net profit for the first half of the year [1] - Net cash flow from operating activities fell sharply by 41.53% to 190 million yuan, mainly impacted by the increase in inventory reserves [1]