Core Viewpoint - The company, Jinlu Electronics (301282.SZ), has refrained from commenting on the commercialization timeline of solid-state batteries, emphasizing that it is focusing on developing PCB for solid-state battery BMS in collaboration with downstream customers [1] Group 1: Company Developments - The company mentioned solid-state batteries for the first time in its 2025 semi-annual report, stating it has successfully developed PCB for solid-state battery BMS [1] - The company clarified that solid-state batteries have not yet achieved large-scale production for electric vehicles, and the PCB for solid-state battery BMS is still in the early development stage [1] - The company is actively monitoring the technological advancements and market applications of solid-state batteries and is seeking collaborations with new players in the solid-state battery sector [1] Group 2: Market Context - Solid-state batteries have become a hot topic in the capital market, with some listed companies in the power battery sector experiencing stock price increases [1] - Despite the market interest, the company did not mention any specific customers related to solid-state batteries in its responses, indicating a cautious approach to avoid speculation [1] - The unit value of the successfully developed PCB for solid-state battery BMS is higher than that of the PCB for power battery BMS that is already in mass production, suggesting potential growth in demand with the large-scale production and application of solid-state batteries [1]

Core Viewpoint - The company is closely monitoring the technological development and market application of solid-state batteries, indicating a proactive approach to product adaptation [1] Group 1: Company Developments - The company has successfully developed a PCB for BMS used in solid-state batteries, which has a higher unit value compared to the PCB for BMS used in mass-produced power batteries [1] - The large-scale production and installation application of solid-state batteries are expected to drive the demand growth for supporting PCBs [1]

Group 1 - The company is closely monitoring the technological development and market application of solid-state batteries [1] - The company has successfully developed PCB for BMS used in solid-state batteries, which has a higher unit value compared to the PCB for BMS used in mass-produced power batteries [1] - The large-scale production and installation application of solid-state batteries will drive the demand growth for supporting PCBs [1]

Group 1 - The core viewpoint is that solid-state batteries have not yet achieved large-scale production for electric vehicles, and the company is in the early stages of developing solid-state battery BMS PCBs in collaboration with downstream customers [1] - The company is unable to disclose specific customer details due to confidentiality requirements [1]

Group 1 - The company has successfully developed PCB for solid-state battery BMS in collaboration with downstream customers [1] - The company will closely monitor innovations in battery technology and actively adapt its products [1]

Core Viewpoint - Jinlu Electronics (301282) has successfully developed PCB for solid-state battery BMS in collaboration with downstream customers and will closely monitor battery technology innovations for product adaptation [1] Group 1: Product Development - The company has successfully developed PCB for solid-state battery BMS [1] - Jinlu Electronics is actively engaged in product adaptation to align with battery technology innovations [1] Group 2: Automotive Applications - The company’s PCBs are applied in automotive autonomous driving components, including radar, cameras, P-box, and domain controllers [1] - The existing technological accumulation of the company meets the needs of current customers and supports its own development [1]

Core Insights - Jinlu Electronics (301282) reported a revenue of 934 million yuan for the first half of 2025, representing a year-on-year growth of 24.19% [1] - The net profit attributable to shareholders reached 52.36 million yuan, up 32.19% year-on-year, while the net profit excluding non-recurring gains and losses surged by 79.41% to 46.50 million yuan [1] - Basic earnings per share increased by 29.63% to 0.35 yuan per share [1] Revenue and Profit Growth - The growth in performance is primarily driven by increased demand in downstream applications such as new energy vehicles and communication electronics [1] - Systematic cost reduction and efficiency improvement efforts have enhanced profitability [1] Product Development and Market Position - The company continues to strengthen its advantage in the smart electric vehicle sector, successfully developing and mass-producing PCB for solid-state battery BMS and electric drive products based on a 900V high-voltage architecture [1] - Jinlu Electronics is accelerating its expansion into emerging industries such as artificial intelligence and computing infrastructure, with successful development of rigid boards for 28-layer servers and mass production of copper paste sintered composite substrates and high-speed rigid boards [1] Customer Base and Collaboration - The company's PCB products are undergoing rapid upgrades focusing on high frequency, high speed, multi-layer, special processes, and advanced HDI [1] - The customer structure has been further optimized, establishing collaborations with industry chain enterprises such as Leap Motor and Weipai Technology [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by advancements in product development and market expansion in the PCB sector [1][3]. Financial Performance - Revenue for the reporting period reached CNY 933.93 million, an increase of 24.19% compared to CNY 751.99 million in the same period last year [1][3]. - Net profit attributable to shareholders was CNY 52.36 million, up 32.19% from CNY 39.61 million year-on-year [1][3]. - The net cash flow from operating activities was CNY 62.39 million, showing a substantial increase of 225.49% compared to a negative cash flow of CNY 49.72 million in the previous year [1][3]. - Basic and diluted earnings per share were both CNY 0.35, reflecting a growth of 29.63% from CNY 0.27 [1][3]. - The weighted average return on equity increased to 3.08%, up from 2.37%, representing a rise of 0.71 percentage points [1][3]. Company Developments - The company has focused on product research and market development, enhancing its competitive edge in the smart electric vehicle sector by successfully developing and mass-producing PCB products for solid-state battery BMS and high-voltage electric drive systems [3][4]. - The company has also made strides in emerging industries, successfully developing products for data centers and other high-tech applications, with multi-layer board revenue accounting for 77.67% of main business income, an increase from the previous year [3][4]. - The company acquired land use rights for approximately 63 acres adjacent to its factory for expansion projects, with an investment of CNY 39.65 million for 41,953.95 square meters of land [4].