Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 487 million yuan, a year-on-year increase of 208.66%, and net profit of 34.14 million yuan, up 172.44% [1][2]. Financial Performance - Revenue growth was primarily driven by the completion of the "Hainan Province Marine Disaster Comprehensive Prevention Capacity Construction Project (EPC+O)", contributing 328 million yuan, accounting for 67.32% of total revenue [2]. - The marine observation and detection equipment and systems generated 328 million yuan in revenue, reflecting a staggering year-on-year increase of 978.87%, while the smart ship and navigation systems brought in 147 million yuan, growing by 26.45% [2]. - The company's gross margin for the first half of 2025 was 25.03%, a decline of 9.81 percentage points, mainly due to the higher proportion of low-margin EPC project revenue [3]. Cost Management - The sales expense ratio improved significantly to 5.66% from 15.38% in the same period last year, and the management expense ratio decreased to 7.61% from 17.78%, indicating enhanced operational efficiency [3]. - The net cash flow from operating activities was 29 million yuan, an improvement of 203 million yuan year-on-year, attributed to project payments and government subsidies [3]. Strategic Developments - The company achieved a core breakthrough with the commercial launch of the Underwater Data Center (UDC), signing a contract for a 24MW project in Shanghai Lingang, with the first phase of 2.3MW included in the national green low-carbon technology demonstration list [4]. - The company completed the development of a 4500-meter underwater data warehouse and received orders, while the smart navigation sector secured EU certification for solid-state radar and achieved over 100 million yuan in overseas orders [4]. - Strategic partnerships were formed with Shenergy and Shanghai Telecom to build a computing power ecosystem, while the company terminated the "Marine Basic Engineering Technology Service Capability Construction Project" and permanently supplemented 216 million yuan of raised funds [4]. Profit Forecast - The company's performance aligns with market expectations, maintaining previous profit forecasts for 2025-2027, with projected net profits of 99 million, 124 million, and 134 million yuan, corresponding to PE ratios of 160, 128, and 119 times, respectively [4].