Financial Performance - The company's total revenue for the first half of 2025 was 533 million yuan, a decrease of 2.55% year-on-year [1] - The net profit attributable to shareholders was 21.786 million yuan, down 8.9% year-on-year [1] - In Q2 2025, total revenue was 282 million yuan, a decline of 9.12% year-on-year, and net profit was 10.604 million yuan, down 44.24% year-on-year [1] - The gross margin was 24.08%, a decrease of 1.47% year-on-year, while the net margin was 4.1%, down 6.39% year-on-year [1] - The company's receivables accounted for 1292.09% of the latest annual net profit, indicating a significant amount of accounts receivable [1][4] Cash Flow and Financial Ratios - The operating cash flow per share was -0.03 yuan, an increase of 78.52% year-on-year [1] - The company experienced a 66.17% decrease in financial expenses due to foreign exchange fluctuations and large certificate of deposit income [3] - The net cash flow from operating activities increased significantly, while cash flow from investment activities decreased by 93.8% due to increased cash outflows for investment activities [3] Business Operations and Market Position - The company has established a comprehensive product layout in the satellite communication field, covering ground stations, satellite communication payloads, and terminal applications [5] - In 2024, the satellite communication business generated over 40 million yuan in revenue, with ground station products achieving small batch deliveries [5] - The company has successfully secured new projects, enhancing its market position, and is expected to maintain a competitive advantage in the satellite communication sector over the next three years [5]