Core Viewpoint - The company, Shengyang Technology, reported a strong revenue growth of 16.62% in the first half of the year, driven by increased sales orders for RF cable products, despite a slight decline in net profit due to rising share-based payment expenses and reduced foreign exchange gains [1][2]. Financial Summary - Revenue for the first half of the year reached 416.15 million yuan, compared to 356.83 million yuan in the same period last year, marking a growth of 16.62% [1]. - Total profit amounted to 44.74 million yuan, an increase of 10.15% from 40.61 million yuan year-on-year [1]. - Net profit attributable to shareholders was 5.04 million yuan, a decrease of 1.74% from 5.13 million yuan in the previous year [1]. - Net profit after deducting non-recurring gains and losses was 2.61 million yuan, down 41.7% from 4.47 million yuan year-on-year [1]. - Earnings per share stood at 0.01 yuan [1]. Cash Flow and Operational Performance - The net cash flow from operating activities increased significantly by 149.41%, reaching 21.12 million yuan compared to 4.27 million yuan in the previous year [1][2]. - The increase in cash flow indicates effective sales collection and operational efficiency [2]. Impact of Expenses - The decline in net profit was primarily attributed to increased share-based payment expenses and a decrease in foreign exchange gains [2]. - Excluding share-based payment expenses, the net profit would have been 17.46 million yuan, reflecting a substantial growth of 192.88% compared to the previous year [2].

Core Viewpoint - The company reported a revenue growth of 16.62% year-on-year in the first half of 2025, driven by increased sales orders for RF cable products, while net profit slightly decreased by 1.74% due to rising share-based payment expenses and reduced foreign exchange gains [1][2] Financial Performance - The company achieved an operating revenue of 416 million yuan in the first half of 2025, with a net profit attributable to shareholders of 5.0381 million yuan [1] - Excluding share-based payment expenses, the net profit reached 17.46 million yuan, reflecting a substantial increase of 192.88% compared to the same period last year [2] - The net cash flow from operating activities increased by 149.41% year-on-year, indicating improved cash collection from sales [2] Business Development - The growth in revenue is primarily attributed to the increase in orders for RF cable products, supported by the ongoing development of the global communication industry and the acceleration of data center construction [2] - The company has achieved a monthly production capacity of 30,000 kilometers for automotive high-speed cables and made breakthroughs in autonomous research and development in fields such as Beidou vehicle-mounted terminals [1][3] Strategic Initiatives - The company has implemented a dual-driven strategy focusing on "wired/wireless communication + satellite communication," capitalizing on emerging technologies like AI and autonomous driving [3] - The data cable market is expected to grow at a rate exceeding 10% in the coming years, with projections indicating it could reach 2.956 billion USD by 2031 [3] - The company plans to focus on developing high-speed, high-capacity data cable products starting in 2024 to meet the demands of data centers, industrial automation, and smart cities [3] Technological Advancements - The company has integrated three Rosen Tai devices into its high-performance data copper cable R&D and production system, enhancing its capabilities in high-speed transmission for data centers and automotive communications [4] - The satellite communication terminal business is viewed as a second growth curve, with plans to focus on maritime satellite communication terminals, Beidou vehicle-mounted navigation terminals, and satellite internet communication terminals by 2025 [4] Industry Environment - The low-orbit satellite internet construction in China has accelerated significantly this year, presenting development opportunities for the industry [5] - The company has accumulated years of R&D experience in satellite communication terminals and has made breakthroughs in Beidou vehicle-mounted terminals and 5G satellite television terminals [5] - Future exploration of diverse application scenarios in satellite communication terminals, such as vehicle-road collaboration and emergency communication, is planned to further tap into growth potential [5]