目前来看，智明达在内外部多方有利因素影响下迎来了向好发展态势，不过，公司的应收账款也从2024 年底的6.81亿元增长至2025年6月底的8.63亿元，由此可能产生的相关财务风险也为公司带来挑战。 中国投资协会上市公司投资专业委员会副会长支培元认为，智明达的业务受益于国防信息化和商业航天 产业的发展，并通过技术迭代和产能扩张巩固了自身竞争优势，低空经济和商业航天被列为未来增量业 务，上述因素有利于公司进一步发展壮大，未来，公司需要在成本控制、应收账款管理和应对技术迭代 竞争等方面实现突破，以更好地在快速增长和风险控制方面取得平衡。 值得一提的是，展望2025年"下半场"，江虎向《证券日报》记者表示，公司下半年工作重点是保交付、 保回款。在发展规划方面，智明达将加大民用市场拓展；不断拓展新客户，增加产品品类；公司将推进 AI技术深度优化，加速AI人工智能技术的应用；依托公司创新中心，开展新产品规划，推动新产品研 制、拓展。公司将围绕"质量领先、成本领先、技术领先、效率领先"的战略目标，不断提升核心竞争 力，为未来的良性可持续发展打下坚实基础。 资料显示，智明达以嵌入式计算机为核心业务，形成了一套完整的研制生产控 ...

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025 to enhance investment value and shareholder returns while maintaining compliance and effective governance [1]. Group 1: Business Performance - The company focused on its core business, achieving a net profit attributable to shareholders of 35.68 million yuan, a turnaround from losses, with an increase of 36.96 million yuan compared to the same period last year [1]. - The company experienced a significant increase in new orders, particularly in airborne and missile-mounted products, driven by rising customer demand [2]. Group 2: Financial Management - The company has seen a rapid increase in accounts receivable due to longer payment settlement times, but most accounts are within one year and from reputable clients, mitigating risks [2]. - The proportion of accounts receivable to current assets decreased from 95.6% in the first half of 2024 to 58.1% in the first half of 2025, and the accounts receivable turnover days improved from 956 days to 581 days [2]. Group 3: Technological Innovation - The company has developed a comprehensive research and production control system, focusing on embedded computing technology, and has accumulated over 20 years of industry experience [3]. - The company holds 37 patents and 176 software copyrights, and has been recognized as a national-level "Little Giant" enterprise, indicating strong R&D capabilities [3]. Group 4: Investor Relations and Governance - The company has established a transparent dividend policy, distributing a cash dividend of 0.142 yuan per share and increasing its total share capital through a capital reserve transfer [4]. - The company has enhanced its governance structure by eliminating the supervisory board and transferring its responsibilities to the audit committee of the board [5]. - The company organized 74 investor meetings in the first half of 2025, an increase from 66 in the same period of 2024, to improve communication with shareholders [6][7].