Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but anticipates growth in the second half due to a strong order backlog and increased production capacity [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit of 113 million yuan, down 46.47% [1][2]. - The second quarter of 2025 saw a recovery in product delivery, with revenue reaching 213 million yuan, showing a quarter-on-quarter increase of 225.98% [3]. - The sales revenue from stealth structural components grew significantly, reaching 199 million yuan, accounting for 71.46% of total sales [3]. Research and Development - The company increased R&D investment, with H1 2025 R&D expenses amounting to 71 million yuan, an increase of 88.78% year-on-year, representing 25.47% of H1 revenue [2][4]. - Key R&D projects include new stealth structural components and next-generation electromagnetic measurement and control technologies [2]. Profitability - The gross profit margin for H1 2025 was 73.80%, a decrease of 4.49 percentage points, while the net profit margin was 40.63%, down 16.80 percentage points [4]. - The company's expense ratios included a period expense ratio of 36.92%, with R&D expenses constituting 25.47% of revenue [4]. Incentives and Growth Strategy - The company announced a stock incentive plan to grant 1.48375 million restricted shares, aimed at attracting and retaining talent, which is crucial for future performance [5]. - The company is advancing its fundraising projects, including the construction of a manufacturing base for electromagnetic functional materials, with a total planned investment of 618 million yuan [6]. Future Outlook - The company is transitioning into a comprehensive development phase, with projected net profits of 622 million yuan, 823 million yuan, and 1.059 billion yuan for 2025-2027, corresponding to EPS of 1.56, 2.06, and 2.65 yuan [6].

Core Viewpoint - The company, Chengdu Jiachi Electronic Technology Co., Ltd., reported a significant decline in revenue for the first half of 2025, but showed signs of recovery in the second quarter, indicating a positive trend in overall business operations [3][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 278.643 million yuan, a decrease of 24.33% compared to the same period last year, but the decline was significantly narrowed compared to the first quarter of 2025 [3]. - The second quarter of 2025 saw operating revenue of 213.2302 million yuan, representing a quarter-on-quarter growth of 225.98% [3]. - Sales revenue from stealth structural components reached 199.105 million yuan in the first half of 2025, an increase of 96.18% year-on-year, surpassing the revenue from stealth coatings [4]. Business Focus and R&D Investment - The company is focusing on three major business areas: new stealth structural components, next-generation electromagnetic anechoic chambers, and stealth maintenance products, with a significant increase in R&D investment [4]. - R&D expenses for the first half of 2025 amounted to 70.9723 million yuan, an increase of 88.78% compared to the same period in 2024, accounting for 25.47% of operating revenue [4]. Fundraising and Usage - The company raised a total of 1.083 billion yuan from its initial public offering, with a net amount of approximately 1.003 billion yuan after deducting related expenses [7]. - As of June 30, 2025, the remaining balance of raised funds was approximately 373.784 million yuan, with 299 million yuan invested in cash management products [8][9]. - The company has established a dedicated account for managing raised funds, ensuring compliance with relevant regulations [9][10]. Governance and Compliance - The board of directors and the supervisory board confirmed the authenticity and completeness of the half-year report, ensuring no misleading statements or omissions [1][2]. - The supervisory board approved the half-year report and the special report on the use of raised funds, affirming compliance with legal and regulatory requirements [21][22].

Group 1: 德福科技 (DeFu Technology) - DeFu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production. Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons. Its core products include HVLP and DTH [1] - The projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000. In Q1 2025, the expected revenue is €45 million, with a net profit of €1.67 million, indicating a quarterly turnaround [1] - DeFu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally. The company plans to enhance its profitability through technology resource integration and has allocated ¥183 million for R&D in 2024, resulting in 17 new invention patents [1] Group 2: 佳驰科技 (Jiachi Technology) - Jiachi Technology is focusing on YS functional structural components in the structural parts sector, with clients including the Aviation Industry Corporation of China. The fundraising projects are aimed at supporting capacity expansion [1] - The company has established the largest YS functional coating material production base in China, meeting current and future demand. It emphasizes technology and customer focus, increasing R&D investment to maintain technological leadership [1] - Jiachi Technology has won multiple significant awards for its research projects and has secured several contracts in the EMMS field, enhancing its testing service capabilities [1] Group 3: 日月股份 (Riyue Co., Ltd.) - Riyue Co., Ltd. employs a pricing framework based on "material cost + processing fee + profit," adjusting prices according to market dynamics. The company is actively expanding into deep-sea wind power and exploring new technologies like floating platforms [2] - The company is also working on the industrialization of nuclear fuel transfer and storage tanks and developing new materials such as high-temperature alloys to optimize its product line and enhance risk resilience [2] - Riyue Co., Ltd. plans to accelerate its overseas market expansion to increase its global market share. The establishment of a joint venture with Zhejiang Ningbo Zhuhai Wind Port Equipment Development Co., Ltd. will enhance its influence and competitiveness in the wind power and casting industries [2] - The company anticipates a positive trend in the wind power industry, projecting that by June 2025, the cumulative installed capacity of wind power in the country will reach 573 million kilowatts [2] Group 4: 长城基金 (Great Wall Fund) - Great Wall Fund, established in 2001, has an asset management scale of ¥347.694 billion across all public funds, ranking 29th out of 210. For non-monetary public funds, the scale is ¥139.427 billion, ranking 37th [3] - The fund manages 235 public funds, ranking 27th, with 37 fund managers, ranking 32nd. The best-performing public fund in the past year is the Great Wall Health Mixed A, with a net value of 1.21 and a growth of 97.6% [3] - The latest public fund product launched is the Great Wall National Index Free Cash Flow A, which is an index-type equity fund, with a subscription period from July 14, 2025, to August 1, 2025 [3]

Group 1 - Allianz Fund recently conducted research on a listed company, Jiachitech, focusing on its layout in the structural components sector, particularly YS functional structural components, with clients including the Aviation Industry Corporation of China [1] - Jiachitech's civil product business is centered around the EMMS field, with plans for a new generation of electromagnetic dark rooms and electromagnetic measurement and control, having won multiple project bids and demonstrating testing service capabilities [1] - The company has established the largest YS functional coating material production base in China, with production capacity meeting current and future demands [1] Group 2 - Jiachitech emphasizes technology and customer focus, increasing R&D investment to ensure technological leadership and has undertaken multiple scientific research projects, receiving several major achievement awards [1] - Allianz Fund was established in 2023, with a total asset management scale of 685 million yuan, ranking 183rd out of 210 in public funds and 162nd out of 210 in non-monetary public funds [1] - The best-performing public fund product under Allianz Fund in the past year is Allianz Anyu Bond A, with a latest unit net value of 1.01, showing a growth of - in the past year [1]

Group 1: Company Insights - Aileda's main business includes CNC precision machining, special process treatment, component assembly, and finished product R&D, with a gradual extension into finished product R&D projects [1] - Aileda has four production sites, with the Kangqiang plant being the primary expansion area [1] - Aileda's gross margin is expected to decline significantly in 2024 due to various factors, but it has recovered to 22% in Q1 2025 through customer expansion and cost reduction measures [1] - Aileda has introduced strategic shareholders in new material technology R&D to support its strategic layout in new materials and technologies [1] Group 2: Industry Developments - Jiachitech focuses on YS functional structural components, serving clients including the Aviation Industry Corporation, with fundraising projects supporting capacity expansion [2] - Jiachitech's civilian product business is centered around the EMMS field, with developments in next-generation electromagnetic anechoic chambers and electromagnetic measurement and control, having won multiple project bids [2] - Jiachitech has established the largest YS functional coating material production base in China, with capacity meeting current and future demands [2] - Jiachitech emphasizes technology and customer focus, increasing R&D investment to ensure technological leadership and has undertaken multiple scientific research projects, receiving several major achievement awards [2]

Core Viewpoint - The company is a leading provider of electromagnetic functional materials and structures (EMMS) in China, focusing on innovation and new product development to drive future growth despite current revenue challenges [1][3][7] Group 1: Business Overview - The company has developed a new generation of electromagnetic wave anechoic chambers with significant advantages in low-frequency performance, lifespan, and operational costs, along with excellent flame-retardant properties of absorbing materials [1] - In 2024, the company achieved operating revenue of 957 million yuan (down 2.45%) and a net profit of 517 million yuan (down 8.23%), with a stable revenue outlook due to the introduction of new products [1][2] - The company is in a development phase, focusing on mass production of stealth functional coatings and structures, while also exploring new product directions in stealth maintenance and electromagnetic wave anechoic chamber design [1][3] Group 2: Financial Performance - In 2024, the gross margins for stealth functional coating materials and structures were 75.40% (down 1.18 percentage points) and 81.14% (down 1.15 percentage points) respectively, with a decline in coating material revenue by 4.49% and a growth in structure revenue by 9.94% [2] - Revenue from electromagnetic compatibility materials dropped significantly by 48.94%, despite a 58% reduction in costs, impacting overall profitability [2] - The company's sales gross margin remained stable at 76.84% (down 0.07 percentage points) and net profit margin at 54.1% (down 3.4 percentage points) in 2024 [3] Group 3: R&D and Innovation - The company increased R&D investment to 87 million yuan (up 0.85%) in 2024, adding 13 new R&D personnel and obtaining multiple patents [3] - The company aims to maintain a competitive edge through continuous innovation and new product launches, despite the natural price decline of mature products [3] Group 4: Accounts Receivable and Incentives - As of 2024, the company's accounts receivable and notes receivable totaled 1.2 billion yuan, accounting for 32.04% of total assets, with 89.05% of accounts receivable aged within one year [4] - The company announced a stock incentive plan to grant 1.48375 million restricted shares to 62 employees, representing 0.371% of total shares, aimed at attracting and retaining talent [4] Group 5: Investment Projects - The company is advancing its fundraising projects, including a manufacturing base for electromagnetic functional materials with a total planned investment of 618 million yuan and a research center with an investment of 85 million yuan [5] - As of 2024, nearly 300 million yuan has been invested in the manufacturing base project, which is nearing completion [5] Group 6: Future Outlook - The company has transitioned from a "rapid growth" phase to a "comprehensive development" phase, with projected net profits of 622 million yuan, 823 million yuan, and 1.059 billion yuan for 2025-2027 [6][7] - Corresponding EPS for these years are expected to be 1.56, 2.06, and 2.65 yuan, with PE ratios of 43.91, 33.19, and 25.79 respectively [7]

Core Viewpoint - Jiachi Technology is actively expanding its presence in the civilian market, focusing on the development of next-generation electromagnetic wave anechoic chambers and key absorbing materials, as well as the electromagnetic measurement and control sector [1][2][3] Group 1: Civilian Market Expansion - The company is heavily investing in the civilian sector, particularly in two areas: the next-generation electromagnetic wave anechoic chamber system integration and key absorbing materials, and the electromagnetic measurement and control field [2][3] - The new generation electromagnetic wave anechoic chamber has completed the development of key absorbing materials and system integration design capabilities, showcasing significant advantages in low-frequency performance, lifespan, and operational costs, with multiple projects won amounting to several million yuan [2][3] Group 2: Electromagnetic Measurement and Control - The company has established a subsidiary, Chengdu Haojing Electromagnetic Measurement and Control Technology Co., Ltd., to focus on the EMMS (Electromagnetic Functional Materials and Structures) field, addressing the significant demand for testing technology and capabilities in both military and civilian high-density integrated electronic information sectors [3][4] - The establishment of the electromagnetic measurement and control subsidiary is a strategic move to enhance business focus and capability integration, forming a core competitive advantage in the civilian market [3][4] Group 3: Production Capacity and R&D - The company has built the largest YS functional coating material production base in the country, with production capacity meeting current and future order demands, while the YS functional structural components' production capacity is in high demand [3][4] - The company is committed to increasing R&D investment and has formed a competitive talent team in the EMMS field, continuously attracting graduates from well-known universities and nurturing various levels of young talent [4]