三大业务齐发力，共同筑牢发展根基 8月27日收盘后，民爆光电(301362)披露2025年中期业绩报告。报告显示，公司在复杂的市场环境中展 现出强劲的发展韧性，实现营收8.17亿元，同比增长0.11%；归母净利润1.07亿元；经营活动产生的现 金流量净额1.07亿元。业绩和现金流依然非常稳定，年终分红值得期待。 此外，公司还持续加大自身研发投入，保持未来市场竞争力。报告显示，民爆光电2025上半年研发投入 约5,671万，同比增长1.75%。 同时，报告显示公司营收规模小幅增长，但管理费用同比下降7.44%，说明公司运营效率在不断改善， 整体经营质量在稳步提升。 在应急照明方面，公司产品具有快速响应、长续航、高亮度等特点，在各类应急救援场景中发挥关键作 用，市场潜力巨大。 产能布局上积极进取，支撑未来业绩增长 在产能布局上，公司积极推进LED照明自动化扩产项目。通过引入先进的自动化生产设备与技术，优化 生产流程与车间布局，项目完成后预计将大幅提升生产效率与产品质量，为公司在各业务板块的发展提 供有力的产能支撑。 同时，越南LED照明灯具生产基地建设进展顺利。作为公司践行"一带一路"倡议、布局海外市场的重要 举 ...

Core Viewpoint - The LED display industry in North America lacks a significant supply chain advantage, with over 60% of the market being dominated by a Chinese company, Shanghai Sansi Electronic Engineering Co., Ltd. The company emphasizes that technological barriers and quality accumulation are the ultimate defenses against trade friction [2][3]. Group 1: Company Overview - Shanghai Sansi Electronic Engineering Co., Ltd. was established in 1993 and specializes in LED displays, LED lighting, smart transportation, smart cities, and system integration solutions, holding over 880 independent intellectual property rights [2]. - The company began its overseas expansion in 2003, exporting products to numerous countries including the USA, Europe, Japan, the Middle East, Southeast Asia, and Africa. By 2011, its LED full-color screens had made their debut in Times Square, New York, covering over 12,000 square meters [2]. Group 2: Market Response to Tariffs - Following the announcement of increased tariffs by the U.S. government in April, many foreign trade companies reacted with caution, but Shanghai Sansi reported stable performance in overseas markets, with production lines operating continuously [2][5]. - The company had anticipated uncertainties and began diversifying its market presence, reducing reliance on the North American market, which previously accounted for about 40% of its overseas revenue [5]. Group 3: Strategic Initiatives - Shanghai Sansi has initiated a "Plan B" by planning overseas factories to implement a "China R&D + local service" model, allowing for better market expansion and customer service in target countries [5]. - The company has adopted a "time difference strategy," signing long-term contracts with established clients in North America and Europe for high-value products, enabling them to produce and stock in advance [8]. Group 4: Product Quality and Market Position - The company maintains that its products have significant technological barriers and added value, which are crucial for sustaining its position in international trade. Their high-end products, such as plant growth lights and LED bulbs, are priced about 30% higher than competitors but still rank among the top in their categories due to superior quality [12]. - The company has achieved a repurchase rate of 26% on Amazon for its products, significantly higher than the average of 10% for similar products, indicating strong customer trust [12]. Group 5: Future Growth Strategy - The company aims for a dual growth strategy, targeting a 20% overall growth in overseas markets while also expanding its domestic market presence [14].