Core Insights - The company reported a revenue of 2.035 billion yuan for the first half of 2025, representing a year-on-year growth of 16.05% [1] - The net profit attributable to shareholders was 260 million yuan, showing a slight increase of 0.14% year-on-year [1] Business Strategy - The company has firmly implemented a major client strategy, with overseas core customer orders continuing to grow [1] - Breakthroughs in expanding domestic strategic customers have led to a doubling of order scale, increasing the domestic business revenue proportion to a recent high [1] Product Development - Sales of mid-to-high-end products, including high-layer boards, HDI boards, and high-frequency high-speed boards, have significantly increased year-on-year, enhancing product value [1] - The company increased R&D investment by 22.29% year-on-year, focusing on core application areas such as automotive electronics and computing and communication [1] Key Projects - Successful development of key products including TRX-5G transceiver units, automotive chassis and steering controllers, millimeter-wave radar, LED automotive headlight substrates, 1500V inverters, robotic semi-flexible products, and drone HDI products [1] - Breakthroughs in key technologies such as embedded copper block processes for multilayer boards and HDI platform processes have provided core process guarantees for the mass production of high-end products [1]

Core Insights - The company reported a revenue of 2.035 billion yuan for the first half of 2025, representing a year-on-year growth of 16.05% [1] - The net profit attributable to shareholders was 261 million yuan, showing a slight increase of 0.14% compared to the same period last year [1] - The net cash flow from operating activities reached 458 million yuan, marking a significant increase of 32.56% year-on-year [1] Financial Performance - The increase in operating costs by 16.31% was primarily due to rising prices of key raw materials such as copper-clad laminates [1] - Financial expenses shifted from a gain of 23.27 million yuan in the previous year to an expense of 1.7855 million yuan this period, impacting profit margins [1] Market Strategy - The company has successfully deepened its "customer-centric" strategy, strengthening relationships with major clients like Continental Automotive and Valeo, leading to stable order growth [1] - Domestic business revenue has seen a significant increase, with strategic customer order volumes doubling, resulting in a record high proportion of domestic business revenue [1] Product Development - The company is actively capitalizing on the industry's trend towards high-end products, with significant sales growth in multi-layer boards, HDI boards, and high-frequency boards [2] - Research and development investment reached 85.72 million yuan, a year-on-year increase of 22.29%, with R&D expenditure as a percentage of revenue rising from 4.00% to 4.21% [2] Global Expansion - The construction of the Thailand production base has progressed as planned, establishing a solid foundation for expanding into international markets [2] Technological Innovation - The company views technological innovation as a core driver of development, achieving breakthroughs in key processes such as embedded copper block technology and HDI platform technology [2] - Successful development of key projects in automotive electronics and communication sectors, including the TRX-5G transceiver unit and automotive chassis control systems [2] Talent Development - The company is enhancing its talent pool through collaboration with local universities to establish joint training and internship bases, strengthening its technological capabilities [3]