Core Insights - The company reported a revenue of 474 million yuan for the first half of 2025, representing a year-on-year increase of 14.51%, while the net profit attributable to shareholders decreased by 11.94% to 88.95 million yuan [1][2] Business Performance - The smart card business generated revenue of 283 million yuan, remaining stable year-on-year, but the gross margin declined by 5.33 percentage points due to rising raw material costs driven by the increase in precious metal prices [1] - The etching lead frame business showed significant growth, achieving revenue of 134 million yuan, a year-on-year increase of 46.48%, becoming the main driver of revenue growth [1] - The IoT eSIM chip packaging business reported revenue of 29.24 million yuan, up 25.91% year-on-year, with gradual implementation in smart wearables and vehicle networking sectors [1] R&D and Future Outlook - The company's R&D investment reached 27.01 million yuan, an increase of 16.39% year-on-year, with 126 valid patents in the integrated circuit field, including 38 invention patents, and 144 R&D personnel accounting for 17.39% of the total workforce [2] - The company plans to continue its "dual domestic and international market" strategy, focusing on high-end products in the smart card sector, accelerating the rollout of automotive-grade products in the etching lead frame business, and enhancing the IoT eSIM packaging for vehicle networking applications, which is expected to inject new momentum into performance growth [2]

Core Viewpoint - New Henghui, a provider of chip packaging materials and testing services, successfully listed on the Growth Enterprise Market, with its stock price surging by 290.62% at opening and currently standing at a 247.11% increase from the issue price [2] Company Overview - New Henghui integrates research, production, sales of chip packaging materials, and packaging testing services, focusing on smart card business, etching lead frame business, and IoT eSIM chip testing services [2] - The smart card business is the company's traditional core, contributing significantly to revenue and profit through the development and sales of flexible lead frame products [2] Business Partnerships - The company has established long-term partnerships with several well-known security chip design manufacturers and domestic and international smart card manufacturers, with applications in communications, finance, transportation, and identity recognition [2] New Business Growth - Significant investments in the etching lead frame and IoT eSIM chip testing sectors have led to the successful development of core technologies, resulting in batch production and sales [3] - Sales revenue from these new businesses for the reporting periods were 110.65 million, 97.83 million, 156.94 million, and 115.00 million yuan, accounting for 20.81%, 14.70%, 21.08%, and 28.71% of main business income respectively [3] Patent Holdings - As of June 30, 2024, the company holds 59 authorized patents, including 32 invention patents [4] Shareholder Structure - The major shareholders are Yu Renrong and Ren Zhijun, holding 31.94% and 19.31% of shares respectively, with Yu also serving as a director [4] Notable Individual - Yu Renrong is also the actual controller of Weir Shares and was ranked first in the Chinese chip industry billionaire list in 2022 with a net worth of 95 billion yuan [5]