Financial Performance - The company reported a total revenue of 1.061 billion yuan for the first half of 2025, representing a year-on-year increase of 10.31% [1] - The net profit attributable to shareholders reached 113 million yuan, up 15.55% year-on-year [1] - In Q2 2025, total revenue was 657 million yuan, showing a significant year-on-year increase of 57.81% [1] - The net profit for Q2 2025 was approximately 69.99 million yuan, reflecting a year-on-year growth of 70.74% [1] Profitability Metrics - The gross margin improved to 28.6%, an increase of 11.53% compared to the previous year [1] - The net profit margin was recorded at 10.69%, up 4.67% year-on-year [1] - The total of selling, administrative, and financial expenses amounted to 96.02 million yuan, accounting for 9.05% of revenue, which is a 21.55% increase year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 755 million yuan, a rise of 49.82% from the previous year [1] - Accounts receivable rose to 1.18 billion yuan, with a year-on-year growth of 39.22% [1] - Interest-bearing liabilities increased to 360 million yuan, reflecting an 18.80% rise [1] Shareholder Metrics - The net asset per share increased to 4.56 yuan, a significant rise of 54.94% year-on-year [1] - Earnings per share remained stable at 0.22 yuan, with no change compared to the previous year [1] - Operating cash flow per share was reported at -0.07 yuan, a decline of 148.27% year-on-year [1] Business Overview - The company has over 50 years of experience in equipment manufacturing and aims to be a leader in high-end specialized equipment technology and industry upgrades [4] - The core business focuses on carbon fiber full-chain high-end equipment and advanced composite new materials, following a development model of "equipment leading, materials collaborating, and applications supporting" [4] Investment Considerations - The company's return on invested capital (ROIC) was 6.58% last year, indicating average capital returns [3] - Historical data shows a median ROIC of 6.01% over the past decade, with a notable low of -8.85% in 2019 [3] - Analysts expect the company's performance in 2025 to reach 225 million yuan, with an average earnings per share forecast of 0.43 yuan [3]

Core Viewpoint - The collaboration between Jinggong Technology and Longxing Aviation Electronics aims to establish a benchmark for aviation composite material maintenance, enhancing the carbon fiber composite material industry and creating a comprehensive capability in research, manufacturing, testing, maintenance, and repair of composite materials [1][2]. Group 1: Company Overview - Jinggong Technology has over 50 years of equipment manufacturing history and is committed to becoming a leader in high-end specialized equipment technology and promoting industrial upgrades [1]. - Longxing Aviation Electronics, established in August 2020, focuses on the research and manufacturing of domestic civil aviation electronic equipment, with over 140 employees, more than 50% holding master's or doctoral degrees, and nearly 70% being R&D personnel [1]. Group 2: Strategic Collaboration - The partnership will leverage both companies' strengths to accelerate the development of a full-chain capability in composite material maintenance, providing integrated technical support and service assurance for the aviation sector [2]. - The collaboration is seen as a crucial step in building autonomous and controllable aviation composite maintenance capabilities, which is essential for ensuring the safety and resilience of the industrial chain in the context of national strategies for aviation development [2][3]. Group 3: Future Directions - The two companies plan to deepen cooperation in areas such as technology research and development, airworthiness certification, and innovation ecosystem cultivation, contributing to the safety of China's aviation industry chain and promoting the development of the low-altitude economy [3].