Revenue Structure - Military electronics business accounts for approximately 80% of total revenue, with 2024 estimates showing military electronics at 76%, shipbuilding at 22%, and other businesses at 2% [2] - Revenue breakdown for the first half of the year: radar at 30%, missile systems at 15-20%, satellite systems at 15-20%, and electronic countermeasures at 20% [2] Asset Impairment - Previous impairments mainly related to ship assets and goodwill in the electronics sector, with a total goodwill impairment of 1.64 billion CNY from 2021 to 2024 [2] - Adjustments to expected credit loss rates for accounts receivable, increasing provisions for older receivables, resulting in an additional 41 million CNY provision for 2024 [2] Research and Development - Current key projects focus on high-density integrated microwave circuits (SIP) and high-power, broadband, high-linearity microwave circuit chips and components [3] Shipbuilding Business - The company has exited low-margin ship types, with a focus on disposing of idle assets and seeking partnerships with large state-owned enterprises [4] - Cash recovery of approximately 100 million CNY from the sale of two subsidiaries, with a disposal gain of over 40 million CNY [4] Production Capacity - Current production capacity is sufficient to meet research and production tasks, with no large-scale expansion plans at this time [5] Military Trade Business - Core products include microwave circuits and components, with ongoing efforts to track demand for key models to increase market share [6] Competition - Main competitors include large state-owned military groups and some private suppliers, with the company's advantages being flexibility, low costs, and strong service response [7] Financing and Incentives - Plans to diversify financing channels and potentially introduce long-term debt or equity funding to optimize capital structure [8] - No new equity incentive plans for 2025, following two rounds of incentives in 2020 and 2022 [9]