Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotai Junan Securities for Harbin Guotie Technology Group Co., Ltd. during the first half of 2025, emphasizing compliance with regulations and the company's operational status [1][2][3]. Summary by Sections Continuous Supervision Work - The sponsor has established a continuous supervision system to ensure the company adheres to regulatory requirements and maintains proper information disclosure [1][2]. - Regular communication, site inspections, and due diligence are conducted to monitor the company's compliance and operational integrity [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of approximately RMB 334.60 million, a year-on-year increase of 22.54% [5]. - The total profit for the period was RMB 42.18 million, reflecting a significant increase of 51.72% compared to the previous year [5]. - The net profit attributable to shareholders was RMB 31.71 million, with a year-on-year increase of 51.79% [5][6]. Risk Factors - The company faces risks related to high proportions of related-party transactions, which could impact profitability if adverse changes occur [4]. - Seasonal fluctuations in operating performance are noted, with higher sales typically recognized in the third and fourth quarters [4]. - The company must maintain its core competitiveness through continuous innovation and adequate R&D investment to avoid losing market position [4]. Core Competitiveness - Harbin Guotie Technology is recognized as a pioneer in railway safety monitoring and detection technology, with a strong market presence and a diverse customer base [6][7]. - The company has a robust R&D team, with 352 personnel, and has received multiple awards for its technological advancements [7][9]. R&D Investment - The total R&D expenditure for the first half of 2025 was approximately RMB 35.83 million, representing a 24.48% increase from the previous year [11]. - R&D investment accounted for 10.71% of the company's revenue, indicating a commitment to innovation [11]. Use of Raised Funds - As of June 30, 2025, the company had a remaining balance of approximately RMB 714.56 million in its fundraising account, with funds used in compliance with regulatory requirements [14][15]. - The report confirms that there are no violations in the use of raised funds, ensuring transparency and adherence to legal standards [14][15].