Core Viewpoint - Changqing Technology (001324.SZ) has shown signs of performance recovery in the first half of 2025 after experiencing declines in revenue and net profit in the year following its IPO in 2023 [1][2]. Financial Performance - In the first half of 2025, Changqing Technology achieved operating revenue of 230 million yuan, a year-on-year increase of 11.24% [1]. - The net profit attributable to shareholders was 36.799 million yuan, reflecting a year-on-year growth of 4.51% [1]. - The net profit after deducting non-recurring items was 33.242 million yuan, up 15.53% year-on-year [1]. - Despite the growth in net profit, the gross profit margin and net profit margin both declined compared to the previous year [1]. Accounts Receivable - As of the end of the first half of 2025, Changqing Technology's accounts receivable reached 354 million yuan, accounting for 26.07% of total assets, marking an increase from the end of the previous year [2]. - The accounts receivable have been on the rise for three consecutive years since 2022, with figures of 179 million yuan, 259 million yuan, 326 million yuan, and 341 million yuan from 2021 to 2024 respectively [2]. - The company has implemented customer credit policies and regular collection efforts to manage accounts receivable effectively [2]. Business Segments - Changqing Technology's primary business involves rail transit and architectural decoration, with rail transit contributing approximately 60% of its revenue [3]. - The rail transit segment mainly consists of sandwich composite materials used in vehicle interior decoration [3]. - The company aims to expand its product range and explore new application areas through technological upgrades [3]. International Expansion - Changqing Technology has been actively expanding its overseas business, with overseas revenue reaching 113 million yuan in 2024, a year-on-year increase of 10.24%, accounting for 24.61% of total revenue [4]. - The company has established new marketing networks in Europe and the Yangtze River Delta region in China [4]. - Future plans include enhancing overseas marketing networks, increasing R&D investment in new products, and meeting customized product demands from existing and new clients [4].