图片系AI生成 作为我军"反无人机"作战的明星装备，HPM-2000微波反制系统并没有未其制造商六九一二(301592.SZ) 带来业绩长虹。 8月26日晚，六九一二披露2025年中报，公司上半年实现营业收入7888.4万元，同比下降29.87%；实现净利润-2532.66万元，同比下降758.03%。 与多数纯军品公司类似，六九一二上市后的业绩 "大变脸"源自计划性的采购机制，以及行业景气度的整体调整。但在体量庞大的应收账款制约下，近几年 公司主营业务一直未能有效创造现金流入，现金流持续紧绷，如何维系竞争力，成为摆在眼前的关键命题。 公司去年底在低空经济的情绪高点登陆创业板，目前估值依旧超过160倍，在营收增速大幅下滑、ROE为负的背景下，高估风险已经较为显著。 图源：WIND 半年报显示，2025上半年是六九一二上市以来的首次亏损，净利润亏损 2532.66 万元，此前两年小幅波动但整体盈利。 核心业务收入减少是业绩下行的首要问题，其中，军事通信与指挥模拟训练装备作为核心，2025年上半年虽维持了43.17%的高毛利率，但收入仅6042万 元，增长未达预期，主要受军方采购节奏放缓及订单交付延迟影响。 | ...

Core Insights - Sichuan 6912 Communication Technology Co., Ltd. reported a revenue of 78.884 million yuan and a net loss of 25.3266 million yuan for the first half of 2025, showing an improvement in net loss in the second quarter compared to the first quarter [1] Financial Performance - The company achieved a revenue of 60.4197 million yuan from military communication and command simulation training equipment, and 13.8563 million yuan from realistic simulation training equipment, with the latter growing by 33.23% year-on-year [1] - Research and development investment reached 18.7361 million yuan, reflecting a year-on-year increase of 5.74% [1] Business Strategy - The company focuses on military communication technology and command simulation training, leveraging its strong R&D capabilities and integrating advanced equipment development models to meet future combat needs [1] - The ongoing strategy includes "frontier technology research, product development, and continuous optimization of existing products" to drive growth across various business segments [1]