Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but anticipates growth in the second half due to a strong order backlog and increased production capacity [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit of 113 million yuan, down 46.47% [1][2]. - The second quarter of 2025 saw a recovery in product delivery, with revenue reaching 213 million yuan, showing a quarter-on-quarter increase of 225.98% [3]. - The sales revenue from stealth structural components grew significantly, reaching 199 million yuan, accounting for 71.46% of total sales [3]. Research and Development - The company increased R&D investment, with H1 2025 R&D expenses amounting to 71 million yuan, an increase of 88.78% year-on-year, representing 25.47% of H1 revenue [2][4]. - Key R&D projects include new stealth structural components and next-generation electromagnetic measurement and control technologies [2]. Profitability - The gross profit margin for H1 2025 was 73.80%, a decrease of 4.49 percentage points, while the net profit margin was 40.63%, down 16.80 percentage points [4]. - The company's expense ratios included a period expense ratio of 36.92%, with R&D expenses constituting 25.47% of revenue [4]. Incentives and Growth Strategy - The company announced a stock incentive plan to grant 1.48375 million restricted shares, aimed at attracting and retaining talent, which is crucial for future performance [5]. - The company is advancing its fundraising projects, including the construction of a manufacturing base for electromagnetic functional materials, with a total planned investment of 618 million yuan [6]. Future Outlook - The company is transitioning into a comprehensive development phase, with projected net profits of 622 million yuan, 823 million yuan, and 1.059 billion yuan for 2025-2027, corresponding to EPS of 1.56, 2.06, and 2.65 yuan [6].

Core Viewpoint - The company, Chengdu Jiachi Electronic Technology Co., Ltd., reported a significant decline in revenue for the first half of 2025, but showed signs of recovery in the second quarter, indicating a positive trend in overall business operations [3][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 278.643 million yuan, a decrease of 24.33% compared to the same period last year, but the decline was significantly narrowed compared to the first quarter of 2025 [3]. - The second quarter of 2025 saw operating revenue of 213.2302 million yuan, representing a quarter-on-quarter growth of 225.98% [3]. - Sales revenue from stealth structural components reached 199.105 million yuan in the first half of 2025, an increase of 96.18% year-on-year, surpassing the revenue from stealth coatings [4]. Business Focus and R&D Investment - The company is focusing on three major business areas: new stealth structural components, next-generation electromagnetic anechoic chambers, and stealth maintenance products, with a significant increase in R&D investment [4]. - R&D expenses for the first half of 2025 amounted to 70.9723 million yuan, an increase of 88.78% compared to the same period in 2024, accounting for 25.47% of operating revenue [4]. Fundraising and Usage - The company raised a total of 1.083 billion yuan from its initial public offering, with a net amount of approximately 1.003 billion yuan after deducting related expenses [7]. - As of June 30, 2025, the remaining balance of raised funds was approximately 373.784 million yuan, with 299 million yuan invested in cash management products [8][9]. - The company has established a dedicated account for managing raised funds, ensuring compliance with relevant regulations [9][10]. Governance and Compliance - The board of directors and the supervisory board confirmed the authenticity and completeness of the half-year report, ensuring no misleading statements or omissions [1][2]. - The supervisory board approved the half-year report and the special report on the use of raised funds, affirming compliance with legal and regulatory requirements [21][22].

Core Viewpoint - Chengdu Jiachi Electronic Technology Co., Ltd. (Jiachi Technology) is a leading provider of electromagnetic functional materials and structures (EMMS) in China, focusing on the dual development of military and civilian sectors, and has entered a comprehensive development phase with its upcoming A-share listing in 2024 [2][4]. Group 1: Strategic Development - Jiachi Technology has outlined three strategic development phases: "consolidating the foundation," "rapid growth," and "comprehensive development," with the company now in the "comprehensive development" phase [2]. - The recent approval of the 2025 restricted stock incentive plan at the shareholders' meeting is seen as a move to bind core talent and promote steady growth [2][6]. Group 2: Technological Innovation - The company emphasizes technology as its core, with over one-third of its workforce dedicated to R&D, achieving significant national awards for its innovations in the EMMS industry [3]. - Jiachi Technology's products have been applied in major military projects, including the fourth and fifth generation fighter jets, showcasing its capability to break foreign technology barriers and achieve technological self-sufficiency [3][4]. Group 3: Financial Performance - In 2024, Jiachi Technology achieved a revenue of 957 million yuan and a net profit of 517 million yuan, indicating strong financial performance [4]. - The company has established the largest stealth coating material production base in China, with ongoing projects aimed at enhancing its core capabilities in R&D, manufacturing, and testing [4]. Group 4: Growth Targets - The stock incentive plan includes performance targets for annual revenues of 1.1 billion yuan, 1.37 billion yuan, and 1.6 billion yuan from 2025 to 2027, reflecting the company's confidence in future growth [6]. - Jiachi Technology is focusing on new product directions, including the design and integration of electromagnetic wave dark rooms, which are crucial for both military and civilian applications [6][7]. Group 5: Market Outlook - The global electromagnetic compatibility materials market is projected to grow from approximately 6.8 billion USD in 2020 to 8.2 billion USD by 2025, indicating a robust market opportunity for Jiachi Technology [7]. - The company aims to be a leader in stealth materials technology and a disruptor in electromagnetic compatibility solutions, driving continuous innovation in the EMMS sector [7].