Core Viewpoint - The company, Zhongfu Circuit (300814), has developed and owns multiple core technologies through independent research and development, focusing on advanced products and materials in the circuit board industry [1] Group 1: Core Technologies - The company has proprietary technologies related to high multilayer boards, thick copper boards, 5G antenna boards, high-frequency and high-speed boards, rigid-flex boards, embedded component boards, and PSIP [1] - These technologies encompass advanced materials, manufacturing processes, electrical parameter design and control, as well as quality control techniques [1]

Group 1 - The company has developed multiple core technologies through independent research and development, including high multilayer boards, thick copper boards, 5G antenna boards, high-frequency and high-speed boards, rigid-flex boards, embedded device boards, and PSIP products [2] - The company emphasizes its advanced materials, manufacturing processes, electrical parameter design and control, and quality control technologies [2] - The company encourages stakeholders to pay attention to future announcements regarding business expansion progress [2]

Core Insights - The company reported a total revenue of 849.14 million yuan for the first half of 2025, representing a year-on-year increase of 27.84% [3] - However, the net profit attributable to shareholders decreased by 34.13% to 16.78 million yuan, and the net profit after deducting non-recurring gains and losses fell by 30.08% to 13.15 million yuan [3][4] - The company experienced a significant decline in cash flow from operating activities, which turned negative at -35.57 million yuan, a decrease of 147.56% compared to the previous year [3] Financial Performance - Revenue growth was primarily driven by three core business areas: communication and data center business grew approximately 75%, semiconductor packaging applications increased by about 84%, and automotive electronics contributed a stable growth of around 35% [3][4] - Basic earnings per share decreased by 35.71% to 0.09 yuan, while diluted earnings per share fell by 40% to 0.09 yuan [3] - The weighted average return on net assets dropped to 1.19%, down by 0.99% from the previous year [3] Asset and Equity Position - Total assets at the end of the reporting period reached 3.17 billion yuan, reflecting a 6.09% increase from the end of the previous year [3] - The net assets attributable to shareholders increased by 36.44% to 1.63 billion yuan [3] Business Operations and Client Base - The company has established a stable customer base across various sectors, including communication, industrial control, automotive electronics, consumer electronics, and semiconductor packaging, maintaining long-term partnerships with numerous well-known domestic and international enterprises [2] - The company’s products are exported to Europe, Asia, and the Americas, and it focuses on high-reliability, high-performance printed circuit board demands [2] Production Facilities - The company operates four production bases: ShaJing, SongGang, HeShan, and Thailand, each specializing in different production scales and product types [3] - The production bases enable the company to offer a wide range of products, including single/double-layer boards, multi-layer boards, and high-frequency boards, catering to various electronic information product applications [4]