Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a strong revenue growth of 41.0% year-on-year in H1 2025, driven by robust AI demand and a recovery in traditional testing services [3] - The net profit for H1 2025 reached 200 million yuan, reflecting a significant increase of 74% year-on-year, with a net profit margin of 36.6% [4] - The company is expected to benefit from the high demand for advanced SOC testing, with the new product 8600 currently undergoing client validation [5] Summary by Sections Event Overview - The company released its half-year report for 2025 [2] Revenue Growth - In H1 2025, the company achieved revenue of 530 million yuan, with Q2 contributing 340 million yuan, marking a year-on-year increase of 39.0% [3] - Revenue from testing systems was 460 million yuan, up 36.7% year-on-year, while accessory revenue surged by 72.9% to 74 million yuan [3] - Overseas revenue reached 58 million yuan, a remarkable increase of 142% year-on-year, indicating a strong global demand in the testing industry [3] Profitability - The company's net profit and net profit excluding non-recurring items for H1 2025 were 200 million yuan and 180 million yuan, respectively, with year-on-year increases of 74% and 37.7% [4] - The net profit margin improved to 36.6%, up 7.0 percentage points year-on-year [4] - The gross margin for H1 2025 was 74.7%, slightly down from the previous year, attributed to impacts from new product validations [4] Future Outlook - The company anticipates continued growth in revenue, projecting 1.192 billion yuan for 2025, with a year-on-year growth of 31.7% [6] - The net profit forecast for 2025 is 468 million yuan, representing a year-on-year increase of 40.2% [6] - The company plans to utilize 1 billion yuan raised from convertible bonds to enhance R&D capabilities and expand high-end SOC testing machine production [5]