Core Insights - The presentation by Kong Haiyang at the CSEAC 2025 highlighted the significance of micro-focus/nano-focus X-ray sources as the "heart" of X-ray intelligent detection equipment, determining performance ceilings and key metrics such as spatial resolution, penetration capability, and imaging stability [2] - Relying on breakthroughs in X-ray source technology, the company has achieved comprehensive coverage of various types of X-ray sources, becoming the only domestic enterprise to cover the entire chain from theoretical foundations to reliability verification and large-scale industrialization [2] - The integration of AI algorithms into X-ray detection equipment has significantly enhanced detection efficiency and precision, with the company establishing an AI-driven closed loop of data, algorithms, and computing power in industrial X-ray detection [3] Company Developments - The company has developed a range of X-ray sources covering voltages from 90kV to 150kV, with breakthroughs in open-tube X-ray sources achieving capabilities at the nanometer level [2] - The company aims to transition from a high-end intelligent detection equipment manufacturer to an AI-driven industrial intelligent detection solution provider, leveraging rich customer resources and deep technological reserves in AI [3] - The company emphasizes the need for collaboration within the semiconductor detection equipment industry to progress from following to leading in the global market [3]

Core Insights - Company achieved significant growth in new orders and cash flow in the first half of 2025, with a nearly doubled year-on-year increase in new orders and over a doubled increase in operating cash flow [1] - The company reported a revenue of 460 million yuan, a year-on-year increase of 38.34%, and a net profit attributable to shareholders of 82.79 million yuan, a year-on-year increase of 7.8% [1] - The company has established a strong technological moat through innovation in X-ray source and AI imaging software, leading to a competitive edge in the industrial X-ray detection market [4][5] Financial Performance - In Q2 2025, the company achieved a revenue of 261 million yuan, a year-on-year increase of 42.55% and a quarter-on-quarter increase of 30.76% [1] - The net profit for Q2 was 47.47 million yuan, a year-on-year increase of 10.44% and a quarter-on-quarter increase of 34.35% [1] - The company’s R&D expenses reached 54.46 million yuan, a year-on-year increase of 32.34%, accounting for 11.83% of revenue [4] Market Position and Expansion - The company is the only domestic enterprise with large-scale applications of X-ray intelligent detection equipment across nearly all industrial sectors, maintaining a leading position in various fields [2] - In the semiconductor sector, the company is expanding from back-end testing to front-end wafer testing, capitalizing on significant domestic substitution opportunities [2] - The company has established a strong presence in the new energy battery sector, providing detection solutions for various battery types and keeping pace with industry trends [2] Technological Advancements - The company has developed a proprietary "micro-focus X-ray source," breaking the long-standing foreign monopoly and addressing critical technology gaps in China [4] - The AI imaging software developed by the company enhances detection efficiency and accuracy, forming a closed-loop system of data, algorithms, and computing power [5] - The company has accumulated 650 intellectual property registrations, including 101 invention patents, reinforcing its technological leadership [4] Strategic Growth Initiatives - The company is actively pursuing mergers and acquisitions, having acquired Innovate Electronics and Zhuhai Jiuyuan, which align with its strategic direction and are expected to create new growth points [6] - The company is expanding its global footprint, with overseas revenue exceeding 10% for the first time, reflecting an 82.82% year-on-year growth in international sales [7] - Future plans include further investments in various detection technologies to complement X-ray detection, aiming to build a comprehensive industrial detection platform [6]