Core Insights - Shenzhen Oat Technology Co., Ltd. reported strong performance in the first half of 2025, with significant growth in core business and successful expansion into new markets [2] - The company achieved a revenue of 228 million yuan, representing a year-on-year increase of 32.09%, and a net profit attributable to shareholders of 28.93 million yuan, up 18.67% year-on-year [2] - The net cash flow from operating activities turned positive, reaching 70.06 million yuan [2] Business Performance - The traditional FPC testing equipment business continued to thrive, benefiting from the expanding global consumer electronics market and increasing demand for FPC [2] - Oat Technology has solidified its market share, serving eight of the top ten global FPC companies and establishing strong ties with major brands like Apple [2] - R&D investment reached 60.24 million yuan, accounting for 26.38% of revenue, with advancements in testing, precision machinery, and machine vision technologies [2] New Business Development - New business segments, particularly semiconductor testing equipment and automotive electronics, have become key growth drivers [3] - The company has received recognition for its pressure sensor testing equipment from leading domestic clients and is advancing in humidity and temperature sensor testing [3] - The acquisition of Singapore's AxisTec has enabled Oat Technology to enter high-value markets such as silicon photonic wafer testing, with ongoing product deliveries to overseas wafer fabs [3]

Core Insights - The company reported a revenue of 498 million yuan for 2024, marking a year-on-year growth of 52.2%, and a net profit of 96.31 million yuan, up 40.46% year-on-year [2] - The operating cash flow for 2024 reached 37.4 million yuan, reflecting a significant increase of 893.43% [2] - The company achieved record highs in both revenue and net profit growth since its listing [2] Business Performance - The company has strengthened its position in the flexible printed circuit board (FPC) testing equipment market, with substantial growth in traditional FPC testing equipment sales compared to the previous year [5] - New business areas such as semiconductor testing equipment and automotive electronics have also contributed to revenue growth, driven by strong R&D investments [5][6] - The company is recognized as a global leader in FPC testing, primarily serving the Apple supply chain, with expectations of increased demand due to innovations in upcoming iPhone models [6] R&D and Innovation - R&D expenses for 2024 reached 121 million yuan, the highest since the company was listed, representing a 36.23% increase year-on-year and accounting for 24.33% of total revenue [9] - The company has focused on technological innovation and product upgrades, enhancing its core competitiveness in automation and intelligent testing [9][10] Global Expansion - The company has established a second headquarters in Hangzhou, which is expected to significantly increase production capacity to meet growing delivery demands [11] - A global layout has been constructed, with domestic bases in Shenzhen and Hangzhou, and international operations in Singapore, Vietnam, and Thailand [11] Shareholder Returns - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 70.91 million yuan, which represents 73.63% of its net profit [12] - Since its listing, the company has maintained a consistent cash dividend policy, with cumulative cash distributions amounting to 314 million yuan, accounting for 67% of total net profits [12]