Core Insights - The company reported a strong performance in its 2025 semi-annual report, achieving operating revenue of 302 million yuan, a year-on-year increase of 8.06%, and a net profit attributable to shareholders of 46 million yuan, up 37.87% [1] - The adjusted net profit, excluding non-recurring gains and losses, reached 54.75 million yuan, reflecting a significant year-on-year growth of 65.5%, indicating robust profitability in its core business [1] Revenue Growth Drivers - The company's electrochromic film business experienced explosive growth, generating revenue of 73.77 million yuan, a substantial increase of 127.66% year-on-year, primarily driven by deep penetration in the automotive sector [2] - The overall conductive film business saw a revenue increase of 16.57%, maintaining a high gross margin of 43.20%, with ITO conductive films being a key product widely used in various important fields such as new energy vehicles and consumer electronics [2] Technological Advancements - The company has achieved large-scale stable production of key upstream materials for ITO conductive films, becoming the first in the domestic industry to master high-quality IM light-blocking films and PET high-temperature protective films, facilitating import substitution and vertical integration [3] - The AR optical film business also saw significant growth, with revenue reaching 25.6 million yuan, a year-on-year increase of 132.22%, driven by its application in automotive displays [4] Product Diversification and Market Expansion - The company has developed a diversified product matrix in the optical film sector, including customized optical decorative films, enhancing its product offerings [5] - The company is actively expanding its market presence by establishing stable partnerships with well-known touch module manufacturers and penetrating the end-user market, collaborating with major domestic and international brands [5] Future Outlook - The company plans to leverage its core technologies and advantages in scale, customer resources, and industry chain to further expand market size, promote vertical integration, and optimize product structure, aiming to enhance profitability and core competitiveness [6]