DR Laser(SZ:300776)2025-08-13 08:03Financial Performance - In the first half of 2025, the company's operating revenue reached 1.17 billion CNY, representing a year-on-year growth of 29.20% [3] - The net profit attributable to shareholders was 327 million CNY, with a year-on-year increase of 38.37% [3] - The net cash flow from operating activities was -143 million CNY, a decline of 35.03% compared to the previous year [3] - The gross profit margin for the first half of 2025 was 47.64%, an increase of 1.07 percentage points year-on-year [3] - The net profit margin improved to 27.92%, up from 26.07% in the same period of 2024 [3] - As of June 30, 2025, the company's inventory was 1.753 billion CNY, a slight increase of 1.72% from the beginning of the year [3] Business Operations - The company has achieved new orders for laser micro-etching equipment applied to back-contact batteries (BC) and has successfully introduced mass production orders for laser selective thinning (TCP) equipment for TOPCon batteries [5] - The company is developing a new laser welding process that simplifies production, reduces damage to battery cells, and enhances welding quality and component efficiency [5] - The TGV laser micro-hole equipment has completed the shipment of panel-level glass substrate through-hole equipment, achieving comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [5] Industry Outlook - The company has a strong technical reserve in various photovoltaic processes and will continue to promote new laser technologies in the photovoltaic industry, as well as in non-photovoltaic fields such as display panels and integrated circuits [6] - The expected expansion demand for BC capacity is projected to be 50-60 GW in 2025 [9] Investor Interaction - The company is actively developing laser drilling technology for the PCB industry, with the current laser drilling business in testing and not yet generating revenue [7] - The company maintains close cooperation with top global laser source manufacturers, ensuring stable supply and addressing trade risks through partnerships with domestic laser source companies [6]