JONHON(SZ:002179)2025-09-07 03:48Group 1: Financial Performance - The company achieved a revenue of 11.18 billion CNY in the first half of 2025, representing a year-on-year growth of 21.6% and a quarter-on-quarter increase of 31% in Q2 [3] - Net profit faced short-term pressure, with a decline in gross margin due to changes in business structure and high raw material prices, but the expense ratio improved by 2.58 percentage points year-on-year [3] - Cash dividends amounted to 1.695 billion CNY for 2024, with a payout ratio of 50.52% [3] Group 2: Strategic Focus and Business Development - The company aims to become a world-class interconnection solution provider, focusing on both defense and civilian sectors, including data communications and smart electric vehicles [5] - Significant investments are being made in R&D and product planning, with a focus on strategic partnerships with leading clients [4] - The company plans to enhance its international business through brand operations and cooperation, particularly in regions related to the Belt and Road Initiative [6] Group 3: Market Position and Growth Areas - The company has solidified its position as a preferred provider in the defense interconnection market, despite fluctuations in demand [4] - The automotive sector, particularly in high-speed signal applications, is expected to be a major growth area during the 14th Five-Year Plan period [8] - The data center business has seen a doubling in scale year-on-year, driven by a focus on liquid cooling products and AI computing needs [9] Group 4: Risk Management and Future Outlook - The company has implemented measures for accounts receivable management, particularly in the defense sector, to mitigate bad debt risks [10] - The outlook for the defense sector remains uncertain due to industry cycles, but civilian business is expected to continue growing rapidly [6] - The company is committed to maintaining a stable dividend policy while ensuring long-term cash flow returns for investors [5]