NOVA TECH(SZ:300921)2025-09-08 10:46Financial Performance - In the first half of 2025, the company's revenue was 27,035.41 million yuan, a year-on-year decrease of 12.52%, primarily due to a 73.53% decline in digital engineering business revenue, which dropped from 20.47% to 6.15% of total revenue [2][3] - Despite the revenue decline, the total profit increased significantly by 1,023.33% to 81.60%, with a net profit margin rising to 3.73%, an increase of 2.03 percentage points year-on-year [2][3] Business Challenges - The digital engineering business is facing challenges due to long payment cycles and low gross margins, impacting overall profitability and cash flow [3] - The company has tightened project approval standards and enhanced risk assessment to manage the temporary contraction of the digital engineering scale, aiming for sustainable growth [3] Product Development - The company focuses on a "cloud + network + security" digital solution matrix, leveraging global backbone network resources to provide intelligent, secure, and reliable services [3][4] - The company has developed proprietary SD-WAN and SASE products, integrating multiple scenarios and achieving significant technological breakthroughs, including several national invention patents [4][5] Customer Base - As of June 30, 2025, the top three customer industries are manufacturing (24.80%), information transmission, and wholesale and retail, with a stable customer base primarily consisting of large and medium-sized enterprises [6] - The company maintains long-term relationships with clients, supported by its core technology, industry solutions, and high-quality service [6] Case Studies - The company has successfully implemented SD-WAN global networking services for a leading photovoltaic enterprise, enabling low-latency connections across over 50 regions [7][8] - The solution addresses network deployment delays and enhances data transmission efficiency for the client's global operations [8] Accounts Receivable - As of mid-2025, accounts receivable amounted to 14,089.65 million yuan, a 0.74% increase year-on-year, with new receivables concentrated within one year [9] - The company has established a management system to ensure efficient collection and risk control, adapting collection processes based on the aging of receivables [9] International Business - In 2024, the company's overseas revenue reached 3,408.23 million yuan, a 715% increase year-on-year, supporting both local and overseas needs for Chinese enterprises [10] Ecosystem Collaboration - The company has signed over 70 channel partners, including telecom operators and cloud service providers, transitioning from project-based to product-level collaborations [11] - Ongoing partnerships with major telecom operators aim to enhance service offerings for state-owned enterprises, leveraging the strengths of both networks [11][12]