On the evening of August 22, Far East Smart Energy Co., Ltd. (Stock Code: 600869) released its 2025 Half-Year Report. The company maintained a robust development momentum and stable operating performance, with key financial indicators as follows:

　　Operating Revenue: Reached 12.976 billion yuan, a year-on-year (YoY) increase of 14.38% and a new high for the same period. Among this, revenue in the second quarter (Q2) stood at 8.102 billion yuan, a quarter-on-quarter (QoQ) growth of 66.24% and a new single-quarter high.

　　Net Profit Attributable to Parent Company: Totaled 144 million yuan, surging 210.60% YoY. Q2 net profit reached 98 million yuan, a QoQ increase of 112.41%.

　　Net Operating Cash Flow: Amounted to 433 million yuan, up 220.68% YoY.

　　The company has fully expanded into emerging markets including artificial intelligence (AI), computing power, and robotics, generating 487 million yuan in revenue from these segments—a YoY growth of 204.61% and a QoQ increase of 377.25% in Q2. Meanwhile, to strengthen market confidence through a series of measures:

　　It has repurchased 197 million yuan of its own shares;

　　The chairman has increased holdings by over 30 million yuan;

　　A 120 million yuan employee stock ownership plan has been launched.

　　1. Smart Cable & Network Business: Leading the Industry with Breakthroughs in High-Potential Sectors

　　The company remains an industry leader in the smart cable & network business, achieving continuous breakthroughs in AI, robotics, computing power, marine engineering, and other fields. Its performance in the first half (H1) of 2025 is as follows:

　　Operating revenue: 11.486 billion yuan (YoY +11.64%);

　　Net profit: 271 million yuan (YoY +75.76%);

　　Orders exceeding 10 million yuan: 12.566 billion yuan (YoY +20.68%).

　　Key progress includes:

　　Mass supply of high-speed copper cables and other products to the world’s leading AI chip companies, with accelerated R&D, testing, and production of liquid cooling solutions;

　　Deepened cooperation with leading humanoid robot enterprises such as UBtech and DeepRobotics;

　　Successful delivery of multiple marine engineering projects, major breakthroughs in submarine cable orders, and establishment of joint ventures with partners including Huadian New Energy and Shanghai Electric;

　　Joint efforts with top-tier research institutions and universities to advance R&D on superconducting tapes and controlled nuclear fusion cables, while strengthening collaboration on key controlled nuclear fusion projects.

　　2. Smart Battery Business: Rapid Revenue Growth, Substantial Loss Reduction, and Advancement in Cutting-Edge Technologies

　　The smart battery business has achieved fast revenue growth, significant loss reduction, and accelerated development in the energy storage market and frontier technologies. Its H1 2025 performance is as follows:

　　Operating revenue: 687 million yuan (YoY +40.13%);

　　Net profit: -192 million yuan (YoY loss reduction of 153 million yuan);

　　Contracted amount: 1.688 billion yuan (YoY +121.18%).

　　Key initiatives and outcomes:

　　Steady implementation of energy storage projects in grid-side, industrial-commercial, and residential sectors;

　　Volume production of high-capacity cylindrical cells (YoY +125.47%), with accelerated expansion into application scenarios including robotics, low-altitude economy, smart home, light mobility, BBU, and medical and health care;

　　Continuous breakthroughs in solid-state battery and sodium-ion battery technologies;

　　Optimized structure of the copper/aluminum foil business, with a rapid increase in the proportion of high-value-added products and top-tier enterprise customers;

　　Accelerated R&D and production of high-speed PCB copper foil (e.g., HVLP) and nickel-plated copper foil for solid-state batteries.

　　3. Smart Airport Business: Intensive Delivery of Major Projects, Building a New Growth Engine for the Low-Altitude Economy

　　The smart airport business has seen intensive landing of major projects, emerging as a new growth driver for the low-altitude economy. Its H1 2025 performance is as follows:

　　Operating revenue: 751 million yuan (YoY +37.46%);

　　Net profit: 68 million yuan (YoY +87.56%);

　　Contracted amount: 1.709 billion yuan (YoY +76.17%).

　　Key achievements:

　　Secured bids for key airport projects such as Sanya Phoenix International Airport and Xiamen Xiang’an International Airport, consolidating its advantages in the high-end airport construction sector;

　　Remarkable results in smart upgrades, with the self-developed lighting station operation and maintenance management platform put into use at airports including Beijing Daxing International Airport and Jinan Yaoqiang International Airport;

　　Accelerated overseas market expansion and active R&D and layout of full-scenario low-altitude economy applications, injecting new impetus into performance growth.

　　Future Outlook

　　Going forward, the company will adhere to the strategy centered on "Electric Energy + Computing Power + AI" to accelerate the high-quality and sustainable development of its three core businesses and enhance core competitiveness.