四威科技二零二五年度中期报告

管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS 業績分析 REPORT ANALYSIS 本公司本集團 During the Period, Chengdu SIWI Science and TechnologyCompany Limited (the“Company”and together with itssubsidiaries, the“Group”) was principally engaged in opticalfibers, cable, optoelectronic and cable component business. 142,730,025.780.84%13,521,422.7127.1%29,516,295.216.41%成都中住78,879,068.357.77% During the Period, the Group recorded a total operatingrevenue of RMB142,730,025.78, representing a decrease ofapproximately 0.84% as compared with the correspondingperiod last year. During the Period, total operating revenuefrom the cable business amounted to RMB13,521,422.71,representing a decrease of approximately 27.1% as comparedwith the corresponding period last year. Total operating revenuefrom the optical cable component business amounted toRMB29,516,295.21, representing a decrease of approximately6.41% as compared with the corresponding period last year.Total sales of optical fibers by Chengdu SEI Optical Fiber Co.,Ltd. (“Chengdu SEI”), a principal subsidiary of the Company,amounted to RMB78,879,068.35, representing an increase of7.77% as compared with the corresponding period last year. The decrease in revenue from principal businesses was mainlydue to the decline of the cable business market and the delayin bidding from major customers, which led to a year-on-yeardecrease in revenue. 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS 主要業務回顧 REVIEW OF PRINCIPAL BUSINESSES To improve the performance of the Group, the Board proactivelyadjusted the production and operation strategies in response tothe changes in internal and external environments of the Groupand the market. The major business activities of the Group duringthe Period are summarised as follows: I.Major operations 一、主責主業情況 1. 1.Cable business During the Period, demand in the rail transit marketdropped significantly. The Company respondedproactively by, firstly, accelerating the developmentof new products and adding new related productssuch as silicone rubber cables, photovoltaic cables,and air-conditioning cables, which have entered thebidding and quotation stage. Secondly, the Companycontinued to track customer needs, and samples offluoroplastic cables, mooring cables, etc. have beenprovided to customers for use verification, pendingentry into the market sales and production deliverystage. 2. 2.Cable components business 32%6,00067GHz During the Period, through the development of adigital workshop and improved management, thecable assembly business achieved a 32% year-on-year increase in man-hour output compared to2024, with sales exceeding RMB60 million. Severalcomponent businesses achieved breakthroughs,including market orders for the commercializationof research and development report for micro-cableassemblies, 67GHz semi-rigid cable assemblies,and chassis assembly. Furthermore, the Companycompleted mass production of optical cableassemblies and simultaneously began research anddevelopment of phase-stabilized and polarization-maintaining optical cable assemblies. 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS 3. 3.Optoelectronic business During the Period, the Company expanded businessscope with a market-driven approach, activelypromoting the time-delay loop, hydrophone loop,and polarization-maintaining loop products throughtimely sample delivery. The Group established long-term partnerships with numerous military researchinstitutes and enterprises, and have achievedmass production. Furthermore, the Group havecompleted the incubation of new wavelength divisionmultiplexers and optical modules, and have securedmarket orders. 4.Cable fibers business 4. During the Period, the market of optical fibers faced astructural surplus, with prices falling to historic lows.To copy with the challenges and achieve profitabilitytargets, the Company, firstly, by adhering to marketdemand-oriented approach, accelerated the researchand development of new optical fibers to enhanceproduct competitiveness and improve the productmatrix; secondly, by focusing on niche markets,increased the sales proportion of small-diameter andhigh-gross-profit optical fibers to expand revenuescale and optimised profit structure; thirdly, bycontinuing to promote cost reduction and efficiencyimprovement, and continuously improved productionefficiency and reduced overall costs with the dual-wheel drive of production process innovation andrefined management. 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS 二、內部管理工作開展情況 II.Internal management 1. 1.Construction of the Party working group In 2025, the party committee of the Companyresolutely implemented the decision and deploymentmade by higher-level party committee, respondedto the two special projects of the party committee ofthe Institute including“Decisive Victory in 14th Five-Year Plan”and“Improve Quality, Reduce Costs, andStrength Internal Capabilities”2.0, established a partyorganization co-construction team at institute level,set up a company-