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On August 19th, Caixin reported (Reporter Wang Biwei) the first half-yearly results of Han's Laser Technology Industry Group (002008.SZ), which is known as the 'laser version of Maotai' in the industry. In the context of the industry's overall recovery, Han's Laser Technology Industry Group's net profit in the first half of the year increased by 184.81%. However, the performance of Han's Laser Technology Industry Group in the first half of the year was greatly affected by the transfer of the equity of its subsidiary, Dazu Laser Technology Industry Group. After deducting the income from the sale of the subsidiary, the non-GAAP net profit of the company in the first half of the year increased by 15.23%.

According to the half-year report of Han's Laser Technology Industry Group, the company achieved operating revenue of 6.355 billion yuan in the first half of the year, a year-on-year increase of 4.41%; achieved net profit of 1.225 billion yuan, a year-on-year increase of 184.81%; and non-GAAP net profit of 0.22 billion yuan, a year-on-year increase of 15.23%.

In Q1 of this year, Han's Laser Technology Industry Group completed the disposal of its controlling stake in its subsidiary, Dazu Laser Technology Industry Group. The confirmed investment income from this transaction was 0.89 billion yuan, which led to a significant year-on-year increase of 594.31% in net profit in Q1. However, Q2 is often a period for the consumer electronics of related companies to prepare for new machine shipments and performance growth, but the performance of Han's Laser Technology Industry Group in Q2 was not satisfactory.

In Q2 of this year, Han's Laser Technology Industry Group's net profit fell 76.14% month-on-month to 0.2359 billion yuan, a year-on-year decrease of 17.98%; the non-GAAP net profit was 0.226 billion yuan, which turned losses into gains on a month-on-month basis but fell by 3.51% year-on-year. This is the third consecutive year that Han's Laser Technology Industry Group's net profit and non-GAAP net profit have declined year-on-year in Q2. The gross margin also decreased by about 1.7 percentage points year-on-year to 34.07%, the lowest in the company's Q2 gross margin in nearly five years.

It is worth mentioning that Han's Laser Technology Industry Group has been active in the capital market in recent years. In addition to transferring the equity of its subsidiaries, it has also successively spun off its subsidiaries Han's CNC Machine (301200.SZ), Han's Test, and Han's Fund to challenge IPO.

However, these actions by Han's Laser Technology Industry Group have been controversial. Taking the equity transfer case of its subsidiary, Dazu Laser Technology Industry Group, as an example, the announcement released by Han's Laser Technology Industry Group on December 14th of last year showed that the proposal to sell the assets was opposed by shareholders who held 0.1295 million shares and abstained from voting for shareholders who held 5.8505 million shares, all of whom were small and medium-sized shareholders.

In terms of business composition, Han's Laser Technology Industry Group's 'old-fashioned' general industrial laser processing equipment business is still the mainstay of its performance, achieving operating revenue of 2.557 billion yuan, a year-on-year increase of 4.03%; its information industry equipment business achieved revenue of 2.351 billion yuan in the first half of the year, a year-on-year increase of 43.54%; its consumer electronics equipment business, which is closely watched by the market due to the supply of Apple, is still plagued by the industry downturn, with operating revenue of 0.787 billion yuan, a year-on-year decrease of 9.25%; its PCB equipment business achieved operating revenue of 1.564 billion yuan, a year-on-year increase of 102.89%, as the industry returned to an upward trend.

The development of the semiconductor and new energy sectors, which are considered the 'second growth curve' of the company, is a concern as they are relatively stable in the old business. In the first half of the year, under the overall strong recovery trend of the semiconductor industry, Han's Laser Technology Industry Group's semiconductor equipment (including general semiconductor) business achieved operating revenue of 0.752 billion yuan, a year-on-year decrease of 10.32%; the overall market for new energy vehicles still showed a small growth trend, but Han's Laser Technology Industry Group's new energy equipment business achieved revenue of 0.696 billion yuan in the first half of the year, a year-on-year decrease of 39.65%.

Overall, Han's Laser Technology Industry Group is currently in a relatively awkward situation, with its old business affected by the cycle and its heavy investment in new businesses stagnant. Although the company has been 'filling up' in various ways, the question remains as to when the company's performance will return to high-speed growth.