公司公布2025H1 业绩，上半年实现收入4.1 亿，同比增长7.7%，归母净利润0.9 亿，同比增长44.1%。 扣非净利润0.72 亿元，同比增长33.9%。 四大业务稳步推进。1）手机：Turbo Fusion 加速全机型渗透，视频解决方案核心优化；2）AI 眼镜：推 进算法与AI 眼镜专用芯片底层适配，与多头部厂商签约，占据头部厂商市占率优势；3）汽车：DMS 通过欧盟ADDW 认证，助力岚图、吉利等国内品牌海外量产车型巩固法规合规基础。Tahoe25H1 在欧 洲知名豪华品牌车型量产交互。舱外舱泊一体完成客户项目POC 验证；4）AI 创新业务：PSAI 商拍累 计服务中小商家数十万，头部服饰品牌客户300+。具身智能机器人与全球知名民用机器人公司建立技 术合作。 维持 "买入"评级。考虑到公司在手机业务的竞争壁垒，在汽车、AI 眼镜等业务有望逐步实现销售突 破、以及未来更多AI 创新业务的空间。维持"买入"评级。维持公司2025-2027 年收入预测分别为 10.00、12.57、15.94 亿元，归母净利润分别为 2.33、3.09、4.38 亿元。对应2025 年92 倍PE。 利润超预期，收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a robust revenue of 410 million yuan in H1 2025, with a year-on-year growth of 7.7%, and a net profit attributable to the parent company of 89 million yuan, reflecting a significant year-on-year increase of 44.1% [6] - The automotive segment continues to show high growth, with revenue from smart automotive and other AloT reaching 60 million yuan in H1 2025, a year-on-year increase of 49.1% [6] - The company is expected to achieve revenue of 1 billion yuan in 2025, with a projected net profit of 233 million yuan, corresponding to a PE ratio of 92 [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 1,000 million yuan, with a year-on-year growth rate of 22.7% [5] - The net profit attributable to the parent company is forecasted to be 233 million yuan for 2025, with a growth rate of 32.0% [5] - The gross margin is expected to remain high at 90.3% for 2025, with a return on equity (ROE) projected at 8.0% [5]

Group 1: Company Performance - Jiejie Microelectronics reported a revenue of 1.6 billion yuan in H1 2025, a year-on-year increase of 26.77%, with major revenue sources being MOSFETs, protective devices, and thyristors [1] - Hongsoft Technology's revenue in Q2 fluctuated due to project acceptance delays, but the company remains optimistic about growth in mobile smart terminal business [2] - Luwei Optoelectronics achieved a revenue of 544 million yuan in H1 2025, a 37.48% increase year-on-year, with a net profit of 106 million yuan, up 29.13% [3] - Desay SV reported a revenue of 14.644 billion yuan in H1 2025, a 25.25% increase, with a net profit of 1.223 billion yuan, up 45.82% [4] - East China Pharmaceutical made significant progress in innovative drug development, with several products entering clinical stages [5] - Guangwei Composite's carbon fiber business faces challenges due to price competition and overcapacity, but it is optimistic about future demand [6] Group 2: Market Position and Strategy - Jiejie Microelectronics has a production capacity of 6W pieces/month for 6-inch lines and 11W pieces/month for 8-inch lines, with a focus on cash flow management [1] - Hongsoft Technology is transitioning to pure software licensing in its smart automotive business, targeting a gross margin of 90% [2] - Luwei Optoelectronics aims to become a world-class mask manufacturer, with a market share of 25.52% in G11 mask sales [3] - Desay SV has established overseas branches and is expanding its smart cockpit and driving assistance business, with a focus on technology development [4] - East China Pharmaceutical is planning to release important data at academic conferences and has multiple aesthetic medicine products expected to launch in the next two years [5] - Guangwei Composite is expanding its R&D efforts to enhance carbon fiber applications across various sectors [6]

Summary of the Conference Call for虹软科技 Company Overview - **Company**: 虹软科技 (ArcSoft Technology) - **Industry**: Technology, focusing on AI, smart devices, and automotive solutions Key Financials - **Revenue**: 1.08 billion CNY in H1 2025, a year-on-year increase of 33.86% [2] - **R&D Investment**: 1.99 billion CNY, accounting for 48.39% of revenue, with a year-on-year increase of 2.36% [2] - **Net Profit**: 88.54 million CNY, a year-on-year increase of 44.06% [3] - **Cash Dividend**: 2.2 CNY per share, totaling approximately 88.16 million CNY, representing 99.58% of net profit attributable to shareholders [3] Business Segments Smart Mobile Devices - **Technology Development**: Continuous iteration of smart ultra-domain fusion technology, enhancing extreme lighting, long-duration recording, and tone processing efficiency [2][6] - **Commercialization**: Successful commercialization of starry sky shooting solutions and improvements in high-magnification zoom scenarios [2][6] - **Revenue Impact**: Despite a slight decline in revenue due to project completion timing, the company remains optimistic about overall growth for the year [5][11] Smart Automotive Solutions - **Growth Rate**: Nearly 50% growth in H1 2025, driven by in-cabin monitoring systems (DMS, OMS) and parking-related products [2][17] - **Certification Achievements**: DMS's first internal rearview mirror overseas project passed EU DAW certification, with multiple projects secured from various car manufacturers [2][7] - **Future Expectations**: Anticipated acceleration in automotive business growth in H2 2025, with new customer shipments expected to generate royalty income [17][18] AI Glasses - **Collaborations**: Partnerships with Qualcomm and other leading manufacturers to enhance visual interaction experiences [2][8] - **Market Potential**: AI glasses are expected to become a significant entry point for AI technology, with a focus on developing new applications [12][22] - **Revenue Recognition**: Several million CNY in minimum billing orders expected to gradually confirm revenue over the next few years, with significant royalty income anticipated in 2026 [13][14] R&D and Innovation - **Personnel**: 596 R&D staff, accounting for 62.15% of total employees [4] - **Focus Areas**: Investment in intelligent ultra-domain fusion technology, smart automotive visual solutions, and AI glasses [2][4] - **New Product Development**: Ongoing development of innovative imaging methods and applications to address pain points in photography and video recording [35] Market Position and Competition - **Competitors**: In the European market, the main competitors include Mobileye and Nvidia, with Mobileye dominating the mass market [29] - **Commercial Photography**: The commercial photography business is growing rapidly, with over 300 clients, but still requires human intervention for final product completion [25] Future Outlook - **Growth Projections**: Anticipated double-digit growth in revenue if revolutionary imaging technologies are successfully developed and launched [32][33] - **Market Trends**: AI glasses are expected to become widely adopted consumer electronics, with significant market potential as a complementary device to smartphones [22] Additional Insights - **Profit Margins**: Slight decline in gross margin from 90% to approximately 88% due to hardware and chip delivery impacts, but long-term goals aim to maintain margins around 90% through a shift to software licensing [20][21] - **Talent Acquisition**: Plans to increase workforce by approximately 40 employees in 2025, maintaining a steady growth in talent [31]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a half-year performance that met expectations, with a revenue of 410 million yuan, representing a year-on-year growth of 7.73%, and a net profit attributable to shareholders of 89 million yuan, up 44.06% year-on-year [7] - The company is focusing on advancements in AI edge technology, with significant growth in its smart driving and IoT device segments, which saw a revenue increase of 49.10% [7] - The company is expected to achieve revenues of 1.013 billion yuan, 1.272 billion yuan, and 1.630 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 231 million yuan, 302 million yuan, and 392 million yuan [7] Financial Performance Summary - For the year 2023, the company is projected to have a revenue of 670 million yuan, with a growth rate of 26.1% [6] - The net profit for 2023 is expected to be 88 million yuan, with a growth rate of 53.0% [6] - The company's gross margin for the first half of 2025 was reported at 88.37%, while the net margin was 21.58% [7] - The company’s earnings per share (EPS) is projected to be 0.22 yuan for 2023, increasing to 0.98 yuan by 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 186.5 in 2023 to 53.1 in 2027, indicating improving valuation over time [6] Business Segment Performance - The smartphone business generated 339 million yuan in revenue, growing 2.23% year-on-year, with a gross margin of 91.30% [7] - The smart driving and other IoT device business achieved 65 million yuan in revenue, marking a 49.10% increase year-on-year, although its gross margin decreased to 71.95% [7]

8月18日晚，虹软科技(688088)发布了2025年半年报，2025年上半年，公司实现营业收入4.10亿元，同比 增长7.73%；归母净利润0.89亿元，同比增长44.06%；扣非净利润0.72亿元，同比增长33.86%。公司实 现整体收入与利润的持续双增长，彰显出强劲的发展韧性与持久增长动能。 具体来看，在移动智能终端领域，虹软科技移动智能终端视觉解决方案实现营业收入3.39亿元，同比增 长2.23%。公司Turbo Fusion技术和产品持续迭代升级，在夜景、逆光、长焦等复杂场景下的影像处理能 力大幅提升，并在星空拍摄、高倍率变焦等创新应用中完成突破，进一步巩固了在智能手机影像算法领 域的行业领先地位，渗透率持续提升。公司Turbo Fusion星空拍摄整体解决方案完成多模块升级，并在 头部客户实现了商业应用，巩固了公司在特殊场景影像算法领域的优势。 资料显示，虹软科技升级了新一代视觉大模型ArcMuse2025 V1.1。依托新一代ArcMuse计算技术引擎， 深度融合公司在"云+端"层面的工程创新能力，借助集群优化、端侧优化以及数据与知识蒸馏等方式， ArcMuse计算技术正逐步实现对公司Photo ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has shown continuous profit growth, with a significant increase in revenue and net profit driven by its smart automotive business [1][2] - The company is positioned as a leading player in edge AI visual algorithms, benefiting from the growth in smart automotive and new business ventures [1][6] Revenue and Profitability - For the first half of 2025, the company reported revenue of 410 million RMB, a year-on-year increase of 7.73%, and a net profit of 88.54 million RMB, up 44.06% year-on-year [1] - The smart automotive segment saw a revenue increase of 49.09% year-on-year, indicating strong growth potential [2][3] Business Segments - The smart terminal business experienced seasonal fluctuations, with a revenue of 339 million RMB in the first half of 2025, reflecting a year-on-year increase of 2.23% [2] - The smart automotive business is expected to continue its high growth trajectory, with multiple models entering mass production [3] Future Growth Drivers - The AI glasses market is identified as a significant growth opportunity, with global shipments expected to reach 14.5 million units in 2025, a year-on-year increase of 42.5% [4] - The company is actively expanding into AIGC commercial photography and robotics vision sectors, with established partnerships and product offerings [5] Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is 0.71 RMB, with a target price of 61.71 RMB based on a price-to-earnings (PE) ratio of 63 times for 2026 [6][9] - The company is expected to maintain strong revenue growth, with projected revenues of 1.02 billion RMB in 2025, reflecting a year-on-year growth of 25.22% [12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company achieved a revenue of 410 million RMB in the first half of 2025, representing a year-on-year growth of 7.7%, with a net profit of 70 million RMB, up 33.9% year-on-year [2]. - The mobile intelligent terminal visual solutions segment generated 340 million RMB in revenue, growing 2.2% year-on-year, while the smart automotive and other AIoT segment saw a significant increase of 49.1% to 60 million RMB, driven by targeted projects in the smart automotive sector [3]. - The company is expected to see revenue growth of 9.0%, 14.2%, and 14.7% for the years 2025, 2026, and 2027, respectively, with net profit growth rates of 6.6%, 32.9%, and 29.2% for the same years [4]. Summary by Sections Performance Review - In the first half of 2025, the company reported a cash inflow of 390 million RMB from sales, a 45.9% increase compared to the same period last year [2]. Operational Analysis - The smart automotive sector is expected to become a new growth curve for the company, with strategies focusing on domestic markets and software development before hardware integration [3]. - The increase in net profit is attributed to better personnel utilization across product lines and a reduction in management fees [3]. Profit Forecast and Valuation - The projected revenues for 2025, 2026, and 2027 are 890 million RMB, 1,015 million RMB, and 1,164 million RMB, respectively, with corresponding net profits of 190 million RMB, 250 million RMB, and 320 million RMB [4].

Group 1 - The core point of the announcement is the report on the management and actual use of raised funds by Hongsoft Technology Co., Ltd. for the first half of 2025, ensuring compliance with relevant regulations [1][25][17] - The total amount of funds raised was RMB 1,328,480,000, with a net amount of RMB 1,254,859,239.89 after deducting underwriting fees and other expenses [1][2][17] - As of December 31, 2024, the cumulative usage and balance of the raised funds were reported, with a balance of RMB 92,485,867.82 as of June 30, 2025 [2][6][11] Group 2 - The company has established a fundraising management system to ensure the proper storage, use, and supervision of raised funds, adhering to regulatory requirements [3][25] - A tripartite supervision agreement was signed with banks to clarify the rights and obligations of all parties involved in the management of raised funds [4][25] - The company has decided to permanently supplement its working capital with surplus funds from completed projects, specifically the IoT AI vision solution project [5][14] Group 3 - The company has utilized part of the temporarily idle raised funds for cash management, with a maximum balance of RMB 80,000,000 as of June 30, 2025 [8][11][10] - The board approved the use of remaining surplus funds for new project investments, specifically the Arc Muse computing technology engine enhancement project, with a total investment of RMB 99,263,300 [13][25] - The company has confirmed that there were no violations in the use of raised funds, and all funds were directed towards promised investment projects [17][25] Group 4 - The company plans to distribute a cash dividend of RMB 2.20 per 10 shares, totaling RMB 88,160,908, which accounts for 99.58% of the net profit for the first half of 2025 [40][41][38] - The profit distribution plan has been approved by both the board and the supervisory board, ensuring compliance with relevant regulations and protecting shareholder interests [27][43][25] - The company has maintained a good overall operating condition, and the profit distribution will not significantly impact earnings per share or cash flow [44][45]

证券代码：688088 证券简称：虹软科技 公告编号：临 2025-032 虹软科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 每 10 股分配比例：A 股每 10 股派发现金红利 2.20 元（含税），不进行 资本公积金转增股本，不送红股。 ? 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中的股份为基数，具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本扣减公司回购专用证券账户 中的股份发生变动的，拟维持每股分配比例不变，相应调整分配总额，并将另行 公告具体调整情况。 一、利润分配方案内容 虹软科技股份有限公司（以下简称公司）2025 年半年度合并报表中归属于 上市公司股东的净利润为人民币 88,536,072.16 元。截至 2025 年 6 月 30 日，公 司母公司报表中期末未分配利润为人民币 217,836,010.65 元。上述财务数据未 经审计。经董事会决议，公司 2025 年半年度拟以实施权益分派股权登记日登记 ...