Core Viewpoint - The company, Yingzi Network, has demonstrated steady growth in its overall business performance, driven by technological innovation and a focus on core competencies in the smart home and IoT cloud platform sectors [1][2][3]. Financial Performance - In the first half of 2025, Yingzi Network achieved operating revenue of 2.827 billion yuan, a year-on-year increase of 9.45% [1][2]. - The net profit attributable to shareholders was 302 million yuan, reflecting a year-on-year growth of 7.38% [1][2]. - The net profit after deducting non-recurring gains and losses was 298 million yuan, up 7.69% year-on-year [1][2]. - The company reported a significant increase in net cash flow from operating activities, reaching 330 million yuan, a 911% increase compared to the previous period [3]. Research and Development - Yingzi Network invested 423 million yuan in R&D in the first half of 2025, accounting for 14.95% of its operating revenue [1][4]. - The company has a workforce of 1,412 R&D personnel, making up 31.15% of its total staff [4]. - As of June 2025, Yingzi Network holds 345 authorized invention patents and 96 software copyrights, with 26 new patents and 3 software copyrights granted in the first half of 2025 [4]. Business Segments - Yingzi Network operates in two main business areas: smart home products and IoT cloud platform services, establishing a competitive edge [1][5]. - The smart home segment generated 2.256 billion yuan in revenue in the first half of 2025, an increase of 8.88% year-on-year, accounting for 80.26% of the company's main business revenue [5][6]. - The smart entry business has emerged as a star segment, achieving 400 million yuan in revenue, a growth of 27.61% year-on-year [1][6]. Market Expansion - The company has expanded its international business, with overseas revenue growing by 25.42% in the first half of 2025, now accounting for 38% of total revenue [6]. - Yingzi Network's smart home products are sold through e-commerce and offline channels, generating 558 million yuan and 1.699 billion yuan in revenue, respectively, with year-on-year growth of 27.92% and 3.82% [6]. Investor Returns - In May 2025, the company completed a dividend distribution of 276 million yuan for the 2024 fiscal year, representing 54.7% of its net profit for that year [7].

Financial Performance - The company reported a total revenue of 2.827 billion yuan for the first half of 2025, representing a year-on-year increase of 9.45% [1] - The net profit attributable to shareholders reached 302 million yuan, up 7.38% year-on-year [1] - In Q2 2025, total revenue was 1.447 billion yuan, with a year-on-year growth of 7.48%, and net profit was 164 million yuan, increasing by 4.95% [1] - The gross margin was 43.59%, an increase of 1.0% year-on-year, while the net margin was 10.7%, a decrease of 1.89% [1] - The total of selling, administrative, and financial expenses was 474 million yuan, accounting for 16.76% of revenue, which is a 9.7% increase year-on-year [1] Accounts Receivable and Cash Flow - The accounts receivable amounted to 1.029 billion yuan, which is 204.24% of the net profit, indicating a significant level of receivables [1][4] - The operating cash flow per share was 0.42 yuan, showing a remarkable increase of 911.0% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 7.51%, indicating average capital returns [3] - The historical median ROIC since the company went public is 31.24%, suggesting strong investment returns historically [3] - Analysts expect the company's performance in 2025 to reach 675 million yuan, with an average earnings per share of 0.86 yuan [4] Shareholder Information - The largest fund holding shares in the company is the "招商丰盈积极配置混合A" fund, which holds 556,800 shares and has recently entered the top ten holdings [5] - The fund's current scale is 687 million yuan, with a net value of 0.6313 as of August 1, showing a 0.44% decline from the previous trading day but a 24.3% increase over the past year [5]

Core Viewpoint - The company, Yingzi Network, reported a steady growth in its H1 2025 performance, with total revenue reaching 2.827 billion yuan, a year-on-year increase of 9.45%, and a net profit attributable to shareholders of 302 million yuan, up 7.38% from the previous year [3][4][5]. Financial Performance - Total revenue for H1 2025 was 2.827 billion yuan, compared to 2.583 billion yuan in the same period last year, reflecting a growth of 9.45% [4]. - The net profit attributable to shareholders was 302 million yuan, an increase of 7.38% from 282 million yuan in the previous year [3][4]. - The net profit after deducting non-recurring gains and losses was 298 million yuan, up 7.69% year-on-year [3][4]. - The net cash flow from operating activities was 329.92 million yuan, a significant increase of 911% compared to the previous year [3][4]. - As of the end of H1 2025, total assets amounted to approximately 8.416 billion yuan, a 0.75% increase year-on-year, while net assets attributable to shareholders were about 5.524 billion yuan, up 0.55% [3][4]. Key Financial Ratios - Basic earnings per share for H1 2025 were 0.38 yuan, a 5.56% increase from 0.36 yuan in the same period last year [5]. - The weighted average return on equity was 5.40%, an increase of 0.15 percentage points from the previous year [5]. - Research and development expenses accounted for 14.95% of total revenue, a decrease of 1.40 percentage points compared to the previous year [5]. Business Development - The company has focused on enhancing its smart home product line, particularly in the smart lock sector, with the launch of the self-developed Yingzi Qiming AI facial recognition video lock [6]. - During the 2025 618 promotional period, the company's smart locks achieved a top 4 market share in online sales, indicating strong brand competitiveness [6]. - The company has strengthened its domestic and international retail channel matrix, with over 50% of mainstream products sold through online channels as of June 30, 2025 [7]. - Internationally, the company reported a revenue growth of 25.42%, with overseas business accounting for 38% of total revenue [7].

Core Viewpoint - The company reported a continuous increase in revenue and net profit for the first half of 2025, indicating strong financial performance and operational efficiency [1][2]. Financial Performance - The company's total revenue for the first half of 2025 was 2.827 billion yuan, an increase of 244 million yuan compared to the same period last year, representing a year-on-year growth of 9.45% [1]. - The net profit attributable to shareholders was 302 million yuan, an increase of 20.78 million yuan year-on-year, reflecting a growth of 7.38% [1]. - The net cash inflow from operating activities was 330 million yuan, up by 297 million yuan from the same period last year, marking a significant increase of 911% [1]. Profitability Metrics - The latest gross profit margin stood at 43.59%, up by 1.04 percentage points from the previous quarter and 0.43 percentage points from the same period last year, indicating four consecutive years of growth [2]. - The return on equity (ROE) was 5.48%, an increase of 0.13 percentage points year-on-year [2]. - The diluted earnings per share were 0.38 yuan, an increase of 0.02 yuan compared to the same period last year, reflecting a year-on-year growth of 5.56% [2]. Efficiency Ratios - The total asset turnover ratio was 0.34 times, an increase of 0.02 times year-on-year, indicating a growth of 5.64% [2]. - The inventory turnover ratio was 2.09 times, up by 0.02 times from the same period last year, representing a year-on-year increase of 1.21% [2]. Shareholder Information - The number of shareholders was 11,500, with the top ten shareholders holding 671 million shares, accounting for 85.21% of the total share capital [2]. - The largest shareholder was Hangzhou Hikvision Digital Technology Co., Ltd., holding 48.01% of the shares [2]. Leverage Ratio - The company's latest debt-to-asset ratio was 34.37%, indicating a moderate level of financial leverage [3].

公司代码：688475 公司简称：萤石网络 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn/网站仔细阅读半年度报告全文。 1.2重大风险提示 报告期内，不存在对公司生产经营构成实质性影响的重大风险。公司已于本报告中详细描述了存在的相 关风险，详见"第三节管理层讨论与分析"中关于公司风险因素的相应内容。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持 ...

| 用 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | | | | | | | | | | | | | | 智能 | | | | | | | | | | | | | | 家 | | | | | | | | | | | | | | 不 | | | | | | | | | | | | | | 居核心 否 308,526,100.00 308,526,100.00 | | 390,750,600.00 | | | | | 0.92 | 313,752,549.93 | | 5,226,449.93 | | | | 2025 年 5] | [注 | 适 | 否 | | | | | | | | | | | | | | | | | | | | | | [注 | 1] | | 关键 | | | | | | | | | | | | | | 技 | | | | | | | | | | | | | | 用 | | | | | | | | | | | | ...

Core Viewpoint - The company has announced the cancellation of its supervisory board, adjustments to the board of directors, and revisions to its articles of association, which will be submitted for approval at the upcoming extraordinary general meeting of shareholders [1][3]. Summary by Sections Cancellation of Supervisory Board - The company will no longer have a supervisory board or supervisors, with the audit committee of the board of directors assuming the responsibilities previously held by the supervisory board [1][2]. - The relevant rules governing the supervisory board will be abolished, and any references to the supervisory board in the company's regulations will no longer apply [1][2]. Adjustment of Board of Directors - To enhance corporate governance and protect the interests of shareholders and employees, the company plans to add one employee director, increasing the total number of directors from 7 to 8 [2]. Revision of Articles of Association - The company intends to revise its articles of association to comply with the latest legal and regulatory requirements, including changing references from "supervisory board" to "audit committee" [1][3]. - The revisions will involve numerous changes, including the deletion of terms related to the supervisory board and adjustments to the numbering of clauses without altering substantive content [1][3]. Governance System Revisions - The company will revise and establish several governance systems to promote standardized operations and improve internal governance mechanisms [4]. - Specific governance systems proposed for revision include the "Management System for Preventing Occupation of Funds by Controlling Shareholders and Related Parties" and the "Management System for Shareholding and Changes by Directors, Senior Management, and Key Technical Personnel" [4].

Core Points - The article outlines the management system for the resignation of directors and senior management at Hangzhou Yingshi Network Co., Ltd, aiming to enhance corporate governance and protect shareholder rights [1][2]. Group 1: General Provisions - The system is established to regulate the resignation of directors and senior management, ensuring stability in corporate governance and compliance with relevant laws and regulations [1]. - The system applies to all directors (including independent directors) and senior management personnel [1]. Group 2: Resignation Conditions and Effectiveness - Directors can resign before their term ends by submitting a written resignation report, which becomes effective upon receipt by the company [2]. - If a director resigns and causes the board to fall below the legal minimum number of members, they must continue to perform their duties until a new director is appointed [2]. - The company can dismiss directors through a shareholder resolution, effective immediately upon the resolution's adoption [2]. Group 3: Transfer Procedures and Unresolved Matters - Resigning directors and senior management must hand over all company-related documents and assets within three working days after their resignation becomes effective [4]. - If the departing personnel are involved in significant transactions, an audit committee may initiate a departure audit [4]. Group 4: Obligations of Departing Directors and Senior Management - Departing directors and senior management retain their obligations of loyalty and confidentiality even after their term ends [4]. - They are prohibited from transferring more than 25% of their shares annually during their term and cannot transfer shares within six months after leaving [5]. Group 5: Accountability Mechanism - The board will review any breaches of commitments or obligations by departing personnel and may pursue compensation for losses incurred [5][6]. - Departing personnel can appeal the board's accountability decisions within 15 days of notification [6]. Group 6: Supplementary Provisions - Any matters not covered by this system will be governed by national laws and regulations [6]. - The system and its amendments take effect upon approval by the company's board of directors [6].

杭州萤石网络股份有限公司 关于与中国电子科技财务有限公司开展金融服务业务的 风险持续评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通知（证监发 [2022]48 号）》 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交 易》的规定，杭州萤石网络股份有限公司（以下简称"萤石网络"或"本公司"） 通过查验中国电子科技财务有限公司（以下简称"财务公司"） 《金融许可证》 《企 业法人营业执照》等证件资料，并审阅了财务公司最近一期财务报告，包括资产 负债表、利润表、现金流量表等财务报告，对财务公司的经营资质、业务和风险 状况进行了评估，现将有关风险持续评估情况报告如下： 一、财务公司基本情况 中国电子科技财务有限公司是经国家金融监督管理总局（原中国银行保险监 督管理委员会）批准（金融许可证编号：L0167H211000001）、北京市市场监督 管理局登记注册的非银行金融机构，依法接受国家金融监督管理总局的监督管理。 企业名称：中国电子科技财务有限公司 注册地址：北京市石景山区金府路 30 号院 2 号楼 101 1、3-8 层 法定代表人：杨志军 注册资本：580,000 万元人民币 统一 ...

证券代码：688475 证券简称：萤石网络 公告编号：2025-027 杭州萤石网络股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 08 月 11 日（星期一）15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 08 月 04 日（星期一）至 08 月 08 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@ezviz.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 杭州萤石网络股份有限公司（以下简称"公司"）已于 2025 年 8 月 2 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 08 月 11 日（ ...