Company Overview - Maoshuo Power Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on March 27, 2006. The company was listed on March 16, 2012. Its main business involves LED lighting driver power supplies and consumer electronics power supplies [1][2]. Financial Performance - For the first half of 2025, Maoshuo Power achieved operating revenue of 652 million yuan, representing a year-on-year growth of 9.97%. However, the net profit attributable to the parent company was -22.53 million yuan, a decrease of 168.17% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 147 million yuan in dividends, with 107 million yuan distributed over the past three years [3]. Stock Performance - As of September 30, Maoshuo Power's stock price was 10.43 yuan per share, with a market capitalization of 3.72 billion yuan. The stock has increased by 2.05% year-to-date, but has decreased by 1.97% over the last five trading days [1]. - The company has seen a net outflow of main funds amounting to 10.85 million yuan, with significant selling pressure from large orders [1]. Business Segments - The revenue composition of Maoshuo Power includes: 50.82% from SPS switch power supplies, 44.91% from LED driver power supplies, 2.57% from photovoltaic power generation, 1.20% from other sources, and 0.50% from energy storage [1]. Industry Context - Maoshuo Power operates within the electronic industry, specifically in the consumer electronics sector, focusing on components and assembly. The company is associated with concepts such as energy storage, battery swapping, BYD concept, charging piles, and third-generation semiconductors [2].

Company Overview - Maoshuo Power Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on March 27, 2006. The company was listed on March 16, 2012. Its main business involves LED lighting driver power supplies and consumer electronics power supplies [1][2]. Financial Performance - For the first half of 2025, Maoshuo Power achieved operating revenue of 652 million yuan, representing a year-on-year growth of 9.97%. However, the net profit attributable to the parent company was -22.53 million yuan, a decrease of 168.17% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 147 million yuan in dividends, with 107 million yuan distributed in the last three years [3]. Stock Performance - As of September 29, Maoshuo Power's stock price was 10.71 yuan per share, with a market capitalization of 3.819 billion yuan. The stock has increased by 4.79% year-to-date and by 14.06% over the past 60 days [1]. - The stock experienced a net outflow of 12.73 million yuan in principal funds, with significant selling pressure observed [1]. Business Segments - The revenue composition of Maoshuo Power includes: 50.82% from SPS switch power supplies, 44.91% from LED driver power supplies, 2.57% from photovoltaic power generation, 1.20% from other sources, and 0.50% from energy storage [1]. Industry Context - Maoshuo Power operates within the electronic industry, specifically in the consumer electronics sector, and is associated with concepts such as battery swapping, energy storage, BYD concepts, inverters, and charging piles [2].

证券日报网讯茂硕电源9月23日在互动平台回答投资者提问时表示，截至2025年9月19日，公司股东人数 为3万多户。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the news is that Maoshuo Power is focusing on its core business of power supply, particularly in LED driver power supplies and consumer electronics, while also emphasizing technological innovation and international expansion [1][2] - The company held an online performance briefing for the first half of 2025, where management addressed investor inquiries regarding development strategies, performance improvements, and market revenue distribution [1] - In terms of performance improvement, the company is facing pressure in the first half of the year and has outlined six key areas of focus to turn around its situation, including enhancing technology-driven initiatives and optimizing customer structure [1][2] Group 2 - For the revenue distribution in the first half of 2025, domestic and international revenues accounted for 50.26% and 49.74% respectively, indicating a balanced market approach [2] - The company is currently not offering products for server and data center power applications, but plans to strengthen its international strategy while consolidating its domestic market [2] - The reasons for the company's losses in the first half of the year include intensified industry competition leading to price reductions, increased after-sales costs for consumer power supplies, and ongoing investments in business development [2]

Group 1: Company Strategy and Market Position - The company focuses on "specializing in power supply and concentrating on core business" as its development strategy, leveraging its market and brand advantages in the power supply industry [1] - The company aims to enhance its core businesses in LED driver power supplies and consumer electronics, driving high-quality development through technological innovation and resource integration [1][2] Group 2: Technological Innovation and Product Development - The company is at the industry-leading level in LED power supply technology innovation and product upgrades, with plans to increase R&D investment and launch new generation green products [2] - The company has introduced the first integrated smart control power supply for high-power LED drivers, providing low-carbon intelligent road lighting solutions [2] Group 3: Financial Performance and Challenges - The company faced pressure in its performance in the first half of 2025, leading to a strategic focus on six key areas to improve operations and financial results [3] - The company reported a revenue split of 50.26% from domestic markets and 49.74% from international markets in the first half of 2025, with plans to balance business segments further [3][4] Group 4: Response to Market Conditions - The company is addressing performance challenges by optimizing customer structure, enhancing order acquisition, and improving production efficiency through AI manufacturing technology [3] - The company is also focusing on quality control and risk prevention to build customer trust and market reputation [3] Group 5: Future Plans and Investments - The company plans to enter the semiconductor RF power supply and energy storage production sectors in 2024, aiming to capture new market opportunities [4] - The company is actively managing raw material price fluctuations by establishing strategic reserves and optimizing suppliers to stabilize costs [4]

Core Viewpoint - Maoshuo Power (002660) reported a mixed performance in its 2025 interim report, with revenue growth but significant declines in net profit and profitability metrics [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 652 million yuan, a year-on-year increase of 9.97% compared to 593 million yuan in 2024 [1]. - The net profit attributable to shareholders was -22.53 million yuan, representing a year-on-year decline of 168.17% from a profit of 33.05 million yuan in the previous year [1]. - The gross profit margin decreased to 15.31%, down 40.58% from 25.77% in 2024 [1]. - The net profit margin turned negative at -4.48%, a significant drop of 200.19% from 4.47% in the prior year [1]. - The company reported a substantial increase in accounts receivable, which reached 545 million yuan, up 26.31% from 432 million yuan in 2024 [1]. Operational Metrics - The company's operating cash flow per share was -0.12 yuan, a decrease of 304.68% from -0.03 yuan in the previous year [1]. - The total of selling, administrative, and financial expenses amounted to 86.66 million yuan, accounting for 13.28% of revenue, a slight decrease of 4.62% from 13.93% in 2024 [1]. - The return on invested capital (ROIC) for the previous year was 4.14%, indicating weak capital returns [3]. - The average cash flow from operations over the past three years was only 11.69% of current liabilities, suggesting potential liquidity concerns [3]. Business Model Insights - The company's business performance relies heavily on research and marketing efforts, necessitating a deeper analysis of the underlying drivers of these activities [3]. - Historical data indicates that the company has experienced three years of losses since its IPO, highlighting a fragile business model [3].

Group 1 - The core viewpoint of the article is that Maoshuo Power (002660.SZ) reported a revenue increase of 9.97% year-on-year for the first half of 2025, reaching 652 million yuan [1] - The company experienced a net loss attributable to shareholders of 22.53 million yuan, marking a shift from profit to loss compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 27.41 million yuan [1] - The basic earnings per share were reported at -0.0632 yuan [1]

茂硕电源科技股份有限公司 2025 年半年度财务报告 茂硕电源科技股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 茂硕电源科技股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：茂硕电源科技股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 311,734,098.61 | 399,566,129.93 | | 结算备付金 | 0.00 | 0.00 | | 拆出资金 | 0.00 | 0.00 | | 交易性金融资产 | 194,259,606.08 | 199,145,293.43 | | 衍生金融资产 | 0.00 | 0.00 | | 应收票据 | 77,209,024.14 | 56,920,267.08 | | 应收账款 | 545,166,320.96 | 517,767,863 ...

证券代码：002660 证券简称：茂硕电源 公告编号：2025-070 茂硕电源科技股份有限公司 关于召开2025年半年度网上业绩说明会的公告 1 茂硕电源科技股份有限公司（以下简称"公司"）已于2025年8月27日在巨潮 资讯网（http://www.cninfo.com.cn/）上披露了《茂硕电源2025年半年度报告》。 为便于广大投资者进一步了解公司2025年半年度经营情况，公司定于2025 年9月3日（星期三）下午15:00至17:00时在"约调研"小程序举行2025年半年度 网上业绩说明会。本次网上业绩说明会将采用网络远程的方式举行，投资者可登 陆"约调研"小程序参与互动交流。为广泛听取投资者的意见和建议，提前向投 资者征集问题，提问通道自发出公告之日起开放。 参与方式一：在微信小程序中搜索"约调研"； 参与方式二：微信扫一扫以下二维码： 投资者依据提示，授权登入"约调研"小程序，即可参与交流。 出席本次网上说明会的人员有：公司董事长傅亮先生，总经理袁红波先生， 董事、副总经理、财务总监艾静女士，独立董事施伟力先生，董事会秘书宋成展 先生。 敬请广大投资者积极参与。 特此公告。 本公司及董事会全体成 ...

编制单位：茂硕电源科技股份有限公司 单位：万元 非经营性资金占用 资金占 用方名 称 占用方与 上市公司 的关联关 系 上市公 司核算 的会计 科目 2025年 期初占 用资金 余额 2025年1-6月 占用累计发 生金额（不 含利息） 2025年1-6 月占用资 金的利息 2025年1-6 月偿还累 计发生金 额 2025年6 月30日 占用资 金余额 占用形 成原因 占用性 质 小计 小计 小计 总计 控股股东、实际控制人及其附属企业 前控股股东、实际控制人及其附属企业 其他关联方及附属企业 茂硕电源科技股份有限公司2025年1-6月非经营性资金占用及其他关联资金往来情况汇总表 | 其他关联资金 | | 往来方与上市公司的 | 上市公司核算 | 2025年期初占 | 2025年1-6月占 用累计发生金 | 2025年1-6月 | 2025年1-6月偿 | 2025年6月30日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 往来 | 资金往来方名称 | 关联关系 | 的会计科目 | 用资金余额 | 额（ ...