Core Viewpoint - The announcement indicates that the share reduction plan of Gu Yongde, a director of Maoshuo Power, has reached its deadline, with no significant impact on the company's control and governance structure [1] Summary by Relevant Sections - **Share Reduction Details** - Gu Yongde reduced his holdings by 3.5662 million shares, representing 1% of the company's total share capital [1] - The average reduction price ranged from 9.25 to 9.48 yuan per share [1] - **Shareholding Changes** - Prior to the reduction, Gu Yongde held 18.1857 million shares, which accounted for 5.1% of the total share capital [1] - After the reduction, his holdings decreased to 14.6196 million shares, now representing 4.1% of the total share capital [1] - **Impact on Company Structure** - The share reduction plan was disclosed in advance and did not lead to any significant changes in the company's control or governance structure [1]

证券代码：002660 证券简称：茂硕电源 公告编号：2025-071 茂硕电源科技股份有限公司 关于公司董事减持计划期限届满暨 实施结果的公告 公司董事顾永德先生保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | | 28 日 | | | | | --- | --- | --- | --- | --- | | | 2025 年 7 月 29 日 | 9.3931 | 6.4900 | 0.0182% | | 合 计 | - | - | 356.6178 | 1.000 | 茂硕电源科技股份有限公司（以下简称"公司"）于2025年6月24日在巨潮 资讯网（http://www.cninfo.com.cn）披露了《关于公司持股5%以上股东、董事 减持股份预披露公告》，公司持股5%以上股东、董事顾永德先生自减持公告披露 之日起15个交易日后的三个月内以集中竞价交易方式或者大宗交易方式减持数 量不超过4,546,436股，占公司总股本1.2748%，不超过其持有公司股份总数的25% （若在减持期间，公司有送股、资 ...

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].

Core Insights - The company, Maoshuo Power, reported that as of September 19, 2025, the number of shareholders has exceeded 30,000 [2] Company Summary - Maoshuo Power has engaged with investors through an interactive platform, indicating a proactive approach to shareholder communication [2] - The increase in shareholder numbers may reflect growing investor interest and confidence in the company's future prospects [2]

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 ...