Group 1 - The A-share market's consumer electronics sector is experiencing strong performance, with companies like Fenda Technology, GoerTek, and Crystal Optoelectronics hitting the daily limit up [1] - Other companies such as Lingyi iTech, Victory Precision, Heli Tai, and Dongni Electronics also reached their daily limit up, indicating a broad rally in the sector [1] - Notable gainers include Zhuhai Conergy with a 15.77% increase, Heli Tai at 10.06%, and Lingyi iTech at 10.03%, showcasing significant year-to-date performance [2] Group 2 - Apple is set to initiate a major design overhaul for its flagship iPhone series starting with the iPhone 17, aiming to enhance product appeal over the next three years [1] - This strategic move by Apple is expected to influence the consumer electronics market positively, potentially benefiting related companies in the supply chain [1]

Group 1 - The consumer electronics sector in the A-share market is experiencing strong performance, with stocks such as Fenda Technology, GoerTek, and Crystal Optoelectronics hitting the daily limit [1] - Other companies like Linyang Zhi Zao, Victory Precision, Helitai, and Dongni Electronics also reached their daily limit, indicating a broader trend in the sector [1] - Notable gainers include OFILM, Zhihui Power, and Luxshare Precision, which have shown significant price increases [1] Group 2 - Apple is set to initiate a major design overhaul cycle starting with the iPhone 17 series, which will last for three years, aimed at enhancing the appeal of its flagship products [1]

午后消费电子板块持续走强，奋达科技、涨停，此前领益智造、胜利精密、合力泰、东尼电子涨停，歌 尔股份逼近涨停，欧菲光、智动力、立讯精密等涨幅靠前。 ...

从资金流向来看，8月25日主力资金净流出548.33万元，近五个交易日累计净流出3900.87万元。盘中曾 出现快速反弹走势，14时10分左右5分钟内涨幅超过2%，股价最高升至7.25元。 风险提示：股市有风险，投资需谨慎。 截至2025年8月25日收盘，奋达科技股价报7.18元，较前一交易日上涨0.03元。当日开盘价为7.18元，最 高触及7.28元，最低下探7.04元，全天成交151.66万手，成交金额达10.82亿元。 奋达科技主营业务涵盖消费电子领域，公司产品涉及智能穿戴设备、无线音频设备等。作为广东地区上 市公司，其业务还涉及机器人相关技术研发与应用。 ...

Core Viewpoint - The financial performance of Fenda Technology (002681) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in its business model and market conditions [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.26 billion yuan, a decrease of 10.68% compared to 1.41 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 17.09 million yuan, down 80.17% from 86.15 million yuan in the previous year [1]. - The second quarter alone saw total revenue of 501 million yuan, a decline of 33.69%, with a net loss of 23.36 million yuan, marking a 136.4% decrease [1]. - Gross margin was 22.12%, a slight decrease of 0.22% year-on-year, while net margin plummeted to 1.29%, down 76.68% [1]. - Total expenses (selling, administrative, and financial) amounted to 176 million yuan, representing 13.94% of revenue, an increase of 22.22% year-on-year [1]. Cash Flow and Debt Analysis - Operating cash flow per share was 0.04 yuan, a decrease of 48.84% from 0.08 yuan [1]. - The company reported a significant increase in interest-bearing liabilities, which rose by 34.21% to 1.15 billion yuan [1]. - Cash and cash equivalents increased by 77.63% to 1.008 billion yuan, attributed to reduced loan repayments and increased borrowing [2][3]. Operational Insights - Revenue decline was primarily due to decreased sales in audio products and smart wearable devices [2]. - Management expenses increased by 15.8% due to depreciation on idle equipment and unleased investment properties [2]. - Research and development expenses rose by 35.92%, reflecting a focus on new product and AI-related developments [2]. Business Model Evaluation - The company's return on invested capital (ROIC) was 3.5%, indicating weak capital returns historically, with a median ROIC of 3.65% over the past decade [3]. - The business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers of these efforts [3]. Debt and Receivables Concerns - The interest-bearing asset-liability ratio reached 23.32%, raising concerns about the company's debt levels [4]. - Accounts receivable were notably high, with accounts receivable to profit ratio at 536.99%, indicating potential liquidity issues [4].

Financial Performance - In the first half of 2025, the company reported revenue of 1.26 billion yuan, a year-on-year decrease of 10.68% [2] - Net profit attributable to shareholders was 17.09 million yuan, down 80.16% year-on-year [2] - The net profit excluding non-recurring gains and losses was 3.24 million yuan, a significant decline of 95.03% year-on-year [2] Business Segment Analysis - The acoustic products segment generated sales of 589 million yuan, a decline of 20.61% year-on-year, attributed to fluctuating global trade policies and reduced order volumes from core customers [2] - The health appliances segment achieved sales of 398 million yuan, a growth of 3.22% year-on-year, becoming the only segment with revenue growth due to successful acquisition of overseas brand orders [3] - The smart wearable segment reported sales of 59.94 million yuan, down 21.46% year-on-year, impacted by overseas tariff policies and intensified domestic competition [3] - The smart lock business generated sales of 110 million yuan, a decrease of 9.03% year-on-year, with a decline in order volume due to cautious inventory strategies from brand owners [3] Margin and Cost Analysis - The gross margin for the acoustic products segment slightly decreased by 0.22 percentage points [2] - The health appliances segment's gross margin fell by 3.74 percentage points to 20.25% due to tariff policies and strategic adjustments [3] - The smart wearable segment saw a gross margin increase of 2.68 percentage points to 20.10% through personnel optimization and product upgrades [3] - The smart lock segment's gross margin dropped to 2.61% as the industry shifted towards "precise operations" [3] Strategic Initiatives - The company is actively reducing sales prices for overseas customers to share tariff costs and is increasing R&D investments to maintain market competitiveness [2] - The company is expanding into the robotics sector, focusing on stable growth in chess robots and launching desktop robots, while also investing in upstream core components [3]

□适用 √不适用 证券代码：002681 证券简称：奋达科技 公告编号：2025-055 一、重要提示 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 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期内变更 □适用 √不适用 公司报告期实际 ...

（原标题：奋达科技(002681.SZ)发布上半年业绩，归母净利润1708.75万元，下降80.16%） 智通财经APP讯，奋达科技(002681.SZ)发布2025年半年度报告，该公司营业收入为12.6亿元，同比减少 10.68%。归属于上市公司股东的净利润为1708.75万元，同比减少80.16%。归属于上市公司股东的扣除 非经常性损益的净利润为324.24万元，同比减少95.03%。基本每股收益为0.0095元。 ...

格隆汇8月21日丨奋达科技(002681.SZ)公布2025年半年度报告，上半年公司实现营业收入12.60亿元，同 比下降10.68%；归属于上市公司股东的净利润1708.75万元，同比下降80.16%；归属于上市公司股东的 扣除非经常性损益的净利润324.24万元，同比下降95.03%；基本每股收益0.0095元。 ...

| 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,007,966,866.41 | 980,308,896.99 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 730,768.82 | 1,297,768.82 | | 应收账款 | 521,362,290.54 | 489,906,835.76 | | 应收款项融资 | | 512,098.64 | | 预付款项 | 9,857,129.31 | 8,453,703.68 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 74,745,980.31 | 145,185,472.12 | | 其中：应收利息 | | | | 应收股利 | | | | 买入返售金融资产 | | | | 存货 | 279,476,306.72 | 250,965,414.78 | | 其中：数据资源 | | | | 合同资产 | | | | 持有 ...