Core Viewpoint - Yingtong Communications (002861) reported a mixed financial performance for the first half of 2025, with revenue growth but a significant increase in net losses compared to the previous year [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 395 million yuan, a year-on-year increase of 9.81% [1]. - The net profit attributable to shareholders was -26.4961 million yuan, representing a decline of 33.91% year-on-year [1]. - In Q2 2025, total revenue was 230 million yuan, up 16.7% year-on-year, while the net profit attributable to shareholders improved to -9.0512 million yuan, a 23.03% increase compared to the previous year [1]. - The gross margin was 17.85%, a slight increase of 0.62% year-on-year, while the net margin decreased to -6.71%, down 21.94% year-on-year [1]. - Total receivables were 213 million yuan, accounting for 1585.73% of the latest annual net profit, indicating a significant concern regarding accounts receivable management [1][4]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 68.8761 million yuan, representing 17.45% of revenue, an increase of 10.38% year-on-year [1]. - The increase in selling expenses by 52.15% was attributed to higher sales volume, increased salaries, and brand promotion costs [3]. - Financial expenses decreased by 52.18% due to reduced interest expenses [3]. Cash Flow and Asset Management - Cash and cash equivalents saw a net increase of 92.13%, primarily due to the redemption of financial products [4]. - The company’s operating cash flow per share improved significantly to 0.03 yuan, a 113.17% increase year-on-year [1]. Business Model and Market Position - The company relies heavily on research and marketing to drive its performance, indicating a need for careful analysis of these underlying drivers [4]. - The return on invested capital (ROIC) was reported at 2.03%, with historical data showing a median ROIC of 8.58% since its listing [4].

Core Insights - The company reported a total revenue of 395 million yuan for the first half of 2025, an increase of 35.25 million yuan compared to the same period last year, marking a year-on-year growth of 9.81% [1] - The net profit attributable to shareholders was -26.5 million yuan, indicating a loss [1] - The net cash inflow from operating activities was 5.06 million yuan, an increase of 37.17 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 31.23%, ranking 16th among disclosed peers, a decrease of 19.50 percentage points from the same period last year [3] - The latest gross profit margin is 17.85%, an increase of 2.84 percentage points from the previous quarter and 0.11 percentage points from the same period last year, achieving two consecutive years of growth [3] - The latest return on equity (ROE) is -2.38%, an increase of 0.09 percentage points from the same period last year [3] - The diluted earnings per share is -0.14 yuan [3] - The total asset turnover ratio is 0.24 times, an increase of 0.02 times from the same period last year, achieving two consecutive years of growth with a year-on-year increase of 9.60% [3] - The inventory turnover ratio is 2.94 times, ranking 23rd among disclosed peers [3] Shareholder Information - The number of shareholders is 31,500, with the top ten shareholders holding a total of 80.92 million shares, accounting for 43.44% of the total share capital [3] - The top ten shareholders and their holdings are as follows: - Tong Yi: 24.01% - Zuo Sun'e: 5.23% - Xiao Jinming: 5.00% - Zuo Guiming: 1.85% - Zuo Juanmei: 1.80% - Shenzhen Niufus Investment Management Co., Ltd.: 1.47% - Zuo Meixing: 1.24% - Cao Lingjie: 1.14% - Zhao Xinmiao: 1.03% - Tongcheng Yinhai Investment Management Co., Ltd.: 0.69% [3]

本报讯(记者李万晨曦)8月26日晚，瀛通通讯（002861）股份有限公司(以下简称"瀛通通讯")发布2025年 半年报。报告期内瀛通通讯实现营业收入3.95亿元，同比增长9.81%；其中，外销收入2.23亿元，同比 增长20.01%。 主营业务表现稳健各业务有序增长 今年以来，瀛通通讯以"持续创新，提升客户价值"为使命，以"成为世界领先的'大声学、大传输、大健 康'产品整体解决方案服务商"为愿景，紧抓消费电子发展趋势，促使其核心业务取得显著成效。其中， 合计占总营收比例近97%的声学产品业务和电源、数据传输产品业务均保持稳定增长。 财报显示，2025年上半年占瀛通通讯营收比例近62%的声学产品及精密零组件实现营业收入2.44亿元， 同比增长0.26%。而电源、数据传输产品及精密零组件业务占营收比例约为35%，并实现营收1.38亿 元，同比增长29.51%，两大核心业务的增长为本次中报瀛通通讯的营收规模增长做出了积极贡献。 核心业务稳定增长的背后，与瀛通通讯自身实力和其所在的消费电子行业特性相关。消费电子产品行业 中的知名终端品牌厂商和大型EMS厂商针对某款或几款产品通常只会保有2至3家企业作为核心供应商 为其 ...

Core Points - The company did not distribute cash dividends or issue bonus shares for the reporting period [2] - The company held its fifth board meeting on August 26, 2025, where the 2025 semi-annual report was approved [6][7] - The company reported a total of 544.35 thousand yuan in asset impairment losses for the first half of 2025 [23] Group 1: Company Overview - The company is named Ying Tong Communications Co., Ltd. and is listed under the stock code 002861 [1] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [4] Group 2: Financial Performance - The company plans to distribute a cash dividend of 1 yuan per 10 shares based on a total share capital of 186,283,962 shares, amounting to a total cash dividend of 18,628,396.20 yuan [3] - The company reported a total of 123.50 thousand yuan in reversed credit impairment losses and 667.84 thousand yuan in inventory depreciation losses for the first half of 2025 [20][23] Group 3: Fund Management - The company raised a total of 30 million yuan from the issuance of convertible bonds, with a net amount received of 29,523 thousand yuan after deducting related fees [26] - The company has established two special accounts for the management of raised funds, ensuring compliance with relevant regulations [29]

Group 1 - The company achieved a revenue of 395 million yuan in the first half of 2025, representing a year-on-year growth of 9.81% [1] - Export revenue reached 223 million yuan, with a year-on-year increase of 20.01%, indicating strong overall business performance [1] - Acoustic products and precision components accounted for nearly 62% of total revenue, generating 244 million yuan, with a slight growth of 0.26% [1] Group 2 - The company is entering the health sector as part of its strategic transformation, with this new business progressing steadily [2] - Research and development investment amounted to 21.35 million yuan, constituting 5.41% of total revenue, reflecting the company's commitment to innovation [2] - The company has developed various advanced products, including noise-canceling TWS headphones and AI translation headphones, showcasing its technological capabilities [2] Group 3 - The company anticipates a recovery in the consumer electronics industry, driven by technological advancements and the maturation of the industry [3] - Plans to enhance innovation management and establish a comprehensive R&D system across three major areas: acoustics, transmission, and health [3] - The company aims to deepen collaboration between industry, academia, and research to create an integrated technology innovation platform [3]

Group 1 - The core viewpoint of the article highlights the financial performance of Yingtong Communications, which reported a revenue increase of 9.81% year-on-year for the first half of 2025, amounting to approximately 395 million yuan [1] - The company experienced a net loss attributable to shareholders of approximately 26.5 million yuan for the same period, compared to a loss of about 19.79 million yuan in the first half of 2024 [1] - Basic earnings per share for Yingtong Communications were reported as a loss of 0.14 yuan, slightly worse than the loss of 0.13 yuan per share in the previous year [1] Group 2 - The article mentions the booming pet industry, valued at 300 billion yuan, indicating a significant market opportunity for companies involved in this sector [1] - The report suggests that the rise of smart pet devices, such as smartphones designed for pets, is contributing to the growth of the pet industry [1] - The overall sentiment in the industry is positive, with many listed companies experiencing stock price increases [1]

证券代码：002861 证券简称：瀛通通讯 公告编号：2025-041 瀛通通讯股份有限公司 关于 2025 年半年度计提及转回资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等相关规定，基于谨慎性原则，为真实准确地反映瀛通 通讯股份有限公司（以下简称"公司"或"本公司"）的财务、资产和经营状况， 公司对合并报表范围内截至 2025 年 6 月 30 日的应收账款、其他应收款、预付账 款、存货、固定资产、无形资产、商誉等各项资产减值的可能性进行充分的评估 和分析，判断存在可能发生减值的迹象，确定需计提的减值准备。现将计提资产 减值准备的有关事项公告如下： 一、本次计提资产减值准备情况概述 （一）本次计提资产减值准备的原因 为真实反映财务状况和资产价值，公司根据《企业会计准则》及公司会计政 策等相关规定，本着谨慎性原则，对 2025 年 6 月 30 日合并报表范围内的资产进 行减值测试，根据测试结果对可收回金额低于账面价值的部分计提了资产减值准 备 ...

瀛通通讯股份有限公司 2025 年半年度财务报告 瀛通通讯股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 瀛通通讯股份有限公司 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：瀛通通讯股份有限公司 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 | 233,613,792.97 | 87,806,730.55 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 0.00 | 229,123,788.56 | | 衍生金融资产 | | | | 应收票据 | | 57,106.10 | | 应收账款 | 213,351,807.71 | 214,384,093.10 | | 应收款项融资 | 1,134,429.26 | 1,228,365.18 | | 预付款项 | 13,129,895.76 | 7,227,422 ...

证券代码：002861 证券简称：瀛通通讯 公告编号：2025-040 瀛通通讯股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 瀛通通讯股份有限公司（以下简称"公司"）按照《上市公司募集资金监管 规则》和《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》的规定编制《2025 年半年度募集资金存放与使用情况的专项报告》，具 体专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准瀛通通讯股份有限公司公开发行可 转换公司债券的批复》（证监许可〔2020〕615 号），并经深圳证券交易所同意， 本公司由主承销商中信证券股份有限公司采用公开募集方式，向社会公众公开发 行 300 万张可转换公司债券，每张面值 100.00 元，发行总额 30,000.00 万元。 本次发行的募集资金总额为 30,000.00 万元，扣除承销及保荐费 477.00 万元后 实际收到的金额为 29,523.00 万元，已由主承销商中信证券股份 ...

| | 湖北瀛通电子有限公司 | 子公司 | 其他应收款 | 9,001.01 | | | | 9,001.01 | 募投项目资金 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 湖北瀛新精密电子有限公司 | 子公司 | 其他应收款 | 8,088.42 | 1,221.16 | | 13.04 | 9,296.55 | 募投项目资金 /信息服务费 | 非经营性往来 | | | | | | | | | | | 拆借款/募投 | | | | 东莞市开来电子有限公司 | 子公司 | 其他应收款 | 12,700.00 | 5,341.55 | | 1,000.00 | 17,041.55 | 项目资金 | 非经营性往来 | | | | | | 3,100.00 | 203.62 | | 120.62 | 3,183.00 | 拆借款/信息 | 非经营性往来 | | | | | | | | | | | 服务费 | | | 上市公司的子公司及 其附属企业 | 浦北瀛通智能电子有限公司 | 子公司 | ...