Core Insights - Desay SV's revenue for the first half of 2025 reached 14.64 billion yuan, a year-on-year increase of 25.2%, while net profit attributable to shareholders was 1.22 billion yuan, up 45.8% [1] - The company has successfully launched its fourth-generation intelligent cockpit in mass production for clients such as Li Auto, Xiaomi Auto, and Geely Auto, and continues to secure new project orders from various automakers [1][2] Financial Performance - The operating cash flow net amount was 1.638 billion yuan, reflecting a significant year-on-year growth of 166.2% [1] - In Q2 2025, the company reported revenue of 7.85 billion yuan, a 29.9% increase year-on-year, and a net profit of 640 million yuan, up 41.1% [1] Technological Advancements - The company is capitalizing on the trends of AI and 5G, focusing on the evolution from high-speed NOA in 2022 to urban NOA in 2024, and aiming for full-scene vehicle-to-vehicle (D2D) capabilities by 2025 [2] - Desay SV has developed an integrated cockpit solution that has been validated in real-world conditions, addressing key challenges in complex traffic scenarios [2] Strategic Initiatives - The company is actively exploring new business areas such as smart transportation, unmanned delivery, and robotics, aiming to create a new growth curve for sustainable development [2] - By leveraging existing automotive-grade supply chain resources and technological foundations, the company aims to enter new markets with lower costs and faster speeds [2]

Business Performance - Luxshare Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - China Shipbuilding Industry Corporation will suspend trading from August 13 until delisting [1] - Hikvision's chairman proposed a mid-term dividend of 4 yuan per 10 shares (including tax) for 2025 [1] - North Medical's subsidiary has essentially halted its main business since June [1] - Shenzhen Huangting Plaza will be judicially auctioned with a starting price of 3.053 billion yuan [1] - ST Suwu's controlling subsidiary has initiated arbitration against Regen Biotech for default, which has been accepted [1] - ST Yigou plans to pay 220 million yuan to reach a debt settlement agreement with Carrefour [1] - Shanghai Jianke's director is under disciplinary review and investigation [1] Mergers and Acquisitions - Xincheng Technology has terminated the acquisition of 96.96% equity in Tianyi Enhua [1] - Guangku Technology intends to purchase 100% equity in Suzhou Anjie Xun Optoelectronics, with resumption of trading on the 12th [1] - ST Biology plans to acquire 51% equity in Huize Pharmaceutical, expected to constitute a major asset restructuring [1] - Dongfang Guoxin aims to gain control of Shituo Cloud to deepen its layout in the intelligent computing power sector [1] - Jinding Investment intends to control Nanjing Shenyuan, entering a key segment of the robotics industry chain [1] - Huangshanghuang plans to acquire 51% equity in Lixing Food for 495 million yuan [1] Financial Performance - Xianggang Technology reported a net profit of 78.32 million yuan in the first half, a year-on-year increase of 432.14% [1] - Yonghe Co. reported a net profit of 271 million yuan in the first half, a year-on-year increase of 140.82% [1] - Fuda Co. reported a net profit of 146 million yuan in the first half, a year-on-year increase of 98.77% [1] - Desay SV reported a net profit of 1.223 billion yuan in the first half, a year-on-year increase of 45.82% [1] - Dier Laser reported a net profit of 327 million yuan in the first half, a year-on-year increase of 38.37% [1] - Rijiu Optoelectronics reported a net profit of 45.61 million yuan in the first half, a year-on-year increase of 37.87% [1] - Wolong Electric Drive reported a net profit of 537 million yuan in the first half, a year-on-year increase of 36.76% [1] - Satellite Chemical reported a net profit of 2.744 billion yuan in the first half, a year-on-year increase of 33.44% [1] Other Financial Results - High Stakes Mining reported a net profit of 69.2 million yuan in the first half, a year-on-year increase of 25.7% [2] - Yingliu Co. reported a net profit of 188 million yuan in the first half, a year-on-year increase of 23.91% [2] - Nanwei Medical reported a year-on-year net profit increase of 17.04% and plans to distribute a dividend of 5 yuan per 10 shares (including tax) [2] - Zhejiang Huaye reported a year-on-year net profit increase of 6.66% and plans to distribute a dividend of 4 yuan per 10 shares (including tax) [2] - New Strong Union reported a net profit of 400 million yuan in the first half, returning to profitability [2] - Aobi Zhongguang reported a net profit of 60.19 million yuan in the first half, returning to profitability [2] - Action Education reported a year-on-year net profit decrease of 3.51% and plans to distribute a dividend of 10 yuan per 10 shares (including tax) [2] - Wanhu Chemical reported a net profit of 6.123 billion yuan in the first half, a year-on-year decrease of 25.10% [2] - New World reported a net profit of 78.03 million yuan in the first half, a year-on-year decrease of 30.01% [2] - Huafeng Chemical reported a net profit of 983 million yuan in the first half, a year-on-year decrease of 35.23% [2] - Hefo China reported a consolidated revenue of 425 million yuan in the first seven months, a year-on-year decrease of 22.66%, with a narrowing decline [2] - Shengnong Development reported a sales revenue of 2.129 billion yuan in July, a year-on-year increase of 22.02% [2] - Xiamen Airport reported a passenger throughput of 2.6248 million in July, a year-on-year increase of 8.58% [2]

Core Viewpoint - Desay SV's net profit increased by nearly 46% year-on-year in the first half of the year, outpacing revenue growth, with significant improvements in cash flow and international sales [1] Group 1: Financial Performance - The company achieved operating revenue of 14.644 billion yuan, a year-on-year increase of 25.25% [1] - Net profit attributable to shareholders reached 1.223 billion yuan, reflecting a growth of 45.82% [1] - Operating cash flow net amount increased by 166% year-on-year, reaching 1.6 billion yuan [1] Group 2: Business Segments - The intelligent driving segment saw a revenue increase of 55%, while the intelligent cockpit segment grew by nearly 19% [1][3] - The intelligent cockpit business generated sales of 9.459 billion yuan, up 18.76% year-on-year [2] - New project orders in the intelligent cockpit segment have an annualized sales value exceeding 18 billion yuan [1] Group 3: Market Dynamics - The global automotive market showed a "rise in the East and a slowdown in the West," with global vehicle sales reaching 46.32 million units, a 5% increase year-on-year [3] - Domestic sales in China increased by 24%, with the country’s automotive production and sales exceeding 15 million units for the first half of the year [3] - The company’s overseas sales accounted for approximately 7% of total revenue, marking a nearly 37% increase [3] Group 4: Strategic Developments - The company is focusing on full-stack integration in intelligent cockpit, intelligent driving, and connected services, maintaining its industry-leading position [1] - New production capacities are set to contribute in Indonesia by May 2025, and a plant in Monterrey, Mexico, is expected to enhance local service efficiency [3] - The company is building a diversified and localized supply network by introducing high-quality local suppliers to meet global layout requirements [3]

Group 1 - The company achieved operating revenue of 14.644 billion yuan, representing a year-on-year growth of 25.25% [1] - The net profit attributable to shareholders of the listed company was 1.223 billion yuan, reflecting a year-on-year increase of 45.82% [1] - The net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 1.152 billion yuan, with a year-on-year growth of 45.94% [1] - The basic earnings per share were 2.21 yuan [1]

Core Viewpoint - Desay SV's net profit increased by nearly 46% year-on-year in the first half of the year, outpacing revenue growth, driven by increased customer payments and strong overseas revenue growth [1][2]. Financial Performance - The company achieved operating revenue of 14.644 billion yuan, a year-on-year increase of 25.25% [1]. - Net profit attributable to shareholders reached 1.223 billion yuan, reflecting a year-on-year growth of 45.82% [1]. - Operating cash flow net amount increased by 166% year-on-year, reaching 1.6 billion yuan [1]. Business Segments - The intelligent driving segment saw a revenue increase of 55% year-on-year, totaling 4.147 billion yuan [2]. - The intelligent cockpit business generated sales of 9.459 billion yuan, with an 18.76% year-on-year growth [2]. - New project orders for intelligent cockpit exceeded an annualized sales amount of 18 billion yuan [1]. Market Dynamics - The global automotive market showed a "rise in the East and a slowdown in the West," with global vehicle sales reaching 46.32 million units, a 5% year-on-year increase [2]. - In China, automotive production and sales both exceeded 15 million units for the first half of the year [2]. International Strategy - The company's overseas sales revenue accounted for approximately 7% of total revenue, a year-on-year increase of nearly 37% [3]. - New production capacity in Indonesia is expected to contribute starting in May 2025, enhancing supply chain capabilities in Southeast Asia [3]. - A new plant in Monterrey, Mexico, is set to provide localized services for the Americas, with a smart factory in Spain expected to start production in 2026 [3].

Mergers and Acquisitions - Jiuding Investment plans to acquire 53.29% stake in Nanjing Shenyuan Intelligent Technology for 213 million yuan, aiming to expand its industrial layout and cultivate new growth points in response to national policies promoting high-quality development [1] - Huangshanghuang intends to acquire 51% stake in Lixing Food for 495 million yuan, which will grant it controlling interest and include Lixing Food in its consolidated financial statements [2] Performance Disclosure - Jintuo Co. reported a net profit of 53.35 million yuan for the first half of the year, a year-on-year increase of 49.01%, with revenue reaching 369 million yuan, up 12.44% [3] - Gaozheng Min Explosive announced a net profit of 69.2 million yuan for the first half of the year, reflecting a 25.7% increase, with revenue of 771 million yuan, up 6.55% [4] - Desay SV reported a net profit of 1.223 billion yuan for the first half of the year, a 45.82% increase, with revenue of 14.644 billion yuan, up 25.25%, driven by growth in its smart cockpit and smart driving businesses [5] Shareholding Changes - Qide New Materials' controlling shareholder plans to reduce its stake by up to 2% within three months following the announcement [6] - Wei Communication's shareholders plan to collectively reduce their holdings by up to 4.14%, with specific reductions outlined for two shareholders and an executive [7] - Feilu Co.'s shareholders plan to reduce their stakes by up to 3.13% for personal financial needs, with specific share amounts detailed [8] Legal and Financial Risks - Chunxing Precision's subsidiary is involved in an arbitration case amounting to approximately 806 million yuan, which could lead to financial pressure if the company loses the case [9] - Huangting International's subsidiary's asset, Shenzhen Huangting Plaza, is set for judicial auction with a starting price of 3.053 billion yuan, potentially triggering financial delisting risks due to its significant impact on the company's assets and revenue [10]

德赛西威（SZ 002920，收盘价：106.02元）8月11日晚间发布半年度业绩报告称，2025年上半年营业收 入约146.44亿元，同比增加25.25%；归属于上市公司股东的净利润约12.23亿元，同比增加45.82%；基 本每股收益2.21元，同比增加46.36%。 （文章来源：每日经济新闻） ...

德赛西威（SZ 002920，收盘价：106.02元）8月11日晚间发布公告称，公司第四届第十二次董事会会议 于2025年8月11日以现场及通讯方式召开。会议审议了《关于公司2025年半年度报告全文及其摘要的议 案》等文件。 2025年1至6月份，德赛西威的营业收入构成为：汽车电子占比100.0%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The report highlights the financial performance and strategic direction of Huizhou Desay SV Automotive Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit, alongside a commitment to innovation and international expansion in the automotive electronics sector. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 14.64 billion yuan, representing a year-on-year increase of 25.25% compared to 11.69 billion yuan in the same period last year [11][21]. - The net profit attributable to shareholders was approximately 1.15 billion yuan, up 45.94% from 789.72 million yuan in the previous year [11][21]. - Basic earnings per share increased to 2.21 yuan, a rise of 46.36% from 1.51 yuan [11][21]. - The total assets at the end of the reporting period were approximately 21.66 billion yuan, showing a slight increase of 0.81% from the previous year [11][21]. Business Overview - The company focuses on three main areas: intelligent cockpits, intelligent driving, and connected services, maintaining a leading position in the industry [9][10]. - The intelligent cockpit segment generated approximately 9.46 billion yuan, accounting for 64.59% of total revenue, while the intelligent driving segment achieved 4.15 billion yuan, reflecting a growth of 55.49% [11][21]. - The connected services and other segments contributed approximately 1.04 billion yuan, a slight decrease of 2.11% [11][21]. Market Trends - The automotive industry in China experienced a significant increase in production and sales, with new energy vehicle sales reaching 696.8 million units, a year-on-year growth of 41.4% [7][8]. - The report indicates a strong demand for intelligent and connected vehicle technologies, driven by the rapid advancement of smart driving systems and the need for enhanced safety and reliability [8][9]. Strategic Initiatives - The company has updated its development strategy, emphasizing a mission to lead in safe, enjoyable, and green travel, and a vision of "smart travel, globally shared" [8][9]. - It aims to enhance its technological capabilities and expand its international presence, with a focus on building a global supply chain network and localizing services [16][18]. - The company is committed to sustainable development, aligning its operations with carbon neutrality goals and enhancing its product offerings to meet low-carbon standards [18][19].

惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告摘要 证券代码：002920 证券简称：德赛西威 公告编号：2025-057 惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告 摘要 惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告摘要 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 □适用 ?不适用 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 股票简称 德赛西威 股票代码 002920 股票上市交易所 深圳证券交易所 联系人和联系方式 董事会秘书 证券事务代表 姓名 章俊 林洵沛 广东省惠州市惠南高新科技产业园惠 广东省惠州市惠南高新科技产业园惠 办公地址 泰北路 6 号 泰北路 6 号 电话 0752-2638669 0752-2638669 电子信 ...