蓝思科技8月25日披露半年报，公司上半年实现营业收入329.6亿元，同比增长14.18%；归属于上市公司 股东的净利润11.43亿元，上年同期8.61亿元，同比增长32.68%；基本每股收益0.23元。 ...

蓝思科技公告，2025年上半年实现营业收入329.6亿元，同比增长14.18%；归属于上市公司股东的净利 润11.43亿元，同比增长32.68%。公司拟向全体股东每10股派发现金红利1.00元（含税）。 ...

蓝思科技股份有限公司 2025 年半年度报告 定 2025-005 2025 年 8 月 蓝思科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人周群飞、主管会计工作负责人刘曙光及会计机构负责人(会计 主管人员)谭海峰声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划等前瞻性陈述并不构成公司对投资者的实质承诺， 请投资者及相关人士对此保持足够的风险认识，并且正确理解经营计划、预 测与业绩承诺之间的差异。 公司在"第三节、管理层讨论与分析"中的"十、公司面临的风险和应 对措施"中披露了公司当前可能面临的风险，请投资者注意阅读。 公司经本次董事会审议通过的利润分配预案为：以实施利润分配股权登 记日登记的总股本扣除公司回购专用账户中的回购股份为基数，向全体股东 每 10 股派发现金红利 1.00 元（含税），送红股 0 股（含税），不以公积金转增 股本。 1 ...

蓝思科技公告，2025年上半年，公司实现营业收入329.6亿元，同比增长14.18%；净利润11.43亿元，同 比增长32.68%。 ...

Core Viewpoint - Lens Technology's stock price has shown significant growth this year, with a 32.78% increase year-to-date and notable gains over various trading periods, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of August 25, Lens Technology's stock price was 28.55 CNY per share, with a market capitalization of 150.87 billion CNY [1]. - The stock has increased by 10.79% over the last five trading days, 21.90% over the last 20 days, and 43.67% over the last 60 days [2]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 1.07 billion CNY on April 7 [2]. Group 2: Company Overview - Lens Technology, established on December 21, 2006, and listed on March 18, 2015, specializes in the research, production, and sales of protective panels for electronic products [2]. - The company's main products include protective screens for smartphones and tablets, with a revenue composition of 82.63% from smartphones and computers, 8.49% from smart vehicles, and 4.99% from smart wearables [2][3]. Group 3: Financial Performance - For the first quarter of 2025, Lens Technology reported a revenue of 17.06 billion CNY, representing a year-on-year growth of 10.10%, and a net profit of 429 million CNY, up 38.71% year-on-year [3]. - The company has distributed a total of 9.465 billion CNY in dividends since its A-share listing, with 4.452 billion CNY distributed in the last three years [4]. Group 4: Shareholder Information - As of March 31, 2025, the number of shareholders increased by 14.93% to 128,100, with an average of 38,760 circulating shares per shareholder, a decrease of 12.98% [3]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [4].

Investment Rating - The report maintains an "Overweight" rating for the consumer electronics sector, indicating a positive outlook for the industry [5]. Core Insights - The consumer electronics sector is entering a peak season for new product launches, with expectations for valuation restructuring as major companies release AI smartphones and AR glasses [1]. - Apple's FY25Q3 revenue reached $94.04 billion, a 10% year-over-year increase, driven by strong performance across iPhone, Mac, and services, with significant investments in AI [2][9]. - The report highlights the anticipated innovation in Apple's upcoming products, including a potential entry into the foldable smartphone market [3][13]. - The consumer electronics sector's long-term growth logic remains solid, with AI innovations expected to accelerate the replacement cycle for devices and drive hardware upgrades [4]. Summary by Sections Apple Performance - Apple's FY25Q3 revenue was $94.04 billion, exceeding expectations and marking a 10% increase year-over-year, with net income of $23.43 billion [9][10]. - iPhone revenue reached $44.58 billion, a 13% increase, while Mac revenue was $8.05 billion, up 15% [11]. - The company plans to invest $600 billion in AI over the next four years, with significant acquisitions to enhance its product roadmap [2][12]. Foldable Smartphone Market - The global foldable smartphone market is projected to grow, with Apple expected to enter this segment, potentially revitalizing the market [13][20]. - In 2024, foldable smartphone shipments in China are expected to increase by 30.8%, indicating strong market potential [13]. AR and AI Glasses - The global smart glasses market saw a 110% year-over-year growth in the first half of 2025, driven by strong demand for AI glasses [21]. - Meta is set to release its first consumer AR glasses, which feature advanced display technology and are expected to enhance the AR ecosystem [29]. - The report notes that the AI glasses segment is experiencing rapid growth, with a year-over-year increase of over 250% [21][22].

Index Performance - The CSI A500 Index increased by 4.27% this week, closing at 5198.91 points as of August 22 [5] - The average daily trading volume for the week was 8003.97 billion yuan, with a week-on-week increase of 32.60% [5] Component Stocks Performance - The top ten gainers this week included: 1. Cambrian (688256.SH) with a rise of 34.59% 2. Sinopec Capital (000617.SZ) up by 34.38% 3. ZTE Corporation (000063.SZ) increasing by 32.21% 4. Kunlun Wanwei (300418.SZ) up by 23.48% 5. Northern Rare Earth (600111.SH) rising by 22.95% [2] - The top ten losers included: 1. Quzhou Development (600208.SH) down by 11.68% 2. Giant Star Technology (002444.SZ) decreasing by 6.90% 3. Weilan Lithium Core (002245.SZ) down by 6.82% 4. Xuan Tai Medical (688617.SH) down by 5.66% 5. Tiger Med (300347.SZ) decreasing by 4.92% [2] Fund Performance - All 39 CSI A500 funds closed with a gain of 2% or more this week, with the leading fund being Huatai-PineBridge's A500 Index Fund (512370) which rose by 4.62% [5] - The total scale of CSI A500 funds reached 1810.70 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale are: 1. Huatai-PineBridge with 203.31 billion yuan 2. Guotai Fund with 183.57 billion yuan 3. E Fund with 183.57 billion yuan [5] Market Outlook - Shenyin Wanguo Securities reported a continued bullish market atmosphere, expecting strong performance to persist until early September, with limited corrections thereafter [5] - Guotai Junan Securities emphasized a cautious optimism regarding the market's upward potential, suggesting that a transition from liquidity-driven growth to fundamental-driven growth is necessary for sustained upward movement [5]

Summary of Key Points Core Viewpoint - In the recent 10-day period from August 11 to August 22, overseas institutions conducted research on 69 listed companies, with Huaming Equipment being the most scrutinized, attracting 27 overseas institutions [1]. Group 1: Research Activity - A total of 214 companies were researched by institutions in the last 10 days, with securities companies conducting research on 201 companies, accounting for the largest share [1]. - Fund companies followed with research on 174 companies, while overseas institutions visited 69 listed companies [1]. - Huaming Equipment was the most researched company by overseas institutions, followed closely by Desay SV [1]. Group 2: Stock Performance - The average stock price of companies researched by overseas institutions increased by 9.38% over the 10-day period [1]. - Notable performers included Shengyi Electronics, which saw a cumulative increase of 29.47%, and Lens Technology with a rise of 27.36% [1]. - Conversely, four companies experienced stock price declines, with Sand Technology facing the largest drop of 15.48% [1]. Group 3: Earnings Performance - Among the companies that received attention from overseas institutions, 49 reported mid-term earnings, with Haopeng Technology and Tongxing Technology showing significant net profit growth [1].

Core Viewpoint - Lens Technology's stock price has shown significant growth this year, with a notable increase in trading activity and institutional holdings, indicating strong market interest and potential for future performance [1][2][3]. Group 1: Stock Performance - On August 22, Lens Technology's stock fell by 2.01%, trading at 27.77 CNY per share, with a total transaction volume of 1.545 billion CNY and a market capitalization of 146.747 billion CNY [1]. - Year-to-date, Lens Technology's stock has increased by 29.15%, with a 12.79% rise over the last five trading days, 17.57% over the last 20 days, and 34.86% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 7, where it recorded a net purchase of 107 million CNY [1]. Group 2: Company Overview - Lens Technology, established on December 21, 2006, and listed on March 18, 2015, specializes in the research, production, and sales of protective panels for electronic products, primarily smartphone screens [2]. - The company's revenue composition includes 82.63% from smartphones and computers, 8.49% from smart automotive and cockpit products, 4.99% from smart glasses and wearables, and 2.01% from other smart terminals [2]. - Lens Technology operates within the electronic industry, specifically in the consumer electronics sector, and is involved in various concept segments such as special glass and smart home technology [2]. Group 3: Financial Performance - For the first quarter of 2025, Lens Technology reported a revenue of 17.063 billion CNY, reflecting a year-on-year growth of 10.10%, and a net profit attributable to shareholders of 429 million CNY, up 38.71% year-on-year [2]. - The company has distributed a total of 9.465 billion CNY in dividends since its A-share listing, with 4.452 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of March 31, 2025, Lens Technology had 128,100 shareholders, an increase of 14.93% from the previous period, with an average of 38,760 circulating shares per shareholder, down 12.98% [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 129 million shares, and various ETFs, with some experiencing a decrease in holdings [3].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Technology, specifically focusing on the Apple supply chain in the Asia Pacific region - **Key Companies Mentioned**: Apple, Hon Hai, Largan, Lens Tech, Cowell, Zhen Ding, BYD Electronic (BYDE), FII Core Insights and Arguments 1. **Supply Chain Stocking for New Models**: - New model stocking for 2H25 is slightly above 90 million units, similar to the previous year's 90-95 million units, indicating a stable supply chain outlook [1][12] - Market's previous bearish sentiment (-5-10% YoY) has eased due to relieved tariffs on Apple products [1][12] 2. **Upcoming iPhone Models and Specifications**: - **iPhone 17 (2025)**: Introduction of a new slim model with titanium casing, upgraded camera specifications, and a higher average selling price (ASP) for certain components [2][21] - **iPhone 18 (2026)**: Anticipation of a foldable model and significant camera upgrades, which could lead to a substantial increase in ASP for mechanical and PCB suppliers [3][22] 3. **Share Price Trends**: - Historical data shows that supply chain stocks typically rally before product launches and may correct afterward as profits are booked [4][27] - Key suppliers have experienced an average share-price rally of 13% since May, indicating positive market sentiment [4][27] 4. **Investment Recommendations**: - Maintain "Buy" ratings on Hon Hai, Largan, Lens Tech, Cowell, and Zhen Ding due to their strong positions in the supply chain [5][9] - Upgrade AAC to "Buy" based on expected earnings growth, while downgrading BYDE to "Neutral" due to casing ASP pressures [5][9] Additional Important Insights 1. **Market Dynamics**: - The share price performance post-launch is influenced by Apple's pricing strategy, consumer feedback, and expectations for future models [28][30] - The upcoming cycles (2025-2027) are expected to be more exciting due to significant form-factor changes and hardware upgrades, which could support supply chain valuations [29][30] 2. **Regional Shipment Trends**: - iPhone shipments in the Asia Pacific region (excluding China) showed strong growth in 2024, compensating for weaker demand in China [17][19] 3. **Component Supply Chain**: - A detailed breakdown of key suppliers for various components, highlighting the reliance on both China and non-China suppliers for different parts of the iPhone [25][26] 4. **Historical Performance Analysis**: - Analysis of past iPhone launches indicates that significant design changes often lead to positive share price movements in the supply chain, while limited changes can result in weaker performance [28][30] This summary encapsulates the critical insights from the conference call, focusing on the Apple supply chain's dynamics, upcoming product specifications, and investment recommendations.