ZHUHAI COSMX(688772) 长江商报·2025-04-02 00:36Core Insights - Zhuhai Guanyu (688772.SH) has shown steady improvement in its operating performance, with total revenue reaching 11.541 billion yuan, a year-on-year increase of 0.83%, and a net profit of 430 million yuan, up 25.03% [1][2] Financial Performance - The company reported a non-deductible net profit of 349 million yuan, reflecting a significant year-on-year growth of 51.01% [2] - The increase in net profit is attributed to enhanced market share, optimized cost control through refined operations, and increased foreign exchange gains due to currency fluctuations [1][2] Revenue Breakdown - Domestic revenue amounted to 3.876 billion yuan with a gross margin of 17.33%, while overseas revenue reached 7.306 billion yuan with a gross margin of 30.58%, accounting for 63.3% of total revenue [1][6] - The traditional consumer battery segment has entered a mature phase, with revenue from laptop products declining by 4.04% to 6.344 billion yuan, despite a sales volume increase of 13.28% [3] - Revenue from mobile phone products also saw a decline of 5.17% to 3.251 billion yuan, with a sales volume increase of 7.93% [3] - The power and energy storage market has been a key focus, with revenue from this segment growing by 48.70% to 982 million yuan, primarily driven by low-voltage lithium batteries for vehicles and drone batteries [3][4] R&D Investment - R&D expenses have been on the rise, reaching 1.458 billion yuan in 2024, a year-on-year increase of 26.82%, representing 12.64% of total revenue [6][7] - Cumulatively, the company has invested 4.409 billion yuan in R&D over the past five years [7] - As of the end of 2024, the company holds 2,205 valid domestic patents, including 698 invention patents [7] Shareholder Changes - Notable changes in shareholder structure include a reduction in holdings by Xiaomi Changjiang and Hangzhou Changpan, with Xiaomi's stake decreasing from 3.70% at the time of listing to 1.70% by the end of 2024 [7]