欧菲光一季度再亏5895万：手机汽车都卷，怎么办？

Core Viewpoint - Company O-Film Technology has reported a significant shift from profit to loss in its Q1 2025 financial results, despite a slight increase in revenue, indicating ongoing challenges in profitability amidst industry competition [1][3]. Financial Performance - In Q1 2025, O-Film achieved operating revenue of 4.882 billion yuan, a year-on-year increase of 5.07% [1]. - The net profit attributable to shareholders turned into a loss of 58.95 million yuan, a decline of 470.51% year-on-year [1]. - The loss in net profit after excluding non-recurring items expanded to 86.08 million yuan, a 388.82% increase compared to the same period last year [1]. - The gross profit margin for Q1 2025 was 10.36%, down 0.13 percentage points year-on-year and 1.24 percentage points from the end of the previous year [3]. Industry Context - The company has struggled with a "revenue without profit" dilemma, attributed to intensified competition in the consumer electronics sector, particularly among smartphone manufacturers [2][3]. - The automotive supply chain, seen as a potential growth area, faces even fiercer competition than the smartphone market, making profitability challenging without sufficient technological support and scale advantages [3]. New Business Ventures - O-Film's revenue from smart automotive products increased by 25.73% year-on-year to 2.4 billion yuan, maintaining the same proportion of total revenue as the previous year [3]. - The company is investing heavily in new fields such as VR/AR, smart locks, and medical endoscopes, which are seen as critical for future growth [4]. - Despite the higher gross margins in these new business areas, they have not yet achieved significant scale to contribute positively to the company's profitability [4]. Investment Losses - A substantial portion of the net loss in Q1 2025 was due to significant losses from investments in joint ventures and associates, amounting to 40.77 million yuan, which accounted for 69.17% of the net profit loss [4][5].