Yealink(SZ:300628) Zheng Quan Shi Bao Wang·2025-07-16 09:44Core Viewpoint - The company, Yealink Network, anticipates a decline in net profit for the first half of 2025 due to uncertainties in the international trade environment, despite stable gross margins and ongoing sales efforts [1][2]. Financial Performance - Yealink Network projects revenue for the first half of 2025 to be between 2.64 billion and 2.667 billion yuan, representing a year-on-year decrease of 0% to 1% [1]. - The expected net profit is between 1.224 billion and 1.251 billion yuan, reflecting a year-on-year decline of 8% to 10% [1]. - The company's non-recurring net profit is estimated to be between 1.14 billion and 1.165 billion yuan, down 7% to 9% year-on-year [1]. Business Operations - The company has made orderly progress in expanding its sales operations, but the uncertainties in the international trade environment have disrupted short-term business developments [1]. - The transition period for the relocation of overseas production capacity has caused a temporary impact on order shipments [1]. - Despite macroeconomic challenges, the company's gross margin remains stable, although the expense ratio has increased due to lower-than-expected revenue growth and the impact of tariff policies [1]. Market Environment - Yealink Network has previously disclosed risks related to international trade policies and tariffs, highlighting the potential challenges posed by the current unstable global political environment and complex geopolitical situations [2]. - The implementation of "reciprocal tariffs" by the U.S. government since 2025 has raised concerns about increased tariff costs, which could compress profit margins and affect the stability of overseas order deliveries [2]. - The company is closely monitoring policy developments and has deployed strategic measures to adapt to potential changes in trade policies [2]. Shareholder Actions - Recently, the company announced that its actual controller's concerted action party, Xiamen Yiwanlian Information Technology Service Co., Ltd., plans to reduce its shareholding by up to 1.8 million shares, representing no more than 0.14% of the total share capital [3]. - The reason for the reduction is attributed to personal funding needs of certain shareholders, with the selling price determined based on market conditions at the time of the sale [3].