Hangzhou EZVIZ Network (SH:688475) Chang Jiang Shang Bao·2025-08-03 23:42Core Viewpoint - The company, Yingzi Network, has demonstrated steady growth in its overall business performance, driven by technological innovation and a focus on core competencies in the smart home and IoT cloud platform sectors [1][2][3]. Financial Performance - In the first half of 2025, Yingzi Network achieved operating revenue of 2.827 billion yuan, a year-on-year increase of 9.45% [1][2]. - The net profit attributable to shareholders was 302 million yuan, reflecting a year-on-year growth of 7.38% [1][2]. - The net profit after deducting non-recurring gains and losses was 298 million yuan, up 7.69% year-on-year [1][2]. - The company reported a significant increase in net cash flow from operating activities, reaching 330 million yuan, a 911% increase compared to the previous period [3]. Research and Development - Yingzi Network invested 423 million yuan in R&D in the first half of 2025, accounting for 14.95% of its operating revenue [1][4]. - The company has a workforce of 1,412 R&D personnel, making up 31.15% of its total staff [4]. - As of June 2025, Yingzi Network holds 345 authorized invention patents and 96 software copyrights, with 26 new patents and 3 software copyrights granted in the first half of 2025 [4]. Business Segments - Yingzi Network operates in two main business areas: smart home products and IoT cloud platform services, establishing a competitive edge [1][5]. - The smart home segment generated 2.256 billion yuan in revenue in the first half of 2025, an increase of 8.88% year-on-year, accounting for 80.26% of the company's main business revenue [5][6]. - The smart entry business has emerged as a star segment, achieving 400 million yuan in revenue, a growth of 27.61% year-on-year [1][6]. Market Expansion - The company has expanded its international business, with overseas revenue growing by 25.42% in the first half of 2025, now accounting for 38% of total revenue [6]. - Yingzi Network's smart home products are sold through e-commerce and offline channels, generating 558 million yuan and 1.699 billion yuan in revenue, respectively, with year-on-year growth of 27.92% and 3.82% [6]. Investor Returns - In May 2025, the company completed a dividend distribution of 276 million yuan for the 2024 fiscal year, representing 54.7% of its net profit for that year [7].