OFILM(SZ:002456) Zheng Quan Zhi Xing·2025-08-05 05:49Core Viewpoint - O-Film Technology Co., Ltd. is expected to report a net loss of 85 million to 115 million yuan in the first half of 2025, marking a significant shift from profit to loss year-on-year, primarily due to the loss of Apple orders since 2020 and ongoing challenges in its smart automotive and new business segments [1][2]. Financial Performance - The company anticipates a net loss of 85 million to 115 million yuan for the first half of 2025, compared to a profit of 39.14 million yuan in the same period last year [2]. - The non-recurring net profit is projected to be a loss of 130 million to 160 million yuan, representing an increase in loss of 805% to 1014% year-on-year [2]. - Cumulative non-recurring losses over five years exceed 10 billion yuan, with total losses from 2020 to the first half of 2025 estimated at 10.06 billion to 10.09 billion yuan [3]. Business Segments - The company's revenue sources are primarily from smartphones (79.23%), smart automotive (11.74%), and new fields (8.56%) as of 2024 [4]. - The smart automotive segment generated revenue of 2.4 billion yuan in 2024, but its gross margin fell to 8.7%, down 6.15 percentage points year-on-year, making it the lowest among the company's business segments [5]. Strategic Developments - O-Film has entered the smart glasses market as the exclusive supplier of AI camera modules for Xiaomi's new AI glasses, although the profitability of this venture is questioned [6][7]. - The company has adjusted its fundraising plans, reallocating 554 million yuan from previous projects to new initiatives in smart automotive and optical lens businesses [7][8]. Management Changes - A new vice president, Sun Shiquan, has been appointed to strengthen financial management and internal controls amid ongoing financial pressures [3].