Amlogic(SH:688099) Chang Jiang Shang Bao·2025-08-14 00:02Core Viewpoint - Jingchen Co., Ltd. (688099.SH) continues to demonstrate steady growth, achieving significant revenue and profit increases in the first half of 2025, driven by strong market expansion and high R&D investment [1][2]. Financial Performance - In the first half of 2025, Jingchen Co. reported revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit attributable to shareholders of 497 million yuan, up 37.12% [2][5]. - In Q2 2025, the company achieved a record quarterly revenue of 1.80 billion yuan, representing a year-on-year growth of 9.94% and a quarter-on-quarter increase of 17.72% [2][3]. - The gross margin for the first half of 2025 was 36.8%, an increase of 1.43 percentage points year-on-year [4]. Product and Market Development - Jingchen Co. specializes in the R&D, design, and sales of system-level SoC chips and peripheral chips, with applications across various sectors including consumer electronics, automotive, and industrial [2][6]. - The company reported a record shipment of nearly 50 million chips in Q2 2025, with approximately 44 million being system-level SoC chips [3]. R&D and Innovation - The company maintains a high R&D investment, with R&D expenses reaching 735 million yuan in the first half of 2025, a year-on-year increase of 8.98%, and a cumulative total of 4.56 billion yuan over three and a half years [7][8]. - As of mid-2025, 86.55% of the company's workforce is dedicated to R&D, with an average salary of 332,800 yuan, reflecting a commitment to innovation and technology development [8]. Market Expansion and Efficiency - Jingchen Co. has seen a significant portion of its revenue come from international markets, with overseas revenue accounting for 88.90% of total revenue in the first half of 2025 [6]. - The company has successfully reduced its sales and management expense ratios, indicating improved operational efficiency [7].