H&T INTELLIGENT(SZ:002402) Zheng Quan Shi Bao Wang·2025-08-14 13:17Core Insights - The company reported a revenue of 5.446 billion yuan for the first half of 2025, representing a year-on-year growth of 19.21%, and a net profit attributable to shareholders of 354 million yuan, up 78.65% year-on-year [1] - Operating cash flow net amount reached 147 million yuan, a significant increase of 224.15% compared to the same period last year, with the controller business segment's cash flow net amount growing over 640% [1] - The overall gross margin improved by 1.66 percentage points due to continuous optimization of product and customer structure [1] Business Segments - The core controller business generated 5.245 billion yuan, accounting for over 96% of total revenue, with a year-on-year growth of 16.64% [1] - Revenue from home appliance controllers was 3.563 billion yuan, up 22.14% year-on-year; electric tools and industrial automation controllers generated 535 million yuan, an increase of 8.32%; smart product controllers earned 618 million yuan, growing by 9.92%; and automotive electronic controllers reached 415 million yuan, up 5.20% [1] - The company is expanding its customer base and project implementation across multiple business directions, maintaining a growth trend [1] Strategic Initiatives - The home appliance controller business is supported by a robust technical system and supply chain, with steady order increases from major domestic and international clients [2] - The electric tools segment maintains stable order delivery rhythms while expanding industrial-grade product lines and overseas delivery capabilities [2] - The automotive electronics sector focuses on smart cockpit and energy management, enhancing collaboration with OEMs and Tier 1 suppliers [2] - The smart business segment is positioned as a strategic growth driver, leveraging new intelligent controllers and AI service platforms across various industries [2] - The company has established manufacturing bases in multiple locations, including Shenzhen, Qingdao, Hefei, Vietnam, Italy, Romania, and Mexico, to support a "multi-regional manufacturing + local delivery" model [2] Governance and Investor Relations - In response to regulatory guidance and investor concerns, the company launched a "Quality and Return Improvement" action plan focusing on core business, governance enhancement, return emphasis, and improved communication [3] - The company has completed cash dividends, distributing 92.13 million yuan, and published the 2024 ESG report to enhance transparency [3] - Internal governance structures have been optimized, with continuous improvements in corporate governance and risk management mechanisms [3]