日久光电：上半年扣除股份支付影响后净利润增长65.5% 多元业务结构优化成效显著

Core Insights - Jiangsu Riju Optoelectronics Co., Ltd. reported steady growth in its operations for the first half of 2025, with revenue reaching 302 million yuan, a year-on-year increase of 8.06% [1] - The net profit attributable to shareholders was 45.61 million yuan, reflecting a 37.87% increase compared to the previous year, while the net profit excluding non-recurring gains and losses was 44.13 million yuan, up 52.28% [2] - The company achieved a significant increase in net profit to 54.75 million yuan after excluding share-based payment expenses, marking a 65.5% year-on-year growth, indicating improved profitability quality [2] Financial Performance - The overall revenue growth was accompanied by a notable enhancement in profitability, with the net profit attributable to shareholders at 45.61 million yuan, a 37.87% increase [2] - The net profit excluding non-recurring items reached 44.13 million yuan, up 52.28%, while the adjusted net profit after excluding share-based payment expenses was 54.75 million yuan, reflecting a 65.5% increase [2][3] Business Development - The company continued to optimize its product structure through the collaborative development of various business segments, including conductive films, optical films, and optical adhesives [3] - The traditional ITO conductive film revenue was 127 million yuan, down 8.17%, while the OCA optical adhesive revenue was 56 million yuan, down 25.23% [3] - The emerging business of dimmable conductive films saw significant growth, with revenue reaching 73.77 million yuan, a 127.66% increase, driven by applications in automotive smart glass [3][4] Research and Development - R&D expenditure increased to 16.27 million yuan, a growth of 11.33%, reflecting a higher proportion of revenue allocated to R&D [5] - The company is focusing on core technology areas such as wet coating, magnetron sputtering, and precision lamination, which are essential for long-term product competitiveness [5] Cash Flow and Investment - The net cash inflow from operating activities was 92.56 million yuan, a 54.96% increase, indicating improved management efficiency in sales collection and cost control [5] - Significant fixed asset investments were made for acquiring vacuum magnetron sputtering equipment and establishing new functional film production lines, indicating proactive capacity expansion [5] Strategic Positioning - The company has developed a diversified business structure with core products such as conductive films, optical films, and optical adhesives, establishing a robust downstream customer ecosystem [6] - With strong technical accumulation and cost control in the ITO conductive film sector, the company is successfully expanding into higher value-added areas like optical films and dimmable conductive films [7] - The growing demand for high-performance film materials in emerging applications like automotive displays and smart glass presents further market opportunities for the company [7]