研发投入超10%，菱电电控上半年净利大增482%

Core Viewpoint - The company, Lingdian Electric Control, reported significant growth in its half-year performance, driven by increased sales revenue and improved R&D efficiency, positioning itself strongly in the automotive power electronics control system market [1][2]. Financial Performance - For the first half of 2025, the company achieved an operating revenue of approximately 632 million yuan, representing a year-on-year increase of 17.78% [1]. - The net profit attributable to shareholders reached 43.02 million yuan, a substantial increase of 481.88% year-on-year [1]. - The net profit after deducting non-recurring items was 36.82 million yuan, showing a remarkable growth of 959.57% compared to the previous year [1]. - R&D investment during the reporting period amounted to 69.15 million yuan, accounting for 10.95% of operating revenue [1]. Business Strategy and Market Position - Lingdian Electric Control focuses on the development of automotive engine management systems, electric vehicle power electronics control systems, hybrid vehicle power electronics control systems, and intelligent connected products [1]. - The company has established a presence in the EMS market, with its products being used by major clients such as Li Auto, Leap Motor, and JAC, and is actively expanding into overseas markets [2]. - The company aims to leverage its customer advantages in the EMS field to expand the application of electrification products, particularly in hybrid models [2]. Recent Developments - The company's stock price has increased by over 60% this year, with a closing price of 66.7 yuan and a market capitalization of 3.5 billion yuan as of August 15 [3]. - Lingdian Electric Control announced plans to acquire 98.426% of Aoyikes for a transaction price of 478 million yuan, aiming to enhance its market position and promote domestic substitution of EMS products [3].