欧菲光上半年亏损过亿元：行业困境与转型阵痛并行

Core Viewpoint - The company reported a revenue increase but faced significant net profit losses, indicating challenges in profitability during a strategic transformation phase [2][3][5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 9.837 billion yuan, a year-on-year increase of 3.15%, while the net profit attributable to shareholders was -109 million yuan, a decline of over 370% [3][5]. - The basic earnings per share were -0.0332 yuan, reflecting the profit downturn despite revenue growth [2]. Business Segments - The smartphone segment remains the core business, generating 7.437 billion yuan in revenue, a slight increase of 0.43% [3]. - The smart automotive business showed significant growth, with revenue reaching 1.262 billion yuan, up 18.19%, marking it as the largest highlight [3]. - New fields, including smart locks and VR/AR, contributed 1.105 billion yuan, a growth of 9.73%, but overall, these segments are still limited in scale [3]. Cost and Investment - Research and development expenses amounted to 758 million yuan, representing 7.7% of revenue, indicating a strategic focus on optical modules and automotive lenses [3]. - Increased costs from stock incentive plans and losses from joint ventures further pressured profit margins [5][6]. Industry Context - The global smartphone market is experiencing slowed growth, with IDC revising the expected growth rate from 2.3% to 0.6% for 2025, impacting component manufacturers like the company [4][6]. - The automotive sector is growing, particularly in electric vehicles, but competition is intensifying, limiting profit margins despite the company’s double-digit growth in this area [4][6]. Strategic Challenges - The company is navigating a critical transformation phase, needing to stabilize its core smartphone business while investing in smart automotive and new fields to foster new growth points [6]. - Balancing investment and profitability is crucial for the company’s long-term competitiveness, as it faces pressures from both internal and external factors [6].