欧菲光增收不增利背后

Core Viewpoint - After emerging from losses in 2023, OFILM (002456.SZ) has once again reported losses in the first half of 2025, with a net profit of -1.09 billion yuan, a decrease of 378.13% year-on-year, despite a slight revenue increase of 3.15% to 9.837 billion yuan [2][3]. Financial Performance - The company's net profit attributable to shareholders turned from profit to loss, with a significant drop of 378.13% year-on-year [3]. - The net profit excluding non-recurring gains and losses was -150 million yuan, a decrease of 944.18% year-on-year [3]. - The first quarter of 2025 already showed a decline in net profit, with a loss of 58.95 million yuan, down 470.51% year-on-year [3]. - The main reasons for the profit decline include increased share-based payment expenses due to an equity incentive plan and reduced investment income from joint ventures, particularly from Anhui Jingzhuo Optoelectronics Technology [3][5]. Revenue and Business Segments - In the first half of 2025, OFILM achieved revenue of 9.837 billion yuan, with domestic sales accounting for 87.09% and foreign sales 12.91%, the latter growing by 16.40% year-on-year [6]. - The smart automotive product segment showed strong performance, generating 1.262 billion yuan in revenue, an increase of 18.19% year-on-year [6][7]. - The new field product segment also performed well, with revenue of 1.105 billion yuan, up 9.73% year-on-year, and an overall gross margin improvement of 2.57 percentage points [7][8]. Challenges in Smartphone Business - The smartphone business remains the largest revenue source, generating 7.437 billion yuan, but only a slight increase of 0.43% year-on-year [9]. - The overall gross margin for smartphone products decreased by 1.50% to 9.67%, contributing to a decline in the company's overall gross margin to 10% [10]. - The smartphone market is facing challenges, with a slowdown in global shipments and a decline in domestic smartphone market volume, which fell by 2.8% year-on-year in the first five months of 2025 [11][12]. Future Outlook - OFILM is optimistic about opportunities in high-end imaging systems as domestic brands return to the high-end market, driving increased investment in high-end optical hardware [12].