歌尔股份上半年营收同比下降7%，归母净利润同比增长15.6%

Core Insights - The company experienced a slight decline in revenue due to challenges in the smart acoustic device segment, but net profit saw double-digit growth driven by product structure optimization and lean operations [1][2][3] Financial Performance - Revenue for the first half of 2025 was 37.55 billion yuan, a decrease of 7.02% year-on-year; net profit attributable to shareholders was 1.42 billion yuan, an increase of 15.65% [2][3] - The overall gross margin improved to 13.66%, up 2.09 percentage points from the previous year [2][3] - Operating cash flow was a net inflow of 1.87 billion yuan, with cash and cash equivalents at 20.18 billion yuan at the end of the period [2][5] Business Segment Performance - Precision components business revenue was 7.60 billion yuan, a year-on-year increase of 20.54%, with a gross margin of 23.49% [3][4] - Smart acoustic devices revenue fell to 8.32 billion yuan, down 34.92% year-on-year due to product iteration impacts [3][4] - Smart hardware revenue grew to 20.34 billion yuan, a 2.49% increase, with emerging products like AI smart glasses showing rapid development [3][4] Growth Drivers - The rapid development of AI technology is providing new growth momentum, particularly in the precision components and AI smart glasses segments [4] - The global market for AI smart glasses is expanding, with the company leveraging its expertise in acoustics, optics, and microelectronics to maintain a leading position [4] Financial Structure - Total assets at the end of the period were 86.41 billion yuan, a 4.47% increase from the beginning of the year; net assets attributable to shareholders were 33.89 billion yuan, up 2.11% [5] - Cash and cash equivalents increased by 15.52% compared to the beginning of the year, providing a solid financial foundation for business development and strategic investments [6] R&D Investment - R&D expenditure reached 2.14 billion yuan, accounting for 5.69% of revenue and 6.43% of the most recent audited net assets, supporting the company's technological leadership in emerging fields like AI and VR/AR [6]