Core Insights - The company reported a revenue of 3.63 billion yuan for the first half of 2025, representing a year-on-year increase of 6.20% [1] - The net profit attributable to shareholders for the same period was 276 million yuan, up 8.40% year-on-year, while the non-recurring net profit was 268 million yuan, reflecting a 9.48% increase [1] Revenue Performance - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, marking a year-on-year growth of 10.71% and a quarter-on-quarter increase of 35.28% [2] - The sales volume of the company's brand, Seres, reached 109,181 vehicles in Q2 2025, which is an 8.92% increase year-on-year and a 141.13% increase quarter-on-quarter [2] Profitability Metrics - The net profit attributable to shareholders in Q2 2025 was 183 million yuan, showing an 18.87% year-on-year increase and a significant 96.94% quarter-on-quarter rise [2] - The gross margin for Q2 2025 was 16.63%, with year-on-year and quarter-on-quarter increases of 0.12 percentage points and 2.25 percentage points, respectively [2] Cost Management - The expense ratios for sales, management, R&D, and finance in Q2 2025 were 0.34%, 2.58%, 3.22%, and 0.57%, respectively, with notable reductions in R&D expense ratio due to the completion of prior projects [2] Business Expansion - The company successfully launched the Seres M8 model, with over 60,000 units delivered by August 1, 2025, indicating strong demand [3] - New business segments have been added, including low-voltage and high-voltage wiring harnesses for various automotive clients, enhancing the company's product offerings [3] Innovation and New Ventures - The company is actively expanding into new applications for wiring harnesses, particularly in robotics, with significant progress in humanoid robot projects and the establishment of a new subsidiary focused on intelligent robotics [4] - The company is also pursuing opportunities in the drone and autonomous vehicle sectors, with ongoing product trials and deliveries [4] Future Outlook - The company anticipates robust growth, projecting revenues of 9.56 billion yuan, 11.56 billion yuan, and 14.11 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 780 million yuan, 940 million yuan, and 1.17 billion yuan [4]
沪光股份(605333):25Q2业绩符合预期 “1+N”业务布局加速