Hangcha (SH:603298) Xin Lang Cai Jing·2025-08-25 00:31Core Viewpoint - The company maintains steady growth in its performance for H1 2025, with strong results in emerging sectors such as intelligent logistics and lithium batteries, while accelerating the layout of the embodied intelligence industry chain, indicating a positive outlook for the recovery of traditional businesses and synergistic growth in new businesses [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue and net profit attributable to shareholders of 9.302 billion and 1.121 billion respectively, representing year-on-year increases of 8.74% and 11.38% [2] - The gross margin and net profit margin for H1 2025 were 21.96% and 12.58%, showing increases of 0.55 percentage points and 0.05 percentage points year-on-year [2] - In Q2 2025, the company reported revenue and net profit attributable to shareholders of 4.796 billion and 685 million respectively, with year-on-year growth of 9.43% and 9.08% [2] Group 2: Business Strategy and Market Development - The company is focusing on enhancing sales channels domestically, utilizing models such as rental and sales to increase market share, with its leasing segment seeing over 80% year-on-year revenue growth [3] - Internationally, the company has established new subsidiaries in Central Asia and France, achieving record export sales of nearly 60,000 units, a year-on-year increase of over 25% [3] - The company has formed stable partnerships with leading global enterprises across various industries, and a factory in Thailand is expected to be completed in Q4, supporting its strategy of "local production + global market + localized service" [3] Group 3: Emerging Business Growth - The intelligent logistics sector has expanded to cover over 20 industries, with more than 7,000 AGVs deployed, and customized solutions in North America improving customer warehouse efficiency by 50% [4] - In the lithium battery segment, the company’s PACK assembly revenue exceeded 100 million, marking a year-on-year growth of over 100% [4] - The company is advancing its layout in humanoid intelligent logistics robots, with accelerated progress since Q2, and has acquired a robotics company to enhance its overall solution capabilities in intelligent logistics [4]