美芯晟：2025上半年毛利率跃升11.9个百分点，高端产品驱动效应显著

Core Insights - The company, Meixinsheng (688458.SH), reported significant growth in its 2025 semi-annual performance, with revenue reaching 265 million yuan, a year-on-year increase of 36.83% [1] - The net profit attributable to shareholders was 5.0068 million yuan, marking a substantial year-on-year increase of 131.25%, successfully turning a profit [1] - The comprehensive gross margin reached 35.01%, an increase of 11.9 percentage points year-on-year, reflecting the effectiveness of product structure optimization and supply chain management [1] Financial Performance - Revenue for the reporting period was 265 million yuan, up 36.83% year-on-year [1] - Net profit attributable to shareholders was 5.0068 million yuan, a significant increase of 131.25% year-on-year [1] - The comprehensive gross margin improved to 35.01%, up 11.9 percentage points from the previous year [1] Product Strategy and Market Expansion - The company focuses on a dual-driven strategy of "power management + signal chain," continuously optimizing its product mix [1] - High-margin signal chain and wireless charging product series accounted for 69.17% of sales, an increase of 23.54 percentage points year-on-year, driving profitability [1] - Optical sensor product series saw a year-on-year growth of 246.65%, while the wireless charging product line grew by 61.34% [1] Emerging Market Opportunities - The company is actively expanding into emerging markets such as industrial control, low-altitude flight, and artificial intelligence [1] - In the smart wearable sector, the penetration rate of optical sensors in leading smartwatch brands continues to rise [2] - The ToF laser sensor is rapidly entering the robotics market, with positive market feedback for applications in service robots and smart homes [2] - Multiple optical sensors and wireless charging solutions have successfully entered various AIoT application markets, including smartphones and AI glasses [2] Growth Potential - Analysts believe that the trend of profit recovery is highly certain due to the increasing proportion of high-end products and the realization of scale effects [2] - Continuous breakthroughs in incremental markets such as AIoT, robotics, and low-altitude economy are expected to drive the company’s performance into a new growth cycle, highlighting its growth potential [2]