Core Insights - 瑞声科技 reported a record revenue of RMB 13.32 billion for the first half of 2025, representing an 18.4% year-on-year increase, with net profit rising 63.1% to RMB 876 million [1] - The company expects to maintain a high growth rate in revenue for the second half of the year, not lower than the first half's growth rate, with a full-year gross margin expected to be no less than 22.1% from the previous year [1] - The AI upgrade trend is anticipated to drive significant growth in multiple business segments, including cooling and MEMS microphones, with revenue from the cooling segment expected to exceed RMB 1.2 billion, tripling compared to 2024 [6] Financial Performance - The acoustic business generated revenue of RMB 3.52 billion in the first half of 2025, with a gross margin of 27.2%, a decrease of 2.7 percentage points year-on-year [3] - The company aims to maintain the full-year acoustic gross margin at no less than 30.2%, supported by improved operational efficiency and large-scale production in the second half [3] - The optical business revenue reached RMB 2.65 billion, growing 19.7% year-on-year, with expectations for the gross margin to exceed 30% for the full year [4] Product Development - 瑞声科技 launched innovative acoustic products, including the SLS master-level and coaxial speakers, with over 17 million units shipped in the first half, a nearly 40% increase year-on-year [3] - The company’s unique WLG technology is expected to see over 10 million units shipped this year, with a projected growth of over 50% next year [4] - The introduction of high-performance, high-density products is anticipated to enhance market opportunities, particularly in the context of foldable devices [6] Market Expansion - The automotive segment has become a significant growth area, contributing over 13% to total revenue, with a revenue of RMB 1.74 billion in the first half of 2025, a 14.2% increase year-on-year [7][8] - The company has established itself as a TIER1 supplier in the automotive sector, with successful projects in Europe and China [7] - Future plans include expanding from component supply to branded system products, aiming to provide diversified solutions in the acoustic, optical, and electronic sectors [8]
瑞声科技（02018）：预计2025年集团收入增长超18%，毛利率高于去年