OFILM(SZ:002456) Guan Cha Zhe Wang·2025-08-26 10:57Core Viewpoint - O-Film Technology has reported a significant decline in net profit due to various factors, including increased share-based payment expenses and reduced investment income from joint ventures, leading to a return to losses despite a slight increase in revenue [1][2]. Financial Performance - In the first half of 2025, O-Film achieved operating revenue of 9.837 billion yuan, a year-on-year increase of 3.15%, while net profit attributable to shareholders was -109 million yuan, a decrease of 378.13% [1][3]. - The company's gross profit margin fell from 10.88% in the previous year to 10% [5]. - The smartphone segment generated revenue of 7.437 billion yuan, accounting for 75.60% of total revenue, with a negligible growth of 0.43% and a gross margin of 9.67%, down 1.5 percentage points year-on-year [3][4]. Business Segments - O-Film's main business includes optical camera modules, optical lenses, fingerprint recognition modules, and machine vision cameras, with three major business systems: smartphone products, smart automotive products, and new field products [2]. - The smart automotive product segment saw revenue of 1.262 billion yuan, growing by 18.19%, but its gross margin was only 7.73%, lower than that of smartphone products [4]. - New field products generated revenue of 1.105 billion yuan, with a growth rate of 9.73% and a gross margin of 14.64%, which is significantly higher than the other two traditional business segments [6]. Market Challenges - The global smartphone industry is experiencing a slowdown in shipment growth, with domestic market shipments declining year-on-year, leading to increased price pressure and declining gross margins across the industry [4]. - O-Film is facing intense competition in both the smartphone and automotive sectors, with significant pressure on profit margins from brand manufacturers [6]. R&D and Future Prospects - Despite the losses, O-Film continues to invest in R&D, with an expenditure of 758 million yuan in the first half of 2025, representing 7.7% of operating revenue [7]. - The company is focusing on new fields such as VR/AR, smart locks, and medical endoscopes, aiming to increase the revenue contribution from these areas [7][8]. - O-Film is exploring collaborations with major companies like Xiaomi and Tesla, indicating a strategic shift towards integrating AI and visual imaging technologies into various products [8].