Core Viewpoint - The company is facing significant challenges in its performance for the first half of 2025 due to changes in the global economic environment and international trade policies, but it is actively seeking growth through transformation and strategic initiatives [1]. External Environment Impact - The company's core market, the United States, has been adversely affected by new tariff policies, leading to a pause in orders from U.S. customers and a shift of orders to Southeast Asia, resulting in an order gap. The U.S. market accounts for approximately 50% of the company's total business, making this impact particularly significant [2]. - The European market is experiencing intense competition, and the low profit margins in the "Belt and Road" markets are causing customers to increasingly lean towards Europe, exacerbating the decline in the company's overall gross margin to 19.68% [2]. Cost Increase - To achieve long-term sustainable development, the company has been pushing forward with strategic transformation, which has led to increased short-term costs due to various factors. - The company has made substantial investments in research and development, with new R&D personnel and related expenses amounting to nearly 2.4675 million yuan during the reporting period. Additionally, the company has initiated a stock incentive plan for core employees, incurring expenses of 3.8893 million yuan [3]. - The company has also incurred significant initial investments in its Vietnam factory, resulting in a loss of 8.051 million yuan during the reporting period. Furthermore, the establishment of a domestic sales subsidiary has increased operational costs as the company develops products tailored to the domestic market [3]. Channel Optimization - The company operates through both online and offline channels, with online sales having been developed since 2018. The e-commerce business accounted for 13.54% of total sales in 2024, with online sales revenue increasing by 58.64% year-on-year [4]. - The company has restructured its e-commerce segment by introducing new talent and forming a centralized e-commerce team to enhance support and oversight of its various e-commerce subsidiaries [4]. - The Vietnam factory officially commenced production in June 2025, with expectations for capacity to gradually increase in the second half of the year, which will help mitigate market risks and improve supply assurance for overseas customers [4]. New Business Growth - The company plans to launch lithium battery garden products and low-voltage lithium battery products in the second half of this year, which are expected to create new growth opportunities and gradually restore growth momentum [5].
开创电气2025年中报：短期承压，转型破局——越南投产、新品发力、内外并举谋增长