水晶光电举办投资者接待日活动：技术突破驱动增长，AR+AI布局迎来关键突破

Core Insights - Water Crystal Optoelectronics has successfully transitioned to a technology-driven company, emphasizing its shift from manufacturing to technology innovation [3] - The company reported a revenue of 3.02 billion yuan and a net profit of 501 million yuan for the first half of 2025, reflecting a year-on-year growth of 13.77% and 17.35% respectively, demonstrating strong resilience in a volatile consumer electronics market [2] - The company is focusing on AR and AI technologies as key growth drivers, with significant investments in R&D and partnerships with major clients [4][5] Financial Performance - In the first half of 2025, the company achieved an operating income of 3.02 billion yuan, a year-on-year increase of 13.77%, and a net profit of 501 million yuan, up 17.35% [2] - The gross margin for Q2 reached 30.91%, an increase of 2.96 percentage points quarter-on-quarter, while the net profit margin was 18.9%, up 3.3% [2] - The net cash flow from operating activities was 280 million yuan, a significant increase of 36.2% quarter-on-quarter [2] Strategic Initiatives - The company is focusing on building a "dual circulation" operational system to enhance resilience against geopolitical risks, with an emphasis on global expansion and diversified customer structures [6] - The "Fifteen" strategic plan has been initiated to achieve a healthier balance between domestic and international sales, reducing customer concentration risk [7] - Investments are being directed towards new project production equipment and the construction of production bases in Vietnam, Taizhou, and Linhai, with capital expenditures expected to remain within 10%-15% of revenue [2] Technological Advancements - The company is actively involved in the development of AR/VR core modules and has entered the NPI phase for several projects utilizing GWG technology [3] - Water Crystal Optoelectronics has established a presence in the AR field with a new office in Seattle, marking a significant step in its AR strategy [5] - The company is enhancing its capabilities in AI, focusing on visual perception and intelligent sensing, and has developed 3D module capabilities for integration into AI applications [5]