Appo(SH:688007) Zhi Tong Cai Jing·2025-08-29 14:02Core Insights - The company reported a revenue of 961 million yuan for the first half of 2025, with a net cash flow from operating activities increasing by 173 million yuan year-on-year, indicating a positive cash flow situation that supports stable development [1] - The resolution of arbitration matters with GDC has alleviated historical burdens, allowing the company to focus more on its core business development [1] Upstream Core Component R&D Breakthroughs - 2025 is a critical year for the company to advance its core technologies upstream, particularly in the laser industry, with increased investment in cutting-edge fields [2] - R&D expenses rose by 11.81% year-on-year to 125 million yuan, accounting for 12.98% of revenue, reflecting a commitment to developing upstream core components [2] - The company has obtained 2,372 authorized patents globally, including 1,233 invention patents, and has seen a 33% year-on-year increase in patents related to AR and AI [2] Steady Development of Main Business - The cinema business generated 288 million yuan in revenue, a year-on-year increase of 7.48%, contributing stable cash flow [3] - The company has installed 41 LED screens, maintaining a leading market share in newly installed screens [3] - A strategic partnership was formed with Valeo to launch a new generation of automotive lighting solutions, enhancing safety and personalization in driving experiences [3] - Overall, despite pressures, the company has shown significant breakthroughs, with strong cash flow and increasing R&D investments supporting its strategic transformation and potential growth in new markets [3]