Appo(SH:688007) Zheng Quan Zhi Xing·2025-08-29 14:21Core Viewpoint - The company is undergoing a strategic transformation focusing on semiconductor laser technology based on GaN and GaAs materials, aiming to enhance its competitive position in high-margin businesses while navigating challenges in its operational performance [7][8]. Financial Performance - Total assets at the end of the reporting period amounted to approximately 3.98 billion yuan, a decrease of 6.41% compared to the previous year [3]. - The net profit attributable to shareholders was approximately -130.94 million yuan, reflecting a significant decline of 1,300.25% year-on-year [3]. - Operating revenue for the period was approximately 961.49 million yuan, down 11.09% from the previous year [3]. - The net cash flow from operating activities improved to approximately 94.22 million yuan, indicating a positive trend despite previous cash flow challenges [3][8]. Strategic Focus - The company is committed to a strategy centered on "core technology + core components + application scenarios," with a focus on developing key components for the semiconductor laser technology [7]. - There is an emphasis on enhancing the company's position in high-margin sectors such as cinema and specialized displays while optimizing the technology and functionality of home products [7]. - The company is also increasing investments in emerging fields such as AR glasses and robotics, aiming to establish a foothold in new and larger market segments [7]. Research and Development - R&D expenditure as a percentage of operating revenue increased to 12.98%, up by 2.66 percentage points compared to the previous year [4]. - The company is focusing on breakthroughs in upstream key components to support its strategic goals and enhance product offerings [7]. Shareholder Information - As of the reporting period, the total number of shareholders was 16,825, indicating a stable shareholder base [4]. - Major shareholders include Shenzhen Guangfeng Holdings Co., Ltd. and several investment partnerships, reflecting a diverse ownership structure [4][5].