Appo(SH:688007) Zheng Quan Ri Bao Wang·2025-08-30 03:11Core 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 strong financial position for sustainable development [1] - 2025 is identified as a critical year for the company to break through upstream in core technologies, focusing on the development of core components in the laser industry and increasing investments in cutting-edge fields such as AR glasses and robotics [1] - The company has made significant progress in semiconductor laser technology based on GaN and GaAs materials, meeting the emerging demands for ultra-small size, high resolution, and high color fidelity in laser displays [1] R&D and Patent Developments - During the reporting period, the company increased its R&D investment in upstream core components, with R&D expenses rising by 11.81% to 125 million yuan, accounting for 12.98% of revenue, an increase of 2.66 percentage points [2] - As of June 30, 2025, the company has obtained 2,372 authorized patents globally, including 1,233 invention patents, and has applied for and authorized 266 patents in AR and AI-related fields, reflecting a year-on-year growth of 33% [2] Business Strategy and Market Position - The company is actively adjusting its business development strategy, solidifying its competitive position in high-margin and strong cash flow businesses such as cinema and specialized displays, while optimizing the technology route and functions of home products [2] - Despite facing pressures, the company has shown remarkable breakthroughs, with the resolution of arbitration matters eliminating historical uncertainties, and strong cash flow along with increasing R&D investments providing solid support for breakthroughs in upstream core components and expansion into new markets like AR and robotics [2]