Lens(SZ:300433) Xin Lang Cai Jing·2025-09-01 09:28Core Insights - The company reported a higher net profit growth rate than revenue growth in the first half of the year, attributed to cost control and efficiency improvements at its Changsha facility, although increased R&D expenses impacted short-term profits [1] - The company plans to manage R&D expenses moderately in the second half of the year, following a nearly 30% net profit growth in Q2 [1] Business Segment Performance - Assembly Business: The company aims to position itself as a smart hardware manufacturer in the AI era, focusing on high-margin hardware assembly such as AI servers to enhance profitability [2] - Blue Si Precision: Revenue slightly decreased by 300 million, and net profit fell by 10 million due to a focus on mature products, but new product stocking in the second half is expected to drive growth [2] - Xiangtan Blue Si: Revenue grew by 30%, but profit declined by 50 million due to increased R&D expenses and order settlement methods; profitability is expected to improve with the mass production of AI glasses and new smartphone launches [2] - Changsha Blue Si: Revenue increased by 30.92% with significant improvements in gross margin, aiming for profitability this year [2] Financial Overview - Financial expenses were -130 million, with a foreign exchange gain of approximately 170 million in Q2; cash reserves decreased from 11 billion to 6.2 billion due to H-share issuance and debt repayment [3] R&D and Technology Collaboration - The company incurred significant R&D and prototyping costs due to multiple new projects, while also enhancing project management to control expenses [4] - In the AI glasses sector, the company is a core supplier for a North American client, collaborating with Rokid for assembly and applying self-developed technology [4] Embodied Intelligence Business Layout - The company established a robotics division in 2016 and plans to mass-produce humanoid robots in 2024, focusing on custom machine and core module capabilities [5] Asset and Capital Expenditure - Asset impairment was 359 million, a decrease of 71 million year-on-year; capital expenditure remained balanced at approximately 4 billion in the first half of the year [6] Tariffs and Supply Chain - The company mitigates tariff risks through global capacity and business diversification, maintaining a controllable supply chain with no impact from tariff policies [7] Overseas Capacity Layout - The Vietnam factory serves consumer electronics and automotive electronics clients, while the Thailand factory focuses on smart automotive cockpits and embodied intelligence, set to commence operations this year [8] New Products and Server Business - New products began mass production in June, with expectations for increased single-unit value and market share in the coming years; liquid cooling technology is anticipated to have significant market potential [9]