FDM(SZ:002196) Quan Jing Wang·2025-09-01 10:27Core Insights - The company reported a significant increase in overseas market revenue, reaching 246 million yuan, accounting for 19.47% of total revenue, with a year-on-year growth of 14.26% [1] - Domestic revenue was stable at 1.019 billion yuan, representing 80.53% of total revenue, with a year-on-year growth of 7.21% [1] - The total operating income for the first half of the year was 1.265 billion yuan, reflecting an 8.51% year-on-year increase, despite a decline in profitability [1] Group 1: Business Performance - The company’s main business includes smart controllers, micro-special motors, new energy vehicle drive assemblies, and automotive engine control systems [1] - The smart controller segment generated 434 million yuan, accounting for 34.27% of total revenue, with a substantial year-on-year growth of 46.58% [5] - The electric tool motor business has entered mass production, with a revenue increase of 9.11% due to scale-up and exchange rate effects [5] Group 2: Technological Advancements - The company has established partnerships with several leading domestic and international automotive brands for its new energy drive motor products, achieving a shipment volume of 463,600 units in the first half of 2025 [2] - The company has received 56 authorized patents during the reporting period, including 6 invention patents and 42 utility model patents, supporting its business development [3] - Ongoing R&D investments focus on high-voltage motors, flat wire motors, and oil-cooled motors, with products meeting international leading standards [2][3] Group 3: Subsidiary Performance - The subsidiary Shanghai Haineng reported a revenue growth of 57.01% due to the mass production of the National VI natural gas engine control system [4] - The subsidiary is also involved in developing control systems for hydrogen and methanol engines, contributing to multiple new project deliveries [4] Group 4: Future Strategy - The company aims to enhance core competitiveness through technological innovation and market expansion, particularly in the new energy drive motor sector [6] - Plans include optimizing product structure and reducing costs through automation and new materials, while also advancing high-end smart manufacturing [6] - The company intends to strengthen supply chain integration and expand its customer base in key business areas such as new energy vehicles and smart controllers [6]