佰维存储(688525)：2Q25毛利率环比提升11.7PCT AI端侧应用多点开花

Group 1 - The company reported improved revenue and gross margin in Q2 2025, with revenue reaching 2.369 billion yuan, a year-over-year increase of 38.2% and a quarter-over-quarter increase of 53.5% [1] - The net profit attributable to the parent company was -16 million yuan, showing a year-over-year decline of 113.36% but a quarter-over-quarter increase of 92.61% [1] - The gross margin was 13.68%, reflecting a year-over-year decrease of 12.69 percentage points but a quarter-over-quarter increase of 11.70 percentage points [1] Group 2 - The embedded storage segment generated revenue of 2.286 billion yuan in the first half of 2025, with significant contributions from AI glasses and mobile phone products [2] - Major clients for AI glasses include Meta, while the company has also entered the supply chains of Google and Xiaomi for its ePOP products [2] - In the mobile sector, the company has supplied high-capacity products to leading brands such as OPPO and vivo, and in the PC market, it achieved revenue of 1.384 billion yuan, successfully entering the supply chains of Lenovo, Xiaomi, and HP [2] Group 3 - The company is advancing its enterprise-level and automotive-grade storage products, having gained core supplier qualifications from major AI server manufacturers and leading internet firms [3] - Revenue from automotive-grade storage reached 54 million yuan in the first half of 2025, with products in mass production at major domestic automotive companies [3] - The advanced packaging and testing segment generated revenue of 83 million yuan, with full equipment installation and commissioning expected to be completed by Q3 2025 [3]