Yealink(SZ:300628) Xin Lang Cai Jing·2025-09-08 14:46Core Insights - The company reported a slight decline in revenue and net profit for H1 2025, with revenue at 2.65 billion yuan, down 0.64% year-on-year, and net profit at 1.24 billion yuan, down 8.84% year-on-year, primarily due to transitional impacts from overseas capacity construction [1] - Q2 showed signs of recovery with revenue of 1.445 billion yuan, a 20% increase quarter-on-quarter, and net profit of 678 million yuan, a 21% increase quarter-on-quarter, indicating a positive trend across all product lines [1] - The company’s gross margin remained stable at 65.7% in Q2 2025, compared to 65.4% in 2024, despite short-term disruptions from international trade [1] Product and Market Development - The company’s conference products and cloud office terminals saw significant growth, with conference products increasing by 13% and cloud office terminals by 31% in H1 2025, now accounting for over 50% of total revenue [2] - New product launches include advanced audio-visual conference solutions and wired headset series, aimed at enhancing product performance and market competitiveness [2] - The establishment of a subsidiary in Singapore in 2023 aims to mitigate trade risks and enhance the company's resilience, with plans for gradual supply chain relocation starting in H2 2024 [2] Financial Outlook - The company is expected to maintain a strong recovery trajectory, with revised profit forecasts for 2025-2027 estimating net profits of 2.902 billion yuan, 3.410 billion yuan, and 4.098 billion yuan respectively, reflecting a positive outlook despite potential short-term trade impacts [3] - The company’s dividend payout ratio was 51% in H1 2025, with a projected yield of 5.0%, indicating a strong return for investors [2]