Xin Lang Cai Jing·2025-09-11 10:29Core Insights - The company's Q2 revenue performance exceeded expectations, with total operating revenue reaching 32.348 billion yuan, a year-on-year increase of 23.14% [1] - The total profit amounted to 3.627 billion yuan, reflecting a significant year-on-year growth of 98.77% [1] - The net profit attributable to shareholders was 2.301 billion yuan, up 39.76% year-on-year, while the net profit excluding non-recurring gains and losses was 1.9 billion yuan, a 47.8% increase [1] - Operating cash flow also showed strong performance, increasing by 81.7% year-on-year to 5.898 billion yuan [1] - The company had previously guided for a 4-6% sequential decline in Q2 revenue, but the actual decline was only 1.56%, indicating better-than-expected performance [1] - For Q3, the company anticipates a sequential revenue growth of 5% to 7%, with a gross margin expected to be between 18% and 20% [1] Revenue Breakdown - Consumer electronics remain the main growth driver, with revenue from related products reaching 12.3 billion yuan, a year-on-year increase of 53.80% [2] - Revenue from smartphone-related products was 7.4 billion yuan, showing a slight decline of 1.67% year-on-year [2] - Revenue from computers and tablets was 4.9 billion yuan, up 33.31% year-on-year [2] - Revenue from automotive-related products surged to 3 billion yuan, marking a 65.15% year-on-year increase [2] - Revenue from smart wearables was 2.5 billion yuan, down 13.63% year-on-year [2] - The share of consumer electronics revenue remains dominant at 38.28%, while the share of automotive-related revenue has increased from 8.58% to 9.48% from 2023 to H1 2025 [2] Capital Expenditure Outlook - The company expects capital expenditures in 2025 to remain roughly in line with 2024, which is projected at 7.33 billion USD, a slight decrease of 1.87% year-on-year [2]