Ge Long Hui A P P·2025-09-23 05:50Core Viewpoint - The report from Tianfeng Securities indicates that Yilian Network achieved a net profit attributable to shareholders of 1.24 billion yuan, a year-on-year decrease of 8.84% [1] Financial Performance - The net cash flow from operating activities was 954 million yuan, reflecting a year-on-year decline of 14.29% [1] - The company's performance is under short-term pressure, but its market competitiveness remains solid [1] Market Demand and Product Lines - Despite facing challenges, the company maintains strong market competitiveness in its core business areas, with good downstream market demand [1] - In Q2, all three product lines showed a positive trend of "quarter-on-quarter improvement and seasonal growth" [1] - The conference products and business headsets continue to demonstrate strong market resilience [1] Future Outlook - The company plans to continuously optimize its product structure and increase efforts in high-end market development [1] - There is a focus on deeply exploring opportunities in niche markets to maintain competitiveness in the phone market [1] - The company is expected to accelerate the release of overseas production capacity in the second half of the year while maintaining a high dividend payout ratio [1] - The rating remains "Buy" [1]