Core Viewpoint - Shenzhen Zecheng Electronics Co., Ltd. (stock code: 920821.BJ) reported a slight increase in revenue for 2025, but a significant decline in net profit, attributed to strategic adjustments by major clients and changes in product structure [1][2]. Financial Performance - The company expects to achieve approximately CNY 394 million in revenue for 2025, reflecting a year-on-year increase of 0.57% [1]. - The net profit attributable to shareholders is projected to be around CNY 17.68 million, representing a year-on-year decrease of 31.51% [1]. Reasons for Performance Changes - The modest revenue growth is primarily due to strategic adjustments by key clients in the second half of the year, leading to lower-than-expected product deliveries [1]. - The decline in net profit is attributed to pressure on gross margin and increased costs related to establishing an overseas production base [1]. - The company emphasized a 16.33% year-on-year increase in R&D expenses, focusing on enhancing technical reserves and talent development [1]. Business Development - Zecheng Electronics is recognized as a national-level "specialized and innovative" small giant enterprise, established in 2003 and listed on the Beijing Stock Exchange in July 2022 [2]. - The company has become a supplier for numerous Fortune 500 companies, focusing on customized intelligent control module products [2]. - In the domestic market, the company has seen steady growth in the AI glasses sector, with plans to explore other smart wearable product categories in the future [2]. Revenue Trends - Since 2024, the company maintained a double-digit year-on-year revenue growth for six consecutive quarters, although the growth rate narrowed to 9.47% by the end of the third quarter of 2025 [2].
备战AI眼镜等智能穿戴赛道致研发费用增加？则成电子增收不增利