萤石网络（688475）：稳中求进，盈利能力持续修复

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady growth in hardware sales, with smart home and robotics expected to contribute to long-term growth. The cloud platform segment is experiencing accelerated growth in C-end advance payments, which may lead to improved revenue growth in the future. The integration of AI with C-end value-added services is anticipated to bring additional business growth. Profitability is expected to stabilize as product structure optimization improves gross margins and enhances expense efficiency. The long-term prospects of the company's AI technology, smart devices, and IoT cloud services remain promising [3][11]. Summary by Relevant Sections Financial Performance - In H1 2025, the company reported revenue of 2.83 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 300 million yuan, up 7.4% year-on-year. In Q2 2025, revenue was 1.45 billion yuan, with a year-on-year growth of 7.5% and a net profit of 160 million yuan, reflecting a 5.0% increase year-on-year [11]. - The company's smart home product revenue grew by 9% year-on-year in H1 2025, with specific segments like smart entry and robotics showing significant growth [11]. Business Segments - The gross margin for the smart entry segment improved significantly due to product structure optimization. The gross margins for various segments in H1 2025 were as follows: cameras -0.1 percentage points, smart entry +5.1 percentage points, robotics -2.5 percentage points, and cloud services -4.0 percentage points [11]. - The company’s overseas revenue increased by 25% year-on-year, accounting for 38% of total revenue, while domestic revenue grew by only 2% [11]. Future Projections - The company is projected to achieve net profits of 640 million yuan and 790 million yuan in 2025 and 2026, respectively, corresponding to a price-to-earnings ratio of approximately 43.7 and 35.0 times [11].