LFX(SH:600612) Shenwan Hongyuan Securities·2025-09-02 14:54Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 33.36 billion yuan in H1 2025, a year-on-year decrease of 16.52%, with a net profit attributable to shareholders of 1.22 billion yuan, down 13.07% year-on-year [8] - In Q2 2025, the company achieved a revenue of 15.83 billion yuan, reflecting a year-on-year increase of 10.51%, and a net profit of 607 million yuan, up 0.88% year-on-year [8] - The company is actively exploring IP collaborations to enhance brand appeal among younger consumers, including the launch of AI smart glasses tailored for the elderly [8] Financial Data and Profit Forecast - The company’s total revenue is projected to be 49.20 billion yuan in 2025, with a year-on-year decline of 13.4% [7] - The net profit attributable to shareholders is expected to be 1.58 billion yuan in 2025, down 18.9% year-on-year [7] - The company’s gross margin for H1 2025 was 8.68%, a decrease of 0.53 percentage points year-on-year [8] - The company plans to distribute a dividend of 0.33 yuan per share for H1 2025, totaling 173 million yuan [8]