Core Viewpoint - The company continues to demonstrate high-quality growth in Q2 2025, with a slight decline in revenue but significant profit growth, indicating resilience in its business model [4]. Segment Performance in H1 2025 - PBG segment revenue was 5.57 billion, down 2.1% year-on-year, but the decline has narrowed compared to the previous year [5]. - EBG segment revenue was 7.46 billion, down 0.4% year-on-year, showing signs of stabilization and improvement [5]. - SMBG segment revenue was 4.07 billion, down 29.8%, marking it as the largest drag on overall performance [5]. - Overseas main business revenue reached 12.23 billion, up 6.9% year-on-year, indicating growth in international markets [5]. - Innovative business revenue was 11.77 billion, up 13.9% year-on-year, with high growth potential as it now accounts for 57% of total revenue alongside overseas business [5]. Gross Margin and Cost Management - The overall gross margin for H1 2025 was 45.19%, an increase of 0.35 percentage points year-on-year, with the main business gross margin at 48.52%, up 2.19 percentage points [6]. - The company is reducing low-margin product sales and focusing on delivering product value rather than competing solely on price [6]. - The gross margin for innovative business was 38.28%, down 3.70 percentage points, primarily due to a higher proportion of low-margin automotive electronics [6]. - Operating expenses for sales, management, and R&D showed a mixed trend, with sales expenses up 2.0%, management expenses down 6.4%, and R&D expenses down 1.0% [6]. Embracing AI Technology - The company has integrated AI technology into most of its product lines, launching hundreds of AI model products in the first half of the year [7]. - It is actively seeking feedback from pioneer users to refine its products, with plans to transition from pilot templates to standardized solutions [7]. - Future plans include developing comprehensive industry solutions for PBG and EBG, aiming for large-scale promotion and establishing an ecosystem centered around the company [7].
【海康威视(002415.SZ)】25Q2延续高增长,毛利率验证高质量增长——跟踪报告之五(刘凯/施鑫展/王之含)