【耐世特（1316.HK）】1H25业绩超预期，转向龙头领跑线控底盘赛道——2025年半年报业绩点评（倪昱婧/邢萍）

Core Viewpoint - The company reported strong performance in 1H25, with total revenue and net profit significantly exceeding expectations, primarily driven by growth in the Asia-Pacific region [3][4]. Group 1: Financial Performance - Total revenue for 1H25 increased by 6.8% year-on-year to $2.24 billion, accounting for 51% of the full-year revenue forecast [3]. - Gross margin improved by 1.5 percentage points to 11.5%, while EBITDA rose by 16.8% to $230 million [3]. - Net profit surged by 304.5% to $63 million, representing 57% of the annual net profit forecast [3]. Group 2: Regional Business Growth - The Asia-Pacific region's revenue grew by 15.5% year-on-year to $690 million, increasing its total revenue share by 3 percentage points to 31% [4]. - EMEASA region revenue also saw a 9.4% increase to $400 million, while North America’s revenue share decreased by 2 percentage points to 51% [4]. - EBITDA margin in the Asia-Pacific region decreased by 0.7 percentage points to 16.9%, whereas EMEASA's EBITDA margin increased by 6.8 percentage points to 8.8% [4]. Group 3: New Orders and Business Expansion - The company secured $1.5 billion in new orders in 1H25, with 47% from Asia-Pacific, 30% from EMEASA, and 23% from North America [4]. - The company anticipates adding $5 billion in new orders for the full year 2025, with significant projects in North America and Europe [5]. - The company is leveraging its technological advantages to expand into new business areas, including steer-by-wire systems and software solutions for smart vehicles [5].