Novosense(SH:688052) 剑道电子·2025-08-22 02:59Core Viewpoint - The company achieved a 79% year-on-year revenue growth in the first half of 2025, with the second quarter revenue reaching a new quarterly high [4][5]. Financial Performance - In the first half of 2025, the company's revenue increased by 79.49% to 1.524 billion yuan, with a net profit attributable to shareholders of -78 million yuan (YoY +70.59%) and a non-recurring net profit of -106 million yuan (YoY +63.11%) [5]. - The gross margin improved by 1.3 percentage points to 35.21%, while R&D expenses rose by 13.18% to 361 million yuan, with the R&D expense ratio decreasing by 13.9 percentage points to 23.71% [5]. - In Q2 2025, revenue was 807 million yuan (YoY +65.83%, QoQ +12.49%), marking the eighth consecutive quarter of growth and setting a new quarterly record; the net profit attributable to shareholders was -26.67 million yuan, with a reduced loss compared to the previous quarter [5]. Product Line Performance - Revenue from sensor products increased approximately 350% year-on-year due to consolidation, while the revenue share from downstream application areas remained relatively stable [5]. - By product line, signal chain products generated 586 million yuan (YoY +28.79%), accounting for 38.45% of total revenue, with a gross margin decrease of 2.5 percentage points to 35.79% [5]. - Power management products generated 519 million yuan (YoY +73.49%), accounting for 34.09% of total revenue, with a gross margin increase of 1.1 percentage points to 24.72% [5]. - Sensor products generated 413 million yuan (YoY +349.85%), accounting for 27.11% of total revenue, with a gross margin decrease of 1.2 percentage points to 47.01% [5]. Market Trends - The overall recovery in the general energy market has been noted, with a comprehensive layout of automotive chips achieved by the company [6]. - In the industrial control sector, a "low inventory + moderate recovery" trend is observed, with power devices and logic/analog ICs continuing to recover due to domestic substitution [6]. - The photovoltaic new energy sector is benefiting from policies, technological upgrades, and a "rush installation" trend, leading to a recovery in demand [6]. - The company has established a comprehensive automotive chip product layout, covering various systems in electric vehicles, including sensor, signal chain, and power management chips [6].