SHUANGHUAN COMPANY(SZ:002472) 汽车琰究·2025-08-28 13:54Event Overview - The company released its 2025 semi-annual report, showing a revenue of 4.229 billion yuan for H1 2025, a year-on-year decrease of 2.2%. The net profit attributable to shareholders was 577 million yuan, an increase of 21.9% year-on-year. The net profit excluding non-recurring items was 555 million yuan, up 22.5% year-on-year. In Q2 2025, the company reported a revenue of 2.164 billion yuan, down 3.7% year-on-year but up 4.8% quarter-on-quarter. The net profit attributable to shareholders for Q2 was 301 million yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 9.1% [2]. Analysis and Judgment - Q2 2025 performance was impressive with significant year-on-year profit growth. Revenue for H1 2025 was 4.229 billion yuan, down 2.2% year-on-year, while Q2 revenue was 2.164 billion yuan, down 3.7% year-on-year but up 4.8% quarter-on-quarter. The decline in revenue was mainly due to a decrease in other (non-core) business income, while core business revenue grew by 11.5% year-on-year to 4.193 billion yuan. Key segments such as passenger car gears, smart actuators, and reducers saw revenue increases of 12.9%, 51.7%, and 35.8% respectively [2]. - The gross margin for Q2 2025 was 27.3%, an increase of 4.4 percentage points year-on-year and 0.4 percentage points quarter-on-quarter. This improvement is attributed to a decrease in the proportion of low-margin steel trading sales and enhanced economies of scale in the passenger car gear business [2]. - The net profit margin for Q2 2025 was 13.9%, reflecting a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 0.5 percentage points, indicating a steady improvement in profitability [2]. Growth Areas - The smart actuator segment is accelerating its growth, with the company becoming a core supplier for leading domestic smart vacuum cleaner brands and providing stable supply of drive system gears for major e-bike manufacturers. The company plans to expand into the plastic gear sector, focusing on precision transmission components for smart home and office applications [3]. - The high-precision reducer business for robots is also promising, with a gross margin of 29.1% in 2024, indicating strong profitability. The company aims to provide robot solutions covering a load range of 3 to 1000 kg, steadily expanding its reducer business [3]. International Expansion - The company is actively implementing an internationalization strategy, with its Hungary base serving as a core strategic hub. It is accelerating the deepening of overseas markets and building a global operational system, engaging with mainstream global automakers and leading Tier 1 suppliers. The company is also participating in the R&D of electric drive gears for new energy vehicles, positioning overseas business as a key support for revenue growth [5].