Core Insights - AAC Technologies (2018.HK) reported a record high revenue of RMB 13.32 billion for the first half of 2025, representing an 18.4% year-on-year growth [1] - Net profit surged by 63.1% to RMB 876 million, driven by improved profitability in the optical business and rapid growth in precision components [1] - The acoustic business showed steady growth with a revenue of RMB 3.52 billion, a 1.8% increase year-on-year, and a gross margin of 27.2% [1] Revenue and Profitability - The company achieved a record revenue of RMB 13.32 billion in the first half of 2025, marking an 18.4% increase compared to the previous year [1] - Net profit increased significantly by 63.1% to RMB 876 million, attributed to the enhanced profitability of the optical business and the rapid growth of precision components [1] Acoustic Business Performance - The acoustic segment generated revenue of RMB 3.52 billion, reflecting a 1.8% year-on-year growth, with an expected increase in gross margin due to the launch of more mid-to-high-end projects in the second half of the year [1] - The company introduced innovative acoustic products, including the industry-first Master-level coaxial symmetrical dual speaker, which was featured in the Redmi K80 Supreme Edition, enhancing bass and high-frequency details [1] Product Innovation - AAC Technologies launched several innovative acoustic products, including the industry's thinnest speaker at only 1.4mm thick, used in the OPPO Find N5 [1] - The company continues to integrate advanced hardware design, intelligent algorithms, and professional tuning services to meet the complex acoustic application needs of smart devices [2] Future Outlook - The management indicated that the acoustic gross margin is expected to steadily improve in the second half of the year, maintaining a level not lower than the previous year's 30.2% [2]

Core Insights - The company reported a revenue of RMB 13.318 billion for the six months ending June 30, 2025, representing an 18.4% year-on-year increase, with a profit attributable to shareholders of RMB 876 million, up 63.1% [1] - The company has strengthened its market share in acoustic technology, launching innovative products such as the SLS master-level speaker and coaxial speakers, with over 17 million units shipped in the first half of 2025, a nearly 40% increase year-on-year [1] - The company is actively seizing opportunities in the smart cockpit acoustic system upgrade, achieving revenue of RMB 1.74 billion, a 14.2% increase year-on-year, and has introduced a full-stack vehicle acoustic system [2] Group 1 - The company achieved a basic earnings per share of RMB 0.76 for the first half of 2025 [1] - The company launched the industry's first master-level coaxial symmetrical dual speaker, enhancing low-frequency and high-frequency sound quality for consumers [1] - The company continues to innovate in acoustic solutions, integrating advanced hardware design, intelligent algorithms, and professional tuning services to meet complex acoustic application demands [1] Group 2 - The company announced the acquisition of Hebei Chuguang Automotive Parts Co., which enhances its vehicle acoustic system solutions with products like smart microphones and RNC sensors [2] - The optical business experienced significant growth, with revenue reaching RMB 2.65 billion, a 19.7% year-on-year increase, driven by rising optical specifications in the smartphone market [2] - The gross margin for the optical business improved by 5.5 percentage points to 10.2%, with a notable improvement in the gross margin of plastic lenses exceeding 10 percentage points year-on-year [2]