思特威2025Q2 营收同比快速增长，毛利率环比持续上升。公司智能手机产品矩阵进一步完善，同时供 应链可靠性提升。2025H1 公司汽车业务营收同比快速增长，安防领域继续巩固领先地位。维持"买 入"评级。 支撑评级的要点 营收同比快速增长，毛利率环比持续上升。思特威2025H1 营收37.86 亿元，YoY+54%；毛利率23.2%， YoY+2.0pcts；归母净利润3.97 亿元，YoY+165%。 思特威2025Q2 营收20.37 亿元，QoQ+16%，YoY+26%；毛利率23.5%，QoQ+0.7pct，YoY+2.4pcts；归 母净利润2.05 亿元，QoQ+7%，YoY+51%。 智能手机产品矩阵进一步完善，供应链可靠性进一步提升。思特威2025H1 智能手机业务营收17.55 亿 元，YoY+40%。公司应用于高阶旗舰手机主摄、广角、长焦和前摄的数颗新一代5000 万像素产品和应 用于普通智能手机主摄的5000 万像素高性价比产品出货量大幅上升，带动智能手机业务营收显著增 长。公司推出全国产供应链5000 万像素1/1.28 英寸手机CIS 产品SC595XS，具备低噪声、高帧率、低功 耗 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Due to economic cycles, the park and office building industry is in a downturn, but the company has carried out stable counter - cyclical expansion and maintained a healthy cash flow [24]. - The company's revenue has continued to grow, but profit has not increased proportionally. It has taken measures such as terminating high - risk projects, reducing rent costs, expanding light - asset models, and deploying cultural, sports and tourism projects to deal with challenges [25]. - The company's 2024 revenue growth is mainly reflected in three business segments: scale expansion of core park operations, structural breakthroughs in value - added services, and innovative monetization of cultural, sports and tourism IPs [26]. - The increase in park quantity and the improvement of value - added service capabilities are equally important for driving the company's business growth and long - term healthy development [31]. 3. Summaries According to Related Catalogs 3.1. Research Basic Situation - Research object: Debi Group [17] - Industry: Cultural and Media [17] - Reception time: 2025 - 05 - 15 [17] - Listed company reception personnel: Chairman Jia Bo, Director and General Manager Chen Hong, Director and Financial Controller Wu Ping, Board Secretary Liu Simiao, Independent Director Jin Dehuan [17] 3.2. Detailed Research Institutions - Reception object: Investors' online questions, others [20] 3.3. Research Institution Proportion - No specific information provided in the given content. 3.4. Main Content Data - **Industry and Company Performance**: Affected by economic cycles, the park and office building industry is in a trough, and Debi has also been affected. In 2024, the company achieved an operating income of 1.26 billion yuan, a year - on - year increase of 7.73%; the net operating cash flow increased by 4.02% year - on - year; the net profit attributable to the parent company was 34.1472 million yuan, a year - on - year increase of 2.73%. However, the net profit attributable to the parent company after deducting non - recurring gains and losses decreased. In Q1 2025, the revenue decreased by 4.68% year - on - year, and the net profit after deducting non - recurring gains and losses decreased by 19.12% [24][27][29]. - **Accounting Treatment**: The company will follow accounting standards to ensure the compliance and accuracy of accounting treatment for the amortization of long - term prepaid expenses of projects, and relevant information will be disclosed in regular reports [24]. - **Digital Transformation**: The company is promoting the digital and intelligent transformation of parks, introducing AI customer service, intelligent security and other applications. The customer service response efficiency of the Wehome park intelligent operation system has been significantly improved, and some projects have completed intelligent upgrades [25]. - **Lease Service Improvement**: In the face of challenges in the park lease service market, the company has taken measures such as terminating high - risk projects, reducing rent costs, expanding light - asset models, deploying cultural, sports and tourism projects, and improving service quality [25]. - **Profit Growth Points**: In 2024, the company's revenue growth mainly came from the scale expansion of core park operations (the number of managed parks increased by 12.16% year - on - year to 83), structural breakthroughs in value - added services (the proportion of membership and other service revenues increased to 21.08%, a year - on - year increase of 15.53%), and innovative monetization of cultural, sports and tourism IPs [26]. - **Overseas Projects**: The company started to explore overseas markets in 2012. In recent years, it has been actively investigating markets in Southeast Asia, Australia, the UK, Japan, Uzbekistan, South Africa, etc., and accelerating the layout of overseas business [27]. - **Light - Asset Model**: In 2024, more than 70% of the company's new projects adopted the light - asset model, which effectively reduced capital expenditure and cash - flow pressure and improved park operation efficiency and service quality [27]. - **Response to Q1 2025 Performance**: Affected by the macro - economic environment and the opening and ramp - up periods of some new parks, the company's Q1 2025 performance was under pressure. The company will speed up the digestion of existing projects and continuously improve operation efficiency [30]. - **Green Park Vision**: The company adheres to the green development concept, aligns with the national "dual - carbon" goal, and has continuously disclosed ESG reports for three years [32]. - **Profit Distribution**: As of the end of 2024, the company's undistributed profit in the consolidated statements was negative, so it did not meet the conditions for cash dividends in 2024 and did not touch the risk warning situation [32]. - **Market Value Management**: In addition to improving performance, the company promotes market value through share repurchase and cancellation, fulfilling social responsibilities, and seeking strategic cooperation opportunities [33]. - **Policy Docking**: The company is actively involved in urban renewal projects and has received government support. In terms of the transformation to new - quality productivity, it is increasing R & D and expansion of intelligent parks and operating high - tech parks [34]. - **Occupancy Rate and Investment Promotion**: In 2024, the occupancy rate of core cities' office buildings and business parks decreased. The company improved investment promotion efficiency through service upgrades and digital empowerment, and the customer satisfaction rate reached 94.1% [35]. - **Investor Communication**: The company communicates with investors through announcements, general meetings, analyst meetings, etc., and will continue to optimize the investor communication mechanism [36].

Group 1: Industry Performance and Company Positioning - The overall performance of the park and office building industry is currently at a low point due to economic cycles, impacting the company as well. However, the company is actively utilizing this cycle for stable counter-cyclical expansion while maintaining healthy cash flow to mitigate potential macroeconomic risks [1] - The company has expanded its park management scale, with the number of managed parks increasing by 12.16% year-on-year to 83 parks by the end of 2024, contributing stable rental income [3][4] Group 2: Financial Performance - In 2024, the company achieved an operating income of 1.26 billion yuan, a year-on-year increase of 7.73%. The net profit attributable to shareholders was 34.15 million yuan, reflecting a growth of 2.73% [5] - The company’s cash flow situation remains good, with a net operating cash flow increase of 4.02% year-on-year [5] Group 3: Strategic Initiatives and Innovations - The company is implementing digital transformation initiatives, including the introduction of AI customer service and smart security tools, which have significantly improved management efficiency and service experience [2] - The company has adopted a light-asset management model for over 70% of its new projects, effectively reducing capital expenditure and cash flow pressure [4] Group 4: Challenges and Responses - The company faces challenges in the leasing service sector due to a surplus in the office market, leading to a decline in rental prices and occupancy rates. In response, the company has implemented measures such as terminating high-risk projects and negotiating cost reductions with property owners [2][4] - The company has reported a decline in revenue of 4.68% year-on-year in Q1 2025, with a non-recurring net profit decrease of 19.12%. The company attributes this to macroeconomic pressures and the transitional phase of new parks [5][6] Group 5: Future Growth and Expansion Plans - Future growth drivers for the company include the expansion of park numbers and the enhancement of value-added services, both of which are deemed equally important for sustainable development [5] - The company is actively exploring overseas markets, having already established parks in Europe and the US, and is currently assessing opportunities in Southeast Asia, Australia, and other regions [3][6]