（编辑 姚尧） 证券日报网讯 彩讯股份9月17日在互动平台回答投资者提问时表示，单季度的毛利率波动并不等同 于"常态化"趋势。公司二季度毛利率下降主要是受公司业务结构的影响，本期算力硬件收入占比提升所 致。 ...

Core Insights - The company reported a revenue of 70.72 million yuan for the first half of 2025, representing a year-on-year growth of 10.31%, but net profit attributable to shareholders decreased by 36.74% to 19.08 million yuan, indicating a "revenue growth without profit growth" scenario [1][2][11] - The significant decline in net profit is attributed to a substantial reduction in gross margin, which fell by 14.76 percentage points to 63.91%, and net margin decreased by 20.06 percentage points to 26.98% [2][3][11] - The company achieved a notable improvement in cash flow management, with net cash flow from operating activities increasing by 200.92% to 62.75 million yuan, indicating enhanced cash generation capabilities [3][4][11] Financial Performance - Revenue for the first half of 2025 was 70.72 million yuan, up from 64.11 million yuan in the same period last year, marking a 10.31% increase [2] - Net profit attributable to shareholders dropped from 30.16 million yuan to 19.08 million yuan, a decline of 36.74% [2] - Basic earnings per share decreased from 0.30 yuan to 0.19 yuan, a drop of 36.67% [2] - The overall gross margin for the first half was 63.91%, down from 78.67% in the previous year [2][3] Cost and Expense Management - Total operating costs increased at a rate exceeding revenue growth, with total expenses rising to 31.67 million yuan, an increase of 765.60 thousand yuan year-on-year [3] - The expense ratio rose to 44.79%, up 7.33 percentage points from the previous year, with management expenses increasing by 77.77% [3][6] - The increase in management expenses may be linked to organizational restructuring and increased administrative costs [3][6] Cash Flow and Asset Management - The company reported a net cash flow from operating activities of 62.75 million yuan, significantly up from 20.85 million yuan in the previous year [3][4] - Total assets as of June 30, 2025, were 1.03 billion yuan, down 3.75% from the end of the previous year [4] - The company maintained a strong short-term solvency with working capital of 587 million yuan [4] Business Structure and Market Position - The overall gross margin of 63.91% indicates that the company's products still possess a certain level of technical added value and market competitiveness [4][11] - The second quarter saw a significant recovery in gross margin to 70.04%, reflecting effective cost control measures [5][11] - The reduction in shareholder accounts by 2.27% suggests increased concentration of shareholding, possibly indicating confidence from institutional or long-term investors [5] Strategic Outlook - The company is likely to focus on optimizing product structure, enhancing cost control, and adjusting pricing strategies in response to the pressures faced in the first half of 2025 [9][11] - The substantial improvement in cash flow provides a solid foundation for future investments in R&D, market expansion, or capacity upgrades [9][11] - The ability to convert improved cash flow into new profit growth points will be a key focus for management moving forward [9][11]

Core Viewpoint - The company addressed the decline in gross margin during an online investor communication, attributing it primarily to the impact of the international trade environment and various cost increases associated with its OEM business expansion in Thailand [1] Group 1: Financial Performance - The fluctuation in gross margin is mainly influenced by the international trade environment [1] - The company's operating costs have risen significantly due to various factors, including the acceleration of production capacity in Thailand and the immature overseas supply chain [1] Group 2: Operational Challenges - The company is experiencing increased costs and expenses across various segments due to the expansion of its OEM business [1] - Additional losses are attributed to the transitional phase of ramping up production, which has not yet stabilized [1]

Financial Performance - In Q1 2025, the company achieved revenue of RMB 5.353 billion, a year-on-year increase of 12.34% [2] - Net profit attributable to shareholders was RMB 762 million, a decrease of 3.25% year-on-year [2] - The company sold 49 million pairs of sports shoes in Q1 2025, reflecting an 8.24% year-on-year growth [2] - Gross margin in Q1 2025 decreased by 1.19% compared to Q4 2024, primarily due to the ramp-up of new factory operations [2] - Net margin in Q1 2025 decreased by 1.02% compared to Q4 2024, mainly due to the decline in gross margin [2] Workforce and Production Capacity - As of March 2025, the employee count was approximately 184,000, a 17% increase from March 2024 [2] - The company accelerated the construction and production pace of new factories to meet rising capacity demands [2] - New factories are currently in the efficiency ramp-up phase, impacting overall gross margin [4] Customer and Market Dynamics - Some customers requested priority production and shipment for U.S. orders, but overall shipment schedules remained stable [2][3] - The company has not seen significant changes in customer order patterns compared to previous periods [8] - The average selling price increased due to changes in customer and product mix [9] Future Outlook - The sports shoe industry has significant growth potential, especially in developing countries [5] - The company maintains a multi-client model to adapt to market dynamics and meet diverse customer needs [5] - Future production capacity will expand with new factories in Vietnam and Indonesia, with the latter expected to produce over 60 million pairs annually [6][7] Dividend Policy - The company emphasizes shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit [10] - The cash dividend ratio for 2024 is projected to be around 70% of net profit, balancing shareholder interests with capital expenditure needs [10]