报告期内，公司营业收入同比略有增长，由于公司云产品业务采用净额法确认收入的占比提升，收入核 算口径对公司营业收入规模增幅有所影响，导致增长幅度有限。公司持续深耕海外物联网无线通信模组 和终端市场，在海外电力模组和智能终端的带动下，公司海外收入和毛利实现增长，物联网业务实现盈 亏平衡；公司的云产品业务虽保持拓展态势，但受市场竞争、存储价格上涨等因素影响，盈利水平有所 下降。同时，公司基于审慎原则对涉及诉讼和仲裁的应收账款充分计提坏账准备，2025年股权激励计划 实施导致股份支付费用大幅增加，报告期融资规模扩大带来的利息费用增加等因素共同导致报告期净利 润同比下降。 格隆汇2月27日丨有方科技(688159.SH)公布2025年度业绩快报，2025年度公司实现营业收入31.53亿元， 较上年同期增加2.72%；营业利润2,456.04万元，较上年同期变动-74.24%；利润总额2,358.80万元，较上 年同期变动-75.78%；归属于母公司所有者的净利润2,558.56万元，较上年同期变动-74.48%；归属于母 公司所有者的扣除非经常性损益的净利润2,441.05万元，较上年同期变动-67.26%；基本每股收 ...

Performance Summary - In the first three quarters of 2025, the company achieved operating revenue of 2.809 billion yuan, a year-on-year decrease of 11%, and a net profit attributable to the parent company of 314 million yuan, a year-on-year decrease of 41% [1] - In Q3 2025, the company reported operating revenue of 835 million yuan, a year-on-year decrease of 20% and a quarter-on-quarter decrease of 16%, with a net profit of 93 million yuan, a year-on-year decrease of 38% but a quarter-on-quarter increase of 28% [1] - The gross profit margin for Q3 2025 was 35.94%, an increase of 5.23 percentage points from Q2 2025, and the net profit margin was 11.08%, an increase of 3.82 percentage points from Q2 2025, indicating a recovery in overall profitability [1] Cost Structure - For the first three quarters of 2025, the sales expense ratio was 8.32%, an increase of 1.54 percentage points compared to the first three quarters of 2024; the R&D expense ratio was 4.99%, an increase of 0.17 percentage points; and the management expense ratio was 6.86%, an increase of 1.59 percentage points [1] Capital Management - As of the end of Q3 2025, the company's working capital was 3.172 billion yuan, a decrease of 32 million yuan compared to the end of Q2 2025, indicating relative stability [1] Industry Positioning - The company focuses on the digitalization of the retail industry, building a business system centered around electronic price tag systems and SaaS cloud platform services [2] - The company has developed a high-density low-power cellular wireless communication protocol (HiLPC protocol) based on its technology accumulation in the IoT wireless communication field and has implemented an international strategic layout [2] - According to ePaper Insight, the global electronic shelf label (ESL) module shipment volume in the first half of 2025 was 248 million pieces, a year-on-year increase of 56%, with some growth coming from the North American market [2] Growth Outlook - The company is expected to achieve operating revenues of 4.056 billion yuan, 4.787 billion yuan, and 5.747 billion yuan from 2025 to 2027, maintaining a "buy" rating [2]