公le_司Su发m布ma2r0y]2 5Q2业绩： 25Q2：收入47.60 亿元（同比-12.1%），归母净利润3.27 亿元（同比-34.1%），扣非归母净利润2.68 亿 元（同比-40.6%）。 25H1：收入84.83 亿元（同比-10.9%），归母净利润6.61 亿元（同比-27.4%），扣非归母净利润5.78 亿 元（同比-32.7%）。 收入分析： 多媒体视听： H1 收入56.8 亿（同比-18.2%），参考洛图， H1 公司电视ODM 出货量523 万台（同比 +3%），其中Q1+10%/Q2-2%，目前越南产能从年初200 万台提升至H1 末的1100 万台可充分满足对美 需求。 LED 产业链：H1 收入28.1 亿（同比+8.7%）。 利润分析： Q2 归母净利率6.9%（同比-2.3pct），毛利率同比-1.9pct，销售/管理/研发/财务费率同比 各-0.2/+1.4/+1.8/+0.6pct，投入期产能爬坡成本波动，另政府补助等其他收入多8 千万增厚利润。 拆分看，H1 多媒体/LED 毛利率各同比-1.0/-3.9pct，净利润占比四六开。 投资建议：维持"买入" 我们的观点 ...

Financial Performance - In Q1 2025, the company achieved a revenue of CNY 281 million, representing a year-on-year growth of 21.01% [2] - The net profit attributable to shareholders was CNY 5.08 million, with a year-on-year increase of 60.54% [2] Product Portfolio - The company's thermal management products include consumer electronics cooling products, computer systems and peripherals, and LED lighting heat dissipation components [3] - Key products in the consumer electronics segment are water and air cooling systems, primarily used for CPU cooling [3] Technology and Innovation - The company has developed several core technologies in the lithium-ion battery materials sector, including green recycling techniques for used lithium iron phosphate batteries and efficient leaching processes for valuable metals [3] - R&D investment for 2024 amounted to CNY 66.97 million, focusing on recycling processes and high-performance cooling systems [4] Growth Strategy - The company aims to enhance profitability by integrating resources in the lithium-ion battery materials sector and optimizing production costs [3] - Plans to expand overseas market presence, particularly in emerging markets, while focusing on high-end market positioning for thermal products [3] Industry Outlook - The lithium-ion battery materials industry faces challenges such as overcapacity and intensified market competition, impacting overall performance [4] - The company’s performance trends align with the broader industry dynamics [4] Legal Matters - The company is actively monitoring ongoing litigation and has reached a settlement in a contract dispute, although recovery of funds is still pending [4]