国盛证券研报指出，蓝思科技上半年营收及盈利能力均大幅提升，消费电子和智能汽车业务稳健增长。 公司业绩持续稳步向上，主因消费电子及智能汽车业务等主营业务实现高质量发展，盈利能力进一步提 升。从25Q2单季度来看，实现归母净利润7.1亿元，同比增长29.3%，环比增长66.4%。公司作为智能终 端全产业链一站式精密制造解决方案提供商，一方面具备以结构件及功能模组核心技术为支撑的产业化 能力体系，另一方面具备全产业链垂直整合能力，未来将深度受益AI技术发展,各条业务线预计全面增 长。维持公司"买入"评级。 ...

Core Viewpoint - The company, Lens Technology, is accelerating its transformation into a global AI hardware innovation platform, showing robust growth in its overall performance during the first half of 2025, with a revenue of 32.96 billion yuan and a net profit of 1.194 billion yuan, marking year-on-year increases of 14.18% and 35.53% respectively [1] Group 1: Smartphone Business - The smartphone and computer business segment maintained its industry-leading position, achieving a revenue of 27.185 billion yuan, a year-on-year growth of 13.19% [2] - The company has successfully developed and prepared for mass production of several flagship smartphones, enhancing market share and profitability [2] - As a global core supplier of ultra-thin flexible glass, the company has innovatively introduced a multi-layer structure design for foldable screens, leading the next generation of foldable screen development [2] - The company is well-positioned for mass production of new foldable screen models, with capacity planning and production line construction underway [2] Group 2: Smart Automotive Industry - In the smart automotive sector, the company accelerated its layout in vehicle displays, smart cockpits, and intelligent driving ecosystems, achieving a revenue of 3.165 billion yuan, a year-on-year increase of 16.45% [3] - The company’s ultra-thin laminated car window glass has become a key innovation in smart vehicle cockpits, with successful integration into the production systems of leading domestic car manufacturers [3] - The company has established partnerships with over 30 leading automotive enterprises, expanding its automotive business boundaries and promoting the evolution of smart cockpits into multi-dimensional scenarios [3] Group 3: New Smart Terminal Industry - The company is actively laying out the new smart terminal sector, covering AR glasses, smartwatches, and embodied intelligence, aiming to create an integrated ecosystem of "AI + terminal + scenario" [4] - In the smart head-mounted display and wearable sector, the company achieved a revenue of 1.647 billion yuan, a year-on-year growth of 14.74%, successfully delivering large-scale production of AR glasses to leading domestic clients [4] - The company is also involved in the humanoid robot industry chain, focusing on the development and mass production of core components such as joint modules and exoskeleton devices [4] - The company has made significant progress in emerging smart terminal fields like smart retail and smart home, enriching its high-value product portfolio and enhancing scenario penetration [4]

Core Viewpoint - The company, Lens Technology, reported strong financial performance for the first half of 2025, with revenue of 32.96 billion yuan, a year-on-year increase of 14.18%, and a net profit of 1.194 billion yuan, up 35.53% [1] Financial Performance - The company plans to distribute a cash dividend of 1.00 yuan per share to all shareholders, totaling 526 million yuan [1] - Lens Technology's stock price increased by 31.1% since its listing on the Hong Kong Stock Exchange on July 9, 2023, with a closing price of 24.64 HKD per share as of August 25, 2023 [1] Business Segments - The core business of smartphones and computers generated revenue of 27.185 billion yuan, a year-on-year increase of 13.19% [6] - The smart automotive and cockpit segment became the second-largest revenue source, achieving 3.165 billion yuan in revenue, up 16.45% [6] - The smart wearables and headsets segment reported revenue of 1.647 billion yuan, a growth of 14.74% [7] - The "other smart terminals" segment saw remarkable growth, with revenue reaching 364 million yuan, an increase of over 128% [7] Innovation and R&D - The company emphasizes technological innovation, with R&D investment reaching 1.644 billion yuan, a year-on-year increase of 29.15% [8] - Lens Technology holds 2,266 patents across various key areas, establishing a strong technological barrier [8] Strategic Partnerships - The company has formed a joint venture with Zhiyuan Robotics to focus on humanoid robot assembly and functional module development [9] - Lens Technology has established strategic partnerships with major global clients, including Apple, Huawei, Meta, Tesla, CATL, and BYD [7]

Group 1 - Huawei announced the launch of new models including the AITO M8 electric version and the HarmonyOS 5 device, which has surpassed 12 million units, contributing to a comprehensive smart living experience [1] - The cumulative delivery of HarmonyOS vehicles has exceeded 900,000, maintaining the highest average transaction price among Chinese automotive brands for 14 consecutive months [1] - The AITO M9 has achieved cumulative deliveries of 226,000 units, while the AITO M8 has delivered 70,000 units in just four months [1] Group 2 - Chery Automobile's chairman stated that the arrival of new models marks the transition to the 2.0 phase of the Zhijie brand, with over 10 billion yuan in special investments and a research team of over 5,000 people [2] - The new Zhijie models feature a refreshed design, including a new graphic logo and unique color options, with the Zhijie R7 equipped with a 16.1-inch central control screen and advanced audio system [2] - The AITO M8 electric version utilizes a new high-voltage electric power architecture, achieving a maximum range of 705 km [2] Group 3 - The Shangjie H5 model is positioned with a price starting at 169,800 yuan and is equipped with the HUAWEI ADS 4 advanced driver assistance system, making it accessible under 200,000 yuan [3] - The Shangjie H5 features high-performance 192-line lidar and 4D millimeter-wave radar for enhanced driving assistance accuracy [3] - The vehicle includes a native vehicle machine and a voice assistant for improved user interaction [3]

Group 1: Automotive Industry Overview - In July, heavy truck exports reached 30,000 units, representing a year-on-year increase of 27.9% and a month-on-month increase of 13.7%. Cumulative exports from January to July totaled 175,000 units, up 5.1% year-on-year [1][5] - Exports of heavy trucks to non-Russian markets in July were 29,000 units, showing a year-on-year increase of 67.4% and a month-on-month increase of 11.6%. From January to July, non-Russian exports reached 172,000 units, up 40.3% year-on-year, indicating strong growth momentum in non-Russian markets [1][5] Group 2: Passenger Vehicle Market - Preliminary estimates suggest that retail sales of narrow passenger vehicles in August will be around 1.94 million units, reflecting a month-on-month growth of 6.2% and a year-on-year growth of 2.0%. Cumulative retail sales for the year have reached 13.611 million units, up 10% year-on-year [2][3] - From August 1 to 17, retail sales of passenger vehicles were 866,000 units, showing a year-on-year increase of 2% and a month-on-month increase of 8% [3] Group 3: New Energy Vehicles - Retail sales of new energy passenger vehicles from August 1 to 17 reached 502,000 units, representing a year-on-year increase of 9% and a month-on-month increase of 12%, with a penetration rate of 58.0% [3] Group 4: Intelligent Vehicles - On August 20, Zhibo Zhixing submitted its listing application to the Hong Kong Stock Exchange, with its intelligent cockpit solutions expected to grow from 835,000 units in 2022 to 2,334,000 units by 2024, already installed in over 8 million vehicles across more than 14 countries [4] Group 5: Robotics Industry - The "E-TOWN Robot Consumption Festival" reported total sales exceeding 330 million yuan, with over 190,000 robots and related products sold, indicating significant growth and attention in the robotics industry [6]

Core Viewpoint - The article discusses the advancements and potential of Horizon Robotics' HSD (Highway Smart Driving) system, emphasizing its transition from testing to near mass production, and its implications for the smart automotive industry in China [1][4][36]. Group 1: Technological Advancements - Horizon Robotics has launched its self-developed computing hardware, the J6P, and the UniAD software, marking significant milestones in autonomous driving technology [2][4]. - The HSD system features a one-stage end-to-end architecture, which improves the driving experience by integrating various functionalities without relying on traditional rule-based systems [19][36]. - Key innovations include dense modal information processing, joint optimization of lateral and longitudinal control, and a robust safety verification module to ensure safe vehicle operation [20][21][24]. Group 2: Performance and User Experience - The latest version of HSD demonstrates improved speed control and smoother driving experiences, particularly in complex scenarios like traffic lights and merging [6][10]. - The system's ability to navigate through obstacles and make real-time decisions showcases its advanced cognitive capabilities, allowing it to handle various driving conditions effectively [11][36]. - Despite its advancements, some issues were noted, such as misidentifying stationary vehicles, indicating areas for further refinement [13][36]. Group 3: Industry Implications - Horizon Robotics aims to establish a comprehensive solution for the automotive industry, moving away from isolated implementations for specific manufacturers [41]. - The company's strategy focuses on a gradual approach to autonomous driving, with a clear timeline for achieving hands-off and eyes-off driving capabilities [37][39]. - The competitive landscape suggests that companies failing to keep pace with these advancements may risk obsolescence in the rapidly evolving smart automotive sector [37][39].

Group 1 - The People's Bank of China has a 300 billion yuan one-year MLF maturing today [3] - The Chinese government held a press conference on August 26 to discuss achievements in high-quality energy development during the 14th Five-Year Plan [3] - The 25th China International Investment and Trade Fair will be held on August 26 [3] Group 2 - U.S. stock markets closed lower, with the Dow Jones down 0.77%, S&P 500 down 0.43%, and Nasdaq down 0.22% [4] - Major tech stocks had mixed performances, with Nvidia, Netflix, Google, and Tesla rising over 1%, while Intel fell over 1% [4] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 0.11% [4] Group 3 - International precious metal futures generally fell, with COMEX gold futures down 0.23% at $3410.70 per ounce and silver down 1.29% at $38.55 per ounce [5] - International oil prices rose, with WTI crude oil up 1.70% at $64.74 per barrel and Brent crude up 1.41% at $68.17 per barrel [6] Group 4 - European stock markets closed lower, with Germany's DAX down 0.37% and France's CAC40 down 1.59% [7] - The A-share market saw over 3,300 stocks rise, with the Shanghai Composite Index up 1.51% and the Shenzhen Component Index up 2.26% [7] - The total trading volume in the Shanghai and Shenzhen markets reached 3.14 trillion yuan, marking a new high for the year [7] Group 5 - A significant document on advancing green and low-carbon transformation and strengthening the national carbon market was released by the Central Committee and the State Council [8] - The document outlines plans for a national carbon trading market to cover major industrial sectors by 2027 and establish a comprehensive voluntary emission reduction trading market by 2030 [8] Group 6 - Shanghai's housing market policies have been adjusted to reduce purchase restrictions and optimize housing provident fund policies [11] - From August 26, eligible families can purchase unlimited properties outside the outer ring of Shanghai, and single adults will follow the same purchase restrictions as families [11] Group 7 - A Chinese research team successfully transplanted gene-edited pig lungs into a brain-dead human, marking a milestone in the field [12] - China successfully launched a batch of low-orbit satellites for satellite internet on August 26 [12] Group 8 - Tencent, Sunshine Life, and Wanda have established a private equity investment fund in Suzhou with a total investment of approximately 22.43 billion yuan [18] - The fund will engage in private equity investment, investment management, and asset management activities [18] Group 9 - Tencent announced that it will stop providing repair services for the national version of Nintendo Switch starting December 31, 2026 [20] - This decision may indicate a gradual market exit for the Nintendo Switch in China after 2026 [20] Group 10 - China Evergrande has officially delisted from the Hong Kong Stock Exchange as of August 25 [22] - The company announced that its last trading day was August 22, and it has no intention of applying for a review [22]

Core Insights - Huawei's HarmonyOS ecosystem is experiencing rapid growth, with the number of devices running HarmonyOS 5 surpassing 12 million in less than a month, marking a 20% increase from 10 million [1][2] - The ecosystem is expanding across various devices, including smartphones, tablets, computers, smart wearables, smart homes, and automobiles, with over 50 models already upgraded to HarmonyOS 5.1 [2][3] - The automotive sector is becoming a significant entry point for the HarmonyOS ecosystem, with the launch of new smart cars like the Zhijie R7 and S7, which integrate advanced technologies [3][4] Device Growth - Since the release of HarmonyOS 5, the number of terminal devices has shown exponential growth, increasing by 2 million devices in less than a month [2] - The developer ecosystem is thriving, with over 8 million registered developers and more than 30,000 applications and services developed, indicating a significant reduction in the "application scarcity" phase [2] Automotive Integration - The introduction of HarmonyOS in smart vehicles is expected to enhance connectivity with smartphones and home devices, allowing seamless operation of applications like navigation and music [3][6] - Huawei's automotive strategy includes collaboration with over 200 companies in the automotive supply chain to promote the development of smart connected vehicles [6] Strategic Partnerships - Huawei is collaborating with Easyand Electric to upgrade smart charging stations and enhance the overall value chain of the HarmonyOS ecosystem [5] - The automotive sector is viewed as a new flagship for the HarmonyOS ecosystem, facilitating the transition from a single operating system to a "super terminal operating system" [6]

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列藍思科技股份有限公司（「本公司」）於深圳證券交易所網站(www.szse.cn) 及巨潮資訊 網(www.cninfo.com.cn)刊登的公告如下，僅供參閱。 承董事會命 藍思科技股份有限公司 董事長 周群飛 香港，2025年8月25日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 Lens Technology Co., Ltd. 藍 思 科 技 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） （股份代號：6613） 海外監管公告 於本公告日期，本公司董事會成員包括執行董事周群飛女士、鄭俊龍先生及饒橋兵先生；及獨立非執行董事 萬煒女士、劉岳先生、田宏先生及謝志明先生。 蓝思科技股份有限公司 2025 年半年度报告 定 2025-005 2025 年 8 月 蓝思科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监 ...

Core Viewpoint - Huawei's Executive Director and Chairman of the Terminal BG, Yu Chengdong, announced the official launch of the AITO M8 pure electric version, which features a new pure electric power architecture and is developed based on Huawei's Whale 800V high-voltage battery platform [1]. Group 1 - The AITO M8 pure electric vehicle has been officially launched [1] - The vehicle is equipped with Huawei's new pure electric power architecture [1] - The development of the AITO M8 is based on Huawei's Whale 800V high-voltage battery platform [1]