利润方面，公司2025H1 毛利额达38.9 亿元，同比增长20%；毛利率由去年同期17.2%提升至19.8%。毛 利率的提升，一方面来自高毛利车载业务收入增速更快，另一方面来自手机镜头和模组的毛利率同比均 有提升。 公司2025H1 归母净利约16.5 亿元，同比增长52.6%。 手机光学：升级需求确定，高端产品占比提升。手机光学赛道，1）折叠机和超薄需求驱动极致小型 化，2）视频防抖、全焦段体验革新等需求驱动拍摄专业化。在此趋势下，我们看到公司：1）手机镜 头：6 片及以上收入同比增长超9%。玻塑混合镜头收入同比增长超100%。2）手机模组：大像面及潜望 收入同比增长超20%。产品规格的提升也带动了手机镜头和模组ASP 和毛利率的提升。 机构：国盛证券 研究员：夏君/刘玲 舜宇光学发布2025H1 业绩。舜宇光学2025H1 录得收入196.5 亿元，同比增长4.2%。按收入类别来看， 舜宇2025H1 手机领域录得收入132.5亿元，同比增长1.7%。车载领域录得收入34 亿元，同比增长 18.2%。XR领域录得收入12 亿元，同比增长21.1%。 XR 及泛IOT：加强垂直整合、积极拓展场景。1）XR ...

Summary of the Conference Call for 瑞声科技 (AAC Technologies) Company Overview - **Company**: AAC Technologies - **Industry**: Consumer Electronics, Optical Components, Acoustic Systems, and AI Technologies Key Financial Performance - **Revenue**: 134.7 billion RMB in H1 2025, up 18.4% YoY [2][3] - **Net Profit**: 8.76 billion RMB, up 63.1% YoY, driven by improved optical business profitability and growth in precision components [2][3] - **Non-recurring Income**: From PSS acquisition, not expected to impact H2 financial performance [11] Business Segments Performance Consumer Electronics - **Revenue**: 115.8 billion RMB, with electromagnetic drive and precision components growing by 27.4% and optical business by 19.7% YoY [2][5] - **Gross Margin**: Optical business gross margin improved significantly, with plastic lens margins up over 10 percentage points [2][5] Automotive Acoustics - **Revenue**: 17.4 billion RMB, up 14.2% YoY, with a gross margin of 23.9% [2][6] - **New Developments**: Acquisition of 河北初光, expanding product lines to include smart microphones and e-call microphones [6] Optical Business - **Revenue**: 26.5 billion RMB, up 19.7% YoY, with significant increases in shipment volume and unit price [2][7] - **Gross Margin**: Overall optical gross margin at 10.2%, improved by 5.5 percentage points YoY [2][8] Electromagnetic Drive and Precision Components - **Revenue**: 46.3 billion RMB, up 27.4% YoY, driven by linear motors and innovative side keys [3][9] - **New Product Launch**: Introduction of Super Slim Engine, the thinnest x-axis linear motor in the mobile phone sector [9] Sensors and Semiconductors - **Revenue**: 6.08 billion RMB, up 56.2% YoY, primarily due to high signal-to-noise ratio microphones shipped to overseas clients [3][10] Strategic Initiatives and Future Outlook - **AI and New Technologies**: The company is actively investing in AI-related fields, including robotics and sensors, with expectations for significant opportunities in 2026-2027 [3][15] - **Growth in Cooling Solutions**: Anticipated threefold growth in cooling business from 3.2 billion RMB to over 12 billion RMB in 2025 [3][20] - **Long-term AI Device Development**: Focus on AI devices and AR/VR equipment, with expectations for new market opportunities [15][29] Market Trends and Competitive Position - **Optical Lens Demand**: Strong demand for wave-speed hybrid lenses, with expected shipments of 10-15 million units in 2025 [17] - **Acoustic Business Trends**: Seasonal fluctuations expected, but overall growth anticipated with new product launches [18][30] - **High-End Cooling Market**: Rapid expansion expected in the cooling market, with a shift towards active cooling solutions [21][46] Conclusion - **Overall Growth Confidence**: The company maintains a positive outlook for H2 2025, with revenue growth expected to remain robust and gross margins stabilizing or improving [12][43] - **Strategic Acquisitions**: The PSS acquisition is expected to enhance the automotive business and overall performance [38][41] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment developments, strategic initiatives, and market outlook for AAC Technologies.

Stock Code: 2018.HK 2025 Interim Results P&L Summary | | 1H 2025 | 1H 2024 | YoY | | --- | --- | --- | --- | | （RMB mn） | | | | | Revenue | 13,318 | 11,247 | +18.4% | | Gross Profit | 2,754 | 2,418 | +13.9% | | Research and Development Costs | 998 | 949 | +5.1% | | Distribution and Selling Expenses | 343 | 297 | +15.4% | | Administrative Expenses | 637 | 566 | +12.6% | | Net Profit* | 876 | 537 | +63.1% | | Basic EPS (RMB） | 0.76 | 0.46 | +65.2% | *Net profit represents profit attributable to owners of the ...

康耐特光学(02276)再涨超5%，高见48.5港元创上市新高。截至发稿，涨5.04%，报47.1港元，成交额 1.23亿港元。 消息面上，国投证券发布研报称，公司有望充分受益AI眼镜行业升级趋势，打开增长空间。AR近视解 决方案正向轻薄、高性能的一体化贴合升级，其要求较高制造水平。公司自21年开始卡位XR一体化技 术，引入股东歌尔股份（002241）战略合作，有望形成客户协同，目前已获多家全球领先的科技和消费 电子龙头在研项目及小试订单，并将在泰国新建XR配套镜片专用产线。 值得关注的是，据报道，科技记者马克·古尔曼称，Meta正在准备其首款配备显示屏的智能眼镜，这款 AI眼镜代号为Hypernova（极超新星）。该设备将于下月正式发布。财信证券认为，受益于AI智能眼镜 市场热度的持续提升以及销量强劲增长，叠加今年下半年阿里、谷歌、Meta等科技巨头新款AI+AR眼 镜产品的发布与上市，将为全年AI智能眼镜销量超预期增长提供核心增量驱动。 ...

智通财经APP获悉，大和发布研报称，舜宇光学科技(02382)2025年上半年业绩稳固，尽管出货量未达预 期，但得益于产品组合持续改善。该行料舜宇智能手机销售同比增长率，有望在2025年下半年进一步提 升。大和重申舜宇"跑赢大市"评级，并将12个月目标价从72港元上调至85港元。大和表示，基于产品组 合持续改善，推动舜宇手机镜头(HLS)及手机摄像模组(HCM)的平均售价和毛利率提升，将舜宇2025至 2027年每股盈利预测上调12%至15%。 ...

瑞声科技(02018)发布截至2025年6月30日止6个月业绩，该集团期内取得收入133.18亿元(人民币，单位 下同)，同比增加18.4%;公司拥有人应占溢利8.76亿元，同比增加63.1%;每股基本盈利0.76元。 2025年上半年，集团凭借声学技术底蕴，市场份额得到进一步巩固和提升。集团采用创新的材料应用和 结构设计，持续为手机及非手机客户打造音质出色兼顾轻薄体积的声学产品：SLS大师级扬声器和同轴 扬声器继续引领中高端市场，上半年出货超过1700万只，同比增长接近40%。同时，集团推出行业首创 的大师级同轴对称双扬声器，为终端消费者带来更好的低音下潜以及更丰富的高频细节。行业最薄扬声 器首发，其单体厚度仅1.4mm。此外，数款AI眼镜搭载集团的超薄扬声器。集团持续推动声学解决方案 的创新与提升，将先进的硬件设计、智能算法与专业调音服务加深融合，以满足日益复杂的智能设备多 场景、高品质的声学应用需求。 集团积极把握智能座舱中声学系统升级的契机，持续导入新客户以及新车型，实现收入人民币17.4亿 元，同比增长14.2%，进一步发挥集团与PSS的协同效应。2025年上半年，集团定点国内某新能源品牌 的旗舰S ...

Core Viewpoint - 瑞声科技 reported a significant increase in revenue and profit for the first half of 2025, driven by advancements in acoustic technology and market share growth [1][2] Group 1: Financial Performance - The company achieved a revenue of 13.318 billion RMB, representing an 18.4% year-on-year increase [1] - Profit attributable to shareholders was 876 million RMB, up 63.1% compared to the previous year [1] - Basic earnings per share were 0.76 RMB [1] Group 2: Acoustic Product Development - The company strengthened its market position by launching innovative acoustic products, including the SLS master-level speaker and coaxial speakers, with over 17 million units shipped, a nearly 40% increase year-on-year [1] - The introduction of the industry's first master-level coaxial symmetrical dual speaker enhances low-frequency performance and high-frequency detail for consumers [1] - The company also unveiled the thinnest speaker in the industry, measuring only 1.4mm in thickness [1] Group 3: Automotive Acoustic Systems - The company capitalized on opportunities in the smart cockpit acoustic system upgrade, achieving revenue of 1.74 billion RMB, a 14.2% increase year-on-year [2] - A flagship SUV project for a domestic new energy brand was secured, featuring a comprehensive acoustic system with 32 speakers and 40-channel amplifiers [2] - The acquisition of Hebei Chuguang Automotive Components Co., Ltd. enhances the company's capabilities in automotive acoustic solutions, including smart microphones and RNC sensors [2] Group 4: Optical Business Growth - The optical business continued to grow rapidly, with revenue reaching 2.65 billion RMB, a 19.7% year-on-year increase [2] - Both plastic lens and optical module shipments increased, with an improvement in average selling price (ASP) [2] - The gross margin for the optical segment improved by 5.5 percentage points to 10.2%, with plastic lens margins improving by over 10 percentage points [2]

独家经销协议正式终止前，各方仍应当正常履行相关协议;在相关交接工作完成后，各方促使并确保亨 泰视觉少数股东金亨泰(厦门)贸易有限公司("金亨泰(厦门)")与昊海发展签署《股权转让协议》，以亨泰 视觉截至2025年9月30日止账面净资产为依据计算股权转让价格，金亨泰(厦门)将其所持有的亨泰视觉 45%股权全部转让给昊海发展，亨泰视觉将成为昊海发展全资子公司，继续纳入公司合并报表范围。 昊海生科(688366.SH)公告，因卡尔蔡司拟通过股份转换的形式收购亨泰光学100%股份，亨泰光学的控 制权将发生变更。公司子公司昊海控股与亨泰光学现有主要股东及利害关系人签署《终止合作协议》。 各方同意在《终止合作协议》签署后，促使并确保亨泰光学与昊海控股、亨泰视觉共同签署《终止确认 函》，并自亨泰光学与卡尔蔡司《股份转换契约》项下股份转换基准日前一日终止独家经销协议，亨泰 光学主要股东及利害关系人向昊海控股支付终止合作补助金8000万元。 ...

Group 1: Bubble Mart Performance - Bubble Mart reported a significant increase in net profit by 385.6% for the first half of 2025, reaching 4.68 billion RMB, driven by global expansion and IP matrix growth [11][14] - The company's revenue for the same period was 13.88 billion RMB, reflecting a year-on-year growth of 204.4% [11][13] - Bubble Mart's stock price surged to a new high of 316.00 HKD per share, with an increase of 12.54% on the day of the earnings announcement [9][11] Group 2: Financial Metrics - The gross profit for Bubble Mart was reported at 9.76 billion RMB, a 234.4% increase compared to the previous year [13] - The adjusted net profit was 4.71 billion RMB, showing a growth of 362.8% [11][13] - The net profit margin reached 33.7%, an increase of 12.5 percentage points year-on-year [11] Group 3: Market Reaction and Future Outlook - The stock trading volume for Bubble Mart was notable, with a total transaction value of 115.12 billion HKD [5] - Analysts from Xinda Securities have given a "buy" rating, projecting revenues of 30.996 billion RMB, 48.445 billion RMB, and 63.117 billion RMB for 2025 to 2027 [14] Group 4: Sunny Optical Technology Performance - Sunny Optical Technology reported a net profit increase of 52.56% for the first half of 2025, amounting to 1.646 billion RMB [16][19] - The company's total revenue was 19.652 billion RMB, reflecting a year-on-year growth of 3.56% [16] - The stock price of Sunny Optical rose by 9.74%, closing at 82.25 HKD per share [14][20] Group 5: Market Trends and Related Stocks - The semiconductor sector showed positive momentum, with stocks like SMIC rising by 3.40% due to a rebound in the A-share market [4] - The overall market saw mixed performance, with the industrial index up by 0.67% and healthcare down by 2.58% [5][7]

【导读】泡泡玛特净利狂飙超385%！股价再创新高！ 8月20日，香港恒生指数涨0.17%，报25165.94点；恒生科技指数跌0.01%，报5541.27点；恒生中国企业指数涨0.08%，报9013.27点；大市成交2852.86亿港 元。南向资金大幅净卖出146.82亿港元。 恒生指数成份股中45只上涨，33只下跌。其中，舜宇光学科技大涨9.74%，上半年股东应占溢利同比增长52.56%；中芯国际上涨3.40%，A股市场半导体板 块午后强势反弹带动港股芯片股情绪回暖；药明生物上涨2.82%，上半年股东应占利润同比增长56%。 | 序号 | 名称 | 代码 | 现价 | 消費 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 舜宇光学科技 | 2382 | 82.250 c | 7.300 | 9.74% | 25.97亿 | 20.52% | | 2 | 中芯国际 | 0981 | 51.750 c | 1.700 | 3.40% | 54.15亿 | 62.74% | | 3 | 药明生物 | 22 ...