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 ...

继2025年东莞经济"半年报"出炉后，镇街上半年的经济"成绩单"也陆续公布。 截至8月20日，东莞已有20个镇街相继公布上半年主要经济数据，13个镇街暂未公布GDP或增速。今年 上半年，大部分镇街的消费市场持续走强，进出口贸易活跃，固定投资增速放缓，拉动经济增长的"三 驾马车"有喜有忧。 上半年，东莞各镇街有力有效延续了去年以来经济增长逐步回升的态势。进入下半年，经济高质量发展 的驱动引擎将精准发力，稳外贸、促消费、强投资、谋增量，全力以赴完成全年经济社会发展目标任 务。 20个镇街相继公布主要经济数据 东坑、谢岗、高埗GDP增速位居前三 7月24日，2025上半年东莞经济运行情况对外发布。全市地区生产总值（GDP）达6067.84亿元，同比增 长4.8%，比全省高0.6个百分点。 南都N视频记者梳理发现，截至8月20日，东莞已有20个镇街相继公布主要经济数据。其中，19个镇街 公布了今年上半年GDP或增速，13个镇街未公布GDP或增速。 已公布的镇街：虎门 高埗 石龙 寮步 茶山 东坑 黄江 道滘 望牛墩 洪梅 中堂 常平 谢岗 企石 石排 塘厦 清 溪 凤岗 樟木头 未公布的镇街：东城 南城 莞城 万江 ...

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SUV项目，其中包含32个扬声器、40通道功放、算法以及调音服务，打造超豪华车载声学体验。 集团的全栈车载声学系统亮相上海车展，高性能扬声器、自研功放以及包括AI音乐分轨在内等的创新 算法悉数展出，为客户打造全面的驾乘声学体验。2025年上半年，集团宣布收购河北初光汽车部件有限 公司，其主要产品组合涵盖智能麦克风、E-call麦克风以及RNC传感器，其中智能麦克风已实现主要车 型全覆盖，进一步强化集团在车载声学系统解决方案的布局。 得益于智能手机市场光学规格持续提升带来的结构性机遇，光学业务延续了迅猛的增长态势，收入达人 民币26.5亿元，同比增长19.7%。塑胶镜头以及光学模组出货量同比均有增长并且ASP持续提升。毛利 率为10.2%，同比改善5.5个百分点，其中塑胶镜头毛利率同比改善幅度超过10个百分点，集团高端化策 略以及精益运营成效显著。 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 ...

Core Viewpoint - AAC Technologies has completed the acquisition of the second batch of shares in Premium Sound Solutions (PSS), making PSS an indirect wholly-owned subsidiary of AAC Technologies [1] Group 1: Acquisition and Market Impact - AAC Technologies acquired 80% of PSS in February last year, leading to a steady increase in its global automotive market share and the establishment of a vertically integrated solution encompassing speakers, amplifiers, algorithms, and tuning services [3] - The automotive acoustics business of AAC Technologies has seen rapid growth, with revenue reaching 3.52 billion yuan and a gross margin of 24.8% [3] - PSS's automotive speakers have captured significant market share among top-tier automotive manufacturers in Europe and the US, and after the acquisition, AAC Technologies has successfully supplied to domestic new energy vehicle companies such as Li Auto, Xiaomi, Geely, and XPeng [3] Group 2: Ratings and Market Position - Moody's has upgraded the rating outlook for AAC Technologies from "stable" to "positive," citing the ongoing synergy effects from the acquisition of PSS and improvements in the company's diversified business structure [3] - CLSA's latest research report indicates that AAC Technologies is the sole supplier of the Xiaomi SU7 smart cockpit speakers, and the Xiaomi YU7 series smart cockpit speakers are co-developed with AAC Technologies, with all units supplied by AAC Technologies [3] Group 3: PSS Company Profile - PSS, headquartered in Belgium, is a well-established European automotive acoustics company with 50 years of history and a diversified global manufacturing layout [4] - PSS serves mainstream automotive brands, including Audi, BMW, Mercedes-Benz, Land Rover, and Buick, with a global market share of 15%-20%, and a higher proportion in the mid-to-high-end market [4]

Core Viewpoint - The "China Sound Valley" in Suzhou is emerging as a new engine for technological innovation, focusing on sound control and acoustic technology applications [1][12]. Group 1: Acoustic Innovations - The Sound Valley has developed advanced sound-absorbing materials that significantly reduce noise, utilizing a honeycomb structure to create resonance and lower sound energy [3][4]. - Active noise cancellation technology is being implemented, which releases sound waves that are opposite in phase to the noise, effectively reducing sound levels in environments like truck cabins [6][12]. - The "acoustic camera" technology can visualize sound, identifying inaudible frequencies and pinpointing sound sources, enhancing sound control in various applications [8][12]. Group 2: Applications and Impact - The innovations in sound technology are being applied in diverse fields, including automotive manufacturing, medical devices, and marine communications, contributing to the development of over 150 acoustic projects in the region [12][20]. - The establishment of a "noise map" platform in Changshu allows for real-time monitoring and precise identification of noise pollution, achieving a 98% accuracy rate in capturing specific noise events [14][16]. - The local government is promoting the construction of a "quiet city" by implementing noise-sensitive building regulations and control mechanisms, supported by the noise map technology [18][24]. Group 3: Economic Growth and Support - The Sound Valley's output value reached 13.5 billion yuan in the first half of 2025, marking a 34.4% year-on-year increase, with plans to develop a trillion-yuan acoustic industry cluster [26]. - A comprehensive innovation chain has been established to facilitate the transition of new technologies from research to market, supported by government funding and investment initiatives totaling 1 billion yuan [24][26]. - The region is fostering collaboration between academia and industry, with 11 platforms for research and development partnerships, enhancing the growth of the acoustic technology sector [24].

Economic Performance - In the first half of the year, the GDP of Jinxik Town is expected to grow by 6% year-on-year [1] - The industrial output value reached 24.18 billion, with a year-on-year increase of 6.7%, ranking second in Kunshan [1] - Total fixed asset investment amounted to 1.79 billion, showing a year-on-year growth of 17.1%, while industrial investment was 1.4 billion, with a significant increase of 32.5%, ranking first and third in Kunshan respectively [1] Industry Development - Jinxik Town is focusing on five major industries: consumer electronics, communication equipment, automotive parts, low-altitude economy, and intelligent manufacturing [1] - Major projects such as the "Jinxiu Living Room · Luxshare Precision Science Park" with an investment of over 6 billion were launched, expected to generate over 20 billion in industrial output and create over 10,000 jobs [1] Innovation and Collaboration - Jinxik Town has established deep cooperation with Nanjing University of Information Science and Technology to create an innovation achievement transformation base [1] - The town added 36 invention patents and 144 utility model patents, and initiated one provincial-level industry-university-research cooperation project [1] Tourism Growth - In the first half of the year, Jinxik Town received 2.15 million tourists, a year-on-year increase of 34% [2] - Total tourism revenue reached 73 million, reflecting a year-on-year growth of 12% [2]

Group 1: Automation Research Institute - The event showcased various robots, including the Q series humanoid robots, highlighting advancements in artificial intelligence and robotics [1][3] - The exhibition featured 18 research achievements in areas such as smart healthcare and robotics, including brain-machine interface technologies and surgical navigation systems [3][4] - Interactive experiences allowed the public to engage with cutting-edge technologies, such as intelligent ultrasound robots and AI art [3][4] Group 2: Aerospace Information Innovation Research Institute - The theme for this year's public science day was "Chasing Dreams in Aerospace, Smartly Starting a New Journey," focusing on the integration of aerospace technology and artificial intelligence [5][7] - The event included a technology exhibition showcasing advanced technologies like the "Extreme Eye" floating airship and remote sensing aircraft models [5][7] - Public engagement activities featured hands-on experiences with various aerospace technologies, including intelligent weather radar and health monitoring devices [7][8] Group 3: Acoustics Research Institute - The theme for the Acoustics Research Institute's public science day was "The Sound of Science Inspires the Future," featuring a variety of interactive and educational activities [8][9] - The event included demonstrations of advanced acoustic devices and experiments, allowing the public to experience the principles of acoustics firsthand [9][11] - The institute organized multiple lectures on popular science topics related to acoustics, along with a sci-fi film screening to engage the audience [9][11]

Group 1 - The core viewpoint of the article emphasizes the challenges and preparations required for companies looking to expand internationally, particularly in the context of the energy storage sector and the global market dynamics [2] - A small energy storage factory in the Pearl River Delta is focusing on niche markets that larger companies overlook, highlighting a survival philosophy of targeting smaller opportunities [2] - The company "Dingsheng Technology" is leveraging acoustic AI technology to tap into a market worth hundreds of billions, with plans for funding to support technology development and international market expansion [2] Group 2 - The new tea brand "Tianlala" has launched a summer limited product "Watermelon Cool Bucket" and plans to continue innovating in the bucket tea segment, aiming for a global expansion with over 200 new stores by 2025 [4] - A recent survey by the China Council for the Promotion of International Trade indicates that nearly 50% of foreign trade enterprises plan to reduce their business with the U.S., while 75.3% are looking to expand into emerging markets to compensate for reduced exports to the U.S. [5] - The opening of a new e-commerce express line from Shenzhen to Budapest marks a significant development in logistics, providing a stable and efficient transport channel for exports [5] Group 3 - Cainiao's North American market orders have seen a growth of over 30% since April, indicating a rising demand for cross-border e-commerce services [6] - BYD has made a significant investment exceeding 100 million in PaXini Technology, focusing on tactile perception technology, which is expected to enhance the application of embodied intelligence in various scenarios [6] - Sunshine Power has stated that U.S. tariff policies could potentially impact their annual shipment targets by 4GWh to 5GWh, but the overall effect on their shipment goals remains limited [7]

就在下周二！ 上海国际车展前期 "2025智能座舱车载声学创新大会暨第一届智能声学创新论坛"要 来了！ 随着智能化浪潮席卷汽车产业， 智能座舱正 逐步演变为集办公、休息与娱乐于一体的"第三空 间"。其中， 车载声学系统更是 承载了驾乘者对沉浸式声场、个性化交互，乃至情绪感知的更高 期待。 在这一趋势下， 4月22日 ，特于上海国际车展前期举办 "2025智能座舱车载声学创新大会暨第一 届智能声学创新论坛" ，本次大会将围绕智能座舱车载声学和声学AI+的前沿技术展开研讨和交 流。 现已有 300+ 行业来自产业链上下游的行业精英已报名，更有诸多重磅议程以及特别福利在等你， 是一场不容错过的行业盛会！ 时间 地点 4月22日 · 上海大华虹桥假日酒店 大会亮点 1、300+行业 精英 已锁定席位 来自比亚迪、上汽大众、中国商飞、小米汽车、零跑汽车、江淮汽车、 瑞声科技、歌尔股份、歌 尔丹拿、引望智能、彼格镁隆、科大讯飞、影石创新、苏州上声、龙旗科技、上海声望 、中国计 量科学 研究院、京东方精电（深圳）汽车技术、中国计量科学研究院、北京瑞森新谱科技、佛吉 亚、重庆梧桐车联、长三角国家技术创新中心等产业专家齐聚，产 ...