Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 22.04 CNY [4]. Core Insights - The company is experiencing accelerated revenue growth, with expectations for profit improvement in the second half of the year [2]. - The unique UDM model supports high-end manufacturing R&D capabilities, and the business expansion in high-growth sectors is promising [10]. - The company has adjusted its profit expectations for 2025-2026 and introduced a new profit forecast for 2027, estimating EPS of 0.38, 0.44, and 0.69 CNY for 2025-2027 respectively [10]. Financial Summary - Total revenue is projected to decline from 3,860 million CNY in 2023 to 3,567 million CNY in 2025, before increasing to 5,682 million CNY by 2027, reflecting a growth rate of 26.0% [3]. - Net profit attributable to the parent company is expected to decrease from 451 million CNY in 2023 to 252 million CNY in 2024, before recovering to 536 million CNY in 2027, indicating a significant growth of 56.6% [3]. - The company's gross profit margin is forecasted to decline to 27.6% in 2025, with a net profit margin of 8.6% [11]. Business Performance - In the first half of 2025, revenue from innovative consumer electronics products increased by 41.86%, while automotive electronics and health environment segments also showed positive growth [10]. - The company is focusing on deepening its large customer strategy and enhancing its competitive advantages in smart manufacturing and internationalization [10]. - The sales gross margin for Q2 2025 was reported at 27.1%, down 2.1 percentage points year-on-year, primarily due to currency fluctuations and increased competition in the automotive electronics market [10]. International Expansion - The company is accelerating its internationalization process, leveraging its early advantages to enhance global operations and meet diverse customer needs [10].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 徐潇潇）日前，盈趣科技公布2025年半年度报告显示，报告期内，公司实 现总营业收入18.20亿元，同比增长15.54%；利润总额达到1.64亿元，同比增长7.16%；实现归母净利润 1.38亿元，同比增长1.66%，经营业绩总体呈营收增长，但盈利承压的态势。 从业务构成来看，2025年上半年，盈趣科技来自电子制造业的收入17.44亿元，占比95.85%，同比增长 16.15%。其中，创新消费电子产品收入6.76亿元，同比增长41.86%，成为增长主力；健康环境产品收入 0.85亿元，同比增长35.69%。 值得注意的是，报告期内，盈趣科技应收账款体量较大，当期应收账款占最新年报归母净利润比例达 453.38%。此外，持股机构数量也在不断减少，截至2025年上半年，持有盈趣科技股票的机构家数仅为 5家，相比2024年同期的125家大幅减少120家。 公开资料显示，盈趣科技成立于2011年5月24日，于2018年1月15日在深圳证券交易所成功挂牌上市。公 司总部位于福建省厦门市，在海内外拥有超过50家子公司，主要分布于中国的福建、广东、上海、浙 江、江苏等地 ...

盈趣科技8月8日股价呈现震荡走势，开盘报19.25元，最高触及19.36元后回落，最低下探至17.99元，最 终收于18.03元，较前一交易日下跌3.79%。盘中曾出现快速反弹，在9点44分时5分钟内涨幅超过2%， 股价回升至18.83元。 盈趣科技属于消费电子、物联网等概念板块。公司主要从事智能控制部件、创新消费电子产品的研发、 生产和销售。 8月8日主力资金净流出943.33万元，近五日累计净流出886.47万元。 风险提示：股市有风险，投资需谨慎。 ...

Group 1 - The stock price of Yingqu Technology on August 1 was 18.05 yuan, down 0.06% from the previous trading day, with a trading volume of 1.30 billion yuan [1] - The stock reached a high of 18.21 yuan and a low of 17.82 yuan during the day, with a fluctuation of 2.16% [1] - Yingqu Technology's main business includes consumer electronics and the Internet of Things, and it is a component of the Shenzhen 500 index, focusing on the research and manufacturing of smart control components and innovative consumer electronic products [1] Group 2 - On August 1, Yingqu Technology announced that the second extraordinary general meeting of shareholders in 2025 approved amendments to the company's articles of association and adjustments to certain governance systems [1] - The company also announced that Hu Hairong resigned from his position as a director and was elected as an employee director, further optimizing the company's governance structure [1] Group 3 - On August 1, the net outflow of main funds was 4.22 million yuan, with a cumulative net outflow of 34.37 million yuan over the past five days [1]

Group 1 - The stock price of Yingqu Technology is reported at 18.06 yuan, down 0.50 yuan or 2.69% from the previous trading day, with a trading volume of 1.95 billion yuan [1] - Yingqu Technology operates in the consumer electronics and IoT sectors, focusing on the research, production, and sales of smart control components and innovative consumer electronic products, covering areas such as home appliances, automotive electronics, and healthcare [1] - As of July 31, 2025, the company has repurchased a total of 4.7456 million shares, accounting for 0.6104% of the total share capital, with a repurchase amount of 63.59 million yuan and a price range of 12.72 yuan to 14.18 yuan per share [1] Group 2 - A temporary shareholders' meeting is scheduled for August 1 to review amendments to the company's articles of association and other proposals [1] - On July 31, there was a net outflow of 13.6371 million yuan in principal funds [1]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, particularly in non-recurring net profit, indicating potential growth in various business segments [1][7]. Financial Performance - For 2024, the company achieved revenue of 3.573 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 252 million yuan, down 44.17% [1]. - In Q4 2024, revenue was 1.034 billion yuan, up 14.90% year-on-year, while net profit was 80 million yuan, down 32.01% [1]. - In Q1 2025, revenue reached 859 million yuan, a year-on-year increase of 12.45%, with net profit of 77 million yuan, up 37.81% [1]. Market Insights - The global smart controller market is projected to grow from 1.89 trillion USD in 2023 to approximately 1.98 trillion USD in 2024, with China's market expected to grow from 3.44 trillion yuan to 3.87 trillion yuan, reflecting a CAGR of 13.01% [1]. - The global new tobacco market is expected to grow by 12.7% in 2024, reaching 38.85 billion USD [2]. - The Chinese automotive electronics market reached 1.0973 trillion yuan in 2023, with an expected growth to 1.1585 trillion yuan in 2024 [2]. Product Performance - Revenue from smart control components was 1.145 billion yuan, down 13.96% year-on-year, primarily due to delays in new project capacity [3]. - Revenue from innovative consumer electronics was 1.137 billion yuan, a slight decrease of 1.55% year-on-year, with electronic cigarette sales showing stable growth [3]. - Automotive electronics revenue was 614 million yuan, up 19.43% year-on-year, benefiting from policies promoting vehicle upgrades [3]. - Health environment products saw a significant decline in revenue, down 53.14% year-on-year, due to increased market competition [3]. Financial Metrics - The gross margin for 2024 and Q1 2025 was 28.36% and 28.82%, respectively, showing a slight year-on-year decrease and increase [5]. - Operating cash flow for 2024 was 431 million yuan, down 37% year-on-year [6]. Future Outlook - The company anticipates continued improvement in performance across multiple business segments, including electronic cigarettes, automotive electronics, and health environment products, with projected revenues of 4.494 billion yuan, 5.366 billion yuan, and 6.031 billion yuan from 2025 to 2027 [7].