跨境出海品牌专家交流 20251118 摘要 公司未因关税显著调整北美市场商品价格，仅调整不到 1/10 的 SKU， 但通过营销活动和流量投放，北美市场需求持续提升，尤其在第四季度 促销节点。 公司对储能类新产品提价 12%-15%，因前期定价较低且竞品未全面铺 货，同时线下渠道拓展顺利，推动毛利率提升。SolarEdge 系列家庭储 能产品通过提价和渠道优势拉动中大件家电销量增长。 欧洲市场线下渠道铺设进展显著，线上线下销售占比约为 55%和 45%。未来计划重点发掘线下渠道，尤其在北欧和东南欧小国，通过代 理商扩大覆盖面，主要国家通过增加 KA 数量扩展品类。 北美市场线上销售占比约为 70%，线下约为 30%。未来计划加速发展 线下渠道，通过现有 KA 客户增加品类，并通过代理商及直营门店深入 T3 至 T5 级别市场，目标 AR 零售渠道覆盖率提升至 52%-60%。 公司召回事件涉及约 180 万只产品，已在第三季度计提 8-10 亿人民币， 预计 61%的产品会被退回，目前已完成 28%-29%的召回。品牌负面影 响已基本消除，对销售需求无显著影响。 Q&A 10 月份跨境品牌出海企业在各品类和 ...

Group 1: Financial Performance - The company reported a year-on-year increase in revenue for the first three quarters of 2025, but incurred losses primarily due to strategic investments in R&D and market expansion [2][3] - Increased R&D and management expenses, along with higher sales costs from global market expansion, negatively impacted net profit [3] Group 2: Core and Innovative Products - The company's core products are primarily in the security sector, while innovative products include smart driving and smart display technologies, which are seen as high-growth areas [4] - The company is focusing on optimizing its core optical business by strategically adjusting R&D investments, terminating low-return projects, and enhancing resource allocation [3] Group 3: Business Adjustments - The company has recently approved a proposal to adjust its millimeter-wave radar business to improve resource allocation and enhance business synergy [5] - The adjustment aims to better integrate resources within the automotive division and improve asset utilization efficiency [5] Group 4: Market Outlook and Product Development - The AR glasses market is still in the consumer cultivation stage, with the company planning to increase investment in AI glasses components starting in 2024 [6][7] - The domestic market for high-end zoom security lenses is experiencing stable growth, particularly in consumer fixed-focus lenses, prompting the company to consider acquiring Changyi Optoelectronics to enhance its market share [8][9] Group 5: Subsidiary Development - The subsidiary, United Automotive, focuses on the vehicle-mounted optical lens sector, emphasizing technology accumulation and product quality improvement while expanding into overseas markets [10] - The production capacity utilization rate for vehicle-mounted lenses remains high, providing a solid foundation for the company's stable operations and continued growth [10]

Summary of Conference Call Company Overview - The conference call was held for Yongxi's Q3 2025 earnings report, attended by key executives including the CTO and CFO [1][2]. Key Financial Highlights - **Revenue**: For the first three quarters of 2025, Yongxi achieved revenue of 3.17 billion CNY, a year-on-year increase of 24%. Q3 revenue alone was 1.16 billion CNY, up 26% year-on-year, marking a record high for the company [2][3]. - **Net Profit**: The net profit attributable to shareholders for the first three quarters was 63 million CNY, a 49% increase compared to the same period last year. Q3 net profit after deducting non-recurring items also turned positive [2][3]. - **Gross Margin**: The overall gross margin for the first three quarters was 16.4%, with a steady increase observed each quarter [3]. - **Operating Expenses**: Management expense ratio decreased from 7.76% to 6.24%, and financial expense ratio dropped from 6.02% to approximately 5.15% [3]. Product and Market Insights - **Product Revenue Breakdown**: System-level packaging products accounted for about 40% of revenue, while QF classified products made up approximately 38%. Wafer-level packaging and flip-chip products combined accounted for 20% [3][4]. - **Growth Areas**: The AIoT sector remains the largest revenue contributor, accounting for nearly 70% of total revenue, with a growth rate exceeding 30% [4][25]. - **Client Base**: The company has seen significant growth from overseas clients, particularly in the top three customer segments [4][16]. Future Outlook - **Q4 Expectations**: The company anticipates continued revenue growth in Q4, driven by strong demand from overseas clients and a recovery in the PA sector [7][29]. - **Capital Expenditure**: The capital expenditure for the current year is set at 2.5 billion CNY, with expectations for next year to remain at least at the same level. Production capacity is projected to increase by nearly 20% [10][29]. - **Advanced Packaging Development**: The company is focusing on 2.5D packaging technology and has made significant R&D investments, with a 42% increase in R&D spending compared to last year [3][13]. Industry Trends - **AI Impact**: The demand for advanced packaging technologies is expected to grow significantly due to the increasing application of AI across various industries. The company views this as a substantial growth opportunity [24][33]. - **Market Dynamics**: There is a noted increase in material costs and potential price adjustments for customers due to tight capacity in the industry [8][9]. Additional Insights - **Customer Demand**: The company is experiencing high utilization rates, with production capacity operating above 90% for certain product lines [7]. - **Future Revenue Composition**: The company aims for overseas revenue to exceed 30% in the future, driven by successful engagements with international clients [16]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, market positioning, and future growth strategies.