每经AI快讯，有投资者在投资者互动平台提问：2024年12月经纬恒润江西生产线投产，公司称用5年左 右的时间，达成年产值超50亿元的目标。请问江西工厂的进展是否符合预期？另外江西地理位置较差， 未来江西工厂能否覆盖更多用户，摆脱单一客户的局面？ 经纬恒润（688326.SH）12月10日在投资者互动平台表示，尊敬的投资者，您好！公司南昌工厂已顺利 投产，目前产线调试、设备运行及人员配置均按既定规划稳步推进，整体进度符合公司预期。南昌地处 长三角、珠三角与成渝经济圈辐射交汇区，叠加高铁、高速及物流网络的日益完善，具备良好的区位辐 射能力。南昌工厂作为公司新的总成类产品的制造基地，未来将服务更多客户，全面提升市场响应能力 与综合竞争力。感谢您的关注。 （记者 曾健辉） ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in maintaining profitability amidst competitive pressures in the industry [3][10]. Financial Performance - In H1 2025, the company achieved revenue of 987 million yuan, a year-on-year decrease of 2.0%. The net profit attributable to shareholders was 61 million yuan, down 35.2% year-on-year, while the net profit excluding non-recurring items was 45 million yuan, a decline of 40.63% [3]. - For Q2 2025, revenue was 474 million yuan, with year-on-year and quarter-on-quarter declines of 5.75% and 7.42%, respectively. The net profit attributable to shareholders was 20 million yuan, down 56.22% year-on-year and 49.20% quarter-on-quarter [3]. Profitability Metrics - The net profit margin for H1 2025 was 6.1%, a decrease of 3.2 percentage points year-on-year. The gross profit margin was 24.52%, an increase of 0.1 percentage points year-on-year. In Q2 2025, the net profit margin was 4.30%, down 4.96 percentage points year-on-year and 3.54 percentage points quarter-on-quarter [4]. Expense Ratios - The expense ratio for H1 2025 was 17.1%, an increase of 0.62 percentage points year-on-year. The breakdown of expenses included sales (0.5%), management (7.9%), finance (2.3%), and R&D (6.3%), with varying year-on-year changes [5]. Segment Revenue - Revenue from gear shaft products was 725 million yuan, down 1.26% year-on-year, with a gross margin of 22.67%, a decrease of 1.13 percentage points. Revenue from assembly products was 223 million yuan, down 3.84% year-on-year, with a gross margin of 24.49%, a decrease of 0.34 percentage points [6]. Global Expansion - The company is advancing its global footprint with the imminent production of its Thailand factory, which has completed initial sample deliveries and is expected to ramp up production in Q3 2025. Additionally, a new subsidiary has been established in Lyon, France, to enhance market penetration [7]. Strategic Initiatives - The company is making progress in the development of robotic reducers, with research and development activities starting in H2 2023 and sample products expected by November 2024. A joint venture with a well-known industrial robot brand was established in March 2025, and a 10% stake in a smart robotics company was acquired in June 2025 [8]. Dividend Distribution - The company plans to distribute a cash dividend of 0.35 yuan per share (before tax), totaling 20.15 million yuan, which represents 33.25% of the net profit attributable to shareholders for H1 2025 [9]. Profit Forecast and Investment Rating - Due to intense industry competition and a decline in performance, the company has revised its net profit forecasts for 2025-2027 down to 189 million, 237 million, and 298 million yuan, respectively. Despite this, the company maintains a "buy" rating, anticipating positive contributions from new projects and the Thailand factory [10].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in profitability and operational efficiency [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 987 million yuan, a year-on-year decrease of 2.0%, and a net profit attributable to shareholders of 61 million yuan, down 35.2% year-on-year [1]. - The Q2 2025 revenue was 474 million yuan, with year-on-year and quarter-on-quarter declines of 5.75% and 7.42%, respectively [1]. - The net profit for Q2 2025 was 20 million yuan, reflecting a significant drop of 56.22% year-on-year and 49.20% quarter-on-quarter [1]. - The company's net profit margin for H1 2025 was 6.1%, down 3.2 percentage points year-on-year, while the gross profit margin was 24.52%, up 0.1 percentage points [1]. Product Segment Performance - Revenue from gear shaft products was 725 million yuan, a decrease of 1.26% year-on-year, with a gross margin of 22.67%, down 1.13 percentage points [2]. - Revenue from assembly products was 223 million yuan, down 3.84% year-on-year, with a gross margin of 24.49%, down 0.34 percentage points [2]. Strategic Developments - The company is advancing its global expansion with the imminent production launch of its Thailand factory, which has completed initial sample deliveries and is expected to ramp up production in Q3 2025 [2]. - The establishment of a subsidiary in Lyon, France, aims to enhance market penetration in the French market [2]. - The company is progressing in the development of robotic reducers, with R&D efforts starting in H2 2023 and samples expected by November 2024 [2]. Dividend Distribution - The company plans to distribute a cash dividend of 0.35 yuan per share (before tax), totaling 20.15 million yuan, which represents 33.25% of the net profit attributable to shareholders for H1 2025 [2]. Profit Forecast and Investment Rating - Due to intense industry competition and a decline in performance, the company has revised its net profit forecasts for 2025-2027 to 189 million, 237 million, and 298 million yuan, respectively [3]. - The current market valuation corresponds to a PE ratio of 43, 34, and 27 for 2025-2027, but the company maintains a "buy" rating due to upcoming production phases and the potential impact of new projects [3].