立讯精密（002475）今日晚间发布2025年上半年财报及前三季度业绩预告，各个板块都有亮点，业绩实 现稳健上扬。 热管理业务预计在2025年将实现营收和利润的翻倍增长，电源管理模块的电源产品已通过北美核心客户 认证并进入量产阶段，具备了一次、二次、三次电源能力，全方位提升了公司在通讯业务领域的综合实 力。 汽车业务延续了强劲的增长势头。汽车线束在高压、高速线束领域持续发力，2024年获得多个新项目定 点，并在2025年陆续实现量产；汽车连接器方面，高压产品稳定供货，低压、高速产品在主流车厂项目 中取得突破；智能控制领域除了EMS模式项目，自主研发产品也获得头部客户定点，预计在2025年第 四季度实现批量供货；2024年新布局的智能底盘产品线，在2025年有望实现从0到1的营收突破；动力系 统已实现批量稳定供货，并在2025年启动JDM合作模式，不断拓宽业务边界，提升市场份额。 展望2025年前三季度，立讯精密业绩增长预期依旧强劲。公司预计前三季度归母净利将达108.9亿元至 113.44亿元，同比增长20%至25%。其中，第三季度净利润预计为42.46亿元至46.99亿元，同比增长 15.41%至27.74 ...

Summary of Ningbo Huaxiang's Conference Call Company Overview - **Company**: Ningbo Huaxiang - **Industry**: Automotive components and robotics Key Points Financial Performance - **2025 Q2 Revenue**: Expected to be 6.6 billion yuan, a year-on-year increase of 11%-12% [2][3] - **2025 H1 Revenue**: Approximately 12.9 to 13 billion yuan, a year-on-year increase of 10%-11% [3] - **Losses**: One-time loss of 898 million yuan due to the divestiture of European operations, along with additional expenses of 45 million yuan, totaling an impact of 920 to 930 million yuan [2][6] - **Profit Recovery**: Anticipated net profit increase of 230 million yuan in Q3 and Q4 post divestiture [4][18] Strategic Announcements - **Recent Announcements**: Four key announcements including 2024-2025 performance forecast, targeted issuance proposal, establishment of an external fund, and registration of humanoid robotics company [2][4] - **Targeted Issuance**: Planned for Q1 next year, aimed at supporting the five-year development cycle from 2026 to 2030, particularly for mold projects [2][8] Business Growth and Focus Areas - **Market Expansion**: Focus on increasing market share in self-owned brands, particularly in Wuhu and Chongqing [2][9] - **Product Development**: Plans to expand lightweight chassis and intelligent chassis products, including electric steering, braking, and damping systems [2][9] - **Revenue Target**: Aim to achieve 60 billion yuan in revenue by 2030 with a net profit margin above 7% [4][13] Robotics and Technology Development - **Humanoid Robotics**: Establishment of Ningbo Huaxiang Qiyuan Technology Co., Ltd. to focus on humanoid robotics, with a future ownership structure of 70% by Ningbo Huaxiang and 30% by an employee stock ownership plan [2][11] - **R&D Investment**: Significant funds allocated for R&D in lightweight chassis, intelligent systems, and humanoid robotics, with a focus on digital transformation to enhance operational efficiency [10][12] Market Position and Competitive Strategy - **Competitive Edge**: Emphasis on building a strong core team and establishing assembly and manufacturing centers for key components to ensure leadership in the humanoid robotics sector [17][24] - **Client Growth**: Targeting major domestic brands such as Chery, BYD, and others for future growth [25] Future Outlook - **Profitability Improvement**: Expected recovery in gross and net profit margins, with gross margins improving from 15% to 17%-18% and net margins stabilizing at 7%-8% [20] - **Expansion into Electronics**: High-margin electronic components will become a significant growth area, with plans for horizontal mergers to enhance market competitiveness [26][27] Additional Insights - **Digital Transformation**: Recognized as a critical factor for sustainable growth, with plans for substantial investment to improve internal controls and operational efficiency [12] - **Management Team**: Core team led by Gu Jinlei, with extensive experience in the robotics industry, enhancing the company's strategic direction [14] This summary encapsulates the essential insights from Ningbo Huaxiang's conference call, highlighting financial performance, strategic initiatives, market focus, and future growth prospects.