Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][10]. Core Insights - The company has demonstrated strong operational performance with double-digit growth in both revenue and profit, driven by its long-term strategic direction and high-quality development [6]. - The company achieved a revenue of approximately 53.663 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 16.08%, and a net profit attributable to shareholders of approximately 2.843 billion yuan, up 19.91% [5]. - In Q3 2025, the company reported revenue of about 20.702 billion yuan, a year-on-year growth of 19.25%, and a net profit of approximately 1.700 billion yuan, reflecting a 12.62% increase [5]. Summary by Sections Business Performance - The company continues to strengthen its position in the supply chain of smartphones and computers, leading to rapid profit growth. It has solidified its market leadership in glass, ceramics, and metal components, preparing for the mass production of several flagship smartphones [6]. - The introduction of ultra-thin laminated car windows into the production systems of leading domestic automotive companies is expected to be a continuous growth driver for the company [6]. - The company has made breakthroughs in core processes for smart glasses and wearables, achieving large-scale production for AI glasses and is set to benefit from the rapid growth of the industry [7]. - The scale effects of embodied intelligence products are gradually becoming apparent, with significant progress in partnerships with leading domestic and international companies [7]. Financial Forecast - The company is projected to achieve revenues of 87.979 billion yuan, 105.970 billion yuan, and 122.700 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 5.070 billion yuan, 6.737 billion yuan, and 8.023 billion yuan [8]. - The expected P/E ratios for the years 2025, 2026, and 2027 are 26.1x, 19.6x, and 16.5x, respectively [8].

Core Insights - Lens Technology (300433)(06613) shares rose over 3% post-earnings announcement, currently up 2.68% at HKD 25.3 with a trading volume of HKD 105 million [1] Financial Performance - For the first half of 2025, the company reported total revenue of approximately RMB 32.96 billion, a year-on-year increase of about 14.18% [1] - Gross profit was approximately RMB 4.305 billion, reflecting a year-on-year increase of about 17.82% [1] - Net profit attributable to shareholders was approximately RMB 1.143 billion, marking a year-on-year increase of about 32.68% [1] - Earnings per share stood at RMB 0.23, with a cash dividend of RMB 1.00 per 10 shares (tax included) [1] Business Segments - Revenue from the smartphone and computer segments reached RMB 27.185 billion, a year-on-year growth of 13.19% [1] - The company maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the R&D and mass production of several flagship smartphones [1] - The personal computer business benefited from a market demand recovery, with both production and sales improving in the first half of the year [1] - Revenue from the smart automotive and cockpit segments was RMB 3.165 billion, showing a year-on-year increase of 16.45% [1] - Revenue from smart headsets and wearable devices was approximately RMB 1.6466 billion, reflecting a year-on-year growth of 14.74% [1]

Core Insights - The company reported a total revenue of approximately RMB 32.96 billion for the first half of 2025, representing a year-on-year increase of about 14.18% [1] - Gross profit reached approximately RMB 4.305 billion, up by about 17.82% year-on-year [1] - Net profit attributable to shareholders was approximately RMB 1.143 billion, marking a year-on-year increase of about 32.68% [1] - Earnings per share stood at RMB 0.23, with a cash dividend of RMB 1.00 per 10 shares (tax included) [1] Smartphone and PC Business - Revenue from smartphone and computer-related businesses was RMB 27.185 billion, reflecting a year-on-year growth of 13.19% [1] - The company maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the R&D and mass production of several flagship smartphones [1] - The personal computer business benefited from a market demand recovery, with both production and sales increasing during the first half of the year [1] Smart Automotive and Cabin Business - Revenue from smart automotive and cabin-related businesses reached RMB 3.165 billion, a year-on-year increase of 16.45% [2] - The company leveraged its vertical integration capabilities and global production layout to deepen its technology and market penetration in smart cockpit products [2] - Key product lines such as central control modules, intelligent B/C pillars, charging piles, and cabin decorative parts saw collaborative growth, with mass deliveries achieved for communication modules and domain controllers [2] - The ultra-thin laminated car window glass is positioned as a strategic innovation, successfully integrated into the mass production systems of leading domestic car manufacturers [2] Smart Wearables and Headsets Business - Revenue from smart headsets and wearable devices was approximately RMB 1.6466 billion, showing a year-on-year growth of 14.74% [2] - The company possesses full-stack solution capabilities for optical lenses, structural components, functional modules, and complete assembly for smart headsets, AI glasses, and smartwatches [2] - Breakthroughs were achieved in core processes such as waveguide lens yield optimization and high-precision automated assembly, leading to large-scale delivery of AI glasses to major domestic clients [2] - Future collaborations with more global wearable leaders are anticipated, benefiting from the rapid development of the industry [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 Lens Technology Co., Ltd. 藍 思 科 技 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） （股份代號：6613） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列藍思科技股份有限公司（「本公司」）於深圳證券交易所網站(www.szse.cn) 及巨潮資訊 網(www.cninfo.com.cn)刊登的公告如下，僅供參閱。 承董事會命 藍思科技股份有限公司 董事長 周群飛 香港，2025年8月25日 於本公告日期，本公司董事會成員包括執行董事周群飛女士、鄭俊龍先生及饒橋兵先生；及獨立非執行董事 萬煒女士、劉岳先生、田宏先生及謝志明先生。 蓝思科技股份有限公司 2025 年半年度报告摘要 证券代码：300433 证券简称：蓝思科技 公告编号：定 2025-004 蓝思科技股份有限公司 本半年度报告摘要来自半年度报告全文， ...