Company Overview - Guangdong Hongjing Optoelectronics Technology Co., Ltd. specializes in the R&D, design, production, and sales of optical lenses and camera modules, focusing on smart automotive and emerging consumer products [1]. - In the first half of 2025, the company achieved a revenue of CNY 701.14 million, representing a year-on-year growth of 55.72% [1]. - The net profit attributable to shareholders was CNY 75.52 million, with a year-on-year increase of 10.22% [1]. Revenue Breakdown - Revenue from panoramic/sport camera business accounted for approximately 49.66% [1]. - Revenue from smart home business represented about 22.80% [1]. - Revenue from smart automotive business made up around 18.90% [1]. - New business revenue contributed approximately 7.55% [1]. Gross Margin and Production Capacity - The gross margin for emerging consumer camera modules was 15.48%, a decline compared to the previous year, primarily due to product structure adjustments and increased costs from new product development [2]. - Total production of optical lenses and camera modules increased year-on-year, with camera module production rising by over 80% [2]. - As of June 30, 2025, the investment progress for the optical lens and module capacity expansion project was 34.82%, and the R&D center construction project was 53.75% [2]. Market Outlook and Competitive Position - The company is not currently a supplier for DJI, and the launch of DJI's panoramic camera is not expected to impact the company significantly [3]. - The panoramic and sport camera market is anticipated to expand rapidly due to increased consumer awareness, the entry of well-known manufacturers, and favorable policies and technological advancements [3].