Summary of the Conference Call for Yuan Zheng Technology Company Overview - **Company**: Yuan Zheng Technology - **Industry**: Automotive diagnostic equipment and software Key Financial Metrics - **Revenue**: - H1 2025 revenue was CNY 0.7 billion, but adjusted for deferred income, it should be CNY 1.016 billion, a 14% increase YoY [2][4] - Net profit reached CNY 1.96 billion, a 28% increase YoY, with a net profit margin improvement of 3 percentage points [2][4] - Adjusted net profit, considering foreign exchange losses, would be CNY 2.4 billion, maintaining a 28% growth rate [2][4] - **Product Shipments**: - Total device shipments were 167,000 units, a 16% increase YoY, driven by overseas markets (17% growth) and e-commerce channels (30% growth) [2][5] - DIY device shipments decreased slightly, while tire pressure sensors saw a significant increase of 87%, reaching 630,000 units [2][6] Expense Management - Total expenses increased by CNY 54 million, with financial expenses rising by over CNY 12 million [7][8] - R&D and management expenses were controlled within reasonable limits, with R&D expenses increasing by CNY 7 million [7][8] Business Segment Performance - **Self-developed Equipment**: Revenue was CNY 720 million, a 13% increase YoY, with a target of CNY 2 billion for the year [9] - **OEM Equipment**: Revenue decreased by 15% to CNY 100 million, with a stable gross margin [9] - **Software Business**: Reported revenue of CNY 70 million, a 13% decline YoY, but adjusted for deferred income, it shows a 28% growth [10] Service and Data Business - Strong performance in service and data segments, with remote diagnostic services and big data revenues growing by 53% and 61% respectively [11] - Expected to achieve a total of CNY 40 million in service and data revenue for the year [11] Market and Regional Performance - **Tire and New Energy Sector**: Revenue of CNY 28 million, a 51% increase YoY, but still short of the annual target of CNY 110 million [12] - **Overseas Market**: Revenue reached CNY 750 million, a 19% increase YoY, with a gross margin of 51% [13] - **Domestic Market**: Revenue decreased to CNY 210 million, primarily due to a drop in OEM equipment sales [14] Strategic Initiatives - Plans to introduce new energy equipment and data processing on-chain, adopting RWA models to expand the new energy equipment business [15] - Strategies to mitigate US tariffs include changing product codes and relocating some production to Vietnam [28] Future Outlook - The company is optimistic about achieving its revenue targets for the second half of the year, particularly in the new energy and tire sectors [12][22] - Anticipates a significant increase in sales from new products, with a target of CNY 80 million in revenue for the second half [22] Investment Considerations - The company maintains a high market share in domestic diagnostic equipment, exceeding 70% [29] - The overall growth target for the year is CNY 2.184 billion, with a 20% YoY increase expected [20] - The company is viewed as a solid investment opportunity with a P/E ratio of approximately 10 times and a dividend yield of around 8% [37]

HILL HERE CELLINE (截至2025年6月30日;单位:元人民币) nnum E 财务表现 智能算法、AI 技术赋能 盈利快速增长 营业收入(25年H1) 同比 9.82亿元 +10% 净利润(25年H1) 同比 1.96z元 +28 % 净利润率(25年H1) 同比 20% 9 提高U个百分点 智通财经APP讯，元征科技(02488)发布2025年中期业绩，营业收入9.82亿元(人民币，下同)，同比增加 10%；净利润1.96亿元，同比增加28%；基本每股收益0.469元；拟派发中期股息每股0.31元。业绩增长主 要是由于智能算法和AI技术的运用。 基于智能算法，元征科技开展数字化运营，上半年公司海外业务(含海外电商)创历史同期最高，实现收入 7.46亿元人民币，占总收入约76%。上半年客户购买软件金额1.04亿元人民币，同比增长28%。 成本费用管控成效显著 主营业务成本收入比例52% 降低 | % 管理 | 研发 | 销售 | 财务 占比约 30% 四项费用 omme 业务亮点 lll(([[]]][][][][][]][]][]][]][]]][]][][][]]][]][][]][]] ...