本次财报公布的各项数据指标表现不尽如人意。其中，毛利率22.12%，同比减0.22%，净利率1.29%， 同比减76.68%，销售费用、管理费用、财务费用总计1.76亿元，三费占营收比13.94%，同比增22.22%， 每股净资产1.33元，同比增0.73%，每股经营性现金流0.04元，同比减48.84%，每股收益0.01元，同比减 80.08% 财务报表中对有大幅变动的财务项目的原因说明如下： 据证券之星公开数据整理，近期奋达科技（002681）发布2025年中报。截至本报告期末，公司营业总收 入12.6亿元，同比下降10.68%，归母净利润1708.75万元，同比下降80.17%。按单季度数据看，第二季 度营业总收入5.01亿元，同比下降33.69%，第二季度归母净利润-2336.11万元，同比下降136.4%。本报 告期奋达科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达536.99%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 14.11亿 | 12.6亿 | -10.68% | | ...

Group 1: Acquisition and Business Synergy - The company is progressing with the acquisition of Baia, having signed a conditional acquisition agreement on June 6, 2025, and is currently conducting audits and evaluations with intermediary agencies [1] - Post-acquisition, the company aims to leverage Baia's brand strength in the high-end audio sector to enhance brand operation capabilities and profitability [3] - The collaboration is expected to combine consumer and professional audio product strengths, broadening the customer base and meeting diverse market demands [3] Group 2: AI and AR Glasses Development - The company is actively producing and shipping AI/AR glasses for existing clients while maintaining close ties with new customers to facilitate product development [4] - Various configurations of glasses have been developed, providing comprehensive hardware and software solutions to the market [4] - The company plans to promote these solutions to accelerate commercialization [4] Group 3: Impact of Tariffs on Overseas Business - The company acknowledges that changes in tariff policies in certain countries introduce uncertainties for export businesses [5] - It will utilize its production bases in Dongguan, Vietnam, and Jiangxi to adapt to customer needs and order situations flexibly [5] Group 4: Future Strategy in Traditional Acoustics - The company will continue to focus on electroacoustic products and smart wearable devices, increasing R&D investment and nurturing high-end research talent [6] - It aims to explore new product categories in line with market demands while leveraging capital market resources to enhance profitability [7]

Core Insights - The company reported a revenue of 2.467 billion yuan for the year 2024, marking a year-on-year increase of 3.76% [1][2] - The net profit attributable to shareholders decreased significantly to 41.32 million yuan, down 68.85% compared to the previous year [1][2] - The net profit after excluding non-recurring gains and losses was 879.57 million yuan, reflecting a decline of 92.07% year-on-year [1][2] - The net cash flow from operating activities was 350.63 million yuan, an increase of 7.51% from the previous year [1][2] Financial Performance Summary - Revenue for 2024: 2,466,702,496.25 yuan, up from 2,377,327,750.08 yuan in 2023, which was a 3.76% increase [2] - Net profit attributable to shareholders for 2024: 41,324,645.69 yuan, down from 132,646,290.80 yuan in 2023, a decrease of 68.85% [2] - Net profit excluding non-recurring items for 2024: 8,795,698.89 yuan, down from 110,917,075.65 yuan in 2023, a decline of 92.07% [2] - Operating cash flow for 2024: 350,628,189.94 yuan, compared to 326,126,169.51 yuan in 2023, an increase of 7.51% [2] Profit Distribution Plan - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares to all shareholders, with no stock dividends or capital reserve transfers [1][2]

Financial Performance - In 2024, the company achieved a revenue of 3.144 billion CNY, a year-on-year increase of 8.76% [2] - The net profit attributable to shareholders for 2024 was 97.09 million CNY, up 117.44% year-on-year; the net profit excluding non-recurring items was 71.07 million CNY, a growth of 151.92% [3] - In Q1 2025, the company reported a revenue of 760 million CNY, a 15.82% increase year-on-year; the net profit attributable to shareholders was 40.45 million CNY, up 84.07% [3] Market Strategy - The company has nearly 80% of its business in overseas markets, with approximately 30% from the Americas, particularly the U.S. [4] - To mitigate the impact of U.S. tariffs, the company has established a production base in Vietnam, which achieved profitability in 2024 and is expanding capacity [5] - The company is diversifying its market strategy to reduce reliance on single markets and enhance risk resilience [5] Artificial Intelligence Initiatives - The company has established partnerships with leading firms like Alibaba, Amazon, and Huawei to explore AI hardware applications [6] - It is focusing on differentiated solutions in AI hardware, including products like AI chess robots and desktop companion robots [6][7] - The company aims to provide integrated solutions leveraging its extensive experience in AI applications and manufacturing [6] Robotics Development - The company has made early investments in the robotics sector, with successful products like the AI chess robot "Yuan Luobo" and AI desktop robots [8] - It is expanding into high-end components for humanoid robots and has established a subsidiary, Weir New Power, for developing axial field motors [9] - The company is collaborating with Tsinghua University for key component development and has received positive feedback from clients on its robotic joint motors [10]