据证券之星公开数据整理，近期奥来德（688378）发布2025年中报。截至本报告期末，公司营业总收入 2.81亿元，同比下降17.87%，归母净利润2700.49万元，同比下降70.59%。按单季度数据看，第二季度 营业总收入1.28亿元，同比上升52.43%，第二季度归母净利润156.89万元，同比上升149.01%。本报告 期奥来德三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达40.77%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.42亿 | 2.81亿 | -17.87% | | 归母净利润（元） | 9181.32万 | 2700.49万 | -70.59% | | 扣非净利润(元) | 6362.6万 | 425.7万 | -93.31% | | 货币资金(元) | 3.11亿 | 2.26 乙 | -27.41% | | 应收账款(元) | 2.4亿 | 2.54亿 | 5.62% | | 有息负债 (元) | 6965.31万 | 1.49亿 | 113.88% | ...

Core Viewpoint - Jilin OLED Material Technology Co., Ltd. reported a significant decline in revenue and profit for the first half of 2025, primarily due to a sharp drop in evaporative source equipment sales, while the materials business showed resilience with growth in revenue. Company Overview and Financial Indicators - The company reported a total revenue of approximately 280.95 million yuan, a decrease of 17.87% compared to the same period last year [3] - Total profit decreased by 77.40% to approximately 22.28 million yuan [3] - Net profit attributable to shareholders was approximately 27.00 million yuan, down 70.59% year-on-year [3] - The company's net assets decreased by 4.39% to approximately 1.66 billion yuan [3] - Total assets increased by 8.38% to approximately 2.36 billion yuan [3] Industry and Business Analysis - The consumer electronics market in China is expected to grow from 1.66 trillion yuan in 2018 to over 2.2 trillion yuan by 2025, driven by advancements in 5G, AI, and IoT [4] - OLED technology is projected to become a major growth trend in the display industry, with global OLED revenue expected to reach approximately 41.7 billion USD by 2024 and 50 billion USD by 2027 [4] - The company has positioned itself as a key player in the OLED upstream supply chain, focusing on both materials and equipment [4][5] Business Performance - The materials business achieved revenue of approximately 257 million yuan, a year-on-year increase of 21.99%, demonstrating strong market demand [12] - The evaporative source equipment revenue fell sharply by 82.20% to approximately 23.35 million yuan due to market conditions [12] - The company has successfully developed a full range of OLED terminal luminescent materials, supporting the application of OLED display technology [12] Technological Advancements - The company has broken through foreign patents in the field of 6th generation AMOLED linear evaporative source equipment, filling a significant technological gap in the domestic market [12] - The company has also achieved a technological breakthrough in 8.6 generation evaporative source equipment, securing contracts with major clients like BOE [12] Research and Development - The company has invested heavily in R&D, with R&D expenses accounting for 25.36% of revenue, an increase of 5.15 percentage points year-on-year [3] - The company completed nearly 280 material structure designs and synthesized over 180 samples, with more than 70 new materials entering customer verification stages [12] Market Strategy - The company employs a direct sales model for both materials and equipment, ensuring close communication with clients to meet their needs [5][6] - The company has established long-term strategic partnerships with major domestic panel manufacturers, enhancing customer loyalty and market penetration [18]

Core Viewpoint - Aolide (688378.SH) reported a decline in revenue and profit due to a decrease in equipment business income, reflecting a phase of "revenue decline and profit contraction" [1] Revenue Summary - The company achieved a total operating income of 281 million yuan, a year-on-year decrease of 17.87% [1] - Material business revenue was 257 million yuan, showing a year-on-year increase of 21.99% [1] - Revenue from evaporator equipment was 23.35 million yuan, a significant year-on-year decline of 82.20% [1] Profit Summary - The net profit attributable to shareholders was 27.00 million yuan, representing a year-on-year decrease of 70.59% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 4.26 million yuan, down 93.31% year-on-year [1]

Core Viewpoint - The company anticipates a significant decline in revenue and net profit for the first half of 2025 compared to the same period last year, primarily due to a sharp drop in equipment sales despite growth in material sales [2][3]. Revenue Summary - The company expects to achieve revenue between 270 million to 290 million yuan, representing a decrease of 52.0964 million to 72.0964 million yuan, or a year-on-year decline of 15.23% to 21.07% [2]. - The materials segment is projected to generate revenue of 250 million to 260 million yuan, reflecting a year-on-year growth of 18.67% to 23.41% [2]. - Conversely, the equipment segment is expected to see revenue between 23 million to 24 million yuan, indicating a substantial decline of 81.70% to 82.46% year-on-year [2]. Profit Summary - The company forecasts a net profit attributable to shareholders of 25 million to 29 million yuan, which represents a decrease of 68.41% to 72.77% year-on-year [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 4 million to 4.8 million yuan, reflecting a significant decline of 92.46% to 93.71% year-on-year [2]. Performance Drivers - The primary reason for the revenue decline is the significant drop in evaporative source equipment sales, which decreased by 81.70% to 82.46%, despite a 20% increase in material sales revenue [3]. - In the previous year, the company realized an investment gain of 12.71% of total profit from the disposal of part of its stake in Changchun Xianguang Chip Industrial Software Co., Ltd., which did not occur in the current reporting period [3].

Core Viewpoint - The company, OLED, has voluntarily disclosed its performance forecast for the first half of 2025, indicating a significant decline in revenue and net profit due to a sharp drop in equipment sales despite growth in material sales [1][2]. Group 1: Financial Performance - The company expects to achieve operating revenue between 270 million to 290 million yuan, representing a year-on-year decrease of 15.23% to 21.07% [2]. - The materials segment is projected to generate operating revenue of 250 million to 260 million yuan, showing a year-on-year increase of 18.67% to 23.41% [2]. - The equipment segment is expected to realize operating revenue of 23 million to 24 million yuan, reflecting a substantial year-on-year decrease of 81.70% to 82.46% [2]. - The company anticipates a net profit attributable to shareholders of 25 million to 29 million yuan, down 68.41% to 72.77% year-on-year; the net profit after deducting non-recurring items is expected to be between 4 million to 4.8 million yuan, a decline of 92.46% to 93.71% [2]. Group 2: Business Operations and Developments - The company has delivered its first batch of 8.6-generation linear evaporation source equipment to BOE, marking a technological upgrade from 6th to 8.6th generation [5]. - In May, the company signed a contract worth 655 million yuan with BOE for equipment supply, which includes delivery, installation, and training services [6]. - A new project for the research and industrialization of key functional materials for OLED displays has commenced, with a total investment of approximately 300 million yuan, expected to generate operating revenue of 383 million yuan and a net profit of approximately 57.51 million yuan in its first year of operation [6].

Group 1 - The company expects to achieve operating revenue between 270 million to 290 million yuan for the first half of 2025, representing a decrease of 52.1 million to 72.1 million yuan compared to the same period last year, which is a year-on-year decline of 15.23% to 21.07% [2] - The materials segment is projected to generate operating revenue between 250 million to 260 million yuan, an increase of 39.32 million to 49.32 million yuan year-on-year, reflecting a growth of 18.67% to 23.41% [2] - The equipment segment is expected to achieve operating revenue between 23 million to 24 million yuan, a significant decrease of 107.16 million to 108.16 million yuan compared to the previous year, indicating a decline of 81.70% to 82.46% [2] Group 2 - The company anticipates a net profit attributable to shareholders of the parent company between 25 million to 29 million yuan, a decrease of 62.81 million to 66.81 million yuan year-on-year, which corresponds to a decline of 68.41% to 72.77% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 4 million to 4.8 million yuan, a decrease of 58.83 million to 59.63 million yuan compared to the same period last year, representing a decline of 92.46% to 93.71% [3] - The previous year's operating revenue was 342.1 million yuan, with a total profit of 98.62 million yuan and a net profit attributable to shareholders of the parent company of 91.81 million yuan [3][4] Group 3 - The decline in overall operating revenue is primarily attributed to a significant drop in sales from the evaporator equipment segment, despite a 20% year-on-year increase in material sales revenue [5] - In the first half of 2024, the company realized an investment income of 12.53 million yuan from the disposal of part of its stake in Changchun Xianguang Chip Industrial Software Co., Ltd., which accounted for 12.71% of the total profit for that period; no such equity transfer occurred in the current reporting period [6]

Performance Forecast - The company expects to achieve operating revenue between 270 million to 290 million yuan, a decrease of 52.0964 million to 72.0964 million yuan compared to the same period last year, representing a year-on-year decline of 15.23% to 21.07% [1] - The materials segment is projected to generate operating revenue between 250 million to 260 million yuan, an increase of 39.3235 million to 49.3235 million yuan compared to the same period last year, indicating a year-on-year growth of 18.67% to 23.41% [1] - The equipment segment is expected to achieve operating revenue between 23 million to 24 million yuan, a decrease of 107.1646 million to 108.1646 million yuan compared to the same period last year, reflecting a year-on-year decline of 81.70% to 82.46% [1] Previous Year Performance - The previous year's operating revenue was 342.0964 million yuan, with a total profit of 98.6171 million yuan and a net profit attributable to the parent company of 91.8132 million yuan [2] - The earnings per share for the previous year was 0.44 yuan [2] Reasons for Performance Changes - The decline in overall operating revenue is attributed to a significant drop in sales revenue from evaporator equipment, which decreased by approximately 81.70% to 82.46%, despite a year-on-year increase of about 20% in material sales revenue [2] - Non-operating income from equity investments contributed 12.71% to the total profit, with no equity transfer events occurring in the current reporting period [2]

报告期内材料销售收入同比增长约20%，但因蒸发源设备销售收入下降较为显著，同比减少81.70%至 82.46%，导致营业收入同比减少15.23%至21.07%;净利润及扣除非经常性损益的净利润下滑显著。 智通财经APP讯，奥来德(688378.SH)发布公告，公司预计2025年半年度实现归属于母公司所有者的净 利润为2500万元至2900万元，与上年同期相比，将减少6,281.32万元至6,681.32万元，同比减少68.41% 至72.77%。 ...

Core Viewpoint - Aolide (688378.SH) is expected to report a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in its business operations [1] Financial Performance Summary - The company anticipates revenue between 270 million to 290 million yuan, representing a year-on-year decrease of 15.23% to 21.07% [1] - The projected net profit attributable to shareholders is expected to be between 25 million to 29 million yuan, reflecting a substantial decline of 68.41% to 72.77% year-on-year [1] - The net profit after excluding non-recurring gains and losses is forecasted to be between 4 million to 4.8 million yuan, indicating a drastic reduction of 92.46% to 93.71% compared to the previous year [1] Sales Performance Analysis - Material sales revenue is projected to grow approximately 20% year-on-year [1] - However, the sales revenue from evaporation source equipment is expected to decline significantly, with a year-on-year decrease of 81.70% to 82.46%, which heavily impacts overall revenue [1]

Core Insights - The recent groundbreaking of the OLED display material development and industrialization project by Aolaide in Changchun marks a significant step in reducing reliance on imported high-end display materials and promoting the collaborative development of the upstream and downstream industrial chain [3][8] - Aolaide aims to become a leading international OLED display material research and production base, contributing to the construction of a complete and competitive optoelectronic industry cluster in Changchun [9] Company Development - Aolaide's chairman, Xuan Jingquan, emphasizes the company's commitment to a "specialized, refined, distinctive, and innovative" development path, focusing on solving industry bottlenecks [3][6] - The company has transitioned from being a material supplier to a dual leader in both materials and equipment, following significant technological breakthroughs, including the production of the 6th generation AMOLED linear evaporation source equipment [6][8] Market Position and Strategy - The global OLED display industry is experiencing a dual opportunity of technological iteration and market expansion, with China's OLED display panel and module output expected to exceed 100 billion yuan in 2024, reflecting a 38% year-on-year growth [8] - Aolaide's R&D investment is projected to reach 150 million yuan in 2024, accounting for 28.15% of its revenue, which supports ongoing technological innovation [8][9] Talent Development - Aolaide implements a talent cultivation system that emphasizes practical training, enabling employees to grow within the company, as exemplified by the career progression of its deputy general manager [7] - The company has applied for a total of 913 invention patents, with 392 granted, showcasing its commitment to breaking foreign patent monopolies through continuous innovation [7][9] Industry Standards and Future Outlook - Aolaide is leading the development of national standards for key processes in the OLED industry, aiming to enhance the autonomy and international competitiveness of the industry [9] - The new facility will focus on producing 1,000 tons per year of photosensitive polyimide materials and other critical components, supporting the company's dual strategy of materials and equipment [9]