Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by advancements in various business segments and a strong market position in emerging technologies [1][2][3]. Financial Performance - In 1H25, the company achieved revenue of 32.96 billion yuan, representing a year-over-year increase of 14.18% - The net profit attributable to shareholders was 1.143 billion yuan, up 32.68% year-over-year - In Q2 2025, revenue reached 15.897 billion yuan, reflecting an 18.91% year-over-year growth but a 6.83% quarter-over-quarter decline - The net profit for Q2 2025 was 714 million yuan, showing a year-over-year increase of 29.30% and a quarter-over-quarter increase of 66.43% - The gross margin improved to 15.75% on a quarter-over-quarter basis [1]. Business Segments - In 1H25, revenue from various business segments was as follows: - Smartphones: 27.2 billion yuan (YoY +13%) - Computers: 3.2 billion yuan (YoY +16%) - Smart automotive and cockpit: 1.6 billion yuan (YoY +15%) - Other smart terminals: 360 million yuan (YoY +128%) [1]. Market Position and Product Development - The company is a leading global supplier of ultra-thin flexible glass, with successful product development and capacity planning for new high-end smartphone models - The personal computer business benefited from a market demand recovery, with simultaneous increases in production, sales, and profitability - The smart automotive and cockpit business expanded its product matrix, achieving breakthroughs in core product lines and entering mass production phases for new models [2]. Global Expansion and Capital Utilization - The company went public in Hong Kong in 2025, raising funds to enhance technology reserves and production capacity for smart terminal components, automotive structural parts, and robotics - 30% of the raised funds will be allocated to smart terminal folding screen components, 8% to automotive parts, 5% to robotics, and 28% to expanding overseas operations - The company has achieved vertical integration across the entire supply chain, positioning itself as a one-stop precision manufacturing solution provider for smart terminals [3]. Investment Outlook - The company is expected to benefit from its vertical integration and global expansion strategy, with projected net profits for 2025-2027 of 5.146 billion, 6.434 billion, and 7.346 billion yuan, reflecting year-over-year growth rates of 42.0%, 25.0%, and 14.2% respectively - Corresponding price-to-earnings ratios are projected to be 29.9, 23.9, and 20.9 times [3].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company reported a year-on-year revenue growth of 14.18% in 1H25, reaching 329.60 billion yuan, and a net profit growth of 32.68%, amounting to 11.43 billion yuan. In 2Q25, revenue was 158.97 billion yuan, up 18.91% year-on-year, while net profit was 7.14 billion yuan, reflecting a year-on-year increase of 29.30% [3][4] - The company is positioned as a leading global supplier of ultra-thin flexible glass, with significant market share in the foldable screen segment. The demand for new 3D glass is rapidly increasing, leading to a substantial rise in the value of individual units [4][5] - The company has successfully expanded its product matrix in the smart automotive and cockpit sectors, achieving breakthroughs in core product lines and preparing for mass production of new models in collaboration with major automotive brands [4][5] Summary by Sections Financial Performance - In 1H25, the company's revenue was 329.60 billion yuan, with a year-on-year increase of 14.18%. The net profit for the same period was 11.43 billion yuan, up 32.68% year-on-year. For 2Q25, revenue was 158.97 billion yuan, reflecting an 18.91% year-on-year growth, while net profit reached 7.14 billion yuan, a 29.30% increase year-on-year [3][4] Business Segments - Revenue from the smartphone and computer segment was 272 billion yuan, with a 13% year-on-year growth. The smart automotive and cockpit segment generated 32 billion yuan, growing by 16% year-on-year. The smart wearable and head-mounted display segment saw revenue of 16 billion yuan, up 15% year-on-year, while other smart terminal businesses grew by 128% year-on-year, generating 3.6 billion yuan [3][4] Market Position and Strategy - The company completed the R&D and mass production preparations for several flagship smartphones in the first half of 2025, enhancing its market share and profitability. The personal computer business benefited from a recovery in market demand, with simultaneous increases in production and profitability [4][5] - The company has initiated a global capacity layout through its Hong Kong listing, with 30% of the raised funds allocated for technology reserves and capacity construction for foldable screen components and related accessories [5]

Core Insights - The company reported a revenue of 32.96 billion yuan for the first half of 2025, representing a year-on-year growth of 14.18% [1] - Net profit reached 1.194 billion yuan, with a year-on-year increase of 35.53% [1] - Basic earnings per share were 0.23 yuan, up by 35.29% year-on-year [1] Group 1: Business Performance - The smartphone and computer segments generated a revenue of 27.185 billion yuan, growing by 13.19% year-on-year [1] - The company is a global core supplier of ultra-thin flexible glass and has innovatively launched a multi-layer structure design for foldable screens, preparing for mass production [1] - The demand for new 3D glass is rapidly increasing, benefiting the company due to its high processing complexity and significant single-piece value [1] Group 2: Automotive Sector - Revenue from the smart automotive sector was 3.165 billion yuan, reflecting a year-on-year growth of 16.45% [1] - Key products such as central control modules, smart B/C pillars, and charging piles are seeing increased production, with breakthroughs in communication modules and domain controllers entering mass delivery [1][2] - The ultra-thin laminated car window glass developed by the company has been successfully integrated into the production systems of leading domestic car manufacturers [2] Group 3: New Technology Developments - In the smart wearable sector, the company achieved a revenue of 1.647 billion yuan, with a year-on-year increase of 14.74% [3] - The company made breakthroughs in optimizing the yield of waveguide lenses and high-precision automated assembly processes, enabling large-scale delivery of AR glasses to major domestic clients [3] - The company is actively building a humanoid robot industry chain and aims to create the largest and most vertically integrated hardware manufacturing platform in China [3]

Core Viewpoint - The company, Lens Technology, has made significant advancements in its humanoid robot business and is a key supplier in the flexible glass market for foldable smartphones [1] Group 1: Company Performance - As of August 6, 2025, Lens Technology's stock price is 23.24 yuan, reflecting a 1.57% increase from the previous trading day [1] - The trading volume on that day reached 15.05 billion yuan with a total of 651,178 hands traded, showing a volatility of 4.37% [1] Group 2: Business Developments - The company has delivered hundreds of complete humanoid robots to partners such as Zhiyuan Robotics and secured module and structural component shares with leading North American robot clients [1] - In the AI glasses sector, Lens Technology is the assembly partner for all products of Rokid [1] - The company has achieved breakthroughs in the foldable smartphone market, serving as a core global supplier of ultra-thin flexible glass and collaborating closely with multiple international clients on product development and mass production [1]

Group 1: Future Industry Development in Anhui - Anhui is accelerating the layout of a future industry system focusing on innovation, quality project introduction, and talent cultivation, with an aim to form a competitive and self-controlled industry by 2027, targeting a scale of over 200 billion yuan and 500 billion yuan by 2030 [1][2] - The province is concentrating on seven key areas including quantum technology, aerospace information, general intelligence, low-carbon energy, life sciences, advanced materials, and future networks, along with third-generation semiconductors and blockchain [1][2] - The future industry in Anhui is characterized by high technological content, long transformation cycles, significant R&D investment, and high policy demand [1][2] Group 2: Quantum Technology and Nuclear Fusion - Anhui has established a strategic action plan for the commercial application of nuclear fusion energy, aiming for a three-step development strategy involving experimental, engineering, and commercial reactors [2][3] - The province has nearly 60 nuclear fusion energy enterprises, covering the entire industry chain from superconducting wire production to main equipment manufacturing [3] - Quantum technology is being applied in various fields, with over 70 quantum industry chain enterprises in Hefei, focusing on quantum computing, communication, and precision measurement [4][5] Group 3: Talent Development and Youth Involvement - The influx of young talent into future industries is notable, with companies like Zhixiang Future actively recruiting professionals from diverse backgrounds to enhance their AI capabilities [5][6] - Local enterprises are implementing training programs to develop skilled workers, with a focus on integrating local youth into the workforce [6][7] - The aerospace sector in Hefei is also expanding, with initiatives aimed at nurturing young scientists and providing them with practical applications in the industry [6][7] Group 4: Industry Integration and Innovation - Companies in Anhui are increasingly interconnected, with products becoming essential components in future industry supply chains, such as the IC carrier board produced by Chip聚德科技 [7][8] - The development of ultra-thin flexible glass by 中建材玻璃新材料研究院集团 showcases the province's innovation capabilities, with a significant proportion of the research team being young professionals [8][9] - The government is supporting future industries through the implementation of the "Anhui Province Future Industry Development Action Plan," which includes measures for technology innovation and industry clustering [9]