证券日报网讯 立讯精密（002475）8月29日发布公告，在公司回答调研者提问时表示，近年来，在大模 型领域持续高强度投入的推动下，越来越多的AI Agent得到广泛认可与应用，这反过来又进一步刺激了 对大模型算力的需求。基于此判断，公司认为人工智能领域在未来一段时间仍将保持高强度的投入趋 势。公司凭借在高速铜连接领域的深厚积累，目前已从原来的跟随者成长为被客户认可的技术引领者， 并成功进入全球各大客户的供应链体系，建立了技术领先的品牌形象。同时，公司在电源、散热和光连 接产品方面持续加强能力建设，不断打造公司的技术竞争力，实现在客户侧的持续突破，推动各产品线 有节奏、持续地发力。公司还加大在智能制造方面的投入，保障产品量产后的高质量交付能力。通过不 断增强研发实力、制造能力和数字化运营管理等多方面的综合能力，公司正系统构建在AI时代的核心 竞争力与护城河。客户进展方面，公司已进入所有CSP客户、芯片客户以及设备商客户。然而，每个产 品线在不同客户的深度上存在差异，这也为公司未来的持续增长提供了一个广阔的空间。 ...

Financial Performance - In the first half of 2025, the company's revenue reached 14.789 billion CNY, a year-on-year increase of approximately 37% [2] - The net profit for the same period was 4.242 billion CNY, with a net profit margin of 28.70% [3] - In Q2 2025, the company reported a revenue of 8.115 billion CNY, a quarter-on-quarter growth of about 22% [3] - The gross margin for Q2 2025 was 41.5%, an increase of nearly 5 percentage points compared to Q1 2025 [3] - The consolidated net profit for Q2 2025 was 2.552 billion CNY, with a quarter-on-quarter growth of approximately 51% [3] Business Operations - The company has seen a significant increase in demand for 800G and 400G optical modules, driven by capital expenditure from key overseas clients in AI infrastructure [4] - The company has begun gradual shipments of 1.6T products, with expectations for continued mass production in the upcoming quarters [4] - The company is actively expanding production capacity for high-end products like 1.6T and 800G to meet rising industry demand [4] Investor Q&A Highlights - The gross margin for high-end products like 1.6T is expected to be better, primarily due to the use of silicon photonics [5] - The company has strong inventory capabilities to address supply tightness in core upstream components, which is crucial given the rapid growth in demand for 800G and 1.6T [5] - The company plans to gradually increase its dividend payout ratio to share operational success with shareholders [6] - The company is observing a growing demand for optical connection solutions as the industry evolves [7] Market Outlook - The company anticipates that material costs will impact gross margins, but it remains confident in maintaining gross margin growth through product technology and bulk purchasing strategies [8] - The company has developed capabilities for 3.2T products and is in the active research phase, although market demand is currently focused on 1.6T and 800G [8] - The company is expanding both domestic and international production, with expectations for improved gross margins in the domestic market [9] Strategic Initiatives - The company is addressing foreign exchange risks by monitoring exposure and hedging against currency fluctuations [10] - There is a growing demand for data center interconnect solutions, driven by various application scenarios within data centers [11] - The company sees significant opportunities in the scale-out market due to increasing interconnect needs as clients transition from GPU to ASIC chips [12] - The company is actively developing copper connection and liquid cooling solutions, with positive progress reported [13] - The demand for ZR modules in AI data centers is expected to grow, with the company promoting its 400G ZR and 800G ZR technologies [14]