Core Viewpoint - The company achieved a significant growth in revenue and net profit in H1 2025, driven by strong performance in storage and charging categories, and is optimistic about future product innovations and channel network development [1][2]. Financial Performance - In H1 2025, the company reported revenue of 3.86 billion yuan, a year-on-year increase of 40.6%, and a net profit attributable to shareholders of 275 million yuan, up 32.7%. The non-recurring net profit was 259 million yuan, reflecting a growth of 28.9% [2]. - The quarterly revenue growth rates for Q1 and Q2 were 42% and 39.4%, respectively, while net profit growth rates were 47.2% and 18.7%. The non-recurring profit growth rates were 44.5% and 13.8% [3]. - The gross margin for H1 was 37%, a decrease of 1.44 percentage points, with specific margins for various categories: charging (36.2%), transmission (40.1%), audio-video (40.8%), storage (27.7%), and mobile peripherals (35.6%) [3]. Product and Channel Development - The company launched several key products, including the energy-packed Pro series fast-charging power banks, a high-power 500W GaN desktop charger, and the HiTuneMax6 headphones featuring AI capabilities. Additionally, a new NAS private cloud model was introduced at an accessible price point [5]. - The company is expanding its channel presence internationally, having entered major retail chains such as Walmart, Costco, and Bestbuy in the US, as well as Media Markt in Europe and Bic Camera in Japan [5]. Segment Performance - In H1 2025, revenue by category showed strong growth: charging (1.43 billion yuan, +44.4%), transmission (1.03 billion yuan, +29%), audio-video (630 million yuan, +28.2%), storage (415 million yuan, +125%), and mobile peripherals (304 million yuan, +28.9%) [4]. - Revenue by channel indicated that Amazon generated 1.33 billion yuan (+42.2%), JD.com 513 million yuan (+20.2%), and Tmall 425 million yuan (+21.9%). Offline sales reached 1.01 billion yuan (+52.9%) [4]. - Geographically, domestic revenue was 1.56 billion yuan (+27.4%), while overseas revenue was 2.29 billion yuan (+51.4%) [4].

Core Insights - The company reported a revenue of 3.857 billion yuan for the first half of 2025, representing a year-on-year growth of 40.6% [1] - Net profit attributable to the parent company reached 275 million yuan, an increase of 32.74% compared to the previous year [1] Product Categories - Charging products generated sales of 1.427 billion yuan, up 44.39% year-on-year, accounting for 37.01% of total revenue [1] - Transmission products achieved sales of 1.028 billion yuan, reflecting a growth of 29.00% [2] - Audio and video products recorded sales of 630 million yuan, with a year-on-year increase of 28.22% [2] - Storage products saw a significant surge in sales, reaching 415 million yuan, a 125.13% increase [2] - Mobile peripheral products generated sales of 304 million yuan, growing by 28.92% [3] Innovation and Product Development - The company launched several innovative products, including the MagFlow magnetic wireless charger and a 500W GaN desktop charger [1] - New transmission products include a hard disk expansion dock designed for Apple Mac mini and a 16-port gigabit switch [2] - The audio product line introduced AI headphones with adaptive noise cancellation and AI voice assistant features [2] - The storage product line includes a new NAS private cloud model with advanced AI functionalities [2] Sales Channels and Market Strategy - The company employs an "online + offline" integration model, achieving balanced revenue growth across domestic and international markets [3] - Online sales reached 2.847 billion yuan, up 36.79%, while offline sales were 1.008 billion yuan, growing by 52.90% [3] Research and Development - R&D investment for the first half of the year was 174 million yuan, a 24.99% increase [3] - The company received 10 Red Dot Design Awards and 6 iF Design Awards in 2025, with over 70 design awards accumulated [3] - A total of 298 new core technology patents were granted, focusing on smart charging and data processing [3] Product Quality Assurance - The company confirmed that all mobile power supplies and chargers on sale have obtained CCC certification, ensuring product quality and safety [4]