事件： 受锐凌无线出表影响，主业稳健： ②机器人方面，在具身智能领域，基于高通高算力平台开发的Fibot 项目已与全球领先具身智能机器人 公司建立战略合作关系。同时，RTK 视觉融合定位方案已与多足机器人领域头部厂商达成合作；在机 器人业务，公司有组建专门的机器人团队，主要从事割草机器人和具身智能机器人两个业务方向。未来 H 股募集资金到位后，55%会投入端侧和机器人这两块业务，未来也会继续扩充研发团队。 ③智能体方面，公司发布新一代AI 语音智能体FiboVista，对接火山引擎豆包大模型，可实现ASR 自动 语音识别和TTS 文本转语音，支持自然语言交互和指令控制，已率先应用于车联网，成为智能驾驶 的"用车伙伴"和"出行伴侣"。 单Q2 实现营业收入18.51 亿元，同比下滑5.14%，实现归母净利润1.0 亿元，同比下滑31.25%。公司上 半年受锐凌无线出表影响较大，剔除锐凌无线车载前装无线通信模组业务的影响，25H1 营业收入同比 增长23.49%；归母净利润同比增长6.54%。 期待毛利率回升： 单Q2 实现毛利率15.83%，同比下降5.82pct，受到产品结构及材料采购价格波动所致。25H1 ...

公司报告 | 半年报点评 广和通（300638） 证券研究报告 上半年主业稳健，布局 AI 高景气方向驱动未来成长！ 事件： 广和通发布 2025 半年报，25H1 实现营业收入 37.07 亿元，同比下滑 9.02%， 实现归母净利润 2.18 亿元，同比下滑 34.66%，实现扣非净利润 2.02 亿元， 同比下滑 36.06%。 受锐凌无线出表影响，主业稳健： 单 Q2 实现营业收入 18.51 亿元，同比下滑 5.14%，实现归母净利润 1.0 亿 元，同比下滑 31.25%。公司上半年受锐凌无线出表影响较大，剔除锐凌无 线车载前装无线通信模组业务的影响，25H1 营业收入同比增长 23.49%； 归母净利润同比增长 6.54%。 期待毛利率回升： 单 Q2 实现毛利率 15.83%，同比下降 5.82pct，受到产品结构及材料采购价 格波动所致。25H1 智能模组占比 55%以上，原来智能模组毛利高于数传模 组，今年因为存储涨价，智能模组存储占比较高，影响了毛利率。 紧抓 AI 机遇，布局高景气方向： 公司不止于模组企业，打造 AI 研究院，全面向 AI 端侧领域进发，端侧 AI 领域技术布局行业领 ...

Group 1: Financial Performance - The company achieved operating revenue of ¥3,706,976,517.27, a decrease of 9.02% year-on-year. Excluding the impact of the wireless communication module business, revenue increased by 23.49% [3] - The net profit attributable to shareholders was ¥217,901,677.71, a decrease of 34.66% year-on-year. Excluding the impact of the wireless communication module business, net profit increased by 6.54% [3] Group 2: Business Growth Drivers - Revenue growth was primarily driven by the rapid expansion of FWA (Fixed Wireless Access) and solution businesses [3] - The FWA business experienced significant growth, with a focus on North America and India, where market penetration remains low, indicating substantial future growth potential [4] Group 3: Margin and Product Development - The overall gross margin decreased due to changes in product shipment structure after the sale of the wireless communication module business. However, the gross margin is expected to improve as the solution business, which has a higher margin, increases its share [3] - The company has developed an AI technology platform, AI Stack, to support efficient inference of mainstream models across different chip platforms, which is expected to enhance product offerings in various verticals [4] Group 4: Future Outlook and Strategic Initiatives - The company plans to invest 55% of the funds raised from the Hong Kong listing into the development of edge AI and robotics businesses, indicating a strong commitment to these sectors [4] - The competitive landscape for automotive modules is expected to remain clear, with the company holding a significant advantage in the smart module solutions for new energy vehicles [5]