盈利能力持续优化，龙头地位不断巩固 2025 年 08 月 22 日 舜宇光学科技（2382.HK）2025 年中期业绩点评 ➢ 事件：8 月 19 日，舜宇光学科技发布 2025 年中期业绩公告，公司 25H1 实 现营收 196.52 亿元，YOY+3.56%；净利润 16.46 亿元，YOY+52.56%；毛利 率为 19.8%，YOY+2.6pcts；净利率为 8.8%，YOY+1.9pcts。 ➢ 手机相关产品受益于手机摄像头高端化和公司前瞻布局及领先技术市占率 蝉联全球第一。镜头方面，25H1 公司在主流终端客户旗舰机型中的参与度持续 提升，目前已通过采用多群组系统方案实现多种形态的潜望产品量产。模组方面， 25H1 公司已实现多折潜望模组及大底潜望内对焦模组在核心大客户旗舰机型中 的大规模量产；同时，凭借自研马达模组的整合优势，公司独创的大光圈低负载 潜望模组已配合头部客户进行深度研发与应用。 ➢ 受益智驾下沉，全球车载镜头市场快速增长，公司车载相关产品亦有良好表 现。镜头方面，25H1 公司车载镜头市占率稳居全球第一；同时，公司完成了新 一代除雾技术的研发，该技术可使车载镜头的水雾消散效果更佳 ...

Core Viewpoint - The A-share market is experiencing low volatility with major indices showing overall weak performance, while a new stock, Shengke Nano, has seen a significant surge of over 240% in the morning session [1][2][7]. Group 1: A-share Market Performance - The A-share market is characterized by low volatility and overall weak performance of major indices [1][8]. - Shengke Nano, a newly listed stock, experienced a remarkable increase of over 240% during the morning session [2][12]. Group 2: Shengke Nano Overview - Shengke Nano is a well-known third-party testing and analysis laboratory in the semiconductor industry, providing essential services for semiconductor clients in the R&D phase [12][13]. - The company has established a strong brand effect in the semiconductor testing field, having served over 2,000 global clients, including major chip design firms and leading semiconductor manufacturers [13]. Group 3: Policy Developments - The National Health Commission has initiated a research project aimed at improving the quality of population development by enhancing the support policy system for childbirth, including various measures such as maternity leave and childcare services [3][15]. - The research will analyze the current implementation status and issues of existing support measures, and propose further improvements and long-term policy reserves [15][16]. Group 4: Hong Kong Market Performance - The Hong Kong market is facing a significant downturn, particularly in the technology sector, with the Hang Seng Technology Index dropping over 3% [5][19]. - Notable declines were observed in major tech stocks, including BYD Electronics and Sunny Optical Technology, with declines of over 9% and 8% respectively [6][20][22]. Group 5: Financial Performance of Key Companies - BYD Electronics reported a sales revenue of approximately RMB 177.3 billion for 2024, a year-on-year increase of about 36.43%, with significant growth in its consumer electronics segment [20][21]. - Sunny Optical Technology's revenue for 2024 reached approximately RMB 38.3 billion, a 20.9% increase from the previous year, driven by the recovery in the smartphone market and growth in automotive intelligence [22][23].