Minami(SZ:301383)2025-04-22 13:57Group 1: Financial Performance - The company's revenue in Q1 2025 remained stable, but profit declined due to a decrease in overall gross margin and increased R&D investment [3] - The gross margin decline is attributed to changes in customer and product structure, with some high-margin products nearing the end of their lifecycle [3] - In 2023, sales to the U.S. accounted for 23.05% of total sales, decreasing to 22.01% in 2024, averaging 22.53% [3] Group 2: External Factors Impacting Performance - External factors include customer adjustments to shipment schedules due to unfavorable U.S. tariff policies, impacting Q1 2025's shipment volume and profit [3] - The company has shifted some production to Malaysia, incurring additional costs and facing initial production inefficiencies, further affecting gross margin [3] Group 3: Strategic Responses - To mitigate external uncertainties, the company plans to enhance market development in the EU and other regions, focusing on products like AI glasses and home medical devices [3] - The company has maintained a stable relationship with major clients and does not foresee risks of terminating partnerships [4] Group 4: Product Development and Market Outlook - The AI glasses market is currently in its early stages, with expected annual shipments around 100,000 units [4] - The company is actively monitoring the development of various wearable products, including smart rings, and is not limited to a single product category [4]