Financial Performance - In the first half of 2025, the company achieved revenue of approximately 479 million CNY, a year-on-year increase of 31.67% [2] - The net profit for the same period was approximately 95 million CNY, reflecting a year-on-year growth of 17.70% [2] - In Q2 2025, the company reported revenue of approximately 249 million CNY and a net profit of about 47.5 million CNY, showing a slight increase compared to the previous quarter [2] Revenue Breakdown - Functional protective sleeves generated revenue of approximately 1.23 billion CNY, a year-on-year increase of 22.97% [2] - Other products accounted for approximately 356 million CNY in revenue, marking a significant year-on-year growth of 65.65% [2] - Domestic revenue reached approximately 395 million CNY, up 38.38% year-on-year, while overseas revenue was about 83.95 million CNY, growing by 7.23% [2] Industry and Market Insights - The automotive sector is the primary application area, contributing approximately 324.4 million CNY in revenue, a year-on-year increase of 43.32%, accounting for 67.79% of total revenue [2] - Revenue from the new energy vehicle sector reached approximately 144.74 million CNY, reflecting a growth of 54.70% [2] - The company’s products are also applied in engineering machinery, communications electronics, and rail transit, with respective revenue contributions of about 10%, 12%, and 3% [4] Competitive Landscape - The market for functional protective sleeves is fragmented, with competition from multinational corporations, domestic leaders, and small-scale manufacturers [6] - The company is recognized as a leading domestic enterprise in the polymer modified protective materials sector, with product performance comparable to foreign competitors [10] Production and Capacity - Major manufacturing capacities are located in Dongguan, Jiangmen, and Suzhou, with additional bases in Shenzhen, Wuhan, Chongqing, and Mexico [8] - The company plans to expand its production capacity with a new project in Dongguan, covering approximately 68,000 square meters, expected to be operational by mid-next year [12] Pricing and Cost Structure - Material costs constitute 65.20% of the main business costs, influenced by fluctuations in upstream prices of raw materials [15] - The company employs a flexible pricing strategy based on customer requirements and market competition, leading to variations in pricing across different industries [8] Research and Development - The company is exploring applications in emerging fields such as humanoid robotics, with ongoing product testing and validation [5] - The R&D efforts are characterized by high uncertainty, with no significant impact on current operations expected from these projects [5] Customer Base and Growth - Revenue growth is primarily driven by existing customers, with stable relationships leading to increased procurement volumes [9] - New customer acquisitions include Stellantis, contributing a minor proportion to overall revenue [9]
骏鼎达(301538) - 骏鼎达：投资者关系活动记录表（2025年8月20日）