ACCELINK(SZ:002281)2025-09-02 12:59Revenue Performance - The company's revenue for the first half of 2025 reached 5.242 billion CNY, representing a year-on-year growth of 68.59% [2] - In Q2 2025, revenue exceeded 3 billion CNY, marking a historical high [2] - Data and access business revenue was 3.715 billion CNY, up 150% year-on-year, accounting for 70% of total revenue [2] - Transmission business revenue was 1.517 billion CNY, down 4% year-on-year [2] - Overseas revenue amounted to 1.308 billion CNY, a year-on-year increase of 24.39%, making up 25% of total revenue [2] Profit Performance - The net profit attributable to shareholders for the first half of 2025 was 372 million CNY, a year-on-year increase of 78.98% [2] - Excluding financial expenses, the profit growth rate reached 131% [2] - The non-recurring net profit was 360 million CNY, reflecting a year-on-year growth of 74.65% [2] - Basic earnings per share were 0.47 CNY, up 74.07% year-on-year [2] - Return on equity was 4.05%, an increase of 1.6 percentage points year-on-year [2] Operational Performance - Sales receipts for the first half of 2025 totaled 6.748 billion CNY, a year-on-year increase of 96% [2] - Procurement payments reached 6 billion CNY, up 104% year-on-year due to scale growth and future order preparations [2] - Operating cash flow showed significant improvement, with a net outflow of 100 million CNY in the first quarter turning into a net inflow of 5.23 million CNY in Q2 [3] Market Outlook - The domestic market is expected to continue its growth trend, with major clients increasing capital expenditures [3] - The company anticipates a gradual increase in the proportion of silicon photonics products in its revenue [3] - The company plans to adjust production capacity based on market and customer demand [3] Margin Analysis - The gross margin decreased in Q2 due to product structure impacts in the transmission business and increased competition leading to price reductions [3] - The company expects cost reduction effects to gradually manifest, allowing gross margins to return to normal levels [3] Product Demand - The demand for optical modules increased significantly in the first half of the year, with stable demand expected in the second half [5] - The company is focusing on 400G optical modules for 2025, with an anticipated increase in the proportion of 800G modules next year [5] - The company is prepared for potential material supply constraints due to rapid growth in demand for 400G and 800G modules [5]