Minami(SZ:301383)2025-09-03 11:14Group 1: Financial Performance and Challenges - The company's net profit significantly declined in the first half of 2025 due to the ongoing impact of U.S. tariff policies, which began in April 2025, leading to order adjustments and revenue losses [2] - The shift of production to Malaysia to ensure order fulfillment resulted in increased short-term expenses and production efficiency losses, directly affecting gross profit [2] - The company is facing continued pressure on performance in the short term due to increased R&D investments and unfavorable exchange rate fluctuations [3] Group 2: Production Capacity and Expansion - The production area in Malaysia has expanded threefold, with maximum capacity increasing nearly tenfold, laying a solid foundation for future operations [3] - A second overseas production base is being established in Thailand, expected to be operational by Q3 2026, with a planned capacity of approximately 1 billion RMB [4] Group 3: R&D and Innovation - The company has successfully introduced multiple well-known brand clients in 2025, covering various product ranges including optoelectronic products, gaming products, smart speakers, and hearing aid accessories [3] - As of now, the company holds 685 authorized patents, including 59 invention patents, with an additional 120 invention patents pending authorization [3] - The company is focusing on new technologies and products such as LE Audio, optical glasses, AI voiceprint recognition, and multimodal environmental recognition [3] Group 4: Strategic Direction and Core Advantages - The company is restructuring its subsidiaries and divisions into three business groups (BG) to enhance operational efficiency and innovation [4] - BG1 focuses on maintaining and deepening cooperation with major clients [4] - BG2 is responsible for acquiring new clients and innovating in the speaker product line [4] - BG3 aims to develop new wearable products integrating sound, light, electricity, and health technology [4] - Core advantages include 30 years of technical accumulation in the electroacoustic field, long-term service experience with international brand clients, and a differentiated global production base layout [4]