HAOYANG(SZ:300833)2025-09-19 09:32Group 1: Company Overview and Financial Performance - The company is a high-tech enterprise engaged in the R&D, production, and sales of stage lighting equipment, architectural lighting equipment, and truss equipment [2] - In the first half of 2025, the company increased R&D investment and integrated with Danish SGM company, leading to a new headquarters being put into use [2] - The company reported a revenue of approximately RMB 522 million, a year-on-year decrease of about 21.99% [2] - The net profit attributable to the parent company was approximately RMB 78 million, a year-on-year decrease of about 61.69% [2] Group 2: Business Structure and Market Performance - The company's business model is driven by "ODM + OBM," with overseas sales accounting for approximately 94% and domestic sales for about 6% in the first half of 2025 [4] - The U.S. market has been significantly impacted by changes in the trade environment, while demand in other overseas regions remains stable [4] - The domestic market faces intensified competition due to international trade environment changes, but there are signs of recovery in the U.S. market [4] Group 3: Product Development and Market Outlook - The penetration rate of new products continues to rise, with sales revenue from new products increasing year-on-year despite overall revenue decline [5] - The company aims to enhance R&D capabilities and introduce competitive products to increase market share [6] - According to Live Nation's Q2 report, overseas performance events are expected to grow steadily over the next two years, indicating a favorable market outlook [6] Group 4: Strategic Adjustments and Future Plans - The company is adjusting its product structure and enhancing R&D innovation to respond to future market challenges and opportunities [7] - With the stabilization of the U.S. trade environment, the company is optimistic about the recovery of the U.S. market [7]