18 Sep 2025
Sunny Optical’s 1H25 revenue was up by 4.2% YoY to Rmb19.65bn, driven by i) 1.7% YoY increase in handset segment (HLS/HCM) to Rmb13.2bn on better product mix with higher ASP; ii) 18.2% YoY increase in vehicle segment (VLS/vehicle modules) to Rmb3.4bn on rising ADAS adoption with VLS shipment up 21.7% YoY; and iii) 21.1% YoY increase in XR segment on rising demand for smart glass products. Overall GPM was up by 2.6ppt YoY to 19.8% on the back of margin improvements in HLS/HCM and also faster revenue growth rate of higher margin vehicle segment. On the cost side, R&D expense was up by 11.3% YoY with higher R&D for vehicle, XR, pan-IoT and smartphone related biz. S&D expense down by 18.5% YoY on less marketing activities, while admin expense was up by 5.2% YoY, similar to revenue growth. As a result, 1H25 NP surged by 52.6% YoY to Rmb1.65bn, with NPM up 2.7ppt YoY to 8.4%. No interim dividend was declared (1H24: nil).