GoerTek 2Q25 Quick Interpretation: The company's financial report this time is overall quite good. The revenue side stabilized and rebounded this quarter, and the company's gross margin achieved a significant improvement in the first half of the year.

Looking at specific business segments:

a) Smart hardware remains the largest segment. Affected by the overall decline in XR demand, the company's smart hardware business had experienced continuous decline.

However, in the first half of the year, smart hardware revenue remained stable, and the market is more looking forward to new products from major clients in the second half of the year.

Driven by products such as AI smart glasses, the gross margin of the smart hardware business continued to rise in the first half of the year;

b) The revenue of the smart acoustic integrated business declined significantly in the first half of the year, mainly due to the impact of the product iteration cycle.

In the first half of the year, the gross margin of smart acoustic integrated products could still be maintained at around 10%, and the revenue decline was mainly due to product demand impact, with the company's share in TWS earphones somewhat recovering.

It is expected that Apple will release new AirPods in the second half of the year, which will boost the business;

c) The precision components business rebounded in the first half of the year, mainly driven by relatively optimistic stocking demand from downstream manufacturers under the assistance of state subsidies and the stocking of new products such as AR glasses.

The company's overall operating expenses remained relatively stable, and profit growth mainly came from the improvement in gross margin, with significant profitability improvement in smart hardware and precision components businesses.

In the second half of the year, affected by the traditional peak season, the company's overall performance will improve.

As GoerTek gradually shifts its business focus to the smart hardware segment, the market is more looking forward to XR new products in the second half of the year.

If Meta's new products can succeed, it will bring more imagination space to the company. For more specific content, please follow Dolphin Research's subsequent detailed commentary. $Goertek(002241.SZ)

Ownership	%Owned	Share Chg	Report Date
歌尔集团有限公司	15.64%	No Change	24/04/2026
姜滨	8.1%	No Change	24/04/2026
姜龙	7.05%	No Change	24/04/2026
香港中央结算有限公司	2.28%	-33.43 M	24/04/2026
歌尔股份有限公司-“家园8号”员工持股计划	1.06%	No Change	24/04/2026
中国证券金融股份有限公司	1%	-47.38 M	24/04/2026
歌尔股份有限公司-“家园6号”员工持股计划	0.85%	No Change	24/04/2026
中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金	0.56%	-21.04 M	24/04/2026
胡双美	0.46%	No Change	24/04/2026
中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金	0.39%	-15.36 M	24/04/2026

Goertek(002241.SZ)

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