Electronic Equipment and Instruments

Goertek

Financial Analysis

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GoerTek released its Q1 2026 results and FY2025 annual report (fiscal year ended Mar 2026) after the A-share close on Apr 23, 2026 Beijing time. Key takeaways include: 1) Overall results.$歌尔股份 (002241.SZ) reported total revenue of RMB 18.7bn in Q1 2026, up 14% YoY. Revenue returned to growth, driven mainly by intelligent components and related businesses, but was still well below the market’s RMB 21.7bn expectation.GPM was 13.8%, up 140bps YoY. Margins have swung sharply over the past two quarters...

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GoerTek: Past Vietnam hiring trap; margins recovering, growth still stalled?

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0423 | Dolphin Research Focus: 🐬 Stock #1, $XIAOMI-W(01810.HK). Xiaomi rolled out the MiMo‑V2.5 suite overnight, featuring four new models.The flagship Reasoning V2.5 and the multimodal Agent V2.5‑Pro enter public beta and will be open‑sourced. V2.5‑TTS and V2.5‑ASR will launch later.The lineup centers on agent use cases, with token efficiency notably improved. V2.5‑Pro is benchmarked against top‑tier Intl models such as GPT‑5.4. AI iteration is accelerating...

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Apr 22 | Dolphin Research Key Watch:🐬 Macro/Sector 1) Trump said the U.S. will extend the ceasefire because of 'serious internal divisions' in Iran, until Tehran presents a unified negotiating plan and concludes talks.This should ease near-term Middle East tensions, supporting more stable oil prices and risk assets. However, core U.S.-Iran differences remain, Iran's stance is still tough, and talks face high uncertainty, so geopolitics risks are not fully cleared.🐬 Stocks 1、$CATL(03750.HK) CATL's 'Super Tech Day' unveiled the 3rd-gen 'Shenxing' ultra-fast charging battery. It delivers 10C-equivalent charging with up to 15C peak rate...

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GoerTek Inc. released its Q3 2025 financial report (up to September 2025) after the A-share market closed on the evening of October 24, 2025, Beijing time. The key points are as follows: 1. Overall performance: revenue &amp; gross margin, both have rebounded. ① GoerTek Inc.'s total revenue for the third quarter of 2025 was 30.6 billion yuan, a year-on-year increase of 4.4%, better than the market expectation (28 billion yuan). The growth in the company's revenue was mainly driven by downstream customers' stocking, partly in preparation for the release of new products such as iPhone, AirPods, and MR in September; ② The company's gross margin for this quarter was 12.8%...

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GoerTek: Steady Stocking, Meta's Flat Performance, When Will VR/AR 'Make a Big Move'?

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0826 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. According to foreign media reports, Trump signed an executive order to remove Federal Reserve Governor Lisa Cook from her position on the grounds of &#34;alleged mortgage fraud,&#34; effective immediately. This unprecedented move marks a significant escalation in his offensive against the Federal Reserve. Following the announcement, the dollar fell sharply, gold surged, and the U.S. Treasury yield curve steepened, reflecting concerns over the Fed's independence and long-term inflation expectations. 2. The National Press and Publication Administration officially announced the game license approval results for August 2025, with a total of 166 domestic online games and 7 imported online games approved...

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Guangzhou's first downtown duty-free shop opens, China Duty Free surges intraday; GoerTek hits limit-up | Today's Important News Recap

$Goertek(002241.SZ) released its Q2 2025 financial report and interim report (as of June 2025) after the A-share market closed on the evening of August 21, 2025, Beijing time. Key points are as follows: 1. Overall Performance: GoerTek Inc.'s total revenue for Q2 2025 was RMB 21.2 billion, a year-on-year increase of 0.8%. Revenue stabilized this quarter, mainly driven by the smart components and smart hardware businesses. The company's gross margin for the quarter was 14.3%, an increase of 0.7 percentage points year-on-year. Previously, the company's gross margin had significantly declined, mainly due to factors such as the reduction in AirPods orders...

GoerTek: Gross Margin Recovery 'Steady Pace', Meta's New Launch 'Another Boost'?

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)

Goertek released its Q1 2025 earnings report (as of March 2025) after the A-share market close on April 21, 2025 Beijing time. Key points are as follows: 1. Overall performance: Demand declined, revenue dropped again. ①$Goertek(002241.SZ) reported total revenue of 16.3 billion yuan in Q1 2025, down 15.6% YoY, missing market expectations (20.9 billion). The Q1 decline was mainly affected by weakening demand for VR devices and other products. After achieving double-digit recovery growth in Q4, the company fell back into decline territory in Q1...

VR "bomb", tariffs "backstab", where is the way out for Goertek?

$Goertek(002241.SZ)Quick Interpretation: The company's financial report this time is not ideal, with revenue declining by double digits again this quarter. The growth in the company's profits is mainly driven by non-operational factors such as investment income.Previously, the company's annual report showed a significant improvement in the fourth quarter's performance, mainly driven by the low-cost version of Quest 3S and Apple's new product AirPods 4, which led to good market expectations for the first quarter. However, the company's Q1 revenue has declined again, further indicating weak downstream demand.In addition, the company has production capacity in both Vietnam and China. The continuous adjustment of tariff policies may also bring additional cost burdens to the company, and its operational side will continue to face pressure.

0121 | Dolphin focuses on: 🐬 Macro/Industry 1. Trump officially took the oath of office as the 47th President of the United States, promising &#34;America First&#34; in his inaugural speech, focusing on combating illegal immigration, high inflation, and oil extraction. Regarding tariffs, he mentioned, &#34;We will impose tariffs and taxes on foreign goods to make our citizens prosperous,&#34; but did not disclose relevant details. (Later signed an executive order announcing a 25% tariff on goods imported from Canada and Mexico starting February 1.) Today, the Hong Kong stock market showed an overall warming trend. 2. Worth noting is...

Trump takes office, TikTok temporarily unblocked；GoerTek shifts to Hong Kong Stock Exchange ｜ Today's important news review

Goertek released FY2025 annual earnings on April 23 After-Market (BJT), actual revenue CNY 96.55 B (forecast CNY 98.99 B), actual EPS CNY 1.13 (forecast CNY 0.9395)

Goertek released FY2026 Q1 earnings on April 23 During-Market (BJT), actual revenue CNY 18.66 B (forecast CNY 22.94 B), actual EPS CNY 0.14 (forecast CNY 0.195)

Goertek released FY2025 Q4 earnings on April 23 After-Market (BJT), actual revenue CNY 28.44 B (forecast CNY 31.37 B), actual EPS CNY 0.3759 (forecast CNY 0.2014)

Goertek to Release FY2025 Annual Earnings on April 24 After-Market (BJT), Forecast Revenue CNY 98.99B, EPS CNY 0.9395

Goertek to Release FY2026 Q1 Earnings on April 24 During-Market (BJT), Forecast Revenue CNY 21.79 B, EPS CNY 0.1766

Shanghai Yuanqi Dazhanhoutu Technology Co., Ltd. Established

Goertek released FY2025 Q3 earnings on October 24 After-Market (BJT), actual revenue CNY 30.56 B (forecast CNY 28.68 B), actual EPS CNY 0.3404 (forecast CNY 0.3329)

Goertek released FY2025 9 Months earnings on October 24 After-Market (BJT), actual revenue CNY 68.11 B, actual EPS CNY 0.7365

Goertek to Release FY2025 Q3 Earnings on October 25 After-Market (BJT), Forecast Revenue CNY 28.68 B, EPS CNY 0.3329

SYNOVO and GoerTek Partner to Introduce Waveguide Technology

舜宇光学科技 Signs Memorandum of Understanding with Goer Optical for Equity Subscription

Goertek released FY2025 Q2 earnings on August 21 During-Market (BJT), actual revenue CNY 21.24 B (forecast CNY 18.92 B), actual EPS CNY 0.2661 (forecast CNY 0.1887)

Goertek released FY2025 Semi-Annual earnings on August 21 During-Market (BJT), actual revenue CNY 37.55 B, actual EPS CNY 0.41

Goertek FY2025 Semi-Annual Earnings Release on August 22, 2025 (BJT)

Gorui Subsidiary Provides $100 Million Loan to Haylo

GoerTek Acquires Companies to Strengthen Apple Supply Chain Ties

Goer Acquires Companies to Strengthen Apple Supply Chain Collaboration

GoerTek Plans to Acquire Two Hong Kong-based Precision Manufacturing Companies for HKD 1.04 Billion

GoerTek Announces Acquisition of Hong Kong Lianfeng Wholly-owned Subsidiaries

GoerTek Obtains Utility Model Patent for Linear Motor

Goertek reported first-quarter revenue of 18.659 billion yuan, a 14.44% year-over-year increase; net profit attributable to parent company shareholders reached 503 million yuan, up 7.28%. Driven by exchange losses, financial expenses surged over 50 times compared to the same period last year, weighing on profit growth. Deducted non-recurring net profit rose 19.57%, indicating improved core business profitability. Net cash flow from operating activities turned negative, while short-term borrowings expanded by nearly 50%. R&D investment continued to increase, and capacity construction progressed steadily

Wallstreetcn

Goertek Q1 Revenue Up 14% Year-Over-Year; Net Profit Grows 7% Amid Exchange Losses | Financial Report Insights

Goertek Technology Vina Co., Ltd., a subsidiary of China's Goertek, has invested an additional $20 million in its Bac Ninh factory, raising total project capital to $512.3 million. The expansion aims to increase annual production by 0.67%, adding 20 million cameras and 168,000 earphones, totaling 3.01 billion items. Goertek also seeks to boost UAV production from 45,000 to 60,000 units. The timeline for these changes is not specified, and the company has invested around $1.3 billion in Vietnam by 2025.

TechNode

China’s Goertek invests $20M more in Vietnam factory for camera production

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As of April 6, 116 A-share listed companies have announced share repurchase plans, with 77 designated for equity incentives or employee stock ownership plans and 18 for market value management. Companies including SF HOLDING, Goertek, HYPC, WENS, ZIJIN MINING, and FII are among those with the largest repurchase amounts

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Boosting Confidence with Real Capital: Multiple A-share Industry Leaders Announce Share Repurchase Plans

36Kr learned that the Aiqicha App shows that recently, Goertek Optical Technology (Shanghai) Co., Ltd. underwent a business change, with its registered capital increased from 100 million RMB to 200 million RMB, an increase of 100%. The company was established in February 2022, with Rao Yi as the legal representative. Its business scope includes the manufacturing of optical instruments, virtual reality equipment, smart vehicle-mounted devices, and wearable smart devices, among others. Shareholder information indicates that the company is wholly owned by Goertek Optical Technology Co., Ltd

36Kr

Goertek Optical Technology's Shanghai company has increased its registered capital to 200 million yuan