GoerTek Posts CNY 40B Revenue in H1; AI Glasses Push Accelerates
Nashnova编辑部
GoerTek (002241) reported H1 revenue of RMB 40.046 billion, up 6.65% year-on-year, reversing last year's decline; but profit growth lagged revenue and Q2 momentum faded sharply, leaving AI glasses as the pivotal variable in the valuation story.
Revenue turned positive again — why didn't profit keep up?
H1 revenue hit RMB 40.046 billion, up 6.65% YoY; net profit attributable to shareholders was RMB 1.466 billion, up just 3.46%.
This means → the company is selling more, but keeping less of each yuan — net margin slipped from roughly 3.77% to about 3.66%.
Non-GAAP net profit reached RMB 1.116 billion, up 7.96%, slightly better than headline earnings. Core operations are not deteriorating, but profitability improvement remains thin.
GoerTek also declared no cash dividend, no bonus shares, no capital-reserve conversion. In plain terms = all earnings stay on the balance sheet; shareholders get nothing back.
Growth was front-loaded in Q1 — what happened in Q2?
Q1 revenue was RMB 18.659 billion, up 14.44% YoY — strong momentum.
Back-calculating from the H1 figure, Q2 revenue was roughly RMB 21.387 billion, with YoY growth collapsing to about 0.7%; attributable net profit was roughly RMB 963 million, up only about 1.6%.
This means → nearly all of H1's growth came from Q1. Q2 was effectively flat, and whether the second half can re-accelerate is now the central question.
Three business lines — which one makes money and which one drags?
Smart hardware brought in RMB 20.341 billion, or 54.17% of total revenue — the largest segment by size, but not the profit engine.
Precision components generated RMB 7.604 billion, up 20.54% YoY, with a 2025 full-year gross margin of 23.52% — far above either assembly segment. This is the most profitable part of the business today.
Smart acoustic devices fell hard: revenue of RMB 8.324 billion, down 34.92% YoY — a clear drag.
This reflects a structural transition: low-margin assembly is shrinking while high-margin components expand, but the components business is not yet large enough to lift overall margins.
How far along is the AI glasses push?
In May the company said its AI smart-glasses business is already working with several leading industry clients; its affiliate GoerTek Optical has mastered mainstream diffractive waveguide technology — a way to project images onto a lens surface — and is ready for mass production.
In June, GoerTek and Ningbo Sunny Optech each injected RMB 500 million into GoerTek Optical, lifting GoerTek's stake to 39.6676%.
In plain terms = GoerTek is putting real money behind the AI-glasses bet, scaling up both technology and capacity.
What is the biggest unknown in the valuation?
GoerTek's annual report lists key R&D projects spanning AI smart glasses, AR optical modules, MEMS acoustic sensors — tiny microphone chips — and MR precision optics, pointing to a systematic AI-hardware supply-chain build.
Yet the company has not disclosed specific revenue, order size, or profit contribution from its AI-glasses business.
This means → the market's valuation thesis for GoerTek largely rests on a bet that AI glasses and precision components can deliver stable incremental revenue in H2 — and that is precisely where visibility is lowest.
Content is for reference only, not financial advice.