Annual Report 2025

舜宇光學科技（集團）有限公司 • 2025 年報 21 Management Discussion and Analysis 管理層討論與分析 毛利及毛利率 截至二零二五年十二月三十一日止年度，本集 團的毛利約人民幣 8,515,900,000 元，較去年 增加約 21.6% 。毛利率則約 19.7% ，較去年增 加約 1.4 個百分點。毛利率的增加主要是因為 (i) 受益於智能手機攝像頭規格高端化的推動並憑 藉前沿的技術佈局和領先的產品迭代，本集團 手機鏡頭和手機攝像模組的產品組合改善，毛 利率提升；及 (ii) 毛利率更高的汽車產品的收入 佔比提高。 截至二零二五年十二月三十一日止年度，手機 產品、汽車產品、 XR 產品及其他產品的毛利率 分別約 14.7% 、 31.9% 、 19.6% 及 27.5% （二 零二四年：分別約 12.9% 、 35.3% 、 11.8% 及 29.3% ）。 銷售及分銷開支 截至二零二五年十二月三十一日止年度，本 集團的銷售及分銷開支約人民幣 342,900,000 元，較去年減少約 21.9% 。有關絕對金額的減 少主要是由於本集團加強了對營銷活動相關開 支的管控。 研發開支 截至二零二五年十二月三十一日止年度，本集 團的研發開支約人民幣 3,258,600,000 元，較 去年增加約 11.4% 。有關絕對金額的增加主要 是由於本集團在手機、汽車、 XR 及泛 IoT 相關 業務的研發開支均較去年增加。 Gross Profit and Gross Profit Margin The gross profit of the Group for the year ended 31 December 2025 was approximately RMB8,515.9 million, representing an increase of approximately 21.6% as compared to that of last year. The gross profit margin was approximately 19.7%, which was approximately 1.4 percentage points higher than that of last year. The increase in gross profit margin was mainly attributable to (i) the increase in gross profit margins of handset lens sets and handset camera modules of the Group driven by the improvement in product mix benefiting from the high-end upgrade of smartphone camera specifications, and leveraging pioneering technology layout and leading product iteration; and (ii) the increase in revenue proportion of vehicle products with higher gross profit margins. For the year ended 31 December 2025, the gross profit margins of handset products, vehicle products, XR products and other products were approximately 14.7%, 31.9%, 19.6% and 27.5%, respectively (2024: approximately 12.9%, 35.3%, 11.8% and 29.3%, respectively). Selling and Distribution Expenses The selling and distribution expenses of the Group for the year ended 31 December 2025 were approximately RMB342.9 million, representing a decrease of approximately 21.9% as compared to that of last year. The decrease in absolute amount was mainly attributable to the strengthened management and control for the expenses related with marketing activities by the Group. R&D Expenditure The R&D expenditure of the Group for the year ended 31 December 2025 was approximately RMB3,258.6 million, representing an increase of approximately 11.4% as compared to that of last year. The increase in absolute amount was mainly attributable to the increase in R&D expenditures for handset, vehicle, XR and Pan-IoT related businesses by the Group as compared to those of last year.