机构：招银国际 研究员：Alex NG/Hanqing LI 1H25 beat oCCM ASP, non-mobile sales, FPM GPM, and Newmaxturnaround. Q-Tech's 1H25 revenue (+15% YoY) is 5%/8% above our/ market expectations, due to a better non-mobile sales mix (auto/IoT), FPM ASP/GPM and high-end mobile mix (OIS/periscope). 1H25 GPM improved 2.2ppts YoY/ 0.5ppts HoH to 7.4%, thanks to high-end mobile CCM mix, and FPM ASP/ GPM recovery oultrasonic FPM ramp-up, and Newmax's earnings turnaround. Overall, 1H25 net profit grew 168% YoY, largely in- line with pr ...