Smartphone glass supplier Lens Technology Co. Ltd. (6613.HK; 300433.SZ) reported its revenue fell 12.4% year-over-year to 28.9 billion yuan ($4.3 billion) in the first half of this year, while its profit plunged nearly 50% to 577 million yuan.
In the second quarter, the company’s revenue fell 7.4% to 14.73 billion yuan, but its profit rose 1.8% to about 730 million yuan.
Lens Technology said its operations faced headwinds in the first half from adverse currency fluctuations. Shortages and price hikes in consumer-grade storage components also affected some consumer electronics clients, dampening overall demand and driving a downturn in its smartphone and computer businesses.
The company said it is aggressively developing new materials, processes, products, and equipment geared toward next-generation AI, from computing power to smart terminals. It is also deepening the vertical integration of its supply chain to drive the execution of its diversified strategic layout.
Shares of Lens opened up 3.8% at HK23.82 on Monday. The stock is down nearly 30% from its 52-week high.
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