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Avary Holding (002938) investor relations material

Avary Holding Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Revenue for H1 2025 reached ¥16.38 billion, up 24.75% year-over-year, with net profit attributable to shareholders at ¥1.23 billion, a 57.22% increase year-over-year.

  • Growth driven by strong demand in AI, high-speed networking, and a rebound in smartphones and PCs, with all business lines showing significant expansion.

  • The company maintained its global PCB industry leadership, leveraging its FPC and HDI product strengths and expanding into AI server and automotive markets.

  • Major investments in new production lines and overseas facilities, including Thailand and Taiwan, to support future growth.

  • No interim dividend or bonus shares planned for the half-year.

Financial highlights

  • Operating income: ¥16.38 billion, up 24.75% year-over-year.

  • Net profit attributable to shareholders: ¥1.23 billion, up 57.22% year-over-year.

  • Operating cash flow: ¥4.28 billion, up 53.29% year-over-year.

  • Basic and diluted EPS: ¥0.53, up 55.88% year-over-year.

  • Gross margin for PCB business: 18.74%, up 0.71 percentage points year-over-year.

Outlook and guidance

  • Global PCB market expected to grow at a 4.5% CAGR for FPC and 6.4% for HDI through 2029.

  • Company to continue expanding AI server, automotive, and high-end consumer electronics segments.

  • Ongoing investments in digital transformation, green manufacturing, and global production capacity.

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Frequently asked questions

Avary Holding Co., Limited specializes in the design, development, and manufacturing of printed circuit boards (PCBs). The company’s product portfolio includes multi-layer PCBs, high-density interconnect (HDI) boards, and rigid-flex PCBs used in a wide range of applications such as consumer electronics, telecommunications, automotive, and industrial equipment. The company is headquartered in Shenzhen, China, and its shares are listed on the HKEX.

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