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Hangzhou First Applied Material
Hangzhou First Applied Material (603806) investor relations material
Hangzhou First Applied Material H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary8 Apr, 2026
Executive summary
Revenue for 2025 was RMB 15.49 billion, down 19.10% year-over-year; net profit attributable to shareholders was RMB 769.68 million, down 41.14% year-over-year, but the company remained profitable despite industry-wide losses.
Cash flow from operating activities was RMB 1.46 billion, down 66.68% year-over-year, mainly due to changes in sales collection and payment terms and a decline in sales scale.
The company maintained a strong market position in photovoltaic encapsulation materials, with global market share for PV film above 50%.
Non-PV businesses (electronic materials, functional films, coating materials) grew, with non-PV revenue share rising to 7.15%.
Financial highlights
Operating income: RMB 15.49 billion, down 19.10% year-over-year.
Net profit attributable to shareholders: RMB 769.68 million, down 41.14% year-over-year.
Operating cash flow: RMB 1.46 billion, down 66.68% year-over-year.
Basic EPS: RMB 0.30, down 40.00% year-over-year.
Gross margin for PV film: 10.46%; for electronic materials: 20.70%; for functional materials: 13.10%.
R&D expenses: RMB 467.64 million, 3.02% of revenue.
Outlook and guidance
2026 expected to see PV industry stabilization and price recovery, with non-PV businesses entering a growth phase.
Continued investment in R&D, high-end product breakthroughs, and global capacity expansion planned.
Strategic focus on consolidating PV leadership and accelerating new materials growth.
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Latest events from Hangzhou First Applied Material
- Net profit fell 29.33% on lower PV product prices, but global market share in PV films rose.603806
H2 202415 Dec 2025 - Revenue and profit dropped over 40% year-over-year amid margin pressure in photovoltaic films.603806Q3 202530 Oct 2025
- Revenue and profit fell sharply in Q1 2025 as photovoltaic film prices declined significantly.603806Q1 202510 Sep 2025
- Revenue and profit fell sharply amid PV price declines, but electronic materials and overseas expansion grew.603806H1 202527 Aug 2025
- Revenue and profit fell significantly in Q3 2024 amid price and margin pressures.603806Q3 202413 Jun 2025
- Net profit up 4.95% YoY to RMB 928M, with strong growth in electronic materials.603806H1 202413 Jun 2025
Next Hangzhou First Applied Material earnings date
Q1 202628 Apr, 2026
Hangzhou First Applied Material
Next Hangzhou First Applied Material earnings date
Q1 202628 Apr, 2026
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