APT Electronics (2551) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB2,431.1m, down 6.2% YoY; net profit was RMB62.0m, down 41%. Automotive lamp price competition and Greater Bay Area base construction expenses pressured earnings.

• Automotive-grade device and module orders grew sharply, while Mini LED capacity ramped; H2 profitability improved as orders rose for automotive-grade devices, horticultural lighting and Mini LED backlights.

Financial highlights

• Gross profit was RMB403.5m versus RMB470.5m in 2024; profit before tax was RMB88.5m versus RMB113.7m.

• Other income and gains rose to RMB69.3m from RMB24.3m, including RMB45.3m of government grants and RMB9.5m investment income from financial assets at FVTPL.

• Basic and diluted EPS was RMB0.12, compared with RMB0.21 in 2024.

• Net operating cash inflow was RMB106.3m, down 56% YoY; cash and bank balances were RMB543.3m at year-end.

Outlook and guidance

• Priorities include ADB matrix headlights, interactive tail lights, Micro LED high-definition headlamps, automotive-grade device and module exports, and expansion of RGB Mini LED and Micro LED capacity.

• R&D plans target Mini LED/RGB Mini LED, Micro LED for AI and AR glasses, horticultural and special lighting, and intelligent automotive vision products; AI deployment across R&D, manufacturing and operations is planned.

• The strategy also includes expansion into third-generation semiconductors and applications in new energy vehicles, displays, photovoltaics, energy storage and AI data centers.