Avary Holding (002938) Q2 2025 earnings summary

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.