BaTeLab (2149) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 24.8% YoY to RMB578.8m; gross margin was 53.0%, with growth supported by new industrial products, machine-learning-based design optimization and deeper key-customer engagement.

• Product portfolio expanded by 275 types; more than 700 models were available at year-end across industrial, automotive, energy and other applications.

Financial highlights

• Revenue increased to RMB578.8m from RMB463.9m; gross profit rose 19.4% to RMB306.9m.

• Profit from operations reached RMB174.0m versus RMB113.4m; profit for the year rose 52.6% to RMB166.6m.

• Adjusted net profit, excluding listing expenses and share-based payments, was RMB166.8m versus RMB120.6m.

• Net cash generated from operating activities was RMB151.8m, compared with RMB30.3m in 2023; year-end cash and cash equivalents were RMB636.0m.

Outlook and guidance

• For 2025, focus remains on expanding competitive products through self-developed EDA, improving process capability and R&D efficiency, and launching analog chips for energy storage, EVs and high-end industry.

• The back-end process R&D center was expected to commence operation during 2025; analog AI computing products were expected to launch soon following R&D investment and patent applications.

• Capital expenditures are expected to increase as the business grows, funded by operating cash flow, bank borrowings and global-offering proceeds.