BaTeLab (2149) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 0.9% YoY to RMB584.1m, while gross margin declined to 51.7%; profit for the year fell 26.8% to RMB122.0m, mainly reflecting RMB51.0m of non-cash share-based compensation.

• Business remained focused on industrial-grade analog IC patterned wafers, supported by a portfolio of over 1,000 product models and continued product launches and R&D.

Financial highlights

• Revenue was RMB584.123m in FY25 versus RMB578.807m in FY24; gross profit was RMB302.252m versus RMB306.917m.

• Operating profit was RMB131.011m versus RMB173.950m; profit for the year was RMB122.005m versus RMB166.601m.

• Adjusted net profit, excluding equity-settled share-based payments and net FX gains or losses, was RMB188.958m versus RMB159.508m.

• Cost of sales increased 3.7% to RMB281.9m; inventory impairment was RMB37.6m versus RMB8.6m, contributing to lower gross profit and margin.

Outlook and guidance

• Demand for localization in new energy vehicles, data centers and green energy management is expected to deepen, while external competition and trade-environment changes remain challenges.

• Plans include continuing the transition from a Fabless to a Fablite model, making moderate process-capability investments and exploring emerging applications, particularly AI.

• Priorities include broadening product coverage, improving competitiveness and strengthening the full-chain industrial layout, including supply-chain resilience.