Cloud Factory Technology Holdings (2512) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 33.3% to RMB943.5m, while profit for the year fell 4.9% to RMB11.8m as operating costs, R&D, impairment and finance costs increased.

• Growth was led by IDC services and the launch of intelligent computing; gross margin narrowed to 10.2% from 12.7%.

Financial highlights

• Revenue was RMB943.5m vs RMB707.6m; gross profit RMB96.0m vs RMB89.6m; profit before tax RMB13.9m vs RMB13.8m; net profit RMB11.8m vs RMB12.4m.

• Cost of sales rose 37.1% to RMB847.5m, faster than revenue; finance costs increased to RMB10.2m from RMB8.5m.

• R&D expense increased 39.1% to RMB33.1m; administrative expense fell 14.1% to RMB37.9m, partly reflecting no listing expense in FY25.

• Total comprehensive income was RMB10.1m vs RMB18.7m, including net other comprehensive loss of RMB1.6m, primarily reflecting exchange translation differences.

Outlook and guidance

• Priorities include expanding intelligent computing and nationwide resource coverage, developing heterogeneous GPU scheduling, and scaling AI applications in education, transport, government and industry.

• Plans include standardised large-model API services and an OPC Zone, combining computing power, models and services to lower barriers to AI adoption.

• No numeric FY26 financial targets were stated; future focus is technology investment, service capability and higher-value business expansion.