Cowell e (1415) H2 2025 earnings summary

Executive summary

• Revenue rose 40.3% year-over-year to US$3,500.1 million for the year ended 31 December 2025, driven by increased orders, including new rear-end camera modules.

• Net profit attributable to equity shareholders surged 65.4% to US$196.9 million, with basic EPS up 64.7% to US$0.229.

• Gross, operating, and net margins were 10.2%, 6.9%, and 5.6% respectively, compared to 11.7%, 6.3%, and 4.8% in 2024.

• The Board proposed a final dividend of HK$0.35 per share, subject to shareholder approval.

Financial highlights

• Gross profit increased to US$358.7 million from US$290.9 million year-over-year.

• Operating profit rose to US$239.9 million from US$156.4 million, and net profit to US$194.9 million from US$120.4 million.

• Other income swung from a US$23.0 million loss to a US$12.5 million gain, mainly due to reduced impairment losses.

• Administrative expenses increased 18% to US$127.6 million, mainly from higher R&D spending.

• Finance costs decreased 15.5% to US$15.8 million due to lower interest expenses.

Outlook and guidance

• Global economic growth is forecast at 3.3% for 2026, with resilient demand in AI, semiconductors, and smart terminals.

• The company aims to strengthen R&D, process automation, and expand into new markets, focusing on high-end optical modules and AI integration.

• Continued investment in talent and technology platform to maintain competitive edge and support multi-scenario product development.