Ecovacs Robotics (603486) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 19.04 billion in 2025, up 15.10% year-over-year; net profit attributable to shareholders reached RMB 1.76 billion, up 118.13% year-over-year.

• Service robot sales revenue grew 30.4% to RMB 10.54 billion, accounting for 55.34% of total revenue; smart home appliance sales were RMB 8.12 billion, up 0.7%.

• Gross margin improved by 2.3 percentage points year-over-year, driven by product mix optimization and cost control.

Financial highlights

• Operating income: RMB 19.04 billion, up 15.10% year-over-year.

• Net profit attributable to shareholders: RMB 1.76 billion, up 118.13% year-over-year.

• Operating cash flow: RMB 3.39 billion, up 297.39% year-over-year.

• Basic EPS: RMB 3.10, up 118.31% year-over-year.

• Gross margin: 48.82%, up 2.3 percentage points year-over-year.

Outlook and guidance

• 2026 will focus on deepening AI integration, expanding global and domestic markets, and accelerating product innovation.

• Plans to maintain high growth in new product categories and further improve operational efficiency.