Everdisplay Optronics Shanghai (688538) H2 2025 earnings summary

Executive summary

• Revenue reached RMB 5.50 billion in 2025, up 10.94% year-over-year, setting a new record.

• Net loss attributable to shareholders was RMB -1.97 billion, narrowing from -2.52 billion in 2024.

• EBITDA (息税折旧摊销前利润) improved to RMB 677.9 million from RMB 45.6 million last year.

• Cash flow from operations turned positive at RMB 638.6 million, a significant improvement from negative RMB 172.5 million in 2024.

• Gross margin improved by 7.74 percentage points year-over-year, but remained negative at -19.0%.

Financial highlights

• Operating revenue: RMB 5.50 billion, up 10.94% year-over-year.

• Net loss: RMB -1.97 billion, improved from -2.52 billion in 2024.

• EBITDA: RMB 677.9 million, up from RMB 45.6 million.

• Basic and diluted EPS: -0.14 yuan, improved from -0.18 yuan.

• Cash and cash equivalents at year-end: RMB 938.8 million.

• R&D investment: RMB 525 million, accounting for 9.55% of revenue.

Outlook and guidance

• Strategic focus remains on expanding mid-to-large size AMOLED panels for IT and automotive applications.

• 2026 is positioned as a key year for high-quality growth, with emphasis on R&D, capacity expansion, and market share gains in high-end segments.

• Ongoing investment in new technologies (Tandem, LTPO, Hybrid) and capacity ramp-up for the 6th generation AMOLED line.