Fibocom Wireless Inc (300638) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue was RMB 3.707bn, down 9.02% YoY; excluding the disposed Ruiling automotive front-fit module business, revenue grew 23.49% and parent-attributable net income rose 6.54%.

• Reported parent-attributable net income fell 34.66% to RMB 217.9m; adjusted for the disposed business, growth was positive, reflecting stronger continuing operations.

• Strategic focus shifted further toward communication-plus-computing solutions, edge AI, smart modules and robotics, with new products and solution launches across the half.

Financial highlights

• Revenue was RMB 3.707bn, down 9.02% YoY; operating costs fell 3.04% to RMB 3.098bn.

• Parent-attributable net income was RMB 217.9m, down 34.66% YoY; non-GAAP net income excluding non-recurring items was RMB 202.3m, down 36.06%.

• Operating profit was RMB 229.7m versus RMB 344.7m YoY; total net income was RMB 218.5m versus RMB 337.4m.

• Operating cash flow was negative RMB 18.8m versus positive RMB 337.5m, primarily due to increased cash payments for raw-material purchases.

• R&D spending was RMB 253.7m, down 34.67% YoY, mainly reflecting the prior-year disposal of the automotive front-fit module business.

Outlook and guidance

• Continued investment is directed to AI, edge computing, robotics and broader IoT product lines; management cited rising smart-module and solutions revenue mix in continuing operations.

• The roadmap includes expanding edge-AI deployment, full-stack AI modules and solutions, robotic offerings, and global sales coverage across vertical markets.

• The report cites an industry forecast that AI-embedded cellular modules could reach 25% of IoT module shipments by 2030, with a 35% CAGR.