Guangdong HEC Technology Holding (600673) Q4 2025 earnings summary

Executive summary

• Revenue reached ¥14.93 billion, up 22.42% year-over-year, driven by growth across all business segments and successful integration of new subsidiaries.

• Net profit attributable to shareholders was ¥275.47 million, down 26.54% year-over-year, mainly due to significant fair value losses on equity investments.

• Excluding non-recurring items, adjusted net profit surged 116.86% year-over-year to ¥710.07 million.

• Operating cash flow increased 130.42% year-over-year to ¥1.31 billion, reflecting strong cash collection.

• No dividend distribution for the year; profits retained to support business expansion and liquidity.

Financial highlights

• Gross margin improved to 13.99%, up 5.76 percentage points year-over-year.

• Basic and diluted EPS were ¥0.09, down from ¥0.13 last year.

• Adjusted EPS (excluding non-recurring items) was ¥0.24, up 118.18% year-over-year.

• Total assets grew 18.26% to ¥29.99 billion; net assets attributable to shareholders rose 1.30% to ¥9.26 billion.

• Asset-liability ratio increased to 66.07%, up 3.36 percentage points from last year.

Outlook and guidance

• Strategic focus on AI, data centers, and advanced manufacturing, with ongoing investments in R&D and capacity expansion.

• Plans to complete 100% acquisition of Qinhuai Data to strengthen digital infrastructure and AI ecosystem.

• Continued emphasis on international expansion, green development, and product innovation.