Guangdong Tianyu Semiconductor (2658) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 36.5% YoY to RMB709.2m; net loss narrowed to RMB62.2m from RMB500.3m, with gross profit returning to positive territory.

• Hong Kong listing on Dec. 5, 2025 raised net proceeds of RMB1,509.92m, supporting a new capitalization phase and capacity investment.

Financial highlights

• Gross profit was RMB133.4m versus a gross loss of RMB374.4m in 2024; gross margin was 18.8% versus negative 72.0%.

• Operating loss was RMB25.3m versus RMB554.6m; loss before tax was RMB74.1m versus RMB589.2m.

• Other net income rose to RMB27.7m from RMB13.4m, including RMB36.9m in government grants and a RMB9.5m foreign-exchange loss.

• Finance costs increased to RMB48.7m from RMB34.6m; net loss attributable to equity shareholders was RMB55.6m and basic/diluted loss per share was RMB0.15.

• Operating cash outflow was RMB386.1m; cash and cash equivalents ended at RMB1,166.3m, versus RMB114.6m a year earlier.

Outlook and guidance

• For 2026, demand for SiC power semiconductors is expected to grow, led by new energy vehicles, photovoltaics, energy storage and smart grids; larger-wafer adoption and domestic substitution are expected to deepen.

• Plans include ramping the Ecological Park base, prioritizing 8-inch and future 12-inch wafers, and investing in thick epitaxy for high-voltage applications and R&D into gallium oxide and diamond.

• Management plans to strengthen domestic customer ties and expand overseas marketing through sales centers in Malaysia, Italy and Japan.

• Longer-term priorities include improving yield and unit costs, expanding 12-inch R&D, and advancing high-specification products for ultra-high-voltage and high-power applications.