Guangzhou Guangri (600894) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 7.25 billion, down 0.20% year-over-year; net profit attributable to shareholders was RMB 689 million, down 15.07% year-over-year.

• Operating cash flow increased 217.73% to RMB 351 million; basic EPS was RMB 0.8134, down 13.22% year-over-year.

• The company maintained a leading position in the elevator industry, with significant growth in after-market and overseas orders.

• R&D investment exceeded RMB 251 million, with 186 new patents granted in 2025.

Financial highlights

• Gross margin improved by 0.15 percentage points year-over-year, marking three consecutive years of growth.

• Operating profit was RMB 729 million; total assets reached RMB 15.13 billion, up 2.77% from the previous year.

• Net asset return was 7.82%; cash dividend payout ratio reached 67.42% of net profit.

• Non-recurring gains totaled RMB 56.43 million, mainly from government subsidies and fair value changes.

Outlook and guidance

• The company will focus on internationalization, digital transformation, and after-market expansion in 2026.

• Plans include strengthening high-end equipment, accelerating overseas business, and expanding smart city solutions.

• R&D and talent development remain strategic priorities, with continued investment in AI, IoT, and robotics.