Han's Laser Technology Industry (002008) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 27.00% YoY to RMB 18.76bn, while attributable net income fell 29.77% to RMB 1.19bn; adjusted net income increased 82.28% to RMB 810.5m.

• AI infrastructure demand drove rapid PCB equipment growth; information equipment and new-energy equipment also expanded, while general industrial laser equipment grew modestly.

• Operating cash flow rose 30.48% to RMB 1.47bn; the proposed dividend is RMB 2 per 10 shares, totaling RMB 205.9m.

Financial highlights

• Revenue was RMB 18.76bn, up 27.00% YoY; operating profit was RMB 1.55bn, down 14.56%, and attributable net income was RMB 1.19bn, down 29.77%.

• Excluding non-recurring items, attributable net income was RMB 810.5m, up 82.28% YoY; non-recurring gains totaled RMB 379.2m, versus RMB 1.25bn in 2024.

• Gross margin reached 33.28%, up 1.44 percentage points; PCB equipment margin was 35.12%, up 7.01 points, while other equipment margin was 32.46%, down 0.47 points.

• Domestic revenue grew 30.70% to RMB 16.55bn; overseas revenue rose 4.72% to RMB 2.21bn and accounted for 11.76% of sales.

• R&D expense was RMB 2.06bn, up 14.71%; selling expense rose 24.69% to RMB 1.47bn, while finance expense was RMB 9.9m versus income of RMB 164.6m in 2024, mainly due to FX movements.

Outlook and guidance

• 2026 priorities include continued R&D in core components, industry-specific equipment and process solutions, with focus on consumer electronics and PCB applications.

• Plans include a Southeast Asia operating center and production base to improve customer response, local delivery, logistics costs and supply-chain resilience.

• Digitalization, centralized procurement and product standardization are targeted to improve coordination, bargaining power, production efficiency and inventory control.

• Overseas expansion, customer localization and deeper engagement with major clients are central to the growth strategy; no numerical 2026 financial target was stated.