Hangcha Group (603298) Q4 2025 earnings summary

Executive summary

• Achieved revenue of ¥17.74 billion in 2025, up 5.90% year-over-year; net profit attributable to shareholders was ¥2.19 billion, up 8.87% year-over-year.

• Operating cash flow reached ¥1.68 billion, up 23.67% year-over-year.

• Maintained industry leadership in electric forklifts and expanded global presence, with overseas revenue accounting for 43.38% of total.

• Significant R&D investment of ¥858.95 million, representing 4.84% of revenue, with 1,337 R&D staff.

• Proposed cash dividend of ¥4.00 per 10 shares, total cash dividends for the year at ¥785.89 million, 35.86% payout ratio.

Financial highlights

• Revenue: ¥17.74 billion, up 5.90% year-over-year.

• Net profit attributable to shareholders: ¥2.19 billion, up 8.87% year-over-year.

• Gross margin for main products improved by 0.86 percentage points to 24.82%.

• Basic and diluted EPS: ¥1.67, up 8.44% year-over-year.

• Net assets attributable to shareholders: ¥11.61 billion, up 14.75% year-over-year.

• Total assets: ¥19.71 billion, up 16.82% year-over-year.

Outlook and guidance

• 2026 will focus on new energy equipment, smart logistics, and global expansion.

• Plans to accelerate R&D in lithium, hydrogen, and hybrid products, and strengthen global supply chain and local operations.

• Emphasis on risk management, especially regarding global economic volatility, competition, and exchange rates.