Huaqin (603296) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 171.44 billion in 2025, up 56.0% year-over-year, driven by business expansion and increased product shipments.

• Net profit attributable to shareholders reached RMB 4.05 billion, up 38.6% year-over-year.

• Maintained industry leadership in mobile terminals, PCs, and data center products, with robust growth in AIoT, automotive electronics, and robotics.

• Completed strategic acquisitions and expanded global manufacturing footprint, including new facilities in Vietnam, Mexico, and India.

Financial highlights

• Revenue: RMB 171.44 billion, up 56.0% year-over-year.

• Net profit attributable to shareholders: RMB 4.05 billion, up 38.6% year-over-year.

• Operating cash flow: -RMB 223 million, down 116.23% year-over-year due to increased raw material procurement.

• Basic and diluted EPS: RMB 4.02, up 39.1% year-over-year.

• Gross margin declined slightly across all segments due to product mix.

Outlook and guidance

• Will continue to invest in R&D and expand the 3+N+3 product platform, focusing on AI, IoT, and robotics.

• Plans to further strengthen global supply chain resilience and manufacturing capabilities.

• Expects continued growth in mobile terminals, PCs, data centers, and emerging segments.