Huizhou Desay SV Automotive (002920) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥14.64 billion, up 25.25% year-over-year; net profit attributable to shareholders was ¥1.22 billion, up 45.82% year-over-year.

• Smart cockpit and smart driving segments drove growth, with new project orders annualized at over ¥18 billion.

• Internationalization advanced with new production in Indonesia and Mexico, and a planned smart factory in Spain for 2026.

• AI and new business initiatives, including D2D and integrated cockpit-driving solutions, are positioned as future growth engines.

• No interim dividend, bonus shares, or capital increase from reserves planned for the half-year.

Financial highlights

• Operating income: ¥14.64 billion, up 25.25% year-over-year; net profit: ¥1.22 billion, up 45.82%.

• Operating cash flow: ¥1.64 billion, up 166.17% year-over-year; basic/diluted EPS: ¥2.21, up 46.36%.

• Gross margin: 20.33%, up 0.29 percentage points year-over-year.

• R&D investment: ¥1.31 billion, up 28.35% year-over-year.

• Total assets at period end: ¥21.66 billion; net assets attributable to shareholders: ¥9.64 billion.

Outlook and guidance

• Company expects continued growth in smart cockpit and smart driving, leveraging AI and global expansion.

• Ongoing investment in R&D and digital transformation to maintain industry leadership.

• Market competition and macroeconomic uncertainties remain, but management is confident in resilience.