Ingdan Inc (400) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 50.1% YoY to RMB15,206.7m; gross profit increased 24.1% to RMB1,104.2m and profit for the year rose 13.4% to RMB310.2m.

• AI computing demand and recovery in some storage and memory markets supported growth; higher sales to large customers weighed on gross margin.

• Strategy centers on expanding from chip distribution into technology integration, AI infrastructure, smart terminals and value-added services.

Financial highlights

• Revenue was RMB15,206.7m versus RMB10,129.1m; cost of sales rose 52.6% to RMB14,102.5m.

• Gross profit was RMB1,104.2m, up 24.1%; operating profit was RMB532.4m, up 24.4%; profit attributable to shareholders was RMB214.8m, up 13.1%.

• Finance costs increased to RMB144.5m from RMB125.3m; income tax expense rose to RMB84.8m from RMB35.6m.

• Basic and diluted EPS were both RMB0.136, down 2.2% and 1.4%, respectively, as weighted-average shares increased.

Outlook and guidance

• Plans to shift toward a technology integration platform through solution-led innovation, transaction conversion and accumulated customer and industry data; no quantified FY2026 guidance was stated.

• Ingdan plans to focus first on research-sector customers needing domestic AI computing power, then expand into enterprise markets and pursue joint R&D over the longer term.

• Plans include expanding value-added services, monetizing ecosystem data, strengthening customer loyalty, and pursuing partnerships and acquisitions.