King Yuan Electronics Company (2449) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4'25 reached NT$9,965.7 million, up 36.6% year-over-year and 7.3% sequentially from Q3'25.

• Full-year 2025 net revenue was NT$34,933.5 million, up 30.1% year-over-year, driven by testing and assembly services and machinery rental, which comprised 96% of operating revenue.

• Profit attributable to the company was NT$2,248.0 million in Q4'25, a 10.7% increase year-over-year.

• Full-year 2025 profit attributable to the company was NT$11,015.6 million, up 41.6% year-over-year.

• The company completed the sale of its 92.16% stake in King Long Technology (Suzhou) Ltd., resulting in a gain of NT$4,431,196 thousand and NT$3,053,084 thousand profit from discontinued operations.

Financial highlights

• Gross margin for Q4'25 improved to 37.7%, up 2.9 percentage points year-over-year.

• Full-year 2025 gross margin was 36%, up from 35% in 2024.

• Operating profit margin for Q4'25 was 28.2%, up 7.6 percentage points year-over-year.

• EBITDA for Q4'25 was NT$5,002.1 million, with an EBITDA margin of 50.2%.

• Cash and cash equivalents at year-end 2025 were NT$17,963.5 million.

Segment performance

• Q4'25 revenue by process: Final test 60.1%, wafer probe 30.2%, assembly 7.7%, burn-in 1.5%, others 0.5%.

• Full-year 2025 revenue by process: Final test 58.7%, wafer probe 30.6%, assembly 2.5%, burn-in 7.7%, others 0.5%.

• Q4'25 revenue by application: Consumer 37.8%, data processing 32.2%, communication 16.2%, automotive 10.8%, industrial 2.7%, others 0.3%.

• Major customers accounted for 51% of total revenue in 2025, with Customer A contributing 36% and Customer B 15%.

• Regional revenue: Taiwan NT$10,279,625 thousand, Asia NT$7,339,519 thousand, North America NT$16,179,704 thousand, Others NT$1,134,698 thousand.