Luyuan Group Holding (Cayman) (2451) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 16.5% YoY to RMB5,906.8m; profit for the year increased 50.9% to RMB175.1m. Basic EPS was RMB0.46, up from RMB0.30.

• Product sales exceeded 3.5m units, up 13.8% YoY; adjusted profit excluding RMB62.6m of share-based payment expenses was RMB237.7m, up 54.4%.

Financial highlights

• Gross profit rose 22.3% to RMB813.6m; gross margin expanded to 13.8% from 13.1%.

• Operating profit was RMB178.9m versus RMB110.2m; profit before tax was RMB186.9m versus RMB125.4m.

• Net finance income declined to RMB9.7m from RMB16.4m, while other gains, net, fell to RMB6.2m from RMB15.9m.

• Cash and cash equivalents were RMB474.8m at year-end, down 14.4% YoY; total assets rose 17.7% to RMB5,091.7m.

Outlook and guidance

• The “One Body, Two Wings” strategy centers on domestic electric two-wheelers, with overseas markets and embodied robotics as growth areas; 2026 plans include further overseas expansion and robotics development.

• Priorities include core technology R&D, intelligent manufacturing, supply-chain collaboration, brand development and international channel expansion; no financial guidance was stated.

• Chongqing plant capacity is expected to gradually reach 2.0m units annually by 2026; the plant began operations in February 2025.