Maxscend Microelectronics Company (300782) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 3.73 billion, down 16.96% year-over-year; net loss attributable to shareholders was RMB -292.88 million, a decrease of 172.89% from last year.

• The company transitioned to a Fab-Lite model, increasing self-production and reducing reliance on external foundries.

• Gross margin declined to 25.67%, with both revenue and profitability impacted by industry competition, supply chain constraints, and downstream inventory adjustments.

• R&D investment remained high at RMB 866.86 million, 23.26% of revenue, supporting ongoing innovation and product development.

• No cash dividend, bonus shares, or capital reserve to share capital conversion was proposed for 2025 due to the net loss.

Financial highlights

• Operating cash flow was RMB 103.80 million, up 29.29% year-over-year.

• Total assets at year-end were RMB 15.47 billion, up 8.68% from the previous year.

• Net assets attributable to shareholders were RMB 9.87 billion, down 3.21% year-over-year.

• Basic and diluted EPS were both -0.5477, compared to 0.7522 last year.

• Gross margin for RF discrete devices was 26.23%, and for RF modules 24.37%.

Outlook and guidance

• The company will continue to focus on high-end RF front-end, automotive, and AI terminal markets, leveraging its Fab-Lite platform for growth.

• Strategic priorities include deepening vertical integration, expanding into new application areas, and enhancing supply chain resilience.

• 2026 is positioned as a key year for strategic transformation, with emphasis on high-quality development and platform-driven expansion.