NSFOCUS (300369) H2 2025 earnings summary

Executive summary

• Revenue reached ¥2,541.48 million in 2025, up 7.78% year-over-year; net loss attributable to shareholders narrowed to ¥45.25 million, an 87.60% reduction in loss compared to 2024.

• Operating cash flow improved 58.61% year-over-year to ¥215.58 million.

• The business focused on AI security, data security, and practical offensive/defensive solutions, with significant R&D in AI-driven security platforms and data protection.

• No cash dividend, bonus shares, or capital increase from reserves for 2025 due to negative net profit.

Financial highlights

• Revenue: ¥2,541.48 million (+7.78% YoY); net loss: ¥45.25 million (loss reduced by 87.60% YoY).

• Gross margin on security products: 71.34%; security services: 52.37%; third-party products: 5.10%.

• Basic and diluted EPS: -¥0.0564 (vs. -¥0.4600 in 2024).

• Cash and equivalents at year-end: ¥291.29 million; total assets: ¥4,778.13 million.

• R&D investment: ¥576.39 million, 22.68% of revenue.

Outlook and guidance

• Strategic focus remains on AI security, data security, and practical offensive/defensive capabilities.

• 2026 plan emphasizes stable operations, efficiency, and continued investment in core technologies and market expansion.

• Targeting profitability, dynamic balance among revenue, receivables, cash flow, and profit.