OPT Machine Vision Tech (688686) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 39.24% YoY to RMB1,269.04m; attributable net income increased 36.63% to RMB186.18m, supported by core-market recovery, overseas expansion and the Tailai acquisition.

• Growth extended into higher-value AI solutions, standardized products and new markets, while 2026 revenue growth target is at least 25% from the 2025 base.

Financial highlights

• Revenue RMB1,269.04m, up 39.24%; total profit RMB191.76m, up 48.93%; attributable net income RMB186.18m, up 36.63%.

• Adjusted for non-recurring items, attributable net income was RMB154.02m, up 32.78%; excluding share-based payment expense, net profit growth was 56.20%.

• Operating profit was RMB193.06m; operating cash flow was RMB140.38m versus RMB8.14m in 2024, with collections cited as the main driver.

• Main-business gross margin was 60.85%, down 2.78 percentage points YoY; operating costs rose 49.59%, faster than revenue growth.

• Q4 attributable net income was RMB3.53m and adjusted net income was a loss of RMB9.83m; quarterly results were uneven.

Outlook and guidance

• 2026 revenue growth target is at least 25% versus 2025; management expressed confidence, while noting delivery depends on economic and market conditions.

• Priorities include expanding industrial AI, 3D vision, sensors and motion-control products; deepening 3C and lithium-battery positions; and pursuing semiconductor, automotive and overseas opportunities.

• Longer-term strategy targets robotics as a second growth curve, broader global operations, and growth through industrial acquisitions and strategic investment.