Piotech (688072) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 6.52 billion in 2025, up 58.87% year-over-year, driven by strong growth in advanced process equipment sales and expanded customer base.

• Net profit attributable to shareholders reached RMB 927 million, up 34.67% year-over-year, with significant improvement in core business profitability and cost control.

• Operating cash flow turned positive to RMB 3.63 billion, reflecting robust sales collections and increased prepayments from customers.

• Major product lines (PECVD, ALD, SACVD, HDPCVD, Flowable CVD, 3D integration equipment) achieved large-scale production and market penetration.

• R&D investment reached RMB 859 million, accounting for 13.18% of revenue, supporting ongoing innovation and product upgrades.

Financial highlights

• Revenue: RMB 6.52 billion, up 58.87% year-over-year.

• Net profit attributable to shareholders: RMB 927 million, up 34.67% year-over-year.

• Net profit excluding non-recurring items: RMB 723 million, up 103.05% year-over-year.

• Gross margin: 34.01%, down 6.90 percentage points year-over-year due to product mix and cost increases.

• Operating cash flow: RMB 3.63 billion, a significant turnaround from negative RMB 283 million last year.

• Total assets: RMB 19.82 billion, up 29.45% from prior year-end.

• Net assets attributable to shareholders: RMB 6.61 billion, up 25.18% from prior year-end.

Outlook and guidance

• Industry demand remains strong, driven by AI, IoT, and automotive electronics, with China maintaining its position as the largest semiconductor equipment market.

• Company will continue to focus on R&D, product innovation, and expanding both domestic and international market share.

• Ongoing investments in high-end semiconductor equipment and 3D integration technology to capture future growth opportunities.