Rigol Technologies (688337) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue was RMB 354.97m, up 15.57% YoY; net income attributable to shareholders was RMB 16.22m, up 112.10% YoY.

• Reported earnings included RMB 27.40m from fair-value changes and investment returns on idle funds, described as non-recurring; adjusted net profit was RMB -10.53m.

• Growth was led by internally developed-platform products, high-end instruments and solutions; R&D investment rose as a share of revenue, while gross margin and operating cash flow faced pressure.

Financial highlights

• Revenue increased 15.57% YoY to RMB 354.97m; total profit was RMB 9.18m, up 142.99% YoY.

• Net income attributable to shareholders rose 112.10% YoY to RMB 16.22m; basic and diluted EPS were RMB 0.08, versus RMB 0.04 a year earlier.

• Adjusted for non-recurring items, attributable net profit was RMB -10.53m; adjusted basic EPS was RMB -0.05.

• Operating cash flow was RMB -13.68m, versus RMB 41.04m in H1 2024, mainly reflecting higher supplier, payroll and tax payments.

• Operating expenses included RMB 108.36m of R&D costs, up 23.22% YoY; sales and administrative expenses were RMB 58.35m and RMB 49.88m, respectively.

Outlook and guidance

• Strategic priorities remain customer- and solution-led growth, with investment focused on communications, new energy and semiconductors, including modular instruments and integrated testing systems.

• Product development continues across next-generation oscilloscopes, function/arbitrary waveform generators, microwave/RF instruments and precision DC products; all four R&D projects remained in progress.

• Market development targets AI-enabled testing, optical communications, new-energy vehicles and storage, SiC/GaN devices, semiconductor ATE and scientific-instrument systems.

• The Shanghai R&D-center project was extended to April 2026; Malaysia production-base investment was revised and extended to November 2025, alongside a new Malaysia R&D-center project.