Rigol Technologies (688337) Q4 2025 earnings summary

Executive summary

• FY25 revenue rose 16.04% YoY to RMB900.23m; net income attributable to shareholders fell 6.74% to RMB86.08m, while adjusted net income excluding nonrecurring items declined 34.00% to RMB38.48m.

• Q4 revenue reached RMB302.84m, with net income of RMB45.42m and adjusted net income of RMB36.22m.

• Growth was led by self-developed platform products, strategic large customers and solutions; margin pressure reflected mix, Malaysia production ramp-up, freight and competition.

Financial highlights

• FY25 revenue RMB900.23m, +16.04% YoY; total profit RMB91.05m, +18.53%; attributable net income RMB86.08m, -6.74%.

• Adjusted net income excluding nonrecurring items RMB38.48m, -34.00% YoY; basic and diluted EPS RMB0.44, each down 10.20%.

• Operating costs rose 27.57% to RMB404.38m; selling expenses increased 19.43% to RMB122.46m, while management expenses fell 4.28% to RMB98.25m.

• Operating cash flow was RMB96.47m, down 17.87% YoY; Q4 operating cash flow was RMB99.29m.

• Investment income was RMB57.55m; fair-value changes were a RMB7.18m loss, versus a RMB47.91m gain in FY24.

Outlook and guidance

• 2026 priorities: advance R&D in communications, new energy and semiconductors; develop modular instruments, platform software, RF/microwave and solutions; launch major new products and services.

• Planned expansion includes Shanghai industrial measurement R&D/manufacturing park completion, Xi’an R&D center construction and continued Malaysia R&D and production-base development.

• Sales plans target stronger coverage in developed markets and expanded local presence in Southeast Asia, South Asia and South America; supply-chain upgrades aim to improve delivery flexibility and resilience.

• H-share proceeds are intended for R&D, product iteration, capacity and automation, strategic investments and acquisitions, global sales/service networks, and working capital; proposed issue capped at 24.80m shares.