SENASIC Electronics Technology (6675) H2 2025 earnings summary

Executive summary

• Revenue increased from RMB223,483k in 2023 to RMB477,861k in 2025, while annual losses narrowed from RMB355,801k to RMB330,564k.

• 2025 gross profit rose to RMB133,588k and operating loss narrowed to RMB47,474k; financing liability remeasurement remained a major expense.

Financial highlights

• Revenue was RMB223,483k in 2023, RMB347,540k in 2024 and RMB477,861k in 2025; gross profit was RMB37,146k, RMB70,604k and RMB133,588k, respectively.

• Operating losses were RMB188,663k, RMB99,880k and RMB47,474k for 2023–2025; 2023 included RMB76,136k goodwill impairment.

• Losses for the year were RMB355,801k in 2023, RMB351,339k in 2024 and RMB330,564k in 2025; 2025 total comprehensive loss was RMB330,283k.

• Other net income improved to RMB5,478k in 2025 from losses of RMB1,376k in 2023 and RMB1,805k in 2024, including a RMB2,586k FVPL gain in 2025.

• R&D costs were RMB95,891k in 2023, RMB107,901k in 2024 and RMB101,531k in 2025; selling and marketing costs rose to RMB19,656k in 2025 from RMB11,455k in 2023.

Outlook and guidance

• Directors assessed that available cash-flow forecasts support meeting obligations for at least 12 months from 31 December 2025, despite net liabilities of RMB1,479,012k.

• On a qualified IPO, investor redemption rights are to terminate unconditionally and the related financial liabilities convert to equity; specified redemption triggers include no qualified IPO before 31 December 2027.