Shengyi Technology (600183) Q4 2025 earnings summary

Executive summary

• Revenue reached ¥28.43 billion in 2025, up 39.45% year-over-year, driven by strong demand in AI servers and high-end PCB markets.

• Net profit attributable to shareholders was ¥3.33 billion, up 91.75% year-over-year, with significant margin improvement.

• Operating cash flow surged 262.17% to ¥5.27 billion, reflecting robust sales and effective cash management.

• The company maintained its global No.2 position in rigid copper-clad laminate sales, with a 13.7% global market share in 2024.

Financial highlights

• Gross margin improved to 25.10%, up 4.52 percentage points year-over-year.

• Main business revenue was ¥27.87 billion, up 39.44% year-over-year; main business cost was ¥20.87 billion, up 31.50%.

• Basic EPS was ¥1.39, up 87.84% year-over-year; diluted EPS was ¥1.38.

• ROE reached 21.25%, up 9.08 percentage points year-over-year.

• Net assets attributable to shareholders at year-end were ¥16.72 billion, up 12.20% from the previous year.

• Total assets reached ¥32.77 billion, up 18.54% year-over-year.

Outlook and guidance

• 2026 industry outlook remains positive, with AI, cloud computing, and new energy driving demand for high-end materials.

• The company targets further international expansion, leveraging its Thailand base and focusing on high-growth, high-tech markets.

• Risks include raw material price volatility, supply chain uncertainties, and global geopolitical tensions.