Shenzhen Envicool Technology (002837) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and profit growth, extending over a decade of double-digit increases year-over-year.

• Revenue reached ¥6.07 billion, up 32.23% year-over-year; net profit attributable to shareholders was ¥521.91 million, up 15.30%.

• Growth driven by strong demand in data centers, expansion in liquid cooling technology, and overseas market development.

• Implemented significant equity incentive plans and continued organizational optimization.

Financial highlights

• Revenue: ¥6,067,759,091.55, up 32.23% year-over-year.

• Net profit attributable to shareholders: ¥521,914,773.00, up 15.30% year-over-year.

• Gross margin: 27.86%, slightly down by 0.89 percentage points year-over-year.

• Basic EPS: ¥0.54; diluted EPS: ¥0.53.

• Net assets: ¥3,445,641,008.79, up 18.17% year-over-year.

• Operating cash flow: ¥157,273,222.36, down 21.30% year-over-year.

Outlook and guidance

• Aims to become a world-class provider of precision thermal management and energy-saving solutions.

• Plans to increase R&D investment, expand global supply chain, and strengthen overseas engineering and service platforms.

• Focus on expanding liquid cooling in AI data centers and global energy storage markets.

• Identifies risks in market competition, new business development, talent retention, policy changes, and goodwill impairment.