Shenzhen Han's CNC Technology (301200) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥2.38 billion, up 52.26% year-over-year, driven by strong demand in AI server and multilayer PCB markets.

• Net profit attributable to shareholders was ¥263 million, up 83.82% year-over-year, with adjusted net profit (excluding non-recurring items) up 101.25%.

• The company maintained its leading position in the global PCB equipment market, with a 6.5% global share and broad international customer coverage.

• Significant R&D investment and product innovation supported growth in high-value segments such as AI, automotive electronics, and advanced packaging.

Financial highlights

• Operating income: ¥2.38 billion, up 52.26% year-over-year.

• Net profit attributable to shareholders: ¥263 million, up 83.82% year-over-year.

• Adjusted net profit (excluding non-recurring items): ¥250 million, up 101.25% year-over-year.

• Basic EPS: ¥0.63, up 85.29% year-over-year.

• Gross margin: 30.3%, up from 26.4% year-over-year.

• Operating cash flow: -¥551 million, reflecting increased procurement and extended receivables.

Outlook and guidance

• Industry research forecasts global PCB revenue CAGR of 5.2% from 2024–2029, with AI and high-layer boards as key growth drivers.

• The company expects continued strong demand in AI, automotive, and advanced packaging, with ongoing international expansion, especially in Southeast Asia.