Shenzhen Han's CNC Technology (301200) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of ¥5.77 billion in 2025, up 72.68% year-over-year, driven by strong AI server and high-end PCB equipment demand.

• Net profit attributable to shareholders surged 173.68% to ¥824 million, with adjusted net profit up 290.92%.

• Gross margin improved to 35.12%, and basic EPS rose to ¥1.95.

• Significant expansion in R&D, international markets, and product innovation, especially in AI-related PCB solutions.

Financial highlights

• Revenue: ¥5.77 billion, up 72.68% year-over-year.

• Net profit: ¥824 million, up 173.68% year-over-year.

• Adjusted net profit: ¥821 million, up 290.92% year-over-year.

• Operating cash flow: ¥180.6 million, up 16.53% year-over-year.

• Gross margin: 35.12%, up 7.01 percentage points.

• R&D expenses: ¥457.5 million, up 71.47% year-over-year.

• Total assets: ¥10.62 billion, up 47.71% from prior year.

Outlook and guidance

• AI server and high-speed PCB demand expected to remain robust, with global PCB market CAGR forecast at 8.2% through 2029.

• Company will focus on AI PCB, advanced packaging, and international expansion, especially in Southeast Asia.

• Plans to further invest in R&D, digital transformation, and talent development to maintain technology leadership.