Shenzhen Hopewind Electric (603063) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue rose 36.39% YoY to ¥1.884bn; net income attributable to shareholders increased 56.79% to ¥242.68m.

• Growth was led by new-energy power-control products; gross margin declined in that segment, while operating cash flow remained negative.

Financial highlights

• Revenue ¥1.884bn, up 36.39% YoY; profit before tax ¥271.60m, up 48.44%; attributable net income ¥242.68m, up 56.79%.

• Adjusted net income excluding non-recurring items was ¥228.47m, up 40.11% YoY; non-recurring gains totaled ¥14.21m.

• Operating costs rose 31.26% YoY to ¥1.627bn; R&D expense increased 2.54% to ¥165.24m as investment expanded.

• Operating cash flow was -¥172.76m versus -¥96.05m YoY, mainly reflecting increased cash paid for purchases and services.

Outlook and guidance

• Strategy remains focused on core energy-control products, technical innovation and expanding applications across wind, solar, storage, hydrogen, large-capacity power and power quality.

• Product development and market expansion are positioned around offshore wind, grid-forming systems, storage and hydrogen; no numerical earnings guidance is stated in the cited outlook discussion.