Shenzhen Hopewind Electric (603063) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 11.64% YoY to RMB 4,167,918,226.01; net income attributable to shareholders increased 20.53% to RMB 531,023,072.22.

• Adjusted for non-recurring items, attributable net income was RMB 524,931,757.12, up 32.34% YoY; operating cash flow increased 52.73% to RMB 415,858,356.77.

• Q4 revenue was RMB 1,389,648,805.07 and attributable net income was RMB 196,679,474.68; Q4 adjusted attributable net income was RMB 131,464,237.09.

Financial highlights

• Profit before tax rose 11.26% YoY to RMB 579,882,299.61; operating costs increased 11.37% to RMB 2,583,606,573.75.

• Selling expenses rose 13.55% to RMB 383,777,009.43; administrative expenses fell 15.72% to RMB 133,187,190.67; R&D expense increased 6.93% to RMB 368,995,319.25.

• Revenue growth was attributed mainly to higher new-energy electrical-control sales; overseas main-business revenue increased 42.11% YoY, while domestic revenue rose 8.90%.

• Cash and cash equivalents reached RMB 1,812,899,445.07 at year-end, up from RMB 960,604,201.23; total assets were RMB 9,282,233,645.70.

Outlook and guidance

• Strategy prioritizes market-led product development, R&D, product upgrades and value-chain expansion, with plans to broaden wind, solar, storage, hydrogen, transmission and power-supply applications.

• Plans include expanding overseas and distributed solar/storage markets, advancing next-generation wind converters and storage systems, and developing hydrogen power supplies and energy-management solutions.

• Growth initiatives include data-center power solutions, high-voltage and pulse power systems, new transmission products, and stronger domestic sales, spare-parts and service networks.