Shenzhen Kedali Industry (002850) Q4 2025 earnings summary

Executive summary

• Achieved robust growth in 2025, with revenue up 26.46% year-over-year to ¥15.21 billion and net profit attributable to shareholders up 19.87% to ¥1.76 billion.

• Maintained leading position in precision battery and automotive structural components, with strong demand from the new energy vehicle and battery sectors.

• Expanded global footprint with new subsidiaries in the US, Thailand, and Hong Kong, and optimized overseas production capacity.

• Continued strategic investment in humanoid robot core components, forming a synergistic product layout in robotics.

Financial highlights

• Revenue: ¥15.21 billion, up 26.46% year-over-year; net profit attributable to shareholders: ¥1.76 billion, up 19.87%.

• Gross margin for metal structural manufacturing: 23.70%; lithium battery structural components revenue up 28.17%.

• Operating cash flow: ¥1.90 billion, down 11.49% year-over-year due to increased payments for goods and services.

• R&D investment: ¥882.69 million, up 38.04% year-over-year, representing 5.80% of revenue.

• Total assets: ¥23.03 billion, up 20.88% from previous year-end; net assets: ¥13.37 billion, up 14.88%.

• Basic EPS: ¥6.45; weighted average ROE: 14.07%.

Outlook and guidance

• Will deepen core business in battery structural components and proactively expand into robotics, aiming for dual-engine growth.

• Plans to further strengthen R&D, optimize production capacity, and expand global market share in 2026.

• Identifies risks from economic environment, raw material price fluctuations, customer concentration, and rapid expansion.