Shenzhen Kinwong Electronic (603228) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 15.31 billion in 2025, up 20.92% year-over-year, with net profit attributable to shareholders of RMB 1.23 billion, up 5.30%.

• Maintained global leadership in automotive PCB and expanded in AI/data infrastructure, with significant investments in high-end capacity and internationalization.

• Continued strong R&D focus, with 6.07% of revenue invested and 2,498 R&D staff, supporting innovation in high-end PCB products.

• Board proposes a cash dividend of RMB 5.50 per 10 shares, representing a 44% payout ratio.

Financial highlights

• Revenue: RMB 15.31 billion, up 20.92% year-over-year.

• Net profit attributable to shareholders: RMB 1.23 billion, up 5.30% year-over-year.

• Operating cash flow: RMB 1.93 billion, down 15.65% year-over-year.

• Gross margin: 16.95%, down 1.83 percentage points year-over-year.

• Basic EPS: RMB 1.30, diluted EPS: RMB 1.28.

• R&D expense: RMB 929.93 million, 6.07% of revenue.

Outlook and guidance

• Will continue to focus on high-end PCB, AI infrastructure, and automotive electronics.

• Plans to accelerate capacity expansion in Zhuhai and Thailand, with new facilities expected online in 2026.

• Maintains a strategy of high R&D investment and global customer expansion.

• Expects ongoing industry growth driven by AI, automotive, and high-end electronics.