Suzhou Novosense Microelectronics (688052) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 71.8% YoY to RMB3.368bn, while attributable net loss narrowed to RMB228.9m from RMB402.9m; adjusted for non-recurring items, net loss was RMB286.3m.

• Revenue grew for 11 consecutive quarters QoQ, reaching RMB1.002bn in Q4; automotive demand, recovering broader energy markets, AI-server power demand and 麦歌恩 consolidation supported growth.

• Growth came with weaker cash conversion: operating cash flow was negative RMB626.6m, mainly reflecting inventory purchases and increased employee-related payments.

Financial highlights

• Revenue was RMB3.368bn, up 71.8% YoY; revenue excluding unrelated or non-commercial-substance items was RMB3.356bn, up 72.4%.

• Attributable net loss narrowed to RMB228.9m from RMB402.9m; adjusted net loss excluding non-recurring items was RMB286.3m versus RMB456.8m in 2024.

• Q4 revenue was RMB1.002bn; attributable net loss was RMB88.4m and adjusted net loss was RMB109.1m.

• Operating costs and expenses included cost of revenue of RMB2.191bn, R&D of RMB794.6m, selling expenses of RMB260.9m and administrative expenses of RMB294.2m.

• Net loss after removing share-based payment expenses was RMB141.9m, versus RMB332.0m in 2024.

Outlook and guidance

• 2026 priorities include sustained revenue growth and improved profitability, supported by product-mix and cost optimization; no numeric revenue or earnings target was stated.

• Planned R&D and launches focus on automotive functional-safety motor and gate drivers, real-time-control MCUs, vehicle SoCs, high-side switches, automotive power, AI power stages, sensors, CAN and SerDes interfaces.

• Expansion priorities include automotive electrification, lighting, thermal management, ADAS and smart cockpit, plus AI-server power, humanoid robots, smart terminals and industrial 48V systems.

• Plans include advancing next-generation isolation and sensor process platforms, automotive BCD platform adoption, packaging-cost reduction, domestic sourcing and tighter inventory controls.