Venustech Group (002439) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥2.34 billion, down 29.5% year-over-year; net loss attributable to shareholders was ¥572 million, a significant increase in loss from the prior year.

• Gross margin remained stable at 58.44%, with a shift in business mix toward higher-quality, innovation-driven segments.

• Fourth quarter showed signs of stabilization, with narrowing revenue decline and improved cash flow.

• Company maintained market leadership in multiple cybersecurity product categories and received numerous industry awards.

Financial highlights

• Operating cash flow turned positive to ¥287 million, up 191% year-over-year.

• R&D investment was ¥729 million, accounting for 31.19% of revenue.

• Total assets at year-end were ¥13.01 billion, down 5.6% from the previous year.

• Net assets attributable to shareholders were ¥10.84 billion, down 5.0% year-over-year.

• Basic and diluted EPS were both -0.4713; ROE was -5.14%.

Outlook and guidance

• Strategic focus remains on AI+security, data security, and new digital infrastructure.

• Plans to deepen integration with China Mobile, expand into new markets (personal, SMB, industrial internet), and accelerate product innovation.

• 2026 will emphasize R&D in AI security, data element security, and cloud-native security, with continued high R&D intensity.