Wuxi Lead Intelligent Equipment (300450) H1 2025 earnings summary

Executive summary

• Achieved revenue of ¥6.61 billion in H1 2025, up 14.92% year-over-year; net profit attributable to shareholders rose 61.19% to ¥740 million.

• Operating cash flow improved significantly to ¥2.35 billion, a 231.33% increase year-over-year, driven by better collections.

• Lithium battery equipment revenue grew 16.40% to ¥4.55 billion, maintaining industry leadership; non-lithium businesses like PV equipment also saw strong growth.

• Overseas revenue reached ¥1.15 billion, up 5.42% year-over-year, with gross margin rising to 40.27%.

• Continued investment in R&D (¥827 million, 12.5% of revenue) and digital transformation to support innovation and efficiency.

Financial highlights

• Revenue: ¥6.61 billion (+14.92% YoY); net profit: ¥740 million (+61.19% YoY); basic EPS: ¥0.48 (+65.52% YoY).

• Gross margin for lithium battery equipment: 35.06% (down 6.8pp YoY); overall equipment manufacturing margin: 33.72%.

• Operating cash flow: ¥2.35 billion (vs. -¥1.79 billion last year); total assets: ¥38.55 billion (+6.55% from year-end 2024).

• R&D expenses: ¥827 million; management expenses: ¥591 million; financial expenses increased due to higher interest costs.

• Non-recurring profit: ¥7.8 million, mainly from government subsidies and fair value gains.

Outlook and guidance

• Expects continued growth in lithium battery, PV, and hydrogen equipment driven by global energy transition and technology upgrades.

• Will focus on high-end equipment, digitalization, and international expansion to capture new market opportunities.

• Plans to further strengthen R&D and customer collaboration, especially in solid-state battery and large-scale storage solutions.