Zhejiang Crystal-Optech (002273) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 10.37% YoY to RMB6.928bn; net profit attributable to shareholders increased 13.84% to RMB1.172bn, with growth across consumer electronics and automotive optics.

• Strategic priorities center on three growth curves: consumer electronics and automotive optics, AR optics, and AI optics, supported by domestic and overseas operations.

Financial highlights

• Revenue was RMB6.928bn, up 10.37% YoY; net profit attributable to shareholders was RMB1.172bn, up 13.84%, and adjusted net profit excluding non-recurring items was RMB1.044bn, up 9.28%.

• Operating profit was RMB1.332bn; basic EPS was RMB0.86 and diluted EPS RMB0.85, versus RMB0.75 for both in 2024.

• Operating cash flow was RMB1.347bn, down 24.62% YoY; investing cash outflow was RMB1.668bn, while cash and cash equivalents fell RMB802.1m.

• Non-recurring gains totaled RMB128.4m, including RMB50.0m of government grants, RMB24.3m of asset-disposal gains, and RMB77.4m of non-recurring equity-method investment gains.

• R&D expense was RMB414.8m, up 1.71% YoY, or 5.99% of revenue versus 6.50% in 2024; R&D personnel grew 14.70% to 1,506.

Outlook and guidance

• 2026 revenue target: growth of 10%–30%; this is a business objective, not a forecast, and depends on macro conditions, market changes, and execution.

• Priorities include expanding AR-HUD shipments, advancing reflective waveguide production, and building AI optics opportunities in data centers, optical communications, 3D sensing, robotics, and semiconductors.

• 2026 investment needs are expected from overseas-base development and new project launches; planned controls include tighter capex reviews, working-capital management, and cash-flow oversight.