Zhejiang E-P Equipment (603194) Q4 2025 earnings summary

Executive summary

• Achieved revenue of ¥7.25 billion in 2025, up 10.70% year-over-year; net profit attributable to shareholders was ¥858.61 million, up 2.24% year-over-year.

• Maintained industry leadership in electric warehouse forklifts for 12 consecutive years; expanded global presence with new subsidiaries in Turkey, Vietnam, Thailand, and Japan.

• Enhanced product innovation, focusing on green, intelligent, and digital solutions; received multiple international and domestic awards for smart logistics equipment.

• Significant investments in R&D, with 4.15% of revenue allocated and 796 R&D staff, representing 17.34% of total employees.

Financial highlights

• Operating income: ¥7.25 billion, up 10.70% year-over-year; operating cost: ¥5.12 billion, up 9.77%.

• Net profit attributable to shareholders: ¥858.61 million, up 2.24% year-over-year.

• Gross margin for main products: 29.08%, up 0.39 percentage points; overseas revenue grew 15.47% year-over-year.

• Cash flow from operations: ¥650.88 million, up 45.65% year-over-year.

• R&D expenses: ¥301 million, up 29.80% year-over-year.

Outlook and guidance

• Industry expected to maintain steady growth, with electrification and digitalization as key drivers.

• 2026 strategy focuses on green, intelligent, and digital transformation, global expansion, and enhanced R&D.

• Risks include market competition, supply chain volatility, policy changes, and exchange rate fluctuations.