Zhejiang Galaxis Technology Group (2729) H2 2025 earnings summary

Executive summary

• Achieved revenue growth of 26.0% year-over-year to RMB908.7 million for 2025, driven by increased project deliveries and expansion in overseas markets.

• Gross profit rose 36.0% to RMB154.4 million, with gross margin improving to 17.0% from 15.7% in 2024, reflecting better project cost control and supply chain optimization.

• Net loss narrowed to RMB170.9 million from RMB178.1 million in 2024; adjusted net loss (non-IFRS) improved significantly to RMB12.6 million from RMB50.5 million.

• No dividend was declared for the year, with a focus on reinvestment and long-term shareholder value.

• Successfully listed H Shares on the Main Board of the Hong Kong Stock Exchange on March 24, 2026, raising net proceeds of HK$555.7 million.

Financial highlights

• Revenue: RMB908.7 million, up 26.0% year-over-year.

• Gross profit: RMB154.4 million, up 36.0% year-over-year; gross margin: 17.0%.

• Net loss: RMB170.9 million, improved from RMB178.1 million in 2024.

• Adjusted net loss (non-IFRS): RMB12.6 million, a 75% improvement.

• Loss per share: RMB0.44 (basic and diluted).

Outlook and guidance

• Expect continued revenue growth, especially from overseas markets, leveraging a backlog of RMB2.2 billion to be fulfilled over the next three years.

• Strategic focus on R&D, global expansion, new industry verticals, and operational efficiency.

• Market outlook remains robust, with global intelligent intralogistics market projected to grow at a CAGR of 13.7% to RMB991.9 billion by 2030.