Zhuhai Bojay Electronics (002975) H1 2026 earnings summary

Executive summary

• H1 revenue reached RMB1,121.66m, up 66.84% YoY; growth reflected demand recovery, strong AI-computing demand and expansion in emerging businesses. Product gross margin was 49.35%, up 5.26 percentage points.

• New orders were ~RMB1.8bn, up ~100% YoY, led by AI-computing orders up ~350% and MLCC-equipment orders up ~330%.

Financial highlights

• Net income attributable to shareholders was RMB171.01m, up 746.94% YoY; adjusted net income excluding nonrecurring items was RMB167.73m, up 1,074.51%.

• Operating cash flow was RMB99.01m, up 44.11% YoY; cash and cash equivalents increased RMB108.25m.

• Revenue cost rose 51.16% YoY to RMB568.17m; selling expenses rose 32.50% to RMB107.66m, while R&D spending rose 28.27% to RMB132.97m.

• Export revenue was RMB575.18m, up 139.20% YoY and 51.28% of sales; domestic revenue rose 26.55% to RMB546.49m.

Outlook and guidance

• Order momentum and expanding AI infrastructure investment support further business growth; AI-computing and MLCC demand were the strongest H1 order drivers.

• AI-server testing solutions had entered volume delivery, including a customer expansion project; future plans focus on broadening equipment coverage and integrated ICT, FCT and process-automation solutions.

• Liquid-cooling modules passed a major-customer certification and entered batch delivery; liquid-cooling components had been submitted to key customers for sampling.