Zhuhai Bojay Electronics (002975) H2 2025 earnings summary

Executive summary

• Revenue rose 48.92% YoY to ¥1.836B; attributable net income was ¥146.3M, versus ¥22.3M in 2024, with gross margin up 1.59 percentage points to 44.13%.

• Growth was driven by AI server and data-center demand, automotive electronics expansion, and recovery in MLCC equipment orders; the 2025 result also included significant investment and disposal gains.

Financial highlights

• Revenue ¥1.836B, up 48.92% YoY; operating profit ¥183.5M and net profit ¥172.3M, including ¥146.3M attributable to shareholders.

• Adjusted for non-recurring items, attributable net income was ¥99.1M; attributable net income excluding share-based payment effects was ¥159.5M.

• Gross margin 44.13%, up 1.59 percentage points YoY; revenue mix: industrial automation equipment 83.43%, components 9.86%, technical services 6.71%.

• Operating cash flow recovered to ¥84.8M from negative ¥204.3M in 2024; investing cash flow was ¥102.5M and financing cash flow was negative ¥123.1M.

• R&D expense rose 28.96% to ¥225.7M, equal to 12.29% of revenue; selling expense rose 64.19%, partly reflecting the acquired automotive business.

Outlook and guidance

• 2026 priorities include scaling AI-server testing solutions, expanding liquid-cooling products, and establishing mature operating capabilities at the Vietnam base; no quantified revenue or earnings target was stated.

• Plans include deeper key-account collaboration, stronger sales capabilities, integrated cross-business management, and a more systematic R&D and acquisition-integration model.

• AI-server functional-test equipment began small-batch shipments at year-end 2025, laying groundwork for scaled supply in 2026; liquid-cooling test solutions have passed a major customer’s certification and entered batch delivery.