Avary Holding (002938) investor relations material

Executive summary

• Revenue for H1 2026 reached ¥17.22 billion, up 5.14% year-over-year; net profit attributable to shareholders was ¥1.28 billion, up 4.11% year-over-year, despite significant forex losses due to RMB appreciation.

• AI server and optical module businesses became new growth drivers, with AI server revenue nearing ¥1 billion and optical module revenue exceeding ¥600 million, both showing substantial increases.

• The company continued to invest heavily in R&D and capacity expansion, with major projects in Huai'an and Shenzhen and a new round of refinancing planned to support future growth.

Financial highlights

• Operating income: ¥17.22 billion, up 5.14% year-over-year.

• Net profit attributable to shareholders: ¥1.28 billion, up 4.11% year-over-year.

• Gross margin: 23.82%, up 5.08 percentage points year-over-year.

• Basic EPS: ¥0.56, up 5.66% year-over-year.

• Operating cash flow: ¥3.18 billion, down 25.57% year-over-year.

• R&D expenses: ¥1.60 billion, up 49% year-over-year, accounting for 9.28% of revenue.

Outlook and guidance

• The company is accelerating its expansion in AI server and high-speed optical module markets, with new production bases under construction and a ¥9.6 billion refinancing plan underway.

• Management expects continued growth in high-end PCB demand driven by AI infrastructure and digital transformation.