Anhui Heli (600761) Q4 2025 earnings summary

Executive summary

• Achieved total product sales of 394,500 units in 2025, up 15.95% year-over-year, with exports rising 19.62%.

• Revenue reached ¥19.82 billion, up 11.35% year-over-year; net profit attributable to shareholders was ¥1.22 billion, down 8.5%.

• Cash flow from operations increased 207.93% year-over-year, reflecting improved collections and business scale.

• Overseas revenue exceeded ¥8.7 billion, accounting for 44% of total revenue.

• Major investments included new manufacturing bases and R&D centers, with significant progress in digital transformation and smart logistics.

Financial highlights

• Operating income: ¥19.82 billion (+11.35% YoY); net profit: ¥1.22 billion (-8.5% YoY).

• Gross margin: 23.31% (up 0.13 percentage points YoY); overseas gross margin: 30.10%.

• Basic EPS: ¥1.37; ROE: 11.58%; cash dividend payout ratio: 36.37%.

• Cash flow from operations: ¥1.62 billion (+207.93% YoY).

• R&D investment: ¥1.32 billion, 6.68% of revenue; 1,679 R&D staff (14.7% of total employees).

Outlook and guidance

• 2026 revenue target: ¥21.8 billion; profit before tax target: ¥1.85 billion.

• Focus on smart, green, and integrated development; expand international presence and digital transformation.

• Continue investment in high-end components, smart logistics, and after-market services.