Avary Holding (002938) Q4 2025 earnings summary

Executive summary

• Achieved operating revenue of RMB 39.15 billion in 2025, up 11.40% year-over-year; net profit attributable to shareholders reached RMB 3.74 billion, up 3.25% year-over-year.

• Maintained leading global market position in PCB manufacturing for the ninth consecutive year.

• Significant growth in AI server, automotive, and AI glasses PCB segments, with AI server-related revenue more than doubling year-over-year.

• Expanded global production capacity, including new investments in Huaian and Thailand, and completed Phase I of the Thailand factory.

Financial highlights

• Revenue: RMB 39.15 billion (+11.40% YoY); net profit: RMB 3.74 billion (+3.25% YoY).

• Gross profit margin increased by 0.74 percentage points to 21.53%.

• Net cash flows from operating activities: RMB 7.29 billion (+2.87% YoY).

• Basic and diluted EPS: RMB 1.61 (+3.21% YoY).

• R&D expenditure: RMB 2.46 billion, 6.28% of revenue (+5.79% YoY).

Outlook and guidance

• 2026 capital expenditure planned at RMB 16.8 billion, focusing on AI server, optical module, and digital transformation projects.

• Targeting continued expansion in AI edge devices, foldable smartphones, and high-end PCB products.

• Plans to double IHDI and HLC capacity at Huaian Park by end of 2026.

• Emphasis on risk management, supply chain resilience, and cost control amid global uncertainties.