Avicopter (600038) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥29.09 billion, down 2.28% year-over-year due to lower delivery volumes.

• Net profit attributable to shareholders rose 17.27% year-over-year to ¥651.87 million.

• Operating cash flow was negative at -¥10.78 billion, mainly due to customer payment cycles.

• Gross margin declined to 9.22%, with cost reductions not fully offsetting revenue decline.

• The company maintained its position as a leading domestic helicopter manufacturer, focusing on R&D and supply chain management.

Financial highlights

• Total assets at year-end were ¥51.54 billion, down 1.32% from the previous year.

• Net assets attributable to shareholders increased 8.3% to ¥17.58 billion.

• Basic and diluted EPS were both ¥0.7951, up 9.91% year-over-year.

• ROE was 3.99%, down 0.15 percentage points year-over-year.

• R&D expenses decreased 30.18% to ¥842.61 million, reflecting lower self-funded project investment.

Outlook and guidance

• 2026 is positioned as a key year for industry growth, with a focus on cost control, market expansion, and high-quality development.

• The company aims to strengthen supply chain management, enhance production efficiency, and accelerate new product development, especially in low-altitude economy and new energy aircraft.

• Risk management and compliance will be further reinforced, with a focus on major project audits and contract lifecycle management.