Bethel Automotive Safety Systems (603596) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥12.01 billion in 2025, up 20.91% year-over-year; net profit attributable to shareholders reached ¥1.31 billion, up 8.32% year-over-year.

• Main business segments—intelligent electronic control, mechanical braking, lightweight components, and steering—showed robust growth, with intelligent electronic control product sales up 34.84% year-over-year.

• Expanded global presence with 17 production bases and 8 R&D centers; overseas business and customer base continued to diversify.

• Significant investments in R&D and internationalization, including new facilities in Mexico and Morocco, and strategic moves into robotics components.

Financial highlights

• Revenue: ¥12.01 billion, up 20.91% year-over-year; net profit attributable to shareholders: ¥1.31 billion, up 8.32%.

• Gross margin for main business: 22.81%, down 0.94 percentage points year-over-year.

• Operating cash flow: ¥867 million, down 18.04% year-over-year.

• R&D expenses: ¥605 million, up 5.21% year-over-year, representing 5.04% of revenue.

• Net assets: ¥7.99 billion, up 22% from previous year.

• Total assets: ¥17.28 billion, up 35.11% year-over-year.

Outlook and guidance

• Plans to further expand production capacity in 2026, including new lines for calipers, EPB, WCBS, EMB, and lightweight components.

• Focus on internationalization, R&D, and product innovation, with continued investment in intelligent chassis, robotics, and new energy vehicle components.

• Strategic acquisition of a controlling stake in Yubei Steering System (Xinxiang) Co., Ltd. to strengthen the steering segment.