Harbin Electric (1133) H2 2025 earnings summary

Executive summary

• Operating revenue, total profit, and contract value reached record highs in 2025, driven by robust market development and improved product profitability.

• Net profit attributable to owners rose by RMB980.24 million year-over-year to RMB2,665.81 million; EPS was RMB1.19.

• Gross profit margin increased by 1.74 percentage points to 14.27%, reflecting enhanced product profitability.

• Export revenue grew to RMB7,655.97 million, accounting for 16.75% of total revenue.

• R&D investment reached RMB2.376 billion, with significant technological achievements and awards.

Financial highlights

• Operating revenue: RMB45,697.92 million, up 19.32% year-over-year.

• Operating costs: RMB39,178.44 million, up 16.95% year-over-year.

• Gross profit: RMB6,519.48 million, up RMB1,722.39 million year-over-year.

• Net profit attributable to owners: RMB2,665.81 million, up from RMB1,685.57 million.

• Net cash flow from operating activities: RMB4,628.76 million.

• Total assets: RMB78,662.79 million; total liabilities: RMB60,186.53 million.

Outlook and guidance

• 2026 marks the start of the 15th Five-Year Plan, with a focus on transformation, innovation, and digitalization.

• Nationally, newly installed power generation capacity is expected to exceed 400 million kW in 2026, with solar power capacity projected to surpass coal for the first time.

• The company aims to enhance innovation, efficiency, and management, and accelerate the development of strategic emerging industries.