KINGSEMI (688037) Q4 2025 earnings summary

Executive summary

• Revenue grew 11.11% year-over-year to ¥1.95 billion, but net profit attributable to shareholders dropped 64.64% to ¥71.71 million due to higher personnel costs, reduced government subsidies, and increased asset impairment provisions.

• Operating cash flow decreased 76.69% year-over-year, mainly due to increased procurement payments and higher staff compensation.

• The company maintained its leading position in domestic semiconductor equipment, with new products such as chemical cleaning machines and temporary bonding equipment gaining traction.

Financial highlights

• Revenue: ¥1,948.49 million, up 11.11% year-over-year.

• Net profit attributable to shareholders: ¥71.71 million, down 64.64% year-over-year.

• Operating cash flow: ¥102.97 million, down 76.69% year-over-year.

• Gross margin: 35.02%, down 2.33 percentage points year-over-year.

• Basic and diluted EPS: ¥0.36, down 64.36% year-over-year.

Outlook and guidance

• The company will focus on strengthening its core photoresist coating and developing new growth points in chemical cleaning and advanced packaging.

• R&D investment will remain above 10% of revenue, with continued emphasis on product innovation and supply chain localization.

• The domestic semiconductor equipment market is expected to remain robust, driven by AI, high-end manufacturing, and policy support.