Montage Technology Co. (688008) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of RMB 5.46 billion in 2025, up 49.9% year-over-year, driven by strong AI industry demand and significant growth in interconnect chip shipments.

• Net profit attributable to shareholders reached RMB 2.24 billion, up 58.4% year-over-year; adjusted net profit (excluding share-based payments and listing expenses) grew 81.2%.

• Gross margin improved to 62.2%, up 4.1 percentage points from the previous year.

• Successfully listed on the Hong Kong Stock Exchange in early 2026, establishing a dual A+H share platform.

Financial highlights

• Revenue: RMB 5.46 billion, up 49.94% year-over-year.

• Net profit attributable to shareholders: RMB 2.24 billion, up 58.35% year-over-year.

• Operating cash flow: RMB 2.02 billion, up 19.55% year-over-year.

• Basic EPS: RMB 1.97, up 57.6% year-over-year.

• Gross margin: 62.2%, up 4.1 percentage points.

• R&D expenses: RMB 915 million, 16.8% of revenue.

Outlook and guidance

• Plans to further expand DDR5 product penetration and accelerate new product launches (MRCD/MDB, CKD chips).

• Will deepen PCIe/CXL business layout, drive revenue growth, and continue to invest in high-speed SerDes and next-gen interconnect technologies.

• Focus on talent development, ESG management, and internationalization to support long-term growth.