Will Semiconductor (603501) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 28.85 billion in 2025, up 12.14% year-over-year, with net profit attributable to shareholders of RMB 4.05 billion, up 21.73%.

• Maintained leading global position in CMOS image sensors, automotive CIS, and smartphone CIS markets.

• Completed H-share listing on the Hong Kong Stock Exchange, raising HKD 5.3 billion to support R&D and global expansion.

• Implemented robust cash dividend policy, distributing RMB 607.91 million in 2025, 15.03% of net profit.

Financial highlights

• Revenue: RMB 28.85 billion, up 12.14% year-over-year; net profit: RMB 4.05 billion, up 21.73%.

• Gross margin improved to 30.59%, up 1.23 percentage points year-over-year.

• Operating cash flow: RMB 4.12 billion, down 13.67% year-over-year.

• Basic EPS: RMB 3.37, up 21.66% year-over-year; ROE: 15.39%.

• R&D investment: RMB 3.68 billion, 12.75% of revenue.

Outlook and guidance

• Expects continued growth in automotive, medical, and emerging markets, leveraging AI and high-end imaging.

• Plans to increase R&D investment, expand product lines, and pursue strategic M&A.

• Focus on global market penetration and supply chain optimization.