Wuxi Lead Intelligent Equipment (300450) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥14.44 billion in 2025, up 21.83% year-over-year; net profit attributable to shareholders surged 446.58% to ¥1.56 billion.

• Operating cash flow improved to ¥4.96 billion, a 416.33% increase year-over-year, reflecting significant improvement in cash collection and operational efficiency.

• Core lithium battery equipment business revenue rose 23.18% to ¥9.47 billion; non-lithium businesses such as photovoltaic and automotive smart lines also saw strong growth.

• Overseas revenue reached ¥3.13 billion, up 10.5%, with gross margin for exports rising to 40.75%.

• Company completed H-share listing on the Hong Kong Stock Exchange in February 2026.

Financial highlights

• Gross margin for equipment manufacturing was 33.32%; lithium battery equipment gross margin was 34.73%.

• Basic EPS was ¥1.01, up from ¥0.18 in 2024; weighted average ROE reached 12.65%.

• Total assets at year-end were ¥39.07 billion, up 7.99% from the previous year.

• Major customers accounted for 43.26% of annual sales; top customer contributed 21.4%.

• R&D investment was ¥1.61 billion, 11.11% of revenue, with 4,072 R&D staff.

Outlook and guidance

• Expects continued robust demand in lithium, photovoltaic, and hydrogen sectors, with storage batteries becoming the largest growth driver.

• Will focus on high-end equipment, digital transformation, and global expansion, aiming for steady revenue and profit growth.

• Identifies risks from macroeconomic and policy fluctuations, receivables collection, inventory valuation, exchange rates, and rapid technology iteration.