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ZTE (000063) investor relations material
ZTE H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved revenue of RMB 133,895.5 million in 2025, up 10.38% year-over-year; net profit attributable to ordinary shareholders was RMB 5,617.7 million, down 33.32% year-over-year; adjusted net profit (excluding non-recurring items) was RMB 3,370.4 million, down 45.45% year-over-year.
Domestic market revenue grew 9.42% to RMB 89,734.1 million, accounting for 67.02% of total; international market revenue rose 12.39% to RMB 44,161.4 million, accounting for 32.98%.
Board approved a cash dividend of RMB 4.11 per 10 shares, subject to shareholder approval.
Financial highlights
Operating cash flow was RMB 3,918.7 million, down 65.86% year-over-year.
Basic EPS was RMB 1.17, down 33.52% year-over-year; adjusted EPS was RMB 0.70, down 45.74%.
Gross margin in domestic market fell by 11.90 percentage points to 31.28%; international market gross margin rose by 1.25 percentage points to 28.16%.
Total assets reached RMB 217,739.4 million, up 5.02% year-over-year.
Outlook and guidance
2026 network investment remains cyclical; intelligent computing business is still in the cultivation phase.
Focus on “connection + computing power” strategy, deepening innovation and business synergy.
Plans to strengthen 5G-A, 6G research, and AI-driven product development across all business lines.
- 2024 revenue and profit declined, but government/corporate and consumer segments grew strongly.000063
H2 202422 Dec 2025 - Revenue up 14.5% YoY, but net profit down 11.8% amid margin pressure and higher costs.000063
H1 202522 Dec 2025 - Revenue up 7.82% but net profit down 10.50% year-over-year in Q1 2025.000063
Q1 202522 Dec 2025 - Q3 revenue and profit declined year-over-year, but nine-month results showed modest growth.000063
Q3 202422 Dec 2025 - Q3 2025 saw strong revenue growth but a sharp drop in net profit and cash flow.000063
Q3 202528 Oct 2025 - H1 2024 net profit up 4.76% on stable revenue, strong R&D, and international growth.000063
H1 202413 Jun 2025
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