Avicopter (600038) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached ¥10.24 billion, up 25.28% year-over-year, driven by increased product deliveries.

• Net profit attributable to shareholders was ¥282 million, down 5.12% year-over-year; adjusted net profit (excluding non-recurring items) was ¥206 million, down 23.91%.

• Operating cash flow improved but remained negative at -¥7.41 billion, a 19.46% improvement year-over-year.

• The company focused on production capacity, supply chain management, and risk controls to support high-quality growth.

Financial highlights

• Operating income: ¥10.24 billion (up 25.28% year-over-year).

• Net profit attributable to shareholders: ¥282 million (down 5.12% year-over-year).

• Adjusted net profit: ¥206 million (down 23.91% year-over-year).

• Basic and diluted EPS: ¥0.3443 (down 15.34% year-over-year).

• Gross margin: 6.29% (down from 12.53% year-over-year).

• Operating cash flow: -¥7.41 billion (improved from -¥9.20 billion year-over-year).

Outlook and guidance

• The company is leveraging national policies supporting the low-altitude economy and general aviation, aiming to expand in new application scenarios and enhance product offerings.

• Focus remains on innovation, production efficiency, and risk management to drive future growth.