Chicony Electronics (2385) Q4 2025 earnings summary

Executive summary

• 2025 net sales were NT$95,661M, down 5.7% year-over-year; 4Q25 net sales reached NT$23,077M, down 12% year-over-year and 7% sequentially.

• Net income for 2025 was NT$6,585M, a 27.2% decrease from 2024; 4Q25 net income was NT$754M, down 68.7% year-over-year.

• Gross margin for 2025 was 18.0%, down from 20.2% year-over-year, reflecting higher costs and margin pressure.

• Operating profit for 2025 dropped 22.7% to NT$7.97B; EPS for 2025 was NT$9.05, down from NT$12.43.

• One-time Dongguang capacity consolidation expense excluded from adjusted results.

Financial highlights

• 4Q25 gross margin was 16.8%, operating margin 6.7%, and net margin 3.3%.

• 2025 operating margin was 8.3%, net margin 6.9%, and net margin per another source 8.0%.

• After-tax EPS for 4Q25 was NT$1.04; for 2025, NT$9.05.

• 2025 total assets were NT$101.0B, down from NT$105.4B; cash and cash equivalents at NT$21.36B.

• Operating cash flow was NT$6.50B, down from NT$10.09B in 2024.

Outlook and guidance

• Revenue CAGR from 2016 to 2025 was 2.4%, indicating steady long-term growth.

• February 2026 revenue was NT$6.4B; YTD revenue reached NT$14.1B.

• Management expects NT$6.41B in smart building contract revenue to be recognized over 1–2 years.