Everdisplay Optronics Shanghai (688538) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 2.67 billion, up 11.51% year-over-year, with significant gross margin improvement and a net loss reduction of RMB 438.87 million compared to H1 2024.

• EBITDA turned positive to RMB 473 million from a negative RMB 86.13 million year-over-year, reflecting improved operational efficiency.

• Strategic focus on mid-to-large size AMOLED panels for tablets, notebooks, and automotive displays drove 83.18% revenue growth in this segment.

• Cash flow from operations surged 855.77% year-over-year to RMB 232.84 million, supporting ongoing R&D and capacity expansion.

• The company remains unprofitable but continues to narrow losses as scale and product mix improve.

Financial highlights

• H1 2025 revenue: RMB 2.67 billion (+11.51% YoY); net loss: RMB 839.73 million (improved from RMB 1.28 billion loss YoY).

• Gross margin improved by 16.99 percentage points year-over-year.

• EBITDA (息税折旧摊销前利润) reached RMB 473 million, up RMB 559.13 million year-over-year.

• Basic and diluted EPS: -0.06 RMB (improved from -0.09 RMB YoY).

• Cash and equivalents at period end: RMB 1.24 billion; net assets: RMB 9.19 billion.

Outlook and guidance

• Management expects continued growth in mid-to-large size AMOLED applications, leveraging R&D and production scale.

• Ongoing expansion in international markets and H-share listing planned to enhance capital access and global competitiveness.

• Focus remains on cost control, supply chain localization, and further margin improvement.