Hangzhou Changchuan Technology (300604) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of ¥5.29 billion in 2025, up 45.31% year-over-year, with net profit attributable to shareholders of ¥1.33 billion, up 190.42% year-over-year.

• Gross margin remained strong at 55.05%, with significant growth in both domestic and overseas markets.

• Major investments in R&D and capacity expansion, including the launch of a high-end intelligent manufacturing base.

• Continued focus on high-end integrated circuit test equipment, expanding product lines and international presence.

Financial highlights

• Revenue: ¥5,291,542,093.17, up 45.31% year-over-year.

• Net profit attributable to shareholders: ¥1,331,383,095.29, up 190.42% year-over-year.

• Basic EPS: ¥2.12, up 190.41% year-over-year.

• Gross margin: 55.05%; operating cash flow: ¥562,370,204.67, down 10.10% year-over-year.

• R&D investment: ¥1,268,199,698.15, accounting for 23.97% of revenue.

Outlook and guidance

• Will continue to expand R&D and product lines, targeting high-end and international markets.

• Plans to further enhance core competitiveness and break foreign monopolies in semiconductor equipment.

• Focus on sustainable growth, shareholder returns, and robust governance.