Hengtong Optic-Electric (600487) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 32.05 billion, up 20.42% year-over-year; net profit attributable to shareholders was RMB 1.61 billion, up 0.24% year-over-year.

• Core businesses in optical communications and energy interconnection maintained industry leadership, with significant growth in industrial and new energy smart business.

• The company continued to invest in R&D, with H1 2025 R&D spending at RMB 1.09 billion, focusing on next-gen optical fiber, marine communications, and energy solutions.

• International expansion advanced, with overseas revenue and assets accounting for a significant portion of the business.

Financial highlights

• Operating income: RMB 32.05 billion, up 20.42% year-over-year.

• Net profit attributable to shareholders: RMB 1.61 billion, up 0.24% year-over-year.

• Net profit after non-recurring items: RMB 1.57 billion, up 3.69% year-over-year.

• Basic and diluted EPS: RMB 0.66, up from RMB 0.65 year-over-year.

• Net cash from operating activities: RMB 4.90 million.

• Total assets: RMB 69.72 billion, up 4.94% from year-end 2024.

• Net assets attributable to shareholders: RMB 29.92 billion, up 4.85% from year-end 2024.

Outlook and guidance

• The company expects continued growth in optical communications and energy interconnection, driven by 5G/6G, data centers, AI, and offshore wind power.

• Ongoing investment in R&D and global expansion to support long-term competitiveness.

• Management remains focused on high-quality growth, digital transformation, and sustainable development.