Revenue up 42% to 3,818M RMB, Operating Profit down 45.4%, Net Income up 8.4%; Debt Ratio Improves to 240%, Completed Third-Party Allotment
FY2025 consolidated revenue 3,818,232 thousand RMB (+42% YoY), operating profit 56,437 thousand RMB (-45.4%), net income 99,492 thousand RMB (+8.4%)
Gross margin declined to 4.7% (from 6.8%), operating margin to 1.5% (from 3.8%), indicating deteriorating profitability
96% of revenue concentrated on a single customer ZTE (high customer concentration risk persists)
Total assets 4,715,643 thousand RMB (-7.5%), total liabilities 3,327,560 thousand RMB (-13%), equity 1,388,083 thousand RMB (+9.2%), debt ratio improved to 239.7% from 300.9%
Cash and cash equivalents 169,642 thousand RMB (+98%), net cash 1,681,119 thousand RMB (+72 million RMB), liquidity strengthened
Completed third-party allotment in October 2025 issuing 9,998,418 common shares (approx. 509 billion won), all treasury shares disposed
New subsidiary Yangzhou Xinlien established (semiconductor chip design and distribution), consolidated entities increased to 3
R&D expenses 137,278 thousand RMB (3.6% of revenue), maintains national high-tech enterprise status with 15% preferential corporate tax rate
No changes in board or auditor composition; internal accounting control opinion adequate; no dividends
No significant litigation, contingencies, or sanctions