Shenzhen Woer Heat-Shrinkable Material Co., Ltd. (WOER) released its 2025 annual results, reporting double-digit top- and bottom-line growth driven by robust demand across electronic communications and new-energy segments.
Revenue and Earnings • Revenue climbed 22.00% year on year to RMB 8.44 billion, versus RMB 6.92 billion in 2024. • Net profit attributable to shareholders rose 34.96% to RMB 1.14 billion. • Profit for the year (including non-controlling interests) reached RMB 1.22 billion, up 32.61%. • Basic and diluted EPS increased to RMB 0.92 from RMB 0.68.
Margin Performance • Gross profit expanded 21.35% to RMB 2.56 billion; gross margin eased slightly to 30.33% from 30.50%. • Higher-margin electronic materials and telecoms cable products offset lower margins in NEV power transmission and wind-power businesses.
Segment Highlights • Electronics & electricity: revenue RMB 4.01 billion; segment profit RMB 914.53 million. • Wires and cables: revenue RMB 2.58 billion; segment profit RMB 293.91 million. • New-energy products: revenue RMB 1.71 billion; segment profit RMB 189.01 million. • Wind power: revenue RMB 0.14 billion; segment profit RMB 91.06 million.
Cost and Expenses • Cost of sales rose 22.28% to RMB 5.88 billion, in line with higher volumes. • Selling expenses grew 10.00% to RMB 388.92 million. • Administrative expenses fell 9.43% to RMB 313.07 million, helped by lower goodwill impairment. • R&D spending increased 27.96% to RMB 446.20 million, reflecting continued product development. • Finance costs declined to RMB 54.34 million from RMB 60.44 million.
Cash Flow and Balance Sheet • Net cash from operating activities improved 31.38% to RMB 1.24 billion. • Capital expenditure nearly doubled to RMB 1.07 billion, primarily for telecoms-cable capacity and the Huizhou Shuikou plant. • Total assets stood at RMB 12.26 billion; total liabilities RMB 5.46 billion, resulting in a gearing ratio of 38.28% (2024: 31.04%). • Cash and cash equivalents increased to RMB 1.29 billion. • Bank and other borrowings were RMB 2.35 billion, with RMB 405.20 million fixed-rate and RMB 1.54 billion floating-rate.
Dividend The Board proposes a cash dividend of RMB 1.65 per 10 shares (tax inclusive), totaling approximately RMB 229.28 million, subject to AGM approval.
Subsequent Event On 13 February 2026, WOER completed a Hong Kong H-share listing, issuing 139.99 million shares at HK$20.09 and raising about HK$2.81 billion (RMB 2.50 billion) before expenses.
Outlook Management plans to deepen R&D, expand high-speed communication cable capacity, and accelerate overseas production deployment in Malaysia and Vietnam while continuing cost-efficiency and digital-transformation initiatives.
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