Montage Tech reported record results for the year ended 31 December 2025, propelled by strong demand from cloud computing and AI infrastructure.
Revenue grew 49.9% year-on-year to RMB5.46 billion, driven by a 53.4% rise in interconnect-chip sales to RMB5.14 billion, which accounted for 94.2% of total turnover. The Jintide® line contributed RMB308 million, up 10.2%.
Gross profit increased 60.5% to RMB3.40 billion, lifting the gross margin by 4.1 percentage points to 62.2%. Interconnect-chip margin improved to 65.6%, up 2.9 points, reflecting a richer mix of higher-spec DDR5 products.
Net profit attributable to shareholders climbed 58.4% to RMB2.24 billion, translating into a net margin of 41.0%, 2.2 points higher than in 2024. Excluding share-based payment expenses, adjusted net profit reached RMB2.65 billion, an 81.0% increase.
Operating cash flow rose 19.6% to RMB2.02 billion, marking a fourth consecutive annual rise. Cash and cash equivalents stood at RMB8.42 billion at year-end, up RMB1.72 billion, while the gearing ratio remained low at 6.4%.
R&D expenditure expanded 19.9% to RMB915 million, or 16.8% of revenue, supporting mass production of DDR5 Gen 4 RCD chips, PCIe 6.x/CXL 3.x retimers and CXL 2.0 MXC chips.
The Board proposed a final cash dividend of RMB3.90 (tax inclusive) per 10 shares, totaling approximately RMB471.77 million and subject to approval at the 2025 AGM. Including interim and prior distributions, cash dividends paid since the 2019 STAR Market listing have reached RMB2.37 billion.
Looking ahead to 2026, management plans to deepen DDR5 penetration, scale PCIe/CXL shipments, advance DDR6 and PCIe 7.0 development, and continue expanding the talent base following the February 2026 dual-listing in Hong Kong.
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