Shenzhen Hipine Precision Technology Co., Ltd. (HIPINE, 02583) released its audited results for the year ended 31 December 2025, marking its first full-year report since its H-share listing on 30 September 2025.
Revenue and Profitability • Revenue rose 33.8% year-on-year to RMB 610.84 million, driven by a sharp expansion in accessories sales under the ODM model. • Gross profit grew 55.1% to RMB 192.60 million, lifting gross margin to 31.5% (2024: 27.2%) on lower average gold content in watch products. • Profit for the year reached RMB 101.90 million, up 106.5%, while adjusted profit (excluding listing expenses) was RMB 117.13 million, up 96.3%. • Basic EPS increased to RMB 2.00 (2024: RMB 1.02). The Board proposed no dividend for 2025.
Segment Performance • Watches contributed 51.1% of revenue at RMB 312.39 million (-10.9% YoY). • Accessories accounted for 48.9%, surging to RMB 298.46 million (+182.4% YoY). • By business model, OBM sales (offline, retail and online) delivered RMB 323.34 million (-4.3% YoY), while ODM revenue more than doubled to RMB 287.50 million (+141.9% YoY).
Cost Structure • Cost of sales increased 25.8% to RMB 418.25 million, slower than revenue growth. • Selling expenses rose 10.6% to RMB 21.63 million; administrative expenses climbed 23.1% to RMB 16.11 million; R&D spending increased 8.0% to RMB 13.08 million, reflecting continued investment in smart-wearable technology and materials research. • Listing expenses totalled RMB 15.23 million (2024: RMB 10.31 million).
Balance Sheet Highlights • Cash and cash equivalents stood at RMB 203.33 million, up 1,354.1% from year-end 2024, supported by IPO proceeds. • Inventories rose 28.8% to RMB 845.15 million, in line with business growth. • Total interest-bearing bank borrowings increased to RMB 139.64 million (+57.3% YoY); net gearing ratio edged down to 13.9% (2024: 14.2%). • Net asset value expanded 56.4% to RMB 1.03 billion.
Operational Developments • HIPINE’s nationwide offline network now exceeds 3,000 retail points; e-commerce presence spans JD.com, Tmall and other major platforms. • Collaboration with Huawei yielded the launch of dual-display smart precious-metal watches; over 6,000 units were supplied under a framework agreement with a Jiangsu-based pharmaceutical subsidiary. • The company was recognised as a national “Little Giant” enterprise for specialised and innovative manufacturing and held 225 patents and copyrights at year-end.
Management Outlook HIPINE plans to deepen domestic channel penetration, expand in Southeast Asia, integrate cultural IP into product lines, and accelerate R&D in smart wearables and new materials. Capital raised from the IPO will be allocated to capacity expansion, R&D enhancement and network optimisation in accordance with the prospectus timetable.
No significant events occurred after the reporting date, and the company confirmed no final dividend for FY2025.
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