Han's Laser Technology Industry Group Co.,Ltd. achieved a record high in annual revenue for 2025, driven by substantial growth in demand for information technology equipment, spurred by AI computing infrastructure development. However, net profit attributable to shareholders declined significantly year-over-year, impacted by a high base of non-recurring gains in 2024. The adjusted net profit, which excludes these one-off items, increased by over 80%, indicating a continued recovery in the profitability of the company's core operations.
According to the annual report, full-year 2025 operating revenue reached 18.759 billion yuan, a 27.00% increase compared to the previous year. Net profit attributable to shareholders was 1.190 billion yuan, reflecting a 29.77% decline. In contrast, the adjusted net profit rose 82.28% to 810 million yuan. Net cash flow from operating activities was 1.469 billion yuan, up 30.48% year-over-year.
The Information Technology Equipment business was the largest single contributor to revenue growth, generating 8.245 billion yuan in revenue for the year, a surge of 50.28%. Within this segment, revenue from PCB equipment increased sharply by 72.68% to 5.773 billion yuan, representing the fastest growth rate among all business units.
Subsidiary Han's CNC successfully listed on the Main Board of The Stock Exchange of Hong Kong on February 6, 2026, marking an acceleration of the company's global strategy.
The decline in net profit was primarily attributed to non-recurring gains and losses. Non-recurring items contributed approximately 1.249 billion yuan to net profit in 2024, which decreased to about 380 million yuan in 2025. The substantial growth in adjusted net profit underscores a fundamental improvement in the quality of the company's main business, making it a key metric for investors evaluating the firm's core health.
AI computing demand was a major driver behind the robust growth in PCB equipment. The Information Technology Equipment segment showed the most pronounced growth in 2025, with PCB equipment being particularly strong. Revenue reached 5.773 billion yuan, up 72.68%, largely fueled by robust procurement demand stemming from AI computing infrastructure build-out.
In the high-layer count board sector, AI servers and high-speed switches demand higher signal integrity. The company's CCD six-axis independent mechanical drilling machines, equipped with proprietary 3D back-drilling and integrated drilling-measurement technology, have completed processing certification for next-generation AI server PCBs and are in mass production at several leading high-layer board manufacturers.
For HDI boards, the company offers a complete suite of solutions for high-layer HDI boards related to AI servers, including mechanical drilling machines, CO2 laser drilling machines, and new laser drilling machines. It is one of the few industry players capable of providing such comprehensive solutions.
In the advanced packaging sector, the company provides a series of products for micro-via drilling and non-destructive through-holes in glass substrates, which have gained recognition from leading domestic and international packaging substrate manufacturers and end customers.
The Consumer Electronics Equipment business generated revenue of 2.472 billion yuan, a 15.33% increase. The company is deeply involved in innovative product development with several overseas clients, covering projects such as smartphone thermal management, optical components, metal 3D printing, as well as metal welding for smart glasses and CCD/AOI inspection.
The company's 3D printing ring beam technology significantly shortens scan paths while ensuring成型 quality, leading to established long-term, in-depth cooperation with leading companies in the 3C consumer electronics field.
The New Energy Equipment business reported annual revenue of 2.361 billion yuan, a significant increase of 53.36%. Revenue from lithium battery equipment specifically was 2.256 billion yuan, up 49.65%.
Driven by dual cycles of "technology iteration and global expansion" in the worldwide new energy industry, the company is actively supporting the domestic and overseas capacity expansion projects of major clients like CATL, CALB, and EVE Energy. By utilizing localized teams to navigate trade barriers, it is expanding its market share in power battery and energy storage battery equipment.
In new equipment R&D, the company successfully developed cylindrical battery side-weld sealing equipment, employing high-speed cam turret continuous production technology and 3D galvanometer flying welding technology, achieving a first-pass yield rate of 96%. It also developed customized solutions for small steel-shell batteries, implementing various processes like high-speed spiral welding of TAP tabs and pulse spot welding of sealing pins.
The Semiconductor Equipment business, including semi-related areas, achieved steady growth with annual revenue of 2.041 billion yuan, up 15.00%. Revenue from Han's Semiconductor reached 1.378 billion yuan, increasing by 23.89%.
In the display panel sector, following the acceptance of the first unit for a laser drilling project, the company secured a repeat order, with a single unit valued at 100 million yuan. Equipment such as laser repair machines, laser lift-off machines, and flat panel display substrate cutting machines have been selected multiple times for BOE's AMOLED production lines. A laser cutting machine was also selected for TCL China Star's oxide semiconductor new display device production line.
In the power semiconductor field, SiC wafer stripping equipment has become an industry mainstream choice. The self-developed diamond laser lift-off process has completed batch production effectively at customer sites. The advanced packaging debonding equipment series maintains a leading position in domestic market share.
The LED packaging business under Han's FT was affected by weaker end-demand and market competition, leading to reduced customer expansion willingness, with equipment procurement now focused mainly on replacement and technological upgrades.
Products from Han's Fuchuangde, such as EFEMs, SMIF pods, and Sorters, benefited from downstream customer expansion and new product breakthroughs, achieving high-speed growth.
Revenue from the General Industrial Laser Processing Equipment business, the company's largest single segment by scale, reached 6.112 billion yuan, a modest increase of 2.37%, representing the slowest growth rate among all segments.
Revenue from high-power equipment was 3.163 billion yuan, down 6.60% year-over-year. Although unit sales of high-power cutting systems reached 6,800, a 30.47% increase, intense market competition continued to pressure average selling prices. Revenue from this sub-segment was 2.533 billion yuan, up 4.25%.
At the product level, sales of 40KW cutting heads tripled, while sales of 60KW cutting heads grew tenfold. The high-power 10kW+ laser welding machine successfully completed the delivery of its first 40KW system.
Revenue from low-power equipment was 2.949 billion yuan, showing relatively better growth at 14.12%. Equipment sales in areas like medium/low-power hardware welding, CO2 applications for apparel accessories, special welding, and ultraviolet/ultrafast laser applications grew over 40%. Sales revenue in the automotive electronics automation industry surged 197%, and revenue from the connector industry grew 47%.
The company's 9.3µm wavelength CO2 laser series holds a dominant position in major domestic application scenarios. A 200W green fiber laser has completed validation at key customer sites.
In terms of capital operations, 2025 was an active year. The company repurchased a total of 22.5896 million shares via centralized bidding through a dedicated repurchase account, utilizing approximately 500 million yuan.
Subsequently, following approval at a shareholders' meeting, all repurchased shares were designated for cancellation. The cancellation was completed in July 2025, reducing the total number of shares from 1.052 billion to 1.030 billion.
Regarding profit distribution, the board of directors reviewed and passed a proposal to distribute a cash dividend of 2.00 yuan per 10 shares, based on 1,029,603,408 shares. The proposal does not include bonus share issues or capital reserve conversions.
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