Luxshare Precision Industry Co., Ltd. sustained robust growth momentum in its 2025 performance, with both revenue and net profit reaching historic highs, driven by multiple business segments including consumer electronics, data centers, and automotive electronics. The company significantly expanded its asset scale and enhanced its competitiveness within the global electronics manufacturing supply chain.
For the full year of 2025, the company reported total revenue of RMB 332.344 billion, representing a year-on-year increase of 23.64%. Net profit attributable to shareholders reached RMB 16.599 billion, up 24.20% compared to the previous year. Non-GAAP net profit stood at RMB 14.169 billion, growing 21.16%, reflecting sustained profitability quality.
Revenue from the automotive electronics business surged to RMB 39.255 billion, accounting for 11.81% of total revenue and marking a substantial year-on-year increase of 185.34%. This segment has become a core growth engine, benefiting from the acquisition and integration of Germany's Leoni AG, as well as rapid adoption of its smart cockpit and autonomous driving domain control products among clients.
The communications and data center business generated revenue of RMB 24.568 billion, contributing 7.39% to total revenue and growing 33.81% year-on-year. This growth was driven by explosive demand for AI computing infrastructure, leading to rapid order increases for high-speed interconnect, liquid cooling, and power supply products.
Performance accelerated throughout the year, with the second half contributing significantly. Revenue in the third and fourth quarters reached RMB 96.411 billion and RMB 111.430 billion respectively, collectively representing approximately 62% of the annual total, highlighting the strong impact of the consumer electronics peak season.
Net profit in the fourth quarter reached RMB 5.081 billion, the highest quarterly figure for the year, while the third quarter recorded RMB 4.874 billion. Combined, these two quarters accounted for about 60% of the annual net profit. In comparison, net profit in the first and second quarters were RMB 3.044 billion and RMB 3.601 billion respectively, showing a clear divergence between the first and second halves.
Non-GAAP net profit also demonstrated a steady quarterly increase, climbing from RMB 2.409 billion in the first quarter to RMB 4.627 billion in the fourth quarter, indicating continuous improvement in the profitability of core operations and solid endogenous growth momentum beyond seasonal fluctuations.
Despite strong profit performance, net cash flow from operating activities was RMB 17.325 billion, down 36.11% compared to RMB 27.117 billion in the same period of 2024. On a quarterly basis, operating cash flow was a net outflow of RMB 6.692 billion in the first quarter, with the full-year cash flow largely supported by the fourth quarter's RMB 13.847 billion.
The asset-liability ratio stood at 66.07% as of the end of 2025, up 3.91 percentage points from 62.16% at the end of 2024, consistent with the rapid expansion of total assets. However, the interest coverage ratio improved slightly to 19.85x from 19.64x in 2024, indicating overall stable debt-servicing capability. The EBITDA to total debt ratio was 32.80%, down 9.79 percentage points from the previous year.
In terms of bond credit ratings, United Credit Ratings Co., Ltd. maintained the company's long-term issuer credit rating and convertible bond rating at AA+ in June 2025, with a stable outlook.
Growth was primarily driven by the data center and automotive electronics businesses. All three core business segments achieved growth to varying degrees, with continued optimization of the business structure.
The consumer electronics segment reported revenue of RMB 264.266 billion, accounting for 79.52% of total revenue and growing 13.37% year-on-year. This segment maintained steady development as a foundational business, with market share increasing among key clients due to rising demand for emerging products such as AI phones and AI wearable devices.
The automotive electronics business generated revenue of RMB 39.255 billion, increasing its share of total revenue to 11.81% and achieving remarkable year-on-year growth of 185.34%. This surge was largely attributable to the acquisition and integration of Leoni AG, along with rapid client adoption of in-house developed smart cockpit and autonomous driving domain control products.
The communications and data center segment recorded revenue of RMB 24.568 billion, contributing 7.39% to total revenue and growing 33.81% year-on-year. Soaring demand for AI computing infrastructure spurred rapid order growth for high-speed interconnect, liquid cooling, and power supply products.
In terms of profitability, the data center business achieved the highest gross margin at 18.40%, up 2 percentage points year-on-year. The automotive electronics segment maintained a stable gross margin of 15.75%, while the consumer electronics business saw its gross margin improve by 1.16 percentage points to 10.64%. The increasing revenue contribution from higher-margin segments contributed to overall profitability enhancement.
Regionally, domestic sales revenue reached RMB 49.136 billion, surging 47.43% year-on-year, significantly outpacing the 20.28% growth in overseas sales. This indicates notable success in domestic market expansion, although overseas sales still accounted for 85.22% of total revenue, underscoring the advantages of the company's global layout.
During the reporting period, the company also introduced embodied intelligence dexterous hand products and advanced the mass production of intelligent chassis systems such as brake-by-wire and steer-by-wire in its automotive business, continuously expanding its technological boundaries into higher value-added areas.
The ownership structure remains concentrated. The largest shareholder, Luxshare Limited, holds a 37.49% stake, equivalent to 2.732 billion shares, with approximately 1.011 billion shares pledged. Hong Kong Securities Clearing Company Limited is the second-largest shareholder with a 7.25% stake. Several CSI 300 index ETF funds and asset management entities related to Central Huijin Investment Ltd. appear among the top ten shareholders.
One of the company's actual controllers and Vice Chairman, Mr. Wang Laisheng, accumulated share purchases of 14,626,447 shares through centralized bidding between May 2022 and September 2025, with a total purchase amount of RMB 501 million (excluding transaction fees). These purchases occurred in May 2022, January 2024, and September 2025, demonstrating management's strong confidence in the company's future value and effectively boosting market expectations.
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