Han’s Laser achieves record revenue in 2025, non-recurring net profit surges 82%, AI drives demand for PCB business | Earnings report insights
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Han's Laser's 2025 annual revenue reached a historic high, driven by AI computing power infrastructure construction which significantly boosted demand for information industry equipment. However, due to the high base of non-recurring gains and losses in 2024, net profit attributable to shareholders fell sharply year-on-year. Excluding non-recurring items, net profit increased by more than 80% year-on-year, and the profitability of core business continues to recover.
The company’s annual report shows that in 2025 full year operating revenue was 18.759 billion RMB, up 27.00% year-on-year; net profit attributable to shareholders was 1.19 billion RMB, down 29.77% year-on-year; non-recurring item excluded net profit was 810 million RMB, up 82.28% year-on-year; net cash flow from operating activities was 1.469 billion RMB, up 30.48% year-on-year.
Information industry equipment business posted full-year revenue of 8.245 billion RMB, up 50.28% year-on-year, making it the company’s largest single source of incremental revenue. Among them, PCB equipment revenue surged 72.68% to 5.773 billion RMB, the fastest growing among all business segments.
Subsidiary Han's CNC was listed on the main board of the Hong Kong Stock Exchange on February 6, 2026, accelerating the global strategy.
The decline in net profit mainly stems from non-recurring gains and losses. Non-recurring profit in 2024 was roughly 1.249 billion RMB, dropping to about 380 million RMB in 2025. The sharp increase in net profit excluding non-recurring items demonstrates substantive improvement in the company's core business quality and is a key indicator for investors to focus on when assessing the fundamentals.
AI Computing Power Drives Robust Growth in PCB Equipment
The information industry equipment segment was the company’s most remarkable growth contributor in 2025. PCB equipment stood out, with full-year revenue of 5.773 billion RMB, up 72.68% year-on-year. Strong procurement demand from AI computing power infrastructure was the main driver.
In the field of high multi-layer boards, AI servers and high-speed switches impose stricter requirements on signal integrity. The company’s CCD six-axis independent mechanical drilling machine, equipped with a patented 3D back drilling and integrated drilling/measurement technology, has completed certification for next-generation AI server PCB processing and achieved mass production at several leading multi-layer board companies.
In the HDI board segment, the company provides comprehensive solutions—mechanical drilling machines, CO2 laser drilling machines, and new laser drilling machines—for high-multilayer HDI boards related to AI servers. It is one of the few companies in the industry able to offer such comprehensive solutions.
In the advanced packaging field, the company offers products for smaller micro-hole drilling and non-destructive glass substrate via drilling, recognized by domestic and foreign leading packaging substrate and end customers.
Consumer electronics equipment posted revenue of 2.472 billion RMB, up 15.33% year-on-year. The company deeply participated in the development of innovative products for several overseas clients, covering smartphone thermal handling, optical components, metal 3D printing, smart glasses metal welding, CCD/AOI inspection, and other projects.
The company’s 3D printing ring beam technology markedly shortens scan paths while guaranteeing forming quality and has established long-term close collaboration with leading enterprises in the 3C consumer electronics arena.
Lithium Battery Equipment Follows Key Customers Overseas, New Energy Business Grows Rapidly
New energy equipment business full-year revenue was 2.361 billion RMB, up 53.36% year-on-year. Lithium battery equipment revenue was 2.256 billion RMB, up 49.65%.
Under the dual cycle of global new energy industry “technology iteration + overseas expansion,” the company actively cooperated with leading clients CATL, CICC Innovation, EVE Energy, etc., for their domestic and overseas capacity expansions, leveraging localized teams to avoid trade barriers and expand market share in power and energy storage battery equipment.
In new equipment R&D, the company successfully developed cylindrical battery side welding sealing equipment, employing high-speed cam turret continuous production process and 3D scanner flying welding technology, with a single-pass yield of 96%. For small steel shell batteries, the company developed customized solutions, achieving high-speed spiral welding for TAP tabs and pulse spot welding for sealing nails.
Semiconductor Equipment Steady Growth, Breakthroughs in Panel & Advanced Packaging
Semiconductor equipment (including broad “semiconductors”) business full-year revenue was 2.041 billion RMB, up 15.00% year-on-year. Han's Semiconductor revenue was 1.378 billion RMB, up 23.89% year-on-year.
In the display panel segment, the company’s laser drilling equipment passed initial customer acceptance and received repeat orders—single equipment valued at 100 million RMB. Laser repair machines, laser detachment machines, and flat panel display substrate cutters repeatedly won bids for BOE AMOLED production lines. Laser removal equipment won a bid for CSOT’s oxide semiconductor display device production line.
In the power semiconductor segment, SiC wafer removal equipment has become the industry mainstream choice, and internally developed diamond laser removal techniques have been deployed for efficient mass wafer removal at client sites. Advanced packaging debonding equipment holds a top share in the domestic market.
Han's Testing LED packaging business was affected by weakened terminal demand and increased market competition, with clients’ expansion willingness reduced; equipment procurement focused on replacement and technological upgrades.
Han's Fuchuangde’s EFEM (equipment front-end module), SMIF (standard mechanical interface wafer box), and SORTER (sorting machine) benefited from downstream client expansion and new product breakthroughs, achieving rapid growth.
General Industrial Laser Equipment Growth Slows, High Power Price Under Pressure
General industrial laser processing equipment posted full-year revenue of 6.112 billion RMB, up 2.37% year-on-year, the company’s largest single business segment but the slowest growing among all segments.
High-power equipment revenue was 3.163 billion RMB, down 6.60% year-on-year. Although high-power cutting business sold 6,800 units, up 30.47% year-on-year, the highly competitive market suppressed unit prices, with overall revenue at 2.533 billion RMB, up 4.25%.
On the product side, 40KW cutting head sales tripled, and 60KW cutting head sales increased tenfold; high-power 10,000-watt class laser welders successfully delivered the first 40KW unit.
Low-power equipment revenue was 2.949 billion RMB, up 14.12% year-on-year, showing relatively strong growth.
Mid- to low-power hardware welding, CO2 garment accessories, special welding, ultraviolet and ultrafast laser applications, and other sectors saw over 40% sales growth; automotive electronics automation sales increased 197% year-on-year, connector industry sales rose 47%.
The company’s 9.3um wavelength series CO2 lasers hold a monopoly position in major domestic applications. 200W green fiber lasers passed verification at key clients.
Subsidiary Goes Public in Hong Kong, Share Buybacks and Cancellation Optimize Capital Structure
On the capital operation side, 2025 was a busy year for Han’s Laser. The company repurchased a total of 22.5896 million shares using about 500 million RMB through centralized bidding via the dedicated buyback account.
After shareholder approval, all repurchased shares were converted to cancellation use and cancelled in July 2025, total share capital reduced from 1.052 billion shares to 1.03 billion shares.
Subsidiary Han’s CNC was listed on the main board of the Hong Kong Stock Exchange in February 2026, issuing a total of 50.4518 million H shares (before exercising over-allotment). Han’s Laser indicated it will retain control over Han’s CNC after listing, aiming to boost Han’s CNC’s international market competitiveness and advance global strategy.
For profit distribution, the board passed a plan to distribute a cash dividend of 2 RMB (tax included) per 10 shares based on 1,029,603,408 shares, without bonus shares and without capitalizing reserves.
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