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Han's Laser achieved record-breaking annual revenue in 2025, with AI computing power infrastructure construction driving a significant surge in demand for information industry equipment. However, net profit attributable to shareholders declined sharply year-on-year due to the high base of non-recurring gains and losses in 2024. Net profit excluding non-recurring gains and losses grew by over 80% year-on-year, indicating continuous recovery in the profitability of core businesses.
According to the company's annual report, total operating income for 2025 reached 18.759 billion yuan, up 27.00% year-on-year; net profit attributable to shareholders was 1.190 billion yuan, down 29.77%; net profit excluding non-recurring gains and losses was 810 million yuan, up 82.28%; and net cash flow from operating activities was 1.469 billion yuan, up 30.48%.
The information industry equipment business generated annual revenue of 8.245 billion yuan, up 50.28%, representing the largest single source of revenue growth for the company. Among them, PCB equipment revenue increased by 72.68% to 5.773 billion yuan, leading all business segments in growth rate.
Subsidiary Han's CNC officially listed on the main board of the Hong Kong Stock Exchange on February 6, 2026, accelerating its global expansion strategy.
The decline in net profit was primarily due to non-recurring gains and losses. Non-recurring gains and losses contributed approximately 1.249 billion yuan to net profit in 2024, dropping to around 380 million yuan in 2025. The substantial growth in net profit excluding non-recurring gains and losses indicates a substantive improvement in the quality of the company's core operations, making it a key indicator for investors assessing the company's fundamentals.
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<h2>AI Computing Power Drives Strong Growth in PCB Equipment</h2>
The information industry equipment business was the most significant growth segment for Han's Laser in 2025, with PCB equipment being particularly outstanding. Annual revenue reached 5.773 billion yuan, up 72.68%, driven primarily by strong procurement demand from AI computing power infrastructure construction.
In the field of high-layer-count boards, AI servers and high-speed switches impose higher requirements on signal integrity. The company's CCD six-axis independent mechanical drilling machine, equipped with proprietary 3D back-drilling and integrated drilling-measurement technology, has completed processing certification for next-generation AI server PCBs and achieved mass production at several leading high-layer-count board manufacturers.
In the HDI board sector, the company provides comprehensive solutions including mechanical drilling machines, CO2 laser drilling machines, and new-type laser drilling machines for high-layer-count HDI boards related to AI servers. It is one of the few enterprises in the industry capable of offering such complete solutions.
In the advanced packaging sector, the company offers a series of products featuring ultra-small hole drilling and non-destructive glass substrate through-hole processing, gaining recognition from leading domestic and international packaging substrate and end-user clients.
Consumer electronic device business revenue reached 2.472 billion yuan, up 15.33% year-on-year. The company deeply participated in the innovative product development of multiple overseas clients, covering projects such as smartphone thermal management, optical components, metal 3D printing, smart glasses metal welding, and CCD/AOI inspection.
The company's 3D printing annular beam technology significantly shortens scanning paths while ensuring molding quality, establishing long-term deep cooperation with leading enterprises in the 3C consumer electronics sector.
<h2>Lithium Battery Equipment Follows Key Clients Overseas, New Energy Business Grows Rapidly</h2>
New energy equipment business generated annual revenue of 2.361 billion yuan, up 53.36%, with lithium battery equipment revenue reaching 2.256 billion yuan, up 49.65%.
Driven by the dual cycles of &#34;technological iteration + overseas expansion&#34; in the global new energy industry, the company actively supported domestic and overseas capacity expansion projects for top clients including CATL, CALB, and EVE Energy. Through localized teams, it circumvented trade barriers and expanded its market share in power battery and energy storage battery equipment.
In new equipment R&amp;D, the company successfully developed cylindrical battery side welding and sealing equipment, adopting high-speed cam turret continuous production processes and 3D galvo flying welding technology, achieving a first-pass yield of 96%. Additionally, customized solutions were developed for small steel shell batteries, enabling applications such as high-speed spiral TAP sheet welding and pulse spot welding for sealing plugs.
<h2>Semiconductor Equipment Grows Steadily, Panel and Advanced Packaging Achieve Breakthroughs</h2>
Semiconductor equipment (including general semiconductor) business generated annual revenue of 2.041 billion yuan, up 15.00%, with Han's Semiconductor revenue reaching 1.378 billion yuan, up 23.89%.
In the display panel sector, after the first laser drilling equipment passed client acceptance, repeat orders were secured, with a single unit value reaching 100 million yuan. Laser repair machines, laser peeling machines, and flat panel display substrate cutting machines won bids multiple times for BOE's AMOLED production lines, while laser cutting machines secured contracts for TCL CSOT's oxide semiconductor new display device production lines.
In the power semiconductor sector, SiC wafer slicing equipment has become the industry mainstream choice. The company's independently developed diamond laser peeling process has completed batch effective wafer slicing production at client sites. Advanced packaging debonding series equipment maintains a top position in the domestic market share.
Han's LED packaging and testing business was affected by weakening end-market demand and intensified competition, leading to reduced client expansion willingness. Equipment procurement focused on stock replacement and technological upgrades.
Products from Han's Fuchuangde, including EFEM (Equipment Front End Module), SMIF (Standard Mechanical Interface Wafer Box), and SORTER (Sorter), benefited from downstream client expansion and breakthroughs in new products, achieving rapid growth.
<h2>General Industrial Laser Equipment Growth Slows, High-Power Prices Under Pressure</h2>
General industrial laser processing equipment business generated annual revenue of 6.112 billion yuan, up 2.37%, representing the company's largest single business segment but experiencing the slowest growth rate among all segments.
High-power equipment revenue was 3.163 billion yuan, down 6.60% year-on-year. Although sales volume of high-power cutting equipment reached 6,800 units, up 30.47%, the highly competitive market structure continued to suppress unit prices. Overall revenue for this segment was 2.533 billion yuan, up 4.25%.
At the product level, sales of 40KW cutting heads tripled, while 60KW cutting heads saw tenfold growth. High-power ten-thousand-watt class laser welding machines successfully completed delivery of the first set of 40KW units.
Low-power equipment revenue reached 2.949 billion yuan, up 14.12%, showing relatively better growth momentum.
Equipment sales in areas such as medium-to-low power hardware welding, CO2 garment auxiliary materials, special welding, UV and ultrafast laser applications grew by over 40%. Sales revenue in the automotive electronics automation sector surged 197%, while connector industry sales revenue grew by 47%.
The company's 9.3um wavelength series CO2 lasers maintain a monopoly position across major domestic application scenarios. The 200W green fiber laser has completed validation at key client sites.
<h2>Subsidiary Lists in Hong Kong, Share Buyback and Cancellation Optimizes Capital Structure</h2>
On the capital operation front, 2025 was a year of intense activity for Han's Laser. The company repurchased a total of 22.5896 million shares via its dedicated buyback account using centralized bidding, spending approximately 500 million yuan.
Following approval by the shareholders' meeting, all repurchased shares were converted for cancellation purposes. The cancellation was completed in July 2025, reducing total share capital from 1.052 billion shares to 1.030 billion shares.
Subsidiary Han's CNC listed on the Hong Kong Stock Exchange main board in February 2026, issuing 50.4518 million H-shares (before exercising the over-allotment option). Han's Laser stated that it would maintain control over Han's CNC post-listing, aiming to enhance its international competitiveness and advance its global strategy.
Regarding profit distribution, the board approved a dividend plan based on 1,029,603,408 shares, proposing a cash dividend of 2 yuan per 10 shares (tax-inclusive), with no bonus shares issued and no capital reserve conversion into share capital.

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Han's Laser reported 2025 revenue of 18.759 billion yuan, a year-on-year increase of 27.00%; however, impacted by the high base of non-recurring gains and losses in 2024, net profit attributable to shareholders was 1.190 billion yuan, down 29.77% year-on-year; net profit excluding non-recurring gains and losses reached 810 million yuan, up 82.28%, reflecting improved profitability in core businesses. The PCB business stood out with revenue of 5.773 billion yuan, up 72.68%, driven primarily by strong procurement demand from AI infrastructure construction

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Han's Laser 2025 Revenue Hits Record High, Net Profit Excluding Non-Recurring Gains and Losses Surges 82% as AI Drives PCB Business Demand | Financial Report Insights