Every reporter: Cai Ding Every editor: Wei Guanhong
Han's Laser (SZ002008, stock price 86.67 yuan, market value 89.24 billion yuan) disclosed its 2025 annual report on the evening of April 16. The company achieved revenue of approximately 18.759 billion yuan in 2025, a year-on-year increase of 27%; net profit attributable to shareholders of the listed company was approximately 1.19 billion yuan, a year-on-year decrease of 29.77%; and net profit excluding non-recurring gains and losses was approximately 810 million yuan, a year-on-year increase of 82.28%. The company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares to all shareholders, without issuing bonus shares or increasing capital from reserves.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OlouKa3dSBJO1amZyq1e8KyJKnxQkI3OsAskRHsD5VUCgAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OlouKa3dSBJO1amZyq1e8KyJKnxQkI3OsAskRHsD5VUCgAA/641"/>
Image source: Han's Laser annual report screenshot
Looking at it quarterly, Han's Laser achieved revenue of 6.046 billion yuan in the fourth quarter of 2025, a year-on-year increase of 30.24% and a quarter-on-quarter increase of 18.55%. In that quarter, the company achieved a net profit attributable to the parent of 326 million yuan, a year-on-year increase of 21.84%, but a quarter-on-quarter decline of 13.04%.
<h2>Net profit attributable to the parent falls short of institutional expectations</h2>
From a longitudinal perspective, Han's Laser's revenue reached a new high. However, the net profit attributable to the parent of 1.19 billion yuan is a decline after the company achieved a year-on-year growth of 106.52% in 2024. According to the 2025 annual report data, Han's Laser experienced a situation of &#34;increased revenue but decreased profit.&#34;
However, the decline in Han's Laser's net profit attributable to the parent in 2025 was mainly due to a significant shrinkage in non-recurring gains and losses—totaling approximately 379 million yuan in 2025, compared to as high as 1.249 billion yuan in the same period of 2024.
In addition, although the company's net profit attributable to the parent declined year-on-year, the net cash flow from operating activities increased by 30.48% to 1.469 billion yuan compared to the previous year. The company stated that this was due to strengthened collection of receivables during the reporting period, resulting in a significant increase in operating receipts compared to the previous year.
According to data compiled by Wind Financial Terminal, 11 institutions have a consensus forecast for Han's Laser's 2025 revenue and net profit attributable to the parent of approximately 17.74 billion yuan and 1.226 billion yuan, respectively. Therefore, according to the performance disclosed by Han's Laser, its revenue exceeded the consensus forecast by 5.74%, but the net profit attributable to the parent was 2.97% lower than the consensus forecast.
From a business perspective, driven by strong demand for infrastructure such as servers and high-speed switches in the AI computing power industry chain, Han's Laser's PCB intelligent manufacturing equipment achieved revenue of 5.773 billion yuan during the period, a year-on-year increase of 72.68%. The rapid growth of high-layer boards and high-layer HDI boards related to AI computing power has driven the sales of the company's related products.
At the same time, Han's Laser's new energy business has shown significant results: the company's new energy equipment business achieved revenue of 2.361 billion yuan during the period, a year-on-year increase of 53.36%
The core lies in the fact that the company not only binds leading manufacturers such as CATL, Zhongxin Aviation, and Yiwei Lithium Energy domestically but also successfully realizes localized support for overseas production capacity, avoiding some trade barriers.
<h2>R&amp;D Investment Increased by Nearly 15% Year-on-Year</h2>
As various emerging business lines are making significant progress, reporters from the Daily Economic News noticed that during the reporting period, the revenue from high-power equipment in the general industrial laser processing equipment of Han's Laser decreased by 6.6% year-on-year to 3.163 billion yuan. The company stated, &#34;The laser cutting and welding industry is highly competitive, and the market landscape is evolving rapidly.&#34;
On the expense side, the company's financial expenses are expected to grow to 9.9009 million yuan by 2025. Han's Laser attributed this mainly to fluctuations in foreign exchange rates during the reporting period, which led to a significant increase in exchange losses.
During the reporting period, Han's Laser's R&amp;D investment reached 2.084 billion yuan, with the proportion of revenue decreasing from 12.32% in 2024 to 11.11%. At the same time, the capitalized amount of R&amp;D investment was only 19.3897 million yuan, and the proportion of capitalized R&amp;D investment to total R&amp;D investment further decreased from 1.1% in 2024 to 0.93%, with the vast majority of R&amp;D expenses being expensed.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O4v0EyGgp6I3vS9bWq-DR-pK9MtSc-E1Jdbr2dyKTf7rIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O4v0EyGgp6I3vS9bWq-DR-pK9MtSc-E1Jdbr2dyKTf7rIAA/641"/>
Image source: Screenshot from Han's Laser annual report
The annual report also showed that Han's Laser's ending inventory rose to 5.222 billion yuan, with the proportion of total assets increasing from 11.57% at the beginning of the year to 13.65%. The company stated, &#34;The main reason is the expansion of revenue scale during the reporting period, and the company increased inventory to ensure order delivery.&#34;
Unlike the hot demand for AI computing power and new energy, Han's Laser frankly acknowledged in the annual report's business analysis that its LED packaging business is affected by weakened end-user demand and market competition, leading to a reduced willingness among customers to expand production, with equipment procurement primarily focused on stock replacement and technological upgrades.
Looking ahead to 2026, Han's Laser stated that it plans to establish an overseas operation center in Southeast Asia and intends to build overseas production bases. This move aims to align with the trend of diversification in the supply chain of international electronic terminal brands, achieving localized production and delivery to reduce logistics costs and enhance supply chain resilience. At the same time, the company plans to continue increasing R&amp;D investment in hot areas such as consumer electronics and PCBs, focusing on precision manufacturing needs.
Daily Economic News

002008

Han's Laser (SZ002008) 2025 annual report shows that revenue is approximately 18.759 billion yuan, a year-on-year increase of 27%; net profit is approximately 1.19 billion yuan, a year-on-year decrease of 29.77%. Although revenue reached a new high, the net profit attributable to the parent company declined significantly due to non-recurring gains and losses. The company plans to distribute a cash dividend of 2 yuan for every 10 shares. The net cash flow from operating activities increased by 30.48% to 1.469 billion yuan, mainly due to strengthened collection of receivables. Overall, revenue exceeded institutional forecasts, but net profit fell short of expectations

腾讯新闻 - 财经

Han's Laser

CATL

CALB

CATL HK SDR 30to1

Revenue increases but profit does not! Han's Laser's net profit in 2025 is expected to decline by nearly 30% year-on-year, while the PCB intelligent manufacturing equipment business sees a 72% increase thanks to the boost from AI computing power