Likes ReceivedStrong earnings growth solidifies the foundation, while technological innovation builds new momentum.
According to the 2025 annual report released by DARE (300473.SZ), the company achieved annual operating revenue of 5,438.8449 million yuan, a year-on-year increase of 11.43%; net profit attributable to shareholders of the listed company was 157.0737 million yuan, a year-on-year increase of 181.08%. In 2025, the company's revenue from overseas markets was 3,707.6569 million yuan, up 10.69% year-on-year, accounting for 68.17% of total revenue; revenue from the domestic market was 1,731.1880 million yuan, up 13.06% year-on-year, accounting for 31.83%. Overall, the company achieved steady growth in both domestic and international revenue in 2025, with a significant improvement in overall profit.
Core Businesses Achieve Multiple Breakthroughs, Three Major Segments Deliver Strong Results
By product, DARE's three main business segments—noise reduction, thermal insulation & lightweighting; motors, electric pumps & mechanical pumps; and automotive interiors—all achieved revenue growth. Among them, the noise reduction, thermal insulation & lightweighting business, as the company's largest revenue source, achieved annual revenue of 3,490.5567 million yuan, a 9.18% year-on-year increase, setting a new historical high for this segment. Benefiting from increased demand for products like battery flame-retardant materials from European customers, revenue from new energy vehicle (NEV) supporting products within the noise reduction, thermal insulation & lightweighting segment saw significant improvement, which was one of the main drivers for the segment's revenue growth. Additionally, revenue growth from the company's San Miguel factory in Mexico also contributed. The company is also continuing to advance R&D on new products such as cell compression pads, battery fire protection coatings, and acoustic covers for e-drive units, which is expected to further strengthen the company's NEV market positioning in this business segment.
The company's motor, electric pump & mechanical pump business achieved revenue of 1,331.9983 million yuan, a 9.97% year-on-year increase, also reaching a historical high for this segment. The segment's revenue growth was mainly driven by increased customer orders, the release of new production capacity, and sales volume growth. Regarding new products, the company is currently continuing to advance the iteration and performance upgrades of motor products. The self-developed new generation of motor products adopts a modular design, compatible with various hybrid transmissions and efficient automatic transmissions.
The company's automotive interiors business achieved revenue of 526.3040 million yuan in 2025, a substantial year-on-year increase of 44.42%. This business primarily focuses on the domestic market, with sales volume reaching 11.6159 million units in 2025, a 41.70% year-on-year increase, which was the main driver for the segment's revenue growth. It is worth noting that the sales growth rate of the company's interior parts not only exceeded the overall domestic vehicle sales growth rate but also surpassed the domestic NEV sales growth rate. The company's mastery of interior surface decoration technologies such as In-Mold Skin/Decoration (INS, Double INS) and two-color injection molding (IML, INS) provides strong market competitiveness. For example, the "Starry River Scroll" decorative panel in the AITO S9 from the Harmony Intelligent Mobility series uses the company's self-developed two-color injection molding (IML) process. Under the trend towards more aesthetic and intelligent automotive interiors, the demand space for interiors is vast. Coupled with the company's technical advantages in the interiors business, this has generated relatively strong endogenous growth momentum for this segment.
High-quality customer resources are the foundation for the company's performance growth. Benefiting from the company's global production and sales base layout, the customer matrix is diverse. On one hand, it supplies to domestic and international NEV brands such as Tesla, BYD, $XPeng(9868.HK), $LEAPMOTOR(09863.HK), while also serving overseas luxury automotive brands like BMW, Mercedes-Benz, Porsche, Audi, as well as domestic independent brands such as Great Wall, SAIC, GAC, JMC, BAIC, Hongqi, and Chery.
Laying Out Solid-State Batteries and Embodied AI, Building New Growth Momentum
Building on the steady growth of its core automotive components business, DARE has laid out two emerging tracks: solid-state batteries and embodied AI robots, actively cultivating new growth points.
DARE's solid-state batteries offer excellent safety and high-temperature resistance, with simple processes and ease of mass production. After years of R&D, the company has now mastered the process window for the solid-state battery material system and can perform customized development according to different application scenario requirements. Meanwhile, the company's recent appearances at the Queensland Solar and Storage Expo in Australia and the Battery Japan exhibition in Tokyo showcased its solid-state batteries, which garnered significant attention from overseas clients across various fields due to their intrinsic safety advantages.
In the field of embodied AI, in October 2025, the company established Shanghai DARE Xiangwang Robot Co., Ltd. and formed an embodied AI robot R&D team to expand research, development, and applications in the robotics field. The company stated that it will continue to advance embodied AI robot body training and secondary development in the future, aiming to achieve intelligent and automated upgrades for its overseas factory production lines and form industrial scenario application solutions for embodied AI robots that can be externally exported.
Furthermore, DARE's products such as thermal insulation and noise reduction materials, high-performance engineering plastic structural components, motors, electronic controls, solid-state batteries, and high-precision gears possess application capabilities in the embodied AI robot component field, and the company is actively expanding their application in this area. Among these, the capabilities for injection molding of high-strength engineering plastic structural components and in-house manufacturing of high-precision gears rely on the technology and equipment accumulated from the company's interiors and pump businesses, respectively.
Overall, DARE's automotive components business has a solid foundation, steadily contributing profits and cash flow. Simultaneously, the company is accelerating the industrialization of solid-state batteries and making forward-looking layouts in the embodied AI track, expanding its business boundaries into the new energy and robotics fields, which is expected to open up new growth space for the company.
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