AAC Technologies (02018) announced its annual results for the period ending December 31, 2025. The group achieved revenue of 318.17 billion yuan (Renminbi, same unit below), an increase of 16.4% year-on-year. Profit attributable to company owners was 25.12 billion yuan, a rise of 39.8% compared to the previous year. Basic earnings per share were 2.18 yuan, and a final dividend of HK$0.35 per share is proposed.
In 2025, the AI industry accelerated its development, with hardware such as smartphones, automobiles, smart glasses, and humanoid robots entering a prolonged innovation cycle. For the twelve months ended December 31, 2025, the group's revenue reached a new high of 318.2 billion yuan, up 16.4% year-on-year. Acoustic, electromagnetic transmission, and optical businesses remained strong, while emerging segments like thermal management experienced rapid growth.
The year 2025 saw transformative advancements in AI technology, reshaping various industries. Capitalizing on this trend, the group spearheaded innovation, leveraging its core technology platforms in acoustics, optics, electromagnetics, and precision manufacturing to actively explore new fields. This drove revenue to new heights and marked a new chapter in its evolution from a fundamental hardware provider to a global leader in AI perception and interaction systems.
The group continued to advance lean operations, achieving a record high in operating cash flow while maintaining historically optimal inventory turnover days. Strong operational cash inflows will support the group's long-term healthy development and innovation.
Over the past year, the consumer electronics sector saw substantial innovation, underpinning the sustained positive development of the group's core businesses. Its acoustic and electromagnetic transmission operations maintained a solid leading position, with the micro-transmission universal technology platform further widening the gap with competitors. In thermal management, the group not only achieved rapid scaling but also broke industry limits in manufacturing efficiency and yield with its first fully automated ultra-thin vapor chamber production line. This secured its leadership in consumer electronics thermal solutions and provided a first-mover advantage in expanding business with key clients.
The optical business continued to gain market share, with an increasing number of customers selecting the group's products for their primary camera modules, signaling that its competitiveness in high-end lenses has reached top industry levels. Periscope modules and OIS modules were shipped in high volumes, capturing the high-end module segment through integrated advantages. Shipments of glass-plastic hybrid lenses and micro-prisms surpassed the tens of millions, anchoring the future direction of optical technology.
The automotive acoustics business developed steadily. Through a combination of external expansion and internal growth, the group built a vertical solution integrating hardware (speakers, amplifiers, microphones), algorithms, tuning, and brand partnerships. It has now joined the ranks of leading global automotive audio system suppliers.
The sensor and semiconductor business, serving as a core entry point for voice interaction in the AI era, entered a new upgrade cycle. As one of the earliest developers of high signal-to-noise ratio microphones in the industry, the group is positioned to benefit significantly.
Amid booming emerging markets, the group enhanced R&D efficiency and seized new opportunities by leveraging its deep expertise in "micro-transmission + precision manufacturing." Clients are increasingly planning AI-enabled edge hardware beyond smartphones, injecting new vitality into the smart device market. The group's high-precision motors and premium acoustic products are set to deliver exceptional interactive experiences for such devices.
The XR market saw accelerated launch of new products. The group deepened its expertise in waveguides and light engines, and by acquiring leading waveguide designer Dispelix Oy, it established a leadership position in AR display optics, accelerating collaboration with top global manufacturers.
Humanoid robots represent a vast future market. The group is applying decades of accumulated core micro-motor technology to the R&D and manufacturing of robotic joints, striving to make every movement more precise, agile, and lifelike. Batch shipments in the second half of 2025 are just the beginning; the group plans to build a core robotics product matrix integrating "motor, transmission, and control."
The innovation cycle of the AI era has begun, with new hardware forms flourishing. Hearing, vision, and touch are becoming key bridges connecting people with AI. The thermal management business, essential for safeguarding AI devices, continues its rapid growth. The group pursues comprehensive technological leadership in materials and structures, helping leading clients unlock innovative value.
Building on decades of precision manufacturing expertise, the group is accelerating its transformation from a component supplier to a builder of AI perception systems. Gratitude is extended to every client, partner, and employee who has grown alongside the group. It will maintain strategic focus, persistently pursue innovation, accelerate new market development, ignite new growth engines, and continue creating long-term, cycle-beating value for customers and shareholders.