InnoScience (Suzhou) Technology Holding Co., Ltd. (InnoScience, 02577) released its audited FY 2025 results, reporting a sharp acceleration in top-line growth and a return to positive gross margin, driven by scale efficiencies, richer product mix and tighter cost control.

Revenue & Profitability • Revenue rose 46.3% year on year to RMB 1.21 billion. • Gross margin swung from –19.5 % to +7.3%, marking the Group’s first full-year positive contribution. • Adjusted EBITDA turned profitable at RMB 52 million versus a RMB 148 million loss in 2024. • Net loss narrowed 19.6 % to RMB 840.51 million.

Business Mix Highlights • Consumer electronics remained the largest revenue contributor at RMB 568.10 million, supported by leadership in GaN fast chargers and expansion into white goods and smart appliances. • Industrial & energy-storage sales surged 137.93 % to RMB 520.51 million, underpinned by mass production of 3-10 kW residential and 50-200 kW industrial energy-storage systems using 650V and 1,200V GaN devices. • AI data-center revenue reached RMB 63.19 million, up 50.20 %, as InnoScience entered 800V HVDC supply chains for leading hyperscalers and formed strategic alliances with STMicroelectronics and onsemi. • Automotive-grade GaN chip sales doubled to RMB 57.90 million; deliveries rose 105 %, with 6.6 kW OBC systems entering Changan EV models and bidirectional devices gaining AEC-Q102 certification. • Robotics recorded first-time shipments, generating RMB 1.26 million from 100V GaN joint-drive modules for humanoid robots.

Technology & Capacity • Advanced from 3.0 to 4.0 process platforms; shipped nearly 500,000 industry-first 1,200V devices and over 10 million 100V low-voltage chips. • IC product revenue jumped 513 % YoY on integrated driver–GaN solutions. • Monthly 8-inch GaN-on-Si wafer capacity expanded to 20,000. Cumulative deliveries exceed 2 billion chips.

Financial Position • Cash and cash equivalents stood at RMB 878.96 million; current ratio improved to 5.3× (2024: 2.5×). • Total borrowings increased to RMB 2.23 billion; net gearing climbed to 32.1 % (2024: 13.4 %). • Capital expenditure rose to RMB 210.60 million; capital commitments expanded to RMB 159.10 million.

Capital Market Activity • Two H-share placements in 2025 raised a combined HK$2.09 billion (≈RMB 1.87 billion) to fund capacity expansion, R&D and working capital. • The trustee of the 2025 Share Award Scheme purchased 0.59 million H shares for HK$42.94 million.

Dividend & Outlook No final dividend was proposed. Management targets further capacity increases beyond 20,000 wafers per month, continued 4.0 platform development, deeper penetration in data-center, automotive, industrial and robotics markets, and sustained global customer expansion in 2026.