AAC Technologies (AAC TECH) reported an 8.90% year-on-year rise in first-half 2026 revenue to RMB14.51 billion, marking a record high for the group. Gross profit climbed 17.80% to RMB3.24 billion, lifting gross margin by 1.7 percentage points to 22.4%. Net profit attributable to shareholders increased 2.90% to RMB901 million, with basic EPS up 3.90% to RMB0.79. Excluding fair-value impacts, underlying net profit expanded 37.40%.
Segment Highlights • Acoustics & Electromagnetic Drives: Revenue grew 14.20% to RMB6.01 billion; gross margin improved 0.7 ppt to 28.6% on stronger premium-smartphone demand and new active-cooling, robotic-motor, and gimbal-module orders. • Automotive Acoustics: Sales advanced 23.10% to RMB2.23 billion, driven by Chinese OEM expansion, though margin narrowed 3.2 ppts to 20.1% amid intensified competition and higher raw-material costs. • Optics: Revenue contracted 22.70% to RMB2.05 billion as global smartphone shipments softened; gross margin held steady at 10.2%. Premiumisation efforts lifted average selling prices of modules and lenses, with 6P+ lenses nearing 20% of shipments. • Precision Mechanics & Heat Dissipation: Revenue rose 12.50% to RMB3.25 billion; gross margin widened 4.1 ppts to 23.1%. Heat-dissipation sales surged about 400% to RMB1.10 billion on vapor-chamber demand and data-center liquid-cooling projects. • Sensor & Semiconductor: Revenue jumped 41.00% to RMB858 million; gross margin improved 2.5 ppts to 14.6% on higher-end microphone mix and initial MEMS speaker volumes.
Cash Flow & Balance Sheet Operating activities generated RMB1.91 billion in cash. The cash conversion cycle shortened by 30 days to below 20 days versus 30 June 2025. Capital expenditure reached RMB1.23 billion, supporting technology platforms in heat dissipation, AR/VR and AI hardware. Cash and short-term deposits totalled RMB7.07 billion at period-end. Gearing ratio stood at 19.7%, with net gearing at 4.7%.
Dividend & Capital Management Consistent with its policy, AAC Technologies declared no interim dividend; a 15% payout ratio is targeted for the year-end final dividend. The company repurchased 8.74 million shares during the half-year for HK$0.33 billion, holding 38.99 million treasury shares as of 30 June 2026.
Strategic Developments The group completed two acquisitions: Finland-based AR waveguide specialist Dispelix (full consolidation) and a 51% stake in Chinese liquid-cooling producer Yuandi, adding RMB50.18 million and RMB28.96 million in cash respectively. Post-acquisition, goodwill of RMB434.79 million was recognised.
Outlook Management highlighted opportunities in edge AI hardware, data-center liquid cooling, XR, robotics and intelligent cockpits, targeting future revenue streams of RMB10-billion scale. The company plans to sustain disciplined capex and leverage its RMB7.07 billion cash position to fund innovation and maintain operational resilience.