INNOSCIENCE (02577) announced its annual results for the period ended December 31, 2025. The group reported sales revenue of RMB 1.2133 billion, representing a year-on-year increase of 46.3%. The comprehensive gross profit margin turned positive, rising significantly by 26.8 percentage points from -19.5% in the previous year to +7.3%. Adjusted EBITDA also shifted from a loss to a profit.

For 2025, the group's total revenue amounted to RMB 1.2133 billion, an increase of 46.4% compared to RMB 828.5 million in the prior year. This growth was primarily attributed to breakthroughs in the application of the company's gallium nitride (GaN) products across multiple sectors, leading to a continuous increase in orders.

Revenue from the sale of GaN discrete devices and integrated circuits rose to RMB 510.1 million in 2025 from RMB 360.8 million the previous year, marking a 41.3% increase. This was mainly due to the ongoing expansion of application scenarios in areas such as electric vehicles, data centers, and industrial equipment, with more customers adopting GaN-based solutions.

Revenue generated from the sale of GaN wafers was RMB 253.4 million in 2025, compared to RMB 280.5 million in 2024, a decrease of 9.7%. This decline was primarily because some wafer orders were converted into orders for discrete devices and integrated circuits to better meet customer demand for system-integrated products.

Revenue from the sale of GaN modules surged to RMB 446.2 million in 2025 from RMB 183.9 million in 2024, an increase of 142.6%. This significant growth was driven by the launch of a new generation of modules, which further expanded the technological and cost advantages of module products in relevant fields.

The company has comprehensively broadened its application fields and completed strategic layouts in key areas, driving GaN applications from single scenarios towards comprehensive enablement. During the reporting period, leveraging its extensive experience in the GaN field, the company successfully expanded the application boundaries of GaN from consumer electronics to three core areas: AI data centers, new energy vehicles, and robotic joint drives. It successfully completed the industrialization process from concept to mass production. Consequently, the company has transitioned from being a component supplier to becoming a foundational architect for AI computing infrastructure, future intelligent terminals, and energy frameworks.

The group will continue to rely on its technological leadership and large-scale manufacturing capabilities to lead the development of the global GaN power semiconductor industry. It aims to empower the green technology revolution with third-generation semiconductor technology, support global energy transition and sustainable development, and contribute to creating a smarter, lower-carbon future.