BlueDai Technology 2025 Annual Report Analysis: Non-GAAP Net Profit Up 114.92%, Financial Expenses Soar 201.44%

Core Profitability Indicator Interpretation

Operating Revenue Shows Steady Growth

In 2025, Landa Technology achieved operating revenue of 3.853 billion yuan, up 8.96% year over year. By industry, in the automotive components manufacturing sector, revenue was 2.020 billion yuan, up 19.98% year over year, becoming the core driver of revenue growth. In the electronic component manufacturing sector, revenue was 1.791 billion yuan, up only 2.16% year over year, with a relatively weak growth rate. By product, revenue from the powertrain assembly was 1.111 billion yuan, up 25.38%; revenue from touch display components was 787 million yuan, up 46.48%, showing the effects of an optimized product mix.

Strong Profitability Indicators, but with Clear Differentiation

• Net Profit: Net profit attributable to shareholders of listed companies was 185 million yuan, up 48.70% year over year, with the scale of profitability continuing to expand.
• Non-GAAP Net Profit: Non-GAAP net profit was 141 million yuan, up 114.92% year over year, far exceeding the net profit growth rate. This indicates that the company’s core business profitability has improved significantly, and that the impact of non-recurring gains and losses on net profit has weakened.
• Earnings per Share: Basic earnings per share were 0.28 yuan per share, up 47.37% year over year. Non-GAAP earnings per share corresponding to non-GAAP net profit also achieved significant growth, with shareholders’ per-share returns improving markedly.

Interpretation of Changes in Expense Structure

Selling Expenses Rise Steadily

In 2025, selling expenses were 58.0128 million yuan, up 18.74% year over year. The growth rate essentially matches the revenue growth rate. This was mainly due to increases in expenses such as market promotion and sales personnel salaries resulting from the expansion of the company’s business scale, which constitutes reasonable costs for business expansion.

Management Expenses Grow at a Larger Rate

Management expenses were 126.4097 million yuan, up 22.95% year over year. The growth rate exceeded the revenue growth rate. This may be due to higher costs incurred from strengthening internal management during the year, introducing management talent, and optimizing the organizational structure, so the effectiveness of subsequent management expense controls should be monitored.

Financial Expenses Surge—Worth Watching Closely

Financial expenses were 24.3758 million yuan, up 201.44% year over year significantly. This was mainly due to an increase in exchange gains/losses during the reporting period and higher interest expenses from financing for new projects. As the share of overseas business rises, exposure to foreign exchange fluctuation risk begins to show. At the same time, financing for new projects has increased pressure from interest expenses. The company should monitor FX trends and strengthen control over financing costs.

R&D Expenses Continue to Increase

R&D expenses were 177.6439 million yuan, up 23.14% year over year. R&D as a percentage of operating revenue was 4.61%, up 0.53 percentage points from the prior year. The company has continued to increase R&D investment in areas such as transmission gears for new energy vehicles and new touch display technologies. Multiple new R&D projects were added throughout the year, laying a technical foundation for subsequent business growth.

Interpretation of R&D Personnel

In 2025, the number of R&D personnel was 284, up 5.19% year over year; R&D personnel as a proportion was 5.93%, up 0.10 percentage points from the prior year. In terms of educational background, there were 144 R&D personnel with an undergraduate degree or above, up 33.33% year over year. There were 12 master’s and PhD-level R&D personnel, up 166.67% year over year significantly. The overall educational level of the R&D team has improved markedly. The company is increasing its efforts to recruit high-end R&D talent, which helps strengthen competitive advantages in core technologies.

Interpretation of Cash Flow

Operating Cash Flow Remains Steady

Net cash flow from operating activities was 280 million yuan, up 7.58% year over year. This essentially matches the growth in net profit. Cash received from selling goods and providing services was 3.067 billion yuan, up 7.39% year over year, indicating that the company’s main business collections are of good quality and that its operating cash flow “cash-generating” capability remains stable.

Net Cash Outflow from Investing Activities Narrows

Net cash flow from investing activities was -320 million yuan. The same period last year was -403 million yuan, so the scale of net outflow narrowed. This was mainly because cash received from disposing of fixed assets increased for subsidiaries during the reporting period. Meanwhile, cash paid for purchasing and constructing fixed assets, intangible assets, and other long-term assets was 415 million yuan, up 1.50% year over year. The company is still continuously advancing capacity construction, but the pace of investment has slowed somewhat.

Net Cash Flow from Financing Activities Declines

Net cash flow from financing activities was 104.46 million yuan, down 33.27% year over year. This was mainly due to increased cash outflows from financing activities year over year resulting from repaying loans, distributing dividends, and increasing acquisition of minority shareholders’ equity in subsidiaries during the reporting period, with cash outflows from financing activities up 87.01% year over year, far exceeding the growth rate of cash inflows from financing activities of 54.33%. The company faces increased pressure for net cash inflows from financing activities.

Risk Factors to Consider

Risks in the Powertrain Transmission Business

2. Risk of Fluctuations in Downstream Markets: The automotive industry is highly affected by macroeconomic conditions and industrial policy. If demand from passenger car consumers declines, the company’s powertrain transmission business will face direct pressure.
3. Risk of Market Competition: International parts manufacturers are increasing their domestic footprint. The company still lags behind international giants in terms of technology and production capacity scale. If it cannot continue to enhance its innovation capabilities, its market share may be squeezed.
4. Risk of Accounts Receivable Collection: The automotive components industry is highly competitive. Financial pressure on some customers may be transmitted to the company, increasing the risk of accounts receivable collection—especially for overseas customers, where payment capability is subject to uncertainty due to geopolitical impacts.
5. Risk of Fluctuations in Raw Material Prices: Fluctuations in raw material prices such as steel and aluminum directly affect production costs. If prices rise significantly, it will increase the difficulty of controlling costs.

Risks in the Touch Display Business

2. Risk of Intensifying Market Competition: There are many participants in the touch display industry. The company lags behind industry leaders in terms of business scale and financial strength. If it cannot continuously improve product competitiveness, its market share may decline.
3. Risk of Technological Upgrades and Replacement: Touch display technology iterates quickly. If the company cannot keep up with technology trends in a timely manner, its products may face the risk of being phased out.
4. Risk of Fluctuations in Raw Material Prices: Fluctuations in the prices of raw materials such as specialty glass and ITO films affect production costs. The stability of the company’s profitability is put to the test.
5. Risk from FX Fluctuations and Tax Policy: The export business has a high share. FX fluctuations affect exchange gains/losses. If preferential tax policies for high-tech enterprises change, it will directly affect the level of profitability.

Interpretation of Compensation for Executives and Board Members

In 2025, the chairman, Zhu Junhan, reported a total pre-tax compensation of 1.7301 million yuan received from the company during the reporting period, remaining stable year over year; the general manager, Zhu Junhan (also serving as deputy chairman), had the same total pre-tax compensation of 1.7301 million yuan. Pre-tax compensation totals for deputy general managers Wang Xin, Liao Wenjun, Niu Xuexi, and Lü Dan were 0.945 million yuan, 0.82 million yuan, 0.87 million yuan, and 0.858 million yuan, respectively. The compensation level is broadly aligned with the industry average and the linkage mechanism between compensation and the company’s performance growth is initially apparent.

Investment Suggestions and Risk Warnings

Investment Suggestions

In 2025, Landa Technology’s core business profitability improved significantly. The automotive components business has strong growth momentum, and continued increases in R&D investment lay a foundation for future development. However, issues such as a surge in financial expenses and risks related to accounts receivable collection should be treated with caution. It is recommended to pay attention to the company’s cost control, measures to hedge FX risk, and changes in demand from downstream industries.

Risk Warnings

2. Automotive industry demand underperforms expectations;
3. Large FX fluctuations lead to exchange losses;
4. A significant rise in raw material prices;
5. Risk of bad debts in accounts receivable.

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