Juhuat 2025 Annual Report Analysis: Revenue increased by 58.15% to 2.655 billion yuan, with losses expanding to 717 million yuan

Revenue Scale Expands Significantly

In 2025, JihuaTeach achieved operating revenue of 265,502.48 million yuan, representing a substantial year-on-year increase of 58.15%. This was mainly driven by the synergies between the company’s product technology advantages and commercialization capabilities in areas such as computing and storage, automotive electronics, and communications, which helped the company continue to expand its market share. Judging from quarterly data, revenue showed a trend of increasing quarter by quarter, reaching 71,259.99 million yuan in the fourth quarter, the highest level for the full year, indicating that the company’s business maintained a healthy growth pace throughout the year.

After deducting trade, rent, and scrap waste income unrelated to the principal business totaling 16,680.71 million yuan, operating revenue related to the principal business was 263,821.77 million yuan, up 57.41% year over year. The core business also showed strong growth momentum.

Loss Scale Continues to Widen

In 2025, the net profit attributable to shareholders of the listed company was -71,712.42 million yuan, further expanding the loss compared with -60,337.29 million yuan in 2024; non-recurring profit and loss excluded (non-GAAP) net profit was -79,452.67 million yuan, with the loss also increasing compared with -64,375.47 million yuan in 2024. The main reasons for the widening loss include: to build long-term competitiveness, the company continued to increase R&D, sales, and management expenditures; at the same time, fierce market competition exerted pressure on average product prices, and the gross margin recovery fell short of expectations.

Based on quarterly data, the loss amount increased quarter by quarter in a single quarter; the loss reached 25,721.62 million yuan in the fourth quarter, indicating that pressure on losses further intensified toward year-end. After deducting the impact of share-based payments, the company’s 2025 net profit was -65,965.05 million yuan, which still reflects a trend of further loss expansion compared with -62,551.38 million yuan in 2024.

Earnings Per Share Trend Downward in Sync

Affected by the widening loss in net profit, both the company’s basic earnings per share and non-GAAP earnings per share fell compared with the same period last year, reflecting that the degree of loss attributable to shareholders’ equity per share deepened.

All-Around Increase in Expense Spending

In 2025, all of the company’s expenses showed notable growth. This was mainly because the company increased investment to expand its market and strengthen its R&D capabilities to enhance long-term competitiveness:

High-Intensity R&D Investment Continues

In 2025, the company’s R&D investment was 95,727.80 million yuan. R&D investment as a percentage of operating revenue was 36.06%. Although this was slightly down from 36.89% in 2024, it was mainly because the growth rate of revenue (58.15%) was higher than the growth rate of R&D investment; overall R&D intensity remained at a relatively high level. The company continues to invest in R&D primarily for the development of new technologies and new products, to consolidate its technological advantages in the field of analog integrated circuits.

R&D Personnel Support Technological Innovation

The company has not disclosed the specific number and composition of its R&D personnel in 2025, but judging from the scale of R&D investment and the company’s technology development plan, the R&D team is the core support for the company to maintain technological leadership. The company operates under a virtual IDM model. It develops core technologies in-house, such as the self-developed BCD process platform, and requires a stable and professional R&D team to continuously iterate and upgrade.

Cash Flow Pressure Still Exists

In 2025, the company’s net cash flow generated by operating activities was -32,350.05 million yuan. Although it narrowed compared with -36,043.98 million yuan in 2024, it was still in a net outflow state, indicating that the company’s “cash-generating capacity” from operations has not improved, and it continues to rely on external funding to support operations.

Facing Multiple Operational Risks

Market Competition Risk

The global competition in the analog integrated circuit industry is intense, and international leading manufacturers occupy major market shares. The company faces competitive pressures in multiple areas such as technology, brand, and customer resources. If it cannot continuously improve product competitiveness, its market share may be squeezed.

Technological Iteration Risk

Industry technology updates rapidly. If the company cannot keep up with technology development trends and promptly launch new products that meet market demand, existing products may face the risk of becoming technologically obsolete, which could affect the company’s profitability.

Risk of Gross Margin Volatility

Market competition pushes down average product prices. At the same time, costs such as R&D and raw materials continue to rise. If the company cannot effectively control costs or increase the added value of its products, its gross margin may decline further, intensifying losses.

Funding Pressure Risk

The company continues to incur losses and has net cash outflows from operating activities. If changes occur in the external financing environment, it may face risks of a tight cash flow chain, affecting R&D investment and business expansion.

Compensation of the Board, Supervisors, and Senior Management

During the reporting period, the company has not disclosed the specific amount of the chairman, Ma Wenwen’s, pre-tax compensation total received from the company; similarly, the pre-tax compensation totals of the general manager, deputy general managers, and the chief financial officer were also not disclosed separately as specific figures. The company did not list in detail the compensation of its core executives in its annual report, and information transparency needs to be improved.

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