Laporan Cepat | AVIC Optoelectronics menerima kunjungan dari lebih dari seratus lembaga termasuk Bosera Fund, dengan proyeksi laba meningkat 11,49% pada tahun 2026, rasio dividen mencapai 60,28%

1 April, China Aviation Optical-Electrical Technology Co., Ltd. (hereinafter referred to as “AVIC Optoelectronics”) held a performance briefing at the Zhou Shan factory area, attracting over a hundred institutional investors including Bosera Fund, Goldman Sachs( China) Securities, Harvest Fund, and others. The company’s management engaged in in-depth exchanges with investors on key issues such as 2025 operational performance, 2026 outlook, and business strategic layout.

Basic Information of Investor Activities

2025 Performance Review: Steady Revenue Growth, Civil Products Business Becomes New Engine

In 2025, facing the dual pressures of phased slowdown in defense demand and rising precious metal prices, AVIC Optoelectronics achieved operating revenue of 21.386 billion yuan, a year-on-year increase of 3.39%; total profit was 2.691 billion yuan, demonstrating strong operational resilience.

In terms of business layout, the company continued to focus on its core connection business, forming a pattern of coordinated development between defense and civil high-end manufacturing:

• Defense Sector: Consolidate the position as the preferred supplier, break through traditional supporting barriers, upgrade to integrated interconnection solutions, and steadily enhance competitiveness in emerging fields such as unmanned systems, deepwater, and star missiles.
• New Energy Vehicle Sector: Covering three major scenarios: vehicle-mounted power, charging and swapping, and intelligent networking, with over 400 projects scheduled throughout the year, earning titles such as “Excellent Supplier” from multiple leading automakers, and experiencing rapid growth in business scale year-on-year.
• Data Center and Computing Power Sector: Build a complete product matrix of “power supply + optical fiber + high-speed + liquid cooling,” with significant first-mover advantages in liquid cooling thermal management, and products such as high-speed cable assemblies achieving large-scale application among top global clients, with rapid year-on-year growth.
• Communication Networks, Industrial and Medical Fields: Form full-scenario product matrices and a “2 big + 2 strong + 2 new” business pattern, providing customers with comprehensive end-to-end solutions in optics, electricity, and high-speed connectivity.

Core Points of Investor Q&A

Strategic Planning: Focus on Interconnection Core Business, Dual-Drive of Defense and Civil

The company will continue to focus on mid-to-high-end optical, electrical, and fluid connection technologies over the next five years, maintaining “two high and one low” sustainable development in defense, building low-cost interconnection solution capabilities; in civil high-end manufacturing, deepening niche segments, and developing business around core leading customers and high-volume products.

R&D and Cost: R&D Expenses Grow Despite Equity Incentive Impact; Multiple Measures to Optimize Costs

In 2025, the decline in R&D expenses was mainly due to the reversal of previous amortization caused by unachieved performance from equity incentives (high proportion of R&D personnel). Excluding this impact, R&D expenses increased year-on-year, with R&D investment ratio exceeding 10% for consecutive years, focusing on market demand, basic research, and new business incubation. Cost control measures include technological innovation, digital transformation, and strategic cost management to enhance cost competitiveness.

Gross Margin and Inventory: Defense Cycle Fluctuations and Raw Material Price Increases Drag Down Gross Margin; Inventory Growth Due to Order Recognition Delays

In 2025, the decline in gross margin was mainly affected by two factors: firstly, weak demand in defense coupled with “two high and one low” requirements, leading to a YoY revenue decrease; secondly, prices of precious metals like gold and copper, as well as bulk materials, continued to rise. Inventory growth was due to increased defense business orders YoY, but product delivery cycles delayed revenue recognition, with inventories mainly comprising defense and new energy vehicle-related products.

2026 Outlook: Revenue and Profit Growth, Liquid Cooling Business Restructuring to Strengthen Advantages

Based on financial forecasts, the company expects to achieve operating revenue of 22.8 billion yuan (up 6.61% YoY) and total profit of 3 billion yuan (up 11.49% YoY) in 2026. In liquid cooling, a new civil products liquid cooling division will be responsible for the entire value chain, while the defense liquid cooling business will be spun off into a thermal management product department, further consolidating first-mover advantages.

Shareholder Returns and Capacity Planning: Dividend Ratio Up to 60.28%, Capacity Plans Support “14th Five-Year” Goals

In 2025, the company plans to distribute 1.153 billion yuan in cash dividends, plus 150 million yuan in share repurchases, with a dividend payout ratio expected to reach 60.28%, ranking among industry leaders. Regarding capacity, projects such as the South China industrial base and liquid cooling base have been put into operation, with equipment and capacity development progressing as planned, and the “14th Five-Year” capacity targets are not under significant pressure.

Internationalization and Market Value Management: Accelerate Capacity Overseas Expansion, Complete Market Value Management System

The company is committed to its internationalization strategy, leveraging subsidiaries in Vietnam and Germany to promote a shift from “product export” to “capacity export,” establishing local branches in key regions to provide localized services. Regarding market value management, a comprehensive system has been established, and any future shareholding increase plans will be disclosed in a timely manner.

This survey did not involve any major information that needs disclosure, and no presentation materials or attachments were used during the activity.

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