Lens Technology Annual Report Decoded: the Consumer Electronics Market Remains Steady, the AI Track Flourishes in Multiple Places and Builds Momentum

Lansa Technology disclosed its 2025 annual report last night. Despite short-term earnings pressure in the fourth quarter due to FX fluctuations and business adjustments, it still turned in solid results: full-year operating revenue of RMB 74.41B, up 6.46%; net profit attributable to shareholders of RMB 4.02B, up 10.87%; and profit attributable to shareholders after deducting non-recurring items of RMB 3.84B, up 16.71%. Operating cash flow reached RMB 6.46B—far exceeding net profit for the same period—reflecting excellent profitability quality and cash-generating capability.

A closer look at the 2025 report’s business segment structure data shows that the flagship smartphone and computer-related business has remained steady overall; the smart vehicle cockpit segment continues to grow; and new businesses such as AI glasses, smart robots, and AI servers have blossomed in multiple areas, building momentum for the future. It’s not hard to see that Lansa Technology is in a crucial gear-change period, shifting from consumer electronics toward precision manufacturing across the entire AI industry chain.

Breaking down revenue composition: smartphone and computer-related (82% of revenue) posted RMB 3.98B, up 5.94%, with gross margin improving by 0.3 percentage points to 15.41%. The core drivers come from an increased share of metal in high-end models and an optimized 3D glass ASP. Smart vehicle cockpit revenue was RMB 64.62 billion, up 8.88%. Although gross margin temporarily fell by 2.95 percentage points due to fixed cost allocation in the early stage of overseas new projects, demand growth downstream of new-energy vehicles creates greater long-term value. Revenue from AI glasses and other smart wearables was RMB 39.78 billion, up 14.04%, with gross margin rising to 19.91%, fully validating the company’s latecomer advantages in edge-side AI hardware such as optical waveguides.

In contrast, the “other smart terminals” business saw a year-over-year contraction of 25.34%. This reflects the company’s proactive reduction of low-gross-margin assembly capacity and aligns with its platform-based vertical integration strategy—concentrating resources in high-barrier, high-value-added areas.

Looking only at the fourth quarter: revenue was RMB 1.18B, and net profit attributable to shareholders was RMB 11.75 billion, facing some pressure on a quarter-over-quarter basis. It’s understood that the main factors in Q4 were FX fluctuations (Q4 foreign exchange losses of about RMB 100 million), lower-than-expected sales of new models from major customers leading to a temporary decline in production line utilization, and that more orders for the complete-system assembly business are accounted for using the net method, which had a negative impact on Q4 revenue. All of these are short-term, controllable transition shocks. In addition, driven by the storage price-hike cycle that began in the second half of 2025, the supply chain faced temporary pressure on the cost side. As the actual impact of the storage price increases on upstream structural component suppliers is gradually absorbed, the FX factor is also expected to be smoothed out progressively in subsequent foreign exchange management.

Worth mentioning is that, as a company with strong crisis awareness and a forward-looking layout, beyond its phone and computer business, Lansa Technology has accelerated its push into the AI sector in recent years. In 2025, R&D investment exceeded RMB 2.7 billion. The layout in emerging tracks has entered the period just before harvest, forming the core engine for future growth.

It’s understood that Lansa Technology has treated 2025 as a year of承前启后 and strategic upgrading. The company has fully embraced the development opportunities of the AI era, defining development strategies focused on three major areas: AI servers, embodied intelligence robots, and commercial space, and has already made groundbreaking progress.

First is its embodied intelligence robot business. In 2025, the company became one of the world’s largest manufacturing platforms for embodied intelligence hardware. Shipments of humanoid robots and four-legged robot dogs surpassed 10,000 units, and the company is deeply bound to leading North American customers, entering exclusively into their key module orders.

Industry data shows that in 2025, the global installed base of humanoid robots was about 16k units, with China accounting for over 80% (Counterpoint data). Domestic leading companies such as Figure (智元) and Unitree (宇树) have already delivered over the 1,000-unit level. The company plans to expand production through the Yong’an industrial park (with annual capacity of 500k embodied intelligence units) and its Thailand base; in 2026, there may be substantial surprises in the scale of key components and complete systems.

Second, the end-to-end AI server lineup has taken shape: SSD solid-state drive modules are already being shipped in batches from Xiangtan; the HDD glass substrates have passed customer validation; and liquid-cooling heat dissipation systems (cold plates, water distributors, etc.) have reached advanced industry levels. The company plans to use acquisitions to fill customer resource gaps in liquid cooling and cabinet structural components. Its developed Panorama Intelligent Display cabinet significantly reduces data center construction costs through an aerospace-grade glass architecture, and it is set to enter the factory inspection phase with overseas major AI computing power customers. IDC expects the global server market size in 2026 to exceed $550 billion, up more than 50%. Liquid cooling penetration is expected to rise from 15% to 45% or higher. With its “structural components + liquid cooling + storage” matrix, the company can rapidly capture major shares in the mid-to-high-density AI cabinet segment.

In terms of commercial space business, the company has achieved breakthroughs from the ground segment to the satellite segment. For the next-generation large-area flexible satellite solar arrays, the aerospace-grade UTG glass (30–60 microns) developed by Lansa has entered the core customer certification stage. It is expected to be launched into the first-half-year period for on-orbit testing alongside domestically produced satellites, enabling a leap from ground-receiving terminals to onboard core components. Combined with the market space for low-earth-orbit satellite solar arrays of over 20 million square meters (CCID Think Tank data), the elasticity of complete-system assembly and flexible solar array module business in the future is substantial.

According to annual report data, Lansa Technology’s operating efficiency and earnings ceiling are clearly higher than those of peers in precision manufacturing. Compared with traditional OEM/ODM manufacturers, Lansa’s deep reserves in materials such as precision ceramics, sapphire, and aerospace-grade UTG glass give it higher ASP (average selling price) elasticity amid the AI hardware upgrade wave. For pure assembly-type companies, in 2025 they faced industry pressure where smartphone shipment growth was only 1.9% year over year; gross margins were generally flat or slightly declined. Meanwhile, companies in AI edge-side hardware and robot supply chains saw growth rates broadly in the 15%–40% range. Lansa’s gross margin expanded against the trend by 10 bps, indicating stronger pricing power and product-structure resilience.

In 2025, Lansa Technology successfully listed in Hong Kong. Funds raised from the Hong Kong listing further strengthened its global delivery capability. For capital expenditures, in 2025 the company invested RMB 9.4 billion, an increase of RMB 3.1 billion year over year. The spending was mainly used for process upgrades of high-end new products, construction of overseas bases, and production capacity for emerging tracks. At the same time, the asset-liability ratio further fell to a historical low of 34.68%.

In the first half of 2026, it is expected that the impact of storage price increases will gradually be absorbed and the FX factor will increasingly smooth out. In the second half, as the company lands orders across multiple AI tracks in a matrix-style implementation, Lansa Technology may be in a position to initiate a valuation reshaping toward an “AI hardware full-stack platform.”

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