Accelink Technologies 2025 Annual Report Interpretation: Revenue Increased 29.48% to 524 Million Yuan, Operating Cash Flow Surged 87.96%

Key Financial Metrics Analysis

Operating Revenue: Steady Growth Driven by Downstream Demand

In 2025, the company achieved operating revenue of 523.7407 million yuan, a year-over-year increase of 29.48%. Revenue growth mainly benefits from continuous expansion of product application fields, increased market penetration, strong downstream customer orders, and gradual mass production of new products, driving sales volume higher. By product category, MEMS gyroscopes remain the core revenue source, with revenue of 404.4959 million yuan, up 15.27% YoY; MEMS accelerometers performed remarkably, with revenue of 74.4175 million yuan, a significant increase of 167.31%, accounting for 14.21% of main business income; inertial measurement units (IMUs) generated 32.0737 million yuan, up 53.36% YoY, with the product matrix continuously enriching.

Net Profit: Profitability Improves Simultaneously

Net profit attributable to shareholders of the listed company was 303.4108 million yuan, up 36.56% YoY, with a growth rate exceeding revenue growth, mainly due to expanded sales scale and improved profitability. Deducting non-recurring gains and losses, net profit was 289.8769 million yuan, up 36.91%, indicating strong growth in core operating profit and high quality of main business profitability.

Earnings Per Share: Profit Growth Translates to Shareholder Returns

Basic earnings per share (EPS) was 0.76 yuan/share, up 35.71% YoY; non-recurring EPS was 0.72 yuan/share, up 35.85%. The growth in EPS aligns with net profit growth, reflecting that the company’s profit increase effectively translates into shareholder investment returns.

Cost Structure Analysis

Total Expenses: Overall Reasonable Increase with Revenue Growth

Total expenses during the reporting period amounted to 165.3473 million yuan (including sales, management, R&D, and financial expenses, with financial expenses being negative, effectively net income), a YoY increase of approximately 9.2%, lower than revenue growth, demonstrating effective cost control.

Sales Expenses: Driven by Personnel and Share-based Payments

Sales expenses totaled 13.7069 million yuan, up 26.19%. The increase is mainly due to more sales personnel, higher employee compensation, and increased share-based payment expenses recorded in sales costs. As the company expands its market, this growth is considered reasonable.

Management Expenses: Slight Increase, Stable

Management expenses were 31.4584 million yuan, up 3.21%, with a relatively low growth rate. Mainly due to increased management personnel salaries and share-based payments related to equity incentives, overall management costs remain stable, reflecting good internal management efficiency.

Financial Expenses: Significant Reduction in Net Cost

Financial expenses were -2.3943 million yuan, significantly narrower than -12.4624 million yuan in the same period last year, mainly due to reduced bank deposit funds and lower interest rates influenced by macroeconomic factors, leading to a sharp decline in interest income.

R&D Expenses: Continued High Investment to Strengthen Technological Barriers

R&D expenses reached 122.5763 million yuan, up 11.95%, accounting for 23.40% of operating revenue. Although slightly lower than last year, the company maintains high R&D investment. Ongoing projects include single-chip three-axis gyroscopes, industrial-grade single-axis gyroscopes, accelerometers, and IMUs. In 2025, the company filed 3 invention patent applications and obtained 6 patents, with a total of 34 invention patents and 25 utility model patents, deepening technological accumulation.

R&D Team: Stable and Optimized Structure

As of the end of 2025, the company had 100 R&D personnel, accounting for 43.48% of total staff, an increase of 4 from last year. Among R&D staff, 56 hold master’s or doctoral degrees, representing 56%, maintaining a high proportion of high-education talent. R&D personnel received total compensation of 62.8059 million yuan, with an average salary of 640,900 yuan, slightly lower than last year due to increased team size diluting average pay, but overall still competitive within the industry, ensuring team stability.

Cash Flow Analysis

Operating Activities: Significant Improvement in Cash Collections

Net cash flow from operating activities was 313.0149 million yuan, a substantial increase of 87.96% YoY, mainly because cash received from sales of goods and services during the period increased significantly compared to last year, reflecting good collection quality and high revenue growth.

Investing Activities: Reduced Investment in Financial Products

Net cash flow from investing activities was -132.9297 million yuan, compared to -399.9177 million yuan last year, with a large decrease in net outflow. This is mainly due to lower purchases of low-risk financial products during the period, indicating a shift toward more liquid cash management.

Financing Activities: Increased Dividend Payments

Net cash flow from financing activities was -132.3756 million yuan, compared to -46.6619 million yuan last year, with a larger outflow mainly due to higher cash dividends paid during the period, reflecting increased shareholder returns.

Risk Warnings

Core Competitiveness Risks

While the company’s product performance has reached international advanced levels, there remains a gap in industry influence, market share, and operational scale compared to global leaders like Honeywell and ADI. The company does not have its own wafer fabrication line, and production capacity needs enhancement. Without continuous technological updates and R&D capabilities, the company may face competitive disadvantages.

Operational Risks

• New Customer Development Risks: Many new customer projects are still in testing phases with small procurement volumes. If future mass production conversion rates are low, revenue growth may slow.
• Customer Concentration Risks: The company’s customer base is highly concentrated. Any decline in major customer demand or changes in their operations could adversely affect performance.
• Gross Margin Decline Risks: Increased market competition, falling product prices, or rising raw material costs could make it difficult to maintain high gross margins.
• Seasonality Risks: Demand in high-reliability downstream fields is affected by policies and project schedules, leading to seasonal revenue fluctuations and potential quarterly performance instability.
• Product Quality Risks: MEMS inertial sensors have complex structures; poor manufacturing control could lead to quality issues, damaging reputation and performance.

Macroeconomic Risks

Adjustments in the global chip industry landscape and trade protection measures may impact supply chain stability and downstream demand. Deterioration of macroeconomic conditions could negatively affect the company’s operations.

Tax Incentive Risks

The company currently benefits from a 15% income tax rate as a high-tech enterprise and enjoys certain IC industry tax reductions. Future policy changes or inability to sustain these benefits could impact performance.

Management and Directors’ Compensation

• Chairman Chen Binggen: Did not receive pre-tax remuneration from the company during the period; compensation was from related parties.
• General Manager Lin Ming: Received pre-tax remuneration of 2.5132 million yuan; during the period, he reduced his holdings by 1.2 million shares.
• Vice Presidents: Hu Yaping received 1.783 million yuan; Zhang Xibo received 2.248 million yuan; Hu Zhiyong received 1.7959 million yuan. All participated in equity incentives, with Zhang Xibo and Hu Zhiyong holding shares during the period.
• Chief Financial Officer Bai Ruoxue: Received pre-tax remuneration of 1.2762 million yuan; during the period, she was granted 15,480 shares as equity incentives.

Overall, Chipone Linkage’s 2025 performance maintained rapid growth, with ongoing product optimization and improved cash flow quality. However, challenges such as market competition and customer concentration remain, requiring continued focus on new customer development, capacity expansion, and technological R&D.