15x Bull Stock Roboteck Reports Losses: Shareholders Plan to Cash Out 800 Million, Silicon Photonics Orders Face Major Test

Ask AI · When Will Roboteck Silicon Photonics Orders Turn the Losses Around?

From a bottom price of 28.24 yuan in 2024 to a peak of 458 yuan in 2025, Roboteck (300757.SZ) has experienced a rise of over 15 times in just over two years.

However, contrasting with the sharp stock price surge is the company’s disclosure on March 30 that its 2025 annual report shows a year-on-year loss. The company states that the main reasons for the performance decline are twofold: during the downturn cycle of the photovoltaic industry, equipment demand sharply decreased, causing related business revenue to plunge by over 50%, and the optoelectronic business is in the early high-investment stage, with surging period expenses eroding net profit.

In the wave of AI silicon photonics and CPO technology, the core support for Roboteck’s stock price rally is the orders held by its wholly owned subsidiary ficonTEC, acquired last year. On March 25, the company announced a 600 million yuan mass production order for silicon photonics equipment, accounting for 54.23% of its 2024 revenue.

But the impressive industry story and orders have yet to translate into tangible profits. The continued pressure on the photovoltaic main business and high costs for developing new businesses mean that this market-favored leading enterprise stands at a crossroads of valuation and performance realization.

Photovoltaic Business Under Pressure and High Expenses “Double Drag”

Annual report data shows that Roboteck’s total operating revenue in 2025 was 950 million yuan, down 14.14% from 1.11B yuan in 2024; net profit attributable to the parent was a loss of 664.4B yuan, turning from profit to loss year-on-year. After deducting non-recurring gains and losses, net profit attributable to the parent further widened to a loss of 101 million yuan, a significant decline from profitability in 2024.

Photovoltaic cell equipment, optoelectronics, and semiconductors are Roboteck’s two main business segments. In 2025, the divergence in industry prosperity between these two sectors was prominent and is the main factor behind the performance decline.

In 2025, the photovoltaic industry was in a phase of overcapacity and deep adjustment, with downstream customers showing weak capital expenditure willingness, leading to shrinking overall equipment demand. Roboteck’s photovoltaic business saw a significant decrease in new orders and revenue. Although revenue from optoelectronic and semiconductor packaging and testing equipment increased significantly year-on-year, it has not yet achieved scale effects to effectively offset the decline in photovoltaic business.

According to disclosures, in 2025, the photovoltaic business generated revenue of 460 million yuan, down 56.25% from 1.05B yuan in the same period last year, with a gross margin of 29.79%, a slight increase of 1.31 percentage points year-on-year. Revenue from optoelectronic and semiconductor packaging and testing equipment rose from 50.18 million yuan in 2024 to 440 million yuan, a 7.75-fold increase, with a gross margin of 39.24%.

The company states that the rapid growth of the optoelectronic business mainly benefits from the rapid development of the AI industry, which drives explosive demand in high-performance computing, data centers, and high-speed optical communications. The markets for silicon photonic modules, CPO (co-packaged optics), and optical chips are experiencing fast growth.

While deepening its layout in optoelectronics and semiconductors, Roboteck’s period expenses have also increased significantly, eroding profit margins. The annual report shows that in 2025, the company’s total period expenses reached 344 million yuan, up about 75.5% from 195 million yuan in 2024.

Specifically, due to the acquisition and consolidation of Feikong Taike and its subsidiary ficonTEC, management expenses soared to 110 million yuan, a 185.98% increase. To expand in the semiconductor and silicon photonics equipment markets, sales expenses rose from 54.45 million yuan to 93.83 million yuan, a 72.32% increase. R&D expenses reached 106 million yuan, up 25.98%. Coupled with exchange rate fluctuations, financial expenses increased by about 80% to 33.78 million yuan.

15-Fold Rise in Silicon Photonics Narrative, Can Performance Keep Up?

Roboteck’s stock price surge was not driven by traditional photovoltaic business but by market expectations for its silicon photonics coupling equipment.

Plug-in optical modules are core devices for optical-electrical conversion in optical communications. The coupling process, as a key step in optical module packaging, accounts for about 40% of the value in the packaging process and is critical for determining yield and capacity.

With rapid AI development, continuous expansion and technological iteration of optical modules are proceeding in parallel. The acceleration of 800G and 1.6T optical modules, along with the large-scale implementation of silicon photonics and CPO technologies, has increased the demand for optical link precision, making coupling equipment the most beneficial link in the upgrade of optical module manufacturing processes.

In May 2025, Roboteck officially achieved 100% control of ficonTEC. Through this acquisition, the company quickly entered the field of optoelectronics and semiconductor equipment. ficonTEC is a manufacturer of equipment for automated packaging and testing in optoelectronics and semiconductors, mainly used for micro-assembly and testing of photonic components, including silicon photonic chips, quantum devices, optical modules, etc. The biggest highlight of this acquisition is ficonTEC’s silicon photonics equipment business, which is expected to contribute new growth points to the company’s performance.

According to disclosures, as of the annual report disclosure date, Roboteck’s on-hand orders for optoelectronics and semiconductors amounted to about 1.105 billion yuan. On March 25, the company also announced that ficonTEC and its subsidiaries signed a 600 million yuan contract with a Nasdaq-listed company F and its subsidiaries, for mass production coupling equipment and services applicable to plug-in silicon photonics technology routes.

However, the lively industry narrative and existing orders have not yet translated into profit growth for the company. Regarding the reasons for optoelectronic revenue and profit shortfalls, Roboteck explained that in 2025, ficonTEC developed new technological applications with key customers, leading to longer equipment delivery cycles that did not meet expectations; extended production cycles increased equipment costs, resulting in a decline in gross margin for this business.

Facing uncertainties in order conversion, market opinions are divided. From the changes in the top ten circulating shareholders at the end of 2025, it is evident that capital plays a significant role. The northbound Stock Connect increased holdings by 72.2k shares over two quarters, reaching 968.9k shares, making it one of the few institutional investors to increase holdings.

Index funds generally reduced holdings, with the Southern CSI 500 ETF decreasing by 32.5k shares, and the Huatai-PineBridge CSI Photovoltaic Industry ETF reducing by 165.7k shares. Individual shareholders Wang Mo and Zheng Xiaofeng became new top ten circulating shareholders, holding 0.83% and 0.62%, respectively.

After the stock price soared, Roboteck’s controlling shareholders’ concerted actors also recently announced plans to reduce holdings. The second-largest shareholder, Ningbo Kejun Enterprise Management Consulting Center (Limited Partnership) (“Kejun Investment”), plans to reduce no more than 2.205 million shares via block trades, citing personal funding needs. Based on the March 30 closing price, this would realize about 850 million yuan in cash.

According to disclosures, Roboteck’s actual controller Dai Jun, controlling shareholder Yuan Jiexing, and shareholder Kejun Investment are acting in concert. Dai Jun directly holds 24.43% of Kejun Investment.

Currently, Roboteck’s total market value exceeds 64 billion yuan, yet the company’s annual net profit remains in loss, with a valuation and performance disconnect reaching an extreme. For this 15-bagger, the delivery progress of silicon photonics orders, revenue recognition, and profit realization will be key factors determining valuation trends. If the market’s expectations for silicon photonics can be fulfilled as scheduled, the company may achieve alignment of performance and valuation; but if orders fall short or profits cannot turn positive, the stock’s rally supported by industry stories could face significant correction risks, with the potential for a “Davis double kill.”

(This article is from First Financial)