Full-Year Revenue Growth and Profitability
Total revenue for FY2025 was RMB 2,428.2 million, up 14.6% year-over-year. Net income attributable to ordinary shareholders was RMB 141.6 million (non-GAAP net income RMB 155.7 million), with a net profit margin of ~5.8%. Gross profit increased to RMB 615.0 million for FY2025.
Strong Balance Sheet and Shareholder Returns
As of Dec 31, 2025 the company held cash & cash equivalents of RMB 806.6 million, restricted cash RMB 164.4 million, short-term deposits RMB 258.0 million and short-term investments RMB 82.6 million. Declared special dividends (USD 0.088 per ADS in July 2025 and another USD 0.066 per share announced), and authorized a USD 20 million share repurchase program (repurchased ~1.03 million ADS for ~USD 2.5 million).
Overseas Traction and Channel Momentum
Notable progress in North America and Southeast Asia: Amazon channel delivered triple-digit sequential sales growth in H2 2025; Black Friday rankings included #19 in water purifier category and #4 in under-sink RO segment. Management expects significant overseas expansion and targets triple-digit overseas revenue growth in 2026.
Manufacturing & Product Expansion — Gigafactory Live
Commenced full operations of an overseas premium production line (water purifier gigafactory) supporting integrated functions (instant heating/cooling/ice making) to serve North America, Europe and Southeast Asia — improving supply agility for differentiated products.
R&D Investment and IP Strength
R&D investment increased (FY R&D RMB 165.6 million, +15.9% YoY; H2 R&D RMB 76.3 million, +12.7% YoY). Global patent applications surpassed ~1,950 across 14 countries. Management emphasized AI-driven water quality, mineral control algorithms and intelligent self-cleaning as core competitive capabilities.
Product Portfolio Diversification Success
Kitchen appliances and others category grew strongly: FY revenue RMB 506.2 million, up 47.6% YoY, reflecting success in expanding higher-margin product segments and diversifying revenue streams.