Yaxiang Integration's in-hand orders reach 4.83 billion, with steady performance growth. Overseas expansion accelerates, with Singapore market revenue accounting for 72%.

Yangtze Business Daily News ● Yangtze Business Reporter Tu Yuan

Benefiting from the continuous advancement of the Singapore project and securing large orders, Yaxiang Integration (603929.SH) is expected to achieve a record high in 2025 performance.

On March 13, Yaxiang Integration disclosed its annual report. In 2025, the company’s operating revenue decreased by 8.81% year-on-year, but net profit attributable to shareholders reached 892 million yuan, a 40.30% increase. During the reporting period, the company’s comprehensive gross profit margin increased by 11.02 percentage points year-on-year.

Yangtze Business Daily notes that as a professional provider of one-stop cleanroom system integration engineering services, overseas business has become Yaxiang Integration’s core growth engine. In 2025, revenue from Singapore reached 3.55 billion yuan, a 56.02% increase, accounting for 72.36% of total operating revenue, making it the company’s main source of income and profit.

Gross profit margin surged by 11 percentage points

Data shows that Yaxiang Integration’s main business includes providing cleanroom engineering, electromechanical engineering, and construction services for high-tech electronics industries such as IC semiconductors and optoelectronics, as well as related fields like food, pharmaceuticals, and cloud computing centers. The company was listed on the Shanghai Main Board at the end of 2016.

Due to the downstream industries mainly being IC semiconductors, optoelectronics, and medical healthcare, the company turned profitable in 2021 as the domestic chip market recovered, and has maintained rapid growth for four consecutive years thereafter. From 2021 to 2024, revenue was 2.212 billion yuan, 3.039 billion yuan, 3.201 billion yuan, and 5.381 billion yuan, respectively; net profits attributable to shareholders were 24.94 million yuan, 151 million yuan, 287 million yuan, and 636 million yuan, respectively, with performance climbing several levels.

In 2025, Yaxiang Integration achieved operating revenue of 4.907 billion yuan, a decrease of 8.81% year-on-year; net profit attributable to shareholders was 892 million yuan, up 40.30%; and the gross profit margin increased by 11.02 percentage points year-on-year to 24.57%.

Regarding performance fluctuations, the company stated that in recent years, fierce domestic market competition prompted it to proactively adjust its business layout: selectively undertaking higher-margin projects domestically, leading to a decline in revenue; meanwhile, leveraging competitive advantages in the Singapore market, it secured several large-scale, high-margin projects, becoming a key driver of profit growth.

Yangtze Business Daily notes that as of the end of 2025, Yaxiang Integration’s total order backlog reached 4.83 billion yuan, a 59.35% increase from the previous year, indicating ample order reserves. Throughout 2025, the company signed 29 new projects totaling 7.091 billion yuan, a 96.54% increase. As of the end of the reporting period, the company had 68 ongoing projects with a total value of 16.239 billion yuan. Among these, 54 are domestic projects worth 5.31 billion yuan, and 14 are overseas projects worth 10.928 billion yuan.

Overseas business becomes core growth engine

As a professional provider of one-stop cleanroom system integration engineering services, Yaxiang Integration focuses on high-end fields domestically and optimizes its business structure while continuously expanding overseas markets. Its overseas business has become a core growth driver.

Yangtze Business Daily reports that from 2023 to 2024, relying on projects from United Microelectronics Corporation (UMC), Yaxiang Integration’s Singapore branch saw rapid revenue growth, with 2023 revenue reaching 1.4 billion yuan, a 382.69% increase; in 2024, it rose to 2.275 billion yuan, a 62.54% increase.

In 2025, the Singapore projects continued to develop, becoming a key support for the company’s performance growth. Revenue from Singapore reached 3.55 billion yuan, up 56.02%, accounting for 72.36% of total revenue, a significant increase of 30 percentage points from 2024. During the same period, the Singapore branch achieved a net profit of 831 million yuan, demonstrating strong profitability.

Additionally, the company actively expands into other Southeast Asian markets. In 2025, revenue in Vietnam reached 500.5 million yuan, a 14.94% increase, further improving its overseas market layout. The company has also completed establishing a wholly-owned subsidiary in Singapore with an equivalent of 30 million SGD in own funds, further consolidating its Southeast Asian presence, responding to international market changes, mitigating regional trade risks, and enhancing its resilience.

Of particular note is that, driven by demand for high-grade cleanroom construction, Yaxiang Integration continues to advance technological R&D, focusing on “precision manufacturing” as its core, concentrating on cleanroom technology breakthroughs, and promoting innovation through systematic processes. In 2025, R&D investment totaled 178 million yuan, accounting for 3.63% of operating revenue. By December 2025, the company held 85 valid patents and established a database of cleanroom engineering projects, digitizing and scientificizing years of project experience to support project acquisition and implementation.