Haida Co., Ltd. 2025 Annual Report Analysis: Operating Cash Flow Surges by 276.85%, R&D Expenses Increase by 11.88%

Operating Revenue: Steady Growth, Performance Improvement Driven by Multiple Sectors

In 2025, the company achieved an operating revenue of 3.598 billion yuan, a year-on-year increase of 8.83%, with revenue scale continuously expanding. By business segment, revenue from rail transit products was 766 million yuan, a year-on-year increase of 15.93%, driven by technological advantages in areas such as large-diameter shield seal; revenue from automotive products was 1.479 billion yuan, a year-on-year increase of 13.99%, with significant results in expanding the whole vehicle sealing and vibration damping parts business; revenue from lightweight aluminum products was 597 million yuan, a year-on-year increase of 10.49%, with gradual implementation in the new energy vehicle sector.

Profitability Indicators: Significant Increase in Net Profit, Improvement in Profit Quality

2. Net Profit: In 2025, the net profit attributable to shareholders of the listed company was 232 million yuan, a year-on-year increase of 43.67%, with growth rate far exceeding revenue, mainly due to product structure optimization, cost control, and the positive contribution of non-recurring gains and losses.
3. Deducted Non-Recurring Net Profit: The net profit after deducting non-recurring gains and losses was 228 million yuan, a year-on-year increase of 43.55%, consistent with the net profit growth rate, indicating stable core profitability drivers, with minimal impact from non-recurring gains and losses.
4. Basic Earnings Per Share: Basic earnings per share were 0.3865 yuan/share, a year-on-year increase of 43.68%; deducted earnings per share were 0.3772 yuan/share, a year-on-year increase of 43.55%. The growth in earnings per share matched the growth in net profit, significantly enhancing shareholder return levels.

Expense Analysis: Increased R&D Investment, Optimized Sales Expenses

2. Total Expenses: In 2025, total period expenses amounted to 337 million yuan, a year-on-year increase of 3.14%, with expense growth rate lower than revenue growth rate, indicating effective expense control.
3. Sales Expenses: Sales expenses were 97 million yuan, a year-on-year decrease of 12.36%, mainly due to a reduction in sales service expenses. The company optimized sales channels and service models while maintaining market expansion efforts.
4. Management Expenses: Management expenses were 87 million yuan, a year-on-year increase of 12.56%, mainly due to increased compensation for management personnel, driven by the company’s scale expansion.
5. Financial Expenses: Financial expenses were 10 million yuan, a slight decrease of 0.74%, with little change, primarily because interest expenses and interest income were roughly balanced.
6. R&D Expenses: R&D expenses were 143 million yuan, a year-on-year increase of 11.88%, as the company continued to increase investment in R&D in areas such as automotive vibration damping parts and rail transit sealing parts, with 1 new authorized invention patent and 9 utility model patents added, participating in drafting multiple industry standards, further enhancing technological competitiveness.

R&D Personnel Situation: Stable Team, Increased Proportion of Highly Educated Talent

In 2025, the number of R&D personnel in the company was 351, a year-on-year decrease of 2.50%, but the proportion of R&D personnel still reached 12.11%. In terms of educational structure, there were 192 R&D personnel with a bachelor’s degree or above, a year-on-year increase of 4.42%, including 17 master’s R&D personnel, a year-on-year increase of 13.33%. The educational level and professional capability of the R&D team continued to improve, providing talent support for technological innovation.

Cash Flow: Significant Improvement in Operating Cash Flow, Negative Net Cash Flow from Financing Activities

2. Total Cash Flow: In 2025, the net increase in cash and cash equivalents was 314 million yuan, a year-on-year increase of 190.92%, with cash flow conditions significantly improved.
3. Operating Cash Flow: The net cash flow generated from operating activities was 358 million yuan, a year-on-year surge of 276.85%, primarily due to the company increasing collection efforts, with cash received from sales of goods increasing by 5.95% year-on-year, while inventory and accounts receivable management improved, significantly enhancing the quality of operating cash flow.
4. Investing Cash Flow: The net cash flow from investing activities was -120 million yuan, a year-on-year decrease of 34.58%, mainly due to new large certificate of deposit investments during the reporting period, with cash paid for purchasing fixed assets and intangible assets decreasing by 21.07% year-on-year, resulting in an adjustment of investment pace.
5. Financing Cash Flow: The net cash flow from financing activities was -207 million yuan, turning from positive to negative year-on-year, primarily because the company repaid bank loans of 415 million yuan, a year-on-year increase of 24.19%, while cash received from borrowings decreased by 34.46% year-on-year, as the company actively optimized its debt structure and reduced financial leverage.

Potential Risks

2. Raw Material Price Fluctuation Risk: The prices of the company’s main raw materials such as EPDM and carbon black are highly correlated with oil prices. If international oil prices continue to rise, it will directly increase the company’s production costs, squeezing profit margins.
3. Downstream Industry Fluctuation Risk: The company’s business involves multiple industries such as rail transit, automotive, and shipping. If the macro economy declines and leads to a contraction in downstream industry demand, it will adversely affect the company’s revenue and profitability.
4. Overseas Business Risk: The company’s overseas business accounts for about 7.86%. If geopolitical conflicts abroad escalate or trade policies change, it will affect the delivery of overseas orders and profitability.
5. Goodwill Impairment Risk: The goodwill resulting from the acquisition of Ningbo Kenuo Precision Engineering had a closing balance of 115 million yuan. If the subsidiary’s future operating performance does not meet expectations, it may face goodwill impairment risk, impacting the company’s current gains and losses.

Compensation for Directors, Supervisors, and Senior Management: Core Management Compensation Linked to Performance

During the reporting period, the chairman and general manager Qian Zhenyu received a total pre-tax compensation of 1.1357 million yuan from the company; deputy general manager Peng Xun received pre-tax compensation of 789,800 yuan, deputy general manager Hu Yunxin received pre-tax compensation of 592,400 yuan, and deputy general manager Wu Tianyi received pre-tax compensation of 865,800 yuan; financial director Hua Ping received pre-tax compensation of 739,500 yuan. Compensation for core management is linked to the company’s performance growth, with an effective incentive mechanism.

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