BATELAB (02149) released its audited results for the year ended 31 December 2025.

Revenue and Gross Margin • Revenue edged up 0.9% year-on-year (YoY) to RMB 584.12 million, driven by sustained demand for high-end industrial analog chips. • Gross profit slipped 1.5% to RMB 302.25 million, with gross margin narrowing to 51.7% (2024: 53.0%) after a higher inventory-impairment provision.

Profitability • Profit for the year fell 26.8% to RMB 122.01 million, mainly due to RMB 51.00 million of share-based payment expenses booked for R&D staff. • Excluding equity-settled share payments and foreign-exchange movements, adjusted net profit (non-HKFRS) rose 18.5% to RMB 188.96 million. • Earnings per share (basic) declined to RMB 1.97 from RMB 2.78.

Cost Structure • Cost of sales increased 3.7% to RMB 281.87 million in line with revenue growth and the inventory provision. • R&D expenses expanded 14.1% to RMB 147.44 million, reflecting continued investment in full-stack analog design capabilities and the one-off equity incentive. • Distribution costs rose 30.4% to RMB 9.02 million, while administrative expenses fell 13.6% to RMB 27.40 million.

Cash, Liquidity and Leverage • Cash and cash equivalents stood at RMB 546.88 million (2024: RMB 636.02 million). • Interest-bearing borrowings dropped to RMB 236.77 million, trimming the gearing ratio to 18.8% (2024: 32.4%). • Unutilised banking facilities amounted to RMB 1.47 billion. • Inventories increased to RMB 467.00 million (2024: RMB 315.40 million) to support order fulfilment; prepayments to suppliers rose to RMB 467.13 million.

Capital Expenditure and Commitments • FY2025 capex totalled RMB 105.20 million, largely for R&D equipment. • Outstanding capex commitments were RMB 49.80 million as at year-end.

Dividend • The Board proposed no final dividend, in line with the prior year.

Operational Update and Outlook BATELAB maintained its focus on industrial-grade power-management and signal-chain products, expanding its portfolio to more than 1,000 models and accumulating over 800 proprietary IP modules. Management intends to migrate from a pure fabless model toward a “Fablite” structure while deepening penetration in emerging markets such as AI servers, new-energy vehicles and green-energy management.