Driven by Dual Engines of AI and New Energy, Han's Laser Revenue Topped USD 2.67 Billion with Nearly Doubled NPAT (excl. NRGL) ！
Release time：2026.04.21
Views：2309
On April 17th, Han's Laser (002008.SZ) released 2025 annual report. The report indicates that Han's Laser exceeded annual revenue of USD 2.67 billion, up 27.00% year-on-year, marking a three-year high in revenue scale. Our net profit attributable to shareholders of the listed company was CNY 1.19 billion, while our net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was CNY 810 million, with the latter surging by as much as 82.28% year-on-year, reflecting continuous improvement in our operating quality. Driven by the three major trends of explosive growth in AI computing power, the globalization of new energy, and the domestic substitution of semiconductors, Han's Laser leverages vertically integrated technological advantages to further deepen presence in the intelligent manufacturing equipment sector. With a continuously optimized business portfolio and robust core growth drivers, we have laid a solid foundation for domestic self-sufficiency and our global footprint expansion.
In 2025, Han's Laser achieved record annual revenue exceeding CNY 18.7 billion, up 27% year-on-year. Driven by the dual engines of sustained robust demand for infrastructure in the AI computing power industrial chain, including servers and high-speed switches, and technological upgrading and iteration in end-markets such as consumer electronics, automotive electronics and industrial control, the market for high value-added multilayer boards and high-layer HDI boards expanded rapidly. This robust expansion in the high-end PCB segment has led downstream manufacturers to continuously ramp up their investment in fixed assets such as dedicated PCB processing machinery and other intelligent manufacturing equipment. As a professional manufacturer of such equipment, Han's Laser achieved substantial year-on-year growth in sales orders and synchronized increases in production, delivering rapid growth in operating revenue.
On a quarterly basis, Han's Laser demonstrated a clear trend of improving performance quarter by quarter. In the fourth quarter of 2025, our operating revenue reached CNY 6.046 billion, up 18.55% quarter-on-quarter, representing our continuous expansion in revenue and enhancement in profitability. The combination of strong industry momentum and our competitive advantages has created favorable conditions for our sustainable performance growth in 2026.
Han's Laser's principal business is the research and development, production and sales of intelligent manufacturing equipment and the related core components. We possess a vertical integration advantage covering from basic components and complete machines to processing solutions, positioning us as a global leading provider of overall solutions for intelligent manufacturing equipment. Our product portfolio encompasses information industry equipment, new energy equipment, semiconductor equipment and general industrial laser processing equipment and other related equipment. In 2025, Han's Laser delivered remarkable progress in both production capacity expansion and market performance, with equipment sales reaching 54,174 units, up 26.44% year-on-year, and output reaching 55,734 units, up 31.70% year-on-year. With both production and sales exceeding 50,000 units, we have demonstrated our strong large-scale delivery capability as a leading intelligent manufacturing equipment provider, while also validating the resilience of the entire industrial chain.
In 2025, Han's Laser delivered robust growth across all business segments, with high-growth sectors making outstanding contributions.
Information industry equipment was Han's Laser's primary growth engine, achieving annual revenue of CNY 8.245 billion, up 50.28% year-on-year. Driven by explosive growth in AI computing power, revenue from PCB equipment reached CNY 5.773 billion，surging by 72.68% year-on-year. We have made technological breakthroughs in core processes for high multilayer boards, HDI boards and advanced packaging substrates, with multiple equipment products certified by industry leaders, and our market share has continued to expand. We have forged deep partnerships with key clients in sectors including smartphones, smart glasses and metal 3D printing, while new technologies such as high-reflectivity material printing have unlocked new growth opportunities for us.
Our new energy equipment maintained rapid growth, with annual revenue reaching CNY 2.361 billion, up 53.36% year-on-year. Revenue from lithium battery equipment reached CNY 2.256 billion, up 49.65% year-on-year. Han's Laser has kept pace with the production capacity expansion plans of leading clients such as CATL, while actively expanding overseas markets. Meanwhile, we have achieved breakthroughs in new technologies including cylindrical cell side welding, resulting in substantial improvements in our equipment yield and efficiency. As for photovoltaic equipment, we focused on the TOPCon cell segment. Supported by technological iteration and production capacity expansion in the industry, our products including laser doping and non-destructive dicing achieved rapid growth.
Our semiconductor equipment grew steadily, with annual revenue reaching CNY 2.041 billion, up 15% year-on-year. The unit price of one of our panel laser drilling equipment specific models hit as high as CNY 100 million, with repeat orders secured. Meanwhile, our laser repair and laser lift-off equipment have been incorporated into the supply chains of BOE and CSOT. In addition, Han's Laser has maintained a leading position in China in SiC wafer slicing and advanced packaging debonding equipment, while the wafer automation products of our subsidiary Han's Fuchuangde achieved rapid growth. Although the LED packaging business faced pressure, our import substitution has accelerated and our power semiconductor equipment has achieved batch sales.
Our general industrial laser equipment business maintained as a solid core foundation, with annual revenue of CNY 6.112 billion, up 2.37% year-on-year. Sales of high-power equipment rose 30.47% year-on-year, and our ultra-high-power products ranging from 40kW to 60kW maintained an industry-leading position. Revenue from low-power equipment reached CNY 2.949 billion, up 14.12% year-on-year. Growth rates in the automotive electronics and connector sectors reached 197% and 47% respectively, and a number of core lasers have achieved independent, controllable domestic self-sufficiency.
Han's Laser continued increasing R&D investment. In 2025, our R&D expenses reached CNY 2.084 billion, up 14.51% year-on-year, accounting for 11.11% of total revenue. We focused on core segments including lasers, precision control, and semiconductor processes. Driven by our R&D efforts, key technological breakthroughs were achieved in high-density multi-dimensional heterogeneous integration, high-end bonding, glass substrates and other areas, while cutting-edge technologies such as advanced packaging and CPO were accelerated for industrial application, providing sustained impetus for our business growth. Meanwhile, Han's Laser further optimized global footprint, with Han's CNC successfully listed on the Hong Kong Stock Exchange, accelerating our internationalization process and helping to increase our overseas market share.
In 2025, Han's Laser deeply integrated the ESG philosophy into development and have delivered a high-quality performance featuring zero major incidents and double-digit emission reductions.
Mr. Gao Yunfeng of Han's Laser stated:
“Han's Laser has always adhered to its mission of ‘Strengthen and Equip the World’. We have embedded the ESG philosophy into our development DNA, and integrated sustainable development requirements throughout the entire process of strategy formulation, production and operation, and industrial collaboration. We consolidate our foundation through technological innovation, demonstrate our responsibility through green transformation, and gather synergy through value co-creation. We promote the coordinated advancement in economy, environment and social values, and illuminate a sustainable future with the power of light.”
On the environmental front, Han's Laser has achieved a shift from passive carbon reduction to active green development. In 2025, the distributed photovoltaic power generation at our industrial parks exceeded 1.05 million kWh, and our rainwater harvesting system collected 870 tonnes of rainwater for ecological greening, effectively reducing the comprehensive energy consumption per CNY 10,000 of industrial output value. Our core products, the J20H‑GW portable handheld laser marker and our green laser processing solutions, have successfully obtained carbon footprint certification, marking that Han's Laser has established a green management system covering full product lifecycle. This provides a replicable benchmark for the green transformation of the manufacturing industry.
On the social front, Han's Laser has built a sustainable ecosystem featuring shared responsibility. Internally, we have empowered employee growth through more than 3,400 training sessions and achieved the "double zero" target of zero occupational diseases and zero major safety incidents. Externally, we have extended responsibilities to the supply chain and communities. By adopting ESG compliance as a strict threshold for supplier access and conducting 123 special training sessions throughout the year, we have established a transparent and sound supply chain ecosystem. Meanwhile, we have actively participated in rural revitalization and volunteer services, and established a 1,000-member volunteer team to serve the community.
On the governance front, Han's Laser has established a vertical framework of “decision-making, operation and execution”, translating ESG indicators into binding management assessment criteria. No commercial bribery or corruption incidents occurred in 2025, and the coverage rate of anti-corruption training for our staff members reached 100%. Leveraging ISO27001 certification and regular information security drills, we have firmly safeguarded client privacy amid the era of data proliferation, with zero privacy breaches throughout the year, demonstrating our outstanding risk management and control capabilities.
Looking ahead to 2026, Han's Laser will seize industry opportunities in high-performance computing, storage, embodied intelligence and other sectors, continuously promote the transformation of technological breakthroughs into mass production capabilities, and enhance high-end capacity utilization and operational efficiency. Against the backdrop of accelerating domestic substitution of high-end equipment and sustained robust expansion in AI and new energy sectors, we are well-positioned to achieve dual enhancement in performance and corporate value through technological innovation and global deployment. We will continue to lead the domestic intelligent manufacturing equipment industry and will accelerate our progress from a leading equipment manufacturer in China to a top-tier global intelligent manufacturing solution provider.
In 2025, Han's Laser achieved record annual revenue exceeding CNY 18.7 billion, up 27% year-on-year. Driven by the dual engines of sustained robust demand for infrastructure in the AI computing power industrial chain, including servers and high-speed switches, and technological upgrading and iteration in end-markets such as consumer electronics, automotive electronics and industrial control, the market for high value-added multilayer boards and high-layer HDI boards expanded rapidly. This robust expansion in the high-end PCB segment has led downstream manufacturers to continuously ramp up their investment in fixed assets such as dedicated PCB processing machinery and other intelligent manufacturing equipment. As a professional manufacturer of such equipment, Han's Laser achieved substantial year-on-year growth in sales orders and synchronized increases in production, delivering rapid growth in operating revenue.
On a quarterly basis, Han's Laser demonstrated a clear trend of improving performance quarter by quarter. In the fourth quarter of 2025, our operating revenue reached CNY 6.046 billion, up 18.55% quarter-on-quarter, representing our continuous expansion in revenue and enhancement in profitability. The combination of strong industry momentum and our competitive advantages has created favorable conditions for our sustainable performance growth in 2026.
Han's Laser's principal business is the research and development, production and sales of intelligent manufacturing equipment and the related core components. We possess a vertical integration advantage covering from basic components and complete machines to processing solutions, positioning us as a global leading provider of overall solutions for intelligent manufacturing equipment. Our product portfolio encompasses information industry equipment, new energy equipment, semiconductor equipment and general industrial laser processing equipment and other related equipment. In 2025, Han's Laser delivered remarkable progress in both production capacity expansion and market performance, with equipment sales reaching 54,174 units, up 26.44% year-on-year, and output reaching 55,734 units, up 31.70% year-on-year. With both production and sales exceeding 50,000 units, we have demonstrated our strong large-scale delivery capability as a leading intelligent manufacturing equipment provider, while also validating the resilience of the entire industrial chain.
In 2025, Han's Laser delivered robust growth across all business segments, with high-growth sectors making outstanding contributions.
Information industry equipment was Han's Laser's primary growth engine, achieving annual revenue of CNY 8.245 billion, up 50.28% year-on-year. Driven by explosive growth in AI computing power, revenue from PCB equipment reached CNY 5.773 billion，surging by 72.68% year-on-year. We have made technological breakthroughs in core processes for high multilayer boards, HDI boards and advanced packaging substrates, with multiple equipment products certified by industry leaders, and our market share has continued to expand. We have forged deep partnerships with key clients in sectors including smartphones, smart glasses and metal 3D printing, while new technologies such as high-reflectivity material printing have unlocked new growth opportunities for us.
Our new energy equipment maintained rapid growth, with annual revenue reaching CNY 2.361 billion, up 53.36% year-on-year. Revenue from lithium battery equipment reached CNY 2.256 billion, up 49.65% year-on-year. Han's Laser has kept pace with the production capacity expansion plans of leading clients such as CATL, while actively expanding overseas markets. Meanwhile, we have achieved breakthroughs in new technologies including cylindrical cell side welding, resulting in substantial improvements in our equipment yield and efficiency. As for photovoltaic equipment, we focused on the TOPCon cell segment. Supported by technological iteration and production capacity expansion in the industry, our products including laser doping and non-destructive dicing achieved rapid growth.
Our semiconductor equipment grew steadily, with annual revenue reaching CNY 2.041 billion, up 15% year-on-year. The unit price of one of our panel laser drilling equipment specific models hit as high as CNY 100 million, with repeat orders secured. Meanwhile, our laser repair and laser lift-off equipment have been incorporated into the supply chains of BOE and CSOT. In addition, Han's Laser has maintained a leading position in China in SiC wafer slicing and advanced packaging debonding equipment, while the wafer automation products of our subsidiary Han's Fuchuangde achieved rapid growth. Although the LED packaging business faced pressure, our import substitution has accelerated and our power semiconductor equipment has achieved batch sales.
Our general industrial laser equipment business maintained as a solid core foundation, with annual revenue of CNY 6.112 billion, up 2.37% year-on-year. Sales of high-power equipment rose 30.47% year-on-year, and our ultra-high-power products ranging from 40kW to 60kW maintained an industry-leading position. Revenue from low-power equipment reached CNY 2.949 billion, up 14.12% year-on-year. Growth rates in the automotive electronics and connector sectors reached 197% and 47% respectively, and a number of core lasers have achieved independent, controllable domestic self-sufficiency.
Han's Laser continued increasing R&D investment. In 2025, our R&D expenses reached CNY 2.084 billion, up 14.51% year-on-year, accounting for 11.11% of total revenue. We focused on core segments including lasers, precision control, and semiconductor processes. Driven by our R&D efforts, key technological breakthroughs were achieved in high-density multi-dimensional heterogeneous integration, high-end bonding, glass substrates and other areas, while cutting-edge technologies such as advanced packaging and CPO were accelerated for industrial application, providing sustained impetus for our business growth. Meanwhile, Han's Laser further optimized global footprint, with Han's CNC successfully listed on the Hong Kong Stock Exchange, accelerating our internationalization process and helping to increase our overseas market share.
In 2025, Han's Laser deeply integrated the ESG philosophy into development and have delivered a high-quality performance featuring zero major incidents and double-digit emission reductions.
Mr. Gao Yunfeng of Han's Laser stated:
“Han's Laser has always adhered to its mission of ‘Strengthen and Equip the World’. We have embedded the ESG philosophy into our development DNA, and integrated sustainable development requirements throughout the entire process of strategy formulation, production and operation, and industrial collaboration. We consolidate our foundation through technological innovation, demonstrate our responsibility through green transformation, and gather synergy through value co-creation. We promote the coordinated advancement in economy, environment and social values, and illuminate a sustainable future with the power of light.”
On the environmental front, Han's Laser has achieved a shift from passive carbon reduction to active green development. In 2025, the distributed photovoltaic power generation at our industrial parks exceeded 1.05 million kWh, and our rainwater harvesting system collected 870 tonnes of rainwater for ecological greening, effectively reducing the comprehensive energy consumption per CNY 10,000 of industrial output value. Our core products, the J20H‑GW portable handheld laser marker and our green laser processing solutions, have successfully obtained carbon footprint certification, marking that Han's Laser has established a green management system covering full product lifecycle. This provides a replicable benchmark for the green transformation of the manufacturing industry.
On the social front, Han's Laser has built a sustainable ecosystem featuring shared responsibility. Internally, we have empowered employee growth through more than 3,400 training sessions and achieved the "double zero" target of zero occupational diseases and zero major safety incidents. Externally, we have extended responsibilities to the supply chain and communities. By adopting ESG compliance as a strict threshold for supplier access and conducting 123 special training sessions throughout the year, we have established a transparent and sound supply chain ecosystem. Meanwhile, we have actively participated in rural revitalization and volunteer services, and established a 1,000-member volunteer team to serve the community.
On the governance front, Han's Laser has established a vertical framework of “decision-making, operation and execution”, translating ESG indicators into binding management assessment criteria. No commercial bribery or corruption incidents occurred in 2025, and the coverage rate of anti-corruption training for our staff members reached 100%. Leveraging ISO27001 certification and regular information security drills, we have firmly safeguarded client privacy amid the era of data proliferation, with zero privacy breaches throughout the year, demonstrating our outstanding risk management and control capabilities.
Looking ahead to 2026, Han's Laser will seize industry opportunities in high-performance computing, storage, embodied intelligence and other sectors, continuously promote the transformation of technological breakthroughs into mass production capabilities, and enhance high-end capacity utilization and operational efficiency. Against the backdrop of accelerating domestic substitution of high-end equipment and sustained robust expansion in AI and new energy sectors, we are well-positioned to achieve dual enhancement in performance and corporate value through technological innovation and global deployment. We will continue to lead the domestic intelligent manufacturing equipment industry and will accelerate our progress from a leading equipment manufacturer in China to a top-tier global intelligent manufacturing solution provider.
