Weiguang Co., Ltd. (002801) 2025 Annual Report Brief Analysis: Revenue and Net Profit Both Increase Year-over-Year

According to the publicly available data organized by Securities Star, Micro-light Co., Ltd. (002801) recently released its annual report for 2025. According to the financial report, Micro-light Co., Ltd. achieved a year-on-year growth in both revenue and net profit. As of the end of this reporting period, the company’s total operating revenue was 1.475 billion yuan, an increase of 4.68% year-on-year, and the net profit attributable to the parent company was 364 million yuan, an increase of 65.22% year-on-year. Looking at the quarterly data, the total operating revenue for the fourth quarter was 370 million yuan, a decrease of 5.35% year-on-year, while the net profit attributable to the parent company for the fourth quarter was 73.5672 million yuan, an increase of 735.67% year-on-year.

This data fell short of most analysts’ expectations, as analysts had generally anticipated a net profit of around 366 million yuan for 2025.

The various data indicators released in this financial report showed average performance. Among them, the gross profit margin was 30.3%, a decrease of 6.13% year-on-year, the net profit margin was 24.71%, an increase of 57.84% year-on-year, and the total sales, administrative, and financial expenses amounted to 51.5499 million yuan, accounting for 3.5% of revenue, an increase of 62.04% year-on-year. The net asset per share was 8.34 yuan, an increase of 15.69% year-on-year, the operating cash flow per share was 1.02 yuan, a decrease of 23.1% year-on-year, and the earnings per share was 1.59 yuan, an increase of 65.62% year-on-year.

The reasons for the significant changes in the financial items in the financial statements are as follows:

1. The change in financial expenses was 61.06%, due to exchange losses from currency fluctuations in the current period.
2. The change in net cash flow from investing activities was -37.92%, due to increased stock investments in the current period.
3. The change in net cash flow from financing activities was -66.67%, due to increased cash dividends in the current period.

The Securities Star value investment circle financial report analysis tool shows:

• Business Evaluation: The company’s ROIC last year was 19.52%, indicating a strong capital return rate. The net profit margin last year was 24.71%, showing high added value for the company’s products or services after accounting for all costs. From the historical annual report data, the median ROIC since the company went public has been 19.52%, with good investment returns, including the worst year in 2023 with an ROIC of 6.87% and average investment returns. The company’s historical financial reports are relatively favorable (Note: The company has been listed for less than 10 years; the longer the listing time, the greater the reference significance of the financial averages.).

• Debt Repayment Ability: The company’s cash assets are very healthy.

• Business Breakdown: The company’s net operating asset return rates over the past three years (2023/2024/2025) were 19.5%/28.6%/40.5%, with net operating profits of 115 million/221 million/364 million yuan, and net operating assets of 588 million/770 million/901 million yuan.

  The company’s working capital/revenue over the past three years (2023/2024/2025) were 0.08/0.06/0.09, where the working capital (the money the company spends during its operations) were 107 million/79.042 million/135 million yuan, and revenues were 1.268 billion/1.409 billion/1.475 billion yuan.

The above content is compiled by Securities Star based on publicly available information and generated by AI algorithms (Internet Information Office Network Security Review No. 310104345710301240019), and does not constitute investment advice.