Summary 2025 First Half Performance Overview Fortior Technology's H1 2025 revenue and gross profit increased, but profit decreased due to share-based payments; no interim dividend Performance Highlights | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 375.0 | 282.3 | 32.8% | | Gross Profit | 194.6 | 148.4 | 31.1% | | Profit | 116.5 | 122.0 | -4.5% | - The decrease in profit was primarily due to the restricted share incentive plan implemented in November 2024, with share-based payments increasing by approximately RMB 32.0 million year-on-year during the reporting period; excluding this impact, profit would have increased by 18.7% year-on-year2 - The Board recommended no interim dividend for the six months ended June 30, 20252 Financial Performance Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income H1 2025 revenue and gross profit grew, but profit for the period decreased due to higher income tax, with basic EPS at RMB 1.26 Condensed Consolidated Statement of Profit or Loss | Indicator (RMB thousand) | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 375,040 | 282,324 | 32.8% | | Cost of sales | (180,448) | (133,931) | 34.7% | | Gross Profit | 194,592 | 148,393 | 31.1% | | Other income and gains | 39,183 | 38,737 | 1.2% | | Selling and distribution expenses | (17,012) | (8,316) | 104.6% | | Administrative expenses | (21,890) | (13,158) | 66.4% | | Research and development costs | (70,710) | (40,194) | 75.9% | | Profit Before Tax | 121,801 | 124,101 | -1.85% | | Income tax expense | (5,290) | (2,080) | 154.3% | | Profit for the Period | 116,511 | 122,021 | -4.5% | Earnings Per Share | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic Earnings Per Share | RMB 1.26 | RMB 1.32 | | Diluted Earnings Per Share | RMB 1.25 | RMB 1.32 | Condensed Consolidated Statement of Financial Position Total assets increased to RMB 2,742.1 million as of June 30, 2025, driven by current assets; net assets and total equity also grew Condensed Consolidated Statement of Financial Position Highlights | Indicator (RMB thousand) | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 804,927 | 1,013,070 | -20.55% | | Total current assets | 1,937,173 | 1,636,181 | 18.40% | | Total current liabilities | 88,305 | 78,954 | 11.84% | | Total non-current liabilities | 15,309 | 17,362 | -11.83% | | Net Assets | 2,638,486 | 2,552,935 | 3.35% | | Total Equity | 2,638,486 | 2,552,935 | 3.35% | - The decrease in total non-current assets was primarily due to debt investments at fair value (negotiable certificates of deposit) decreasing from RMB 794,344 thousand to RMB 546,727 thousand633 - The increase in total current assets was mainly driven by financial assets at fair value increasing from RMB 824,396 thousand to RMB 914,434 thousand, and debt investments at fair value increasing from RMB 181,818 thousand to RMB 513,861 thousand63338 Notes to the Financial Statements Company Information and Accounting Policies Fortior Technology, listed on STAR Market in 2022, commenced H-share listing on HKEX on July 9, 2025, focusing on BLDC motor drive control; financials under IAS 34 - The Company's H shares have been listed on the Main Board of the Stock Exchange of Hong Kong (stock code: 01304) since July 9, 20259 - The Group is principally engaged in the development and commercialization of BLDC (Brushless Direct Current) motor drive control and drive products and solutions9 - The condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and on a historical cost basis, with certain financial assets measured at fair value10 Operating Segment Information The company operates as a single business unit focused on BLDC motor drive control and solutions, with 92.18% of H1 2025 revenue from mainland China, and major customers A and B contributing a significant portion of total revenue - The Group operates as a single business unit based on its products, primarily engaged in the development and commercialization of BLDC motor drive control and drive products and solutions13 Revenue by Geographical Region | Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | 2025 Share (%) | | :--- | :--- | :--- | :--- | | Mainland China | 345,722 | 262,818 | 92.18% | | Other Countries/Regions | 29,318 | 19,506 | 7.82% | | Total Revenue | 375,040 | 282,324 | 100% | Revenue from Major Customers | Major Customer | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | 52,210 | 39,661 | | Customer B | 38,889 | 28,618 | Revenue Breakdown In H1 2025, total revenue reached RMB 375.0 million, with MCU products being the largest contributor, and ASIC and IPM products showing significant growth of 56.4% and 64.7% respectively, all recognized at the point of goods transfer Revenue by Product Type | Product Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | MCU | 228,095 | 174,338 | 30.8% | | ASIC | 66,878 | 42,749 | 56.4% | | HVIC | 43,210 | 42,279 | 2.2% | | MOSFET | 1,202 | 1,005 | 19.6% | | IPM | 35,282 | 21,427 | 64.7% | | Others | 373 | 526 | -29.1% | | Total Revenue | 375,040 | 282,324 | 32.8% | - All revenue is recognized at a point in time when goods are transferred21 Other Income and Gains In H1 2025, total other income and gains remained stable at RMB 39.18 million, with a significant increase in other interest income from debt investments at fair value offsetting declines in investment income from financial assets and bank interest income Other Income and Gains Breakdown | Item (RMB thousand) | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Bank interest income | 3,356 | 5,903 | -43.2% | | Other interest income from debt investments | 13
FORTIOR(01304) - 2025 - 中期业绩