Financial Performance - The company reported a total revenue of $5.396 billion for the fiscal year 2025, representing an 8.57% year-over-year growth, with Q4 revenue reaching $1.475 billion, up 11.15% year-over-year, slightly exceeding market expectations. The growth was primarily driven by demand in the Asia-Pacific region and core businesses such as RFID and mobile computing [1] - The net profit for the fiscal year was $419 million, with a net profit margin of 7.77%. However, Q4 net profit declined by 57.06%, reflecting cost pressures such as tariffs impacting gross margins. The overall gross margin for the year was 45.94%, while Q4 gross margin was 44.61%, narrowing compared to the first three quarters [1] - Operating cash flow for the year was $917 million, with free cash flow at $831 million. The return on invested capital (ROIC) was 13.12%, indicating good capital allocation efficiency [1] Strategic Initiatives - The company is deepening its AI technology deployment, particularly with applications like Zebra Companion, which enhance frontline work efficiency and align with the industry's growing demand for AI hardware. The acquisition of EloTouch Solutions in Q3 2025 to strengthen its interconnected frontline strategy is noteworthy [2] - A stock repurchase plan of $500 million announced during the October 2025 earnings meeting is ongoing until October 2026, which may support shareholder returns [2] - Although the company did not provide explicit guidance for the new fiscal year in the latest report, it has largely met its previous Q4 sales growth expectation of 8-11%. The market is focused on potential profit improvement following supply chain diversification, such as production shifts to Vietnam and Mexico, and alleviation of tariff impacts [2] Stock Performance - Following the earnings report on February 12, the stock price closed at $274.15, with a single-day increase of 8.58% and a significant trading volume of $565 million, reflecting market speculation on the differentiated performance [3] - Needham maintained a "Buy" rating with a target price of $345, suggesting that the long-term potential of the AI and RFID businesses is not fully priced in [3]

财报尚未正式发布，目前市场预期主要基于分析师预测。机构对2025Q4业绩的乐观预期集中于营收增 长（尤其是亚太地区及RFID业务），但需关注毛利率受关税等因素的潜在影响。公司此前在2025年三 季报中提及AI技术（如Zebra Companion代理）的布局，可能成为财报会议讨论焦点。 经济观察网 斑马技术（ZBRA.OQ）计划于美东时间2月12日（北京时间2月13日凌晨）公布2025年第四 季度财报。机构普遍预期该季度营收为14.66亿美元（同比增长9.89%），每股收益为3.124美元（同比 微降0.52%）。此事件是影响短期股价波动的关键因素。 机构观点 股票近期走势 近7个交易日（2026年2月5日至2月11日），斑马技术股价呈现震荡上行态势。截至2月10日收盘，股价 报256.57美元，单日微跌0.47%，但近5日累计上涨10.04%，区间最高价触及259.79美元（2月10日）。 同期，美股大盘指数分化明显，纳斯达克指数下跌0.59%，而公司所属的通讯板块下跌0.41%，斑马技 术表现相对强势。 财报分析 近期公开研报中未发现针对斑马技术的专项分析。但部分行业报告提及AI技术对硬件需求的拉动，可 ...