15x Bull Stock Roboteck Reports Losses

2026.03.31

Total text length: 2,515 characters; reading time is about 4 minutes

Author | First Financial Wei Zhongyuan

From the bottom price of 28.24 yuan in 2024, to hitting a peak of 458 yuan in 2025, Robotech (300757.SZ) has delivered a gain of more than 15 times at its peak over a period of more than two years.

However, in stark contrast to the surge in the stock price, the company disclosed its 2025 annual report on the evening of March 30, reporting a year-over-year swing to losses. The company said the main reasons for the performance decline are two major factors: during the downturn cycle in the photovoltaic industry, equipment demand dropped sharply, causing revenue from related business to plummet by more than 50%; and the optoelectronics business is in a stage of heavy upfront investment, with the explosive increase in period expenses consuming net profit.

Amid the wave of AI silicon photonics and CPO technology, the core support for Robotech’s stock celebration is the orders held by its wholly owned subsidiary ficonTEC, which the company acquired last year. On March 25 this year, the company announced a 600-million-yuan silicon photonics equipment mass-production order, accounting for 54.23% of 2024 revenue.

But despite the impressive industry narrative and orders, they have not yet been converted into tangible earnings. Continuous pressure on its photovoltaic core business, along with high costs required for the development of new businesses, have placed this market-favored leading company at a crossroads between valuation and performance realization.

“Dual drags” from pressure on the photovoltaic business and high expenses

According to the annual report data, in 2025 Robotech achieved total operating revenue of 950 million yuan, down 14.14% year over year from 600M yuan in 2024; net profit attributable to shareholders fell into a loss of 1.11B yuan, turning from profit to loss year over year. After deducting non-recurring gains and losses, the net profit attributable to shareholders loss widened further to -101 million yuan, showing a significant decline compared with the profit position in 2024.

Photovoltaic cell equipment and optoelectronics & semiconductor packaging and testing equipment are Robotech’s two main business segments. In 2025, the business cycles of these two industries diverged significantly, which is the primary factor behind the performance decline.

In 2025, the photovoltaic industry was in a phase of excess capacity and a deep industry adjustment cycle. Downstream customers’ willingness to spend on capital expenditures was weak, causing an overall contraction in equipment demand. Robotech’s photovoltaic business saw reduced new orders, leading to a sharp decline in revenue. Although the optoelectronics & semiconductor packaging and testing equipment business revenue achieved strong year-over-year growth, it has not yet produced a scaled effect and therefore cannot effectively offset the decline in the photovoltaic business.

Based on the disclosures, Robotech’s photovoltaic business revenue in 2025 was 460 million yuan, compared with 1.051 billion yuan in the same period last year, down 56.25% year over year. Gross margin was 29.79%, up slightly by 1.31 percentage points year over year. Revenue from the optoelectronics & semiconductor packaging and testing equipment business increased from 50.17 million yuan in 2024 to 440 million yuan, up 7.75 times year over year, with gross margin reaching 39.24%.

The company said the rapid growth of its optoelectronics business mainly benefited from the rapid development of the artificial intelligence industry, which drove demand surges in high-performance computing, data centers, and high-speed optical communications. Demand for optoelectronic devices such as silicon photonics modules, CPO (co-packaged optics), and optical chips rose quickly.

While deepening its layout in optoelectronics and semiconductor businesses, Robotech’s period expenses also increased substantially, eroding profit margins. The annual report shows that the company’s four period expenses totaled 344 million yuan in 2025, up about 75.5% year over year from 195 million yuan in 2024.

Of this, due to the consolidation impact from the acquisition of FeiconTEC and the subsidiary ficonTEC, management expenses surged to 110 million yuan, with a year-over-year increase of as much as 185.98%. To expand the semiconductor and silicon photonics equipment markets, selling expenses rose from 54.45 million yuan to 93.83 million yuan, up 72.32% year over year. R&D expenses reached 106 million yuan, up 25.98% year over year. Combined with the impact of exchange rate fluctuations, finance expenses increased by about 80% year over year to 33.78 million yuan.

Can the silicon-photonics narrative behind a 15x rally be realized in performance?

Robotech’s surge is not driven by its traditional photovoltaic business, but rather by the market’s extreme expectations for its silicon photonics coupled equipment business.

Pluggable optical modules are core components for converting light and electricity in optical communications. The coupling process, as a key step in optical module packaging, accounts for about 40% of the value share in the packaging process, making it a critical factor determining optical module yield and production capacity.

With AI developing rapidly, optical module capacity expansion and technological iteration advance in parallel. The accelerated penetration of 800G and 1.6T optical modules, as well as the large-scale rollout of silicon photonics and CPO technologies, has continuously increased requirements for optical link precision. Coupling equipment has become the most core beneficiary step in the optical module process upgrade.

In May 2025, Robotech officially achieved 100% control of ficonTEC. Through this acquisition, the company rapidly entered the optoelectronics and semiconductor equipment field. finconTEC is an equipment manufacturer in the field of optoelectronics and semiconductor automated packaging and testing; its produced equipment is mainly used for micro-assembly and testing of photonic components, including silicon photonics chips, quantum devices, optical modules, and more. The biggest highlight of this acquisition is ficonTEC’s silicon photonics equipment business, which is expected to contribute a new growth driver to the company’s performance.

According to disclosures, as of the date of the annual report disclosure, Robotech’s optoelectronics and semiconductor business had outstanding orders totaling about 1.05B yuan. On March 25, the company also announced that ficonTEC and its subsidiaries signed a 600-million-yuan contract with a company listed on Nasdaq, F, and its subsidiaries. The contract is for mass-production coupled equipment and service orders suitable for pluggable silicon photonics technology routes.

However, the lively industry narrative and outstanding orders have not yet been converted into the company’s profit growth. Regarding why revenue and profits in the optoelectronics business fell short of expectations, Robotech explained that in 2025 ficonTEC worked with major core customers to develop new technology applications, which lengthened the equipment delivery cycle for that year, causing revenue levels to not meet expectations; the extended production cycle increased equipment costs, leading to a year-over-year decline in the gross margin of that business.

In the face of uncertainty in order conversion, the market has also begun to diverge. Judging from changes in the top ten circulating shareholders at the end of 2025, the feature of fund-driven trading is evident. The Stock Connect northbound investors increased their holdings by 72.2k shares, adding positions for two consecutive quarters. Their shareholding at period-end reached 968.9k shares, making them one of the few institutions that increased holdings.

Index funds, as a whole, show a tendency to reduce holdings. The Southern CSI 500 ETF reduced holdings by 32.5k shares, while Huatai-PineBridge CSI Photovoltaic Industry ETF reduced holdings by 165.7k shares. Natural person shareholders Wang Mo and Zheng Xiaofeng newly entered the top ten circulating shareholders, holding 0.83% and 0.62% respectively.

After the stock price surged, Robotech’s controlling shareholder’s concerted-action partners also recently issued a plan to reduce their holdings. The second-largest shareholder, Ningbo Kejun Enterprise Management Consulting Center (Limited Partnership) (hereinafter “Kejun Investment”), plans to reduce holdings of no more than 2.2051 million shares through block trades. The reason for the reduction is personal capital needs. Based on the closing price on March 30, the shareholder plans to cash out approximately 1.6T yuan.

According to disclosures, Robotech’s three shareholders—Dai Jun (actual controller), Yuan Jisheng (controlling shareholder), and Kejun Investment (shareholder)—are concerted-action parties. Dai Jun’s direct shareholding ratio in Kejun Investment is 24.43%.

At present, Robotech’s total market capitalization exceeds 64 billion yuan, while the company’s net profit for the full year is still in a loss position. The divergence between valuation and performance has reached an extreme level. For this 15x stock, the delivery progress of silicon photonics equipment, revenue recognition, and the conversion into profits will become the core factors determining where valuation will go. If market expectations for the silicon photonics business can be met as scheduled, the company could achieve a match between performance and valuation. But if orders are implemented later than expected and profits continue to fail to turn positive, the stock price celebration supported by the industry story may face significant downside pressure. The risk of a “Davis double kill” cannot be ignored.

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