Net profit excluding non-recurring gains and losses increased by 16.7%! Lens Technology is focusing on the AI wave, building a "new triangle" of growth across three major tracks.

Ask AI · How Can the Three Major Emerging Areas Build a New Growth Triangle?

“Carry forward the past while ushering in the future, and upgrade the strategy,” in its 2025 financial report, Lens Technology announced the start of a new era with eight words. Through the financial report, what you see is not only a set of steady financial figures, but also the determination of a manufacturing giant to step out of its comfort zone and push toward the top of the industrial chain in the torrent of the AI era.

On March 30, Lens Technology (A-Shares: 300433; H-Shares: 06613) released its financial report, showing that for the period, operating revenue was RMB 74.41 billion, up 6.46% year over year; net profit attributable to shareholders of the listed company was RMB 4.02B, up 10.87% year over year; and after non-recurring items, net profit attributable to shareholders was RMB 3.84B, up as much as 16.71% year over year. Revenue and net profit have continued to grow for multiple consecutive years, and all core financial indicators have recorded steady improvement.

Source of data: Juxin Finance; Compiled by: China Financial Market Information (financial sector) Listed Companies Research Institute

The financial report shows that the former “iPhone supply chain” leader is transforming into a hard-tech platform covering three strategic emerging areas: AI servers, embodied intelligent robots, and commercial aerospace. This is not a simple adjustment to the business structure, but a forward-looking strategic positioning around “all-scenario hard-tech infrastructure for the AI era,” building a new growth paradigm for the future.

Steady financial growth, with main business upgrades strengthening the foundation

According to IDC statistics, in 2025 global smartphone shipments grew 1.9% year over year to reach 1.26 billion units, the highest level since 2021. As a leading provider of end-to-end precision manufacturing solutions across the AI hardware industry chain, Lens Technology’s core business continues to improve quality and efficiency enabled by AI technology. Smartphone and computer-related businesses, as the base, achieved operating revenue of RMB 61.18B, up 5.94% year over year, accounting for 82.23% of total revenue; gross margin increased by 0.3 percentage points to 15.41%, mainly benefiting from higher share of metal structural components in high-end models and optimization of the added value of 3D glass products. With more than 30 years of material R&D experience and world-leading precision manufacturing capabilities, the company has firmly maintained a leading position in the mid-to-high-end market.

In addition, wearable and intelligent automotive businesses are becoming important growth engines for Lens Technology. Revenue from wearable businesses such as AI glasses was RMB 3.98B, up 14.04% year over year, and gross margin rose to 19.91%. The company has achieved large-scale production and delivery of AI glasses turnkey assembly for top domestic customers and precision component mass production for overseas top customers. Its high-precision automated assembly technology for waveguide lenses has achieved key breakthroughs. Revenue from intelligent vehicles and cockpit business reached RMB 6.46B, up 8.88% year over year. Core products such as central control modules, intelligent B/C-pillar components, and ultra-thin laminated multi-function car-window glass have been successfully introduced into mass-production systems of leading global automakers, while long-term growth potential continues to be released.

Supported by its core businesses, Lens Technology’s operating quality has improved significantly. In the reporting period, the company’s net cash flow from operating activities reached RMB 12.85M, up 5.29% year over year, and its asset-liability ratio remained at a healthy level of 34.68%. By proactively shrinking low-margin businesses and optimizing its product structure, the company’s risk-resilience has been markedly enhanced, providing solid funding support for layout in emerging tracks.

While performance has grown steadily, the company has also actively advanced market value management, continuously improving market recognition and valuation level through measures such as stable dividends, share repurchases, and investor relations management. In the reporting period, the A-Shares market value increased from RMB 109.1 billion at the beginning of the period to RMB 150.8 billion at the end of the period; and the H-Shares recorded a highest gain of 86.7% since issuance. The company completed the distribution of its 2024 dividends and 2025 interim dividends, with total cash dividends of RMB 2.51 billion, and the dividend payout ratio was 52.65%. Since its listing, the cumulative total cash dividends amounted to RMB 9.99 billion. Regarding repurchases, in April 2025 the company launched an A-Shares share repurchase plan, intending to repurchase no less than RMB 0.5 billion and no more than RMB 1.0 billion. As of now, it has cumulatively repurchased 12.849 million shares.

Breakthroughs across three major tracks, with strategic layout building a new growth engine

Lens Technology has clearly stated in 2025 that its strategic focus will fully center on three major areas: “AI servers, embodied intelligent robots, and commercial aerospace.” This is not merely business diversification, but a highly forward-looking “strategic elevation in dimension.”

In traditional perception, Lens Technology has been seen as an upstream supplier in consumer electronics. However, as AI large models move from the cloud to end devices, demand for compute power infrastructure and intelligent interaction hardware has exploded exponentially. Lens Technology has keenly recognized that in the AI era, hardware competition is essentially competition in precision structures, optical modules, and efficient thermal dissipation—exactly the technical hinterland that Lens has cultivated deeply over the years.

In the reporting period, the company’s “pioneering progress” in the three new emerging areas deserves attention. In the embodied intelligent robot field, Lens Technology has quickly grown into one of the world’s largest core manufacturing platforms for embodied intelligent hardware. In 2025, the shipping volume of humanoid robots and four-legged robotic dogs surpassed 10,000 units, and the company has deeply tied itself to leading North American customers, exclusively entering their key module order business. The company has not only achieved stable mass production of core components such as leading robot head modules, joint modules, and dexterous hand modules, but also built an end-to-end R&D and mass-production system covering robots with multiple forms. With the gradual release of 500k units of embodied intelligent production capacity from the Yong’an plant and the expansion at the Thailand base, this business is expected to achieve large-scale volume ramp-up in 2026, becoming an important growth pole for the company.

At the same time, the AI server business has surged forward. With its foundation in precision manufacturing, Lens Technology successfully built an end-to-end product matrix of “structural components + liquid cooling + storage.” Core components such as liquid cooling plates and water distributors, developed independently by the company, meet high-end AI server thermal management needs with advantages such as ultra-low thermal resistance and zero leakage. The All-View Smart cabinet uses an aerospace-grade glass architecture, significantly reducing data center construction costs. SSD solid-state drives will ship in batches in March 2026 from the Xiangtan plant; and HDD mechanical hard drives’ glass substrates have completed customer validation, successfully entering the supply chains of leading internet companies and telecommunications operators. IDC expects the global server market size in 2026 to exceed USD 550 billion, growing by more than 50% year over year, with liquid cooling penetration rising from 15% to above 45%. With the explosion of global demand for AI compute infrastructure, Lens Technology is expected to fully benefit.

In commercial aerospace, Lens Technology achieved key breakthroughs. Leveraging its UTG glass technology advantages, it completed product upgrades from the ground segment to the satellite segment. Aerospace-grade UTG flexible glass is as thin as 30–60 microns, with a bending radius as low as 1.5 millimeters, perfectly matching the needs of next-generation flexible solar wings. Through optimization for adaptation to extreme space environments, the products achieve industry-leading performance in areas such as radiation resistance and anti-atomic-oxygen corrosion. The product has appeared at CES2026, and the company is conducting joint R&D and verification with top commercial aerospace customers domestically and internationally, laying the foundation for subsequent mass production of satellite-segment products and opening up a market space at the trillion-level.

Worth noting is that this year at CES2026, Lens Technology presented, for the first time in a systematic way, an all-stack AI hardware ecosystem layout under the theme “Define the Physical Boundaries of AI.” Everbright Securities believes it is continuously optimistic about the company’s business expansion based on its long-term accumulation in materials processing and precision manufacturing—pushing forward into consumer electronics, robotics, server components, and commercial aerospace.

Integrated across the full ecosystem chain**, with a dual-platform strategy leading global development**

To support the strategic rollout, Lens Technology accelerated global expansion and integration across the full value chain in 2025. By coordinating across multiple dimensions including capital, production capacity, technology, and ecosystem, it systematically built the company’s core competitiveness. Among them, capital operations became an important support for the strategy’s implementation. The company successfully listed on the main board of the Hong Kong Stock Exchange in July 2025. Subsequently, it fully exercised the over-allotment option, issuing a total of 301,595,200 H-shares, raising HKD 5.4 billion in funds, and formally entered a new phase of the “A+H” dual-capital platform. This H-share listing received strong recognition from internationally top-tier institutions. The Hong Kong public offering was subscribed 462.76 times, and the company successfully introduced 10 cornerstone investors, injecting strong momentum into global capacity expansion and development of emerging businesses.

With capital empowerment, the company’s industrial chain integration continued to deepen, while it also further improved its global production capacity network and technology innovation system. At the industrial chain level, the company further strengthened its vertical integration system of “materials + molds + equipment + modules + complete units,” reinforcing industrial barriers; at the technology innovation level, by the end of 2025 the company’s R&D expenses reached RMB 500k, up 3.08% year over year. It focused on tackling cutting-edge technologies such as waveguide lens optical parts, aerospace-grade UTG, and TGV glass substrates, consolidating core technical advantages. At the production capacity layout level, domestic bases such as Changsha, Xiangtan, and Taizhou steadily increased capacity, while overseas industrial parks such as Vietnam and Thailand accelerated construction. A global production capacity network of “China + Southeast Asia + North America” is gradually taking shape, allowing the company to be close to core customer needs while effectively improving supply chain resilience.

Meanwhile, the company strengthened ecosystem collaboration to further broaden growth space and solidify its development foundation. On one hand, it established strategic cooperation with enterprises such as China Mobile Information and China Mobile to promote the landing of compute power services and embodied intelligent applications. At the same time, together with Ziyuan Robot, the company worked with the Hunan embodied intelligent innovation center, gathering nearly 40 industrial chain companies and continuously improving the industrial ecosystem. On the other hand, the company deepened cooperation with global leading customers such as Apple, Tesla, Huawei, and Xiaomi. The customer resources are high quality and stable, providing a solid guarantee for continued business growth.

In 2025, guided by the strategy of “new materials, new technologies, new equipment, and new fields,” Lens Technology relied on its deep technical accumulation in multiple materials such as glass, metals, and ceramics, along with strong platform-based capabilities, achieving vertical integration from raw material production, functional module fitting to complete-unit assembly. The company’s business footprint, extending from core consumer-electronics areas such as smartphones and computers, successfully expanded into emerging markets such as intelligent vehicles, humanoid robots, AI/XR glasses, and smart retail, realizing coordinated deployment across multiple scenarios. A recent research report from Cixin Securities pointed out that through continuous high-intensity R&D investment and deployment of global production capacity networks, the company has built a dual-engine driving technological innovation and rapid market response, and is expected to continue to capture growth momentum in the waves of AI hardware upgrades and automotive intelligentization.