Han's Laser reports record 2025 revenue of 18.7B RMB driven by PCB and AM vertical integration

Han's Laser (002008.SZ) reported 2025 annual revenue of 18.759 billion RMB, representing a 27% year-on-year increase and a new historical high for the company. While net profit attributable to the parent company decreased by 29.77% to 1.19 billion RMB due to non-recurring items, non-GAAP net profit surged 82.28% to 810 million RMB. The company's R&D expenditure reached 2.084 billion RMB, accounting for 11.11% of total revenue, while its PCB intelligent manufacturing segment grew by over 50% fueled by AI data center demand.

Beyond PCB, Han's Laser is executing a vertical integration strategy in additive manufacturing through its subsidiaries Han's Photonics and Han's Juwei. Han's Photonics provides the core light sources, including 500W green lasers for high-reflectivity copper alloys and 2μm thulium-doped fiber lasers, while Han's Juwei manages end-use machine production. The company's hardware lineup includes the HANS-M190 for complex metal parts, the HANS-M410 six-laser metal LPBF system for high-volume production, and the DGT-250P for polymer applications. This integrated chain targets high-growth sectors such as consumer electronics, specifically titanium alloy structural components for smartwatches and eyewear, where material costs for TC4 titanium powder have dropped below 300 RMB/kg.

This move into consumer electronics via titanium AM components positions Han's Laser to capture value in the high-end wearable market where traditional CNC machining faces geometric limitations. The company's ability to control the laser source through Han's Photonics provides a significant cost and technical advantage in processing difficult materials like pure copper and titanium. Success depends on the company's ability to scale the Han's Juwei manufacturing capacity at its Baoan Fuyong facility to meet the volume requirements of Tier-1 consumer electronics OEMs.