华曙高科 reports 2025 revenue of 715 million yuan and cumulative equipment sales exceeding 1,400 units

华曙高科 (Farsoon Technologies) released its 2025 annual report on April 27, 2026, reporting total operating revenue of 715 million yuan (approximately $99 million), a 45.43% year-over-year increase. Net profit reached 69 million yuan ($9.6 million), up 2.68% year-over-year, with basic earnings per share of 0.17 yuan. As of December 2025, the company's global cumulative equipment sales exceeded 1,400 units, including over 800 metal 3D printing systems installed. The revenue growth significantly outpaced profit growth, indicating continued investment in R&D, sales expansion, and likely pricing pressure in the competitive Chinese AM market.

This performance places Farsoon as a leading Chinese industrial AM OEM, directly competing with global players like EOS and SLM Solutions in the metal LPBF segment, and with HP and Stratasys in polymer SLS. The 45% revenue jump suggests strong demand from domestic manufacturing and export markets, consistent with the broader Chinese AM localization arc (Pattern P2), where Chinese entrants scale faster by integrating materials, service capacity, and customer references. The 800+ metal system install base signals that Farsoon has moved beyond early adoption into repeat-purchase cycles, particularly in aerospace, automotive tooling, and medical-dental applications. The modest profit growth relative to revenue hints at margin compression typical of a scale-up phase, where hardware margins narrow as volume increases and service/software revenue has not yet caught up.

For industry analysts, the key metric to watch is not just revenue growth but the trajectory of Farsoon's international sales mix and its ability to command premium pricing outside China. The company must now demonstrate that its installed base translates into recurring material and service revenue, rather than remaining a one-time hardware sale model. If Farsoon can sustain 30%+ revenue growth while improving net margins above 10%, it will validate the Chinese localization thesis for industrial AM hardware. If margins continue to compress, the story shifts to a volume-driven commodity play, which would pressure long-term valuation.