AAC Tech (02018) CFO Guo Dan: Accelerating the layout of the AI blue ocean, revenue will reach another peak in 2026.

On March 19, AAC TECH (02018) held its 2025 annual performance conference in Singapore, delivering an impressive "annual report card." The financial report showed that AAC TECH's revenue in 2025 reached 31.82 billion yuan, breaking the 30 billion yuan mark for the first time in history, with a year-on-year growth of 16.4%. Net profit reached 2.51 billion yuan, representing a significant increase of 39.8% year-on-year. The company's revenue has consistently reached new highs in recent years, and net profit has achieved high double-digit growth, highlighting the effectiveness of its strategic transformation. "Moving towards the new" and "AI empowerment" have become core keywords in AAC TECH's development in recent years, underlying the company's profound transformation from a component supplier to a "AI perception infrastructure builder." AAC TECH CFO Guo Dan emphasized in an interview during the performance conference that strategic new businesses such as optics and automotive, coupled with layouts in heat dissipation, Siasun Robot&Automation, and XR, have established a core engine for sustainable growth in the medium to long term, with the potential for continued growth in 2026. Looking ahead to 2026, Guo Dan expressed confidence. Despite industry fluctuations, the group will rely on a diversified business engine to achieve steady revenue growth throughout the year, with growth expected to be no lower than that of 2025. At the same time, the gross margin is also expected to steadily increase from the 2025 level of 22.1%. Concerning the optical business: The gross profit margin of plastic lenses will rise to 35%, and the exclusive WLG technology achieves a key milestone. As a strategic core growth point for the company, AAC TECH's optical business (Chenrui Optical) has achieved significant development since its establishment in 2019. Data shows that the revenue of the optical business in 2025 has climbed to 5.73 billion yuan, with a compound annual growth rate of over 32% over six years, becoming an important pillar of the group's growth. Guo Dan mentioned that in 2026, the company's optical business will achieve steady growth, with a simultaneous increase in gross margin. In 2025, the company continued to optimize the product structure of high-end lenses, with shipments of 6P and above specification lenses accounting for over 18%, and shipments of 7-element lenses reaching 15 million units. Based on this, the gross profit margin of plastic lenses is expected to increase from 30% in 2025 to 35% in 2026, reaching a leading position in the industry. Of note, AAC TECH's globally exclusive WLG glass lens technology has achieved a historic breakthrough, reaching a key milestone. This not only expands the boundaries of application scenarios but also has the potential to reshape the market landscape dominated by plastic lenses globally. Guo Dan stated, "Whether it is in the mobile phone, automotive, or emerging smart terminal fields, we will see more stable incremental growth injecting long-term momentum into business growth." Regarding the automotive business: The "second growth engine" is solidified, with revenue expected to increase by 15%-20% in 2026. By acquiring PSS Company, AAC TECH quickly established a core platform in the intelligent automotive field, nurturing the "second growth engine" that drives the company's development. Guo Dan revealed that the company completed the acquisition of PSS in 2024, and in 2025 acquired Chuguang and PSG, transforming into a comprehensive provider of system-level solutions in the automotive field, expanding its business scope from smartphones to automobiles globally. In 2025, the company's automotive audio business revenue reached 4.12 billion yuan, with a year-on-year growth of 16.1%, ranking among the world's top suppliers of automotive audio systems, just behind Harman and Bose. Regarding the development prospects of the automotive audio business in 2026, Guo Dan stated that the business is expected to achieve high double-digit growth of 15%-20%, and the gross margin will remain steady. The company's automotive business has already expanded to multiple regions in overseas, domestic, and Asia, and a multi-regional layout will provide stable and certain growth support for revenue and profit. Regarding the AI blue ocean business: The scale of the heat dissipation business is expected to reach billions, while XR and Siasun Robot & Automation will further expand into new territories. If optics and automotive are the company's "core growth engines," then the heat dissipation, Siasun Robot & Automation, and XR waveguide businesses are AAC TECH's high-potential "back-up forces" for the future. Guo Dan believes that while the company's revenue has mainly relied on traditional businesses such as acoustic and haptic technologies for smartphones in the past, after years of strategic transformation combined with industry technological changes, AI has become the core cornerstone driving the continuous growth of the company's multiple product lines. "For example, why is the heat dissipation business growing so fast? Mainly due to the demand for AI, including the layout of Siasun Robot&Automation and AR glasses," Guo Dan explained. In 2025, the company's heat dissipation business revenue grew fourfold to 1.67 billion yuan, securing its position as a global leader in consumer electronics cooling. "As AI continues to develop, related applications will extend from smartphones to laptops, tablets, and other product categories, achieving a wider range of scene coverage and providing strong momentum for the company's growth." More strategically, through the acquisition of Yuandi Technology, AAC TECH has officially entered the field of data center liquid cooling, AI server heat dissipation, and high-end thermal management, transitioning from "terminal thermal dissipation" to "AI infrastructure heat dissipation," forming a pattern of dual-track synergy between "terminal + infrastructure." Guo Dan made it clear: "With the broad market opportunities brought by the multiple formats, our heat dissipation business is expected to achieve a scale of billions in the coming years, becoming an important growth engine with great potential for the group." In the XR waveguide field, AAC TECH acquired Dispelix, a global leader in AR diffractive optical waveguide companies, making it one of the few manufacturers with vertical integration capabilities in optical waveguide design and production. The company can provide a one-stop solution for full display modules including waveguides, light engines, push/pull lenses, eye tracking, and electrochromic color-change, and is expected to become the world's first supplier to volume produce SRG full-color waveguides for leading customers by 2026. Guo Dan revealed, "The standalone value of the optical business can reach $100-200 per unit, and related layouts are expected to see clear opportunities for mass production and shipments within the next two to three years, continuing to create significant value in terms of revenue, profit, and long-term market incremental growth." Regarding the Siasun Robot & Automation business, Guo Dan pointed out that the market definition, application scenarios, and product forms in the industry have not yet been fully defined and are still in a stage of diversified exploration and development. AAC TECH has long been involved in core areas such as acoustics, motors, optics, structural components, and motors, and has completed a deep layout to establish a solid foundation for capturing growth opportunities in the industry mature stages. "For example, our humanoid Siasun Robot & Automation dexterous hand-related products have been shipped in batches, with revenue exceeding 100 million yuan last year. Additionally, we are developing core components such as motors for the first AI hardware devices with customers. Overall, the company has established deep cooperation with top customers both domestically and internationally and believes it will become an important player in the future." Strategy Review: Technology reuse + ecosystem building, anchoring long-term growth Reviewing AAC TECH's development over the past thirty years, its core to continuous growth has always been rooted in the dual logic of technology base reuse + ecosystem synergistic construction. By leveraging the long-term accumulation of hardcore technical capabilities in micro-acoustics, precision optics, electromagnetic transmission, sensors, and semiconductors, the company has successfully transitioned from the main track of consumer electronics such as smartphones to new fields such as AI terminals, Siasun Robot & Automation, XR, smart cars, and data center infrastructure, allowing core technological capabilities to be efficiently transferred and magnified in a diverse range of scenarios. This development model of "unchanged underlying technology, iterative application scenarios" not only ensures the stability and success of business transformation but also quickly fills capability gaps through ecosystem integration (such as acquisitions of Dongyang Precision, PSS, Chuguang, and Yuandi Technology), forming a positive cycle of "technology - product - scenario - customer." The key path to opening up this cycle has already been clearly shown in Guo Dan's outlook: looking towards 2026 and beyond, AAC TECH will anchor the positioning as "AI perception infrastructure builders," deepen collaboration across multiple businesses and full scenario coverage, accelerate towards the "AI blue ocean," deepen global layouts, and drive the company to climb new heights.