- Record revenues and earnings driven by strong demand and high-value product strategy
- Well-positioned for continued growth in 2026 supported by AI, electric vehicles and advanced smart technologies
Fiscal Year 2025 Financial Highlights
- Revenues were an all-time high of
US$56.10 million for 2025, an increase of 48.39% from US$37.81 million for 2024. - Gross profit was US$24.50 million for 2025, up 80.62% from US$13.57 million for 2024.
- Gross margin was 43.67% for 2025, an increase of 7.79% from 35.88% for 2024.
- Income from operations was
US$9.46 million for 2025, an increase of 478.90% fromUS$1.63 million for 2024. - Net income reached a record of
US$10 .15 million for 2025, up 177.21% from US$3.66 million for 2024. - Basic and diluted earnings per share were both US$0.16 for 2025, an increase of 166.67% from US$0.06 for 2024.
- Net cash provided by operating activities was
US$6.56 million for 2025, an increase of 22.78% fromUS$5.34 million for 2024. - Cash and cash equivalents, restricted short-term deposits, and short-term investments amounted to
US$18.62 million as ofDecember 31, 2025 , up 19.28% fromUS$15.61 million as ofDecember 31, 2024 .
Mr. Ning Ding, Chief Executive Officer and Chairman, commented, “We are very excited to cap 2025 with stellar results and carry strong momentum into 2026, driven by consistent execution of our long-term growth strategy. Specifically, we achieved record revenues of
We are particularly encouraged by the progress we are making in our product portfolio. The transition of new projects into stable mass production, combined with growing customer recognition of our precision and quality standards, drove gross margin to 43.67%, up 7.79% year-over-year, and strengthened our competitive position in ways we believe will continue to compound over time.
We also saw meaningful traction in executing our global expansion strategy across both supply and demand. By advancing localized manufacturing capabilities in
Importantly, our sustained investment in advanced manufacturing machinery, equipment, and research and development is delivering tangible results. Through continuous innovation in manufacturing processes, automation and precision engineering, we are improving efficiency, optimizing cost structures, and expanding our portfolio of high-performance products. These capabilities enable us to meet the increasingly stringent requirements of high-end applications such as AI servers, semiconductor equipment and automated production systems, positioning ZJK as a critical enabler within the global high-end manufacturing ecosystem.
Looking ahead, we remain confident in our growth trajectory. We see significant opportunities ahead as the accelerating adoption of AI infrastructure, electric vehicles and advanced smart technologies drives rising demand for high-precision components. With our continued focus on innovation, operational excellence and targeted global expansion, we believe we are well positioned to deliver sustainable growth and long-term value for our shareholders.”
Fiscal Year 2025 Financial Results
Revenues
Revenues were US$56.10 million for 2025, an increase of 48.39% from US$37.81 million for 2024. This increase was driven by a rise in sales volume, which grew by 28.54%, along with higher average unit sales prices.
Cost of Revenues
Cost of revenues were US$31.60 million for 2025, an increase of 30.35% from US$24.24 million for 2024. This increase was mainly due to increased sales volume of the Company’s products.
Gross Profit and Gross Profit Margin
Gross profit was
The gross profit margin was 43.67% for 2025, up 7.79% from 35.88% for 2024, mainly due to (i) an increase in average unit sales prices, supported by a shift towards more complex, high-precision, and value-added products, which improved our market competitiveness; (ii) a decrease in average unit costs, due to the optimization of our production technology and economies of scale resulting from increased production volumes; and (iii) the successful transition of new projects into mass production, which helped to dilute fixed costs and contributed to overall margin expansion.
Total Operating Expenses
Total operating expenses were US$15.04 million for 2025, compared with
- General and administrative expenses were US$6.75 million for 2025, remaining relatively stable compared with US$6.71 million for 2024.
- Selling and marketing expenses were
US$7.17 million for 2025, an increase of 52.18% fromUS$4.71 million for 2024. This increase was primarily due to (i) an increase ofUS$1.72 million in sales commission resulting from business expansion into markets such asNorth America ,Singapore , andTaiwan ,China , (ii) an increase ofUS$0.48 million in salaries and benefits for sales and marketing personnel due to higher headcounts to support our business expansion, and (iii) an increase ofUS$0.23 million in freight costs for sale of products mainly reflecting expanded overseas shipping demands. - Research and development expenses were
US$1.11 million for 2025, an increase of 103.07% fromUS$0.55 million for 2024. This increase was primarily attributable to (i) an increase ofUS$0.40 million in material consumption driven by a growing number of product development projects and the transition of several projects into the trial production stage, and (ii) an increase ofUS$0.17 million in salaries and benefits for research and development personnel, reflecting performance-based salary adjustments to retain core technical staff.
Income from operations
Income from operations surged to
Other income, net
Other income, net was
Net Income
Net income was
Basic and Diluted Earnings per Share
Basic and diluted earnings per share were both
Financial Condition
As of December 31, 2025, the Company had cash and cash equivalents, restricted short-term deposits and short-term investments of
About
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to,” “propose” or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
Phone: +86-755-28341175
Email: ir@zjk-industrial.com
The Blueshirt Group Asia
Phone: +86-134-66566136
Email: feifei@blueshirtgroup.co
CONSOLIDATED BALANCE SHEETS (In | ||||||||
| As of | ||||||||
| 2024 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 12,255,213 | 14,350,959 | ||||||
| Restricted cash | 797,241 | 2,037,041 | ||||||
| Short-term investments | 2,559,362 | 2,234,078 | ||||||
| Accounts receivable, net | 10,282,857 | 15,974,676 | ||||||
| Accounts receivable-due from a related party | 9,165,068 | 11,227,799 | ||||||
| Inventories, net | 7,316,029 | 12,143,316 | ||||||
| Prepaid expenses and other current assets, net | 872,753 | 964,194 | ||||||
| Other receivables-due from related parties | 249,235 | 598,467 | ||||||
| Total current assets | 43,497,758 | 59,530,530 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 6,668,612 | 12,271,875 | ||||||
| Intangible assets, net | 33,008 | 97,433 | ||||||
| Operating lease right-of-use assets | 1,242,524 | 3,574,775 | ||||||
| Finance lease right-of-use assets | 38,160 | — | ||||||
| Long-term investment | 2,747,493 | 3,706,080 | ||||||
| Other non-current assets | 1,146,010 | 347,569 | ||||||
| Total non-current assets | 11,875,807 | 19,997,732 | ||||||
| TOTAL ASSETS | 55,373,565 | 79,528,262 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | 1,223,405 | — | ||||||
| Accounts payable | 14,998,590 | 18,233,194 | ||||||
| Notes payable | 1,903,194 | 3,803,926 | ||||||
| Income tax payable | 1,600,300 | 3,431,262 | ||||||
| Accrued expenses and other current liabilities | 2,051,588 | 3,583,457 | ||||||
| Other payables-due to related parties | 1,778,175 | 2,322,224 | ||||||
| Operating lease liabilities, current | 423,214 | 726,152 | ||||||
| Total current liabilities | 23,978,466 | 32,100,215 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities, non-current | 755,395 | 2,876,209 | ||||||
| Deferred tax liabilities | 572,829 | 957,610 | ||||||
| Total non-current liabilities | 1,328,224 | 3,833,819 | ||||||
| TOTAL LIABILITIES | 25,306,690 | 35,934,034 | ||||||
| Commitments and contingencies (Note 15) | ||||||||
| Shareholders’ equity | ||||||||
| Ordinary share, | 1,023 | 1,063 | ||||||
| Additional paid-in capital | 7,060,050 | 8,977,814 | ||||||
| Statutory surplus reserves | 2,658,112 | 2,662,115 | ||||||
| Retained earnings | 21,951,873 | 32,132,905 | ||||||
| Accumulated other comprehensive loss | (1,635,291 | ) | (304,868 | ) | ||||
| 30,035,767 | 43,469,029 | |||||||
| Non-controlling interests | 31,108 | 125,199 | ||||||
| Total shareholders’ equity | 30,066,875 | 43,594,228 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 55,373,565 | 79,528,262 | ||||||
* The shares and per share information are presented on a retroactive basis to reflect the reorganization completed on
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In | ||||||||||||
| For the years ended | ||||||||||||
| 2023 | 2024 | 2025 | ||||||||||
| Revenues | ||||||||||||
| Third-party sales | 13,961,495 | 21,250,363 | 35,728,684 | |||||||||
| Related-party sales | 15,093,811 | 16,559,102 | 20,375,169 | |||||||||
| Total revenues | 29,055,306 | 37,809,465 | 56,103,853 | |||||||||
| Cost of revenues | ||||||||||||
| Third-party sales | (9,486,512 | ) | (12,281,086 | ) | (15,654,953 | ) | ||||||
| Related-party sales | (8,547,906 | ) | (11,963,141 | ) | (15,947,479 | ) | ||||||
| Total cost of revenues | (18,034,418 | ) | (24,244,227 | ) | (31,602,432 | ) | ||||||
| Gross profit | 11,020,888 | 13,565,238 | 24,501,421 | |||||||||
| Operating expenses | ||||||||||||
| Selling and marketing expenses | (1,750,877 | ) | (4,711,294 | ) | (7,169,559 | ) | ||||||
| General and administrative expenses | (2,531,630 | ) | (6,705,791 | ) | (6,750,220 | ) | ||||||
| Research and development costs | (455,398 | ) | (548,122 | ) | (1,113,058 | ) | ||||||
| Gain (loss) from disposal of property, plant and equipment | 78 | 34,878 | (4,041 | ) | ||||||||
| Total operating expenses | (4,737,827 | ) | (11,930,329 | ) | (15,036,878 | ) | ||||||
| Income from operations | 6,283,061 | 1,634,909 | 9,464,543 | |||||||||
| Other income, net | ||||||||||||
| Interest expenses | (109,003 | ) | (15,085 | ) | (23,734 | ) | ||||||
| Interest income | 18,239 | 113,736 | 348,326 | |||||||||
| Share of profits from equity method investment | 2,335,281 | 2,622,348 | 3,409,385 | |||||||||
| Currency exchange gain | 12,433 | 97,506 | 68,010 | |||||||||
| Other income, net | 434,031 | 474,348 | 555,443 | |||||||||
| Total other income, net | 2,690,981 | 3,292,853 | 4,357,430 | |||||||||
| Income before income tax provision | 8,974,042 | 4,927,762 | 13,821,973 | |||||||||
| Income tax provision | (1,284,203 | ) | (1,264,933 | ) | (3,668,171 | ) | ||||||
| Net income | 7,689,839 | 3,662,829 | 10,153,802 | |||||||||
| Less: net loss attributable to non-controlling interests | (1,246 | ) | (19,894 | ) | (31,233 | ) | ||||||
| Net income attributable to | 7,691,085 | 3,682,723 | 10,185,035 | |||||||||
| Other comprehensive (loss)/income | ||||||||||||
| Foreign currency translation adjustment attributable to parent company | (460,025 | ) | (618,728 | ) | 1,330,423 | |||||||
| Foreign currency translation adjustment attributable to non-controlling interests | 19 | 332 | (1,925 | ) | ||||||||
| Total comprehensive income | 7,229,833 | 3,044,433 | 11,482,300 | |||||||||
| Comprehensive loss attributable to non-controlling interests | (1,227 | ) | (19,562 | ) | (33,158 | ) | ||||||
| Comprehensive income attributable to | 7,231,060 | 3,063,995 | 11,515,458 | |||||||||
| Earnings per share * | ||||||||||||
| Basic | 0.13 | 0.06 | 0.16 | |||||||||
| Diluted | 0.13 | 0.06 | 0.16 | |||||||||
| Weighted average shares used in calculating earnings per share * | ||||||||||||
| Basic | 60,000,000 | 60,336,800 | 62,496,008 | |||||||||
| Diluted | 60,000,000 | 60,336,800 | 62,622,446 | |||||||||
* The shares and per share information are presented on a retroactive basis to reflect the reorganization completed on
CONSOLIDATED STATEMENTS OF CASH FLOWS (In | ||||||||||||
| For the years ended | ||||||||||||
| 2023 | 2024 | 2025 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | 7,689,839 | 3,662,829 | 10,153,802 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Provision for credit loss | 17,071 | 15,394 | 116,036 | |||||||||
| Impairment of prepayments for equipment | 1,000,020 | |||||||||||
| Depreciation of property, plant and equipment | 504,370 | 560,846 | 762,236 | |||||||||
| Amortization of intangible assets | — | 10,431 | 25,636 | |||||||||
| Amortization of operating lease right-of-use assets | 286,220 | 347,177 | 548,561 | |||||||||
| Amortization of finance lease right-of-use assets | 281,849 | 293,169 | 38,844 | |||||||||
| Interest expense of finance lease liabilities | 13,794 | 4,346 | — | |||||||||
| (Gain) loss from disposal of property, plant and equipment | (78 | ) | (34,878 | ) | 4,041 | |||||||
| Provision for inventories | 373,264 | 997,587 | 1,040,482 | |||||||||
| Share of profits from equity method investment | (2,335,281 | ) | (2,622,348 | ) | (3,409,385 | ) | ||||||
| Provisions for deferred income tax | 213,773 | 232,801 | 350,786 | |||||||||
| Share-based compensation | — | — | 1,917,804 | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (631,085 | ) | (314,305 | ) | (5,227,716 | ) | ||||||
| Accounts receivable-due from a related party | (2,025,426 | ) | (598,412 | ) | (1,620,257 | ) | ||||||
| Inventories | (427,290 | ) | (3,717,561 | ) | (5,435,743 | ) | ||||||
| Prepaid expenses and other current assets | (378,164 | ) | (388,242 | ) | (180,416 | ) | ||||||
| Other receivables-due from related parties | 69,344 | 30,393 | (388,052 | ) | ||||||||
| Accounts payable | (124,132 | ) | 3,877,173 | 2,095,704 | ||||||||
| Notes payable | 75,567 | 1,461,872 | 1,772,361 | |||||||||
| Income tax payable | 96,368 | 602,170 | 1,717,255 | |||||||||
| Accrued expenses and other current liabilities | 225,204 | 1,225,041 | 1,406,302 | |||||||||
| Other payables-due to related parties | 548,398 | 44,578 | 348,070 | |||||||||
| Operating lease liabilities | (357,231 | ) | (347,522 | ) | (476,560 | ) | ||||||
| Net cash provided by operating activities | 4,116,374 | 5,342,539 | 6,559,811 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of property, plant and equipment | (366,740 | ) | (2,472,552 | ) | (5,571,558 | ) | ||||||
| Purchase of intangible assets | — | (43,926 | ) | (87,054 | ) | |||||||
| Net (payment of) proceeds from short-term investments | — | (2,597,076 | ) | 426,510 | ||||||||
| Dividends received from long-term equity investment | 1,863,561 | 2,319,218 | 2,591,873 | |||||||||
| Loans to related parties | (253,473 | ) | (555,089 | ) | (82,123 | ) | ||||||
| Collection of loans to related parties | 51,125 | 545,969 | 140,239 | |||||||||
| Net cash provided by/(used in) investing activities | 1,294,473 | (2,803,456 | ) | (2,582,113 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from short-term bank borrowings | 183,367 | 1,390,183 | 1,394,545 | |||||||||
| Repayments of short-term bank borrowings | (851,388 | ) | (185,450 | ) | (2,639,873 | ) | ||||||
| Repayments of long-term debts | (1,750,598 | ) | (29,314 | ) | — | |||||||
| Repayments of financing lease liabilities | (377,467 | ) | (231,814 | ) | — | |||||||
| Proceeds from loans from related parties | 282,104 | — | 383,318 | |||||||||
| Repayments of loans from related parties | (65,828 | ) | (83,411 | ) | (276,752 | ) | ||||||
| Deferred initial public offering (“IPO”) costs | (369,443 | ) | (1,072,314 | ) | — | |||||||
| Proceeds from IPO | — | 6,906,245 | — | |||||||||
| Capital injection from a non-controlling shareholder of a subsidiary | — | 52,500 | 127,249 | |||||||||
| Net cash (used in)/provided by financing activities | (2,949,253 | ) | 6,746,625 | (1,011,513 | ) | |||||||
| Effect of exchange rate changes | (76,136 | ) | (135,026 | ) | 369,361 | |||||||
| Net change in cash, cash equivalents and restricted cash | 2,385,458 | 9,150,682 | 3,335,546 | |||||||||
| Reconciliation of cash, cash equivalents and restricted cash at the beginning of year | ||||||||||||
| Cash and cash equivalents | 1,104,472 | 2,826,725 | 12,255,213 | |||||||||
| Restricted cash | 411,842 | 1,075,047 | 797,241 | |||||||||
| Cash, cash equivalents and restricted cash at the beginning of year | 1,516,314 | 3,901,772 | 13,052,454 | |||||||||
| Reconciliation of cash, cash equivalents and restricted cash at the end of year | ||||||||||||
| Cash and cash equivalents | 2,826,725 | 12,255,213 | 14,350,959 | |||||||||
| Restricted cash | 1,075,047 | 797,241 | 2,037,041 | |||||||||
| Cash, cash equivalents and restricted cash at the end of year | 3,901,772 | 13,052,454 | 16,388,000 | |||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||
| Income tax paid | 986,257 | 607,120 | 1,585,805 | |||||||||
| Interest expenses paid | 71,606 | 8,164 | 24,322 | |||||||||
| Supplemental disclosures of non-cash activities: | ||||||||||||
| Obtaining finance lease right-of-use assets in exchange for finance lease liabilities | 457,731 | — | — | |||||||||
| Obtaining operating right-of-use assets in exchange for operating lease liabilities | 455,499 | 1,100,660 | 2,789,922 | |||||||||
| Offset additional paid in capital with deferred IPO costs | — | 566,417 | — | |||||||||
| Acquiring property, plant and equipment transferred from construction in progress | 50,132 | 66,965 | — | |||||||||
| Acquiring property, plant and equipment in exchange for accounts payable | 427,015 | 392,199 | 418,289 | |||||||||
Source: