Guobo Electronics Co. Ltd. A

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Guobo Electronics' first-half 2026 net profit falls 51.26% year-on-year

Guobo Electronics released its 2026 interim report, with net profit attributable to the parent company of 98.1438 million yuan, down 51.26% from the same period last year. Total operating revenue was 886 million yuan, a year-on-year decrease of 17.23%. Net cash inflow from operating activities was 148 million yuan, up 111.66% year-on-year. The company's latest gross margin was 35.68%, down 3.43 percentage points from the same period last year. Diluted earnings per share were 0.16 yuan, down 52.94% year-on-year.

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Guobo Electronics replies to SSE inquiry: revenue fell but gross margin rose due to higher in-house chip usage

Guobo Electronics has replied to the Shanghai Stock Exchange's annual report inquiry letter, explaining why 2025 revenue dropped 7.92 percent while gross margin rose by 3.5 percentage points and net profit attributable to the parent grew 4.72 percent. The company said the revenue decline was mainly due to the cyclical adjustment in the military electronics industry during the final year of the 14th Five-Year Plan, which delayed the order rhythm for T/R modules. The gross margin improvement was driven by higher usage of in-house developed chips. The share of wafers using self-developed chips for T/R modules rose from 17.76 percent in 2023 to 27.53 percent in 2025. At the same time, process optimization and strict procurement cost control reduced the unit cost of T/R modules and RF modules by 43.56 percent, outpacing the 40.05 percent decline in unit selling price, lifting the segment's gross margin from 39.10 percent to 42.66 percent. The gross margin of RF chips also increased by 4.69 percentage points due to a higher proportion of high-margin silicon-based gallium nitride products. The net profit increase was also helped by a reduction in asset impairment losses of 46.8456 million yuan in 2025 compared with the previous year. The company also explained that the high proportion of fourth-quarter revenue and the sharp decline in first-quarter 2026 performance are consistent with the seasonal characteristics of the military electronics industry, and there was no premature revenue recognition.

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Guobo Electronics' largest customer has over 1.2 billion yuan in receivables, with a post-period collection rate of just 1.63%

Guobo Electronics replied to a Shanghai Stock Exchange inquiry, disclosing that the combined balance of accounts receivable and contract assets for its largest customer, "Group A," totaled approximately 1.22 billion yuan as of the end of 2025, but the post-period collection rate as of May 31, 2026, was only 1.63%. The company achieved operating revenue of 817 million yuan in the fourth quarter of 2025, accounting for 34.24% of the full-year revenue, and net profit attributable to the parent of 260 million yuan, representing 51.18% of the full-year net profit. However, in the first quarter of 2026, operating revenue fell 8.90% year-on-year to 319 million yuan, and net profit attributable to the parent plunged 98.51% to 856,300 yuan. Guobo Electronics explained that the first-quarter decline was mainly due to a drop in operating revenue and a change in product mix that reduced gross profit by 43.31 million yuan, as well as a change in the aging structure of receivables that increased credit impairment losses by 24.13 million yuan year-on-year. As of the end of 2025, the company's accounts receivable book balance reached 2.86 billion yuan, accounting for 119.97% of current-period operating revenue, with the proportion of receivables aged over one year rising to 32.87%. The overall post-period collection rate for the top five customers was only 10.13%, which the company attributed to the "back-to-back" settlement method in the military electronics industry and the progress of downstream projects.

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