As an important supplier in the domestic industrial automation industry, VEICHI Electric (688698.SH) has maintained steady growth in operating performance.
On the evening of April 15, VEICHI Electric released its annual report.
In 2025, the company achieved operating income of 1.946 billion yuan, a year-on-year increase of 18.66%; net profit attributable to shareholders of listed companies (hereinafter referred to as “net profit attributable to shareholders”) was 263 million yuan, a year-on-year increase of 7.24%; net profit after deducting non-recurring gains and losses (hereinafter referred to as “non-net profit”) was 249 million yuan, a year-on-year increase of 4.04%.
Since 2019, the company’s performance has grown for seven consecutive years.
During the reporting period, the output of VEICHI Electric’s inverters, servo systems and control systems was 971,900 units and 756,600 units respectively, a year-on-year increase of 26% and 29.04%; the sales volume was 936,700 units and 750,600 units, a year-on-year increase of 25.46% and 29.16%, showing a situation of booming production and sales.
Continuing to promote its global strategic layout, VEICHI Electric has achieved steady growth in its export business by introducing mature product lines into new markets.
In 2025, VEICHI Electric will achieve main business revenue of 544 million yuan in overseas markets, a year-on-year increase of 19.36%.
Since its establishment, VEICHI Electric has always focused on the fields of electrical transmission and industrial control. It is a national high-tech enterprise integrating the research and development, production and sales of industrial automation products. Its products mainly include frequency converters, servo systems and control systems.
In recent years, VEICHI Electric’s market share in low-voltage inverters and servo systems has been growing.
According to MIR Rui Industrial statistics, in 2024, Veichi Electric’s market share in the field of low-voltage inverters was 3.02%, ranking fourth among domestic brands; its market share corresponding to servo system business revenue was 2.30%, an increase of 0.40 percentage points from 2023.
On the evening of April 15, the annual report released by VEICHI Electric showed that in 2025, the company achieved operating income of 1.946 billion yuan, a year-on-year increase of 18.66%; net profit attributable to the parent company was 263 million yuan, a year-on-year increase of 7.24%; non-net profit after deduction was 249 million yuan, a year-on-year increase of 4.04%.
In the annual report, Weichuang Electric plans to distribute a cash dividend of 3.50 yuan (including tax) for every 10 shares, and plans to distribute a cash dividend of 74.6107 million yuan. Including the interim dividend, the company will pay a total dividend of 107 million yuan in 2025, accounting for 40.55% of the company’s net profit attributable to the parent company in 2025.
For performance growth, VEICHI Electric stated that it was mainly due to the growth in sales of the company’s inverters, servo systems and control systems, and green energy products, and the company’s active development of new products and overseas business, which led to steady growth in operating income.
According to VEICHI Electric, in 2025, the company’s inverter product line will deeply implement the strategy of “attacking all categories and covering all fields” and continue to improve the product system. It has now formed a product matrix covering high, medium and low voltage, single transmission, and multi-transmission, which is widely used in many national economic fields such as metallurgy, steel, electric power, lifting, ships, mines, ports, etc.
By continuously optimizing product structure and improving technical performance, the market competitiveness of the company’s inverter products continues to increase.
During the reporting period, the company’s inverter products achieved revenue of 1.246 billion yuan, a year-on-year increase of 20.41%.
At the same time, in 2025, VEICHI Electric’s control system product line will deeply implement the “efficient collaboration and perfect category” development strategy, continue to penetrate the small PLC market, and accelerate its expansion into the mid-to-high-end market.
During the reporting period, the company’s servo system and control system products achieved revenue of 577 million yuan, a year-on-year increase of 16.39%.
In 2025, VEICHI Electric’s output of inverters, servo systems and control systems will be 971,900 units and 756,600 units respectively, a year-on-year increase of 26% and 29.04%; sales volume will be 936,700 units and 750,600 units, a year-on-year increase of 25.46% and 29.16%.
The company said that this was mainly because the company’s products were widely recognized by the market, and the market penetration rate continued to increase. During the reporting period, each product showed a good situation of booming production and sales.
Victronic Electric continues to promote its global strategic layout and achieve steady growth in export business by introducing mature product lines into new markets.
The annual report shows that under the strategic layout of globalization, VEICHI Electric continues to deeply explore overseas markets, build a diversified channel matrix and a high-quality customer ecosystem, and now continues to deploy in low-voltage inverters, servo systems, PLC control systems, industrial robots, photovoltaic water pumping, energy storage equipment and other tracks.
In 2025, VEICHI Electric will achieve main business revenue of 544 million yuan in overseas markets, a year-on-year increase of 19.36%.
At the same time, VEICHI Electric has completed the relocation and upgrade of its bases in Suzhou, Shenzhen, and Xi’an in 2025, marking the company’s entry into a new stage of systematic upgrades in its production and manufacturing system and technological innovation ecosystem, providing operational guarantees for the company’s business scale expansion and strategic implementation.
In 2020, VEICHI Electric raised a net amount of 418 million yuan through IPO.
As of the end of 2025, the investment progress of the company’s IPO fundraising projects has reached 99.62%.
Among them, the Suzhou phase II inverter and servo system automation production base construction project raised by the IPO has reached the scheduled usable state in September 2023. In 2025, the project has achieved benefits of 614 million yuan.
In addition, in 2022, VEICHI Electric will raise 774 million yuan in scheduled additional funds.
As of the end of 2025, the company has invested a total of 63.2%.
Among them, the investment progress of digital production base construction projects, Suzhou Technology R&D Center (Phase II) construction projects, information construction and intelligent warehousing projects are 57.2%, 20.23%, and 57.28% respectively.
It is worth noting that Veictron Electric has always been driven by technological innovation, and has achieved a number of key technological breakthroughs in the fields of electrical transmission and industrial control, creating a powerful technology platform that provides strong support for the continuous upgrading and innovation of products.
In 2025, VEICHI Electric’s R&D expenses will be 243 million yuan, a year-on-year increase of 11.94%, accounting for 12.5% of operating income.
Since its listing, VEICHI Electric’s R&D investment has reached a total of 808 million yuan.
As of the end of 2025, VEICHI Electric has 239 authorized patents, including 70 invention patents.
As of the end of 2025, the company has 676 R&D personnel, a year-on-year increase of 8.51%, accounting for 35.08% of the total number of employees, providing solid support for the company’s technological innovation, product research and development, and business management.
