Steady profit growth, increased R&D investment! Thor Technology will deliver a high-quality development report card by 2025

(Source: Caixin)

          Leishen Technology achieved operating revenue of 3.013 billion yuan in 2025, a year-on-year increase of 1.95%; net profit attributable to shareholders of the listed company was 22.8943 million yuan, a year-on-year increase of 6.49%; total profit was 27.3682 million yuan, a year-on-year increase of 21.93%.            

On the evening of March 31, Leishen Technology released its 2025 annual report, achieving operating revenue of 3.013 billion yuan, a year-on-year increase of 1.95%; net profit attributable to shareholders of the listed company was 22.8943 million yuan, a year-on-year increase of 6.49%; total profit was 27.3682 million yuan, a year-on-year increase of 21.93%.

In 2025, Leishen Technology anchored its core strategy of “gaming + Xinchuang” with a dual-wheel drive. Amid the wave of changes and market opportunities in the consumer electronics industry, it delivered steady growth in operating performance, ongoing breakthroughs in product innovation, and continuously broadened business boundaries. With solid operating results, it presented the market and investors with an annual report card of high-quality development.

The operational foundation was continuously strengthened, and the resilience of performance growth became evident

In 2025, Leishen Technology consistently stayed committed to developing its main business, with business fundamentals remaining steady and improving. The annual report shows that in 2025, Leishen Technology’s full-year operating revenue reached 3.013 billion yuan, up 1.95% year on year; net profit attributable to owners of the parent company was 22.8943 million yuan, up 6.49% year on year; after deducting non-recurring gains and losses, net profit attributable to ordinary shareholders of the parent company was 18.6540 million yuan. The profit structure continued to improve, and the profitability of the core business improved steadily.

On the level of cash flow and asset operations, Leishen Technology’s operating and management efficiency continued to improve. During the reporting period, the scale of accounts receivable was significantly optimized. By the end of the period, the carrying value of accounts receivable decreased by over 39% compared with the beginning of the period, greatly enhancing the company’s ability to collect funds. The capacity utilization rate of core products reached 94.68%, remaining at a relatively high level in the industry, with ongoing leadership in synergy between production and sales.

At the same time, Leishen Technology continued to improve its shareholder return mechanism. In 2025, it introduced a profit distribution proposal of a cash dividend of 1.25 yuan per 10 shares (tax included). This continued the tradition of consistently distributing cash dividends since its listing, allowing investors to share in the company’s development results.

R&D innovation was deepened further, and product strength fortified the moat of the gaming main business

As a leading brand in China’s gaming hardware sector, Leishen Technology always treats product innovation as the core driving force for development. It adheres to the product development principle of “no interaction, no development; no public testing, no listing,” deeply aligning with user needs and continuously increasing R&D investment. The annual report shows that in 2025, R&D expenditure reached 58.1447 million yuan, a significant year-on-year increase of 26.66%. The ratio of R&D investment to operating revenue rose to 1.93%, taking R&D efforts to a new level.

During the reporting period, Leishen Technology’s R&D team continued to expand. By the end of the year, the number of R&D personnel reached 97, up 10.23% from the beginning of the year. It formed a professional R&D team covering the entire process from product planning, industrial design, technical research and development, to testing and optimization. Relying on sustained R&D investment, the company’s product matrix completed a full iteration and upgrade. In 2025, Leishen Technology successively launched multiple new gaming laptop products equipped with RTX50 series GPUs, including the Hunter Blade 15 series, Dawn 15 series, Dawn 16 pro series, and ZERO 18 Pro series. Across dimensions such as cooling systems, screen quality, AI intelligent interaction, and hardware performance, it achieved comprehensive breakthroughs, covering the entire market range from high-value-for-money mainstream gaming laptops to high-end flagship gaming laptops, continuously meeting the diverse needs of different players.

With strong product capability, the company’s two major professional gaming brands, “Leishen (THUNDEROBOT)” and “Mechanical Master (MACHENIKE),” continued to see their market influence increase, forming an all-scenario gaming hardware solution centered on four product categories: gaming laptops, gaming desktops, gaming monitors, and peripheral accessories. The moat of its main business was continuously further fortified.

The dual-wheel drive strategy was implemented, and the Xinchuang business opened up new growth space

While continuing to focus on its gaming main business, Leishen Technology’s “gaming + Xinchuang” dual-wheel drive strategy continued to be implemented effectively. The Xinchuang business became the company’s second growth curve, injecting fresh momentum into long-term development.

The annual report disclosed that Leishen Technology’s Xinchuang business has already achieved a full-category product layout, covering the full series of products including Xinchuang laptops, desktops, mini PCs, all-in-one computers, workstations, servers, storage, and cloud terminals. The products have been widely adopted in the Party-government sector, finance, education, healthcare, and other eight key industries, as well as other industries.

During the reporting period, Leishen Technology’s Xinchuang solution had cumulatively covered more than 300 application scenarios. Its Xinchuang workstations and mobile workstations successfully entered the procurement projects of COFCO Group, China National Petroleum Corporation, and the National Energy E-commerce Center. Xinchuang servers have deeply empowered the construction of a digital China, with large-scale deployment already implemented in multiple regions including Chongqing, Sichuan, and Fujian, and have been supporting Party-government bodies and financial systems. It also enabled industry benchmark projects such as Qingdao’s “Hai Zhi Xin” intelligent computing center, becoming an important participant in China’s Xinchuang industry.

Meanwhile, national-level industrial policies continuously rolled out have also provided broad room for the company’s development across its dual tracks. The “Notice on Issuing Policies for Large-Scale Equipment Updates and Replacing Old Items with New Ones for Consumer Goods in 2026,” released at the end of 2025, clearly stated that the highest purchase subsidy of 15% would be granted for computers and digital smart products. Coupled with policy support for digital consumption and the gaming industry, both the company’s gaming hardware and Xinchuang businesses ushered in major new development opportunities, and the ceiling for growth continued to expand.

Looking ahead, Leishen Technology stated that it will continue to focus on the development vision of “the world’s first gaming brand for all scenarios,” and will continue to deepen the “gaming + Xinchuang” dual-wheel drive strategy. On the one hand, it will continue to refine product capabilities, deepen the gaming hardware ecosystem across all scenarios, and advance the global operations and deployment; on the other hand, it will continue to increase its efforts in the Xinchuang industry layout, deepen expansion of customers in key industries, and continuously improve market share. Amid the wave of development in consumer electronics and the Xinchuang industry, it will continuously release growth potential and achieve ongoing progression in high-quality corporate development.

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