Han'S Laser Technology Industry Group Co.,Ltd. disclosed its 2026 interim results on August 20, posting revenue of RMB 13.413 billion for the first half, a 76.19% year-on-year increase. Net profit attributable to shareholders reached RMB 1.288 billion, up 163.84%, while non-GAAP net profit excluding non-recurring items soared 439.62% to RMB 1.409 billion. The pace of profit growth significantly outpacing revenue indicates a marked improvement in the profitability of the company's core operations.

AI computing infrastructure buildout has emerged as a primary growth catalyst. Revenue from the information industry equipment segment hit RMB 7.404 billion, up 131.62% year-on-year, with PCB intelligent manufacturing equipment contributing RMB 4.985 billion, a 109.29% increase that lifted its share of total revenue to 37.17%. Gross margin for this segment improved from 30.28% to 35.15%.

Meanwhile, consumer electronics, new energy, and semiconductor equipment segments all sustained robust growth. Consumer electronics equipment revenue rose 196.93% to RMB 2.419 billion, new energy equipment grew 55.95% to RMB 1.499 billion, and semiconductor and pan-semiconductor equipment climbed 43.81% to RMB 857 million. The simultaneous expansion across multiple business lines is accelerating the company's strategic shift from traditional laser processing toward high-end manufacturing equipment.

However, rapid growth has also led to higher working capital absorption. Accounts receivable stood at RMB 12.084 billion at period-end, inventory increased to RMB 7.234 billion, and net operating cash flow remained negative at RMB -683 million. Additionally, the controlling shareholder and certain management members have disclosed share reduction plans, making receivables collection and insider selling trends key points to monitor.

AI Computing Power Drives PCB Equipment Expansion

PCB equipment serves as the core engine for Han'S Laser's current growth cycle. First-half revenue from PCB intelligent manufacturing equipment grew 109.29% to RMB 4.985 billion, with gross margin rising to 35.15%. The continued expansion of AI servers is pushing PCB technology toward higher layer counts, greater density, and enhanced precision, which in turn demands more advanced drilling, back-drilling, exposure, and inspection equipment.

The company has been rolling out new solutions for high-end PCBs. In drilling, Han'S Laser has achieved mass production capability for through-holes with aspect ratios of 31.5:1 and above, along with high-precision back-drilling. For 800G and 1.6T optical modules, the company introduced laser drilling solutions that enable 50-micron dense micro-via processing.

Looking ahead, the company is positioning for next-generation products such as 44-layer mid-boards and 78-layer orthogonal backplanes, developing high-precision back-drilling, copper paste plugging, and ultra-thick substrate forming solutions. As AI server PCBs continue to evolve, the technical barriers and value per unit of high-end equipment are expected to rise in tandem.

Consumer Electronics Surges While 3D Printing Opens New Avenues

Consumer electronics equipment became one of the fastest-growing business segments, with revenue jumping 196.93% to RMB 2.419 billion. The company continues to participate in product innovation for overseas flagship customers, and new form factors like foldable screens and smart glasses are driving demand for precision processing equipment.

Beyond that, Han'S Laser is extending its metal 3D printing capabilities into 3C electronics, aerospace, and liquid cooling applications. The company's self-developed red-light and green-light metal 3D printing systems can process highly reflective materials such as pure copper and copper alloys, opening new application space for complex structures and lightweight component manufacturing.

Lithium Battery Equipment Goes Global as Semiconductors Ride Localization Wave

New energy equipment generated RMB 1.499 billion in revenue, up 55.95% year-on-year, with lithium battery equipment contributing RMB 1.370 billion, a 48.43% increase. The lithium battery equipment business is transitioning from a domestic expansion focus to one driven by both domestic and international markets. While deepening relationships with domestic clients, the company is expanding overseas through localized teams and continues to develop semi-solid and all-solid-state battery equipment.

Semiconductor and pan-semiconductor equipment revenue reached RMB 857 million, up 43.81%, with the Han'S Semiconductor unit alone generating RMB 375 million, an 82.44% surge. The company has been consistently securing orders in AMOLED production line equipment and packaging/testing segments.

Notably, its silicon wafer laser stealth dicing equipment has completed process validation at a leading domestic silicon photonics module customer and has been integrated into mass production lines. This positions the company to establish a foothold in silicon photonics and high-end semiconductor equipment markets.

General Industrial Segment Steadies While Liquid Cooling Welding Gains Traction

Traditional general industrial laser processing equipment posted revenue of RMB 3.653 billion in the first half, up 27.76%. High-power cutting generated RMB 1.617 billion, a 25.86% increase, while low-power equipment revenue grew 37.63% to RMB 1.949 billion.

Laser welding has emerged as a new growth vector. The company now offers welding solutions for liquid cooling plates, corrugated tubes, water separators, and water conduit products. As AI server power density rises and liquid cooling penetration increases, these equipment offerings are well positioned to benefit.

Cash Flow Constraints and Insider Selling Remain Key Watch Points

Despite strong top-line growth, the company's working capital absorption has increased notably. As of the end of the first half, accounts receivable stood at RMB 12.084 billion, up significantly from the beginning of the period, while inventory reached RMB 7.234 billion, an increase of approximately 38.5% year-on-year. Net operating cash flow remained negative at RMB -683 million, still below the profit level for the period.

On the financing side, net cash flow from financing activities reached RMB 3.8 billion, up 2,264.13% year-on-year, primarily driven by proceeds from the H-share listing of subsidiary Han'S CNC, providing capital support for the PCB equipment business expansion.

Regarding shareholder returns, the company has maintained its cash dividend tradition, with cumulative dividends and share buybacks reaching RMB 4.909 billion since its 2004 listing. However, Han'S Holding and certain directors and senior executives have simultaneously disclosed share reduction plans.

For Han'S Laser Technology Industry Group Co.,Ltd., AI computing power, PCBs, consumer electronics, and semiconductors are reshaping its growth trajectory. Yet accounts receivable, inventory levels, operating cash flow, and insider selling activity will be critical indicators for the market to assess the sustainability of this high-growth phase.