Xi’an Haitian Antenna Technologies Co., Ltd. (“Haitian Antenna”) released its audited results for the year ended 31 December 2025. Revenue rose 25.7% year-on-year to RMB 27.58 million, driven mainly by stronger sales of metamaterial lens antennas. Net loss narrowed to RMB 8.87 million from RMB 15.76 million in 2024.
\n\nKey financials • Gross profit reached RMB 8.67 million, representing a gross margin of 31.4% (2024: 33.9%). • Operating costs increased 30.1% to RMB 18.91 million. Administrative expenses fell 19.6% to RMB 9.77 million after tighter cost control and lower amortisation charges. • R&D spending was trimmed to RMB 1.35 million (2024: RMB 1.97 million). • Net cash used in operating activities totalled RMB 1.64 million; cash and cash equivalents stood at RMB 1.34 million at year-end.
\n\nSegment performance • Antenna products and related services delivered revenue of RMB 22.35 million, contributing 82% of main business income and recording a segment loss of RMB 2.95 million. • Agricultural products generated RMB 4.75 million in revenue, with a segment loss of RMB 0.19 million. • No sales were recorded in underwater monitoring or aircraft products; these segments provided only technical support to existing customers.
\n\nBalance-sheet highlights • Total assets were RMB 52.06 million; total liabilities reached RMB 107.69 million, leaving negative shareholders’ equity of RMB 55.63 million. • Current liabilities exceeded current assets by RMB 61.88 million. • Short-term borrowings remained at RMB 3.51 million; lease liabilities were RMB 0.29 million. • Accounts receivable climbed to RMB 24.19 million, and the top five customers accounted for 86.53% of year-end receivables.
\n\nAuditor’s emphasis of matter ShineWing issued an unqualified opinion but highlighted “material uncertainties” over the company’s ability to operate as a going concern, citing continued losses, negative net assets and tight liquidity. Management plans include expanding antenna sales, tapping Wi-Fi lens opportunities, stricter cost control and financial support from major shareholders.
\n\nLitigation update In a land-transfer dispute with Xi’an Xiangyu Aviation Technology, the Chang’an District Court awarded Haitian Antenna RMB 27.14 million for land fees, renovation costs and liquidated damages. The company has appealed the ruling on property occupation fees; proceedings continue.
\n\nCapital management and dividend The gearing ratio was –6.54% due to negative equity. No dividend was declared for 2025, and no significant acquisitions, disposals or fund-raising activities occurred during the year.
\n\nOutlook Management aims to deepen deployment in 5G base-station and Wi-Fi lens antennas, pursue frontier-area broadband projects and seek strategic investors to improve cash flow while continuing cost-reduction measures in 2026.