AAC Technologies reported a 37.4% year-over-year increase in core net profit for the first half of 2026, excluding fair-value adjustments, as revenue reached a new high. Net profit totaled RMB 901 million, while operating cash flow surged to RMB 1.91 billion and gross margin improved to 28.6%, up 0.7 percentage points from a year earlier.
Revenue across the group’s acoustics and electromagnetic drives segment rose 14.2% to RMB 6.01 billion, driven by a 23.1% increase in automotive acoustics to RMB 2.23 billion. Gross margins in automotive acoustics declined 3.2 percentage points to 20.1% due to heightened competition, a higher share of amplifier revenue and rising raw material costs tied to geopolitical factors. The precision mechanics and heat dissipation segment grew 12.5% to RMB 3.25 billion, with heat dissipation revenue expanding 400% on demand for high-performance ultra-thin vapor chambers.
The company’s sensors and semiconductors business advanced 41% to RMB 858 million, supported by high-value products and increased penetration with major overseas customers. Total debt fell by approximately RMB 650 million from a year earlier, and the debt-to-EBITDA ratio is projected to decline to 1.1x by year-end, down from under 1.8x previously. Cash on hand stood at RMB 7.07 billion, while the cash turnover cycle improved by 30 days to within 20 days.
Management raised its full-year 2026 targets, guiding for double-digit revenue growth and a gross margin approaching 30% by year-end. Growth is expected to accelerate across several high-margin areas, including heat dissipation and thermal management. Vapor chamber-related products are forecast to expand 200% to 300% in 2026, with active cooling fans projected to reach several million units next year and 30 million to 50 million units within three years.
Liquid cooling subsidiary Yuandi is targeting revenue of over RMB 200 million in 2026, a three- to fourfold increase, with 2027 revenue guided to RMB 600 million to RMB 800 million. Total liquid cooling revenue could approach RMB 1 billion in 2027. Robotics revenue is projected to reach RMB 300 million to RMB 500 million in 2027, with broader robotics business targeted at RMB 400 million to RMB 700 million, potentially hitting RMB 1 billion by 2028. Complete robot systems are slated for mass production by the end of 2026.
AI wearables shipments are expected to total 5 million to 10 million units in 2026, with per-unit value of at least $30. Revenue from AI wearables is projected at RMB 1 billion in 2027, while wearable AI camera products could contribute over RMB 1.5 billion. Shipments for XR and optical communication products under the WLG unit are anticipated to begin in the fourth quarter of 2026, with demand seen rising to over 100 million units in 2027 and into the billions by 2028.
