AAC Technologies (SEHK: 2018) reported first-half 2026 revenue of RMB 14.5 billion, an 8.9% increase from the prior-year period, as demand for heat dissipation and acoustics products offset declines in optics. Core net profit, excluding fair-value changes, rose 37.4% to RMB 851 million, while gross margin expanded by 1.7 percentage points to 22.4%.
The precision mechanics and heat dissipation segment delivered the strongest performance, with revenue climbing 12.5% to RMB 3.25 billion. Within this segment, heat dissipation revenue surged approximately 400% year-over-year to RMB 1.10 billion, driven by rising demand for vapor chambers and liquid-cooling solutions in automotive and electronics applications. Gross margin in the segment improved 4.1 percentage points to 23.1%, while gross profit rose 36.5% to RMB 750 million.
Acoustics and electromagnetic drives remained the largest revenue contributor, accounting for 41% of total sales at RMB 6.01 billion, up 14.2% from a year earlier. Automotive acoustics revenue grew 23.1% to RMB 2.23 billion, though gross margin contracted by 3.2 percentage points to 20.1% amid pricing pressures. Sensors and semiconductors revenue jumped 41.0% to RMB 858 million, with gross margin improving to 14.6%.
Optics revenue fell 22.7% to RMB 2.05 billion, though high-resolution camera modules and optical image stabilization components maintained strong shipment shares. R&D expenditure rose 21.4% to RMB 1.21 billion, while operating cash flow totaled RMB 1.91 billion. The company reduced net debt by approximately RMB 650 million year-over-year and improved its cash conversion cycle by 30 days to under 20 days.
Management guided for full-year 2026 revenue growth in the double digits, with gross margins targeted at around 30% by year-end. Heat dissipation vapor chamber shipments are projected to reach 180,000 units in 2026, with revenue growth expected to accelerate 200% to 300% for the year. Liquid cooling revenue is forecast to exceed RMB 200 million in 2026, rising to RMB 600 million–RMB 800 million in 2027. The robotics business is projected to generate RMB 300 million–RMB 500 million in 2027, while AI wearables revenue is targeted at RMB 1 billion.
AAC Technologies' shares gained 2.51% to close at HKD 40.10 on August 21, 2026, extending gains from a 52-week low of HKD 31.20.
