Gasgoo Munich-ADAYO Group (002906) has released its 2025 annual report. Despite intensifying cut-throat competition and volatile raw material costs, the company demonstrated solid operational resilience. Full-year revenue climbed 28.46% to 13.048 billion yuan, while net profit attributable to shareholders rose 20% to 782 million yuan. This performance not only sustains the company's recent high-growth trajectory but also validates its strategic direction and strengthening product competitiveness amid fierce market rivalry.
Key accounting data and financial indicators (Image source: ADAYO Group announcement)
Two Core Businesses Surge, Expanding into Robotics and Low-Altitude Flight
By business segment, ADAYO's two core pillars — automotive electronics and precision die-casting — both posted high-speed growth, underpinning a solid performance base. Automotive electronics revenue jumped 27.25% to 9.675 billion yuan, remaining the primary revenue driver. Precision die-casting delivered a standout performance, with revenue soaring 38.47% to 2.859 billion yuan, outpacing the other segment and signaling significant potential.
Key business performance (Image source: ADAYO Group announcement)
The sustained growth in automotive electronics stems from deep deployments in smart cockpits and advanced driver assistance systems (ADAS). During the reporting period, product lines including HUDs, cockpit domain controllers, electronic mirrors, precision motion mechanisms, digital acoustics, in-vehicle cameras, and digital keys all saw rapid sales growth. Third-party data shows ADAYO's HUD products ranked first domestically and among the top globally. Meanwhile, its in-vehicle wireless charging products maintained the top spot in China, rising to second place worldwide by market share.
The rapid expansion of precision die-casting has capitalized on the dual trends of vehicle intelligence and electrification. The financial report reveals high revenue growth for both aluminum and zinc alloy product lines. Sales of components for intelligent applications — such as LiDAR, displays, domain controllers, and HUDs — as well as parts for new energy vehicle powertrains, braking, and transmission systems surged year-over-year. Notably, revenue from major clients like Molex, TE Connectivity, BorgWarner, and UAES (United Automotive Electronic Systems) saw significant increases.
In the non-automotive sector, ADAYO is actively developing AI and robotics-related businesses. AI-linked optical communication modules and high-speed connector die-casting parts have entered mass production, growing rapidly for two consecutive years. The company has also secured orders for products and components related to robotics, low-altitude aircraft, and two-wheelers, with other related businesses currently under exploration and expansion.
Geographically, ADAYO's domestic and overseas markets both thrived in 2025. Domestic revenue reached 11.261 billion yuan, a 30.03% increase, while overseas business hit 1.787 billion yuan, up 19.34%. To support this rapid expansion, ADAYO is accelerating capacity buildup and its global footprint. The Huizhou Dongxing plant under ADAYO General officially opened, and a new Shanghai production base came online, with several expansion projects completed. Internationally, the company is speeding up its globalization efforts, having purchased land in Thailand to kickstart construction of a new manufacturing base.
Across core operations and regional markets, ADAYO demonstrated steady growth. This is no small feat given the severe industry challenges and a complex international landscape, underscoring the company's strong risk resilience and robust growth drivers.
Order Wins Break New Ground; Customer Base Diversifies
Amidst business growth, the financial report highlights breakthroughs in new orders and a continuously expanding customer base.
In automotive electronics, the company secured designated projects from numerous international automakers, including SAIC Volkswagen, FAW Volkswagen, Volkswagen Anhui, SAIC GM, Ford North America, Changan Ford, Changan Mazda, Dongfeng Nissan, Beijing Hyundai, Kia, STELLANTIS, and VINFAST. For domestic brands, ADAYO expanded its model fitments and secured new projects from Changan, Chery, Geely, Great Wall Motor, BAIC, Seres, XPENG, Xiaomi, and Li Auto, often supplying multiple product categories for a single vehicle. Additionally, supply chain cooperation advanced; the cockpit domain controller solution added support for MediaTek and UNISOC platforms, securing new designated projects.
Regarding customer structure, the revenue share from certain new EV makers and international brands increased. During the period, revenue from Changan, BAIC, Xiaomi, Dongfeng, STELLANTIS, SAIC Volkswagen, BYD, XPENG, NIO, and Leapmotor surged.
For precision die-casting, new order values for magnesium alloy products surged significantly, alongside strong gains in automotive displays, optical communication modules, and AI high-speed connector components. The company expanded its application reach into robotics, low-altitude flight, and two-wheelers, securing project designations for low-altitude aircraft domain controller components. It continued to win new projects from major clients such as BorgWarner, UAES, Schaeffler, TE Connectivity, Molex, ZF, BYD, Henglong, Flex, and Amphenol.
In 2025, ADAYO's customer expansion strategy clearly paid off across multiple fronts. This ongoing optimization of the customer structure not only mitigates reliance on single clients but also signals that the company's product and technical capabilities have earned recognition from mainstream global markets.
R&D Investment Ramps Up to 7.60% of Revenue
Business growth and order wins are underpinned by product innovation. The report shows ADAYO invested 991 million yuan in R&D in 2025 — a 19.21% year-over-year increase, accounting for 7.60% of total revenue.
In automotive electronics, ADAYO launched an AI BOX product, offering high computing power that supports 7B-level large-model on-device deployment with multi-model parallel processing and real-time response. In-vehicle display products overcame industry hurdles like achieving ultra-high color gamut and minimizing halo effects. The company introduced smart surface products (invisible touch controls). Leveraging its strengths in display and HUD optics, ADAYO became the first globally to mass-produce PHUD products and is now iterating upgrades with multiple new project wins. It also debuted the world's first depth-perception 3D AR-HUD, delivering a wide-depth, true 3D immersive experience. The electronic mirror (CMS) line developed custom ISP algorithms, achieving an industry-record ultra-narrow bezel. Digital audio products saw continued innovation with proprietary sound technologies deployed. Wireless charging achieved 80W private protocol functions for major brands, solving interference and thermal issues while adapting to the Qi2.0 in-vehicle MPP platform and exploring vehicle-wide wireless charging, robot charging, and CPM collision power modules. Finally, digital key products upgraded positioning algorithms for greater accuracy.
Application diagram of automotive electronics smart cockpit products (Image source: ADAYO Group)
Application diagram of automotive electronics ADAS and cross-domain integration products (Image source: ADAYO Group)
Precision die-casting efforts focused on mold and fixture design, FA equipment technology, and manufacturing processes. The team cracked several high-difficulty mold design challenges, expanded applications for high flame-retardant magnesium alloys, and integrated 3D visual guidance with AI and robotics to enhance flexible changeover capabilities in automated manufacturing units. Capabilities in complex processes like high-vacuum combined extrusion, aluminum-magnesium friction stir welding, contour spraying, multi-axis machining, and vacuum adsorption continued to improve.
Application diagram of precision die-casting products in the automotive sector (Image source: ADAYO Group announcement)
ADAYO defined 2025 as a year of "acceleration and advancement toward leadership." The financial results mark a high-quality response to that goal. Looking ahead, the company has outlined a clear strategy: its automotive business will continue to focus on intelligence and lightweighting, aiming to become a leading global supplier of automotive electronics and components. Simultaneously, ADAYO is actively exploring a second growth curve by accelerating the development of AI optical communication modules and high-speed connectors, while expanding applications in emerging fields like robotics and low-altitude aviation.
