Wangli Security (605268): Robust Recovery in 2026 Q1 Performance, Smart Door Lock Upgrade Opens Growth Opportunities

Event: The company released its 2025 annual report and the first-quarter report of 2026. In 2025, the company achieved operating revenue of 3.233 billion yuan, representing a year-on-year increase of 3.54%; net profit attributable to shareholders reached 126 million yuan, reflecting a year-on-year decrease of 9%.

Founder SecuritiesMay 4 00:00

Wangli Security's net profit attributable to shareholders in 2025 was RMB 126 million, a year-on-year decrease of 9.48%. In Q4, the company reported a non-recurring loss while the net cash flow surged by 135.38%.

In 2025, the company's revenue increased slightly by 3.54% to RMB 3.233 billion, but net profit attributable to shareholders fell by 9.48% year-on-year, while non-recurring net profit dropped by 21.67%. The Q4 standalone quarter recorded a non-recurring loss. Gross margin improved slightly, yet net margin declined, with profitability heavily reliant on non-recurring gains such as government subsidies. The core business remains highly concentrated in steel security doors and is primarily focused on domestic eastern and northern regions, with insufficient progress observed in channel expansion and market diversification.

lanjinger.comApr 29 15:41

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