Key takeaway

In 2025, the company recorded revenue/net profit attributable to shareholders of the parent company/net profit excluding non-recurring items of RMB13.633bn/RMB0.143bn/RMB0.111bn, +34%/+126%/+118% YoY; among which 4Q25 revenue/net profit attributable to shareholders of the parent company/net profit excluding nonrecurring items reached RMB4.089bn/RMB0.229bn/RMB0.195bn, +52%/+123%/+119% YoY and +8%/+3270%/+1818% QoQ. In 1Q26, revenue/net profit attributable to shareholders of the parent company/net profit excluding non-recurring items reached RMB3.908bn/RMB0.260bn/RMB0.261bn, +43%/+902%/+793% YoY. Starting from 4Q25, the company’s gross margin recovered significantly YoY, mainly benefiting from improved industry supply-demand dynamics and product mix optimization. A higher share of high value-added coated separators drove the rebound in profitability. Against the backdrop of gradually stabilizing industry prices, the company released scale effects and reduced unit costs, driving profitability into a recovery track.

Event

In 2025, the company recorded revenue/net profit attributable to shareholders of the parent company/net profit excluding non-recurring items of RMB13.633bn/RMB0.143bn/RMB0.111bn, +34%/+126%/+118% YoY; among which 4Q25 revenue/net profit attributable to shareholders of the parent company/net profit excluding nonrecurring items reached RMB4.089bn/RMB0.229bn/RMB0.195bn, +52%/+123%/+119% YoY and +8%/+3270%/+1818% QoQ. In 1Q26, revenue/net profit attributable to shareholders of the parent company/net profit excluding non-recurring items reached RMB3.908bn/RMB0.260bn/RMB0.261bn, +43%/+902%/+793% YoY.

Risks

1) Lower-than-expected production and sales of downstream new energy vehicles: Lower-than-expected sales due to impacts like sluggish demand; lower-than-expected production due to sharp fluctuations in upstream raw material prices, power cuts, etc., which will further affect the shipment and profitability of the company's related business.

2) Raw material price increases exceeding expectations: Since 2021, raw material prices have continued to rise. High and volatile prices have had a certain impact on downstream demand, while also causing short-term disturbances to the company’s performance.

3) Slower-than-expected progress of the company's key projects: For the company as a participant in the new energy sector, the progress of major projects is the key to supporting the revenue and profits, and is also a reflection of the company's growth potential. The slower-than-expected progress of major projects will affect its current and long-term performance.