Jiangxi Special Electric Motor (002176) Q2 2025 earnings summary

Executive summary

• Revenue rose 35.85% year-over-year to ¥975.17 million, driven by higher lithium salt sales volume.

• Net loss attributable to shareholders widened to ¥114.19 million, down 78.24% year-over-year, mainly due to falling lithium salt prices and lower gross margin.

• Cash flow from operations was negative ¥296.27 million, a further decline from the prior year.

Financial highlights

• Operating income: ¥975.17 million, up 35.85% year-over-year.

• Net loss attributable to shareholders: ¥114.19 million, compared to ¥64.07 million loss last year.

• Gross margin for lithium segment fell 16.27 percentage points to -16.27%.

• Basic and diluted EPS: -¥0.07, down from -¥0.04.

• Total assets: ¥6.16 billion, down 7.2% from year-end.

• Net assets: ¥3.39 billion, down 3.16% from year-end.

Outlook and guidance

• Lithium salt demand expected to remain robust due to EV and energy storage growth, but price volatility remains a risk.

• Company aims to offset price declines with increased production and cost reductions from new self-owned mines.