Ningbo Shanshan (600884) Q2 2025 earnings summary

Executive summary

• Achieved operating income of RMB 9.86 billion in H1 2025, up 11.78% year-over-year; net profit attributable to shareholders rose 1,079.59% to RMB 207.31 million; net profit excluding non-recurring items increased 605.24% to RMB 168.60 million.

• Anode materials business saw significant sales and profit growth, maintaining top market share; polarizer business achieved steady sales growth but faced profit decline due to cost pressures.

• The company continued to invest in R&D, process innovation, and capacity expansion, with new projects in China and overseas.

Financial highlights

• Operating income: RMB 9.86 billion, up 11.78% year-over-year.

• Net profit attributable to shareholders: RMB 207.31 million, up 1,079.59% year-over-year.

• Net cash flow from operating activities: RMB 1.46 billion, up 111.60% year-over-year.

• Basic EPS: RMB 0.096; weighted average ROE: 0.956%.

• Total assets: RMB 45.08 billion; net assets attributable to shareholders: RMB 21.85 billion.

Outlook and guidance

• The company expects continued growth in the anode materials market, driven by strong demand from new energy vehicles and energy storage.

• Polarizer business will focus on high-end products and cost control to address industry fluctuations.

• Ongoing overseas expansion, including a 100,000-ton anode project in Finland, to capture global market opportunities.