Yunnan Energy New Material (002812) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥13.63 billion in 2025, up 34.13% year-over-year, with net profit of ¥143 million, turning profitable from a loss last year.

• Core lithium battery separator business grew 40.89% in revenue, accounting for 85.31% of total revenue.

• Overseas business remained stable, and high value-added coated separator products increased in proportion.

• Gross margin for lithium battery separators improved by 10.62 percentage points year-over-year.

• Company maintained industry leadership in global lithium battery separator market share.

Financial highlights

• Revenue: ¥13.63 billion, up 34.13% year-over-year.

• Net profit attributable to shareholders: ¥143 million, compared to a loss of ¥556 million last year.

• Operating cash flow: ¥1.14 billion, stable year-over-year.

• Total assets: ¥48.75 billion, up 3.28% from year-end 2024.

• Net assets: ¥25.47 billion, up 4.07% from year-end 2024.

• Basic EPS: ¥0.15, up from -¥0.57 last year.

• Gross margin for lithium battery separators: 18.01%, up 10.62 percentage points.

Outlook and guidance

• Plans to continue expanding global production capacity and market presence.

• Focus on high-end separator R&D, digital transformation, and green manufacturing.

• No cash dividend, bonus shares, or capital increase from reserves for 2025; profits retained for capacity, R&D, and digitalization.