Guangdong Dowstone Technology (300409) investor relations material

Executive summary

• Achieved revenue of ¥8.16 billion in 2025, up 5.22% year-over-year; net profit attributable to shareholders surged 223.13% to ¥506.85 million; adjusted net profit (excluding non-recurring items) rose 300.15% to ¥483.20 million.

• Strategic resource segment (mainly copper and cobalt) became the largest revenue contributor, with a 52.33% increase, now accounting for 45.49% of total revenue.

• Significant progress in solid-state battery materials R&D and commercialization, including mass production of single-wall carbon nanotubes and silicon-carbon anodes.

• Enhanced digitalization and group management, with major investments in AI-driven R&D and overseas expansion.

Financial highlights

• Revenue: ¥8.16 billion (+5.22% YoY); net profit attributable to shareholders: ¥506.85 million (+223.13% YoY); adjusted net profit: ¥483.20 million (+300.15% YoY).

• Gross margin improved across most segments; strategic resource segment margin at 30.16%.

• Operating cash flow: ¥1.07 billion (+59.65% YoY); basic and diluted EPS: ¥0.6792 (+151.28% YoY).

• Total assets: ¥14.17 billion; net assets attributable to shareholders: ¥8.05 billion (+19.27% YoY).

• R&D investment: ¥218.79 million, 2.68% of revenue.

Outlook and guidance

• 2026 strategy focuses on solid-state battery materials, AI-driven R&D, and global market expansion.

• Plans to accelerate industrialization of single-wall carbon nanotubes, silicon-carbon anodes, and solid-state battery solutions.

• Continued investment in digital transformation, cost control, and talent development.