Anhui Jinyan Kaolin New Materials (2693) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 1.9% YoY to RMB272.1m, while profit fell 26.2% to RMB38.8m as gross margin compressed and finance costs increased.

• Hong Kong listing on 3 December raised net proceeds of HK$124.3m; cash and cash equivalents ended the year at RMB205.6m.

• Integrated mining, processing and manufacturing operations are anchored by the Shuoli mine, with planned capacity expansion and product diversification shaping the 2026 growth agenda.

Financial highlights

• Revenue was RMB272.1m vs RMB267.1m in 2024; gross profit was RMB91.9m vs RMB98.2m, and operating profit was RMB51.0m vs RMB63.2m.

• Profit before tax was RMB44.4m vs RMB59.5m; net income was RMB38.8m vs RMB52.6m; basic and diluted EPS was RMB0.52 vs RMB0.72.

• Cost of sales increased 6.7% to RMB180.2m, faster than revenue; gross margin declined to 33.8% from 36.7%.

• Total assets rose to RMB1,064.1m from RMB926.7m; net assets increased to RMB608.2m from RMB460.3m.

Outlook and guidance

• Plans include a refractory mullite line with designed annual capacity of 40,000 tonnes and a kaolin fine-powder workshop designed for 60,000 tonnes annually.

• Planned upgrades include intelligent sorting, magnetic separation, shaft-kiln improvements and automation to raise purity, quality consistency and production efficiency.

• R&D priorities include higher-end precision-casting surface materials, fine-powder processing, intelligent mining, synthetic materials and engineering fibers.

• 2026 priorities include advancing major projects, strengthening core businesses, innovation and industrial upgrading, and improving quality and efficiency.