Beijing Easpring Material Technology (300073) Q4 2025 earnings summary

Executive summary

• Achieved revenue of ¥10.37 billion in 2025, up 36.63% year-over-year; net profit attributable to shareholders was ¥632 million, up 34.02% year-over-year.

• Core business in lithium-ion battery cathode materials, with global expansion and strong R&D in high-nickel, LFP, cobaltate, and next-gen battery materials.

• Significant progress in overseas projects, especially the European materials base and domestic capacity expansion.

• Maintained industry leadership through technology innovation, customer channel expansion, and digital/green manufacturing.

Financial highlights

• Revenue: ¥10.37 billion (+36.63% YoY); net profit: ¥632 million (+34.02% YoY); adjusted net profit: ¥500 million (+83.48% YoY).

• Gross margin for main business: 12.42%; lithium materials business margin: 12.42%; smart equipment margin: 31.42%.

• Operating cash flow: ¥1.15 billion, down 28.06% YoY.

• Total assets: ¥22.41 billion (+30.86% YoY); net assets: ¥14.69 billion (+11.59% YoY).

• R&D expenses: ¥486 million, up 31.15% YoY, representing 4.68% of revenue.

• EPS: ¥1.2108; ROE: 4.57%.

Outlook and guidance

• 2026 focus on core technology breakthroughs, product iteration, and high-end capacity expansion.

• Accelerate global supply chain, especially in Europe, and deepen integration with top-tier customers.

• Continue green, digital transformation and ESG leadership.

• Maintain robust risk management for receivables, FX, and raw material volatility.