Lygend Resources & Technology (2245) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 37.7% YoY to RMB40,239.8m; profit attributable to owners increased 61.1% to RMB2,857.4m, driven mainly by full-load HPAL output and higher KPS production.

• HPAL operated at full capacity across all lines; six KPS production lines reached full capacity, while slag resource utilization and MHP refinement projects advanced toward construction.

Financial highlights

• Revenue increased 37.7% to RMB40,239.8m; gross profit rose 44.1% to RMB7,715.1m and gross margin expanded to 19.2% from 18.3%.

• Profit for the year increased 47.9% to RMB4,745.5m; profit attributable to owners rose 61.1% to RMB2,857.4m.

• Profit before tax rose 53.1% to RMB5,845.0m; income tax expense increased to RMB1,099.5m from RMB608.3m, including Pillar Two tax provisions.

• Net profit margin increased to 11.8% from 11.0%; basic and diluted EPS was RMB1.84 versus RMB1.14.

Outlook and guidance

• Plan to bring all 12 KPS production lines to full capacity by 2026.

• Hydrometallurgical slag resource utilization project completed feasibility studies and regulatory filing, with construction preparation advancing; MHP refinement is planned to convert MHP into nickel/cobalt sulfates or electrodeposited metals.

• Priorities include expanding nickel resource supply, increasing R&D, improving lean operations and cost control, and broadening high-value product offerings.