Ningbo Shanshan (600884) Q1 2025 earnings summary

Executive summary

• Operating income for Q1 2025 reached RMB 4.80 billion, up 28.04% year-over-year, driven by significant growth in the anode material business sales volume and scale effect.

• Net profit attributable to shareholders was RMB 33.14 million, reversing a net loss of RMB 73.28 million in Q1 2024.

• Basic and diluted EPS were both RMB 0.015, compared to -0.033 in the prior year period.

Financial highlights

• Net profit attributable to shareholders after non-recurring items was RMB 14.97 million, compared to a loss of RMB 73.35 million last year.

• Net cash flow from operating activities was negative RMB 150.44 million, down from positive RMB 324.46 million year-over-year, mainly due to increased working capital needs in the polarizer business.

• Total assets at March 31, 2025 were RMB 45.47 billion, down 1.60% from year-end 2024.

• Owners' equity attributable to shareholders was RMB 21.64 billion, up 0.28% from year-end.

Outlook and guidance

• The company maintains independent and complete business operations and management, with no significant substantive impact from the controlling shareholder's reorganization on daily operations.