Ningbo Shanshan (600884) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 21.59 billion in 2025, up 15.56% year-over-year; net profit attributable to shareholders was RMB 458 million, turning from loss to profit compared to 2024.

• Both core businesses—anode materials and polarizers—delivered significant profit growth, with combined net profit of RMB 933 million.

• No cash dividend, bonus shares, or capital reserve transfer proposed for 2025 to support strategic investments and maintain financial stability.

Financial highlights

• Operating income: RMB 21.59 billion, up 15.56% year-over-year.

• Net profit attributable to shareholders: RMB 458 million, compared to a loss of RMB 367 million in 2024.

• Operating cash flow: RMB 2.26 billion, up 21.44% year-over-year.

• Basic EPS: RMB 0.21; ROE: 2.10%.

• Gross margin for anode materials: 19.59% (+1.14ppt); for polarizers: 23.25% (+4.46ppt).

Outlook and guidance

• Expects continued robust demand for anode materials driven by global EV and energy storage growth; industry concentration to increase.

• Polarizer business to benefit from display panel upgrades, OLED penetration, and domestic substitution trends.

• Strategic focus on R&D, cost leadership, and global supply chain resilience.