Shanghai Putailai New Energy Technology (603659) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 15.71 billion in 2025, up 16.83% year-over-year; net profit attributable to shareholders was RMB 2.36 billion, up 98.14% year-over-year.

• Main business covers key materials and automation equipment for new energy batteries, with strong growth in both domestic and overseas markets.

• Maintained industry leadership in coated separator processing and PVDF materials, with significant capacity expansions and new product launches.

Financial highlights

• Operating income: RMB 15.71 billion, up 16.83% year-over-year.

• Net profit attributable to shareholders: RMB 2.36 billion, up 98.14% year-over-year.

• Operating cash flow: RMB 2.70 billion, up 13.73% year-over-year.

• Basic and diluted EPS: RMB 1.12, up 100% year-over-year.

• Gross margin increased by 4.25 percentage points to 31.66%.

Outlook and guidance

• Plans to expand separator and negative electrode material capacity, targeting over 150 billion m² coated separator and 21 billion m² base film shipments in 2026.

• Aims for over 25 million tons of negative electrode material shipments and 45,000 tons of PVDF in 2026.

• Focus on R&D for next-generation battery materials and automation equipment, with continued global market expansion.