Shanghai Putailai New Energy Technology (603659) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 3.74 billion, up 6.66% year-over-year; YTD revenue was RMB 10.83 billion, up 10.06% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 644.53 million, up 69.3% year-over-year; YTD net profit was RMB 1.70 billion, up 37.25% year-over-year.

• Strong growth driven by robust demand in downstream power and energy storage battery markets, with significant increases in separator and PVDF business sales.

Financial highlights

• Gross margin improved as cost and expense controls were enhanced, and product mix was optimized.

• Operating cash flow for the first nine months was RMB 1.67 billion, up 55.14% year-over-year.

• Basic EPS for Q3 was RMB 0.30, up 66.67% year-over-year; YTD basic EPS was RMB 0.80, up 37.93% year-over-year.

• Total assets at quarter-end were RMB 46.04 billion, up 9.35% from the previous year-end.

• Net assets attributable to shareholders were RMB 19.75 billion, up 7.39% from the previous year-end.

Outlook and guidance

• Continued focus on R&D and process innovation to match downstream customer needs and maintain market share.

• Management expects ongoing growth in power and energy storage battery markets, with further improvements in cost control and operational efficiency.