Shenzhen Dynanonic (300769) H2 2025 earnings summary

Executive summary

• Revenue grew 14.5% year-over-year to RMB 8.72 billion, with phosphate cathode material sales up 24.04% by volume and 20.76% by production volume.

• Net loss attributable to shareholders narrowed to RMB -821 million, a 38.63% improvement year-over-year.

• Gross margin improved from Q3 2025 onward, reflecting cost control and product mix optimization.

• The company maintained industry leadership in high-density phosphate cathode materials and accelerated commercialization of next-generation products.

Financial highlights

• Operating income: RMB 8.72 billion, up 14.5% year-over-year.

• Net loss: RMB -821 million, improved from RMB -1.34 billion last year.

• Basic and diluted EPS: RMB -2.95, up from RMB -4.81 last year.

• Operating cash flow: RMB -768 million, down from RMB 143 million last year, mainly due to increased material purchases.

• Total assets: RMB 16.82 billion, down 5.58% from year-end 2024.

• Net assets: RMB 4.99 billion, down 30% year-over-year.

Outlook and guidance

• Focus on R&D breakthroughs, quality, smart manufacturing, and cost reduction across the value chain.

• Plans to expand product portfolio, enhance supply chain resilience, and pursue green, low-carbon transformation.

• No cash dividend, stock dividend, or capital reserve transfer due to accumulated losses.