Yongxing Special Materials Technology (002756) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥7.42 billion, down 8.06% year-over-year; net profit attributable to shareholders was ¥661 million, down 36.61% year-over-year.

• Both main businesses—special steel materials and lithium battery new energy—faced market headwinds, with lithium carbonate prices declining sharply in the first half and rebounding in the second half.

• The company maintained its dual-engine strategy, focusing on product structure optimization, cost control, and high-value product development.

• Cash dividend of ¥4.00 per 10 shares was proposed, with a total payout of ¥211.95 million.

Financial highlights

• Operating income: ¥7.42 billion, down 8.06% year-over-year.

• Net profit attributable to shareholders: ¥661 million, down 36.61% year-over-year.

• Operating cash flow: ¥473 million, down 39.92% year-over-year.

• Gross margin for lithium new energy business: 30.71%, down 1.61 percentage points year-over-year.

• R&D expenses: ¥264.55 million, down 20.84% year-over-year.

• Total assets at year-end: ¥14.61 billion, up 5.85% from previous year.

Outlook and guidance

• Special steel industry expected to benefit from high-end product demand and policy support for domestic substitution and green development.

• Lithium new energy sector faces ongoing supply-side reform and value competition, with long-term demand growth driven by new energy vehicles and storage.

• 2026 focus: supply chain cost reduction, high-value product sales growth, technology innovation, and strategic resource investment.