Yunnan Energy New Material (002812) H2 2025 earnings summary

Executive summary

• Achieved operating revenue of RMB13.63 billion in 2025, up 34.13% year-over-year, with net profit attributable to shareholders of RMB143 million, marking a return to profitability.

• Lithium battery separator business accounted for 85.31% of total revenue, with segment revenue up 40.89% and sales volume up 45.50% year-over-year.

• Gross margin for lithium battery separators improved by 10.62 percentage points year-over-year, driven by product mix optimization and cost control.

• Overseas revenue and high-value coating film product share increased, supported by new long-term contracts with major international clients.

• Maintained industry-leading market share in lithium battery separators, with significant R&D investment and new product launches.

Financial highlights

• Operating income: RMB13.63 billion, up 34.13% year-over-year.

• Net profit attributable to shareholders: RMB142.5 million, compared to a net loss of RMB556.3 million in 2024.

• Basic and diluted EPS: RMB0.15, up from -RMB0.57 and -RMB0.87, respectively.

• Weighted average ROE: 0.58%, up from -2.17% in 2024.

• Net cash flow from operating activities: RMB1.14 billion.

• Total assets: RMB48.75 billion; net assets attributable to shareholders: RMB25.47 billion.

Outlook and guidance

• Plans to continue global expansion, capacity deployment, and technological innovation in 2026.

• Focus on high-end separator products, digital transformation, and green manufacturing.

• No cash dividend, bonus shares, or capital reserve conversion proposed for 2025; profits to be retained for capacity, R&D, and working capital.