Zhejiang Huayou Cobalt (603799) Q4 2025 earnings summary

Executive summary

• Achieved record operating results in 2025, with revenue of ¥81.02 billion, up 32.94% year-over-year, and net profit attributable to shareholders of ¥6.11 billion, up 47.07% year-over-year.

• Maintained strong growth in core lithium battery materials, with significant expansion in nickel, cobalt, and lithium product output and sales.

• Continued global expansion, securing upstream resources in Indonesia and Zimbabwe, and advancing international manufacturing and market presence.

• Enhanced ESG management, achieving international recognition and integrating sustainability into operations and supply chain.

Financial highlights

• Revenue: ¥81.02 billion, up 32.94% year-over-year.

• Net profit attributable to shareholders: ¥6.11 billion, up 47.07% year-over-year.

• Operating cash flow: ¥4.01 billion, down 67.73% year-over-year due to changes in prepayments and advance receipts.

• Basic EPS: ¥3.34, up 33.60% year-over-year.

• Net assets attributable to shareholders: ¥48.30 billion, up 30.72% year-over-year.

• Total assets: ¥159.44 billion, up 16.73% year-over-year.

Outlook and guidance

• Industry expects continued high-quality growth in global new energy vehicles and lithium battery shipments, with multi-technology coexistence and new application scenarios driving demand.

• Company will focus on integrated industrial chain, technological innovation, internationalization, and ecological development, aiming to become a global leader in energy materials.

• 2026 is the first year of the new five-year plan, with emphasis on innovation, efficiency, global layout, management improvement, ESG, and shareholder returns.