Keytakeaway

In2025,netprofitattributabletoshareholdersoftheparentcompanywas-RMB458mn,+47%YoY,andnetprofitexcludingnon-recurringitemswas-RMB424mn,+52%YoY.In1Q26,netprofitattributabletoshareholdersoftheparentcompanywasRMB400mn,+357%YoYand+476%QoQ.In2025,thecompany'slithiumironphosphatecathodeshipmentsreached375,100tons,up64.3%YoY.In1Q26,thecompany'sshipmentsareestimatedat112,000tons,+51%YoYand-13%QoQ,withproductioncontinuingtorunatfullcapacity.Benefitingfromtheimplementationofprocessingfeehikesinthelithiumironphosphatesegment,alongwiththecompany'sscaleeffectsandcostreductionandefficiencygains,in2025netprofitattributabletoshareholdersoftheparentcompanynarroweditslosssignificantly.In1Q26,netprofitattributabletoshareholdersoftheparentcompanyturnedpositiveforthefirsttimesince2023,withnetprofitpertonreachingRMB3,500/ton,representingsubstantialimprovementbothYoYandQoQ.

Event

Thecompanyreleasedits2025annualreportand1Q26report.

In2025,thecompanyrecordedrevenueofRMB11.492bn,+53%YoY.Netprofitattributabletoshareholdersoftheparentcompanywas-RMB458mn,+47%YoY,andnetprofitexcludingnon-recurringitemswas-RMB424mn,+52%YoY.Amongthem,in4Q25revenuewasRMB4.156bn,+56%YoYand+43%QoQ.Netprofitattributabletoshareholdersoftheparentcompanywas-RMB106mn,+61%YoYand-23%QoQ.Netprofitexcludingnon-recurringitemswasRMB21mn,+108%YoYand+124%QoQ.In1Q26,revenuewasRMB5.38bn,+136%YoYand+29%QoQ.NetprofitattributabletoshareholdersoftheparentcompanywasRMB400mn,+357%YoYand+476%QoQ.Netprofitexcludingnon-recurringitemswasRMB423mn,+1914%QoQ.

Risks

1)Downstreamdemandfallsshortofexpectations:Salesvolumemaybeaffectedbyweakdemandandfallshortofexpectations,therebyimpactingthecompany'srelatedbusinessshipmentsandprofitability.Forevery10,000-tonreductioninlithiumironphosphatecathodeshipments,weestimateanimpactofRMB25-30mnonthecompany'snetprofit.

2)Therawmaterialpricesmayfluctuatemorethanexpected:Since2021,thepricesofrawmaterialshaveshownhighperiodicalvolatility.Thehighupstreamprices,combinedwithitsvolatilitywillaffectterminaldemand,anddisruptcompanies'performanceintheshortrun.Inparticular,lithiumcarbonateisthecorerawmaterialforlithiumironphosphatecathodeproducers.Ifitspricedropsrapidlyinashortperiod,thecompanywillincurimpairmentlosses.

3)Slower-than-expectedprogressofthecompany'skeyprojects:Forthecompanyasaparticipantinthenewenergysector,theprogressofmajorprojectsisthekeytosupportingtherevenueandprofits,andisalsoareflectionofthecompany'sgrowthpotential.Theslower-than-expectedprogressofmajorprojectswillaffectitscurrentandlong-termperformance.

4)Deterioratingcompetitivelandscapeanddownsiderisktoprocessingfees:Currently,therearenumerouscapacityexpansionplanswithintheindustry,concentratedoncommissioningandreleasefromthesecondhalfof2026to2027,whichmayleadtoadeterioratingcompetitivelandscapeanddownsiderisktoprocessingfees.

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