Ningbo Shanshan (600884) investor relations material

Executive summary

• Revenue reached RMB 12.13 billion, up 23.04% year-over-year; net profit attributable to shareholders was RMB 822 million, up 296.73% year-over-year.

• Core businesses—anode materials and polarizer films—both achieved significant growth, with anode material sales volume up 54.92% year-over-year and polarizer high-end product mix improving.

• The company completed a major ownership transition, now controlled by Anhui Wanwei Group, under the supervision of the Anhui SASAC.

Financial highlights

• Operating income: RMB 12.13 billion, up 23.04% year-over-year.

• Net profit attributable to shareholders: RMB 822 million, up 296.73% year-over-year.

• Operating cash flow: RMB 834 million, down 42.96% year-over-year due to increased procurement and inventory.

• Basic and diluted EPS: RMB 0.386, up 302.08% year-over-year.

• Gross margin improved, with cost control and product mix optimization in both main business lines.

Outlook and guidance

• The company will continue to focus on high-end product development and global capacity expansion in both anode materials and polarizer films.

• Strategic emphasis on technology innovation, cost control, and supply chain resilience to maintain industry leadership.

• Ongoing integration with state-owned resources expected to enhance governance and long-term competitiveness.