CNGR Advanced Material (300919) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥48.14 billion in 2025, up 19.68% year-over-year, with net profit attributable to shareholders of ¥1.57 billion, up 6.84% year-over-year.

• Maintained global leadership in nickel and cobalt precursor materials, with market share for ternary precursors at 24% for the sixth consecutive year.

• Expanded global footprint with new production bases in Morocco and Indonesia, and secured over 10 million tons of lithium resources in Argentina.

• Listed on the Hong Kong Stock Exchange in November 2025, raising HK$3.43 billion to support global expansion.

Financial highlights

• Revenue: ¥48.14 billion, up 19.68% year-over-year; net profit attributable to shareholders: ¥1.57 billion, up 6.84%.

• Gross margin for nickel precursor materials: 18.67%; cobalt materials: 9.13%; lithium iron phosphate: 3.25%.

• Operating cash flow: ¥1.37 billion, down 65.16% year-over-year due to increased procurement payments.

• R&D investment: ¥1.17 billion, 2.43% of revenue.

• Total assets: ¥81.61 billion, up 11.76% from previous year; net assets attributable to shareholders: ¥24.14 billion.

Outlook and guidance

• Strategic focus on scaling and upgrading nickel and phosphate materials, with continued investment in global resource integration.

• Targeting further growth in high-nickel, solid-state, and sodium-ion battery materials.

• Plans to deepen global supply chain, enhance cost competitiveness, and drive innovation in next-generation battery technologies.