Jiangsu Zenergy Battery Technologies Group (3677) H2 2025 earnings summary

Executive summary

• Revenue rose 57.9% year-over-year to RMB8,101.0 million, driven by strong EV battery sales and delivery volume growth.

• Net profit surged 788.4% year-over-year to RMB808.6 million, with EPS up 725.0% to RMB0.33.

• Gross profit increased 99.3% to RMB1,491.4 million, with gross margin improving to 18.4% from 14.6%.

• The company expanded its market share in the domestic EV battery sector, ranking seventh in installed capacity for new energy passenger vehicles.

• Major investments in R&D and production capacity, including new manufacturing projects and advanced battery technologies.

Financial highlights

• EV battery revenue grew 64.7% year-over-year to RMB7,680.5 million, accounting for 94.8% of total revenue.

• ESS and other product revenue declined 9.9% to RMB420.5 million due to production capacity constraints.

• Gross profit margin for EV batteries rose to 18.9% (from 15.2%), and for ESS products to 10.0% (from 8.6%).

• Administrative expenses increased 16.8% to RMB352.1 million, while R&D expenses decreased to RMB520.3 million.

• Net cash from operating activities was RMB1,437.0 million, with cash and equivalents at RMB4,182.6 million year-end.

Outlook and guidance

• Plans to further expand production capacity, including a 15 GWh high-energy battery project and a 20 GWh energy storage project.

• Focus on ultra-fast charging, high-energy-density, and long-duration energy storage products.

• Continued investment in R&D for advanced materials, solid-state batteries, and intelligent manufacturing.

• Targeting growth in overseas markets and new application scenarios such as AIDC, robots, and aircraft.