With revenue of 9.858 billion yuan, up 11.78% year-on-year, and net profit attributable to shareholders of 207 million yuan, up 1079.59% year-on-year, Ningbo Shanshan Co.,Ltd. delivered a performance report showing "both volume and profit growth."
On August 29, Ningbo Shanshan Co.,Ltd. (600884) released its 2025 interim report.
The financial report shows that in the first half of the year, Ningbo Shanshan Co.,Ltd. achieved operating revenue of 9.858 billion yuan, up 11.78% year-on-year; net profit attributable to listed company shareholders of 207 million yuan, up 1079.59% year-on-year; and net profit after deducting non-recurring gains and losses of 169 million yuan, up 605.24% year-on-year.
As strategic pillars for Ningbo Shanshan Co.,Ltd.'s development, both the anode materials and polarizer film dual main businesses demonstrated strong development resilience in the first half of the year, with the two core main businesses combined achieving net profit of 4.15 billion yuan. Meanwhile, the overall loss scale of non-core businesses narrowed compared to the same period last year.
**Anode Materials Continue to Lead** **Sales Volume and Profitability Significantly Improved**
Driven by high prosperity in the new energy vehicle and energy storage markets, demand for anode materials remained robust in the first half of 2025, with prices tending to stabilize. The industry showed structural optimization characteristics including further increased market concentration, strengthened competitive barriers for leading companies, and accelerated industrialization of new products, gradually emerging from the adjustment cycle.
During the reporting period, Ningbo Shanshan Co.,Ltd.'s anode materials business achieved significant year-on-year improvements in both sales volume and profitability levels.
According to Xinluo Information data, the company's artificial graphite anode material production volume ranked first in the industry for consecutive periods. Meanwhile, according to SMM data, the company's anode shipment volume in the first half of the year remained first in the industry, accounting for 21% of total industry anode shipments. Fast-charging product market share continued to maintain leadership, while new silicon-carbon products and hard carbon anode materials successfully entered downstream customers and achieved bulk supply.
Technological innovation and cost reduction with efficiency improvement are key to anode business growth. The company's technology and capacity layout in frontier areas such as fast charging and silicon-based anodes achieved significant results: 6C+ consumer electronics fast-charging products have been shipped, high energy density and 6C ultra-fast charging products for power batteries are being supplied in bulk, and ultra-long life anode products for energy storage are about to be released at scale. In silicon-based anodes, the company broke through key technologies for high-silicon matching graphite and silicon-carbon products, with newly developed product performance recognized by domestic and international customers.
Currently, the company has completed the mid-term capacity strategic layout for graphite-type anode materials, including three integrated bases in Inner Mongolia, Sichuan, and Yunnan, with Inner Mongolia, Sichuan Phase I, and Yunnan Phase I already in production. The first phase partial capacity of the Ningbo silicon-based anode capacity base has entered trial production and achieved bulk shipments. Additionally, to meet overseas market demand and increase overseas market share, the company has planned a 100,000-ton anode capacity project in Finland. The EIA environmental assessment publicity has been completed, and future capacity construction and release will be advanced according to market demand.
Based on existing capacity, the company actively adopted measures such as production increase and efficiency improvement, and technological upgrading to further expand the capacity scale of integrated factories and continuously enhance comprehensive market competitiveness. Meanwhile, it deepened upstream supply chain cooperation, continuously promoted breakthroughs in graphitization technology, and further expanded profit margins.
Leveraging long-term accumulation in lithium battery materials, Ningbo Shanshan Co.,Ltd. maintains long-term stable cooperative relationships with mainstream domestic and international battery companies including CATL, Ultium Cells, BYD, LGES, and ATL, while continuously optimizing customer structure. It is reported that in August this year, Shanshan Technology under Ningbo Shanshan Co.,Ltd. signed a long-term cooperation agreement worth over 10 billion yuan for anode materials with Chuneng New Energy.
**Polarizer Film Global Market Share Leading** **High-end Products Continue Breakthrough**
In the polarizer film business, the company continues to hold the global leading position. According to CINNO Research data, the company's large-size LCD polarizer film shipment area share in the first half of 2025 was approximately 34%, ranking first globally in both LCD TV and monitor polarizer film market shares.
In the first half of the year, polarizer film industry demand grew moderately, with some raw material costs rising due to exchange rate fluctuations. The company proactively optimized product structure, achieving significant results in high-end strategy. Meanwhile, through strategic acquisition of SP business, the company further enhanced its competitiveness in the high-end polarizer film market.
During the reporting period, the company's polarizer film sales volume grew steadily, product average prices improved year-on-year, and market share continued to maintain global leadership. High value-added products such as OLED polarizer films and automotive polarizer films achieved stable shipments, with OLED TV polarizer film shipment volume increasing substantially year-on-year.
The company maintained stable shipments in the LCD polarizer film field while focusing on iterative upgrades of large-size, high-end products. In the OLED polarizer film field, products cover both large-size and small-to-medium-size application scenarios, achieving the leap from technological breakthrough to large-scale supply. Among these, OLED TV polarizer films have achieved stable mass production across all sizes with substantially increased shipment volume year-on-year; small-to-medium OLED polarizer films passed certifications at multiple customer terminals with continuously expanding production scale. Relying on 10 globally leading production lines and RTP production line layout close to customers, the company rapidly responds to customer needs and continuously consolidates global market share.
Currently, the company has obtained over 1,000 LCD and OLED polarizer film-related patents in multiple countries including South Korea, China, Japan, and the United States, with 1,832 authorized patents (including 1,453 overseas patents), comprising 1,741 invention patents, 87 utility model patents, and 4 design patents.
Through strict supplier certification, the company has built long-term favorable cooperative relationships with globally leading panel manufacturers including BOE, CSOT, and LG Display, maintaining continuously stable supply relationships.
**Operating Cash Flow Growth** **Controlling Shareholder Restructuring Proceeds Orderly**
The report shows that the company's net cash flow from operating activities in the first half of the year reached 1.463 billion yuan, up 111.60% year-on-year. As of the end of June, the company's total assets reached 45.077 billion yuan, with net assets attributable to listed company shareholders of 21.854 billion yuan, up 1.27% from the end of last year, maintaining stable finances.
In February this year, Ningbo Shanshan Co.,Ltd.'s controlling shareholder was ruled for restructuring, attracting market attention. Ningbo Shanshan Co.,Ltd. stated that the company has independent and complete business operations and autonomous management capabilities, and the controlling shareholder's restructuring matter has not caused significant substantial impact on daily production and operations.
As of the end of the reporting period, the investor selection team for the substantial merger and restructuring case of Shanshan Group and Pengze Trading is conducting selection work according to law based on the "Restructuring Investment Plan" submitted by prospective investors, and is currently communicating and negotiating with prospective investors.
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