Nsing Technologies Inc. (Nsing Tech) reported a significantly reduced net loss of RMB117.56 million for the year ended 31 December 2025, compared with a loss of RMB255.72 million in 2024. Basic loss per share improved to RMB0.20 from RMB0.40.
Revenue rose 16.5% year-on-year to RMB1.36 billion, driven by double-digit volume increases in both core business lines: • Chip products: RMB631.87 million, up 13.7%; shipments grew 14.9% to 391.53 million units while the average selling price (ASP) remained stable at RMB1.6 per unit. • Lithium-ion battery anode materials and graphitisation services: RMB730.83 million, up 22.5%, supported by a 13.6% rise in anode material shipments to 30,059 tons and a steady ASP of RMB20,200 per ton.
Gross profit reached RMB248.32 million, an increase of 36.1%, lifting the gross margin to 18.3% (2024: 15.6%). Margin expansion reflected lower inventory write-downs (RMB14.42 million vs. RMB53.00 million in 2024) and firmer pricing for anode materials.
Operating expenses moved as follows: • Selling expenses rose 11.1% to RMB48.66 million, broadly in line with revenue growth. • Administrative expenses fell 30.1% to RMB113.82 million, mainly due to the absence of prior-year share-based payment charges linked to a terminated incentive scheme. • R&D expenditure declined 11.4% to RMB165.60 million as several major projects progressed beyond peak investment phases. R&D intensity decreased to 16.5% (2024: 23.3%).
Other income dropped to RMB37.53 million (2024: RMB56.70 million) after lower government grants, while net other losses narrowed sharply to RMB5.89 million from RMB46.44 million, reflecting smaller fair-value write-downs and lower impairment charges.
Cash and cash equivalents stood at RMB197.53 million, down from RMB361.67 million, following investment spending and working-capital needs. The company ended the year with net current liabilities of RMB125.10 million versus net current assets of RMB160.81 million a year earlier. Total borrowings increased to RMB1.70 billion, lifting the net debt-to-equity ratio to 160.7% (2024: 116.9%). Undrawn banking facilities amounted to RMB746.52 million at year-end.
Capital expenditure reached RMB153.94 million, mainly for plant and equipment to support the lithium-ion battery anode material expansion. Contracted but unprovided capital commitments totalled RMB123.10 million.
Management reaffirmed its strategy of concentrating on high-performance MCU solutions, edge AI, robotics, industrial control, automotive electronics and advanced energy materials. The board declared no dividend for FY2025.
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