Jinbo Shares has replied to the Shanghai Stock Exchange's inquiry letter regarding its 2025 annual report, explaining why revenue surged 49.54% to 803 million yuan while net loss widened to 1.281 billion yuan. The company said the revenue growth mainly came from the ramp-up of its transportation and lithium battery businesses. Carbon-ceramic brake disc mass production deliveries to core automakers drove transportation revenue up 1,251% year-on-year to 198 million yuan, while lithium battery anode carbon powder tolling and self-manufacturing sales revenue rose 129% to 417 million yuan. The huge net loss was due to a sharp drop in demand for photovoltaic thermal field products, with the segment's gross margin falling to negative 49.26%, compounded by an 840 million yuan fixed asset impairment provision and a 188 million yuan inventory write-down. The company stated that the photovoltaic business was hit by industry-wide supply-demand imbalances, consistent with the performance trend of peer company Tianyishangjia. Transportation and lithium battery together accounted for 77.82% of main business revenue. Carbon-ceramic brake discs hold over 50% market share in domestically standard-equipped models and have entered the Mercedes-AMG supply chain. In lithium batteries, the company is laying out porous carbon for silicon-based anodes. The new business growth is sustainable, and the company does not face significant going-concern risks.
Beijing Tianyishangjia New Material Corp LtdArticle mentions peer Tianyishangjia's performance trend consistent with Jinbo's photovoltaic business decline due to industry supply-demand imbalance.
KBC Corporation Ltd