2025 Annual Results
|
2025 FY
（In RMB 100 million）
|
2024 FY
（In RMB 100 million）
|
YoY | |
|---|---|---|---|
| Revenue | 27.86 | 25.54 | 9.08% |
| DLE System Unit | 1.13 | 0.99 | 14.64% |
| Revenue from base operations(net of DLE System Unit) | 26.73 | 24.55 | 8.85% |
| 2024 FY | 2025 FY | YoY | ||
|---|---|---|---|---|
| Materials | Hydrometallurgy | 2.56 | 3.16 | 23% |
| Life Science | 5.68 | 6.36 | 12% | |
| Water Treatment & UPW | 6.88 | 7.50 | 9% | |
| Environment Protection | 1.81 | 1.29 | -28% | |
| Food & Plants Processing | 0.56 | 0.60 | 7% | |
| Chemicals & Catalysts | 2.02 | 2.20 | 9% | |
| Other resin | 0.36 | 0.40 | 14% | |
| Equipment | 4.69 | 5.00 | 7% | |
| Services | 0.64 | 0.98 | 54% | |
| Sum | 25.19 | 27.49 | 9% | |
| Other | 0.35 | 0.37 | 5% | |
| Total Revenue | 25.54 | 27.86 | 9% | |
|
2025 FY （In RMB 100 million） |
2024 FY （In RMB 100 million） |
YoY | Reason | |
|---|---|---|---|---|
| Revenue from Operations | 27.86 | 25.54 | 9.08% | No significant changes occurred |
| Cost of Goods Sold(COGS) | 13.52 | 12.90 | 4.79% | No significant changes occurred |
| Sales Expenses | 1.17 | 1.11 | 5.74% | No significant changes occurred |
| Administrative Expenses | 0.94 | 0.98 | -4.87% | No significant changes occurred |
| Financial Expense | -0.004 | -0.094 | 96.01% | Mainly due to the increase in exchange losses during the reporting period. |
| Income Tax Expense | 1.46 | 1.13 | 29.42% | No significant changes occurred |
| R&D Expenses | 1.50 | 1.46 | 2.95% | No significant changes occurred |
| Net Cash Flow from Operating Activities | 7.85 | 7.32 | 7.33% | No significant changes occurred |
| Net Cash Flow from Investing Activities | -0.41 | -2.47 | 83.57% | Mainly due to the maturity of cash management products during the reporting period. |
| Net Cash Flow from Fundraising Activities | -3.96 | -3.92 | -1.16% | No significant changes occurred |
|
2025 FY (In RMB 100 million) |
2024 FY (In RMB 100 million) |
YoY | |
|---|---|---|---|
| Hydrometallurgy Revenue | 3.16 | 2.56 | 23% |
|
2025 FY (In RMB 100 million) |
2024 FY (In RMB 100 million) |
YoY | |
|---|---|---|---|
| Life Science Revenue | 6.36 | 5.68 | 12% |
|
2025 FY (In RMB 100 million) |
2024 FY (In RMB 100 million) |
YoY | |
|---|---|---|---|
| Water Treatment & UPW Revenue | 7.50 | 6.88 | 9% |
|
2025 FY (In RMB 100 million) |
2024 FY (In RMB 100 million) |
YoY | |
|---|---|---|---|
| Overseas Business Income | 6.32 | 6.55 | -3.5% |
|
2025 FY (In RMB 100 million) |
2024 FY (In RMB 100 million) |
YoY | |
|---|---|---|---|
| R&D Expense | 1.50 | 1.46 | 3% |
|
2025 FY (10000t) |
2024 FY (10000t) |
YoY | |
|---|---|---|---|
| Production Volume | 7.00 | 6.57 | 7% |
| Sales Volume | 6.92 | 6.37 | 9% |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Assets | 48.28 | 45.00 | 42.31 | 31.90 | 19.15 |
| Fixed Assets | 8.14 | 6.85 | 6.97 | 7.51 | 6.42 |
| Cash and Cash Equivalents (By Currency) | 25.91 | 22.62 | 22.49 | 13.45 | 7.64 |
| Accounts Receivable | 7.52 | 7.46 | 6.22 | 4.48 | 2.82 |
| Total Assets | 65.96 | 60.85 | 56.95 | 45.63 | 31.05 |
| YoY (%) | 8.40 | 6.85 | 24.59 | 46.97 | 21.60 |
| Current Liabilities | 15.65 | 15.82 | 17.13 | 17.09 | 8.17 |
| Contract Liabilities | 7.89 | 8.65 | 8.39 | 9.37 | 3.93 |
| Total Liabilities | 21.89 | 21.58 | 22.39 | 18.26 | 10.05 |
| YoY (%) | 1.41 | -3.61 | 22.61 | 81.66 | 14.22 |
| Shareholders' Equity | 44.08 | 39.27 | 34.56 | 27.36 | 20.99 |
| Equity Attributable to Parent Company Shareholders | 43.90 | 39.15 | 34.37 | 27.22 | 20.82 |
| YoY (%) | 12.13 | 13.89 | 26.26 | 30.74 | 26.16 |
| Unallocated Profit | 27.15 | 22.65 | 18.73 | 14.19 | 10.16 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Total Operating Revenue | 27.86 | 25.54 | 24.89 | 19.20 | 11.95 |
| YoY (%) | 9.08 | 2.62 | 29.62 | 60.69 | 29.51 |
| Total Operating Costs | 17.45 | 16.62 | 16.26 | 13.47 | 8.74 |
| Operating Income | 10.32 | 9.07 | 8.18 | 6.12 | 3.47 |
| YoY (%) | 13.74 | 10.89 | 33.70 | 76.41 | 61.51 |
| Total Profit / Loss | 10.49 | 9.07 | 8.17 | 6.12 | 3.47 |
| YoY (%) | 15.61 | 10.98 | 33.63 | 76.29 | 60.05 |
| Net Profit | 9.03 | 7.94 | 7.22 | 5.35 | 3.05 |
| YoY (%) | 13.65 | 10.11 | 34.88 | 75.02 | 56.21 |
| Net Profit Attributable to Parent Company Shareholders | 8.97 | 7.87 | 7.17 | 5.38 | 3.11 |
| YoY (%) | 13.96 | 9.79 | 33.35 | 72.91 | 53.85 |
| Non-recurring Gains and Losses | 0.24 | 0.42 | -0.06 | 0.48 | 0.14 |
| Net Profit Attributable to Shareholders of the Parent Company (after Non-recurring P&L) | 8.73 | 7.45 | 7.23 | 4.90 | 2.96 |
| YoY (%) | 17.23 | 2.99 | 47.63 | 65.27 | 63.08 |
| R&D Expenditure | 1.50 | 1.46 | 1.47 | 1.21 | 0.77 |
| EBIT | 10.33 | 8.90 | 8.34 | 5.17 | 3.38 |
| EBITDA | 11.53 | 10.22 | 9.63 | 6.22 | 4.36 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Cash Received from Sales of Goods and Services | 21.91 | 19.76 | 19.17 | 17.46 | 9.83 |
| Net Cash Flow from Operating Activities | 7.85 | 7.32 | 6.69 | 7.24 | 3.50 |
| Net Cash Flow from Investing Activities | -0.41 | -2.47 | -1.40 | -1.78 | -1.72 |
| Net Cash Flow from Fundraising Activities | -3.96 | -3.92 | 4.25 | -0.96 | 0.09 |
| Net Increase in Cash | 3.32 | 1.08 | 9.73 | 4.88 | 1.72 |
| EOP Cash Balance | 25.83 | 22.52 | 21.44 | 11.71 | 6.82 |
| Depreciation and amortization | 1.20 | 1.32 | 1.29 | 1.05 | 0.98 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Weighted ROE (%) | 21.59 | 21.33 | 23.12 | 22.63 | 16.43 |
| Diluted ROE after Non-recurring P&L (%) | 19.90 | 19.03 | 21.05 | 17.99 | 14.23 |
| ROE(TTM) | 20.44 | 20.11 | 20.86 | 19.75 | 14.93 |
| ROIC(%) | 18.95 | 19.23 | 21.68 | 21.32 | 14.28 |
| Gross Profit Margin (%) | 51.46 | 49.47 | 48.67 | 43.99 | 44.57 |
| Net Profit Margin (%) | 32.41 | 31.11 | 28.99 | 27.84 | 25.56 |
| Asset-liability Ratio (%) | 33.18 | 35.47 | 39.32 | 40.03 | 32.38 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Basic EPS | 1.77 | 1.56 | 1.43 | 1.63 | 1.43 |
| Diluted EPS | 1.77 | 1.55 | 1.41 | 1.60 | 1.42 |
| EPS (Diluted) | 1.77 | 1.55 | 1.42 | 1.60 | 1.41 |
| Basic EPS after Non-recurring P&L | 1.72 | 1.48 | 1.44 | 1.48 | 1.37 |
| BPS | 8.35 | 7.37 | 6.46 | 8.12 | 9.39 |
| Sales Per Share (SPS) | 5.49 | 5.03 | 4.93 | 5.73 | 5.44 |
| Operating Cash Flow Per Share (OCFPS) | 1.55 | 1.44 | 1.33 | 2.16 | 1.59 |
| Cash Flow Per Share (CFPS) | 0.65 | 0.21 | 1.93 | 1.46 | 0.78 |
| FCFF Per Share | 1.67 | 0.87 | 0.99 | 2.32 | 0.31 |
| P/E (TTM) | 37.21 | 30.54 | 36.11 | 60.28 | 78.43 |
| P/B (MRQ) | 7.82 | 6.84 | 8.75 | 9.64 | 10.93 |
| P/S(TTM) | 12.08 | 8.66 | 11.55 | 15.74 | 19.11 |
Q1：What are the Company's plans for overseas capacity expansion and global life science layout? Reasons for the company's foreign exchange losses in the first quarter of 2026?
A1：While advancing the construction of new domestic production capacity, the Company is actively sourcing and connecting overseas resources to explore the localized production of resin and life science-related businesses overseas. It has increased investment in the international marketing, technology and production systems for life science business. The Company has recruited industry professionals and expanded local teams in North America and Europe. In the second half of 2025, a subsidiary was established in Sweden, with industry expert Mr. Hans Johansson serving as General Manager, to strengthen business cooperation with local biopharmaceutical and biotechnology enterprises. The company incurred foreign exchange losses in Q1 2026, mainly due to the high proportion of foreign currency in its book monetary funds.
Q2：What is the development status of the Company's hydrometallurgy business segment?
A2：In 2025, the Company's revenue from resins for hydrometallurgy reached 316 million RMB, up 23%. In recent years, the Company has continued R&D innovation and industrial verification in the hydrometallurgy sector, achieving breakthroughs in multiple fields including nickel extraction from laterite nickel ore, cobalt extraction and recycling, and vanadium extraction from stone coal. Notably, significant progress has been made in the short-process vanadyl sulfate technology, which will greatly drive cost reduction and efficiency improvement for the downstream vanadium battery industry. The gallium extraction business from alumina mother liquor maintains a high market share. In 2025, gallium prices trended upward, keeping the industry in a high prosperity cycle.
Q3：What is the construction progress and capacity planning of the Company's Pucheng Life Science Industrial Park?
A3：The overall design plan for the Pucheng Life Science Industrial Park has been finalized, with all preliminary work steadily advancing and the land bidding and listing procedures currently in progress. The industrial park is planned to build production capacity for chromatographic media, polymer chromatographic fillers, enzyme carriers, peptide solid-phase synthesis carriers, oligonucleotide solid-phase synthesis carriers, and chromatographic equipment. Part of the facilities will be constructed in compliance with GMP and GMP-like standards, covering multiple key downstream business segments.
Q4：What is the progress of the Jieze Chaka Project of Tibet Guoneng Mining?
A4：In 2025, the 3,300-ton production line of the key Jieze Chaka Project under Guoneng Mining entered trial operation, with process energy consumption and product indicators meeting design requirements. Overcoming harsh challenges including high altitude, difficult construction and operation, and fragile ecological environment, the project adopts an eco-friendly zero-carbon process with no external chemical raw materials introduced and relies on wind-solar green power. It is expected to become Tibet's first benchmark industrial project for green and zero-carbon direct lithium extraction with compliant production.
Q5：Given the recent sharp rise in styrene prices, has the Company adjusted product prices accordingly?
A5：Styrene is one of the core raw materials for the Company's products, accounting for approximately 52% of the total operating costs in 2025. Thanks to a diversified raw material portfolio, the impact of styrene price hikes on the Company's gross profit margin remains manageable. In response to raw material price fluctuations, the Company has adjusted prices for certain product varieties based on product categories, cost structures and market conditions.
Q6：What is the Company's market outlook for 2026?
A6：In 2026, the Company will adhere to the core strategies of steady growth, key breakthroughs, global layout and innovation-driven development. Focusing on its main business of resins, it will prioritize the development of three major sectors: life science, UPW, and hydrometallurgy. Core growth will be driven by high-growth businesses including solid-phase synthesis carriers for peptides, solid-phase synthesis carriers for oligonucleotides, UPW resins, and high-demand metals such as gallium, vanadium and lithium.
Seizing opportunities in the new energy industry and the recovery of lithium salt prices, the Company will accelerate capacity release of its Tibet salt lake lithium extraction project to boost order conversion and market share. On the production side, it will ensure coordinated and stable operation across production lines, promote digital and intelligent upgrading, and complete the Phase I construction of the Pucheng Life Science Industrial Park for scheduled commissioning.
In terms of R&D, the Company will continue to develop high-value-added products and explore AI-enabled technological innovation and corporate management. For internationalization, it will improve global localized operation and expand overseas markets and talent recruitment. Meanwhile, the Company will fully utilize capital instruments, optimize talent incentives, practice ESG development and compliant operation, and pursue high-quality and sustainable development with a long-term development philosophy.
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