REPT BATTERO reported a decisive turnaround for FY 2025, posting net profit of RMB680.92 million versus a RMB1.35 billion loss a year earlier.

Revenue grew 36.7% to RMB24.33 billion, driven by a 35.6% rise in EV-battery sales to RMB10.01 billion and an 86.8% jump in ESS-battery revenue to RMB13.56 billion.

Gross profit surged 269.2% to RMB2.72 billion, lifting gross margin from 4.1% to 11.2% as scale, product mix and cost controls offset higher R&D and distribution spending.

Segment highlights • EV-battery gross margin climbed to 11.9% (2024: 2.5%) on stronger orders and economies of scale. • ESS-battery gross margin doubled to 10.8% (2024: 5.4%), reflecting robust overseas demand.

Operating metrics • Shipments reached 82.7 GWh, up 89.2% YoY; designed production capacity expanded to 90 GWh. • R&D outlay remained high at RMB766.75 million, supporting launches of 392 Ah ESS cell and 4C ultra-fast-charging WenDing battery. • Net operating cash inflow rose to RMB3.14 billion (2024: RMB1.16 billion).

Balance-sheet position • Total assets: RMB46.47 billion (↑ 20.6% YoY); equity attributable to owners: RMB11.75 billion (↑ 14.4%). • Net gearing (total liabilities/total assets) edged up to 74.5% from 73.2%. • Year-end cash, cash equivalents and restricted cash: RMB11.64 billion.

Capital moves • November 2025 placement of 60 million H-shares raised net proceeds of HK$794.32 million, earmarked 85% for new capacity and 15% for working capital.

Dividend • The Board proposed no final dividend for 2025.

Outlook Management targets further capacity expansion, deeper penetration of high-margin overseas markets and sustained R&D investment in high-capacity and solid-state technologies.