Leoch International Technology Limited reported a consolidated net loss of RMB0.19 billion for the year ended 31 December 2025, reversing a profit of RMB0.60 billion in 2024. Basic loss per share stood at RMB0.12, compared with earnings of RMB0.44 a year earlier.

Turnover increased 6.7% year on year to RMB17.21 billion, driven by a 6.5% expansion in the power solutions business to RMB15.45 billion and an 8.4% rise in recycled-lead sales to RMB1.76 billion. Despite the top-line growth, gross profit fell 28.9% to RMB1.61 billion, pushing the gross margin down to 9.4% from 14.1% in 2024. Management attributed the contraction to higher tariffs, start-up costs at new plants and a 3% appreciation of the renminbi.

Product mix • Reserve power batteries: RMB7.16 billion, up 4.5%, accounting for 41.6% of group sales. • SLI batteries: RMB6.45 billion, up 8.8%, representing 37.5% of revenue. • Motive power batteries: RMB1.40 billion, down 2.6%, representing 8.2% of revenue. • Other products: RMB0.44 billion, up 57.5%.

Regional mix • Mainland China: RMB10.08 billion, up 6.4%, 58.6% of total. • EMEA: RMB2.97 billion, up 7.7%. • Americas: RMB2.55 billion, down 0.9% amid tariff headwinds. • Asia-Pacific ex-China: RMB1.62 billion, up 21.9%.

Operating expenses moved higher: selling and distribution costs rose 2.4% to RMB0.55 billion, while administrative expenses jumped 32.4% to RMB0.66 billion. R&D spending increased 9.3% to RMB0.37 billion. Finance costs edged up 7.0% to RMB0.25 billion.

The balance sheet showed net current liabilities of RMB0.28 billion versus net current assets of RMB1.30 billion a year earlier, reflecting higher short-term borrowings and reclassification of liabilities tied to the planned U.S. spin-off of wholly owned subsidiary Leoch Energy Inc. Total interest-bearing debt stood at RMB5.14 billion, with a gearing ratio of 36.3%. Cash and bank balances were RMB1.20 billion.

Capital expenditure reached RMB1.20 billion, up from RMB0.83 billion in 2024, primarily for new production facilities. The board did not recommend a final dividend, compared with HK7 cents per share in the prior year.

Leoch International’s proposed spin-off of Leoch Energy Inc. on Nasdaq progressed during the year; shareholders approved the transaction on 7 January 2026, and regulatory review is under way. Assets and liabilities related to the spin-off have been reclassified as held for distribution to owners in the 2025 accounts.

No significant post-balance-sheet events, aside from updates on the spin-off process, were reported.