Chaowei Power Holdings Limited (Chaowei Power, 00951) reported solid top-line and earnings growth for the year ended 31 December 2025, underpinned by resilient demand for lead-acid motive batteries and rising sales of renewable materials.
Revenue and earnings • Revenue rose 8.10% year on year to RMB54.40 billion (2024: RMB50.34 billion). • Gross profit increased 4.80% to RMB3.66 billion, while the gross margin eased to 6.73% (2024: 6.93%) as the revenue mix tilted further toward lower-margin renewable materials. • Profit attributable to owners of the Company grew 24.70% to RMB0.36 billion, driven by higher sales and tighter cost control. • Basic EPS advanced to RMB0.33 (2024: RMB0.26).
Operating indicators • Distribution & selling expenses fell 3.10% to RMB0.92 billion, representing 1.69% of revenue (2024: 1.88%). • Administrative expenses edged up 3.60% to RMB0.63 billion, while R&D spending expanded 2.12% to RMB1.41 billion, equal to 2.59% of revenue. • Finance costs declined 1.68% to RMB0.41 billion as interest expenses on bank borrowings eased.
Segment performance • Lead-acid motive batteries remained the largest contributor, generating RMB28.82 billion, or 53.00% of total revenue. – Electric bike batteries: RMB19.96 billion (36.70% of total revenue). – Electric vehicle & special-purpose batteries: RMB8.86 billion (16.30%). • Lithium-ion battery sales reached RMB0.63 billion. • Renewable materials revenue climbed to RMB24.96 billion, lifting its share of group turnover to 45.90% and pressuring blended margin.
Cash flow and balance sheet • Net cash and bank balances stood at RMB3.75 billion, up 3.90% year on year. • Net current assets improved to RMB4.20 billion (2024: RMB3.66 billion). • Net debt rose 7.78% to RMB2.76 billion, taking the gearing ratio to 11.1% (2024: 10.7%). • Borrowings due within one year totalled RMB7.56 billion; fixed-rate borrowings accounted for RMB6.55 billion. • Pledged assets amounted to RMB6.57 billion, including RMB3.36 billion of restricted bank deposits. • Capital commitments not yet provided for were RMB25.38 million, mainly for plant and equipment. The group reported no contingent liabilities.
Dividend The board proposes a final dividend of HKD0.056 per share (2024: HKD0.043), translating into a total payout of approximately HKD61.80 million, subject to shareholder approval at the AGM on 3 June 2026. The register will be closed 9–11 June 2026; payment is scheduled on or about 15 July 2026.
Operational highlights • The company maintained leadership in lead-acid motive batteries, launched graphene-based products and expanded lithium-ion and sodium-ion battery lines. • Energy-storage initiatives advanced, including a mobile energy-storage vehicle for oilfield sites and grid-connected lead-carbon projects. • R&D intensity remained high, with over 30 senior experts employed and multiple national-level research platforms in place.
Governance and compliance Chaowei Power complied with the Corporate Governance Code during 2025, save for the combined roles of chairman and CEO held by Mr Zhou Mingming. No shares were repurchased during the period. The firm plans to amend its Articles of Association to align with updated listing regulations and enable virtual or hybrid shareholder meetings.
Outlook Management will focus on technology innovation, expansion of new-energy battery lines, growth in energy-storage applications and overseas market penetration, while pursuing the “Zero-Carbon CHILWEE” strategy and digital transformation initiatives.