HNZK Electric.(SZ:300035) Xin Lang Cai Jing·2025-11-25 12:32Core Insights - The company reported a revenue of 2.291 billion yuan for Q3 2025, reflecting a year-on-year increase of 41.44% and a quarter-on-quarter increase of 13.71% [1] - The net profit attributable to shareholders was 129 million yuan, showing a year-on-year growth of 13.25% but a quarter-on-quarter decline of 6.06% [1] - The company’s gross margin for Q3 2025 was 14%, with pressures on margins due to price adjustments of core products [2] Financial Performance - Revenue for Q3 2025 reached 2.291 billion yuan, up 41.44% year-on-year and 13.71% quarter-on-quarter [1] - Net profit attributable to shareholders was 129 million yuan, increasing by 13.25% year-on-year but decreasing by 6.06% quarter-on-quarter [1] - Non-recurring net profit also stood at 129 million yuan, with a year-on-year increase of 10.09% and a quarter-on-quarter decrease of 17.32% [1] Profitability and Cost Management - The profit growth rate significantly outpaced revenue growth, indicating improved scale efficiency and product structure optimization [2] - The company achieved a total expense ratio of 6.8%, with substantial improvements in sales, management, R&D, and financial expense ratios [2] - The main profit contribution is expected from the negative electrode business, while the magnetic and electrical equipment business remains marginally profitable [2] Future Outlook - The company anticipates strong production and demand in Q4 2025 and 2026, with continued improvements in profitability driven by new product iterations and cost reduction expectations [2] - The company is actively developing new products, including hard carbon, silicon-carbon, and lithium metal, with a positive mid-term outlook [2] - The forecast for net profit attributable to shareholders in 2026 is projected to reach 850 million yuan [2]