XWXN(SH:688778) Xin Lang Cai Jing·2025-12-03 00:32Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 13.059 billion yuan, a year-on-year growth of 29.80%, and a net profit of 552 million yuan, up 41.54% [1] Group 1: Financial Performance - For Q3 2025, the company achieved revenue of 5.477 billion yuan, representing a year-on-year increase of 50.45% and a quarter-on-quarter increase of 20.19% [1] - The net profit for Q3 2025 was 217 million yuan, showing a year-on-year growth of 61.82% and a quarter-on-quarter growth of 14.21% [1] - The non-recurring net profit for Q3 2025 was 215 million yuan, with a year-on-year increase of 77.02% and a quarter-on-quarter increase of 20.22% [1] Group 2: Product and Market Development - The company’s lithium battery cathode materials saw sales of 99,900 tons in the first three quarters of 2025, a year-on-year increase of 40.41%, with lithium cobalt oxide sales reaching 46,900 tons, up 45.38% [2] - The company is advancing the upgrade of traditional material systems, achieving large-scale production of high-voltage lithium cobalt oxide products with a voltage of 4.53V [2] - Strategic cooperation agreements have been signed with Zhongwei New Materials and Greeenmei for three years, enhancing supply chain stability [2] Group 3: Business Expansion and Innovation - The dual business of power battery cathode materials and hydrogen energy materials is driving significant growth, with power battery cathode materials sales reaching 53,000 tons, a year-on-year increase of 36.29% [3] - The hydrogen materials business also showed steady growth, with sales of 3,074.5 tons, up 8.05% year-on-year [3] - The company is focusing on the application of new NL structure cathode materials in the 3C consumer field, targeting sectors like low-altitude flight and electric tools [3] Group 4: Internationalization and Technological Innovation - The company is advancing global projects, including a facility in France for producing 40,000 tons of ternary materials and 40,000 tons of cathode material precursors [4] - In the solid-state battery sector, the company is collaborating closely with leading domestic and international enterprises for technology development and has achieved ton-level production of oxide solid-state electrolytes [4] Group 5: Investment Outlook - The company is positioned as a leading player in the global lithium battery cathode materials industry, with robust main business growth and synergistic multi-business development [5] - Revenue projections for 2025-2027 are 18.655 billion yuan, 20.518 billion yuan, and 23.358 billion yuan, with year-on-year growth rates of 40.30%, 9.99%, and 13.84% respectively [5] - Expected net profits for the same period are 806 million yuan, 985 million yuan, and 1.201 billion yuan, with growth rates of 63.13%, 22.19%, and 21.95% respectively [5]