NBSS(SH:600884) Guo Ji Jin Rong Bao·2026-02-03 13:03Core Viewpoint - The company, Singshan Co., Ltd., is expected to achieve a significant turnaround in its financial performance for the year 2025, projecting a net profit of 400 million to 600 million yuan, marking a strong recovery from previous losses [1][2]. Financial Performance - The projected net profit for 2025 is between 400 million and 600 million yuan, with a non-recurring net profit expected to be between 300 million and 450 million yuan, indicating a substantial recovery from a net loss of 367 million yuan in 2024 [2]. - The company anticipates a combined net profit of 900 million to 1.1 billion yuan from its two core businesses, negative electrode materials and polarizers, both of which are expected to see significant growth in sales and profitability [2][3]. Business Segments - The negative electrode materials segment is benefiting from strong demand in the global electric vehicle and energy storage markets, with the company’s integrated production capacity significantly reducing costs and enhancing supply chain autonomy [2][3]. - The polarizer business, led by Singshan Optoelectronics, is focusing on high-end products and optimizing product structure, which has resulted in increased sales and average prices, thereby improving gross margins [3]. Strategic Direction - The company is undergoing a strategic transformation, emphasizing high-end product development and operational efficiency, moving from a scale-driven approach to a value-driven one [3][4]. - The leadership under Chairwoman Zhou Ting has focused on internal management improvements and cost reduction initiatives, which are crucial during the ongoing shareholder restructuring [5][6]. Historical Context - Singshan's evolution reflects a broader narrative of Chinese manufacturing, transitioning from consumer brands to core technology suppliers, particularly in the lithium battery sector [6][7]. - The company has undergone a significant strategic shift since 2020, divesting non-core businesses and concentrating resources on negative electrode materials and polarizers, which has proven resilient amid governance challenges [7][8]. Future Outlook - The company is investing in R&D to address challenges in the negative electrode materials sector, focusing on next-generation silicon-carbon materials and expanding overseas [8]. - The successful integration of LG Chem's polarizer business is expected to enhance technological capabilities and support future growth in emerging markets [8].