XWXN(SH:688778)2026-01-28 01:50Summary of Key Points from the Conference Call Company Overview - The company discussed is 厦钨新能 (Xiamen Tungsten New Energy), focusing on its performance and outlook for 2025 and 2026. Financial Performance - In 2025, the company achieved a revenue of ¥20.03 billion, representing a 48% year-on-year increase. The net profit attributable to shareholders was ¥750 million, with a 42% increase, and the net profit excluding non-recurring items was ¥710 million, up 58% [1] - For Q4 2025, the net profit attributable to shareholders was ¥200 million, showing a 42% year-on-year increase and a 7% quarter-on-quarter decrease. The net profit excluding non-recurring items was also ¥200 million, with an 89% year-on-year increase and a 7% quarter-on-quarter decrease. The decline in apparent performance was mainly due to a ¥150 million impairment provision [1] Product Performance - In Q4 2025, the company shipped over 18,000 tons of lithium cobalt oxide, with a slight quarter-on-quarter increase, driven by downstream inventory buildup amid rising raw material costs and adjustments in export tax rebate rates. The unit operating profit remained around ¥10,000 [2] - The shipment of ternary products was between 17,000 to 18,000 tons, maintaining a unit operating profit of around ¥3,000. Iron lithium shipments were over 6,000 tons, continuing to reduce losses through full production [2] - For the entire year of 2025, shipments included 65,000 tons of lithium cobalt oxide (up 41% year-on-year), 55,000 to 56,000 tons of ternary products (approximately 10% year-on-year increase), and around 21,000 tons of iron lithium [2] Strategic Outlook - The company anticipates that the solid-state battery layout will progress smoothly, with the potential for significant growth in 2026. Factors such as the promotion of AI at the endpoint and increased battery capacity in mobile devices are expected to contribute to stable growth in lithium cobalt oxide [3] - The ternary and iron lithium segments are projected to grow alongside the power market, with the iron lithium business expected to turn around and contribute to performance growth [3] - The company is advancing its 10+ ton pilot line for solid-state batteries, and if cost reduction progresses faster than expected, it may achieve non-linear growth in market share. Additionally, the lithium supplement is expected to continue increasing, with the NL cathode project set to commence delivery in 2026, leading to a comprehensive increase in output [3] - The company forecasts a net profit attributable to shareholders of ¥900 million to ¥1 billion in 2026, and continues to be positively recommended for investment [3]