Shijiazhuang Shangtai Technology Co., Ltd.
2025 Annual General Manager Work Report
To the esteemed Directors:
In 2025, under the leadership of the Board of Directors, the company's management team, with a high sense of responsibility to the company and its shareholders, strictly adhered to the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," and other laws, regulations, and the "Articles of Association of Shijiazhuang Shangtai Technology Co., Ltd." (hereinafter referred to as the "Articles of Association"). With diligence and dedication, we implemented the resolutions of the Board of Directors and Shareholders' Meetings, leading the management team to complete all tasks for 2025.
Here, please allow me, on behalf of the management team, to summarize the work of 2025 and present the goals and plans for 2026 for the Board of Directors' review.
I. 2025 Overall Business Performance
In 2025, driven by the significant growth in downstream applications such as new energy vehicles and energy storage systems, the demand for anode materials strengthened overall, leading to a rapid increase in industry shipments. The company accurately seized market opportunities, completing the construction of the second phase of the North-South project, fully releasing new high-quality production capacity, and improving quality and efficiency, achieving leapfrog growth in the scale of its main business.
In 2025, the company's business scale increased significantly, with rapid growth in anode material sales. Operating income reached 7.943 billion yuan, a year-on-year increase of 51.90%. Despite rising costs due to raw material price fluctuations and expanded outsourced processing, and a decrease in gross profit margin, the overall profit scale maintained a high growth momentum. The company achieved a net profit of 946 million yuan, a year-on-year increase of 12.82%, demonstrating steady and progressive performance and continuously enhancing shareholder returns. As of the end of 2025, the company's total assets were 11.738 billion yuan, a year-on-year increase of 26.69%, and net assets were 7.012 billion yuan, a year-on-year increase of 11.92%.
II. 2025 Business Review
(1) Rapid expansion of major downstream applications, with the company's anode material products arriving at the opportune moment, activating development momentum.
In 2025, downstream applications for lithium-ion battery industry, such as new energy vehicles and energy storage systems, all achieved leapfrog growth. New energy vehicles underwent product iteration, with 800V platform "fast charging" becoming the industry standard. Battery life continued to improve, new models emerged continuously, coupled with policy support like trade-in programs, leading to the widespread adoption of home and public charging facilities, and accelerating the growth of new energy vehicle demand. According to data from the China Association of Automobile Manufacturers, new energy vehicles accounted for 47.9% of total new car sales, with a penetration rate close to 50%, making new energy vehicles a significant force in automotive consumption. The company has successfully developed and stably supplied new-generation anode material products that are highly aligned with industry development trends, leading to accelerated production and sales scale and a substantial increase in sales volume.
In terms of energy storage systems, against the backdrop of a transition from mandatory energy storage to market-oriented operations, and driven by cost reductions from technological iteration, energy storage systems achieved certain profitability in 2025. Concurrently, the proportion of installed capacity for domestic wind and solar power generation increased significantly, and demand from data centers in overseas markets surged. As a new type of power infrastructure, energy storage systems play a crucial role in grid peak shaving, frequency regulation, and new energy power consumption. Overall demand experienced explosive growth in 2025. The company has developed targeted products for energy storage batteries, addressing various application environments such as new large-capacity cells, long-duration, and complex temperature conditions, aligning with the strong growth momentum of energy storage systems and significantly increasing sales volume.