Jiangsu Lopal Tech. Co., Ltd. (603906.SS) Bundle
Curious what investors should know about Jiangsu Lopal Tech Co., Ltd. (603906.SS)? Here are the hard facts that matter: Q3 2025 operating revenue reached RMB 2.2 billion (up 5.33% year‑over‑year) while TTM revenue to Sept 30, 2025 was RMB 7.84 billion (down 0.76% y/y) after full‑year 2024 revenue of RMB 7.67 billion (a 12.10% decline vs. 2023); Q3 still posted a net loss attributable to shareholders of RMB 25.3 million even as six‑month gross profit rose to RMB 501.2 million (+45.7% y/y) and the company reported a reduced loss of RMB 109.1 million for H1 (‑58.3% y/y); balance‑sheet dynamics show total non‑current liabilities of RMB 3.32 billion (Dec 31, 2024), total equity attributable to owners of RMB 3.08 billion and total equity of RMB 3.93 billion, a share capital increase to RMB 665.08 million, and total assets up 11.89% year‑to‑date; liquidity improved with cash and equivalents at RMB 3.58 billion (an 82.22% increase) and operating cash inflows up 74.48% in Q1 2025, while market valuation sat at approximately HK$14.30 billion (P/S ~1.91) amid a 52‑week stock range of HK$3.88-HK$19.80; key risk signals include ongoing net losses, a RMB 108.95 million asset impairment in Q3 2025 and a negative TTM net margin, offset by growth levers such as a 64.9% surge in LFP cathode material sales volume and overseas expansion plans (Indonesia) alongside an approved A‑share issuance in Sept 2025-read on to unpack what these figures mean for investment decisions.
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) - Revenue Analysis
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) showed mixed revenue dynamics through 2024 and into Q3 2025, with product mix shifts and price pressures affecting top-line and profitability despite volume-driven gains in key segments.
- Q3 2025 operating revenue: ~RMB 2.20 billion (up 5.33% year-over-year).
- TTM revenue ending 30 Sep 2025: RMB 7.84 billion (down 0.76% YoY).
- Full-year 2024 revenue: RMB 7.67 billion (down 12.10% vs. 2023).
- Net attributable loss in Q3 2025: ~RMB 25.3 million.
Key drivers and headwinds:
- Volume-driven growth: LFP cathode material sales volume rose 64.9% YoY in Q3 2025, a primary contributor to the quarter's revenue increase.
- Price compression: Average selling prices for major product lines (lubricants, diesel exhaust fluid and other core products) declined YoY, offsetting part of the volume gains.
- Profitability pressure: Lower ASPs and cost structure dynamics led to a net loss attributable to shareholders in Q3 2025 despite higher revenue versus Q3 2024.
| Metric | Q3 2025 | TTM (ending 30 Sep 2025) | FY 2024 | YoY Change (Relevant) |
|---|---|---|---|---|
| Operating Revenue | RMB 2.20 billion | RMB 7.84 billion | RMB 7.67 billion | Q3 2025: +5.33% vs Q3 2024; TTM: -0.76% YoY; FY2024: -12.10% vs 2023 |
| LFP Cathode Material Volume | Volume +64.9% YoY (Q3 2025) | - | Primary driver of Q3 revenue growth | |
| Average Selling Prices (Key Products) | Lubricants & Diesel Exhaust Fluid: ASPs down YoY | Negative impact on margins and total revenue | ||
| Net Income / (Loss) Attributable to Shareholders | Loss ≈ RMB 25.3 million (Q3 2025) | - | Profitability weakened despite revenue rise | |
Relevant corporate context and strategic information can be found here: Mission Statement, Vision, & Core Values (2026) of Jiangsu Lopal Tech. Co., Ltd.
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) - Profitability Metrics
Jiangsu Lopal Tech. shows signs of mixed operational performance in 2024-2025: rising gross profit on a half-year basis but continuing net losses and negative margins through the trailing twelve months ending September 30, 2025. Key headline figures below capture the most relevant profitability indicators investors should track.- Q3 2025 net loss attributable to shareholders: ≈ RMB 25.3 million.
- Gross profit for six months ended June 30, 2025: ≈ RMB 501.2 million (up 45.7% YoY).
- Loss for six months ended June 30, 2025: ≈ RMB 109.1 million (down 58.3% vs. same period 2024).
- Basic and diluted loss per share (six months ended June 30, 2025): RMB 0.13.
- Trailing twelve-month net profit margin (ending Sep 30, 2025): negative.
- Total comprehensive expense for year ended Dec 31, 2024: RMB 799.5 million.
| Metric | Period | Value (RMB) | Notes / YoY |
|---|---|---|---|
| Net loss attributable to shareholders | Q3 2025 | 25,300,000 | Quarter headline loss |
| Gross profit | Six months ended Jun 30, 2025 | 501,200,000 | +45.7% YoY |
| Net loss (period) | Six months ended Jun 30, 2025 | 109,100,000 | -58.3% vs same period 2024 (loss reduced) |
| Basic & diluted loss per share | Six months ended Jun 30, 2025 | 0.13 (RMB) | Reported EPS loss |
| Net profit margin (trailing 12 months) | Ended Sep 30, 2025 | Negative | Ongoing profitability challenges |
| Total comprehensive expense | Year ended Dec 31, 2024 | 799,500,000 | Significant expense load |
- Revenue-to-gross-profit improvement indicates operational or mix gains (six-month Gross Profit up 45.7%), but
- Persistent net losses and a negative trailing net profit margin highlight capital/expense pressures and the importance of monitoring cost control, financing costs, and non-operating items.
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) - Debt vs. Equity Structure
Jiangsu Lopal Tech.'s balance-sheet mix at December 31, 2024 shows a material increase in assets and an equity base that has been strengthened by a larger share capital but offset by lower reserves.- Total non-current liabilities: RMB 3.32 billion (deferred tax liabilities, bank & other borrowings, lease liabilities, deferred income).
- Total equity attributable to owners: RMB 3.08 billion; non-controlling interests: RMB 853.23 million; total equity: RMB 3.93 billion.
- Share capital: RMB 665.08 million (up from RMB 565.08 million in 2023).
- Reserves: RMB 2.42 billion (down from RMB 2.89 billion in 2023).
- Total assets increased by 11.89% year-over-year.
- Company approved issuance of A Shares to specific targets in September 2025 to enhance capital structure.
| Metric | Amount (RMB) | Notes / YoY change |
|---|---|---|
| Total non-current liabilities | 3,320,000,000 | Includes deferred tax, borrowings, leases, deferred income |
| Equity attributable to owners | 3,080,000,000 | Owner equity component |
| Non-controlling interests | 853,230,000 | Minority stakes |
| Total equity | 3,933,230,000 | Consolidated equity |
| Share capital (2024) | 665,080,000 | Up from 565,080,000 in 2023 |
| Reserves (2024) | 2,420,000,000 | Down from 2,890,000,000 in 2023 |
| Total assets growth | 11.89% | YoY expansion |
- Simple leverage (Total Non-current Liabilities / Total Equity): 3.32B / 3.93B ≈ 0.84x - moderate leverage at the non-current level.
- Equity base strengthened by share capital increase (~RMB 100m), partially offset by reserve declines (~RMB 470m).
- Asset growth (11.89%) suggests expansion that may be financed by a mix of debt and equity actions (including the approved A-share issuance in Sept 2025).
- Non-controlling interests (RMB 853.23m) account for ~21.7% of total equity, indicating meaningful minority capital.
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) - Liquidity and Solvency
Key balance-sheet movements and cash-flow trends through the most recent reporting periods highlight a materially stronger cash position, modest asset growth and reduced leverage, while shareholders' equity has edged down slightly.
- Cash and cash equivalents: RMB 3.58 billion as of September 30, 2025 - up 82.22% year-over-year.
- Net assets attributable to shareholders: RMB 3.10 billion at period end, down from RMB 3.17 billion at the beginning of the period.
- Net cash flows from operating activities: increased 74.48% in Q1 2025 vs. Q1 2024, signaling improved operating liquidity.
- Total assets: grew 11.89% since the end of last year, indicating an expanding asset base.
- Total liabilities: decreased 2.51% from the previous year, reflecting improved solvency metrics.
- Current ratio and quick ratio: not specified in the available disclosures; investors should request or calculate these from latest current asset/current liability breakdowns.
| Metric | Value | Change vs. Prior Period | Reference Date |
|---|---|---|---|
| Cash & Cash Equivalents | RMB 3.58 billion | +82.22% | Sept 30, 2025 |
| Net Assets Attributable to Shareholders | RMB 3.10 billion | -RMB 0.07 billion (from RMB 3.17B) | End of reporting period |
| Net Cash Flow from Operating Activities (Q1) | Not disclosed as absolute figure | +74.48% YoY | Q1 2025 vs Q1 2024 |
| Total Assets | Not disclosed as absolute figure | +11.89% | Since end of last year |
| Total Liabilities | Not disclosed as absolute figure | -2.51% | YoY |
Practical implications for investors:
- Significantly higher cash balances and a large YoY rise in operating cash flows reduce short-term funding risk and provide capacity for opportunistic investments or debt reduction.
- Asset growth coupled with falling liabilities points to balance-sheet strengthening; however, the slight decline in net assets attributable to shareholders warrants monitoring of retained earnings, OCI and any equity transactions.
- Absence of published current and quick ratios means investors should compute liquidity ratios from the full balance sheet to assess short-term solvency under stress scenarios.
For further context on ownership, trading patterns and investor interest, see: Exploring Jiangsu Lopal Tech. Co., Ltd. Investor Profile: Who's Buying and Why?
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) - Valuation Analysis
- Market capitalization snapshot: approximately HK$14.30 billion as of December 5, 2025.
- Historical market cap movement: HK$9.29 billion in June 2025 falling to HK$7.72 billion in September 2025, showing a mid‑2025 trough before recovery to December levels.
- Price-to-sales (P/S) ratio: 1.91 - market values the company at roughly 1.91× trailing sales.
- Price-to-earnings (P/E): not available / not meaningful because the company reported a net loss.
- Earnings per share (EPS): negative on a trailing twelve months (TTM) basis, reflecting ongoing profitability challenges.
- Share-price volatility: 52-week range HK$3.88 - HK$19.80, indicating significant trading volatility.
| Metric | Value |
|---|---|
| Market Capitalization (Dec 5, 2025) | HK$14.30 billion |
| Market Capitalization (June 2025) | HK$9.29 billion |
| Market Capitalization (Sept 2025) | HK$7.72 billion |
| P/S Ratio (TTM) | 1.91 |
| P/E Ratio | Not meaningful (net loss) |
| EPS (TTM) | Negative |
| 52-week Range | HK$3.88 - HK$19.80 |
- Valuation interpretation: a P/S of 1.91 places the company in a moderate revenue multiple band - investors are paying nearly twice revenue, despite negative earnings.
- Risk signals: negative EPS and a meaningless P/E indicate earnings recovery is a gating factor for valuation re-rating.
- Volatility considerations: wide 52‑week range and mid‑year market‑cap swing imply sensitivity to news, earnings, and sector sentiment.
- What to monitor next: revenue growth trajectory, margin improvement, path to profitability, and share‑count dilution or capital raises that would affect per‑share metrics.
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) - Risk Factors
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) presents multiple material risks to investors driven by recurring profitability pressures, commodity exposure, and balance-sheet adjustments.- Recurring net losses: The company has reported net losses in recent quarters, contributing to operating cash flow stress and thinner equity cushions for future downturns.
- Negative profitability metrics: Trailing twelve months (TTM) ending September 30, 2025, shows a negative net profit margin, signaling continuing inability to convert revenue into net earnings.
- Large comprehensive expense base: For the year ended December 31, 2024, the company reported a total comprehensive expense of RMB 799.5 million, highlighting ongoing non-operating and loss items that depress equity.
- Asset impairment risk: An asset impairment provision of RMB 108.95 million was recorded in Q3 2025, indicating potential overstatement of asset values and future write-down risk.
- Commodity price exposure: Fluctuations in raw material prices - notably lithium carbonate - have materially impacted production costs and margins, increasing volatility in quarterly results.
- Market valuation volatility: The stock's 52-week trading range (HK$3.88-HK$19.80) reflects significant market sensitivity to operational and macro developments.
| Item | Reported Amount / Range | Period |
|---|---|---|
| Total comprehensive expense | RMB 799.5 million | Year ended Dec 31, 2024 |
| Asset impairment provision | RMB 108.95 million | Q3 2025 |
| Stock 52‑week range | HK$3.88 - HK$19.80 | Most recent 52 weeks |
| Profitability (Net profit margin) | Negative | TTM ending Sep 30, 2025 |
| Net losses | Reported in multiple recent quarters | Recent quarters (2024-2025) |
| Key commodity risk | Exposure to lithium carbonate price volatility | Ongoing |
- Cash-flow and refinancing risk: Persistent losses and large comprehensive expenses raise the risk of tighter liquidity and the need for external financing at unfavorable terms.
- Operational scaling vs. raw material cost: Attempts to scale production can be undermined quickly if lithium carbonate and other inputs spike, compressing margins or forcing production cuts.
- Investor sentiment volatility: Wide historical share-price swings may magnify capital-raising costs and increase susceptibility to market-driven equity dilution.
Jiangsu Lopal Tech. Co., Ltd. (603906.SS) - Growth Opportunities
Jiangsu Lopal Tech. has several clear growth levers tied to product demand, geographic expansion, and capital actions that support scaling its lithium iron phosphate (LFP) cathode materials business.- Strong product demand: sales volume of LFP cathode materials increased 64.9% in 2024 vs. 2023, demonstrating accelerating market adoption.
- Overseas expansion: establishing a production base in Indonesia to serve Asia-Pacific markets and diversify supply chains.
- Capital strategy: approval to issue A Shares to specific targets in September 2025 to strengthen the capital base for capacity build-out.
- Operational cash improvement: net cash flows from operating activities rose 74.48% in Q1 2025 vs. Q1 2024, indicating improved working-capital management and cash conversion.
| Metric | Value / Change |
|---|---|
| Total assets (growth since end of prior year) | +11.89% |
| Reserves (RMB) | 2023: 2.89 billion → 2024: 2.42 billion (decrease) |
| LFP sales volume change | 2024 vs 2023: +64.9% |
| Net cash flows from operating activities (Q1) | Q1 2025 vs Q1 2024: +74.48% |
| Planned equity issuance | Approval: A Shares to specific targets - Sept 2025 |
| International production | New production base: Indonesia (under construction/commissioning) |
- Volume-led revenue growth: a 64.9% jump in LFP sales volume points to higher revenue potential if unit prices and margins hold.
- Asset expansion (+11.89%): supports increased capacity but may pressure near-term ROA until utilization rises.
- Reserve drawdown (2.89b → 2.42b RMB): monitor retained earnings and reserve composition changes that could affect distributable equity and flexibility.
- Cash generation improvement (+74.48% in Q1 operating cash): increases ability to fund capex, service debt, or support the Indonesia rollout.
- Equity issuance (Sept 2025): dilution risk offset by strengthened balance sheet and funding for growth initiatives.
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