HaiMeixing turns profitable in Q4, with core business and new ventures resonating to unleash strong recovery momentum

After a deep industry adjustment, Haimeixing (SH.688559) achieved quarterly profitability in Q4 2025, signaling a clear recovery in operations and returning performance to growth track.

On the evening of February 27, Haimeixing disclosed its 2025 performance brief. The announcement showed that, due to previous cyclical industry fluctuations, the company made large asset impairments for the year, which weighed on net profit. However, the operating performance in the fourth quarter improved significantly, turning a loss into a profit for the quarter, marking a key turning point for the year’s performance.

Market analysts pointed out that the Q4 turnaround indicates that the asset impairment risks have been fully cleared, and asset quality has been optimized. This has removed core obstacles to subsequent profit recovery, gross margin improvement, and cash flow enhancement, laying a solid foundation for sustained performance growth.

Industry recovery boosts core business, full-capacity delivery consolidates performance

Currently, the “dual-wheel drive” effect of energy storage and power batteries continues to release, with the overall profitability of the lithium battery industry chain steadily rising. The industry recovery trend is spreading from points to surface. As of now, over 60 industry chain companies have issued 2025 performance forecasts, with about 70% expecting positive results, indicating a clear cyclical recovery trend.

As a leader in laser intelligent equipment, Haimeixing has benefited fully from this upturn. In the second half of 2025, shipment volumes increased by approximately 80% year-over-year, with capacity remaining at high levels. To ensure order delivery, core production bases in Changzhou, Jiangmen, and other locations maintained full production during the Spring Festival, with workforce numbers doubling compared to normal, indirectly confirming ample order reserves. Public information shows that since Q4, Haimeixing has maintained strong order intake, with new lithium battery equipment orders exceeding 1 billion yuan in January 2026, providing solid support for ongoing performance growth.

New business deployments expand, building a diversified growth pattern

While core business continues to recover, Haimeixing’s new business initiatives have been fully implemented, forming a virtuous cycle of “core business supporting scale, new businesses enhancing valuation.”

In the all-solid-state battery field, Haimeixing is the first in the industry to simultaneously deploy dual technical routes—“oxides + lithium metal anodes” and “sulfides + silicon-carbon anodes”—and has deep collaborations with leading clients like CATL. Related pilot line orders have been successfully executed, demonstrating a first-mover advantage.

The company has achieved full coverage of key equipment such as all-solid-state electrode preparation, electrolyte membrane production, bare cell assembly, and isostatic pressing. Its self-developed ultra-low dew point dry room at -60°C and fully sealed transportation system provide critical technological support for large-scale production of high-end solid-state battery materials, aligning with the industry trend of mass production of all-solid-state batteries by 2026.

In the AI computing power sector, the company has secured orders and delivered products in liquid cooling and PCB fields, providing tangible performance support. Public data shows that the company is actively engaging with leading overseas computing power hardware companies, potentially entering the core global supply chain. Additionally, the company continues to expand in emerging fields such as medical, plastic welding, and 3C, further unlocking long-term growth potential.

Market analysts noted that the Q4 turnaround fully validates the operating inflection point; the combination of hundreds of billions in existing orders and industry recovery provides dual support. Coupled with breakthroughs in overseas markets and accelerated deployment of new businesses, Haimeixing’s long-term growth logic is clear. As the industry’s darkest moment ends, Haimeixing is expected to enter a dual upward channel of profit recovery and valuation enhancement.