Capacity ExpansionThe company has lifted its 2025 self-owned capacity proportion target to 70% from 60%, which should support sustained high growth in profit.
Dividend PolicyThe company offers a 40% dividend payout ratio and has surprised the market with a 20% special dividend, contrary to expectations of prioritizing capital expenditure over dividend payout during the expansion stage.
Financial PerformanceNet profit rose 23.1% YoY to RMB1.6bn, or 25% excluding listing costs, beating CMBI's estimate by 4%, as gross margin rose 3pct to 47.3% on a higher proportion of self-owned capacity.