(Yicai Global) Aug. 8 -- Senior Technology Material, a Chinese new energy vehicle component supplier to LG, increased its sales volume of lithium-ion battery separators by more than one-third in the first half of this year while prices declined.
Senior Technology's sales volume rose 36 percent from the previous year to 152.7 million square meters of separators, the Shenzhen-based company said in a statement yesterday. The firm's new factory in Hefei, eastern Anhui province, contributed to the widening volume.
However, sales prices declined due to lower production costs and reduced subsidies. The gross profit margin of battery separator products decreased by 7 percentage points to 47.3 percent, which resulted in a slowdown in the company's business growth.
Senior Technology's net profit rose over 12 percent to CNY172 million (USD24.4 million). Its operating income climbed 11 percent to CNY352.9 million.
The firm expects to put another plant, located in Jiangsu province's Changzhou, into operation by the end of this year to produce 360 million more sqms of battery separators each year. Another production line with a capacity of 1 billion sqms of high-performance products will be ready in the first half of 2021.
Founded in 2003, Senior Technology had an output of 330 million sqms at the end of last year, public information shows.
Editor: Emmi Laine