(Yicai Global) Aug. 16 -- Ronbay New Energy Technology became the first company listed on Shanghai's new Nasdaq-style bourse to report half-year earnings, showing that the Chinese power battery components maker had a 2.9 percent gain in net profit due to higher procurement costs.
Net profit was CNY115 million (USD16.3 million) in the six months ended June, the Ningbo-based company said in its interim earnings report yesterday. Revenue jumped 45 percent to CNY1.9 billion (USD276.7 million).
Ronbay was one of the first batch of 25 companies to debut on the Star Market when it opened for trading last month. The firm mainly researches, develops, produces and sells ternary lithium battery accessories and counts sector giant Contemporary Amperex Technology and automaker BYD among its customers.
In the second quarter, the company's earnings were more robust. Net profit after deducting non-recurring gains and losses rose 8 percent to CNY75.3 million, while revenue rose 47.5 percent to CNY1.1 billion.
Shares in the company [SHA:688005] ended today 0.3 percent higher at CNY55.12 (USD7.83) each, after earlier gaining as much as 6.4 percent from yesterday's closing price.
The shares finished at CNY49.5 on their first day of trading on July 22, a 16.3 percent increase on the issue price. Its stock price has continued to rise since then and hit a record high of CNY69.5 in intraday trading on Aug. 6.
The company has an annual production capacity of nearly 40,000 tons of high-nickel lithium battery positive materials.