Raw Material Price Inversion and Demand Slowdown Lead to Consecutive Decline in Brass Billet Operating Rates

On April 23, Yihao New Materials (301176) released its 2025 annual results. Data showed that the company achieved revenue of 1.72 billion yuan in 2025, up 19.69% YoY; net profit attributable to the parent was -58.6219 million yuan, down 50.85% YoY; non-recurring items adjusted net profit was -60.902 million yuan, down 50.34% YoY. Revenue growth was primarily driven by the dual businesses of electronic circuit copper foil and printed circuit boards (884092) (PCB). However, profitability remained under pressure, with losses widening significantly. The net profit margin stood at -3.41%, and the ratio of non-recurring items adjusted net profit to revenue was -3.54%.