Zhejiang Shibao revenue up 45% amid electrification push

Zhejiang Shibao Co. (HKEX:1057) reported a revenue increase of 45.47% to RMB717.8 million for the first quarter of 2025, compared to RMB493.4 million in the same period of 2024, according to its unaudited first quarterly report. This growth is attributed to the increasing adoption of electric and intelligent steering systems in China’s automotive market. Net profit attributable to shareholders also saw a substantial rise of 123.77%, reaching RMB48.7 million. The company recently completed a private placement, issuing 32,987,747 A Shares at RMB10.61 per share, raising approximately RMB350 million before expenses to support its strategic goals. The raised proceeds will be deployed to bolster research and development, expand production capabilities, and improve the company's capital structure.