Yitong New Materials said in a conference call that gross margin on its
traditional powder‑metallurgy iron powder is about 20%. Battery‑grade powder
requires fewer processing steps and yields a lower gross margin than
powder‑metallurgy iron powder. Forgings remain in capacity ramp‑up and are not
yet at full production; higher per‑unit labor and depreciation keep forging
margins below traditional powder. Traditional powder shows stable growth,
battery powder is expanding rapidly alongside downstream LFP battery
development, and forgings present sizable market potential. The company said
this year’s faster growth partly reflects a small base last year.
