Recently, Cybrid Technologies Inc. (Shanghai Stock Code: 603212) released its impressive Q3 2025 performance report, marking a key breakthrough in its diversified business strategy.
During the reporting period, the company’s core non-PV (non-photovoltaic) businesses achieved rapid growth across the board. Shipments of lithium battery and new energy vehicle materials surged 85% year-on-year, while consumer electronics materials shipments grew 77.1% year-on-year, driving a more balanced overall business structure.
For the third quarter, the company recorded total revenue of RMB 687 million, with non-PV business accounting for 28.6%, up 6.3 percentage points compared with the same period last year — highlighting the success of Cybrid’s platform-based and diversified growth strategy.
In terms of operational quality, net operating cash flow reached RMB 98.77 million, up 17.6% from Q2, reflecting a solid financial foundation that supports new business investment and mitigates industry fluctuations.
Strong Growth in PV Film Business
In the photovoltaic materials segment, Cybrid’s encapsulant film business continued to perform robustly.
Revenue for Q3 2025 reached RMB 401 million, a 19.2% year-on-year increase, while shipments totaled 85.05 million square meters, up 57.5% year-on-year, significantly increasing market share.
Production lines in both China and Vietnam are operating at full capacity, providing solid production assurance for sustained growth.
Leveraging differentiated product strategies and strong delivery capabilities, Cybrid continues to maintain its leading position in the global PV industry, effectively managing market cycle fluctuations.
Global Expansion and Strategic Reach
Cybrid continues to expand globally, with its Vietnam production base effectively supporting deliveries to India, the EU, Japan, Turkey, Vietnam, and Taiwan.
In Q3 2025, excluding backsheet products, the company’s overseas shipments increased 32.2% year-on-year, and non-backsheet overseas revenue accounted for 6.0% of total sales — showcasing the success of its globalization strategy.
Innovation: The Core Driver of Growth
Innovation remains the heart of Cybrid’s development. For TOPCon modules, Cybrid’s RayBo light conversion film has achieved mass production and delivery in overseas markets. For HJT modules, RayBo light conversion film has become the preferred choice of leading manufacturers.
In the perovskite module sector, shipments of TPO encapsulant film have shown remarkable growth.
Cybrid continues to work closely with downstream PV enterprises, forming strategic cooperation on perovskite materials and offering one-stop solutions, including TPO encapsulants, RayBo light conversion films, and moisture barrier materials.
As a global leader in polymer material solutions for photovoltaics, Cybrid’s technology and market performance have earned high industry recognition, including being named among the “PVBL 2025 Global Top 100 PV Brands.”
Diversified Growth Momentum
Cybrid’s diversified business structure delivered remarkable results in Q3 2025, with non-PV business revenue reaching 28.6%, up 6.3 percentage points year-on-year — demonstrating strong growth potential across business segments.
1. Lithium Battery & New Energy Materials
The lithium battery and new energy vehicle materials segment became a major growth driver, with shipments soaring 85% year-on-year and revenue up 33.6%.
This growth was primarily fueled by strong demand from the EV market, with production lines operating at full capacity.
Key products — such as cell blue film, CCS & side insulation films, double-sided automotive adhesive tapes, and puncture-resistant tapes — all saw significant increases in shipments.
Through participation in key industry events like the CIBF 2025 Battery Technology Exchange and CCS Innovation Forum, Cybrid showcased its leadership in film-type CCS iterations and FFC/FCC encapsulant innovations, strengthening partnerships across the value chain and enhancing brand influence.
Looking forward, Cybrid will pursue a dual strategy of strengthening existing product markets while accelerating new product launches.
The focus will remain on expanding FFC/FCC encapsulants, high-shear blue films, and other innovative materials to ensure sustainable growth through synergy between mature and emerging product lines.
2. Consumer Electronics Materials
The consumer electronics segment also delivered strong results, with shipments up 77.1% and revenue rising 41.9% year-on-year.
The main growth drivers included protective films for OLED displays and acoustic diaphragm materials, which gained rapid adoption among downstream customers.
Cybrid will continue to focus on display and acoustic materials, expanding R&D investment and market channels to develop differentiated products.
Ongoing collaborative innovation with downstream clients includes integrated foam adhesive tapes for OLED, carrier adhesives for MicroLED, and PI silicone for solid-state batteries, further enriching its product portfolio and strengthening market competitiveness.
3. Semiconductor Materials
The semiconductor materials business maintained stable growth, with shipments up 17.4% year-on-year.
Core products such as UV debonding tapes continued to grow in volume and market share, while CMP fixing tapes entered mass production.
New products such as QFN films and MiniLED UV piercing films have passed client validation, and metal heat sinks for power modules are in the testing phase — creating strong momentum for future expansion.
Innovation, R&D, and Talent Development
Guided by its core value — “Innovation Creates Value” — Cybrid continues to strengthen its R&D capabilities through national-level technology centers and advanced research institutes.
Several of its projects have been recognized under key technological innovation programs in Jiangsu Province and Suzhou City, highlighting Cybrid’s strong expertise in functional polymer materials.
Through the Cybrid Innovation Academy, the company actively cultivates talent and explores AI-driven material research to improve development efficiency and precision.
Collaboration with universities such as Soochow University accelerates the industrial application of frontier technologies, supporting Cybrid’s diversified growth roadmap.
Looking Ahead
Cybrid Technologies will continue to deepen R&D in core polymer material technologies, leverage market insights, and drive sustainable development through diversified innovation.
With technology as the engine, globalization as the foundation, and international talent as the cornerstone, Cybrid is committed to becoming a global leader in functional polymer material solutions, shaping a more sustainable and high-quality future for the industry.
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