Jiangsu Topfly New Materials

Xiangteng New Materials released its 2026 interim report. Total operating revenue was 324 million yuan, and net profit attributable to the parent company was negative 22.57 million yuan, a decrease of 10.88 million yuan compared with the same period last year, with the loss widening. Net cash flow from operating activities was negative 43.95 million yuan, a year-on-year decrease of 56.16 million yuan, down 460.02 percent. The company's asset-liability ratio was 14.41 percent, gross margin was 7.76 percent, return on equity was negative 2.72 percent, and diluted earnings per share was negative 0.33 yuan. The number of shareholders was 6,982, and the top ten shareholders held 60.32 percent of total share capital.

Xiangteng New Materials announced its 2026 interim report on August 26. First-half operating revenue reached 324 million yuan, up 16.5 percent year on year, but net profit attributable to the parent swung from a loss of 11.69 million yuan a year earlier to a loss of 22.57 million yuan. Net profit attributable to the parent after deducting non-recurring items also widened from a loss of 11.64 million yuan to a loss of 23.07 million yuan, while net operating cash flow was negative 43.95 million yuan, down 460.02 percent year on year. Second-quarter revenue was 169 million yuan, up 20.0 percent year on year, and the net loss attributable to the parent was 13.1 million yuan, widening from a loss of 9.47 million yuan in the same period last year. The company said the loss was mainly affected by depreciation of fixed assets, higher utility costs, exchange-rate fluctuations and foreign-exchange losses, and intensifying market competition, but its main business has not undergone major changes. Its main products include polarizers, optical films and functional adhesive materials.

Xiangteng New Materials disclosed its earnings forecast, expecting a net loss attributable to the parent company of 19 million to 26 million yuan in the first half of 2026, compared with a loss of 11.6875 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 19.5 million to 26.5 million yuan, compared with a loss of 11.6365 million yuan a year earlier. Basic loss per share is estimated at 0.28 yuan to 0.38 yuan. The company is mainly engaged in the research, development, production, precision processing, and sales of various thin-film devices in the new display field. Revenue for the period increased compared with the same period last year, but net profit remained negative due to higher costs and expenses. This was mainly because the optoelectronic thin-film device production project was transferred to fixed assets in batches and gradually put into production during 2025, leading to increased depreciation of fixed assets and higher costs for utilities. Additionally, the appreciation of the renminbi against the US dollar caused greater exchange losses, and intensified market competition pushed up selling expenses.