Jiangsu Lanfeng Bio-chemical Co Ltd

Lanfeng Biochemical released its 2026 interim report on August 25. Relying on a coordinated dual-main-business strategy of new energy plus agrochemicals, the company saw its photovoltaic module business ramp up to offset a decline in solar cell revenue, while core products in the agrochemical segment posted higher volumes and prices. However, due to a sharp increase in share-based payment expenses and foreign exchange losses, the reporting period showed higher revenue but lower profit. Financial data show that during the reporting period the company achieved operating revenue of 1.261 billion yuan, up 5.39 percent year on year. Net profit attributable to the parent company was negative 60 million yuan, with the loss widening by 33.55 percent. Net profit after deducting non-recurring items was negative 55 million yuan, with the loss widening by 18.06 percent. Net cash flow from operating activities was negative 1.1394 million yuan, narrowing sharply by 99.15 percent year on year. In terms of business structure, new energy photovoltaic revenue accounted for 73.26 percent of total revenue, reaching 924 million yuan, a slight decline of 0.24 percent year on year. Within this, revenue from N-type high-efficiency SNP module business grew 54.71 percent year on year to 587 million yuan, effectively offsetting the impact of a 36.38 percent year-on-year decline in solar cell revenue. The agrochemical segment achieved revenue of 337 million yuan, up 24.65 percent year on year, with gross margin rising 6.52 percentage points to 7.04 percent. Revenue from core pesticide technical materials and formulation products grew 55.32 percent year on year. The widening net loss mainly stemmed from a surge in period expenses. Selling expenses and administrative expenses rose 52.97 percent and 24.09 percent year on year respectively, mainly due to a substantial increase in share-based payment expenses. Financial expenses rose 83.02 percent year on year, affected by increased foreign exchange losses. Research and development investment fell 41.18 percent year on year.

Lanfeng Biochemical released its 2026 interim report. Total operating revenue was 1.261 billion yuan, and net profit attributable to the parent company was a loss of 59.8 million yuan, a decrease of 15.02 million yuan compared with the same period last year, with the loss widening year-on-year. Net cash flow from operating activities was negative 1.14 million yuan. The asset-liability ratio rose to 92.99%, gross margin fell to 3.46%, return on equity was negative 1199.27%, and diluted earnings per share was negative 0.16 yuan. The company had 26,900 shareholders, and the top ten shareholders held 41.44% of total share capital.

Lantian Biochemical held an extraordinary general meeting on July 28, electing the eighth board of directors. Zheng Xu was re-elected as chairman, with Cui Haifeng and Li Shaohua serving as vice chairmen. On the same day, the board appointed Li Zhilei as general manager, Tang Haijun as deputy general manager and board secretary, and Peng Zhimin as deputy general manager and chief financial officer. The following day, Xu Renshan was appointed head of the audit department. The company has reported net profit attributable to the parent company in the red for five consecutive years since 2021, and its non-recurring net profit has been negative for eight straight years. In the first half of this year, it expects a net loss attributable to the parent company of between 45 million and 75 million yuan. After acquiring a 51 percent stake in Anhui Xuge Technology New Energy in 2023, the company formed a dual-core business of pesticide chemicals and photovoltaic new energy. In 2025, the photovoltaic business contributed 77 percent of revenue. As of press time, the company's stock price stood at 4.64 yuan, down about 31 percent for the year.

Lanfeng Biochemical disclosed an earnings forecast, expecting a net loss attributable to the parent of 45 million to 75 million yuan in the first half of 2026, compared with a loss of 44.7789 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 47 million to 77 million yuan, compared with a loss of 46.5636 million yuan a year earlier. Basic loss per share is estimated at 0.12 to 0.2 yuan. The company's losses mainly stem from an asset impairment provision of approximately 39.0786 million yuan, share-based payment expenses of about 40.07 million yuan from the restricted stock incentive plan, as well as the agrochemical segment not yet turning profitable and the new energy segment's earnings falling short of expectations. Lanfeng Biochemical's main business is divided into two major segments: pesticide chemicals and new energy photovoltaics.