Changzhou Tiansheng New Materials Co Ltd

Tiansheng New Materials announced on August 28 that first-half 2026 revenue was 239 million yuan, up 7.60 percent year on year, with net profit attributable to the parent of 4.19 million yuan, turning from loss to profit, though net profit after deducting non-recurring items remained a loss of 8.43 million yuan. Director Han Qingjun voted against the semi-annual report. As a director appointed by Qingdao Ronghai Guotou Asset Management, he said he could not guarantee that the report's contents were true, accurate, and complete. Han Qingjun pointed out that the company's net profit attributable to the parent after deducting non-recurring items was negative for six consecutive years from 2020 to 2025, with cumulative losses exceeding 1.02 billion yuan, and that losses continued in the first half of 2026, with deteriorating operations pushing it close to delisting. Qingdao Ronghai Guotou, as a state-owned shareholder, stated that it had previously opposed related capital operations on multiple occasions, including the issuance of shares to specific targets and a restricted stock incentive plan, arguing that rushing ahead with a change of control and equity incentives amid years of losses lacked reasonable planning, and that the new shares diluted its shareholding. Tiansheng New Materials responded that apart from Han Qingjun, the other directors and senior executives all confirmed that the semi-annual report was true and accurate, and stressed that historical losses had no direct causal relationship with the authenticity of the semi-annual report.