Jiang Su New Technology Co. Ltd.

Niutag released its 2026 interim report, with operating revenue of 584 million yuan for the period, up 18.10% year on year, but net profit attributable to the parent company was negative 17.95 million yuan, down 190.71% year on year, swinging from profit to loss. The company's main products include automotive suspension systems, powertrain systems and other system components. Revenue from the automotive other systems business surged 74.44% to 210 million yuan, becoming the main driver of revenue growth, but gross margins across all segments were generally under pressure. The gross margin of automotive powertrain systems fell 12.88 percentage points to negative 8.71%, and the gross margin of automotive other systems fell 9.62 percentage points to negative 3.41%. The change in performance was mainly due to rising aluminum ingot prices, higher labor costs and customer cost-reduction pressure, causing operating costs to rise 32.92% year on year, far outpacing revenue growth. At the same time, inventory write-down losses increased, with asset impairment losses reaching 13.27 million yuan. Subsidiary Jiangsu Maier, as the main production base, saw revenue grow 24.04%, but net profit turned to a loss of 21.22 million yuan. The company faces risks including raw material price fluctuations, accounts receivable collection and increased asset depreciation. Going forward, attention should be paid to aluminum ingot price trends and order conversion after new capacity is released.