Beijing Tianyishangjia New Material Corp Ltd

*ST Tianyi released its 2026 interim report on August 29, 2026. During the reporting period, the company's total operating revenue was 233 million yuan, down 44.91% year-on-year, and net profit attributable to the parent company was negative 163 million yuan. Net cash inflow from operating activities was 63.12 million yuan, down 60.63% year-on-year. The asset-liability ratio was 64.98%, up 22.41 percentage points from the same period last year; gross margin was negative 13.55%, down 8.67 percentage points from the same period last year; ROE was negative 13.02%, down 6.97 percentage points from the same period last year. Diluted earnings per share was negative 0.29 yuan, total asset turnover was 0.06 times, and inventory turnover was 1.49 times. The number of shareholders was 12,200, and the top ten shareholders held 35.59% of the total share capital.

ST Tianyi disclosed an earnings forecast, expecting a net loss attributable to the parent company of 150 million to 178 million yuan in the first half of 2026, compared with a loss of 209 million yuan in the same period last year, narrowing the loss. The company expects operating revenue for the same period to be 210 million to 255 million yuan, down 39.71% to 50.35% year on year; non-GAAP net loss is expected to be 140 million to 168 million yuan, compared with a loss of 225 million yuan in the same period last year. The company said the photovoltaic business remained sluggish, carbon-carbon business shipments declined, the quartz crucible business had not yet resumed production, and revenue from rail transit and aerospace businesses shrank, leading to an overall decline in revenue; however, through continued cost reduction and expense control, net profit is expected to narrow the loss compared with the same period last year.

The Beijing Regulatory Bureau of the China Securities Regulatory Commission has imposed administrative regulatory measures requiring rectification on ST Tianyi, its chairman Wu Peifang, general manager Yang Kaidi, and chief financial officer Hou Yubo. Upon investigation, ST Tianyi used 300 million yuan of idle raised funds to temporarily supplement working capital, which matured on May 13, 2026, but failed to repay the funds to the raised funds account on time.

Jinbo Shares has replied to the Shanghai Stock Exchange's inquiry letter regarding its 2025 annual report, explaining why revenue surged 49.54% to 803 million yuan while net loss widened to 1.281 billion yuan. The company said the revenue growth mainly came from the ramp-up of its transportation and lithium battery businesses. Carbon-ceramic brake disc mass production deliveries to core automakers drove transportation revenue up 1,251% year-on-year to 198 million yuan, while lithium battery anode carbon powder tolling and self-manufacturing sales revenue rose 129% to 417 million yuan. The huge net loss was due to a sharp drop in demand for photovoltaic thermal field products, with the segment's gross margin falling to negative 49.26%, compounded by an 840 million yuan fixed asset impairment provision and a 188 million yuan inventory write-down. The company stated that the photovoltaic business was hit by industry-wide supply-demand imbalances, consistent with the performance trend of peer company Tianyishangjia. Transportation and lithium battery together accounted for 77.82% of main business revenue. Carbon-ceramic brake discs hold over 50% market share in domestically standard-equipped models and have entered the Mercedes-AMG supply chain. In lithium batteries, the company is laying out porous carbon for silicon-based anodes. The new business growth is sustainable, and the company does not face significant going-concern risks.