Binhai Energy first-half revenue rises 78.54%, anode materials business makes major breakthrough

Earnings
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Summary · why it matters

Binhai Energy disclosed its 2026 first-half report, achieving operating revenue of 419 million yuan, up 78.54% year-on-year. Among this, the anode materials and tolling business achieved operating revenue of 416 million yuan, up 78% year-on-year. Net profit, after excluding the impact of share-based payment expenses, rose 67% compared with the same period last year. Core subsidiary Xiangfu New Energy has been fully profitable since the first quarter of this year. In the first half, the company's anode material production and sales reached 42,000 tonnes and 39,000 tonnes respectively, both up over 60% year-on-year. Sales of self-produced anode materials reached 13,000 tonnes, a year-on-year increase of 600%. The company expects full-year shipments of self-produced anode materials to exceed 60,000 tonnes, and combined with graphitisation tolling, total shipments will reach 130,000 tonnes. The company is currently advancing the 200,000-tonne anode material integrated project in Shangdu, Ulanqab, which is expected to be fully completed by the end of this year, bringing total production capacity to around 300,000 tonnes. In addition, the first phase of the company's source-grid-load-storage green power project, a 150-megawatt wind power section, has been connected to the grid. The entire 580-megawatt project is expected to be completed and put into operation by the end of this year, helping downstream customers build a green, low-carbon international supply chain. In June this year, the company's controlling shareholder changed to Xuyang Group, strengthening raw material supply security and industry chain coordination.

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翔福新能源Private▲ Positive
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Core subsidiary Xiangfu New Energy fully profitable since Q1, driving growth.

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