Keda Industrial expects to achieve attributable net profit of 1.26 billion to 1.36 billion yuan in the first half of 2026, representing year-on-year growth of 69.11% to 82.53%, with second-quarter net profit rising quarter-on-quarter from the first quarter. The core drivers are the continued ramp-up of production capacity at overseas building materials operations that commenced earlier, relatively favourable product prices, and investment income from an associate company. The overseas building materials segment has overtaken ceramic machinery to become the company's largest revenue source. In 2025, this segment generated revenue of 8.185 billion yuan, accounting for 47% of total revenue, and its scale and share are expected to increase further in the first half of 2026. The company anticipates that the ceramic projects in Côte d'Ivoire and the Keda Kenya Kisumu plant will deliver full capacity contributions in 2026, while the South American glass project in Peru will be completed within the year, driving overall production and sales growth. The second-phase projects in Côte d'Ivoire and the Kisumu second-phase tile project in Kenya under construction are expected to commence production around the end of 2026 or early 2027, and two ceramic production lines in Guinea are targeted to start production in 2027. By then, annual tile production capacity will jump from approximately 200 million square metres to 250 million square metres. In the ceramic machinery business, overseas revenue accounts for over 70% of the total, and orders for spare parts and consumables represent 25%. The general-purpose business secured orders worth 500 million yuan in 2025. The lithium battery materials segment turned profitable in 2025, with anode material sales reaching 114,400 tonnes. Orders remained fully booked in the first half of 2026, and integrated artificial graphite production capacity is expected to rise to 180,000 tonnes per year. The associate company Lanke Lithium saw a net margin on lithium carbonate sales exceeding 50%, and its cash dividends provide the company with healthy cash flow. At the end of 2025, the company's overall gearing ratio stood at about 46%, with total cash dividends distributed for the year amounting to approximately 575 million yuan, lifting the dividend payout ratio to around 44%.
Keda Clean Energy Co LtdCompany forecasts 69-83% net profit growth in H1 2026, driven by overseas building materials ramp-up and associate investment income.