Xiuqiang Glass has released its 2026 interim report. Affected by weakening end-market demand for home appliances and price declines for some products, the company's revenue and profit both fell. During the reporting period, it achieved operating revenue of 746 million yuan, down 11.26 percent year on year. Net profit attributable to the parent company was 60 million yuan, down 54.61 percent. Non-GAAP net profit was 50 million yuan, down 59.16 percent. Overall gross margin was 21.37 percent, down 7.59 percentage points year on year, the main reason the decline in net profit was far larger than the decline in revenue. Glass products remained the core source of income, generating revenue of 737 million yuan and accounting for more than 98 percent of total revenue, but their gross margin fell 7.49 percentage points year on year to 20.78 percent. In addition, affected by foreign exchange gains and losses shifting from gains to losses, financial expenses rose sharply year on year to 17.34 million yuan. Net cash flow from operating activities was 49 million yuan, down 53.03 percent year on year. The company's production base in Thailand has completed equipment installation and commissioning and passed audits by some customers. Its BIPV business has already delivered projects at multiple public buildings. Going forward, attention should be paid to the recovery of gross margins for home appliance glass products, the pace at which orders are converted at the Thailand base, and the improvement of operating cash flow.
Jiangsu Xiuqiang Glasswork CoWeakening end-market demand for home appliances and price declines reduced revenue and profit.
