Suzhou Maxwell Technologies (300751) investor relations material

Executive summary

• Revenue for H1 2026 was ¥2.91 billion, down 30.95% year-over-year, with net profit attributable to shareholders at ¥252 million, a 35.99% decrease year-over-year.

• Gross margin improved due to higher contract margins despite lower revenue, and cash flow from operations turned positive, mainly from increased customer advances.

• The company remains a global leader in photovoltaic (PV) cell manufacturing equipment, with expanding presence in semiconductor and display equipment.

Financial highlights

• Operating income: ¥2.91 billion, down 30.95% year-over-year; net profit: ¥252 million, down 35.99% year-over-year.

• Gross margin improved to 48.5% from 33.7% year-over-year.

• Cash flow from operations: ¥1.65 billion, up 254.37% year-over-year.

• Basic and diluted EPS: ¥0.91, down 35.46% year-over-year.

• Total assets: ¥23.30 billion, up 8.12% from year-end 2025.

• Net assets attributable to shareholders: ¥8.04 billion, up 1.46% from year-end 2025.

• Non-recurring gains: ¥137 million, mainly from fair value changes and government subsidies.

Outlook and guidance

• The company expects continued short-term pressure in the PV sector due to industry adjustment, but maintains a positive long-term outlook driven by technology upgrades and global energy transition.

• Strategic focus remains on high-efficiency HJT and perovskite tandem cell equipment, as well as expansion in semiconductor and display equipment.