TCL Zhonghuan Renewable Energy Technology (002129) investor relations material

Executive summary

• Overseas geopolitical tensions and supply chain disruptions impacted the global new energy photovoltaic sector, with persistent supply-demand imbalance and weak silicon material prices.

• The company focused on core photovoltaic and semiconductor materials, maintaining a strategy of moderate integration and globalization.

• Quarterly net loss attributable to shareholders improved 52.8% sequentially, and operating cash flow remained positive.

Financial highlights

• Operating revenue for Q1 2026 was ¥6.55 billion, up 7.34% year-over-year.

• Net loss attributable to shareholders was ¥1.65 billion, a 13.62% improvement year-over-year.

• Net cash flow from operating activities was ¥304 million, down 37.97% year-over-year.

• Basic and diluted EPS were both -0.4119, improving 13.72% year-over-year.

• Total assets at period end were ¥113.85 billion, down 3.53% from year-end 2025.

Outlook and guidance

• The company will continue to strengthen core capabilities, pursue M&A and new capacity, and expand both domestic and overseas markets.

• Plans to invest in and control Yidao New Energy Technology to accelerate business integration and address industry cycle bottoming.