China Graphite Group (2237) H1 2026 earnings summary

Executive summary

• 1H 2026 revenue fell 17.3% YoY to RMB32.871m; gross profit rose 23.3% to RMB7.368m and net loss narrowed to RMB9.879m from RMB11.890m.

• Cost controls, improved ore quality and production efficiency lifted gross margin to 22.4% from 15.0%.

Financial highlights

• Cost of sales fell 24.6% to RMB25.503m; operating loss narrowed to RMB8.647m from RMB10.766m, and loss before tax was RMB10.023m versus RMB11.901m.

• Basic and diluted loss per share improved to RMB0.62 cents from RMB0.74 cents; no interim dividend was recommended.

• Net cash generated from operations was RMB39.004m versus RMB54.353m; cash and cash equivalents were RMB35.830m at period-end, down from RMB50.460m at 2025 year-end.

Segment performance

• Flake graphite concentrate revenue fell 22.8% to RMB23.429m and sales volume declined 23.9% to 9,446 tonnes; gross profit rose to RMB7.532m and margin to 32.1% from 20.4%.

• Spherical graphite and by-product revenue rose 70.8% to RMB8.153m; spherical graphite volume increased 11.5% to 786 tonnes, while the segment recorded a RMB0.196m gross loss and 2.4% negative margin.

• Unprocessed marble revenue fell to RMB1.289m from RMB4.636m as local construction slowed; gross profit was RMB0.032m and margin 2.5%.