Guangdong Tianyu Semiconductor (2658) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 4.3% YoY to RMB347.9m, while the period swung to a net loss of RMB122.6m from a profit of RMB30.9m.

• Results reflected lower SiC wafer selling prices, weak Q1 factory-cost absorption, inventory write-downs and higher receivables impairment.

Financial highlights

• Cost of sales increased 49.1% YoY to RMB349.1m; gross loss was RMB1.2m versus gross profit of RMB99.3m a year earlier.

• Operating loss was RMB114.7m versus operating profit of RMB62.8m; loss before tax was RMB144.2m versus profit of RMB38.1m.

• Income tax credit was RMB21.6m versus tax expense of RMB7.2m; net loss attributable to shareholders was RMB119.8m.

• Operating cash flow was RMB234.7m versus RMB53.1m; cash and cash equivalents fell to RMB570.4m from RMB1,166.3m at Dec. 31, 2025.

Outlook and guidance

• Priorities include ramping 8-inch capacity, developing emerging SiC applications such as AI data centers, and expanding international market presence.

• Significant capacity investment is planned over the next five years, including ancillary facilities at the Ecological Park production base; funding is expected from operations, borrowings and offering proceeds.

• Inventory turnover is expected to improve gradually as new capacity utilization ramps and customer certification at the new site progresses as planned.