SICC (688234) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 913.65 million, up 15.10% year-over-year; gross margin improved to 22.86%.

• Net loss attributable to shareholders was RMB -58.62 million, with adjusted net loss (excluding non-recurring items) at RMB -87.34 million.

• Q2 2026 set a new quarterly revenue record at RMB 548 million, up 42.06% year-over-year and 49.97% sequentially, with a quarterly net profit of RMB 1.89 million.

• Cash flow from operations turned negative at RMB -20.26 million, compared to RMB 289.47 million in H1 2025.

Financial highlights

• Operating income: RMB 913.65 million (+15.10% YoY); gross profit: RMB 208.89 million.

• Net loss: RMB -58.62 million (vs. profit of RMB 10.88 million YoY); basic/diluted EPS: -0.12.

• Adjusted net loss (excluding non-recurring items): RMB -87.34 million.

• Cash flow from operations: RMB -20.26 million; total assets: RMB 10.02 billion.

• Gross margin improved to 22.86% (vs. 21.5% YoY); Q2 gross margin at 25.36%.

Outlook and guidance

• Large-diameter SiC substrate capacity and market share expected to further increase.

• Company to deepen cost reduction and efficiency, expand overseas and new application markets.

• Profitability expected to gradually improve as scale effects are realized.