TBEA (600089) H1 2025 earnings summary

Executive summary

• Achieved revenue of ¥48.35 billion, up 1.11% year-over-year; net profit attributable to shareholders was ¥3.18 billion, up 5.00% year-over-year.

• Profit before tax rose 15.62% year-over-year to ¥4.42 billion; operating cash flow decreased 12.56% to ¥4.64 billion.

• Maintained stable domestic and international market growth, with international signed contracts up 65.91% year-over-year.

• Overcame headwinds from declining polysilicon and coal prices, ensuring overall stable development.

Financial highlights

• Revenue: ¥48.35 billion (+1.11% YoY); net profit: ¥3.18 billion (+5.00% YoY).

• Operating cash flow: ¥4.64 billion (-12.56% YoY); total assets: ¥220.79 billion (+6.17% from year-end).

• Basic and diluted EPS: ¥0.6342 (+5.00% YoY); gross margin for main products varied, with notable declines in new energy and coal.

• Non-recurring gains: ¥396 million, mainly from government grants and fair value changes.

Outlook and guidance

• Expects continued strong demand in power equipment and renewable energy sectors domestically and globally.

• Faces ongoing price pressure in polysilicon and coal, but anticipates industry stabilization and policy support.

• Will focus on digital transformation, cost reduction, and innovation to drive future growth.