TBEA (600089) H1 2025 earnings summary

Executive summary

• Achieved revenue of ¥48.401 billion in H1 2025, up 1.12% year-over-year; net profit attributable to shareholders was ¥3.184 billion, up 5.00% year-over-year.

• Profit before tax rose 15.62% year-over-year to ¥4.423 billion; operating profit increased 17.04% year-over-year to ¥4.384 billion.

• Maintained stable domestic and international market growth, leveraging industry synergies and strategic opportunities in new power systems and international demand.

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

Financial highlights

• Revenue: ¥48.401 billion (+1.12% YoY); net profit: ¥3.184 billion (+5.00% YoY).

• Operating cash flow: ¥4.64 billion (-12.56% YoY); total assets: ¥220.799 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.

• Shareholders' equity attributable to listed company shareholders grew 6.35% to ¥71.788 billion.

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, innovation, and major projects like 2 billion Nm²/year coal-to-gas to drive future growth.

• External environment expected to improve with national and industry reforms.