TBEA (600089) Q2 2026 earnings summary

Executive summary

• Revenue increased 16.97% year-over-year to RMB 56.55 billion for H1 2026, with strong growth in both domestic and international markets.

• Net profit attributable to shareholders declined 19.84% year-over-year to RMB 2.55 billion, mainly due to non-recurring losses and margin pressures.

• Operating cash flow rose 34.14% year-over-year, reflecting improved cash management and higher sales of high-purity polysilicon.

• The company maintained a diversified business structure across power transmission, new energy, energy, and new materials, enhancing resilience.

Financial highlights

• Operating income: RMB 56.55 billion, up 16.97% year-over-year.

• Net profit attributable to shareholders: RMB 2.55 billion, down 19.84% year-over-year.

• Operating cash flow: RMB 6.22 billion, up 34.14% year-over-year.

• Basic and diluted EPS: RMB 0.5084, down 19.84% year-over-year.

• Gross margin: 18.50% (direct sales), with notable improvement in new energy and aluminum materials segments.

Outlook and guidance

• The company expects continued growth in domestic and international markets, leveraging its integrated industrial chain and innovation capabilities.

• Anticipates ongoing challenges in new energy due to industry overcapacity and price pressures, but expects policy support and industry consolidation to benefit leading players.

• Plans to accelerate R&D, optimize product mix, and expand high-margin products.