Shangtai Tech H1 Revenue Up 33% to RMB4.51 Billion, Net Profit Falls 16.6%
Shangtai Tech reported H1 2026 revenue of RMB4.51 billion, up 33.11% year on year, while net profit attributable to shareholders fell 16.6% to RMB400 million, with basic EPS of RMB1.1. The company attributed revenue growth to robust energy storage battery demand and steady power battery growth, leading to supply shortages for anode materials and increased outsourced processing. However, rising upstream coke costs and higher graphitization outsourcing prices pressured margins, and price adjustments lagged cost increases, dragging down gross margin.
Shangtai Tech disclosed its 2026 semi-annual report on August 18. During the reporting period, the company achieved operating revenue of RMB4.51 billion, up 33.11% year on year; net profit attributable to shareholders of the listed company was RMB400 million, down 16.6% year on year; basic earnings per share were RMB1.1.
The semi-annual report showed that demand for energy storage batteries remained robust, while power batteries sustained steady growth. With downstream customer demand rising rapidly, the company's anode material products were in short supply, prompting a significant increase in the proportion of outsourced processing procurement. As a result, anode material sales volume and operating revenue increased substantially. Meanwhile, upstream coke-based raw material prices rose, and graphitization outsourced processing prices climbed notably amid strong demand, creating cost pressure. The company's product price pass-through lagged behind rigid upstream price movements, and the price adjustment mechanism was slow, leading to a year-on-year decline in the gross margin of anode material products.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is mixed for Batteries & Energy Storage, with intensity 60/100 and 80% confidence over a short term horizon.
Impact figures are analytical estimates that combine direction, intensity, confidence and event importance. They are not investment advice.