Shanshan reports 23.04% first-half revenue growth, net profit up 296.73%

On September 14, 2026, Shanshan held its 2026 interim results briefing. General Manager Zhuang Wei, Chief Financial Officer Li Keqin and Board Secretary Chen Ying attended; newly appointed Chairman Zhu Shengli was absent due to work commitments. The briefing was the company's first results communication since completing its restructuring.

In the first half of 2026, the company recorded revenue of RMB 12.13 billion, up 23.04% year on year; net profit attributable to shareholders of the listed company was RMB 822 million, up 296.73%; net profit excluding non-recurring gains and losses was RMB 780 million, up 362.55%; and net cash flow from operating activities fell 42.96% year on year.

The company said the first-half earnings change mainly stemmed from strong demand in the downstream lithium battery industry and a sharp increase in sales volumes in the anode materials business, as well as high-end upgrading and cost reduction and efficiency improvement in the polarizer business. Operating performance continued to improve year on year at major associates accounted for under the equity method, among which cathode business company BASF Shanshan Battery Materials turned profitable in the period. Regarding the decline in net operating cash flow, Zhuang Wei said first-half revenue growth came mainly from the anode materials business, for which the company increased working capital investment, and that settlement and inventory stocking methods had not changed significantly. The company will subsequently optimize working capital management through measures including accelerating accounts receivable collection and improving inventory turnover.

On anode raw materials, Zhuang Wei said the anode business has a production cycle of about three months from raw material procurement to finished goods, and that currently stocked raw materials correspond to advance orders placed by customers; the company's anode raw materials are mainly artificial graphite. After the controlling shareholder changed to state-owned capital, the company clarified rights and responsibilities through tiered authorization and list-based management, strengthening forward-looking strategy and dynamic management. On financing costs, the company is leveraging its new shareholder background to lower existing loan interest rates through renegotiated agreements and replacements, with the related work underway.

On medium- and long-term planning and industrial synergy, Zhuang Wei said the medium- and long-term development plan is still in internal drafting and review; industrial synergy between Shanjin Optoelectronics and Wanwei High-Tech is progressing, and Wanwei High-Tech's PVA optical film is in the verification and testing stage. On market value management, Chen Ying said that under its new governance structure the company is deepening its two main businesses of anode materials and polarizers, and strengthening communication with investors through information disclosure, results briefings, institutional research and the SSE E-Interaction platform.