Shanshan H1 Net Profit Up 296.73% on Robust Core Businesses

Shanshan Co. , Ltd. released its 2026 semi-annual report on the evening of August 27. During the reporting period, the company achieved operating revenue of RMB 12.130 billion, up 23.04% year on year. Net profit attributable to shareholders of the listed company reached RMB 822 million, up 296.73% year on year. Net profit attributable to shareholders excluding non-recurring gains and losses was RMB 780 million, up 362.55% year on year. Basic earnings per share stood at RMB 0.386. The overall performance growth was mainly driven by the steady improvement of its two core businesses—anode materials and polarizers—as well as better operating results from its associated companies.

In the anode materials business, global demand grew rapidly in the first half of 2026, with high-quality capacity remaining generally tight. Leveraging its three integrated production bases in Inner Mongolia, Sichuan, and Yunnan, the company enhanced capacity utilization through targeted production line upgrades and process optimization. During the reporting period, anode material sales volume increased 61.33% year on year. According to industry data, the company ranked first in shipments of artificial graphite anode materials in the first half of 2026, with a market share of 21%. In terms of products, 4C and 6C ultra-fast-charging anode products achieved stable mass production and delivery to leading customers, while higher-performance ultra-fast-charging products entered the mass production pilot stage. The company has built a full-chain integrated technology matrix for silicon-based anodes, with low-expansion bulk silicon-carbon and high-capacity spherical silicon-carbon products now in mass production. As of the end of June 2026, the anode business held 434 authorized patents. In terms of customers, strategic cooperation with global leading cell makers such as CATL, BYD, ATL, and LGES remained solid, and the sales share of the top ten customers increased steadily.

In the polarizer business, the company focused on high-end and high-value-added segments, with overall profitability improving year on year in the reporting period. According to industry research data, the company's shipment area share in large-size LCD polarizers was approximately 34% in the first half of 2026, maintaining its leading position. Ultra-large high-end TV products achieved exclusive mass production and supply for 115-inch and 116-inch models, while the global market share for products 65 inches and above remained leading. High-end IT polarizers for small and medium sizes were introduced to international leading customers. OLED polarizers achieved full-category mass production, with OLED TV polarizer shipments rising significantly. The automotive polarizer business was established through the acquisition of the SP business, entering the supply chains of mainstream automakers with stable shipments. The company currently operates 10 production lines in Nanjing, Guangzhou, and Zhangjiagang, holding 2,182 globally authorized patents as of the end of June 2026. In terms of supply chain, the company continued to promote localization of raw materials and supply diversification.

In July 2026, the company completed a change of control, with the controlling shareholder becoming Anhui Wanwei Group and the actual controller becoming the State-owned Assets Supervision and Administration Commission of Anhui Province. Subsequently, following the adjustment of the upper-level equity structure, Conch Group became the company's indirect controlling shareholder.