Long XXX, quietly awaiting the season of blossoming

【Answer 1】 I. Overview of H1 2026 Earnings 1. Overall semi-annual results: Revenue amounted to RMB 2.7045 billion, down 18% year-on-year; net profit attributable to shareholders was -RMB 3.684 billion, with the loss widening by 43% year-on-year. 2. Q2 sequential improvement: Quarterly revenue reached RMB 1.5854 billion, down 17% year-on-year but up 41% quarter-on-quarter; net profit attributable to shareholders was -RMB 1.764 billion, with the loss widening by 56% year-on-year but narrowing by 8% quarter-on-quarter; gross margin turned positive in Q2 to 3.13%, primarily due to the low base effect from low-priced orders in Q1. Main causes of losses: Low industry pricing, rising costs, foreign exchange losses, and investment losses from associated enterprises. II. Operational Highlights 1. Rapid breakthrough in overseas markets: Amid relatively weak domestic demand, the company intensified efforts overseas—module shipments to overseas markets rose 26% year-on-year, accounting for over 65% of total module revenue; overseas market share for wafers remained industry-leading. Shipments in the first half: 48.91 GW of wafers (18.98 GW sold externally), 29.93 GW of modules, and 0.86 GW of batteries sold externally. 2. Rapid ramp-up of BC products and commercialization of ACM new technology: ・ BC module sales in H1 totaled 19.55 GW, surging 125% year-on-year, raising their share of total module shipments to over 65%; orders from domestic centralized procurement, commercial & industrial projects, and high-end overseas customers all grew concurrently. ・ In-house developed ACM (Nano-Alloy Matrix Contact) technology has entered GW-scale mass production, boosting BC cell conversion efficiency by 0.2–0.3% and enhancing long-term reliability. It is now being delivered at scale, supporting cost reduction and efficiency gains.

[H1 2026] Performance Review of Major Chinese Semiconductor Equipment and Materials Manufacturers

【Answer 2】 Changchuan Technology: H1 2026 revenue reached RMB 3.461 billion, up 59.7% year-on-year; net profit attributable to shareholders was RMB 964 million, up 125.7% year-on-year. According to its semi-annual report and earnings forecast, the growth stems from continued realization of prior R&D investments, coupled with significantly stronger demand in high-end downstream markets—resulting in substantial sales growth across multiple product lines, especially digital testers, and evident economies of scale driving rapid expansion in both revenue and profit. Digital testers—primarily used in high-end applications such as SoC and AI accelerator chips—are the core growth driver; in 2025, tester-related revenue already accounted for over 60% of the company’s total revenue. ・ Jinhaitong Jinhaitong: H1 2026 revenue reached RMB 601 million, up 95.4% year-on-year; net profit attributable to shareholders was RMB 171 million, up 125.2% year-on-year. Per its semi-annual report, growth was driven by robust demand in semiconductor packaging and testing equipment sectors, fueled by downstream applications including AI, high-performance computing, and new-energy vehicles. Additionally, the company’s global business expansion strategy began bearing fruit, with overseas orders showing strong growth year-on-year, leading to a significant increase in tester handler shipments. Both gross margin and net margin improved in H1; Q2 single-quarter profit growth remained above 76%, sustaining high momentum. ・ Glorytek Glorytek: H1 2026 revenue reached RMB 453 million, up 57.2% year-on-year; net profit attributable to shareholders was RMB 74 million, up 194.6% year-on-year. Per its semi-annual report, revenue growth was primarily driven by its semiconductor packaging & testing equipment business—which accounted for 77.63% of total revenue and surged 162.25% year-on-year. Domestic semiconductor packaging & testing equipment business rapidly scaled up, becoming the company’s core growth engine. The company also continued increasing R&D and marketing investments while expanding its product portfolio. Contextually, its domestically produced semiconductor mechanical dicing equipment has operated at full capacity since July 2025; domestically produced dicing equipment for advanced packaging has been deployed in volume; and expanded capacity requirements from major customers have accelerated deliveries and revenue growth. Domestic semiconductor business revenue has now surpassed overseas revenue, becoming the primary growth driver. # Semiconductor Materials Revenue and Net Profit Data for Major Chinese Semiconductor Materials Manufacturers in 2025 and H1 2026 Data Source: MIR DATABANK Overall Situation In H1 2026, the semiconductor materials sector overall exhibited a pattern of "volume growth amid price weakness and recovering demand": among 12 companies tracked, 11 posted revenue growth, with only JingSheng Mechanical & Electrical experiencing a decline. Surging demand for AI compute and memory applications boosted volumes for target materials, specialty gases, silicon wafers, and other materials—driving noticeable acceleration in revenues for multiple firms. However, wafer prices remain at a cyclical low, and several companies face challenges related to capacity ramp-up and inventory impairment, resulting in pronounced divergence in profitability. Companies demonstrating notable profit improvement include Lixiang Microelectronics, YGSM, Qingyi Optoelectronics, Nanjing University Photoelectric, and Huatex Gas. Lixiang Microelectronics turned profitable after two consecutive years of losses, with net profit attributable to shareholders up 166.1% year-on-year; YGSM achieved over 50% revenue growth and 40.9% net profit growth year-on-year; Qingyi Optoelectronics, Nanjing University Photoelectric, and Huatex Gas all posted double-digit net profit growth year-on-year; TCL Zhonghuan narrowed its losses.

Rayonier Advanced Materials Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 27, 2026

Aug 5, 2026

Rayonier Advanced Materials reported Q2 sales of USD 376 million with a net loss of USD 33 million. Six-month sales totaled USD 695 million with a net loss of USD 114 million.

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