IRICO Group New Energy Company Limited (IRICO New Energy) reported a net loss attributable to shareholders of RMB494.16 million for the six months ended 30 June 2026, widening 67.11% from the RMB295.70 million loss a year earlier.

Revenue fell 35.03% year-on-year to RMB986.79 million, driven mainly by a sharp drop in photovoltaic (PV) glass prices and lower shipment volumes as the Group curtailed production to stem losses. PV glass accounted for 99.95% of core revenue.

Gross margin contracted as operating costs outpaced sales. Operating costs declined 25.09% to RMB1.25 billion but remained above revenue, resulting in a negative gross profit of RMB267.33 million.

Finance costs decreased 7.65% to RMB70.06 million due to lower average funding rates, while research and development spending slipped 11.79% to RMB44.92 million in line with project cycles. Administrative expenses were broadly flat at RMB47.53 million.

Total assets rose 2.29% from year-end to RMB8.50 billion, supported by a 91.93% jump in cash and bank balances to RMB618.55 million. Total liabilities increased 4.66% to RMB7.82 billion, lifting the gearing ratio to 91.97% (31 December 2025: 89.88%). Bank borrowings expanded to RMB5.04 billion from RMB4.15 billion.

Trade receivables fell 22.05% to RMB918.33 million, yet collection pressure intensified with days sales outstanding lengthening to 195 days, up 95 days year-on-year. Inventory days edged up to 60, reflecting moderated production.

Capital expenditure commitments amounted to RMB517.44 million, primarily for capacity upgrades and new material development. The company held RMB1.31 billion of fixed assets as collateral for RMB822.05 million of secured loans.

No interim dividend was declared due to the accumulated loss position. Management plans to accelerate cost-reduction, efficiency initiatives and product upgrades, while expanding into high-value segments such as ultra-high-transmittance PV glass, 2.0 mm ultra-thin glass, and specialty home-appliance glass.