Triumph New Energy Company Limited released its audited results for the year ended 31 December 2025, reporting a sharp contraction in revenue and a significantly wider loss amid sustained overcapacity and price pressure in the photovoltaic (PV) glass market.

Financial Performance • Operating revenue declined 29.40% year-on-year to RMB 3.24 billion, reflecting weaker sales volumes and lower PV glass prices. • Operating costs fell 24.03% to RMB 3.64 billion, but cost savings were outpaced by the drop in selling prices, compressing margins. • Net loss attributable to shareholders expanded to RMB 0.91 billion (FY 2024: RMB 0.61 billion loss). Basic loss per share widened to RMB 1.42. • Other income more than tripled to RMB 0.17 billion, supported mainly by higher government subsidies. • Finance expenses increased 9.70% to RMB 0.12 billion as interest-bearing debt grew. • R&D spending totalled RMB 0.17 billion, equivalent to 5.30% of revenue; 25.0% of this outlay was capitalised.

Balance Sheet and Liquidity • Total assets reached RMB 13.61 billion, up 10.64% from end-2024, driven by the transfer of completed projects into fixed assets. • Total liabilities rose 25.90% to RMB 9.98 billion; the gearing ratio climbed to 73.33% (end-2024: 64.45%). • Cash and cash equivalents stood at RMB 121.40 million, down RMB 9.16 million from a year earlier. • Net operating cash outflow increased to RMB 736.03 million, while net financing inflow rose 33.85% to RMB 1.16 billion, reflecting higher borrowings. Interest-bearing liabilities totalled RMB 6.40 billion, of which RMB 2.45 billion were short-term.

Operational Highlights • In-production PV glass melting capacity reached 6,100 t/day, with 1,200 t/day furnaces representing nearly 80% of output. • The company completed the 74.60% acquisition of Jiangsu Triumph New Material Co., enabling commissioning of a 1,200 t/day ultra-thin rolled PV glass line. • Qinhuangdao North Glass ignited a 1,200 t/day line in April 2025; Zigong New Energy advanced pre-construction approvals for a 2,000 t/day project. • Unit manufacturing cost of PV glass fell 16%, and double-coated high-transmittance products accounted for over 60% of sales. • Five provincial-level green factories are now in operation, with PV and waste-heat power generation up 30% and 12% year-on-year, respectively.

Outlook for 2026 Management targets continued execution of “three major battles” – cash-flow improvement, cost reduction and loss containment – while optimising capacity utilisation and strengthening procurement and sales synergies. The company plans to refine its product mix, accelerate construction of next-generation large-tonnage lines and maintain disciplined investment as China’s PV sector enters a “stock-based competition” phase.

Dividend No dividend was proposed for FY 2025.

Audit and Governance Grant Thornton LLP issued an unqualified audit opinion. The board confirms compliance with the Corporate Governance Code and the Model Code for securities transactions by directors.