TRIUMPH NEW EN (01108) announced its interim results for the six months ended June 30, 2025. The group recorded operating revenue of 1.673 billion yuan, down 43.82% year-over-year. Net loss attributable to shareholders reached 449 million yuan, an increase of 719.59% compared to the same period last year. Basic loss per share was 0.7 yuan.

In the first half of 2025, the company actively addressed multiple challenges including insufficient effective market demand, overlapping cyclical and periodic overcapacity, and intensified industry competition. While achieving phased progress in production line optimization and operational management, the company's main business profit margins were significantly compressed due to continued intensification of internal competition and substantial market price declines.

During the reporting period, the company's operating revenue was 1.673 billion yuan, down 43.8% year-over-year, while net loss attributable to shareholders was 449 million yuan, with losses further expanding. As of the end of the reporting period, total assets reached 13.631 billion yuan, up 10.8% from the end of the previous year. Net assets attributable to shareholders totaled 3.568 billion yuan, down 11.2% from the end of the previous year.

In terms of production line optimization, the company firmly implemented a strategy of "stopping small operations and building large ones," gradually shutting down small-tonnage old furnaces while increasing the proportion of large-tonnage capacity to improve production efficiency and reduce unit manufacturing costs. During the reporting period, the company completed the acquisition of a 74.60% stake in Jiangsu Kaisheng New Materials Co., Ltd. (Jiangsu Kaisheng) through capital injection. The first 1,200t/d ultra-thin calendered photovoltaic glass production line of Jiangsu Kaisheng's Phase I project for 1.5 million tons annual production of ultra-thin encapsulation materials for photovoltaic modules was successfully put into operation.

Qinhuangdao North Glass Co., Ltd.'s 1,200t/d ultra-thin calendered photovoltaic glass production line completed ignition and commissioning, achieving production and sales in the same month. As of the end of the reporting period, large-tonnage capacity accounted for approximately 70% of the company's total capacity.

Meanwhile, the company is planning next-generation large-tonnage photovoltaic glass production lines with high standards. Kaisheng (Zigong) New Energy Co., Ltd.'s 2,000t/d photovoltaic module ultra-thin encapsulation materials project has basically completed preliminary project approval, filing, demonstration, and approval procedures, with construction planned to begin in the second half of the year. Upon completion, this project is expected to further enhance the company's competitive advantages in process technology, production line scale, and product variety, actively and effectively addressing current challenges.