CNGR Advanced Material Co., Ltd. (CNGR) released its 2026 interim report, disclosing a solid first-half performance driven by strong demand for battery and metal materials.

Financial Performance • Revenue climbed 57.5 % year on year to RMB 33.58 billion. • Profit for the period surged 155.9 % to RMB 1.81 billion. • Basic earnings per share rose to RMB 1.24 from RMB 0.79. • Gross margin improved to 12.8 % (H1 2025: 11.9 %).

Segment Highlights • New-energy battery materials contributed 49.5 % of revenue, led by nickel-based products at RMB 12.93 billion, up 72.6 %. • New-energy metal products, mainly nickel intermediates and electrolytic nickel, generated RMB 10.11 billion, representing 30.1 % of total sales. • Mainland China accounted for 60.3 % of revenue, while overseas markets delivered 39.7 %.

Profitability Drivers • Synergistic growth across nickel-, cobalt-, phosphorus- and sodium-based material lines. • Expansion of overseas capacity in Indonesia and Morocco and continued resource integration bolstered supply-chain resilience. • R&D spending increased 8.1 % to RMB 588.90 million, underpinning advances in high-nickel precursors, solid-state battery materials and high-voltage cobalt products.

Balance Sheet and Cash Flow • Total assets reached RMB 89.73 billion, rising 9.9 % from end-2025, while total liabilities grew 15.6 % to RMB 55.46 billion. • Net operating cash inflow stood at RMB 1.60 billion (H1 2025: RMB 1.48 billion). • The gearing ratio increased to 91.3 % (end-2025: 83.1 %) following higher bank borrowings.

Dividend The board proposes an interim cash dividend of RMB 0.38 per share (tax inclusive), subject to shareholder approval.

Corporate Actions & Governance • The third board was elected on 23 March 2026; all incumbent directors were re-elected. • The Articles of Association were amended to reflect capital changes after restricted-share vesting. • 2.21 million A shares vested under the 2023 Restricted Share Incentive Scheme and started trading on 6 July 2026.

Post-Reporting Developments • On 24 August 2026, the board approved a proposal to reallocate the remaining HK$1.20 billion of H-share offering proceeds from a South Korea nickel-based materials project to phosphate-related projects in Guizhou, pending shareholder approval. • The board also endorsed further amendments to the Articles of Association to update registered capital and share structure.

Risk Considerations The company cites geopolitics, industry competition, raw material price volatility, foreign-exchange movements and operational expansion as principal risks, with measures in place for supply-chain diversification, hedging and digitalised management.

Outlook Commentary Management reiterated its focus on technology leadership, global capacity build-out and resource integration to sustain growth but did not provide numerical forecasts for the remainder of 2026.