Triumph New Energy reports significant losses in challenging first half

Triumph New Energy Company Limited announced its unaudited interim results for the six months ended June 30, 2025, revealing a challenging period for the company. Operating revenue decreased by 43.82% year-on-year to RMB1.67bn, while total profit (loss) stood at RMB-503.38m, a substantial increase from RMB-69.73m in the same period last year. Net loss attributable to shareholders widened to RMB-448.98m from RMB-54.78m previously. Basic earnings per share (loss) were RMB-0.70, down from RMB-0.08.

The company's total assets increased by 10.77% to RMB13.63bn, but net assets attributable to shareholders decreased by 11.18% to RMB3.57bn. Net cash flow from operating activities was RMB-744.82m, a significant drop from RMB-18.67m last year. The gearing ratio rose to 268.01% from 194.18% at the end of 2024.

Management attributed the decline to insufficient demand in the photovoltaic glass market, coupled with cyclical surpluses and intensified industry competition leading to lower selling prices and sales volumes. Despite the tough environment, the company made progress in production line optimization and strategic acquisitions, including a 74.60% equity stake in Jiangsu Triumph, to enhance competitive advantage.