Changzhou Almaden swings to H1 loss, plans board refresh

Changzhou Almaden reported a net loss attributable to shareholders of CNY -15,824,317.69 for the first half of 2025, a significant decline from a net profit of CNY 13,551,047.08 in the same period last year. Total operating revenue decreased by 38.16% to CNY 1,082,645,749.25. The company's total assets grew by 6.22% to CNY 5,733,094,864.54, while net assets attributable to shareholders decreased by 4.28% to CNY 2,874,999,137.70.

The Fifth Board of Directors' term is expiring, with a new Sixth Board of Directors proposed for election at the Second Extraordinary General Meeting of 2025 on September 15. The proposed Sixth Board will comprise eight directors, including five non-independent and three independent directors. Concurrently, Yang Lu, a sustained supervision representative for the 2020 non-public stock offering, has been replaced by Guo Chen due to work adjustments. The company holds 3,566,700 shares in Solarmax Technology, Inc., which listed on NASDAQ in February 2024, and plans to open overseas securities trading accounts to facilitate future transactions.

In the first half of 2025, Changzhou Almaden continued its global expansion, with an investment of $24,023,000 for the construction of a 500,000-ton photovoltaic glass production line in the UAE. The company's remaining pledged, mortgaged, or frozen funds total CNY 123,751,859.31. Funds from the 2020 non-public offering, with a net amount of CNY 986,146,684.00, have been allocated across various projects, including CNY 355,673,224.59 for large-size, high-power ultra-thin photovoltaic glass intelligent deep processing and CNY 95,708,423.76 for technology upgrades.