[Changjiang Electrical & New Energy] Yishitong 2026 Interim Report Earnings Preview Review: Turnaround Realized, Multi-Product Matrix Opens Second Growth Curve!

English summary

1. The company released its 2026H1 performance forecast, expecting 2026H1 net profit attributable to parent of RMB 9.5-14 million (turning from loss to profit YoY, corresponding to an increase of RMB 26.98-31.48 million), and non-GAAP net profit of -9.2 to -6.2 million (YoY loss reduction of 70.77%-80.30%, with significant low-base effect), achieving substantial improvement in profitability. Converted to 2026Q2, net profit attributable to parent is RMB 9.08-13.58 million (YoY turn from loss to profit, QoQ growth of 20.66-31.40 times), non-GAAP net profit of RMB 1.16-4.16 million (YoY significant loss reduction and turning to profit, QoQ turning to profit), both YoY and QoQ rising, highlighting the resilience of the main business. 2. From an operational perspective, 1) For boehmite, the company shipped 29,000 tons in 26H1, up about 60% YoY; estimated Q2 shipments of around 16,000 tons, with monthly shipments peaking at nearly 6,000 tons; in terms of structure, small particle size shipments account for about 10%, and are expected to significantly increase further in H2.…