[Changjiang Electric New Energy] Nord 2026 Semi-Annual Report Review: Main Business Volume and Price Rising Together, AI Flexibility Expected, Continue to Recommend!

English summary

Event: The company released its 2026 semi-annual report. 2026H1 revenue was RMB 6.433 billion, +113.33% YoY; net profit attributable to shareholders was RMB 103 million, +242.07% YoY (compared to a loss of RMB 72.43 million in the same period last year, turning profit); non-GAAP net profit was RMB 51 million, +159.59% YoY. Split to 26Q2, revenue was RMB 3.890 billion, +142.20% YoY; net profit attributable to shareholders was RMB 63 million, +280.71% YoY (compared to a loss of RMB 34.76 million in the same period last year, turning profit); non-GAAP net profit was RMB 29 million, +170.62% YoY. 1. In 26Q2 alone, estimated shipments were around 28,000 tons, doubling YoY; structurally: 1) For lithium battery foil, ultra-thin 4.5/5μm lithium battery foil accounted for about 70%, and the proportion of high-performance products such as medium-tensile products also increased significantly;…