Zhejiang Supor Co. (002032.SZ): 2Q26 Prelim results: Export pressure weighed on earnings

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Zhejiang Supor Co. (002032.SZ): 2Q26 Prelim results: Export pressure weighed on earnings

Equity Research

24 July 2026 | 1:54PM CST

Zhejiang Supor Co. (002032.SZ): 2Q26 Prelim results: Export pressure

weighed on earnings

Supor reported below-expectation 2Q26 prelim results. Total revenue/net profit in Nicolas Yi

+86(21)2401-8922 |

1H26 was Rmb11,410mn/Rmb868mn, down by 0.6%/7.7% yoy, implying a qoq nicolas.yi@goldmansachs.cn

Goldman Sachs (China) Securities

moderation to 3%/18% yoy decline in 2Q26 (vs +2%/+2% yoy growth in 1Q26). Company Limited

Domestic growth moderated to flattish yoy in 2Q26 per parent company SEB’s Cecilia Tang

disclosure (vs +2% yoy in 1Q26). This implies greater pressure from export that +86(21)2401-8738cecilia.tang@goldmansachs.cn|

mainly led to the below-expectation growth (~10% yoy decline in 2Q26 vs mild GoldmanCompany SachsLimited(China) Securities

growth in 1Q26). On margins, while GPM maintained yoy expansion thanks to

continued mix improvements in domestic market despite cost inflation, NPM was

under pressure due to higher expense investment amid intensifying competition and

operating de-leverage from smaller revenue scale.

Supor held a management call on July 24 to address key topics on 2Q26 results,

updated demand/margin outlook and shareholder return. Our key takeaways are:

1) On 2026 outlook, management continued to guide positive growth in domestic

market, but expects higher pressure to achieve their previous sales target set with

parent company SEB considering 2Q weakness and SEB’s cautious outlook into 2H26.

2) In domestic market, management reiterated the importance of improving GPM

from product mix with innovative products as well as improving ROI by balancing