On 28 August 2026, Risun Group (1907.HK) published its 2026 interim results announcement. Against the backdrop of a deep cyclical adjustment in the coking and chemical industry, underpinned by its long-term strategic resolve and continuous iterative innovation capabilities, the Group delivered solid performance far exceeding market expectations. During the reporting period, operating revenue reached RMB 21.86 billion, representing a year-on-year increase of 5.2%. Gross profit stood at RMB 2.31 billion, with gross profit margin rising to 10.57%, a substantial uplift of 2.49 percentage points compared with the same period last year. Net profit amounted to RMB 240 million, soaring by 380% year-on-year; net profit attributable to owners of the parent company hit RMB 200 million, a sharp year-on-year growth of 720%.

The Group achieved robust growth across revenue, profits, cash flow and asset scale, with simultaneous improvement in earnings quality and risk-resilience. Its position as the world's leading coking-product producer has been further consolidated. In the first half of 2026, the Group completed the acquisition of Binhai Energy (000695.SZ), an A-share listed enterprise, officially adding a new-energy business segment focusing on two high-boom tracks: hydrogen energy and anode materials. Together with its three established businesses—coke, chemicals and operation-management services—a brand-new industrial landscape featuring four business segments has taken shape.

Acquisition of Binhai Energy: The Third Growth Pillar of New-energy Business

On 24 June 2026, Risun Group completed the acquisition of Binhai Energy, bringing the new-energy segment into its industrial portfolio. Centered on high-growth tracks of new-energy battery materials and hydrogen energy, this segment complements coke, chemicals and operation-management services to form the Group's four core business divisions.

This strategic acquisition enables the Group to rapidly enter the new-energy sector, capture structural industry opportunities and unlock long-term market upside. It materially strengthens the Group's capability to mitigate industry volatility and navigate cyclical swings through business-portfolio optimization. Furthermore, Risun can leverage its nearly 31-year-old vertically integrated capabilities covering sales, logistics, production, supply and R&D to empower its new-energy operations, significantly lowering trial-and-error costs and shortening capacity ramp-up cycles. It delivers core growth momentum for Risun to evolve into a world-leading energy-chemical enterprise and realise its long-term corporate vision. From a market perspective, driven by rising global penetration rates of new-energy electric vehicles and the irreplaceable role of electrochemical energy storage in delivering clean, safe and stable energy supplies, the lithium-battery industry is witnessing rapid expansion. Global anode-material output is projected to increase by nearly 50% year-on-year in H1 2026, with a compound annual growth rate of 23% forecast for 2025-2030.

In H1 2026, the new-energy segment generated revenue of RMB 523 million, a 123% year-on-year increase, and gross profit of RMB 58 million, surging 546% year-on-year. With capacity releases in the second half of the year, the Group will build up 300 kt integrated anode-material capacity and 580 MW source-grid-load-storage green-power capacity by year-end. A 2 kt/yr silicon-carbon material project and a 1 kt/yr porous-carbon material project will also be commissioned successively.

Dual Breakthroughs in Chemicals and New Materials: High-value-added Transformation Continues to Deliver Results

To date, the Group's managed chemical production capacity has reached 6.22 million tonnes. The chemicals segment recorded revenue of RMB 9.475 billion, posting steady year-on-year growth, and gross profit of RMB 925 million, rising 41.2% year-on-year. Gross profit margin advanced from 7.22% to 9.76%. Risun has secured and reinforced leading positions in multiple niche sub-sectors across core basic-chemical tracks including aromatics, alcohol-ammonia and carbon materials. Drawing on its long-accumulated technological innovation strengths, the Group extends vertically downstream toward high-value-added new-material sectors, building an industrial framework featuring solid fundamentals in established businesses and sustained breakthroughs in emerging tracks.

Notably, Risun's self-developed 5 kt/yr amino-alcohol new-material project—the largest of its kind nationwide and a global innovation—was commissioned in July 2025. It has obtained EU product certification, securing critical access to high-end global supply chains. Its application scope keeps expanding, covering high-growth segments such as power batteries, carbon capture, electronic cleaning, high-end pharmaceuticals and cosmetic synthesis. Since commissioning, the Group has onboarded 40 new customers, with monthly product sales rising by an incremental 532 tonnes quarter-on-quarter. Market penetration and brand influence have improved rapidly. A 50 kt/yr hexamethylenediamine project, built on Risun's proprietary innovative process technology, went into operation at the Yuncheng Park in May. The project is now running at full capacity with full sales. Its product quality has passed rigorous multi-round validation by key downstream customers and earned wide industry recognition, laying a solid foundation for the Group's large-scale expansion into high-end polyamide new materials.

Coke Business Rebounds from Cyclical Trough; Overseas Profitability Improves

As the world's largest independent coke producer and supplier, Risun demonstrated notable operational resilience amid the industry cyclical bottom. Currently, the Group's managed coke capacity stands at 20.70 million tonnes. The coke segment generated revenue of RMB 6.966 billion, up 9.6% year-on-year, and gross profit of RMB 953 million, a 10.6% year-on-year increase.

Benefiting from the removal of India's import-quota policy and the country's rapid steel-sector expansion, India's total crude-steel capacity is expected to reach 221 million tonnes in 2026, with 16.4 million tonnes of new capacity added year-on-year. Correspondingly, India's coke import demand is projected to climb to 6 million tonnes, representing a year-on-year increment of 2.226 million tonnes, and supply-demand gaps in overseas coke markets keep widening. Against this backdrop, Risun Indonesia Weishan achieved higher sales and selling prices. Sales volumes in the Indian market rose sharply year-on-year, driving overall growth in overseas business volumes.

Sustained Capital-market Returns; Long-term Corporate Value Gains Prominence

As at 30 June 2026, the cumulative trading volume of the Company's shares increased by 283% year-on-year, and the holding ratio via Stock Connect recorded a notable upward shift, reflecting remarkable improvements in market attention and share liquidity. In terms of shareholder returns, the Company has strictly honoured its post-listing commitments. It has distributed dividends 16 times in aggregate, totalling HK$ 4.03 billion. Share buy-backs and stake increases have been carried out continuously. Major shareholders and management have demonstrated firm confidence in the Group's long-term value through concrete actions. Following the completion of the acquisition of Binhai Energy, Risun's total shareholding has reached 29.32%.

Going forward, backed by a three-dimensional collaborative framework: solid traditional core businesses, a maturing second growth curve driven by new materials, and a fast-rising third pillar of new-energy businesses, Risun Group will leverage the combined strengths of robust profitability, technological reserves, capacity deployment and capital-market recognition. It will steadily advance toward its long-term vision of becoming a world-leading energy-chemical enterprise. Through consistent solid performance and ongoing industrial breakthroughs, Risun will deliver sustainable and predictable long-term value for all investors.