Shengquan Group H1 2026 Report: Revenue of 6.085 billion yuan, electronic battery materials surge 22.93%

On the evening of August 14, Shengquan Group released its semi-annual report for 2026. During the reporting period, the company achieved operating revenue of 6.085 billion yuan, a year-on-year increase of 13.73%; net profit attributable to shareholders was 447 million yuan, a year-on-year decrease of 10.68%. Excluding share payment factors, net profit attributable to shareholders was 529 million yuan, a year-on-year increase of 4.30%; excluding share payments and non-recurring items, net profit attributable to shareholders was 527 million yuan, a year-on-year increase of 8.20%. Share payment expenses became the main factor disturbing current accounting profits.

The company's business is divided into three major sectors: synthetic resins, advanced electronic materials and battery materials, and biomass chemical raw materials. The production and sales volume of phenolic resins and furan resins rank first in China and among the top globally. The products are widely used in fields such as wind power, automotive, rail transit, semiconductors, and aerospace. In the first half of the year, facing a market environment of significant fluctuations in chemical raw material prices and structural differentiation in downstream demand, all three business sectors achieved positive revenue growth.

Advanced electronics and battery materials sector grew rapidly, with multiple high-end new materials achieving supply

The advanced electronic materials and battery materials sector became the company's strongest growth engine, achieving revenue of 1.039 billion yuan in the first half of the year, a year-on-year increase of 22.93%; production volume was 47,100 tons, a year-on-year increase of 16.3%; sales volume was 47,000 tons, a year-on-year increase of 17.21%.

In the high-speed copper clad laminate (CCL) field, PPO/OPE low-dielectric core products basically achieved full production and sales, successfully passed certifications from multiple domestic and international leading CCL and PCB manufacturers and achieved batch delivery; M8/M9 grade ultra-low loss ODV hydrocarbon resins completed certification from leading customers and achieved stable batch shipments; BCB benzocyclobutene resins entered the small-batch supply stage. In terms of capacity, the 2,000 tons/year PPO/OPE resin co-production project is expected to be completed and put into operation in September, and a 1,000 tons/year high-end hydrocarbon resin expansion project is planned subsequently.

The semiconductor packaging materials business continued to advance, with sales of specialty packaging epoxy resins increasing year-on-year; BMI materials shifted from R&D sampling to customer introduction and the early stage of commercialization; the 11,000 tons/year chip packaging specialty epoxy resin industrialization project is under construction as planned, with capacity expected to be released in the first half of 2027.

Multiple breakthroughs were made in the photoresist resin track. KrF photoresist PHS resin achieved stable small-batch supply, and g/i-line and panel photoresist resins have been supplied in batches; A-glue acrylic resins are advancing in key customer certifications, while DUV photoresist resins and SOC products continue to undergo customer introduction.

In the optical materials direction, optical-grade PEI entered the pilot stage in May 2026, and is expected to have the capability for hundred-kilogram-level sampling by the end of August. Products such as high-refractive-index resins are in the R&D and verification stage.

Battery materials cover three types of anode materials: porous carbon, silicon-carbon, and hard carbon. The core porous carbon products achieved full production and sales; a dual technical route of phenolic resin-based and reconstituted resin-based was established. Hard carbon anodes leverage the entire biomass industry chain to form a cost advantage. Both biomass-based and resin-based products are suitable for energy storage and two-wheeler sodium-ion battery scenarios. The production lines are shipping stably, and the company has entered the supply chain of leading battery cell manufacturers.

Synthetic resin sector is robust, serving as a performance ballast

As the company's traditional advantageous business, the synthetic resin sector achieved revenue of 3.226 billion yuan in the first half of the year, a year-on-year increase of 14.81%; production volume was 421,000 tons, a year-on-year increase of 5.2%; sales volume was 420,700 tons, a year-on-year increase of 7.39%. The main products, such as phenolic resins and foundry resins, operated steadily.

Technological iterations continued to land. Micron-to-millimeter level spherical phenolic resins were developed, which can be used as spherical porous carbon for silicon-carbon anodes and precursors for supercapacitor activated carbon, offering outstanding advantages in carbon yield and skeleton strength. Foundry steel-grade Wald resins solved the industry pain point of cracks in steel castings through molecular modification, achieving batch supply. Meanwhile, the matrix of eco-friendly products such as low-VOCs resins, water-based coatings, and bio-based furan resins continued to expand.

Biomass chemical sector develops steadily, multiple products obtain overseas certifications

The biomass chemical raw materials sector achieved operating revenue of 542 million yuan, a year-on-year increase of 5.04%; production volume was 153,900 tons, a year-on-year increase of 8.2%; sales volume was 135,100 tons, a year-on-year increase of 0.79%.

Xylose and xylitol completed carbon footprint certification and obtained procurement access from high-end food and health supplement enterprises in Europe and America. High-activity lignin expanded into downstream scenarios such as rubber additives, feed binders, bio-fertilizers, and refractory binders; terminal products such as isomaltitol and low-GI juice raw materials gained market recognition. Straw-based bio-aviation kerosene underwent pilot verification, and nanocellulose and hard carbon anodes simultaneously advanced small-batch trial production.

Overall, the traditional resin business provides a stable foundation, while electronics, new energy, and new materials have become the second growth curve. With the gradual commissioning of capacity under construction, the company's growth space will be further opened up.