Shanghai Pret Composites

Pulit released its 2026 interim report. The company's total operating revenue was 5.627 billion yuan, and net profit attributable to the parent company was 83.68 million yuan, a decrease of 124 million yuan from the same period last year, down 59.63% year-on-year. Net cash flow from operating activities was negative 192 million yuan, a decrease of 415 million yuan from the same period last year, down 185.80% year-on-year. The company's asset-liability ratio was 63.64%, gross margin was 10.62%, return on equity was 1.80%, and diluted earnings per share was 0.08 yuan. The number of shareholders was 72,700, and the top ten shareholders held 47.47% of the total share capital.

Purit controlling shareholder Zhou Wen has pledged an additional 10 million shares as supplementary collateral, representing 2.24% of his holdings and 0.90% of the company's total share capital. The pledge was executed in two tranches, both starting on 20 July 2026, with maturity dates of 15 January 2027 and 29 January 2027 respectively. As of the announcement date, Zhou Wen's cumulative pledged shares reached 88.75 million, raising the proportion of his holdings pledged to 19.86% and accounting for 7.98% of total share capital. The company previously disclosed an earnings forecast, estimating net profit attributable to the parent company for the first half of 2026 at 80 million to 100 million yuan, a year-on-year decline of 51.76% to 61.41%, mainly due to rising crude oil prices driving up raw material costs and a lag in price pass-through. However, the new energy business turned profitable, with first-half revenue expected to grow over 30% year-on-year. As of the close on 21 July, Purit shares stood at 8.87 yuan, with the stock price down 44.27% year-to-date.

Pret has disclosed an earnings forecast, estimating attributable net profit for the first half of 2026 at 80 million to 100 million yuan, a year-on-year decline of 51.76% to 61.41%. Deducted non-recurring net profit is expected to be 61 million to 81 million yuan, down 60.29% to 70.1% year-on-year. The company said the profit decline was mainly due to a sharp rise in international crude oil prices pushing up upstream petrochemical raw material costs, while product selling price adjustments lagged, putting pressure on profits. However, the new energy business saw rapid growth in shipment volumes and turned losses into profits, driving overall operating revenue up more than 30% year-on-year. The company stated that raw material prices have recently started to fall, and the impact will weaken in the second half of the year, and it will push forward cost reduction and efficiency improvement to enhance profitability.