NSING Tech reported a marked turnaround for the six months ended 30 June 2026, moving to a profit of RMB 3.66 million from a loss of RMB 37.55 million a year earlier.

Revenue climbed 43.4% year-on-year to RMB 906.08 million, supported by two core engines:

• Chip products contributed RMB 430.35 million, up 38.1%, buoyed by robust demand for AI-related semiconductors and higher average selling prices. • Lithium-ion battery anode materials and graphitisation services delivered RMB 437.69 million, a 50.5% jump on stronger shipments to the energy-storage and EV supply chain. • Other businesses added RMB 38.04 million, rising 29.3%, mainly from consulting income related to an overseas graphite project.

Gross profit expanded to RMB 182.24 million, though gross margin eased to 20.1% from 21.3% due to a larger contribution from the lower-margin anode segment.

Operating costs were tightly managed: • Selling expenses rose 30.3% to RMB 27.73 million, broadly tracking revenue growth. • Administrative expenses declined 4.1% to RMB 46.72 million following cost-control measures. • R&D expenditure increased 14.3% to RMB 93.00 million, reflecting continued investment in high-performance MCUs, multi-protocol communication chips and automotive-grade products. R&D intensity stood at 13.7% (1H 2025: 17.2%).

Cash and liquidity strengthened after NSING Tech’s March 2026 Hong Kong listing, which raised net proceeds of RMB 832.80 million; RMB 260.00 million had been deployed by 30 June. Cash and cash equivalents rose to RMB 839.81 million, while the net debt-to-equity ratio improved to 71.5% (31 December 2025: 160.7%). The current ratio advanced to 1.4 times from 0.9 times.

Total borrowings reached RMB 2.11 billion, with 52% secured; average borrowing costs fell, cutting finance expenses 8.1% to RMB 37.05 million. Capital expenditure totalled RMB 58.80 million, and outstanding capital commitments were RMB 170.50 million, mainly for plant and equipment.

No interim dividend was declared.

Management reiterated a “3 + 1” strategy: consolidating core MCU operations, expanding specialised high-growth markets such as AI infrastructure and robotics, and accelerating edge-AI product development, supported by group-wide AI adoption to enhance R&D and customer service efficiency.

With a strengthened balance sheet, increased scale in both semiconductor and new-energy materials, and ongoing technology investment, NSING Tech positions itself for continued growth amid resilient AI and clean-energy demand.