Hubei Wanrun New Energy Technology Co. Ltd. A

Wanrun New Energy disclosed its 2026 semi-annual report on August 29. In the first half of the year, it achieved total operating revenue of 12.426 billion yuan, up 180.13 percent year on year. Net profit attributable to the parent company was 602 million yuan, reversing a loss from the same period last year. Net profit after deducting non-recurring items was 682 million yuan, also reversing a year-earlier loss. The company's main products are lithium iron phosphate and iron phosphate. During the reporting period, basic earnings per share were 4.89 yuan, and the weighted average return on equity was 11.21 percent, up 16.07 percentage points year on year. Net cash flow from operating activities was negative 2.83 billion yuan, compared with negative 122 million yuan in the same period last year. Net cash flow from financing activities was 4.5 billion yuan, an increase of 4.516 billion yuan year on year. As of the end of the first half, the company's inventory book value was 2.487 billion yuan, accounting for 44.3 percent of net assets, with an inventory write-down provision of 80.0071 million yuan.

Titanium Energy Chemical announced plans to invest a total of about 11 billion yuan to expand into iron phosphate precursors, titanium dioxide, and ferrous sulfate heptahydrate industries. Its wholly-owned subsidiary, Gansu Dongfang Titanium Industry, will build a project with an annual capacity of 600,000 tonnes of iron phosphate precursors, with an initial estimated total investment of 5.462 billion yuan, to be constructed in phases, with the first phase expected to take no more than 18 months. Meanwhile, the company will inject an additional 260 million yuan into its controlled subsidiary, Guizhou Zhonghe Phosphorus Chemical, to build a project with an annual capacity of 400,000 tonnes of titanium dioxide and 1.4 million tonnes of ferrous sulfate heptahydrate, with an initial estimated total investment of 5.538 billion yuan. This project is an important part of a circular coupling integrated initiative jointly built with Guizhou Phosphorus Chemical Group and Wanrun New Energy. The company stated that the iron phosphate industry is currently in a tight balance, and this move aims to enhance the competitiveness of its new energy materials business and deepen the green recycling synergy system among titanium chemicals, phosphorus chemicals, and new energy materials.

The National Development and Reform Commission and the National Energy Administration have officially issued the Renewable Energy Development 15th Five-Year Plan, clarifying that total investment in the renewable energy sector during the 15th Five-Year Plan period will exceed 5 trillion yuan. Offshore wind power newly started construction will be around 100 gigawatts, the large-scale wind and solar bases in the Three Norths region will add over 370 gigawatts of installed capacity, and conventional hydropower installed capacity will reach 410 gigawatts by 2030. As a global core leader in lithium iron phosphate, Wanrun New Energy is deeply tied to the energy storage sector’s dividends. In 2025, its full-year lithium iron phosphate shipments reached 375,100 tonnes, up 64.33 percent year on year. In the first quarter of 2026, revenue hit 5.38 billion yuan, a year-on-year surge of 136.16 percent, with net profit attributable to the parent company of 401 million yuan, successfully turning a profit. The company’s three major bases in Hubei, Shandong, and Anhui are coordinating production, and it is converting a 120,000-tonne existing production line in Shandong into a dedicated high-compaction lithium iron phosphate line, while simultaneously building 70,000 tonnes of new high-end capacity to precisely match the iterative demand for high-end lithium iron phosphate battery cells. Industry insiders analyze that the implementation of large-scale wind, solar, and hydro projects makes supporting energy storage a rigid necessity. Lithium iron phosphate, with its advantages of high safety, long cycle life, and low cost, occupies the mainstream route for energy storage batteries. In 2025, lithium iron phosphate accounted for as much as 95.4 percent of global energy storage batteries, further raising the industry’s medium- to long-term demand ceiling.