CNANO(SH:688116) Xin Lang Cai Jing·2025-09-02 12:41Core Insights - The company's Q2 performance met expectations with H1 revenue of 650 million, a year-on-year increase of 1.1%, and a net profit of 120 million, also up 1.1% year-on-year [1] - The company reduced shipments of low-priced first-generation products in Q2, indicating a potential increase in single-wall product volume [1] Financial Performance - Q2 revenue was 320 million, a decrease of 6.1% year-on-year and 4.7% quarter-on-quarter, with a net profit of 60 million, down 5.1% quarter-on-quarter but up 0.8% year-on-year [1] - The gross margin for Q2 was 37%, showing a quarter-on-quarter decrease of 1.8 percentage points but an increase of 3.8 percentage points year-on-year [1] - Operating cash flow turned positive in Q2, with a net cash flow of 80 million, a significant increase of 741% quarter-on-quarter [3] Product and Market Development - The company expects total shipments of first, second, and third-generation products to remain stable at 80,000 to 90,000 tons for the year, with a notable shift in product mix [1] - Single-wall carbon tube shipments are projected to reach 7,000 tons in 2025, with significant growth expected in 2026 [1] - The company is focusing on high-value applications for single-wall carbon tubes in fields such as solid-state batteries, sodium batteries, robotics, and electronic devices, with potential market size reaching billions [2] Profitability and Cost Structure - The average product price increased to 20,000 per ton in Q2, a 3% quarter-on-quarter rise, with a non-GAAP profit per ton of nearly 3,000, up over 10% [2] - The company anticipates maintaining a profit of around 3,000 per ton for its first, second, and third-generation products in the second half of the year, while single-wall products could achieve profits of 10,000 per ton [2] Capital Expenditure and Inventory - Capital expenditure for H1 was 140 million, down 48.2% year-on-year, with Q2 capital expenditure at 80 million, a decrease of 24.7% year-on-year [3] - Inventory at the end of H1 was 220 million, an increase of 8.5% from the beginning of the year [3]