Tianjin Binhai Energy & Development Co Ltd

China Xuyang Group announced on September 23 that its wholly owned subsidiary Xuyang Group Limited plans to increase capital in Inner Mongolia Xiangfu New Energy Co., Ltd. by 507 million yuan, of which 217 million yuan will be included in Xiangfu New Energy's registered capital and 290 million yuan will be included in capital reserves. After the capital increase is completed, Xiangfu New Energy's registered capital will increase from 948 million yuan to 1.165 billion yuan, and the company's equity stake in Xiangfu New Energy held through Xuyang Group and Binhai Energy will rise to about 70.14%. Since Xuyang Holdings holds about 36.7% equity in Xiangfu New Energy and is wholly owned by the company's controlling shareholder, executive director, chief executive officer and chairman of the board Yang Xuegang and his spouse Lu Xiaomei, this transaction constitutes a connected transaction.

Binhai Energy disclosed its 2026 first-half report, achieving operating revenue of 419 million yuan, up 78.54% year-on-year. Among this, the anode materials and tolling business achieved operating revenue of 416 million yuan, up 78% year-on-year. Net profit, after excluding the impact of share-based payment expenses, rose 67% compared with the same period last year. Core subsidiary Xiangfu New Energy has been fully profitable since the first quarter of this year. In the first half, the company's anode material production and sales reached 42,000 tonnes and 39,000 tonnes respectively, both up over 60% year-on-year. Sales of self-produced anode materials reached 13,000 tonnes, a year-on-year increase of 600%. The company expects full-year shipments of self-produced anode materials to exceed 60,000 tonnes, and combined with graphitisation tolling, total shipments will reach 130,000 tonnes. The company is currently advancing the 200,000-tonne anode material integrated project in Shangdu, Ulanqab, which is expected to be fully completed by the end of this year, bringing total production capacity to around 300,000 tonnes. In addition, the first phase of the company's source-grid-load-storage green power project, a 150-megawatt wind power section, has been connected to the grid. The entire 580-megawatt project is expected to be completed and put into operation by the end of this year, helping downstream customers build a green, low-carbon international supply chain. In June this year, the company's controlling shareholder changed to Xuyang Group, strengthening raw material supply security and industry chain coordination.

Binhai Energy announced that its controlling shareholder, Xuyang Group, increased its stake in the company by 800,000 shares through centralized competitive trading on July 22, 2026, representing 0.35% of the company's total share capital. Following this increase, Xuyang Group and its concert party, Xuyang Holdings, together hold 67,957,978 shares, accounting for 29.32% of the total share capital, triggering the disclosure threshold at a 29% integer multiple. The funds for this stake increase came from Xuyang Group's own capital and self-raised funds, based on its recognition of the company's future development prospects and long-term value, as well as confidence in the quality improvement of the listed company.

Binhai Energy disclosed its earnings forecast, expecting a net loss attributable to the parent company of 21 million to 29 million yuan in the first half of 2026, compared with a loss of 39.1339 million yuan in the same period last year. The net loss after deducting non-recurring items is also expected to be 21 million to 29 million yuan, compared with a loss of 39.6739 million yuan in the same period last year. The company stated that benefiting from industry demand growth, the processing price for graphitization has steadily increased, and the average selling price of products has risen year-on-year. At the same time, the gradual release of new anode production capacity has reduced unit production costs, leading to an improvement in gross margin compared with the same period last year. However, the equity incentive plan has caused an increase in period expenses due to share-based payment charges.

Binhai Energy announced that its controlling shareholder Xuyang Group increased its stake in the company by 2.736 million shares through centralized competitive trading from July 7 to 9, 2026, representing 1.18% of total share capital, at a price range of 12.23 yuan to 12.79 yuan per share. After this increase, Xuyang Group and its concert party Xuyang Holdings together hold 57,937,978 shares of the company, accounting for 25.00% of total share capital.