Zhejiang Golden Eagle Co Ltd

Golden Eagle Shares released its 2026 interim report on August 27, 2026. During the reporting period, the company achieved total operating revenue of 700 million yuan and net profit attributable to the parent company of 19.643 million yuan, ranking 87th among peer companies that have already disclosed results. Net cash flow from operating activities was negative 68.5041 million yuan, a decrease of 170 million yuan compared with the same period last year, down 167.35 percent year on year. The company's asset-liability ratio was 45.83 percent, gross margin was 18.26 percent, return on equity was 2.03 percent, and diluted earnings per share was 0.05 yuan. In addition, the company had 16,500 shareholders, and the top ten shareholders held 57.47 percent of the total share capital.

The Shanghai Stock Exchange has issued an inquiry letter to Golden Eagle Shares regarding its new energy battery materials business, which has posted negative gross margins for three consecutive years. In 2025, the segment generated revenue of 21.52 million yuan with a gross margin of negative 41.39 percent, and revenue has been highly volatile, reaching 75.85 million yuan in 2022 before plunging to 5.10 million yuan in 2023. The company responded that the business is heavily reliant on a single customer, Nantong Ruixiang, which accounted for 98.67 percent of revenue in 2025, and that revenue fluctuations are primarily driven by changes in order volumes from that customer. The persistently negative gross margin is mainly due to insufficient orders and low capacity utilization, which was just 3.98 percent in 2023, while processing fees have declined year by year, from around 12,500 yuan per tonne in 2021 to 5,767 yuan per tonne in 2025. The company stated it has no plans to divest the business for now and will work to improve profitability by optimizing its order mix, developing NCM811 high-nickel products, and acquiring new customers. It also said its existing production lines are not technologically obsolete, but that technical upgrades would be needed to mass-produce high-nickel products of the 8-series and above.