August, the A-share semi-annual report intensively disclosed that a capital layout around Conch Group was gradually clear: Wanwei Hi-tech and Shanshan Shares, which were acquired by Conch Group, both handed in brilliant report cards. In the first half of the year, the two enterprises realized a total net profit of 1.135 billion yuan, which became a considerable new increment in the profit territory of Conch Group. On the evening of August
27, Shanshan shares disclosed its semi-annual report for 2026. During the reporting period, the Company achieved an operating income of RMB12.130 billion, representing a year-on-year increase of 23.04%; the net profit attributable to shareholders of the listed company was RMB822 million, representing a year-on-year increase of 296.73%. Screenshot of
the semi-annual performance announcement
of Shanshan shares, the semi-annual report of Wanwei Hi-tech also performed steadily. In the first half of the year, the Company achieved an operating income of RMB4.236 billion, representing a year-on-year increase of 4.32%; the net profit attributable to shareholders of the listed company was RMB313 million, representing a year-on-year increase of 22.43%. The
two enterprises contributed a total net profit of 1.135 billion yuan. It is worth noting not only the total amount, but also the structure-Shanshan's lithium anode materials and polarizer business, and Wanwei Hi-tech's PVA and other new chemical materials are all in the boom upward channel: Shanshan's anode materials sales have increased significantly, and the market share of artificial graphite anode has reached 21%; Wanwei Hi-tech benefits from the optimization of new material product structure and the continuous restoration of profitability. The deep motivation
of Conch Group's acquisition may lie in the reality that the main business is under pressure. The semi-annual report of Conch Cement, its flagship platform , disclosed on August 26 showed that its operating income in the first half of the year was 36.927 billion yuan, down 10.88% from the same period last year; Net profit attributable to the parent company was 2.527 billion yuan, down 42.76% from the same period last year. Affected by the weak demand in the cement market and the downward price, the overall operating pressure of the industry continued to increase.
In this context, the new material profit increment of 1.135 billion yuan appears to be full of weight: its scale is close to half of the net profit of Conch Cement in the same period. On the one hand, the traditional building materials at the bottom of the cycle, on the other hand, the high-growth new material assets, Conch Group through mergers and acquisitions quickly cut into the track of lithium-ion materials, display materials, new chemical materials, etc., to build a "second curve" to hedge the fluctuation of the cement cycle.
Wanwei Hi-Tech is located in Anhui, and is deeply engaged in the same province with Conch Group, which has a solid foundation for regional synergy. In fact, Conch has been promoting the acquisition and integration of cement assets of Wanwei Hi-Tech to achieve the optimal allocation of main production capacity. The technology accumulation of Shanshan shares in the field of anode materials provides a fulcrum for Conch Group to extend to the new energy industry chain.
For Conch Group, 1.135 billion yuan is not only an increase in current profits, but also a footnote to its expansion of business scale and layout of multiple tracks. In addition to the main cement industry, it has opened up a number of growth engines, such as lithium-ion materials, display materials, new chemical materials, and so on, to expand the size and territory of the enterprise at the same time.
In the second half of the year, with the deepening of merger and acquisition integration and the continuation of the prosperity of new materials, whether Wanwei Hi-tech and Shanshan shares can continue to contribute to the increment will directly affect the annual profit of Conch Group.
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