Shenzhen Woer Heat-Shrinkable Material Co., Ltd. (Shenzhen Woer) released its unaudited 2026 interim results.

Revenue rose 17.97% year-on-year to RMB4.65 billion, driven mainly by telecoms cables (+24.55%) and NEV power-transmission products (+37.27%). Electronic materials advanced 10.72%, while electrical cable accessories dipped 1.35% and wind-power sales fell 25.75%.

Group gross profit increased 6.70% to RMB1.32 billion; the overall gross margin contracted 2.99 percentage points to 28.29% on higher raw-material costs and product-mix changes. Segment margins were 39.92% for electronic materials (+0.14 ppt), 33.45% for cable accessories (-5.42 ppt), 18.51% for telecoms cables (-2.63 ppt), 18.75% for NEV products (-2.90 ppt) and 56.48% for wind power (-11.83 ppt).

Net profit attributable to shareholders inched up 1.54% to RMB566.68 million. Profit before tax fell 4.40% to RMB666.57 million, reflecting higher R&D spending (+28.39%), increased finance costs (+7.56%) and foreign-exchange losses.

Operating cash flow declined 29.97% to RMB349.10 million as working-capital needs grew. Capital expenditure reached RMB486.20 million, centred on telecoms cable capacity and the Huizhou industrial park. Net cash inflow from financing activities totalled RMB2.50 billion, mainly the HK$2.81 billion H-share IPO completed in February.

At 30 June 2026, cash and cash equivalents stood at RMB3.50 billion, up 172.22% from year-end 2025. Total assets were RMB15.53 billion (+26.68%), while total equity increased 39.92% to RMB9.52 billion. With cash exceeding interest-bearing debt, the net gearing ratio turned to ‑8.66%.

The Board did not declare an interim dividend. Management reiterated its strategic focus on “electronic communications + new-energy power,” targeting product upgrades, capacity expansion and overseas growth while pursuing lean operations and digitalisation.