en.Wedoany.com Reported - Asia Cuanon (*ST Asia Cuanon, 603378), a Chinese building materials technology company, issued a performance warning for the first half of 2026, projecting a net loss attributable to shareholders of the parent company ranging from 180 million yuan to 270 million yuan. According to preliminary calculations by the company's finance department, the net profit attributable to the parent company for the first half of 2026 is expected to be between -270 million yuan and -180 million yuan; the net profit after deducting non-recurring gains and losses is expected to be between -230 million yuan and -160 million yuan.
In the first half of 2025, Asia Cuanon reported a net loss of 192 million yuan. Based on this forecast, performance is likely to decline further compared to the same period last year. The announcement stated that in the first half of 2026, due to internal and external factors such as market downturn and declining demand, operating revenue decreased, fixed costs such as depreciation, amortization, and financial expenses remained high, gross profit margin declined, and credit impairment losses increased, leading to a half-year loss.
Asia Cuanon's main business includes the research, development, production, sales, and service of functional architectural coatings, building insulation and decoration integrated materials, building energy-saving insulation materials, waterproof materials, mortar, and new home building materials.
Based on recent financial data, Asia Cuanon's operating performance has significantly declined. In 2023, the company achieved operating revenue of approximately 3.110 billion yuan, up 0.09% year-on-year; net profit attributable to the parent company was approximately 60.1756 million yuan, down 43.09% year-on-year; sales revenue from waterproof materials was approximately 258 million yuan, up 94.43% year-on-year. In 2024, operating revenue was 2.05 billion yuan, down 34.01% year-on-year; net profit attributable to the parent company was a loss of 329 million yuan, down 647.21% year-on-year; sales revenue from waterproof materials was approximately 268 million yuan, up 3.89% year-on-year. In 2025, operating revenue was 462 million yuan, a sharp decline of 77.47% year-on-year; net profit attributable to the parent company was a loss of 1.381 billion yuan; sales revenue from waterproof materials was 43.1308 million yuan, a sharp decline of 83.89% year-on-year. In the first quarter of 2026, operating revenue was 35.69 million yuan, down 65.6% year-on-year; net profit attributable to the parent company changed from a loss of 92.59 million yuan in the same period last year to a loss of 97.59 million yuan, with the loss widening; total assets were 3.892 billion yuan, down 3.0% from the end of the previous year; net assets attributable to the parent company were -166 million yuan, down 142.0% from the end of the previous year.
The continuous decline in performance has led Asia Cuanon to face multiple difficulties in the past year or two: the controlling shareholder's shares have been frozen, forcibly liquidated, and subject to judicial auctions; the company has been involved in multiple debt disputes and repeatedly sued; net assets are negative and the company is insolvent; the stock has been subject to delisting risk warnings (marked with "ST"); the company and its controlled subsidiaries have applied for out-of-court restructuring.
