Sinoma Science & Technology Co., Ltd. (002080)

Equity Research Report　|　Industries: Special Fibers, Composites and New Energy Materials　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; technical indicators mainly use unadjusted daily data from Dabolang, with some data cross-referenced against Investing.com, Daban Ke and other sources

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Sinoma Science & Technology reported revenue of RMB 16.257 billion in 1H2026, up 21.95% YoY; net profit attributable to shareholders was RMB 1.208 billion, up 20.93% YoY, while recurring net profit attributable to shareholders increased 35.54% YoY, indicating that core earnings recovered faster than reported net profit. However, net cash flow from operating activities was negative RMB 200 million during the same period, compared with RMB 1.985 billion in the prior-year period. The lack of synchronization between profit growth and cash-flow improvement is currently the most important fundamental feature for investment decisions. By segment, lithium-battery separator revenue increased 135.03% YoY and sales volume rose 113%; glass fiber and products revenue increased 21.86%, becoming an important source of earnings improvement. Engineering composites revenue declined 11.09% YoY.

The company’s businesses cover wind-turbine blades, glass fiber, lithium-battery separators, high-pressure gas cylinders and engineering composites. In 2024, wind-turbine blades and glass fiber accounted for approximately 32.57% and 29.44% of revenue, respectively. The business structure is diversified and offers industrial synergies between glass fiber and blades, although profitability across all segments is affected by pricing, capacity and customer bargaining power. The consolidated gross margin declined from 30.00% in 2021 to 17.02% in 2024, mainly due to lower prices for wind-turbine blades and glass-fiber products, intensifying competition in lithium-battery separators and rising depreciation expenses. Earnings growth in 2025 and 1H2026 indicates that profitability is recovering, but sustainability will continue to depend on product prices, capacity utilization, cost control and separator yields.

As of September 11, 2026, the company’s share price was RMB 51.52, with a forward and TTM P/E ratio of approximately 42.65x to 42.66x. Based on the average of institutional forecasts, forecast P/E ratios for 2026–2028 are approximately 28.4x, 20.4x and 16.4x, respectively. However, these forecasts are not company earnings commitments, and material differences exist across the forecast range. Technically, the share price rebounded from RMB 47.44 on September 4 to RMB 51.52, moving above the MA5 and MA10 in the short term, but remaining below the MA20 and the Bollinger middle band at approximately RMB 52.11. Trading volume has not expanded significantly, and the stock remains in a high-volatility rebound and recovery phase. The company’s private placement has received registration approval, but completion of the issuance had not been disclosed as of September 11. The final issuance size, price and dilution impact therefore remain uncertain.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Wind-turbine blades: Primarily operated by Sinoma Wind Power Blade Co., Ltd., covering the design, R&D, manufacturing and servicing of large composite-material wind-turbine blades. In 2024, wind-turbine blade sales totaled 23.996GW, with revenue of RMB 8.565 billion, accounting for approximately 32.57% of company revenue; the company disclosed that its market share remained No. 1 globally.
• Glass fiber and products: Primarily operated by Taishan Fiberglass Co., Ltd. Products include glass-fiber yarn and products, electronic-grade fine yarn and electronic cloth, high-modulus yarn for wind-turbine blades, multiaxial warp-knitted fabrics, low-dielectric ultra-thin glass cloth, high-zirconia alkali-resistant glass fiber, glass-fiber wet-laid mat and insulation materials. In 2024, sales totaled 1.36 million tonnes and revenue was RMB 7.741 billion, accounting for approximately 29.44% of company revenue.
• Lithium-battery separators: Primarily operated by Sinoma Lithium Battery Separator Co., Ltd., with a focus on wet-process lithium-battery separators and coated separators. In 2024, sales totaled approximately 1.896 billion square meters and revenue was RMB 1.468 billion, accounting for approximately 5.58% of company revenue.
• High-pressure composite gas cylinders and other composites: Products and services include vehicle-mounted compressed natural-gas cylinders, fuel-cell hydrogen cylinders, industrial gas cylinders and hydrogen-storage containers, high-temperature filtration materials, glass microfiber paper, engineering composites, advanced composites, technical equipment and engineering design services. In 2024, revenue from high-pressure gas cylinders, engineering composites, and technology and equipment was RMB 1.123 billion, RMB 2.088 billion and RMB 1.840 billion, respectively.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

The company spans glass fiber, wind-turbine blades, lithium-battery separators, gas cylinders and engineering composites, and is positioned in the upper-middle portion of the special-fiber and composites value chain. Glass fiber is part of the materials-manufacturing segment, wind-turbine blades are part of composite-material processing and wind-turbine OEM supporting activities, and lithium-battery separators are part of the midstream new-energy materials segment.

• The glass-fiber business primarily purchases mineral raw materials such as pyrophyllite, kaolin, quartz sand, limestone and borocalcite. Its main fuel is natural gas. The company uses unified procurement, pricing and allocation, and locks in part of its supply prices and volumes through annual agreements or equity partnerships.
• The glass-fiber business is relatively sensitive to the cost of mineral raw materials and natural gas. The company has certain cost-control capabilities through scale procurement, furnace technology and its supply-chain system, but remains generally a price taker rather than a buyer with complete pricing power with respect to natural gas and certain bulk mineral raw materials.
• In 2024, consolidated raw-material costs were RMB 12.079 billion, accounting for approximately 62.16% of operating costs; energy costs were RMB 1.825 billion, or approximately 9.39%; labor costs were RMB 1.517 billion, or approximately 7.81%; and depreciation expenses were RMB 1.268 billion, or approximately 6.53%.
• Wind-turbine blades primarily require glass fiber, carbon fiber, BALSA, PET, PVC and other core materials, as well as epoxy resin and other matrix materials. The business also incurs costs related to labor, energy, molds and equipment, large-scale blade manufacturing processes, shipping, transportation and overseas localized production.
• Wind-turbine blades are primarily procured through tendering. Supplier comprehensive evaluations and procurement platforms enhance bargaining power. The company has Taishan Fiberglass as an internal glass-fiber supply platform, providing certain value-chain synergies, although carbon fiber, resin and core materials still need to be purchased externally.
• Core costs in the lithium-battery separator business include polyolefin base-film materials, coating materials, equipment depreciation, energy and manufacturing expenses. Competition is concentrated around thinner films, product strength, yield, coating formulations, equipment efficiency and unit costs. The company needs to reduce costs through scaled production, improved equipment efficiency and an optimized customer mix.
• The research memorandum did not disclose specific supplier-concentration ratios for major raw materials. Existing information indicates that the company strengthens supply security through unified procurement, annual agreements and equity partnerships, but this is insufficient to conclude that it has complete pricing power over upstream suppliers.
• Major direct customers for wind-turbine blades are wind-turbine OEMs, while end users are wind-farm developers. OEM customer concentration is relatively high, giving OEMs strong procurement bargaining power over blade suppliers. Blade companies must meet OEM requirements concerning models, dimensions, certifications and delivery.
• In 2024, sales to the five largest customers totaled RMB 7.979 billion, accounting for 33.27% of annual sales. There were no related-party sales among the five largest customers. This is based on the 2024 annual report disclosure. The research memorandum did not provide data for other years or independent cross-checks; the latest annual report should prevail.
• Wind-turbine blade prices are affected by wind-turbine OEM prices and wind-power project tender prices. The industry features customer concentration, product customization and competition among suppliers for OEM certification. Larger blades, lightweighting, offshore-wind technology, delivery capabilities and overseas localized manufacturing are the main competitive directions.
• Downstream applications for glass fiber include construction, automobiles, wind power, electronics, home appliances, transportation and infrastructure. The customer base is relatively dispersed, but prices for products such as roving and electronic cloth remain affected by industry supply and demand and new capacity additions. Approximately 90% of Taishan Fiberglass’ domestic sales are direct sales and approximately 10% are through distributors; approximately 85% of overseas sales are direct sales and approximately 15% are through agents.
• Downstream customers for lithium-battery separators are lithium-battery companies, with relatively long customer-certification cycles. Leading battery customers have high requirements for product consistency, yield, supply stability and cost, and possess strong bargaining power. Separator companies primarily build customer stickiness through scale, technical certification, overseas facilities and product quality.
• The company’s downstream bargaining power is uneven. Wind-turbine blades and lithium-battery separators face strong bargaining pressure from leading customers, while glass fiber is more affected by industry supply-demand conditions and product-price cycles.
• As of December 31, 2024, consolidated accounts receivable were RMB 6.956 billion, equivalent to approximately 29.0% of 2024 revenue; notes receivable were RMB 969 million; financing receivables were RMB 3.449 billion; inventories were RMB 3.585 billion; accounts payable were RMB 8.149 billion, equivalent to approximately 34.0% of revenue; and contract liabilities were RMB 706 million. On a combined basis, accounts receivable, notes receivable and financing receivables totaled approximately RMB 11.375 billion, equivalent to approximately 47.4% of revenue. However, notes receivable and financing receivables have different settlement characteristics and should not all be treated as accounts receivable arising from credit sales. The company occupies a certain amount of downstream capital while obtaining partial supplier and customer financing through accounts payable, notes payable and contract liabilities. The annual report did not disclose accounts-receivable turnover days by business, so the bargaining power of individual segments cannot be accurately assessed on this basis.
• In terms of downstream concentration, the five largest customers accounted for 33.27% of annual sales in 2024, or RMB 7.979 billion, with no related-party sales among them. This information was disclosed in the 2024 annual report; the research memorandum did not provide data for other years or independent cross-checks, and the latest annual report should prevail. The specific upstream supplier-concentration ratio was not disclosed in the research memorandum.

The company is positioned in the upper-middle portion of the special-fiber and composites value chain: glass fiber is focused on materials manufacturing, wind-turbine blades on composite-material processing and OEM support, and lithium-battery separators on midstream new-energy materials. Current profitability depends more on scale, furnace and manufacturing technology, product mix and cost control than on complete pricing power over downstream customers. Further profit improvement will primarily depend on a recovery in glass-fiber and blade prices, higher capacity utilization, control of raw-material and energy costs, larger wind-turbine blades and overseas expansion, as well as improved separator yields and increased volume from high-end customers.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest official periodic report is the 2026 interim report, disclosed on August 18, 2026. Recurring net profit attributable to shareholders in 1H2026 was RMB 1.095 billion, up 35.54% YoY; basic EPS was RMB 0.7197, up 20.94% YoY; and weighted-average ROE was 5.92%, compared with 5.27% in the prior-year period. Net cash flow from operating activities was negative RMB 200 million, compared with RMB 1.985 billion in the prior-year period, down 110.07% YoY. As of June 30, 2026, net assets attributable to shareholders of the listed company were RMB 20.410 billion, up 2.51% from the end of 2025. Recurring net profit attributable to shareholders in FY2025 was approximately RMB 1.280 billion, up 234.52% YoY, and basic EPS was RMB 1.0832.

Revenue and net profit attributable to shareholders maintained relatively rapid growth in 1H2026. The growth rate of recurring net profit attributable to shareholders was materially higher than that of reported net profit, indicating a relatively rapid recovery in core earnings. By segment, wind-turbine blade revenue was RMB 5.579 billion, up 7.29% YoY; glass fiber and products revenue was RMB 5.306 billion, up 21.86%; lithium-battery separator revenue was RMB 2.180 billion, up 135.03%; high-pressure gas-cylinder revenue was RMB 715 million, up 12.58%; and engineering composites revenue was RMB 1.208 billion, down 11.09%. The report disclosed that net profit attributable to shareholders from the glass-fiber business increased 49% YoY and that lithium-battery separator sales volume increased 113%, making them important sources of earnings improvement. Attention should be paid to the reversal of operating cash flow into negative territory, mainly due to increased cash outflows for note settlements and increased working-capital occupation by receivables and inventories. Profit growth and operating cash-flow improvement were not synchronized. Data sources include the China Securities Regulatory Commission-designated disclosure platform, the Shenzhen Stock Exchange and Sina Finance disclosures of Sinoma Science & Technology’s 2026 interim report and 2025 annual report.

3.2 Earnings Forecasts

According to Tonghuashun F10, as of September 11, 2026, 10 institutions had issued forecasts for Sinoma Science & Technology’s FY2026 earnings during the preceding six months. Forecast revenue, net profit attributable to shareholders and EPS for 2026–2028 are institutional forecasts and are not official company earnings commitments. Institutional net-profit forecast ranges are RMB 2.596 billion to RMB 3.290 billion for 2026, RMB 3.097 billion to RMB 5.515 billion for 2027, and RMB 3.576 billion to RMB 7.728 billion for 2028. Selected disclosed institutional forecasts include: Guosen Securities (September 5, 2026), 2026/2027/2028 EPS of RMB 1.85/3.14/4.09 and net profit of RMB 3.107/5.262/6.859 billion; China Securities (August 24, 2026), EPS of RMB 1.91/3.09/4.61 and net profit of RMB 3.211/5.190/7.728 billion; Northeast Securities (August 22, 2026), EPS of RMB 1.67/1.98/2.26 and net profit of RMB 2.805/3.325/3.800 billion; CICC (April 25, 2026), EPS of RMB 1.71/2.20/2.59 and net profit of RMB 2.868/3.684/4.346 billion; Central Plains Securities (April 22, 2026), EPS of RMB 1.78/2.36/2.71 and net profit of RMB 2.988/3.954/4.551 billion; and Tianfeng Securities (March 27, 2026), EPS of RMB 1.82/2.15/2.57 and net profit of RMB 3.062/3.612/4.311 billion. Historical forecasts from Changjiang Securities and China Securities disclosed by Securities Star predated the 2026 interim report and currently have lower reference value than forecasts updated in August and September. Sources: Tonghuashun F10 earnings forecasts and Securities Star institutional forecasts.

3.3 Valuation and Institutional Ratings

As of the September 10, 2026 close, Sinoma Science & Technology’s share price was approximately RMB 50.85, with a market capitalization of approximately RMB 85.333 billion and approximately 1.678 billion shares outstanding. Major valuation indicators disclosed by platforms included a TTM P/E of approximately 42.10x, a static P/E of approximately 46.94x, a forward P/E of approximately 35.33x and a P/B of approximately 4.18x. Based on the Tonghuashun institutional average earnings forecasts and a share price of RMB 50.85, forecast P/E is approximately 28.4x for 2026, 20.4x for 2027 and 16.4x for 2028. Current valuation is based to a considerable extent on expectations of sustained profit growth over the next two to three years. If forecasts are achieved, valuation will decline as earnings grow; however, if recovery in glass-fiber prices, lithium-separator prices or wind-turbine blade profitability falls short of expectations, a TTM P/E of approximately 42x would not be low. Different platforms use different valuation methodologies: Aigupiao shows a TTM P/E of 42.10x and a P/B of 4.18x; ET Net shows a forward P/E of 46.9442x; CFi.NET shows a P/E of 42.23x, a P/E after recurring items of 54.50x and a P/B of 2.96x; and Investing.com shows a share price of approximately RMB 50.69 to RMB 50.77 and TTM EPS of approximately RMB 1.21, implying a P/E of approximately 41.7x to 42x. Differences may result from data-update timing, TTM profit calculations, recurring versus reported earnings, the net-asset reference date and page-refresh timing. Most verifiable individual-broker target prices are concentrated between RMB 49.57 and RMB 51.39, while the third-party platform’s aggregated average target price of RMB 64.68 is materially higher; the two figures should not be compared directly. Overall, the company’s earnings recovery is relatively clear, but competition in lithium-battery separators, volatility in glass-fiber and wind-turbine blade prices and profitability, negative operating cash flow, and divergence in medium- and long-term institutional forecasts represent the main valuation risks.

4. Recent News and Announcements

4.1 Private Placement Received Registration Approval from the CSRC

On August 7, 2026, Sinoma Science & Technology disclosed the Announcement on the Application for the 2025 Private Placement of Shares Receiving Registration Approval from the China Securities Regulatory Commission (Announcement No. 2026-043). The company received the CSRC’s Approval for the Registration of Sinoma Science & Technology Co., Ltd.’s Private Placement of Shares, with approval document No. “CSRC Approval [2026] No. 1952.” The issuance must be implemented in accordance with the application documents submitted to the Shenzhen Stock Exchange and the issuance plan. The registration approval is valid for 12 months from the date of approval. The company must still complete procedures including issuance, payment, capital verification and share registration. As of September 11, 2026, no announcement confirming completion of the issuance had been identified. The final issuance size, issue price, offering recipients and dilution impact therefore remain uncertain. Source: https://static.cninfo.com.cn/finalpage/2026-08-08/1225462939.PDF

4.2 2026 Interim Report Disclosed; Net Profit Attributable to Shareholders Increased 20.93% YoY

On August 18, 2026, the company disclosed its 2026 interim report and summary. Net profit attributable to shareholders of the listed company in 1H2026 was RMB 1.20770 billion, up 20.93% YoY; basic EPS was RMB 0.72. The company’s interim profit-distribution plan was to make no distribution and no bonus issue or capitalization transfer. At the end of the reporting period, the number of ordinary shareholders was 109,013, an increase of 6,108, or approximately 5.94%, from March 31, 2026. Source: https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-18/8574aa65-18bd-4f05-af40-d22adc758aff.PDF

4.3 Adjustment to the Estimated Amount of Ordinary Related-Party Transactions

On August 18, 2026, the company disclosed the Announcement on Adjusting the Estimated Ordinary Related-Party Transactions for 2026 (Announcement No. 2026-046). At the beginning of 2026, the company estimated that total ordinary related-party transactions with its ultimate controller, controlling shareholder and their subsidiaries would not exceed RMB 1.5 billion. Based on changes in actual operating requirements, the company proposed increasing the estimated amounts of ordinary related-party transactions with China Sinoma International Engineering Co., Ltd. and its subsidiaries, China National Building Material Graphite New Materials Co., Ltd. and its subsidiaries, and Tianshan Material Co., Ltd. and its subsidiaries. The proposal was approved at the 11th meeting of the seventh Board of Directors on August 17, 2026. Related directors Huang Zaiman, Chen Yu and Feng Jun abstained from voting, and the non-related directors approved the proposal by 5 votes in favor, 0 against and 0 abstentions. The research memorandum did not provide a complete breakdown of the specific post-adjustment amounts by counterparty and category. Source: https://stock.stockstar.com/notice/SN2026081700022090.shtml

4.4 Abnormal Stock-Price Volatility; Company Warns of Speculative Risks Related to Specialty Glass-Fiber Cloth

On August 7, 2026, the company disclosed an announcement regarding abnormal stock-price volatility. The cumulative deviation in the closing price of the company’s shares exceeded 20% over the three consecutive trading days of August 4, August 5 and August 6, 2026. The company stated that specialty-fiber cloth products produced by its wholly owned subsidiary Taishan Fiberglass had attracted market attention and warned investors of the risks of speculative trading in hot concepts. The company’s recent internal and external operating environment had not undergone material changes and operations were normal. The company, its controlling shareholder and its ultimate controller had no material matters that should have been disclosed but had not been disclosed, nor any material matters in the planning stage. During the period of abnormal volatility, the controlling shareholder and ultimate controller did not trade the company’s shares. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12481661&stockid=002080

4.5 Progress on Phase I Specialty Glass-Fiber Cloth Project in Zoucheng, Taishan Fiberglass, Addressed in Interactive Response

On September 7, 2026, the company responded through the Shenzhen Stock Exchange’s Interactive Platform to an investor question regarding the progress of the “Phase I Specialty Glass-Fiber Cloth Project in Zoucheng, Taishan Fiberglass.” The company stated that project progress was calculated based on cumulative actual investment at the end of the reporting period, that the construction period after the start of civil works was 12 months, and that there was “no delay.” This information was provided in an investor-interaction response and is not equivalent to a formal listed-company announcement. As of September 11, 2026, the company had not provided a specific commissioning date. Source: https://www.hstong.com/news/detail/26090718431025208

4.6 Shareholder Structure and Changes in Holdings

As of June 30, 2026, China National Building Material Co., Ltd. held approximately 1.01087 billion shares of Sinoma Science & Technology, representing 60.24% of the shares, with no change in the number of shares held during the reporting period. The interim report showed changes in the holdings of Hong Kong Securities Clearing Company Limited, certain overseas institutions and public funds. Hong Kong Securities Clearing Company Limited held approximately 4.45%, an increase from the previous period, while Goldman Sachs International, Morgan Stanley International and UBS AG entered the list of the ten largest shareholders. These data are based on the shareholder register as of June 30, 2026, and are not real-time holding-change announcements for September 2026. As of September 11, 2026, no new September announcements regarding changes in holdings by the controlling shareholder, China National Building Material Group or company directors and executives had been identified. Source: https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-18/8574aa65-18bd-4f05-af40-d22adc758aff.PDF

4.7 No New September 2026 Announcements Identified Regarding Buybacks, M&A, Restructuring or Regulatory Penalties

As of September 11, 2026, no new September disclosures had been identified regarding share buybacks, changes in holdings by the controlling shareholder, major acquisitions, major asset purchases, major asset disposals, major asset restructurings or regulatory penalties involving Sinoma Science & Technology. The “Progress in the Implementation of Share Repurchases” section of the company’s 2026 interim report stated “not applicable.” As of the date of this report, no share-repurchase plan, repurchase-progress announcement or repurchase-completion announcement issued in 2026 had been identified. This conclusion is subject to the coverage and update delays of announcement searches, and the disclosures of the Shenzhen Stock Exchange and CNINFO should prevail.

4.8 Commitments Relating to Horizontal Competition Continue to Progress; No New Substantive Solution Yet

The company’s controlling shareholder, China National Building Material Co., Ltd., and ultimate controller, China National Building Material Group Co., Ltd., previously made commitments to resolve horizontal competition with Sinoma Science & Technology. During an interactive session at the company’s April 3, 2026 earnings briefing, the company stated that the relevant commitments remained valid and that related work was progressing steadily. As of September 11, 2026, no announcement of a new substantive solution or completed asset integration relating to this matter had been identified. The interactive response did not provide a specific timetable, transaction plan or asset scope, and it cannot be inferred that the horizontal-competition issue has been resolved. Source: https://irm.cninfo.com.cn/interview/interview/activityInfo?activityId=1421054002431229952

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Sinoma Science & Technology rebounded after a rapid decline. After closing at RMB 47.44 on September 4, it rose for four consecutive trading days to RMB 51.52, but remained below the area above RMB 60 in mid-August 2026 as well as MA20 and the Bollinger middle band at RMB 52.11. Overall, the stock remains in a high-volatility rebound-recovery phase and has not formed a clear medium-term strengthening signal. The stock is trading above MA5 and MA10, the MACD histogram has turned positive and DIF is above DEA, indicating improved short-term momentum. However, MACD remains below the zero line, RSI is in the neutral range and the rise has not been accompanied by significant volume expansion. Main-fund flows recorded net inflows for the past five trading days, but main-fund data are estimates based on trading structure and cannot directly prove changes in institutional holdings. Shareholder-structure data indicate a high concentration of the controlling shareholder, but the relevant shareholder information is subject to quarterly reporting lags and should be assessed alongside the latest market and trading-volume changes.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk Warning: The following content is a subjective scenario analysis based on closing data and historical technical indicators as of September 11, 2026. It does not constitute investment advice or a guarantee of actual future performance.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively high subjective weight, approximately six-tenths; this weight is a heuristic judgment based on current technical and fund-flow conditions, not a statistical probability): Price range of approximately RMB 50.3 to RMB 53.0. If turnover value remains approximately RMB 1.5 billion to RMB 2.2 billion and the turnover rate remains approximately 1.8% to 2.8%, while the share price fails to break above RMB 52.8 decisively, the stock may consolidate between RMB 50.3 and RMB 53.0. The basis is that the stock has rebounded for several consecutive sessions but remains below MA20 and the Bollinger middle band; RSI is in the neutral range, and although the MACD histogram has turned positive, DIF and DEA remain below the zero line.
• Weaker decline (medium subjective weight; this weight is a heuristic judgment based on current technical and fund-flow conditions, not a statistical probability): Price range of approximately RMB 47.4 to RMB 50.3. Trigger conditions include a break below RMB 50.3 followed by consecutive closes below that level, accompanied by a clear expansion in turnover value without the price recovering; or broad weakness in the glass-fiber, wind-power materials and building-materials sectors, prompting profit-taking by rebound-oriented funds. A further break below RMB 47.4 could open room for a decline toward the Bollinger lower band near RMB 45.2.
• Stronger rebound (low-to-medium subjective weight; this weight is a heuristic judgment based on current technical and fund-flow conditions, not a statistical probability): Price range of approximately RMB 52.8 to RMB 55.0. The stock would need to close decisively above the RMB 52.1 to RMB 52.8 area, while daily turnover value reaches approximately RMB 2.5 billion or more, the turnover rate reaches approximately 3.0% or above, and main-fund flows remain positive during the rise. If these conditions are met, the area near RMB 54 to RMB 55 can be monitored further; a rise without volume would indicate insufficient breakout confirmation.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, the turnover rate was 2.59% and turnover value was approximately RMB 2.185 billion. Over the most recent trading sessions, the turnover rate was approximately 1.84% to 2.79% and turnover value was approximately RMB 1.56 billion to RMB 2.19 billion; the turnover rate reached approximately 3.53% on August 25. The company’s market capitalization was approximately RMB 86.5 billion, with daily turnover value of approximately RMB 1.5 billion to RMB 2.2 billion and normal daily turnover of approximately 2%, indicating relatively good liquidity for a large- to mid-cap stock. The number of shareholders was approximately 109,000 as of June 30, 2026, up approximately 5.94% from March 31, 2026. The ten largest tradable shareholders, as of March 31, 2026, collectively held approximately 67.00% of tradable shares. Institutional shareholders including public funds, insurers, social security funds and Stock Connect investors participated, but excluding the controlling shareholder, their combined percentage was relatively limited. These shareholder data are quarterly-end snapshots, and more than two months had passed by September 11, 2026; they cannot directly represent real-time institutional holdings, and the ownership structure may have changed during the period. Given the company’s size and trading value, it generally does not face the extreme order-book liquidity problems of small-cap stocks, although turnover value and turnover rate may still increase rapidly during sharp daily moves. A measurable volume-price confirmation signal would be: if daily turnover value exceeds RMB 2.5 billion and the turnover rate reaches approximately 3.0% or above during the coming week, while the closing price remains above RMB 52.8, the breakout could be viewed as volume-confirmed. If turnover value during an upward move is below the recent normal range of approximately RMB 1.5 billion to RMB 1.8 billion, rebound momentum would still require observation.

The key points are whether daily turnover value exceeds RMB 2.5 billion and the turnover rate reaches approximately 3.0% or above, together with the closing price remaining above RMB 52.8. If the stock rises while turnover value falls below approximately RMB 1.5 billion, the sustainability of the rebound should be viewed cautiously.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 52.1 to RMB 52.8 area can turn from resistance into support; this observation framework does not constitute a buy or sell instruction.
• Observe whether the RMB 50.3 to RMB 50.8 area stabilizes on lower volume during a pullback; this observation framework does not constitute a buy or sell instruction.
• If RMB 47.4 is breached, monitor the risk of a decline toward the Bollinger lower band near RMB 45.2; this observation framework does not constitute a buy or sell instruction.
• Observe whether “turnover value above RMB 2.5 billion, turnover rate of approximately 3.0% or above, and closing price firmly above RMB 52.8” occur simultaneously; this observation framework does not constitute a buy or sell instruction.

The above scenario analysis is based on closing data as of September 11, 2026 and historical price and technical-indicator calculations. Short-term share prices will also be affected by news, fund flows, the broader market and other factors. Technical indicators have inherent lag and limitations. This does not constitute a guarantee of actual future performance or a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear investment risks independently.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

Sinoma Science & Technology spans several segments including glass fiber, wind-turbine blades, lithium-battery separators, gas cylinders and engineering composites, and its value-chain position cannot be summarized by a single industry. The glass-fiber industry has capital, energy, technology, environmental-protection and scale barriers, with profitability materially affected by supply-demand conditions and product prices. Competition in wind-turbine blades centers on larger blades, offshore wind power, OEM certification, delivery and overseas localized capabilities. The lithium-battery separator industry has technology, equipment, customer-certification and scale barriers, but capacity expansion accelerated around 2024, putting pressure on prices and profitability.

6.2 Competitive Landscape

• Major glass-fiber companies include China Jushi, Taishan Fiberglass, Chongqing International or International Composites, Shandong Fiberglass and Changhai Co., Ltd. China Jushi, Taishan Fiberglass and Chongqing International are in the domestic first tier, although different sources use different statistical methodologies for capacity and market share, and specific percentages should not be used directly as precise facts.
• Sinoma Science & Technology’s advantages in glass fiber include Taishan Fiberglass’ relatively large scale, broad product range, and R&D and commercialization capabilities in specialty products such as wind-power yarn, electronic cloth and low-dielectric fiber. It can also generate certain internal synergies with the wind-turbine blade business.
• Key pressures on the glass-fiber business include the susceptibility of products such as roving to new capacity additions, the difficulty of fully passing natural-gas, mineral-raw-material and environmental-protection costs downstream, as well as horizontal-competition and related-party transaction considerations involving China Jushi.
• Major competitive factors in wind-turbine blades include large-blade and offshore-wind design and manufacturing capabilities, OEM certification, delivery and on-site services, unit weight costs, production efficiency and overseas localized production capabilities. Sinoma Science & Technology disclosed 2024 blade sales of approximately 24GW and a global market share remaining No. 1. This market position is based on company disclosure and lacks a fully consistent third-party statistical methodology.
• Major competitors in lithium-battery separators include EVE Energy Separator or Shanghai Enjie, Senior Material, Hebei Jili, Sinoma Science & Technology or Sinoma Lithium Battery Separator, Cangzhou Mingzhu and Jiangsu Hosen. Key industry indicators include unit costs, thin-film capabilities, product yield, coating processes, customer certification, overseas capacity and battery-customer mix.
• The 2024 annual-report figure of more than 30GW of annual blade capacity and the approximately 38GW designed capacity disclosed on the subsidiary website as of the end of 2025 refer to different dates and statistical methodologies and should not be mixed directly. The descriptions of Taishan Fiberglass as “approximately No. 2 globally” and Sinoma Blades as having the “No. 1 global market share” are primarily based on company or subsidiary disclosures and lack a completely consistent third-party statistical methodology.

6.3 Major Competitors

Compared with single-business competitors, Sinoma Science & Technology has a more diversified business structure spanning glass fiber, wind-turbine blades and lithium separators, as well as materials and downstream processing, with industrial synergies between glass fiber and blades and advantages in scaled manufacturing. However, the customer, cost and competitive dynamics differ materially across businesses. The glass-fiber business is primarily compared with China Jushi, International Composites and Shandong Fiberglass; the blade business is primarily compared with Times New Material and Tianshun Wind Energy; and the lithium-separator business is compared with leading companies such as EVE Energy or Shanghai Enjie and Senior Material. The company’s aggregate earnings sensitivity depends on the price cycles of glass fiber and blades, cost control and capacity utilization, as well as separator yield, customer volume ramp-up and overseas expansion.

7. Risk Factors

• The wind-turbine blade business directly serves OEMs, with high customer concentration and strong procurement bargaining power. In 2024, sales to the five largest customers accounted for 33.27% of annual company sales. If major customers exert pricing pressure, order schedules change, or the progress of larger blades, offshore wind power and overseas projects falls short of expectations, blade revenue and gross margin could be affected.
• The glass-fiber business is sensitive to natural gas, pyrophyllite, kaolin and other mineral raw materials and energy costs. In 2024, raw-material costs accounted for 62.16% of operating costs and energy costs accounted for 9.39%, while glass-fiber product prices were affected by new capacity and industry supply-demand conditions. Higher costs may not be fully passed through downstream.
• Although lithium-battery separator revenue increased 135.03% YoY and sales volume rose 113% in 1H2026, industry capacity expansion and price competition continue. If progress in thin-film production, coating processes, product yield, equipment efficiency or certification by leading battery customers falls short of expectations, rapid revenue growth may not translate proportionally into profit and cash flow.
• Net cash flow from operating activities was negative RMB 200 million in 1H2026, compared with RMB 1.985 billion in the prior-year period. At the end of 2024, accounts receivable, notes receivable and financing receivables totaled approximately RMB 11.375 billion, while inventories were RMB 3.585 billion. If note settlements and receivables and inventory occupation continue to increase, profit and operating cash flow could diverge further.
• The company’s consolidated gross margin was 17.02% in 2024, materially below 30.00% in 2021, and all three major businesses—wind-turbine blades, glass fiber and lithium separators—have faced pressure. If product-price recovery, capacity-utilization improvement or depreciation and amortization improvement falls short of expectations, current earnings growth may manifest as revenue expansion without sufficient earnings elasticity.
• The company’s private placement received registration approval from the CSRC, but as of September 11, 2026, completion of the issuance had not been disclosed. The final issuance size, price and offering recipients had not been determined. If implemented, the issuance could create share dilution and short-term supply pressure, while the commissioning and returns of the funded projects also remain uncertain.
• The horizontal-competition commitment between Sinoma Science & Technology, its controlling shareholder and its ultimate controller remains valid, but as of September 11, 2026, no new substantive solution or asset-integration announcement had emerged. If progress is slower than expected, the matter could continue to attract attention regarding governance, related-party transactions and horizontal competition.
• As of September 11, 2026, the share price remained below MA20 and the Bollinger middle band near RMB 52.11, and the recent rebound had not been accompanied by significant volume expansion. If the stock cannot firmly stabilize above the RMB 52.1 to RMB 52.8 area or breaks below the RMB 47.4 support level, high-volatility consolidation or a decline could continue.

8. Conclusion and Outlook

The company’s growth drivers primarily include recovery in glass-fiber profitability, volume expansion in lithium-battery separators and the scale and market position of the wind-turbine blade business. High-pressure gas cylinders and composites also provide some diversification support. Lithium separators and glass fiber grew rapidly in 1H2026. If product prices, capacity utilization, manufacturing costs and separator yields continue to improve, institutional forecasts for revenue and profit growth in 2026–2028 have a certain business foundation. However, forecast results are relatively sensitive to industry-price recovery and volume expansion in new businesses and should not be regarded as certain earnings outcomes.

The company’s core dilemma is the coexistence of earnings recovery with valuation, cash-flow and competitive pressures. A TTM P/E of approximately 42x already reflects a substantial portion of expectations for future profit growth. If profitability in glass fiber, wind-turbine blades or lithium separators recovers less than expected, valuation digestion may require more time. If operating-capital occupation continues to increase, the transmission of profit growth to cash flow and the balance sheet also requires continued monitoring. Technically, the RMB 52.1 to RMB 52.8 area is the short-term rebound-confirmation zone, while the RMB 47.4 to RMB 49.0 area is an important support range to monitor. However, technical indicators only reflect historical trading information and cannot replace fundamental analysis.

Data Sources

• Company Profile
• https://static.cninfo.com.cn/finalpage/2025-03-20/1222847712.PDF
• Company Introduction — Sinoma Blades
• Taishan Fiberglass Co., Ltd. — Sinoma Science & Technology
• PDF
• <visual_element id="e1">
• About Us — Sinoma Science & Technology (Suzhou) Co., Ltd.
• Sinoma Science & Technology Co., Ltd. 2021 Annual Report
• Sinoma Science & Technology Co., Ltd. 2022 Annual Report
• 〖Industry Deep Dive〗China 2024: Competitive Landscape and Market Share of the Glass-Fiber Industry (Including Revenue Rankings and Market Concentration) — Industry Research Report — Qianzhan
• Senior Material (300568)_Company Announcements_Senior Material: Prospectus for the 2021 Private Placement of A-Shares by Shenzhen Senior Technology Material Co., Ltd. (Registration Draft)_Sina Finance
• Sinoma Science & Technology Amends Response to Second Inquiry Letter on Private Placement, Disclosing Horizontal Competition and Related-Party Transactions with China Jushi — Sina Finance
• About Zhuzhou Times New Material Technology Co., Ltd.
• <table id="e1">
• Sinoma Science & Technology (002080)_Company Announcements_Sinoma Science & Technology: 2026 Interim Report — Sina Finance
• Sinoma Science & Technology (002080)_Company Announcements_Sinoma Science & Technology: 2025 Annual Report — Sina Finance
• Sinoma Science & Technology (002080) Earnings Forecast_F10_Tonghuashun Financial Services
• Institutional Stock Ratings — Stocks — Sina Finance
• Sinoma Science & Technology sz002080 Stock Price, Market Data, Live Feed, News, Financial Reports and Data — Aigupiao
• List of Main Board Listed Companies of the Shenzhen Stock Exchange
• Sinoma Science & Technology: Project Progress Calculated Based on Cumulative Actual Investment at the End of the Reporting Period — Hstong
• Stock Code: 002080  Stock Abbreviation: Sinoma Science & Technology  Announcement No.: 2026-043
• Sinoma Science & Technology (002080)_Company Announcements_Sinoma Science & Technology: 2026 Interim Report Summary — Sina Finance
• Sinoma Science & Technology: Announcement on Adjusting the Estimated Ordinary Related-Party Transactions for 2026 — Securities Star
• Sinoma Science & Technology (002080)_Company Announcements_Sinoma Science & Technology: Announcement on Abnormal Stock Trading Volatility — Sina Finance
• Sinoma Science & Technology Co., Ltd. 2026 Interim Report
• Interactive Cloud Interview
• https://cn.investing.com/equities/sinoma-science-a
• https://cn.investing.com/equities/sinoma-science-a-historical-data
• Sinoma Science & Technology (002080.SZ) Stock Quote, Historical Data and Main-Fund Flows — Dabolang Data
• https://basic.10jqka.com.cn/002080/holder.html

This report was automatically researched, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; technical indicators mainly use the unadjusted daily-data methodology of Dabolang, with some data cross-referenced against Investing.com, Daban Ke and other sources, and may differ in timeliness. Specific data should be verified against the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only, does not constitute investment advice, and investors should make independent judgments and bear investment risks independently.