8 Listed Diamond Companies Release 2026 Interim Reports
Sep 13, 2026
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8 Listed Diamond Companies Release 2026 Interim Reports: Industry Recovery Accompanied by Sharp Divergence; CVD and Functional Materials Emerge as New Growth Engines
BEIJING, Sept. 13 – As the 2026 interim earnings season draws to a close, eight listed companies in the diamond and superhard materials sector have delivered a strikingly mixed performance. Power Diamond led the pack with revenue and net profit surging 80.94% and 247.61% year-on-year, respectively. Zhongbing Hongjian and Huifeng Diamond swung back to profitability, while SF Diamond, Worldia, and Hengsheng Energy all achieved simultaneous growth in both top and bottom lines. In contrast, Sinomach Precision saw its net profit plummet 71.89%, and Huanghe Whirlwind remained in the red.
The overall picture suggests that the industry is emerging from a prolonged period of low-price competition. Price hikes for industrial diamonds, stabilization of lab-grown diamond rough prices, and the scaling-up of new functional businesses-such as CVD diamond, thermal management components, and acoustic diaphragms-are collectively shifting the sector from "price involution" to "technology stratification."
I. Core Financial Data of 8 Diamond Listed Companies for H1 2026
| Company | Revenue (RMB 100M) | YoY Change | Net Profit (RMB 100M) | YoY Change | Performance Summary & Key Takeaways |
| Power Diamond | 4.38 | +80.94% | 0.90 | +247.61% | Revenue and profit soared; non-recurring net profit up over 12x, driven by capacity expansion and R&D. |
| Zhongbing Hongjian | 30.30 | +38.15% | 0.37 | Turned profitable | Traditional industrial diamond demand recovered; lab-grown diamond business rebounded. Zhongnan Diamond contributed RMB 1.065 billion in revenue. |
| SF Diamond | 3.75 | +43.76% | 0.78 | +46.90% | CVD diamond revenue skyrocketed 1,031.9% YoY, becoming a major new growth engine. |
| Worldia | 4.17 | +24.54% | 0.58 | +33.96% | Superhard cutting tools grew steadily; revenue from diamond micro-drills and CVD acoustic diaphragms surged 385.5%. |
| Hengsheng Energy | 5.94 | +28.09% | 0.94 | +38.02% | CVD equipment put into operation; plans to reach annual capacity of 1 million carats of lab-grown diamonds by year-end. |
| Huifeng Diamond | 1.04 | +26.64% | 0.066 | +165.09% | Returned to profit; boosted by higher industrial diamond sales and recovery in consumer-grade lab-grown diamond sales. |
| Sinomach Precision | 15.35 | -4.51% | 0.49 | -71.89% | Superhard abrasive segment grew 27.89%, but overall profit dragged down by R&D spending and one-off losses. |
| Huanghe Whirlwind | 8.07 | +15.48% | -2.22 | Loss narrowed | Revenue increased while still loss-making; functional diamond technology achieved breakthroughs but has not yet scaled up. |
II. High-Growth Camp: Lab-Grown Diamonds and Industrial Base Drive Dual Engines
Power Diamond reported H1 revenue of RMB 438 million and net profit attributable to shareholders of RMB 90.08 million, up 247.61% YoY, with non-recurring net profit soaring over 12 times. The company has channeled profits into R&D on extreme diamond growth, specialty diamond preparation, and functional diamond applications, leveraging its forward-looking capacity layout and brand differentiation to capture the industry upturn.
Zhongbing Hongjian posted revenue of RMB 3.03 billion, up 38.15% YoY, and a net profit of RMB 37.2 million, compared to a loss of RMB 40.7 million in the same period last year. Its subsidiary, Zhongnan Diamond, contributed superhard material revenue of RMB 1.065 billion. As the global leader in industrial diamond market share, the company benefited from both a recovery in traditional industrial demand and an improvement in the lab-grown diamond business climate.
SF Diamond achieved revenue of RMB 375 million (up 43.76% YoY) and net profit of RMB 78.18 million (up 46.90% YoY). The standout was its CVD diamond segment, which generated revenue of RMB 63.51 million, a staggering 1,031.9% increase. This was attributed to the improved sales system and capacity ramp-up at its subsidiary, Henan Tianxuan Semiconductor.
III. Dual-Growth Camp: Cutting Tools, Micro-Drills, and MPCVD Expand in Parallel
Worldia recorded revenue of RMB 417 million (up 24.54% YoY) and net profit of RMB 58.44 million (up 33.96% YoY). Revenue from superhard cutting tools reached RMB 304 million (up 15.45% YoY), while its two core second-curve businesses-diamond micro-drills and CVD diamond acoustic diaphragms-combined for revenue of RMB 24.88 million, a 385.5% YoY surge.
Hengsheng Energy reported revenue of RMB 594 million (up 28.09% YoY) and net profit of RMB 94.23 million (up 38.02% YoY). Its subsidiary, Huamao Technology, has successfully put 200 new-generation MPCVD units into operation. The company plans to add another 100 units in the second half of 2026, targeting an annual production capacity of approximately 1 million carats of CVD lab-grown diamonds. Concurrently, it is building technical reserves for diamond heat dissipation applications.
Huifeng Diamond achieved revenue of RMB 104 million (up 26.64% YoY) and net profit of RMB 6.56 million (up 165.09% YoY), returning to profitability. The growth was driven by increased sales volume of industrial diamond products and a rise in consumer-grade lab-grown diamond sales. R&D expenses jumped 54.59% to RMB 10.65 million, focused on HPHT, composite materials, and diamond thermal management.
IV. Under-Pressure Camp: One-Off Factors and Transformation Costs Weigh on Earnings
Sinomach Precision saw revenue dip 4.51% to RMB 1.535 billion and net profit plunge 71.89% to RMB 49.05 million. However, its superhard materials segment actually grew 16.51% to RMB 720 million, with superhard abrasive tools up 27.89% to RMB 372 million, benefiting from rising demand for diamond tools and precision ceramics amid a semiconductor industry recovery. The profit collapse was primarily due to a RMB 46.74 million (53.71%) increase in R&D expenses, a RMB 23.53 million reduction in fair-value gains from its holdings of Sumec shares, and the absence of a roughly RMB 40 million one-off gain from the disposal of Zhongzhe High-Speed Railway equity recorded in the same period last year.
Huanghe Whirlwind posted revenue of RMB 807 million (up 15.48% YoY) but remained in the red with a net loss of RMB 222 million, though the loss narrowed compared to the previous year. Operations in industrial diamond and lab-grown diamond improved, and functional diamond technology achieved substantive breakthroughs and commenced production. Nevertheless, the company is still digesting legacy burdens, with net assets shrinking 39.66% from the end of the previous year, even as operating cash flow turned positive to RMB 98.18 million.
V. Industry Undercurrents: From Price-Driven Destocking to Functional Revaluation
In the first half of 2026, the superhard materials industry began to shake off its previous low-price malaise. Huifeng Diamond led the way with an 8%–12% price increase for industrial diamond products in May, followed by similar moves from multiple peers. Zhongbing Hongjian and Power Diamond both confirmed an industry-wide price adjustment and a bottoming-out of lab-grown diamond rough prices. Analysts at Soochow Securities noted that low-price competition has forced backward capacity to exit, signaling an inflection point in industrial diamond supply and demand. Meanwhile, CVD heat spreaders and diamond-copper composite materials for AI computing thermal management are moving from verification to commercialization, while demand for precision machining in semiconductors is boosting abrasive tool consumption.
The interim reports reveal a fundamental shift in the logic of corporate divergence. Companies with a solid industrial base plus a lab-grown diamond recovery, such as Zhongbing Hongjian and Power Diamond, are gaining elasticity from volume and price increases. Those with CVD capacity ramping up, like SF Diamond, Hengsheng Energy, and Worldia, are benefiting from low-base effects and new customer acquisitions. On the other hand, companies burdened by high R&D spending, one-off non-operating losses, or slow asset-heavy transformations-such as Sinomach Precision and Huanghe Whirlwind-remain weighed down in the short term.
Industry insiders suggest that the diamond sector in 2026 is operating on a "dual-track" system: traditional superhard materials provide earnings support, while functional diamonds determine valuation ceilings. If applications such as AI chip heat dissipation, acoustic diaphragms, and optical windows transition from sampling to mass production, leading companies could further widen their lead. Conversely, if CVD yield rates and large-size heat spreader certifications fall short of expectations, the realization of new business growth will remain uneven.
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