On August 30, 2026, Youyan Powder Materials (688456) released its 2026 interim report: for the first half of the year, the company achieved operating revenue of RMB 2.621 billion, up 46.39% year-on-year; net profit attributable to parent company shareholders reached RMB 55.352 million, up 54.79%; non-GAAP net profit was RMB 36.658 million, up 26.60%; basic earnings per share stood at RMB 0.53. The company attributed the revenue growth primarily to rising prices of raw materials including copper, tin, and silver, as well as increased sales volume, while the net profit growth was mainly driven by higher operating profit from increased sales. According to Cailianshe estimates, Q2 net profit was approximately RMB 25 million, down about 17% from Q1 (RMB 30 million); gross margin declined by 0.47 percentage points in H1. Value for powder buyers: ① The leading platform player in metal powders (copper-based, tin-based, and additive manufacturing metal powders) posted 46% revenue growth, confirming dual drivers of strong downstream demand and rising base metal prices; powder procurement should track price pass-through effects of copper and tin raw materials. ② The non-GAAP growth rate (26.6%) was significantly lower than the GAAP growth rate (54.8%), with a slight gross margin decline, indicating changes in powder pricing and cost structures amid industry capacity expansion competition; procurement bargaining windows need dynamic assessment. ③ Listed companies' quarterly financial reports serve as key validation points for powder market supply-demand dynamics; H2 should track the segmented data for the additive manufacturing business.