TAICHUNG CITY, Taiwan, Dec. 18, 2025 (GLOBE NEWSWIRE) -- J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), a leading provider of innovative carbon fiber and composite solutions across a wide range of applications including personal sports equipment, healthcare products, automobile parts, resin systems, and research and development services, today announced its unaudited financial results for the six months ended June 30, 2025 (“First Half 2025”).

台湾台中市，2025年12月18日（GLOBE NEWSWIRE）-- J-Star Holding Co., Ltd.（纳斯达克代码：YMAT）（“J-Star” 或 “公司”）是一家领先的创新碳纤维和复合材料解决方案提供商，广泛应用于个人运动设备、医疗产品、汽车零部件、树脂系统和研发服务等多个领域，今天公布了截至2025年6月30日的六个月未经审计的财务业绩（“2025 年上半年”）。

Financial and Business Highlights

财务和业务亮点

Revenue increased 30.7% to $10.6 million compared to $8.1 million for the same period last year
Gross margin of 26.9% compared to 30.2% for the same period last year
Delivered net operating profit of $154,000 and profit after income tax of $5,000 as the Company focused on launching its branded products and preparation for its Nasdaq Initial Public Offering
Significantly expanded in rackets, including launching YMA’s first company-owned pickleball brand
Successfully completed Initial Public Offering in July 2025, raising $5.0 million in gross proceeds

收入同比增长 30.7%，达到 1060 万美元，而去年同期为 810 万美元
毛利率为 26.9%，而去年同期为 30.2%
实现净营业利润 154,000 美元，税后利润 5,000 美元，公司专注于推出品牌产品并为纳斯达克首次公开募股做准备
在球拍领域显著扩展，包括推出 YMA 的首个自有品牌的匹克球品牌
成功完成 2025 年 7 月的首次公开募股，筹集 500 万美元的总收入

Comments from Sam Van, Chief Executive Officer of J-Star

J-Star 首席执行官 Sam Van 的评论

“We are proud to have become a leading provider of innovative carbon fiber and composite solutions with products that have been endorsed by major brands and embraced by champions for over six decades. Our strong first half 2025 results are indicative of our ability to innovate toward high growth markets such as rackets, adapt to evolving market conditions in bikes, and execute with discipline. As a public company, we believe we are still in the early stages of a compelling growth journey.”

“我们自豪地成为创新碳纤维和复合材料解决方案的领先提供商，产品已获得主要品牌的认可，并在过去六十年中受到冠军的青睐。我们 2025 年上半年的强劲业绩表明了我们在球拍等高增长市场的创新能力，适应自行车市场的变化，并以严谨的执行力进行运营。作为一家上市公司，我们相信我们仍处于一个引人注目的增长旅程的早期阶段。”

“Revenue of $10.6 million grew more than 30% in 1H 2025, including approximately 500% growth in both our rackets and technical services businesses. This performance reflects successful evolution of our business model toward becoming a solutions provider rather than a traditional OEM. Notably, we were able to more than offset the deliberate reduction in bicycle volumes to focus on maintaining margins, as well as a decline in crank revenue following the acquisition of our customer by a third party.”

“2025 年上半年，1060 万美元的收入增长超过 30%，其中球拍和技术服务业务均实现约 500% 的增长。这一业绩反映了我们商业模式成功演变为解决方案提供商，而非传统的 OEM。值得注意的是，我们能够在保持利润率的同时，弥补自行车销量的故意减少，以及由于客户被第三方收购而导致的曲轴收入下降。”

“In the first half of 2025 we prepared for YMA’s launch of a line of in-house pickleball paddles as part of our direct-to-consumer strategy as we seek to capture our share of the world’s fastest growing sport, and we have since introduced the first two paddles – Horizon and Supernova. We also partnered up with cycling industry veterans to create a new premium carbon fiber components brand – QO Bikes. We are encouraged by the initial market response to both offerings. We are focusing on preparing the automation production line setup ahead of the planned facility in Texas over the coming months.”

“在 2025 年上半年，我们为 YMA 推出一系列自有品牌的匹克球拍做准备，作为我们直接面向消费者的战略的一部分，旨在捕捉全球增长最快的运动市场份额，我们已经推出了首两款球拍——Horizon 和 Supernova。我们还与自行车行业的资深人士合作，创建了一个新的高端碳纤维组件品牌——QO Bikes。我们对这两项产品的初步市场反应感到鼓舞。我们正在专注于为即将在德克萨斯州建立的自动化生产线做好准备。”

“Looking ahead, we are focused on establishing our U.S.-based manufacturing capabilities, as part of our stated OEM strategy to develop capacity closer to our customers, particularly for the pickleball market. This strategy will enable us to improve inventory management, reduce transportation time, and lower our costs relative to competitors, as well as adding value to our customers through a ‘made in America’ approach.”

“展望未来，我们专注于建立美国本土的制造能力，作为我们既定的 OEM 战略的一部分，以便在匹克球市场更接近客户开发产能。这一战略将使我们能够改善库存管理，减少运输时间，并降低相对于竞争对手的成本，同时通过 ‘美国制造’ 的方式为客户增值。”

First Half 2025 Results

2025 年上半年业绩

Total revenue for 1H 2025 was $10.6 million, an increase of 30.7% compared to $8.1 million for the first six months of 2024 (“1H 2024”). The growth was driven by a substantial increase in rackets and technical services sales, which more than offset lower sales of bicycle frames and components, reflecting a deliberate focus on maintaining margins rather than pursuing volumes in the bikes business.

2025 年上半年总收入 为 1060 万美元，比 2024 年上半年（“2024 年上半年”）的 810 万美元增长 30.7%。这一增长主要得益于球拍和技术服务销售的显著增加，弥补了自行车框架和组件销售的下降，反映出公司在自行车业务中故意专注于保持利润率，而非追求销量。

Gross profit was $2.8 million, or 26.9% gross margin, compared to gross profit of $2.4 million, or 30.2% gross margin, for 1H 2024. The decrease in gross margin was concentrated in rackets as the Company reoriented business models to provide RD/Design/Raw Material supply services and acting as trading agent in preparation for exiting the China OEM business and expanding to the U.S.

毛利润 为 280 万美元，毛利率为 26.9%，而 2024 年上半年毛利润为 240 万美元，毛利率为 30.2%。毛利率的下降主要集中在球拍领域，因为公司重新调整商业模式，提供研发/设计/原材料供应服务，并作为交易代理，为退出中国 OEM 业务并扩展到美国做准备。

Total operating expenses were $2.7 million, an increase of 47.6% compared to $1.8 million for 1H 2024. The increase was driven by higher administrative expenses, including non-recurring IPO-related expenses and costs associated with the launch of QO Bikes in Spain, as well as higher R&D expenses as we focus on preparing the automation factory setup in Houston, Texas.

总运营费用 为 270 万美元，比 2024 年上半年增加 47.6%，当时为 180 万美元。费用的增加主要是由于管理费用上升，包括一次性 IPO 相关费用和与在西班牙推出 QO Bikes 相关的成本，以及由于我们专注于准备在德克萨斯州休斯顿建立自动化工厂而增加的研发费用。

Operating income was $154,000, a decrease of 75.3% compared to operating income of $623,000 in 1H 2024. Non-operating expenses, including finance costs, interest income and foreign exchange gains, were $139,000 in 1H 2025 compared to $230,000 in 1H 2024.

营业收入 为 154,000 美元，比 2024 年上半年 623,000 美元下降 75.3%。非营业费用，包括财务成本、利息收入和外汇收益，在 2025 年上半年为 139,000 美元，而 2024 年上半年为 230,000 美元。

Profit after income tax was $5,000 ($0.00 per share) compared to $479,000 ($0.03 per share) in 1H 2024.

税后利润 为 5,000 美元（每股 0.00 美元），而 2024 年上半年为 479,000 美元（每股 0.03 美元）。

Cash and cash equivalents were $909,995 as of June 30, 2025, compared to $649,106 at December 31, 2024.

截至2025年6月30日，现金及现金等价物 为 909,995 美元，而2024年12月31日为 649,106 美元。

About J-Star Holding Co., Ltd.

关于 J-Star Holding Co., Ltd.

J-Star (NASDAQ: YMAT) is a holding company with operations conducted through subsidiaries in Taiwan, Hong Kong, and Samoa with its headquarters in Taiwan. J-Star’s predecessor group was established in 1970, and has accumulated over 50 years of know-how in material composites industry. J-Star develops and commercializes the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, J-Star is able to apply its expertise and technology to design and manufacture a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. Visit j-starholding.com and ymaunivers.com to learn more.

J-Star（纳斯达克：YMAT）是一家控股公司，通过在台湾、香港和萨摩亚的子公司开展业务，总部位于台湾。J-Star 的前身集团成立于 1970 年，在材料复合材料行业积累了超过 50 年的专业知识。J-Star 开发和商业化碳增强和树脂系统的技术。凭借数十年的复合材料和材料经验，J-Star 能够运用其专业知识和技术设计和制造各种轻量、高性能的碳复合材料产品，从电动自行车和运动自行车的关键结构部件、球拍、汽车零部件到医疗产品。访问 j-starholding.com 和 ymaunivers.com 了解更多信息。

Forward Looking-Statements

前瞻性声明

Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the final prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and J-Star specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

本新闻稿中关于未来预期、计划和前景的某些声明，以及关于非历史事实事项的其他声明，可能构成 1995 年《私人证券诉讼改革法案》意义上的 “前瞻性声明”。这些声明包括但不限于与预期交易开始和结束日期相关的声明。词语 “预期”、“相信”、“继续”、“可能”、“估计”、“期望”、“打算”、“可能”、“计划”、“潜在”、“预测”、“项目”、“应该”、“目标”、“将”、“会” 和类似表达旨在识别前瞻性声明，尽管并非所有前瞻性声明都包含这些识别词。实际结果可能因各种重要因素而与这些前瞻性声明所指示的结果有重大差异，包括与市场条件相关的不确定性以及在向 SEC 提交的最终招股说明书的 “风险因素” 部分讨论的其他因素。因此，投资者被提醒不要对本新闻稿中的任何前瞻性声明过度依赖。任何包含在本新闻稿中的前瞻性声明仅在本日期有效，J-Star 特别声明不承担更新任何前瞻性声明的义务，无论是由于新信息、未来事件还是其他原因，法律要求的情况除外。

Contact:

联系方式：

Matt Chesler, CFA

FNK IR

646-809-2183

investor@j-starholding.com


J-Star Holding Co., Ltd. and its Subsidiaries Interim Condensed Consolidated Balance Sheets Expressed in United States Dollars

	As of June 30,		As of December 31,
	2025		2024
Assets	Unaudited		Audited
Current assets
Cash and cash equivalents	$	909,995		$	649,106
Current financial assets at amortized cost		611,427			574,391
Accounts receivable, net		7,512,294			1,277,928
Accounts receivable due from related parties, net		5,482,668			5,029,583
Other receivables		1,762,648			1,952,834
Others receivables due from related parties		805,527			526,882
Inventories, net		830,461			555,680
Prepayments		618,243			519,817
Prepayment to a related party		2,110,639			0
Guarantee deposits - Current assets		149,189			0
Deferred IPO Cost		1,762,434			1,623,627
Current assets		22,555,525			12,709,848
Non-current assets
Non-current financial assets at fair value through other comprehensive income		1,789,804			1,789,804
Long-term receivables from related parties		8,300,723			8,300,723
Property, plant, and equipment, net		532,853			451,742
Right-of-use assets, net		183,056			164,140
Intangible assets, net		15,557			2,572
Deferred tax assets, net		431,375			433,800
Guarantee deposits - Non-current assets		59,064			133,390
Other non-current assets		438,656			390,363
Non-current assets		11,751,088			11,666,534
Total assets	$	34,306,613		$	24,376,382
Liabilities and Equity
Current liabilities
Short-term loans	$	13,173,145		$	8,999,751
Long-term loans due within one year		516,444			42,478
Contract liabilities		193,583			107,786
Accounts payable		5,780,818			209,567
Other payables		348,388			802,840
Current tax liabilities		0			16,415
Current lease liabilities		146,909			163,775
Other current liabilities		26,422			28,235
Current liabilities		20,185,709			10,370,847
Non-current liabilities
Long-term loans		1,072,029			995,290
Deferred tax liabilities		20,128			10,982
Non-current lease liabilities		36,511			0
Non-current liabilities		1,128,668			1,006,272
Total liabilities		21,314,377			11,377,119
Equity
Equity attributable to owners of parent
Share capital		7,881,444			7,881,444
Capital surplus		7,913,602			7,847,746
Accumulated deficit		(3,232,143	)		(3,237,380	)
Accumulated other comprehensive income		429,333			507,453
Total equity		12,992,236			12,999,263
Total liabilities and equity	$	34,306,613		$	24,376,382


J-Star Holding Co., Ltd.及其子公司
临时简明合并资产负债表
以美元表示

	截至 6 月 30 日，		截至 12 月 31 日，
	2025 年		2024 年
资产	未经审计		已审计
流动资产
现金及现金等价物	$	909,995		$	649,106
按摊余成本计量的流动金融资产		611,427			574,391
应收账款，净额		7,512,294			1,277,928
应收关联方账款，净额		5,482,668			5,029,583
其他应收款		1,762,648			1,952,834
应收关联方的其他应收款		805,527			526,882
存货，净额		830,461			555,680
预付款项		618,243			519,817
预付给关联方的款项		2,110,639			0
保证金 - 流动资产		149,189			0
延期 IPO 成本		1,762,434			1,623,627
流动资产合计		22,555,525			12,709,848
非流动资产
按公允价值计量的非流动金融资产		1,789,804			1,789,804
来自关联方的长期应收款		8,300,723			8,300,723
不动产、厂房及设备，净额		532,853			451,742
使用权资产，净额		183,056			164,140
无形资产，净额		15,557			2,572
递延所得税资产，净额		431,375			433,800
保证金 - 非流动资产		59,064			133,390
其他非流动资产		438,656			390,363
非流动资产合计		11,751,088			11,666,534
资产总计	$	34,306,613		$	24,376,382
负债和股东权益
流动负债
短期贷款	$	13,173,145		$	8,999,751
一年内到期的长期贷款		516,444			42,478
合同负债		193,583			107,786
应付账款		5,780,818			209,567
其他应付款		348,388			802,840
流动所得税负债		0			16,415
流动租赁负债		146,909			163,775
其他流动负债		26,422			28,235
流动负债合计		20,185,709			10,370,847
非流动负债
长期贷款		1,072,029			995,290
递延所得税负债		20,128			10,982
非流动租赁负债		36,511			0
非流动负债合计		1,128,668			1,006,272
负债总计		21,314,377			11,377,119
股东权益
归属于母公司的股东权益
股本		7,881,444			7,881,444
资本公积		7,913,602			7,847,746
累计亏损		(3,232,143	)		(3,237,380	)
累计其他综合收益		429,333			507,453
股东权益总计		12,992,236			12,999,263
负债和股东权益总计	$	34,306,613		$	24,376,382


J-Star Holding Co., Ltd. and its Subsidiaries Unaudited Interim Condensed Consolidated Statements of Comprehensive Income Expressed in United States Dollars

	For the six months ended June 30
	2025			2024
Operating revenue	$	10,588,835			$	8,098,739
Cost of revenue		(7,740,725	)			(5,650,177	)
Gross profit from operations		2,848,110				2,448,562
Operating expenses
Selling expenses		(607,807	)			(645,251	)
Administrative expenses		(1,620,373	)			(924,572	)
Research and development expenses		(466,351	)			(297,959	)
Reversal of expected credit losses		0				42,537
Operating expenses		(2,694,531	)			(1,825,245	)
Net operating income		153,579				623,317
Non-operating income and expenses
Other losses, net		(41,575	)			(10,109	)
Finance costs		(210,043	)			(448,432	)
Interest income		75,150				21,331
Foreign exchange gains		37,546				206,819
Non-operating expenses, net		(138,922	)			(230,391	)
Profit before income tax		14,657				392,926
Income tax (expense) credit		(9,420	)			86,343
Profit (loss) after income tax	$	5,237			$	479,269
Components of other comprehensive income (loss) that will be reclassified to profit or loss
Exchange differences on translation of foreign operations		(78,120	)			(34,526	)
Total comprehensive income	$	(72,883	)		$	444,743

Basic and diluted
Earnings per share	$	0.00			$	0.03


J-Star Holding Co., Ltd. 及其子公司未经审计的中期合并综合收益表以美元表示

	截至 6 月 30 日的六个月
	2025			2024
营业收入	$	10,588,835			$	8,098,739
营业成本		(7,740,725	)			(5,650,177	)
营业毛利		2,848,110				2,448,562
营业费用
销售费用		(607,807	)			(645,251	)
管理费用		(1,620,373	)			(924,572	)
研发费用		(466,351	)			(297,959	)
预期信用损失的逆转		0				42,537
营业费用合计		(2,694,531	)			(1,825,245	)
净营业收入		153,579				623,317
非营业收入和费用
其他损失，净额		(41,575	)			(10,109	)
财务费用		(210,043	)			(448,432	)
利息收入		75,150				21,331
外汇收益		37,546				206,819
非营业费用，净额		(138,922	)			(230,391	)
税前利润		14,657				392,926
所得税（费用）信贷		(9,420	)			86,343
税后利润（亏损）	$	5,237			$	479,269
其他综合收益（亏损）组成部分，将重新分类为利润或损失
外国业务翻译的汇率差异		(78,120	)			(34,526	)
综合收益总额	$	(72,883	)		$	444,743

基本和稀释
每股收益	$	0.00			$	0.03

J-Star 公布 2025 年上半年中期财务业绩 | YMAT 股票新闻