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”).

台灣台中市，2025年12月18日（GLOBE NEWSWIRE）-- J-Star Holding Co., Ltd.（納斯達克代碼：YMAT）（“J-Star” 或 “公司”）是一家領先的創新碳纖維和複合材料解決方案提供商，廣泛應用於個人運動設備、醫療產品、汽車零部件、樹脂系統和研發服務等多個領域，今天公佈了截至2025年6月30日的六個月未經審計的財務業績（“2025 年上半年”）。

Financial and Business Highlights

財務和業務亮點

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

收入同比增長 30.7%，達到 1060 萬美元，而去年同期為 810 萬美元
毛利率為 26.9%，而去年同期為 30.2%
實現淨營業利潤 154,000 美元，税後利潤 5,000 美元，公司專注於推出品牌產品併為納斯達克首次公開募股做準備
在球拍領域顯著擴展，包括推出 YMA 的首個自有品牌的匹克球品牌
成功完成 2025 年 7 月的首次公開募股，籌集 500 萬美元的總收入

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

J-Star 首席執行官 Sam Van 的評論

“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.”

“我們自豪地成為創新碳纖維和複合材料解決方案的領先提供商，產品已獲得主要品牌的認可，並在過去六十年中受到冠軍的青睞。我們 2025 年上半年的強勁業績表明了我們在球拍等高增長市場的創新能力，適應自行車市場的變化，並以嚴謹的執行力進行運營。作為一家上市公司，我們相信我們仍處於一個引人注目的增長旅程的早期階段。”

“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 萬美元的收入增長超過 30%，其中球拍和技術服務業務均實現約 500% 的增長。這一業績反映了我們商業模式成功演變為解決方案提供商，而非傳統的 OEM。值得注意的是，我們能夠在保持利潤率的同時，彌補自行車銷量的故意減少，以及由於客户被第三方收購而導致的曲軸收入下降。”

“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，我們為 YMA 推出一系列自有品牌的匹克球拍做準備，作為我們直接面向消費者的戰略的一部分，旨在捕捉全球增長最快的運動市場份額，我們已經推出了首兩款球拍——Horizon 和 Supernova。我們還與自行車行業的資深人士合作，創建了一個新的高端碳纖維組件品牌——QO Bikes。我們對這兩項產品的初步市場反應感到鼓舞。我們正在專注於為即將在德克薩斯州建立的自動化生產線做好準備。”

“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.”

“展望未來，我們專注於建立美國本土的製造能力，作為我們既定的 OEM 戰略的一部分，以便在匹克球市場更接近客户開發產能。這一戰略將使我們能夠改善庫存管理，減少運輸時間，並降低相對於競爭對手的成本，同時通過 ‘美國製造’ 的方式為客户增值。”

First Half 2025 Results

2025 年上半年業績

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 年上半年總收入 為 1060 萬美元，比 2024 年上半年（“2024 年上半年”）的 810 萬美元增長 30.7%。這一增長主要得益於球拍和技術服務銷售的顯著增加，彌補了自行車框架和組件銷售的下降，反映出公司在自行車業務中故意專注於保持利潤率，而非追求銷量。

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.

毛利潤 為 280 萬美元，毛利率為 26.9%，而 2024 年上半年毛利潤為 240 萬美元，毛利率為 30.2%。毛利率的下降主要集中在球拍領域，因為公司重新調整商業模式，提供研發/設計/原材料供應服務，並作為交易代理，為退出中國 OEM 業務並擴展到美國做準備。

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.

總運營費用 為 270 萬美元，比 2024 年上半年增加 47.6%，當時為 180 萬美元。費用的增加主要是由於管理費用上升，包括一次性 IPO 相關費用和與在西班牙推出 QO Bikes 相關的成本，以及由於我們專注於準備在德克薩斯州休斯頓建立自動化工廠而增加的研發費用。

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.

營業收入 為 154,000 美元，比 2024 年上半年 623,000 美元下降 75.3%。非營業費用，包括財務成本、利息收入和外匯收益，在 2025 年上半年為 139,000 美元，而 2024 年上半年為 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.

税後利潤 為 5,000 美元（每股 0.00 美元），而 2024 年上半年為 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，現金及現金等價物 為 909,995 美元，而2024年12月31日為 649,106 美元。

About J-Star Holding Co., Ltd.

關於 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（納斯達克：YMAT）是一家控股公司，通過在台灣、香港和薩摩亞的子公司開展業務，總部位於台灣。J-Star 的前身集團成立於 1970 年，在材料複合材料行業積累了超過 50 年的專業知識。J-Star 開發和商業化碳增強和樹脂系統的技術。憑藉數十年的複合材料和材料經驗，J-Star 能夠運用其專業知識和技術設計和製造各種輕量、高性能的碳複合材料產品，從電動自行車和運動自行車的關鍵結構部件、球拍、汽車零部件到醫療產品。訪問 j-starholding.com 和 ymaunivers.com 瞭解更多信息。

Forward Looking-Statements

前瞻性聲明

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.

本新聞稿中關於未來預期、計劃和前景的某些聲明，以及關於非歷史事實事項的其他聲明，可能構成 1995 年《私人證券訴訟改革法案》意義上的 “前瞻性聲明”。這些聲明包括但不限於與預期交易開始和結束日期相關的聲明。詞語 “預期”、“相信”、“繼續”、“可能”、“估計”、“期望”、“打算”、“可能”、“計劃”、“潛在”、“預測”、“項目”、“應該”、“目標”、“將”、“會” 和類似表達旨在識別前瞻性聲明，儘管並非所有前瞻性聲明都包含這些識別詞。實際結果可能因各種重要因素而與這些前瞻性聲明所指示的結果有重大差異，包括與市場條件相關的不確定性以及在向 SEC 提交的最終招股説明書的 “風險因素” 部分討論的其他因素。因此，投資者被提醒不要對本新聞稿中的任何前瞻性聲明過度依賴。任何包含在本新聞稿中的前瞻性聲明僅在本日期有效，J-Star 特別聲明不承擔更新任何前瞻性聲明的義務，無論是由於新信息、未來事件還是其他原因，法律要求的情況除外。

Contact:

聯繫方式：

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
臨時簡明合併資產負債表
以美元表示

	截至 6 月 30 日，		截至 12 月 31 日，
	2025 年		2024 年
資產	未經審計		已審計
流動資產
現金及現金等價物	$	909,995		$	649,106
按攤餘成本計量的流動金融資產		611,427			574,391
應收賬款，淨額		7,512,294			1,277,928
應收關聯方賬款，淨額		5,482,668			5,029,583
其他應收款		1,762,648			1,952,834
應收關聯方的其他應收款		805,527			526,882
存貨，淨額		830,461			555,680
預付款項		618,243			519,817
預付給關聯方的款項		2,110,639			0
保證金 - 流動資產		149,189			0
延期 IPO 成本		1,762,434			1,623,627
流動資產合計		22,555,525			12,709,848
非流動資產
按公允價值計量的非流動金融資產		1,789,804			1,789,804
來自關聯方的長期應收款		8,300,723			8,300,723
不動產、廠房及設備，淨額		532,853			451,742
使用權資產，淨額		183,056			164,140
無形資產，淨額		15,557			2,572
遞延所得税資產，淨額		431,375			433,800
保證金 - 非流動資產		59,064			133,390
其他非流動資產		438,656			390,363
非流動資產合計		11,751,088			11,666,534
資產總計	$	34,306,613		$	24,376,382
負債和股東權益
流動負債
短期貸款	$	13,173,145		$	8,999,751
一年內到期的長期貸款		516,444			42,478
合同負債		193,583			107,786
應付賬款		5,780,818			209,567
其他應付款		348,388			802,840
流動所得税負債		0			16,415
流動租賃負債		146,909			163,775
其他流動負債		26,422			28,235
流動負債合計		20,185,709			10,370,847
非流動負債
長期貸款		1,072,029			995,290
遞延所得税負債		20,128			10,982
非流動租賃負債		36,511			0
非流動負債合計		1,128,668			1,006,272
負債總計		21,314,377			11,377,119
股東權益
歸屬於母公司的股東權益
股本		7,881,444			7,881,444
資本公積		7,913,602			7,847,746
累計虧損		(3,232,143	)		(3,237,380	)
累計其他綜合收益		429,333			507,453
股東權益總計		12,992,236			12,999,263
負債和股東權益總計	$	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. 及其子公司未經審計的中期合併綜合收益表以美元表示

	截至 6 月 30 日的六個月
	2025			2024
營業收入	$	10,588,835			$	8,098,739
營業成本		(7,740,725	)			(5,650,177	)
營業毛利		2,848,110				2,448,562
營業費用
銷售費用		(607,807	)			(645,251	)
管理費用		(1,620,373	)			(924,572	)
研發費用		(466,351	)			(297,959	)
預期信用損失的逆轉		0				42,537
營業費用合計		(2,694,531	)			(1,825,245	)
淨營業收入		153,579				623,317
非營業收入和費用
其他損失，淨額		(41,575	)			(10,109	)
財務費用		(210,043	)			(448,432	)
利息收入		75,150				21,331
外匯收益		37,546				206,819
非營業費用，淨額		(138,922	)			(230,391	)
税前利潤		14,657				392,926
所得税（費用）信貸		(9,420	)			86,343
税後利潤（虧損）	$	5,237			$	479,269
其他綜合收益（虧損）組成部分，將重新分類為利潤或損失
外國業務翻譯的匯率差異		(78,120	)			(34,526	)
綜合收益總額	$	(72,883	)		$	444,743

基本和稀釋
每股收益	$	0.00			$	0.03

J-Star 公佈 2025 年上半年中期財務業績 | YMAT 股票新聞