Huaci Porcelain: Q3 performance expected to continue declining YoY amid EU anti-dumping and export tax rebate cancellation
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Huaci Shares (华瓷股份) announced on September 21 that its stock price had risen more than 20% over three consecutive trading days, triggering an abnormal fluctuation warning. The company disclosed that the UK Trade Remedies Authority (TRA) has initiated a provisional review of anti-dumping measures on ceramic tableware and kitchenware from China. The current effective anti-dumping duty rate for Huaci is 18.3%, within a range of 13.1%–36.1%. The company warned investors of the risk that the UK may follow the EU, which sharply raised its rate to 79% in February 2026. Huaci's revenue is heavily concentrated in daily-use ceramics (over 98% of total). In the first half of the year, total revenue fell 20.77%, domestic sales dropped 30.01%, and liquor ware revenue declined 49.23%. The company attributed the expected continued decline in Q3 performance to multiple factors: the EU's anti-dumping rate hike from 18.3% to 79%, the full cancellation of the 9% export tax rebate for daily-use ceramics, RMB appreciation, and the deep adjustment in China's domestic baijiu industry.
Source report
September 21, 2026 — Huaci Shares (华瓷股份) announced today that its stock trading price has experienced abnormal fluctuations, with cumulative closing price gains exceeding 20% over three consecutive trading days (September 17, September 18, and September 21, 2026).
UK Initiates Interim Review of Anti-Dumping Measures
The UK Trade Remedies Authority (TRA) has recently launched an interim review, on its own initiative, of anti-dumping measures on ceramic tableware and kitchenware originating from China. The current effective anti-dumping duty rates range from 13.1% to 36.1%, with Huaci Shares subject to a rate of 18.3%.
Risk of Further Tariff Increases
The company has warned investors of the risk that the UK may follow the European Union in raising anti-dumping tariffs. In February 2026, the EU significantly increased the tariff rate on similar products to a maximum of 79%.
Revenue Concentration and Declining Performance
Huaci Shares' revenue is heavily dependent on daily-use ceramic products, which account for over 98% of total revenue, indicating a highly concentrated revenue structure.
Key financial highlights for the first half of the year include:
- Total operating revenue: Decreased by 20.77% year-on-year
- Domestic sales revenue: Declined by 30.01%
- Liquor ware business revenue: Fell by 49.23%
Continued Headwinds Expected in Q3
The company anticipates that its third-quarter performance will continue to decline year-on-year, impacted by several ongoing factors:
- The EU's sharp increase in anti-dumping duties on Chinese daily-use ceramics from 18.3% to 79%
- Complete cancellation of the 9% export tax rebate for daily-use ceramics
- Appreciation of the Renminbi
- Deep adjustment in the domestic baijiu (white liquor) industry
Source
界面Neutral / independent
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