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Pu'er Lancang Ancient Tea (6911) investor relations material
Pu'er Lancang Ancient Tea H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 revenue rose 36.8% YoY to RMB163.5m; profit attributable to owners turned positive at RMB2.4m from a RMB28.9m loss.
Results improved amid weak demand and slower industry growth, supported by channel expansion and cost controls.
Financial highlights
Gross profit increased 56.4% YoY to RMB98.6m; operating costs rose to RMB64.9m from RMB56.5m as sales expanded.
Operating profit was RMB17.5m versus an operating loss of RMB16.2m; total profit was a RMB4.6m loss, narrowed from RMB17.7m.
Selling expenses fell 7.7% to RMB44.3m and administrative expenses fell 22.8% to RMB22.0m; combined selling, administrative and financial expenses declined 9.8%.
Asset-disposal gains were RMB1.3m versus RMB11.3m in H1 2025.
Segment performance
Brand 1966 revenue rose 52.8% to RMB115.8m, or 70.8% of revenue; Tea Mama and Iland Tea combined revenue fell 21.0% to RMB29.8m.
Other services and products generated RMB17.8m, up from RMB6.0m.
Offline revenue rose 23.8% to RMB113.9m and online revenue rose 80.0% to RMB49.5m; KA, e-commerce and distributor channels grew.
- Offline weakness drove lower earnings as online and key-account channels expanded.6911
H1 2024 - Revenue grew 13.9%, with 1966 sales leading growth and listing proceeds bolstering cash.6911
H2 2023 - Sales fell, impairments deepened losses, and cash pressure raised going-concern uncertainty.6911
H2 2024 - Revenue contracted and losses emerged as offline demand weakened and liquidity tightened.6911
H1 2025 - Revenue fell sharply, losses narrowed, but liquidity and going-concern risks remain significant.6911
H2 2025
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