Anhui Yingjia Distillery Co (603198) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 3.42 billion, up 8.08% year-over-year; net profit attributable to shareholders was RMB 1.16 billion, up 2.79% year-over-year.

• Gross margin remained robust, but net asset return rates declined slightly compared to last year.

• The company maintained stable operations amid a challenging liquor industry environment, focusing on production quality, brand building, sales expansion, and management efficiency.

Financial highlights

• Operating income: RMB 3,415.68 million (+8.08% YoY); net profit: RMB 1,161.71 million (+2.79% YoY).

• Operating cash flow: RMB 1,075.07 million (+239.52% YoY), mainly due to increased cash from sales and reduced cash outflows for purchases.

• Basic and diluted EPS: RMB 1.45 (+2.84% YoY); net assets per share: RMB 13.25.

• Gross margin: 74.1%; net margin: 34.0%.

• Non-recurring profit and loss: RMB 40.98 million.

Outlook and guidance

• The liquor industry remains under structural adjustment, with volume, price, and profit under pressure; the company expects continued challenges but sees opportunities in quality, brand, and cultural value competition.

• Focus remains on core business strategies, digital transformation, and product innovation to drive future growth.