Autostreets Development (2443) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 46.7% YoY to RMB75.6m as lower vehicle auction volumes and weaker demand for related services reduced activity.

• The period swung to a RMB14.7m net loss from RMB12.8m profit a year earlier; used vehicles transacted and serviced fell 55.3% to 78,025.

Financial highlights

• Gross profit declined 52.3% to RMB42.5m; gross margin contracted to 56.2% from 62.9%, as cost of sales fell 37.1% to RMB33.1m, less than the revenue decline.

• Loss before tax was RMB12.6m versus prior-year profit before tax of RMB16.0m; income tax expense fell to RMB2.1m from RMB3.2m.

• Basic and diluted loss per share was RMB0.02, compared with earnings per share of RMB0.01 in H1 2025.

• Selling and distribution expenses decreased 23.8% to RMB23.2m and administrative expenses decreased 24.3% to RMB31.9m, mainly on lower staffing and premises costs.

Outlook and guidance

• Priorities include cost and network optimization, B2B and C2B development, stronger staff capabilities, and a consumer-facing platform for downstream merchants.

• Plans include developing used-EV inspection and residual-value standards with battery-testing institutions, applying AI to valuation, and building export auction services focused on the Middle East and Africa.