CHINA NATIONAL MEDICINES CORP (600511) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached ¥26.73 billion, up 4.27% year-over-year; net profit attributable to shareholders was ¥879.77 million, down 7.25% year-over-year.

• Operating cash flow was negative at -¥2.63 billion, a further decline from -¥1.51 billion in H1 2025.

• The company maintained stable business scale in core segments despite industry headwinds and policy pressures.

Financial highlights

• Operating income: ¥26.73 billion (+4.27% YoY); net profit: ¥879.77 million (-7.25% YoY).

• Gross margin and profitability declined due to continued price compression from centralized procurement.

• Basic and diluted EPS: ¥1.1660 (-7.25% YoY); ROE: 4.69% (down 0.76 percentage points YoY).

• Net assets attributable to shareholders: ¥18.81 billion (+1.43% from year-end 2025).

• Non-recurring items had minimal impact on net profit.

Outlook and guidance

• The company will continue to optimize business structure, enhance operational efficiency, and focus on risk management.

• Strategic focus remains on value-added supply chain services, digital transformation, and compliance.