Deewin Tianxia (2418) H1 2026 earnings summary

Executive summary

• H1 revenue rose 26.2% YoY to RMB1,434.9m, while net profit fell 63.0% to RMB33.9m.

• Growth in logistics and supply chain services was offset by lower gross margin, higher financial-asset impairment losses and increased R&D costs amid intensified competition.

Financial highlights

• Revenue rose to RMB1,434.9m from RMB1,137.1m; cost of revenue increased 34.0% to RMB1,231.8m.

• Gross profit declined 6.8% to RMB203.0m; gross margin fell to 14.1% from 19.1%.

• Operating profit was RMB65.4m vs RMB123.6m; profit before tax fell 51.7% to RMB57.0m.

• Net profit was RMB33.9m vs RMB91.7m; net margin fell to 2.4% from 8.1%; basic and diluted EPS were RMB0.02 vs RMB0.04.

• Net impairment losses on financial assets rose 197.6% to RMB49.1m; R&D costs increased 31.8% to RMB23.6m.

Outlook and guidance

• H2 priorities: reinforce core operations, pursue quality-led growth in logistics, and strengthen operating efficiency and risk controls.

• Finance plans target selected non-vehicle leasing sectors, including high-end equipment and logistics infrastructure, alongside broader factoring products, customer reach and risk management.

• Data services target used-vehicle valuation, financial risk management, usage-based insurance and regional market analytics.

• Overseas plans build on Hong Kong and Indonesia subsidiaries, which began operations in H1 2026, with localized sales, finance leasing and product support.