Fujing Holdings (2497) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 1.6% to RMB89.684m; attributable profit fell to RMB25.128m from RMB31.607m amid higher expenses, an ECL allowance and lower biological-asset fair-value gains.

• Sales volume increased to 5.9m pots from 5.8m; 181 greenhouses operated across three facilities, with three more under construction.

• Results were unaudited; no interim dividend was recommended.

Financial highlights

• Revenue was RMB89.684m versus RMB88.252m; cost of sales rose to RMB51.483m from RMB50.247m, partly on higher raw-material costs.

• Gross profit increased to RMB38.201m from RMB38.005m, while gross margin eased to 42.6% from 43.1%.

• Operating profit declined to RMB27.403m from RMB33.213m; attributable profit was RMB25.128m versus RMB31.607m, with nil income tax in both periods.

• Administrative and other expenses rose to RMB13.0m from RMB11.4m; selling and distribution expenses were RMB0.08m versus RMB0.10m.

• Biological-asset fair-value gain was RMB2.463m versus RMB3.3m; other income increased to RMB0.5m from RMB0.4m.

Outlook and guidance

• Replacement Xi’an and Phase II Beijing facilities were expected to complete in September 2026; Yaozhuang was expected to complete in October 2026.

• Priorities include expanding cultivation capacity and into new markets, establishing an organic-substrates facility and upgrading IT systems; no quantitative earnings guidance was stated.

• Agritourism and an integrated agricultural ecosystem are planned; a proposed nursery-stock acquisition remained subject to listing approval as of 28 August 2026.