Haitian International (1882) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 0.9% year-over-year to RMB9,102.0 million, driven by strong domestic demand but offset by weaker overseas sales and RMB appreciation.

• Net profit attributable to shareholders declined 7.7% year-over-year to RMB1,580.5 million, with net profit margin at 17.4% (down from 19.0%).

• Gross profit margin decreased to 31.1% from 32.8% due to a smaller share of overseas revenue and RMB appreciation.

• No interim dividend declared for the period; dividend distribution to be considered after annual results.

Financial highlights

• Gross profit decreased 4.5% year-over-year to RMB2,826.3 million; gross margin fell to 31.1% from 32.8%.

• Operating profit dropped 4.4% to RMB1,896.4 million.

• Basic earnings per share was RMB0.99, down 7.7% year-over-year.

• Net cash generated from operating activities was RMB908.3 million, down from RMB1,402.4 million in H1 2025.

• Net finance income fell to RMB13.2 million from RMB80.1 million, mainly due to lower interest income and net foreign exchange losses.

Outlook and guidance

• Management expects continued global economic headwinds in H2 2026, including trade protectionism, geopolitical tensions, and high energy prices, but sees structural support from AI investment and domestic demand.

• Domestic market expected to benefit from policy support and innovation, while overseas expansion will focus on localisation and compliance.

• Plans to consolidate domestic market advantages and advance internationalisation, focusing on dual-engine growth from domestic and foreign trade.

• Emphasis on technological innovation, product customisation, and enhanced customer service to drive future growth.