Haitian International (1882) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 rose 0.9% year-over-year to RMB9,102.0 million, driven by strong domestic demand despite weaker overseas sales.

• Net profit attributable to shareholders declined 7.7% year-over-year to RMB1,580.5 million, with net profit margin falling to 17.4% 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; distribution may be considered after annual results review.

Financial highlights

• Gross profit fell 4.5% year-over-year to RMB2,826.3 million.

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

• Basic earnings per share dropped 7.7% to RMB0.99.

• Net cash generated from operating activities was RMB908.3 million, down from RMB1,402.4 million in 1H2025.

• Net cash position (including wealth management products) was RMB12,369 million as of 30 June 2026.

Outlook and guidance

• The company expects continued headwinds from global trade protectionism, geopolitical tensions, and high energy prices, but sees structural support from AI investment and domestic demand in emerging markets.

• 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.