Migao Group Holdings (9879) H1 25/26 earnings summary

Executive summary

• 6MFY2026 revenue rose 10.5% YoY to RMB2,352.022 million and profit for the period rose 22.1% to RMB92.012 million, as higher selling prices and gross profit outweighed lower volume.

• Total sales volume of products and production services declined 15.0% YoY to ~881,000 tonnes; basic EPS increased to RMB0.10 from RMB0.09.

Financial highlights

• Revenue was RMB2,352.022 million vs RMB2,128.223 million YoY; cost of goods sold rose 9.0% to RMB2,118.4 million.

• Gross profit rose to RMB233.627 million from RMB184.567 million; gross margin expanded to 9.9% from 8.7%, primarily on higher market prices.

• Profit for the period was RMB92.012 million vs RMB75.343 million; profit attributable to owners was RMB94.842 million vs RMB80.690 million.

• Basic and diluted EPS were RMB0.10 each, vs RMB0.09 each in 6MFY2025.

Outlook and guidance

• Priorities include product innovation, broadening offerings and markets, improving operating efficiency, and investing in facilities and technology to expand capacity and serve markets across China, Asia, the Middle East and Europe.

• Vietnam facility plans advanced with a site-sublease MOU, Ho Chi Minh City investment approvals including an Investment Registration Certificate, and further local approvals being pursued.

• Middle East opportunities remain under evaluation; Dubai free-zone subsidiaries were incorporated and office leases completed during 6MFY2026.

• Heilongjiang centre proceeds are now expected to be used by 31 March 2028; R&D centre and equipment-upgrade proceeds by 31 March 2027.