New Hope Liuhe (000876) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached ¥55.59 billion, up 7.68% year-over-year, driven by record feed sales and overseas growth.

• Net loss attributable to shareholders was ¥1.70 billion, compared to a profit of ¥755 million in H1 2025, mainly due to industry-wide losses in pig farming and significant asset impairment charges.

• Feed business achieved historical highs in both sales and profit, while pig farming faced deep losses amid low market prices.

• Overseas operations continued rapid expansion, contributing significantly to overall results.

Financial highlights

• Revenue: ¥55.59 billion (+7.68% YoY); Feed revenue: ¥41.44 billion (+16.8% YoY); Pig segment revenue: ¥12.94 billion (-9.94% YoY).

• Net loss attributable to shareholders: ¥1.70 billion (vs. profit of ¥755 million YoY).

• Operating cash flow: ¥1.65 billion (-68.05% YoY).

• Basic/Diluted EPS: -¥0.38 (vs. ¥0.16 YoY).

• Gross margin: Feed 5.23% (+1.77pp YoY); Pig segment 1.77% (-11.43pp YoY).

• Total assets: ¥116.95 billion (+2.38% from year-end 2025).

Outlook and guidance

• Company remains focused on core feed and pig businesses, aiming for cost reduction and efficiency improvements.

• No interim dividend, bonus shares, or capital increase from reserves planned for H1 2026.

• Ongoing asset optimization and digital transformation to support long-term competitiveness.