New Hope Liuhe (000876) Q3 2026 earnings summary

Executive summary

• Q3 revenue was RMB 32.109bn, up 11.18% YoY; nine-month revenue reached RMB 87.698bn, up 8.94% YoY, while nine-month net loss attributable to shareholders was RMB 2.568bn.

• Lower hog selling prices drove losses in the pig business; increased asset impairment on biological assets also weighed on results.

Financial highlights

• Nine-month operating costs were RMB 89.167bn versus revenue of RMB 87.698bn; operating loss was RMB 1.850bn, compared with operating profit of RMB 1.536bn a year earlier.

• Nine-month net loss was RMB 2.641bn versus net income of RMB 980.7m in the prior-year period; attributable net loss was RMB 2.568bn versus attributable net income of RMB 760.0m.

• Adjusted for non-recurring items, nine-month net loss attributable to shareholders was RMB 2.553bn; reported loss was RMB 2.568bn.

Segment performance

• Pig operations were loss-making as hog selling prices declined, reducing retained earnings and driving the attributable net loss.

• Feed business profitability increased, contributing to a 32.19% YoY rise in income tax expense.