Pu'er Lancang Ancient Tea (6911) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 36.8% YoY to RMB163.5m; profit attributable to owners turned positive at RMB2.4m from a RMB28.9m loss.

• Results improved amid weak demand and slower industry growth, supported by channel expansion and cost controls.

Financial highlights

• Gross profit increased 56.4% YoY to RMB98.6m; operating costs rose to RMB64.9m from RMB56.5m as sales expanded.

• Operating profit was RMB17.5m versus an operating loss of RMB16.2m; total profit was a RMB4.6m loss, narrowed from RMB17.7m.

• Selling expenses fell 7.7% to RMB44.3m and administrative expenses fell 22.8% to RMB22.0m; combined selling, administrative and financial expenses declined 9.8%.

• Asset-disposal gains were RMB1.3m versus RMB11.3m in H1 2025.

Segment performance

• Brand 1966 revenue rose 52.8% to RMB115.8m, or 70.8% of revenue; Tea Mama and Iland Tea combined revenue fell 21.0% to RMB29.8m.

• Other services and products generated RMB17.8m, up from RMB6.0m.

• Offline revenue rose 23.8% to RMB113.9m and online revenue rose 80.0% to RMB49.5m; KA, e-commerce and distributor channels grew.