Shanxi Xinghuacun Fen Wine Factory (600809) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 21.04 billion, down 12.18% year-over-year; net profit attributable to shareholders was RMB 6.44 billion, down 24.29% year-over-year.

• Gross margin remained robust, but profit decline was mainly due to lower sales and increased expenses.

• Cash flow from operations increased 11.23% year-over-year to RMB 6.65 billion.

• The company maintained a strong focus on high-quality development, governance optimization, and innovation.

Financial highlights

• Operating income: RMB 21.04 billion, down 12.18% year-over-year.

• Net profit attributable to shareholders: RMB 6.44 billion, down 24.29% year-over-year.

• Basic and diluted EPS: RMB 5.2783, down 24.29% year-over-year.

• Operating cash flow: RMB 6.65 billion, up 11.23% year-over-year.

• Gross margin remained stable; sales and management expenses increased.

Outlook and guidance

• The company continues to pursue high-quality growth, focusing on product innovation, market expansion, and digital transformation.

• No interim dividend or capital increase plan for the half-year.

• Management expects ongoing market competition and macroeconomic uncertainty to impact future performance.