Shiyue Daotian Group (9676) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 24.5% YoY to RMB3,814.4m; net profit increased 35.4% to RMB157.3m, while adjusted net profit fell 28.9% to RMB209.2m.

• Gross margin declined to 18.2% from 21.8% as higher freight, packaging and raw-material costs pressured profitability; sales growth was led by rice, whole grain and dried food.

Financial highlights

• Gross profit rose 4.4% YoY to RMB696.1m; profit before tax increased 43.2% to RMB174.5m.

• Operating profit was RMB239.3m versus RMB310.2m; reported net profit rose to RMB157.3m from RMB116.2m.

• Adjusted net profit was RMB209.2m versus RMB294.3m; adjusted margin fell to 5.5% from 9.6%.

• Basic and diluted EPS were RMB0.15 versus RMB0.11; selling and distribution expenses rose 27.9% to RMB390.5m and administrative expenses rose 10.7% to RMB77.9m.

Outlook and guidance

• Priorities include deepening omnichannel coverage, improving channel coordination, expanding products and channels, and using consumer data for content-led marketing.

• Plans include flagship healthy products, more direct sourcing and nearby processing, stronger supply-chain integration, and ERP and analytics systems to improve efficiency and resource allocation.