Yunnan Yuntianhua (600096) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 22.82 billion, down 8.92% year-over-year due to a strategic reduction in trading business scale.

• Net profit attributable to shareholders rose 6.14% year-over-year to RMB 2.93 billion.

• Operating cash flow decreased 30.16% year-over-year, mainly due to higher sulfur procurement and lower receivables recovery.

• The company maintained stable operations, strong safety and environmental performance, and continued to optimize its capital structure.

Financial highlights

• Operating income: RMB 22.82 billion (down 8.92% year-over-year).

• Net profit attributable to shareholders: RMB 2.93 billion (up 6.14% year-over-year).

• Basic and diluted EPS: RMB 1.6097 (up 6.14% year-over-year).

• Gross margin improved as cost controls offset revenue decline.

• Net assets: RMB 25.40 billion (up 3.35% from year-end 2025).

• Total assets: RMB 52.40 billion (up 4.09% from year-end 2025).

Outlook and guidance

• The company expects continued cost pressure from raw material price volatility, especially sulfur.

• Strategic focus remains on optimizing procurement, controlling costs, and maintaining high operational efficiency.

• Plans to further strengthen the industrial chain, expand R&D, and enhance market competitiveness.