Zhongmin Baihui 1H FY2026 profit halves to RMB13.2m as gross margin compresses; no interim dividend declared
Summary:
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Revenue edged up 2.0% to RMB461.6m, but gross profit fell 5.1% to RMB106.1m as overall gross margin slipped to 23.0% on weaker margins for gold and Maotai product sales.
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Profit after tax dropped 51.5% to RMB13.2m, with profit before tax down 53.8% to RMB14.9m, mainly reflecting lower gross profit and the absence of last year’s one-off RMB19.8m net gain from de-recognition of right-of-use assets.
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Share of results from joint ventures and associates jumped to RMB24.8m from RMB13.9m, driven by higher contributions from Changsha Sasseur Zhongmin Baihui Outlets and Wuxi Shi Yueshang Outlets.
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Cash and cash equivalents surged to RMB131.0m from RMB42.2m, supported by RMB79.0m net operating inflow and RMB9.2m net investing inflow, partially offset by RMB39.7m net financing outflow including RMB10.4m dividends and loan and lease repayments.
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Total loans and borrowings eased slightly to RMB219.4m while lease liabilities fell by RMB23.6m; NAV per share rose to 118.35 RMB cents with treasury shares at 2.45% of issued stock, and the board withheld an interim dividend amid a still-challenging China retail environment.